UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number |
811-09013 |
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Eaton Vance Senior Income Trust |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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(Address of principal executive offices) |
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(Zip code) |
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Maureen A. Gemma The Eaton Vance Building, |
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(Name and address of agent for services) |
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Registrants telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
June 30 |
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Date of reporting period: |
December 31, 2007 |
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Item 1. Reports to Stockholders
Semiannual Report December 31, 2007
EATON VANCE
SENIOR
INCOME
TRUST
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS, AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.
Eaton Vance Senior Income Trust as of December 31, 2007
INVESTMENT UPDATE
Scott H. Page, CFA
Co-Portfolio Manager
John Redding
Co-Portfolio Manager
Economic and Market Conditions
· The loan market underwent an unprecedented price dislocation in the second half of 2007, during which loan prices fell, on average, approximately 4-5%. The decline began as a reaction to the unrelated but growing subprime problem. The decline was further compounded by technical pressures, as significant new loan supply faced weakening demand from loan investors, who pulled back in the face of falling prices. As the subprime problems widened, their impact on the economy became a growing concern and added further pressure on the bank loan market.
· Importantly, the fundamentals of the asset class remain sound. According to Standard & Poors Leveraged Commentary and Data, the lagging 12-month default rate remained at a historical low of 0.24%, by principal, at December 31, 2007. Further, in the second half of 2007, public filers in the S&P/LSTA Leveraged Loan Index continued to perform well. Credit losses for the year were minimal. Many loan market participants believe that credit defaults may revert, over time, to the mean of approximately 3%, which, management believes, is consistent with the historical performance of this asset class.
Management Discussion
· The Trust is a closed-end fund and trades on the New York Stock Exchange under the symbol EVF. The Trusts investment objective is to provide a high level of current income, consistent with preservation of capital, by investing primarily in senior loans. The Trust also employs leverage through the issuance of preferred shares and participation in a commercial paper program.
· The Trusts investments included senior loans to 462 borrowers spanning 39 industries at December 31, 2007, with an average loan size of 0.19% of total investments, and no industry constituting more than 8% of total investments. Health care, business equipment and services, chemicals and plastics, cable and satellite television, and publishing were the largest industry weightings. The Trust is diversified in terms of industry, market and geography a strategy management believes may help the Trust weather an economic downturn.
· The Trust had a less than 1% exposure to home builders. Home builders have struggled in the recent economic climate; however, management believes that these loans may benefit from the security and collateral that back these exposures. The Trust did not have any direct exposure to subprime or prime mortgage lenders during the six-month period ended December 31, 2007.
· The Trusts net asset value per share reflected the market correction, declining in July and August, before temporarily rebounding slightly in September and October. The Trusts net asset value fell again toward year-end, as the dimensions of the credit crisis widened.
· At December 31, 2007, the Trust had leverage in the amount of approximately 44.1% of the Trusts total assets. The Trust employs leverage though the issuance of Auction Preferred Shares (APS) and a commercial paper program.(3) Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the
Eaton Vance Senior Income Trust
Total Return Performance 6/30/07 12/31/07
NYSE Symbol |
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EVF |
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At Market(1) |
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-13.44 |
% |
At Net Asset Value(1) |
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-5.40 |
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S&P/LSTA Leveraged Loan Index(2) |
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-1.36 |
% |
(1) |
Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares and its participation in a commercial paper program. |
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(2) |
It is not possible to invest directly in an Index. The Indexs total return reflects changes in value of the loans constituting the Index and accrual of interest and does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the loans represented in the Index. Unlike the Trust, the Indexs return does not reflect the effect of leverage, such as the issuance of Auction Preferred Shares and participation in a commercial paper program. |
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(3) |
In the event of a rise in long-term interest rates, the value of the Trusts investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares. |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current 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.
Trust 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.
1
likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases/decreases in the cost of the Trusts leverage may be offset by increased/decreased income from the Trusts senior loan investments.(1)
(1) |
If the APS are unable to be remarketed on the remarketing date, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time when the APS are successfully remarketed. |
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. In addition, portfolio information provided in the report may not be rerpesentative of the Trusts current or future investments and may change due to active management.
Portfolio Composition
Top Ten Holdings(2)
By total investments
SunGard Data Systems, Inc. |
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1.3 |
% |
Charter Communications Operating, Inc. |
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1.1 |
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Georgia-Pacific Corp. |
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0.9 |
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Idearc, Inc. |
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0.8 |
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Community Health Systems, Inc. |
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0.8 |
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Metro-Goldwyn-Mayer Holdings |
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0.8 |
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Univision Communications, Inc. |
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0.7 |
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WMG Acquisition Corp. |
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0.7 |
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Nielsen Finance LLC |
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0.7 |
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HCA, Inc. |
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0.7 |
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(2) Reflects the Trusts investments as of 12/31/07. Holdings are shown as a percentage of the Trusts total investments.
Top Five Industries(3)
By total investments
Health Care |
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7.7 |
% |
Business Equip. and Services |
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6.5 |
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Chemicals and Plastics |
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5.5 |
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Cable and Satellite Television |
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5.2 |
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Publishing |
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4.9 |
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(3) Reflects the Trusts investments as of 12/31/07. Industries are shown as a percentage of the Trusts total investments.
Credit Quality Ratings for Total Loan Investments(4)
By total loan investments
Baa |
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1.6 |
% |
Ba |
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53.6 |
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B |
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30.2 |
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Caa |
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3.3 |
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Non-Rated(5) |
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11.3 |
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(4) |
Credit Quality ratings are those provided by Moodys Investors Service, Inc., a nationally recognized bond rating service. As a percentage of the Trusts total loan investments as of 12/31/07. |
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(5) |
Certain loans in which the Trust invests are not rated by a rating agency. In managements opinion, such securities are comparable to securities rated by a rating agency in the categories listed above. |
2
Eaton Vance Senior Income Trust as of December 31, 2007
FUND PERFORMANCE
Trust Performance(1)
New York Stock Exchange Symbol |
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EVF |
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Average Annual Total Return (by share price, NYSE) |
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Six Months |
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-13.44 |
% |
One Year |
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-7.34 |
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Five Years |
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4.85 |
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Life of Trust (10/30/98) |
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3.68 |
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Average Annual Total Return (at net asset value) |
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Six Months |
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-5.40 |
% |
One Year |
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-1.25 |
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Five Years |
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6.33 |
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Life of Trust (10/30/98) |
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4.99 |
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(1) Performance results reflect the effect of leverage resulting from the Trust issuance of Auction Preferred Shares and its participation in a commercial paper program. In the event of a rise in long-term interest rates, the value of the Trusts investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current 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 as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Senior Floating-Rate Interests 155.8%(1) | |||||||||||
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Aerospace and Defense 2.9% | |||||||||||
ACTS Aero Technical Support & Service, Inc. | |||||||||||
375,547 | Term Loan, 8.47%, Maturing October 5, 2014 | $ | 358,647 | ||||||||
Colt Defense, LLC | |||||||||||
497,500 | Term Loan, 8.10%, Maturing July 9, 2014 | 494,391 | |||||||||
DAE Aviation Holdings, Inc. | |||||||||||
259,259 | Term Loan, 7.80%, Maturing July 31, 2009 | 259,097 | |||||||||
292,785 | Term Loan, 8.74%, Maturing July 31, 2014 | 291,732 | |||||||||
221,667 | Term Loan, 8.75%, Maturing July 31, 2014 | 220,870 | |||||||||
Evergreen International Aviation | |||||||||||
952,349 | Term Loan, 8.38%, Maturing October 31, 2011 | 919,017 | |||||||||
Hawker Beechcraft Acquisition | |||||||||||
91,667 | Term Loan, 6.83%, Maturing March 26, 2014 | 87,427 | |||||||||
1,075,208 | Term Loan, 6.83%, Maturing March 26, 2014 | 1,025,480 | |||||||||
Hexcel Corp. | |||||||||||
252,581 | Term Loan, 6.51%, Maturing March 1, 2012 | 248,792 | |||||||||
IAP Worldwide Services, Inc. | |||||||||||
514,500 | Term Loan, 11.13%, Maturing December 30, 2012 | 464,079 | |||||||||
Spirit AeroSystems, Inc. | |||||||||||
626,086 | Term Loan, 6.90%, Maturing December 31, 2011 | 620,608 | |||||||||
TransDigm, Inc. | |||||||||||
1,375,000 | Term Loan, 6.86%, Maturing June 23, 2013 | 1,346,426 | |||||||||
Vought Aircraft Industries, Inc. | |||||||||||
1,102,953 | Term Loan, 7.34%, Maturing December 17, 2011 | 1,084,570 | |||||||||
Wesco Aircraft Hardware Corp. | |||||||||||
972,500 | Term Loan, 7.08%, Maturing September 29, 2013 | 959,128 | |||||||||
$ | 8,380,264 | ||||||||||
Air Transport 1.2% | |||||||||||
Airport Development and Investment, Ltd. | |||||||||||
GBP | 986,070 | Term Loan, 10.28%, Maturing April 7, 2011 | $ | 1,863,010 | |||||||
Delta Air Lines, Inc. | |||||||||||
646,750 | Term Loan, 8.08%, Maturing April 30, 2014 | 618,108 | |||||||||
Northwest Airlines, Inc. | |||||||||||
1,138,500 | DIP Loan, 6.97%, Maturing August 21, 2008 | 1,077,542 | |||||||||
$ | 3,558,660 | ||||||||||
Automotive 6.0% | |||||||||||
Accuride Corp. | |||||||||||
862,448 | Term Loan, 8.50%, Maturing January 31, 2012 | $ | 845,199 | ||||||||
Adesa, Inc. | |||||||||||
2,213,875 | Term Loan, 7.08%, Maturing October 18, 2013 | 2,083,414 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Automotive (continued) | |||||||||||
Affina Group, Inc. | |||||||||||
284,032 | Term Loan, 7.96%, Maturing November 30, 2011 | $ | 275,511 | ||||||||
Allison Transmission, Inc. | |||||||||||
1,600,000 | Term Loan, 7.96%, Maturing September 30, 2014 | 1,497,714 | |||||||||
AxleTech International Holding, Inc. | |||||||||||
925,000 | Term Loan, 11.73%, Maturing April 21, 2013 | 908,812 | |||||||||
CSA Acquisition Corp. | |||||||||||
178,999 | Term Loan, 7.38%, Maturing December 23, 2011 | 173,928 | |||||||||
447,359 | Term Loan, 7.38%, Maturing December 23, 2011 | 434,684 | |||||||||
Dana Corp. | |||||||||||
1,275,000 | Term Loan, 7.36%, Maturing March 30, 2008 | 1,271,129 | |||||||||
Dayco Products, LLC | |||||||||||
949,862 | Term Loan, 9.53%, Maturing June 21, 2011 | 903,854 | |||||||||
Federal-Mogul Corp. | |||||||||||
1,220,814 | Term Loan, 8.10%, Maturing June 27, 2014(2) | 1,220,814 | |||||||||
279,186 | Term Loan, (PIK), 10.00%, Maturing December 27, 2018(2) | 279,186 | |||||||||
Ford Motor Co. | |||||||||||
940,500 | Term Loan, 8.00%, Maturing December 15, 2013 | 872,634 | |||||||||
General Motors Corp. | |||||||||||
1,266,681 | Term Loan, 7.62%, Maturing November 29, 2013 | 1,186,453 | |||||||||
Goodyear Tire & Rubber Co. | |||||||||||
1,300,000 | Term Loan, 6.43%, Maturing April 30, 2010 | 1,223,219 | |||||||||
HLI Operating Co., Inc. | |||||||||||
EUR | 21,818 | Term Loan, 7.19%, Maturing May 30, 2014 | 31,102 | ||||||||
EUR | 376,291 | Term Loan, 7.62%, Maturing May 30, 2014 | 530,901 | ||||||||
Keystone Automotive Operations, Inc. | |||||||||||
470,250 | Term Loan, 8.55%, Maturing January 12, 2012 | 429,495 | |||||||||
LKQ Corp. | |||||||||||
525,000 | Term Loan, 7.46%, Maturing October 12, 2014 | 523,687 | |||||||||
The Hertz Corp. | |||||||||||
216,667 | Term Loan, 4.91%, Maturing December 21, 2012 | 212,542 | |||||||||
1,201,245 | Term Loan, 6.89%, Maturing December 21, 2012 | 1,178,376 | |||||||||
TriMas Corp. | |||||||||||
126,563 | Term Loan, 6.79%, Maturing August 2, 2011 | 124,506 | |||||||||
541,582 | Term Loan, 7.23%, Maturing August 2, 2013 | 532,781 | |||||||||
United Components, Inc. | |||||||||||
621,212 | Term Loan, 6.91%, Maturing June 30, 2010 | 599,470 | |||||||||
$ | 17,339,411 | ||||||||||
Beverage and Tobacco 0.9% | |||||||||||
Constellation Brands, Inc. | |||||||||||
720,000 | Term Loan, 6.60%, Maturing June 5, 2013 | $ | 702,750 | ||||||||
Culligan International Co. | |||||||||||
EUR | 500,000 | Term Loan, 9.57%, Maturing May 31, 2013 | 511,717 | ||||||||
497,497 | Term Loan, 7.09%, Maturing November 24, 2014 | 418,519 |
See notes to financial statements
4
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Beverage and Tobacco (continued) | |||||||||||
Southern Wine & Spirits of America, Inc. | |||||||||||
1,083,396 | Term Loan, 6.34%, Maturing May 31, 2012 | $ | 1,082,042 | ||||||||
$ | 2,715,028 | ||||||||||
Brokers, Dealers and Investment Houses 0.4% | |||||||||||
AmeriTrade Holding Corp. | |||||||||||
1,025,427 | Term Loan, 6.35%, Maturing December 31, 2012 | $ | 1,000,723 | ||||||||
$ | 1,000,723 | ||||||||||
Building and Development 6.3% | |||||||||||
AIMCO Properties, L.P. | |||||||||||
2,050,000 | Term Loan, 6.37%, Maturing March 23, 2011 | $ | 2,008,360 | ||||||||
Beacon Sales Acquisition, Inc. | |||||||||||
370,312 | Term Loan, 7.21%, Maturing September 30, 2013 | 336,984 | |||||||||
Brickman Group Holdings, Inc. | |||||||||||
794,000 | Term Loan, 7.14%, Maturing January 23, 2014 | 754,300 | |||||||||
Building Materials Corp. of America | |||||||||||
742,528 | Term Loan, 7.94%, Maturing February 22, 2014 | 628,497 | |||||||||
Capital Automotive (REIT) | |||||||||||
674,441 | Term Loan, 6.98%, Maturing December 16, 2010 | 661,029 | |||||||||
Epco/Fantome, LLC | |||||||||||
759,000 | Term Loan, 7.59%, Maturing November 23, 2010 | 755,205 | |||||||||
Hovstone Holdings, LLC | |||||||||||
425,750 | Term Loan, 6.63%, Maturing February 28, 2009 | 361,887 | |||||||||
LNR Property Corp. | |||||||||||
1,500,000 | Term Loan, 7.63%, Maturing July 3, 2011 | 1,435,312 | |||||||||
Metroflag BP, LLC | |||||||||||
300,000 | Term Loan, 14.03%, Maturing July 1, 2008 | 270,000 | |||||||||
Mueller Water Products, Inc. | |||||||||||
704,502 | Term Loan, 6.73%, Maturing May 24, 2014 | 668,103 | |||||||||
Nortek, Inc. | |||||||||||
919,125 | Term Loan, 7.10%, Maturing August 27, 2011 | 857,084 | |||||||||
November 2005 Land Investors | |||||||||||
153,253 | Term Loan, 7.60%, Maturing May 9, 2011 | 129,499 | |||||||||
Panolam Industries Holdings, Inc. | |||||||||||
670,821 | Term Loan, 7.59%, Maturing September 30, 2012 | 637,280 | |||||||||
PLY GEM Industries, Inc. | |||||||||||
980,668 | Term Loan, 7.58%, Maturing August 15, 2011 | 897,802 | |||||||||
30,674 | Term Loan, 7.58%, Maturing August 15, 2011 | 28,082 | |||||||||
Realogy Corp. | |||||||||||
474,887 | Term Loan, 7.91%, Maturing September 1, 2014 | 416,845 | |||||||||
1,763,863 | Term Loan, 8.24%, Maturing September 1, 2014 | 1,548,280 | |||||||||
South Edge, LLC | |||||||||||
421,875 | Term Loan, 6.88%, Maturing October 31, 2009 | 379,687 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Building and Development (continued) | |||||||||||
Stile Acquisition Corp. | |||||||||||
560,823 | Term Loan, 7.03%, Maturing April 6, 2013 | $ | 511,985 | ||||||||
Stile U.S. Acquisition Corp. | |||||||||||
561,781 | Term Loan, 7.03%, Maturing April 6, 2013 | 512,859 | |||||||||
Tousa/Kolter, LLC | |||||||||||
695,600 | Term Loan, 8.25%, Maturing January 7, 2008(2) | 617,832 | |||||||||
TRU 2005 RE Holding Co. | |||||||||||
2,200,000 | Term Loan, 8.23%, Maturing December 9, 2008 | 2,125,521 | |||||||||
United Subcontractors, Inc. | |||||||||||
450,000 | Term Loan, 12.21%, Maturing June 27, 2013(2) | 322,470 | |||||||||
Wintergames Acquisition ULC | |||||||||||
1,489,825 | Term Loan, 4.40%, Maturing April 24, 2008 | 1,478,652 | |||||||||
$ | 18,343,555 | ||||||||||
Business Equipment and Services 10.9% | |||||||||||
ACCO Brands Corp. | |||||||||||
263,375 | Term Loan, 6.79%, Maturing August 17, 2012 | $ | 254,157 | ||||||||
Activant Solutions, Inc. | |||||||||||
372,359 | Term Loan, 6.95%, Maturing May 1, 2013 | 349,552 | |||||||||
Acxiom Corp. | |||||||||||
696,667 | Term Loan, 6.63%, Maturing September 15, 2012 | 674,025 | |||||||||
Affiliated Computer Services | |||||||||||
441,000 | Term Loan, 6.87%, Maturing March 20, 2013 | 429,665 | |||||||||
1,157,375 | Term Loan, 7.04%, Maturing March 20, 2013 | 1,127,627 | |||||||||
Affinion Group, Inc. | |||||||||||
1,385,810 | Term Loan, 7.48%, Maturing October 17, 2012 | 1,337,884 | |||||||||
Allied Security Holdings, LLC | |||||||||||
668,182 | Term Loan, 7.83%, Maturing June 30, 2010 | 661,500 | |||||||||
DynCorp International, LLC | |||||||||||
573,181 | Term Loan, 6.88%, Maturing February 11, 2011 | 553,120 | |||||||||
Education Management, LLC | |||||||||||
2,033,868 | Term Loan, 6.63%, Maturing June 1, 2013 | 1,952,514 | |||||||||
Info USA, Inc. | |||||||||||
318,533 | Term Loan, 6.83%, Maturing February 14, 2012 | 313,755 | |||||||||
iPayment, Inc. | |||||||||||
485,631 | Term Loan, 6.87%, Maturing May 10, 2013 | 449,209 | |||||||||
ista International GmbH | |||||||||||
EUR | 563,126 | Term Loan, 6.77%, Maturing May 14, 2015 | 748,294 | ||||||||
EUR | 111,874 | Term Loan, 6.77%, Maturing May 14, 2015 | 148,660 | ||||||||
Kronos, Inc. | |||||||||||
592,714 | Term Loan, 7.08%, Maturing June 11, 2014 | 560,115 | |||||||||
Language Line, Inc. | |||||||||||
417,092 | Term Loan, 8.34%, Maturing June 11, 2011 | 404,405 | |||||||||
Mitchell International, Inc. | |||||||||||
500,000 | Term Loan, 10.13%, Maturing March 28, 2015 | 455,000 |
See notes to financial statements
5
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
N.E.W. Holdings I, LLC | |||||||||||
1,040,075 | Term Loan, 7.49%, Maturing May 22, 2014 | $ | 967,270 | ||||||||
Protection One, Inc. | |||||||||||
1,224,523 | Term Loan, 7.21%, Maturing March 31, 2012 | 1,178,603 | |||||||||
Quantum Corp. | |||||||||||
225,000 | Term Loan, 8.33%, Maturing July 12, 2014 | 220,500 | |||||||||
Quintiles Transnational Corp. | |||||||||||
900,000 | Term Loan, 8.83%, Maturing March 31, 2014 | 858,375 | |||||||||
Sabre, Inc. | |||||||||||
2,642,040 | Term Loan, 6.96%, Maturing September 30, 2014 | 2,415,965 | |||||||||
Serena Software, Inc. | |||||||||||
780,313 | Term Loan, 7.18%, Maturing March 10, 2013 | 751,701 | |||||||||
Sitel (Client Logic) | |||||||||||
EUR | 973,203 | Term Loan, 6.94%, Maturing January 29, 2014 | 1,280,585 | ||||||||
535,403 | Term Loan, 7.29%, Maturing January 29, 2014 | 481,863 | |||||||||
Solera Holdings, LLC | |||||||||||
EUR | 447,750 | Term Loan, 7.00%, Maturing May 15, 2014 | 631,721 | ||||||||
SunGard Data Systems, Inc. | |||||||||||
6,857,910 | Term Loan, 6.90%, Maturing February 11, 2013 | 6,638,244 | |||||||||
TDS Investor Corp. | |||||||||||
EUR | 527,114 | Term Loan, 7.02%, Maturing August 23, 2013 | 742,730 | ||||||||
722,578 | Term Loan, 7.08%, Maturing August 23, 2013 | 687,691 | |||||||||
144,986 | Term Loan, 7.08%, Maturing August 23, 2013 | 137,986 | |||||||||
Transaction Network Services, Inc. | |||||||||||
353,498 | Term Loan, 7.48%, Maturing May 4, 2012 | 348,195 | |||||||||
Valassis Communications, Inc. | |||||||||||
119,039 | Term Loan, Maturing March 2, 2014(3) | 112,194 | |||||||||
380,961 | Term Loan, Maturing March 2, 2014(3) | 359,056 | |||||||||
259,614 | Term Loan, 6.58%, Maturing March 2, 2014 | 244,687 | |||||||||
VWR International, Inc. | |||||||||||
875,000 | Term Loan, 7.33%, Maturing June 28, 2013 | 831,250 | |||||||||
WAM Acquisition, S.A. | |||||||||||
EUR | 153,716 | Term Loan, 6.57%, Maturing May 4, 2014 | 213,232 | ||||||||
EUR | 96,284 | Term Loan, 6.57%, Maturing May 4, 2014 | 133,563 | ||||||||
EUR | 153,716 | Term Loan, 6.82%, Maturing May 4, 2015 | 214,262 | ||||||||
EUR | 96,284 | Term Loan, 6.82%, Maturing May 4, 2015 | 134,302 | ||||||||
West Corp. | |||||||||||
1,806,784 | Term Loan, 7.30%, Maturing October 24, 2013 | 1,724,801 | |||||||||
$ | 31,728,258 | ||||||||||
Cable and Satellite Television 10.2% | |||||||||||
Atlantic Broadband Finance, LLC | |||||||||||
1,744,795 | Term Loan, 7.08%, Maturing February 10, 2011 | $ | 1,695,722 | ||||||||
Bragg Communications, Inc. | |||||||||||
1,197,000 | Term Loan, 7.58%, Maturing August 31, 2014 | 1,197,000 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Cable and Satellite Television (continued) | |||||||||||
Bresnan Broadband Holdings, LLC | |||||||||||
1,500,000 | Term Loan, 7.18%, Maturing March 29, 2014 | $ | 1,436,562 | ||||||||
650,000 | Term Loan, 9.47%, Maturing March 29, 2014 | 633,750 | |||||||||
Cequel Communications, LLC | |||||||||||
875,000 | Term Loan, 9.41%, Maturing May 5, 2014 | 814,707 | |||||||||
1,834,534 | Term Loan, 10.91%, Maturing May 5, 2014 | 1,716,207 | |||||||||
Charter Communications Operating, Inc. | |||||||||||
6,109,362 | Term Loan, 6.99%, Maturing April 28, 2013 | 5,720,183 | |||||||||
CSC Holdings, Inc. | |||||||||||
1,572,000 | Term Loan, 6.90%, Maturing March 29, 2013 | 1,488,348 | |||||||||
CW Media Holdings, Inc. | |||||||||||
324,188 | Term Loan, 8.08%, Maturing February 15, 2015 | 322,567 | |||||||||
Insight Midwest Holdings, LLC | |||||||||||
2,875,000 | Term Loan, 7.00%, Maturing April 6, 2014 | 2,780,763 | |||||||||
Mediacom Broadband Group | |||||||||||
826,837 | Term Loan, 6.69%, Maturing January 31, 2015 | 766,743 | |||||||||
Mediacom Illinois, LLC | |||||||||||
1,955,250 | Term Loan, 6.69%, Maturing January 31, 2015 | 1,827,461 | |||||||||
NTL Investment Holdings, Ltd. | |||||||||||
1,355,140 | Term Loan, 7.22%, Maturing March 30, 2012 | 1,296,277 | |||||||||
GBP | 331,461 | Term Loan, 8.29%, Maturing March 30, 2012 | 627,915 | ||||||||
GBP | 168,539 | Term Loan, 8.29%, Maturing March 30, 2012 | 319,279 | ||||||||
Orion Cable GmbH | |||||||||||
EUR | 450,000 | Term Loan, 7.47%, Maturing October 31, 2014 | 643,037 | ||||||||
EUR | 450,000 | Term Loan, 7.98%, Maturing October 31, 2015 | 645,998 | ||||||||
ProSiebenSat.1 Media AG | |||||||||||
EUR | 250,000 | Term Loan, Maturing March 2, 2015(3) | 336,034 | ||||||||
EUR | 608,000 | Term Loan, 7.07%, Maturing March 2, 2015(4) | 780,940 | ||||||||
EUR | 272,924 | Term Loan, 6.55%, Maturing June 26, 2015 | 366,254 | ||||||||
EUR | 11,076 | Term Loan, 6.59%, Maturing June 26, 2015 | 14,864 | ||||||||
EUR | 250,000 | Term Loan, Maturing March 2, 2016(3) | 336,034 | ||||||||
EUR | 608,000 | Term Loan, 7.32%, Maturing March 2, 2016(4) | 787,212 | ||||||||
EUR | 300,000 | Term Loan, 8.34%, Maturing September 2, 2016 | 372,001 | ||||||||
EUR | 200,303 | Term Loan, 8.20%, Maturing March 2, 2017(4) | 250,206 | ||||||||
UPC Broadband Holding B.V. | |||||||||||
1,050,000 | Term Loan, 7.13%, Maturing December 31, 2014 | 996,516 | |||||||||
YPSO Holding SA | |||||||||||
EUR | 1,000,000 | Term Loan, 7.68%, Maturing July 28, 2015 | 1,402,289 | ||||||||
$ | 29,574,869 | ||||||||||
Chemicals and Plastics 9.9% | |||||||||||
Brenntag Holding GmbH and Co. KG | |||||||||||
196,364 | Term Loan, 7.39%, Maturing December 23, 2013 | $ | 188,018 | ||||||||
803,636 | Term Loan, 7.39%, Maturing December 23, 2013 | 769,482 | |||||||||
600,000 | Term Loan, 9.39%, Maturing December 23, 2015 | 568,500 |
See notes to financial statements
6
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Chemicals and Plastics (continued) | |||||||||||
Celanese Holdings, LLC | |||||||||||
2,263,625 | Term Loan, 6.98%, Maturing April 2, 2014 | $ | 2,188,328 | ||||||||
Cognis GmbH | |||||||||||
EUR | 401,639 | Term Loan, 6.95%, Maturing September 15, 2013 | 550,271 | ||||||||
EUR | 98,361 | Term Loan, 6.95%, Maturing September 15, 2013 | 134,760 | ||||||||
Foamex L.P. | |||||||||||
1,217,647 | Term Loan, 7.46%, Maturing February 12, 2013 | 1,120,235 | |||||||||
Georgia Gulf Corp. | |||||||||||
424,300 | Term Loan, 7.76%, Maturing October 3, 2013 | 408,831 | |||||||||
Hercules, Inc. | |||||||||||
326,250 | Term Loan, 6.71%, Maturing October 8, 2010 | 325,434 | |||||||||
Hexion Specialty Chemicals, Inc. | |||||||||||
497,500 | Term Loan, 7.13%, Maturing May 5, 2012 | 481,603 | |||||||||
519,006 | Term Loan, 7.13%, Maturing May 5, 2013 | 502,422 | |||||||||
2,395,283 | Term Loan, 7.50%, Maturing May 5, 2013 | 2,318,746 | |||||||||
Huish Detergents, Inc. | |||||||||||
497,500 | Term Loan, 6.83%, Maturing April 26, 2014 | 435,312 | |||||||||
INEOS Group | |||||||||||
1,347,500 | Term Loan, 7.36%, Maturing December 14, 2013 | 1,309,461 | |||||||||
1,347,500 | Term Loan, 7.86%, Maturing December 14, 2014 | 1,309,461 | |||||||||
Innophos, Inc. | |||||||||||
297,886 | Term Loan, 7.08%, Maturing August 10, 2010 | 292,673 | |||||||||
Invista B.V. | |||||||||||
1,396,519 | Term Loan, 6.33%, Maturing April 29, 2011 | 1,357,532 | |||||||||
740,253 | Term Loan, 6.33%, Maturing April 29, 2011 | 719,588 | |||||||||
ISP Chemco, Inc. | |||||||||||
1,393,000 | Term Loan, 6.78%, Maturing June 4, 2014 | 1,329,618 | |||||||||
Kleopatra | |||||||||||
EUR | 300,000 | Term Loan, 7.28%, Maturing January 3, 2016 | 372,000 | ||||||||
450,000 | Term Loan, 7.74%, Maturing January 3, 2016 | 384,750 | |||||||||
Kranton Polymers, LLC | |||||||||||
1,283,847 | Term Loan, 7.25%, Maturing May 12, 2013 | 1,221,259 | |||||||||
Lucite International Group Holdings | |||||||||||
328,208 | Term Loan, 7.10%, Maturing July 7, 2013 | 314,875 | |||||||||
116,210 | Term Loan, 7.10%, Maturing July 7, 2013 | 111,489 | |||||||||
MacDermid, Inc. | |||||||||||
EUR | 416,021 | Term Loan, 7.02%, Maturing April 12, 2014 | 580,873 | ||||||||
Millenium Inorganic Chemicals | |||||||||||
200,000 | Term Loan, 7.08%, Maturing April 30, 2014 | 185,000 | |||||||||
500,000 | Term Loan, 10.48%, Maturing October 31, 2014 | 432,500 | |||||||||
Momentive Performance Material | |||||||||||
1,138,500 | Term Loan, 7.13%, Maturing December 4, 2013 | 1,092,756 | |||||||||
Mosaic Co. | |||||||||||
36,691 | Term Loan, 6.63%, Maturing December 21, 2012 | 36,570 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Chemicals and Plastics (continued) | |||||||||||
Nalco Co. | |||||||||||
2,731,885 | Term Loan, 6.92%, Maturing November 4, 2010 | $ | 2,691,666 | ||||||||
Propex Fabrics, Inc. | |||||||||||
405,647 | Term Loan, 11.25%, Maturing July 31, 2012 | 326,546 | |||||||||
Rockwood Specialties Group, Inc. | |||||||||||
2,276,625 | Term Loan, 6.46%, Maturing December 10, 2012 | 2,201,369 | |||||||||
Solo Cup Co. | |||||||||||
840,578 | Term Loan, 8.48%, Maturing February 27, 2011 | 834,274 | |||||||||
Solutia, Inc. | |||||||||||
1,039,652 | DIP Loan, 8.06%, Maturing March 31, 2008 | 1,038,678 | |||||||||
Wellman, Inc. | |||||||||||
900,000 | Term Loan, 8.91%, Maturing February 10, 2009 | 750,600 | |||||||||
$ | 28,885,480 | ||||||||||
Clothing / Textiles 0.9% | |||||||||||
Hanesbrands, Inc. | |||||||||||
697,321 | Term Loan, 6.78%, Maturing September 5, 2013 | $ | 681,341 | ||||||||
450,000 | Term Loan, 8.82%, Maturing March 5, 2014 | 450,643 | |||||||||
St. John Knits International, Inc. | |||||||||||
649,402 | Term Loan, 7.84%, Maturing March 23, 2012 | 639,661 | |||||||||
The William Carter Co. | |||||||||||
733,326 | Term Loan, 6.43%, Maturing July 14, 2012 | 711,326 | |||||||||
$ | 2,482,971 | ||||||||||
Conglomerates 4.5% | |||||||||||
Amsted Industries, Inc. | |||||||||||
926,252 | Term Loan, 7.21%, Maturing October 15, 2010 | $ | 910,621 | ||||||||
Blount, Inc. | |||||||||||
281,808 | Term Loan, 7.03%, Maturing August 9, 2010 | 275,467 | |||||||||
Doncasters (Dunde HoldCo 4 Ltd.) | |||||||||||
227,244 | Term Loan, 7.48%, Maturing July 13, 2015 | 219,154 | |||||||||
227,244 | Term Loan, 7.98%, Maturing July 13, 2015 | 219,722 | |||||||||
EUR | 417,379 | Term Loan, 8.93%, Maturing January 13, 2016 | 585,820 | ||||||||
GenTek, Inc. | |||||||||||
268,908 | Term Loan, 7.16%, Maturing February 25, 2011 | 264,202 | |||||||||
Goodman Global Holdings, Inc. | |||||||||||
140,287 | Term Loan, 6.59%, Maturing December 23, 2011 | 139,148 | |||||||||
ISS Holdings A/S | |||||||||||
EUR | 122,807 | Term Loan, 6.95%, Maturing December 31, 2013 | 173,939 | ||||||||
EUR | 877,193 | Term Loan, 6.95%, Maturing December 31, 2013 | 1,242,422 | ||||||||
Jarden Corp. | |||||||||||
1,166,006 | Term Loan, 6.58%, Maturing January 24, 2012 | 1,128,111 | |||||||||
821,238 | Term Loan, 6.58%, Maturing January 24, 2012 | 794,548 | |||||||||
Johnson Diversey, Inc. | |||||||||||
862,605 | Term Loan, 6.88%, Maturing December 16, 2011 | 847,240 |
See notes to financial statements
7
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Conglomerates (continued) | |||||||||||
Polymer Group, Inc. | |||||||||||
1,332,732 | Term Loan, 7.09%, Maturing November 22, 2012 | $ | 1,306,077 | ||||||||
RBS Global, Inc. | |||||||||||
740,625 | Term Loan, 7.40%, Maturing July 19, 2013 | 721,184 | |||||||||
677,459 | Term Loan, 7.58%, Maturing July 19, 2013 | 659,676 | |||||||||
RGIS Holdings, LLC | |||||||||||
109,036 | Term Loan, 7.35%, Maturing April 30, 2014 | 99,404 | |||||||||
2,180,711 | Term Loan, 7.47%, Maturing April 30, 2014 | 1,988,083 | |||||||||
US Investigations Services, Inc. | |||||||||||
1,022,431 | Term Loan, 7.91%, Maturing February 21, 2015 | 967,475 | |||||||||
Vertrue, Inc. | |||||||||||
473,813 | Term Loan, 7.83%, Maturing August 16, 2014 | 452,491 | |||||||||
$ | 12,994,784 | ||||||||||
Containers and Glass Products 4.6% | |||||||||||
Berry Plastics Corp. | |||||||||||
992,500 | Term Loan, 7.16%, Maturing April 3, 2015 | $ | 930,469 | ||||||||
Bluegrass Container Co. | |||||||||||
682,336 | Term Loan, 7.08%, Maturing June 30, 2013 | 678,356 | |||||||||
204,164 | Term Loan, 7.09%, Maturing June 30, 2013 | 202,973 | |||||||||
157,576 | Term Loan, 9.98%, Maturing December 30, 2013 | 158,462 | |||||||||
492,424 | Term Loan, 9.98%, Maturing December 30, 2013 | 495,194 | |||||||||
Consolidated Container Co. | |||||||||||
500,000 | Term Loan, 10.47%, Maturing September 28, 2014 | 358,333 | |||||||||
Crown Americas, Inc. | |||||||||||
343,000 | Term Loan, 6.62%, Maturing November 15, 2012 | 336,140 | |||||||||
Graham Packaging Holdings Co. | |||||||||||
2,257,938 | Term Loan, 7.50%, Maturing October 7, 2011 | 2,175,028 | |||||||||
Graphic Packaging International, Inc. | |||||||||||
2,943,839 | Term Loan, 7.10%, Maturing May 16, 2014 | 2,842,032 | |||||||||
IPG (US), Inc. | |||||||||||
217,375 | Term Loan, 8.24%, Maturing July 28, 2011 | 216,016 | |||||||||
JSG Acquisitions | |||||||||||
990,000 | Term Loan, 7.12%, Maturing December 31, 2013 | 951,019 | |||||||||
990,000 | Term Loan, 7.37%, Maturing December 13, 2014 | 955,969 | |||||||||
Kranson Industries, Inc. | |||||||||||
445,004 | Term Loan, 7.09%, Maturing July 31, 2013 | 432,766 | |||||||||
Owens-Brockway Glass Container | |||||||||||
837,813 | Term Loan, 6.43%, Maturing June 14, 2013 | 818,543 | |||||||||
Smurfit-Stone Container Corp. | |||||||||||
377,453 | Term Loan, 7.12%, Maturing November 1, 2011 | 370,009 | |||||||||
423,211 | Term Loan, 7.06%, Maturing November 1, 2011 | 414,864 | |||||||||
830,387 | Term Loan, 7.15%, Maturing November 1, 2011 | 814,428 | |||||||||
347,030 | Term Loan, 7.25%, Maturing November 1, 2011 | 340,360 | |||||||||
$ | 13,490,961 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Cosmetics / Toiletries 0.6% | |||||||||||
American Safety Razor Co. | |||||||||||
400,000 | Term Loan, 11.69%, Maturing July 31, 2014 | $ | 401,000 | ||||||||
Bausch & Lomb, Inc. | |||||||||||
60,000 | Term Loan, 0.00%, Maturing April 30, 2015(4) | 59,831 | |||||||||
240,000 | Term Loan, 8.08%, Maturing April 30, 2015 | 239,325 | |||||||||
KIK Custom Products, Inc. | |||||||||||
525,000 | Term Loan, 9.84%, Maturing November 30, 2014 | 365,750 | |||||||||
Prestige Brands, Inc. | |||||||||||
761,134 | Term Loan, 6.98%, Maturing April 7, 2011 | 746,387 | |||||||||
$ | 1,812,293 | ||||||||||
Drugs 1.6% | |||||||||||
Graceway Pharmaceuticals, LLC | |||||||||||
483,333 | Term Loan, 7.58%, Maturing May 3, 2012 | $ | 456,871 | ||||||||
500,000 | Term Loan, 11.33%, Maturing May 3, 2013 | 415,000 | |||||||||
150,000 | Term Loan, 13.08%, Maturing November 3, 2013 | 127,500 | |||||||||
Pharmaceutical Holdings Corp. | |||||||||||
336,875 | Term Loan, 8.10%, Maturing January 30, 2012 | 330,980 | |||||||||
Stiefel Laboratories, Inc. | |||||||||||
645,205 | Term Loan, 7.50%, Maturing December 28, 2013 | 628,268 | |||||||||
839,795 | Term Loan, 7.50%, Maturing December 28, 2013 | 817,751 | |||||||||
Warner Chilcott Corp. | |||||||||||
467,217 | Term Loan, 6.83%, Maturing January 18, 2012 | 453,687 | |||||||||
1,358,352 | Term Loan, 6.85%, Maturing January 18, 2012 | 1,319,017 | |||||||||
$ | 4,549,074 | ||||||||||
Ecological Services and Equipment 1.9% | |||||||||||
Allied Waste Industries, Inc. | |||||||||||
829,561 | Term Loan, 5.50%, Maturing January 15, 2012 | $ | 795,529 | ||||||||
1,379,669 | Term Loan, 6.59%, Maturing January 15, 2012 | 1,323,070 | |||||||||
Blue Waste B.V. (AVR Acquisition) | |||||||||||
EUR | 500,000 | Term Loan, 7.02%, Maturing April 1, 2015 | 711,379 | ||||||||
EnergySolutions, LLC | |||||||||||
6,650 | Term Loan, 7.10%, Maturing June 7, 2013 | 6,467 | |||||||||
IESI Corp. | |||||||||||
441,176 | Term Loan, 6.61%, Maturing January 20, 2012 | 425,183 | |||||||||
Kemble Water Structure Ltd. | |||||||||||
GBP | 750,000 | Term Loan, 10.05%, Maturing October 13, 2013 | 1,436,342 | ||||||||
Sensus Metering Systems, Inc. | |||||||||||
44,125 | Term Loan, 6.88%, Maturing December 17, 2010 | 43,353 | |||||||||
679,148 | Term Loan, 7.04%, Maturing December 17, 2010 | 667,263 | |||||||||
$ | 5,408,586 |
See notes to financial statements
8
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Electronics / Electrical 5.1% | |||||||||||
AMI Semiconductor, Inc. | |||||||||||
830,485 | Term Loan, 6.85%, Maturing April 1, 2012 | $ | 813,875 | ||||||||
Aspect Software, Inc. | |||||||||||
972,457 | Term Loan, 7.94%, Maturing July 11, 2011 | 943,283 | |||||||||
950,000 | Term Loan, 12.31%, Maturing July 11, 2013 | 897,750 | |||||||||
EnerSys Capital, Inc. | |||||||||||
965,250 | Term Loan, 6.74%, Maturing March 17, 2011 | 939,912 | |||||||||
FCI International S.A.S. | |||||||||||
114,637 | Term Loan, 7.76%, Maturing November 1, 2013 | 110,051 | |||||||||
110,363 | Term Loan, 7.76%, Maturing November 1, 2013 | 105,949 | |||||||||
110,363 | Term Loan, 7.76%, Maturing November 1, 2013 | 106,032 | |||||||||
114,637 | Term Loan, 7.76%, Maturing November 1, 2013 | 110,137 | |||||||||
Freescale Semiconductor, Inc. | |||||||||||
2,301,750 | Term Loan, 6.98%, Maturing December 1, 2013 | 2,138,471 | |||||||||
Infor Enterprise Solutions Holdings | |||||||||||
1,411,420 | Term Loan, 8.58%, Maturing July 28, 2012 | 1,358,491 | |||||||||
736,393 | Term Loan, 8.58%, Maturing July 28, 2012 | 708,778 | |||||||||
250,000 | Term Loan, 10.33%, Maturing March 2, 2014 | 225,937 | |||||||||
91,667 | Term Loan, 11.08%, Maturing March 2, 2014 | 82,844 | |||||||||
158,333 | Term Loan, 11.08%, Maturing March 2, 2014 | 143,094 | |||||||||
Network Solutions, LLC | |||||||||||
390,747 | Term Loan, 7.33%, Maturing March 7, 2014 | 368,279 | |||||||||
Open Solutions, Inc. | |||||||||||
1,191,211 | Term Loan, 7.28%, Maturing January 23, 2014 | 1,116,015 | |||||||||
Sensata Technologies Finance Co. | |||||||||||
1,408,575 | Term Loan, 6.76%, Maturing April 27, 2013 | 1,342,170 | |||||||||
Spectrum Brands, Inc. | |||||||||||
32,388 | Term Loan, 9.24%, Maturing March 30, 2013 | 31,433 | |||||||||
644,697 | Term Loan, 9.12%, Maturing March 30, 2013 | 625,678 | |||||||||
SS&C Technologies, Inc. | |||||||||||
820,417 | Term Loan, 6.83%, Maturing November 23, 2012 | 795,805 | |||||||||
TTM Technologies, Inc. | |||||||||||
159,375 | Term Loan, 7.26%, Maturing October 27, 2012 | 157,781 | |||||||||
VeriFone, Inc. | |||||||||||
385,688 | Term Loan, 6.71%, Maturing October 31, 2013 | 376,045 | |||||||||
Vertafore, Inc. | |||||||||||
992,519 | Term Loan, 7.52%, Maturing January 31, 2012 | 957,781 | |||||||||
450,000 | Term Loan, 11.02%, Maturing January 31, 2013 | 427,500 | |||||||||
$ | 14,883,091 | ||||||||||
Equipment Leasing 0.7% | |||||||||||
AWAS Capital, Inc. | |||||||||||
1,121,823 | Term Loan, 10.94%, Maturing March 22, 2013 | $ | 1,082,560 | ||||||||
Maxim Crane Works, L.P. | |||||||||||
472,625 | Term Loan, 7.23%, Maturing June 29, 2014 | 441,904 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Equipment Leasing (continued) | |||||||||||
United Rentals, Inc. | |||||||||||
153,233 | Term Loan, 5.32%, Maturing February 14, 2011 | $ | 149,785 | ||||||||
363,337 | Term Loan, 7.11%, Maturing February 14, 2011 | 355,162 | |||||||||
$ | 2,029,411 | ||||||||||
Farming / Agriculture 0.3% | |||||||||||
Central Garden & Pet Co. | |||||||||||
1,105,313 | Term Loan, 6.50%, Maturing February 28, 2014 | $ | 964,385 | ||||||||
$ | 964,385 | ||||||||||
Financial Intermediaries 2.3% | |||||||||||
Citco III, Ltd. | |||||||||||
500,000 | Term Loan, Maturing June 30, 2014(3) | $ | 482,500 | ||||||||
1,050,000 | Term Loan, 6.97%, Maturing June 30, 2014 | 1,011,312 | |||||||||
Grosvenor Capital Management | |||||||||||
1,265,467 | Term Loan, 7.19%, Maturing December 5, 2013 | 1,227,503 | |||||||||
INVESTools, Inc. | |||||||||||
300,000 | Term Loan, 8.09%, Maturing August 13, 2012 | 294,000 | |||||||||
Jupiter Asset Management Group | |||||||||||
GBP | 220,143 | Term Loan, 8.73%, Maturing June 30, 2015 | 410,827 | ||||||||
LPL Holdings, Inc. | |||||||||||
1,916,058 | Term Loan, 6.83%, Maturing December 18, 2014 | 1,840,613 | |||||||||
Nuveen Investments, Inc. | |||||||||||
800,000 | Term Loan, 7.86%, Maturing November 2, 2014 | 792,929 | |||||||||
Oxford Acquisition III, Ltd. | |||||||||||
464,910 | Term Loan, 6.90%, Maturing May 24, 2014 | 438,759 | |||||||||
RJO Holdings Corp. (RJ O'Brien) | |||||||||||
249,375 | Term Loan, 7.85%, Maturing July 31, 2014 | 206,981 | |||||||||
$ | 6,705,424 | ||||||||||
Food Products 4.9% | |||||||||||
Acosta, Inc. | |||||||||||
1,625,663 | Term Loan, 7.10%, Maturing July 28, 2013 | $ | 1,554,540 | ||||||||
Advantage Sales & Marketing, Inc. | |||||||||||
441,488 | Term Loan, 6.88%, Maturing March 29, 2013 | 420,241 | |||||||||
249,312 | Term Loan, 6.88%, Maturing March 29, 2013 | 237,314 | |||||||||
Black Lion Beverages III B.V. | |||||||||||
EUR | 147,059 | Term Loan, 6.71%, Maturing December 31, 2013 | 207,367 | ||||||||
EUR | 852,941 | Term Loan, 6.71%, Maturing December 31, 2014 | 1,202,728 | ||||||||
Chiquita Brands, LLC | |||||||||||
321,384 | Term Loan, 7.88%, Maturing June 28, 2012 | 315,358 | |||||||||
Dean Foods Co. | |||||||||||
1,836,125 | Term Loan, 6.58%, Maturing April 2, 2014 | 1,736,495 |
See notes to financial statements
9
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Food Products (continued) | |||||||||||
Dole Food Company, Inc. | |||||||||||
88,372 | Term Loan, 7.24%, Maturing April 12, 2013 | $ | 82,164 | ||||||||
195,358 | Term Loan, 7.16%, Maturing April 12, 2013 | 181,634 | |||||||||
651,192 | Term Loan, 7.22%, Maturing April 12, 2013 | 605,446 | |||||||||
Foodvest Limited | |||||||||||
EUR | 483,210 | Term Loan, 7.03%, Maturing March 16, 2014 | 682,524 | ||||||||
EUR | 251,739 | Term Loan, 7.53%, Maturing March 16, 2015 | 357,070 | ||||||||
Michael Foods, Inc. | |||||||||||
959,646 | Term Loan, 6.85%, Maturing November 21, 2010 | 943,452 | |||||||||
National Dairy Holdings, L.P. | |||||||||||
143,509 | Term Loan, 6.98%, Maturing March 15, 2012 | 138,486 | |||||||||
Pinnacle Foods Finance, LLC | |||||||||||
2,014,875 | Term Loan, 7.93%, Maturing April 2, 2014 | 1,901,035 | |||||||||
Provimi Group SA | |||||||||||
EUR | 37,419 | Term Loan, 6.78%, Maturing June 28, 2015(4) | 50,742 | ||||||||
EUR | 266,692 | Term Loan, 7.14%, Maturing June 28, 2015 | 372,370 | ||||||||
EUR | 154,749 | Term Loan, 7.15%, Maturing June 28, 2015 | 216,070 | ||||||||
EUR | 255,938 | Term Loan, 7.15%, Maturing June 28, 2015 | 357,356 | ||||||||
EUR | 348,873 | Term Loan, 7.15%, Maturing June 28, 2015 | 487,116 | ||||||||
119,643 | Term Loan, 7.48%, Maturing June 28, 2015 | 114,259 | |||||||||
147,236 | Term Loan, 7.48%, Maturing June 28, 2015 | 140,610 | |||||||||
EUR | 557,956 | Term Loan, 9.15%, Maturing December 28, 2016(4) | 756,618 | ||||||||
225,701 | Term Loan, 9.48%, Maturing December 28, 2016(4) | 209,337 | |||||||||
Reddy Ice Group, Inc. | |||||||||||
1,055,000 | Term Loan, 7.00%, Maturing August 9, 2012 | 1,028,625 | |||||||||
$ | 14,298,957 | ||||||||||
Food Service 3.0% | |||||||||||
AFC Enterprises, Inc. | |||||||||||
219,329 | Term Loan, 7.13%, Maturing May 23, 2009 | $ | 216,039 | ||||||||
Aramark Corp. | |||||||||||
139,244 | Term Loan, 5.20%, Maturing January 26, 2014 | 132,682 | |||||||||
1,931,613 | Term Loan, 6.83%, Maturing January 26, 2014 | 1,840,586 | |||||||||
GBP | 495,000 | Term Loan, 8.17%, Maturing January 27, 2014 | 931,153 | ||||||||
Buffets, Inc. | |||||||||||
99,167 | Term Loan, 7.83%, Maturing May 1, 2013 | 82,358 | |||||||||
742,365 | Term Loan, 7.98%, Maturing November 1, 2013 | 616,534 | |||||||||
Burger King Corp. | |||||||||||
935,875 | Term Loan, 6.38%, Maturing June 30, 2012 | 923,300 | |||||||||
CBRL Group, Inc. | |||||||||||
947,234 | Term Loan, 6.40%, Maturing April 27, 2013 | 901,845 | |||||||||
Denny's, Inc. | |||||||||||
64,750 | Term Loan, 7.12%, Maturing March 31, 2012 | 63,455 | |||||||||
266,915 | Term Loan, 6.85%, Maturing March 31, 2012 | 261,576 | |||||||||
JRD Holdings, Inc. | |||||||||||
339,063 | Term Loan, 7.74%, Maturing June 26, 2014 | 330,586 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Food Service (continued) | |||||||||||
Maine Beverage Co., LLC | |||||||||||
352,679 | Term Loan, 6.65%, Maturing June 30, 2010 | $ | 350,915 | ||||||||
NPC International, Inc. | |||||||||||
200,000 | Term Loan, 6.69%, Maturing May 3, 2013 | 188,250 | |||||||||
OSI Restaurant Partners, LLC | |||||||||||
69,550 | Term Loan, 7.31%, Maturing May 9, 2013 | 64,073 | |||||||||
822,799 | Term Loan, 7.13%, Maturing May 9, 2014 | 758,004 | |||||||||
QCE Finance, LLC | |||||||||||
494,975 | Term Loan, 7.37%, Maturing May 5, 2013 | 466,033 | |||||||||
500,000 | Term Loan, 10.58%, Maturing November 5, 2013 | 468,437 | |||||||||
Sagittarius Restaurants, LLC | |||||||||||
196,500 | Term Loan, 7.08%, Maturing March 29, 2013 | 179,306 | |||||||||
$ | 8,775,132 | ||||||||||
Food / Drug Retailers 3.0% | |||||||||||
General Nutrition Centers, Inc. | |||||||||||
844,371 | Term Loan, 7.26%, Maturing September 16, 2013 | $ | 776,822 | ||||||||
Iceland Foods Group, Ltd. | |||||||||||
GBP | 375,000 | Term Loan, 8.71%, Maturing May 2, 2014 | 730,924 | ||||||||
GBP | 375,000 | Term Loan, 9.21%, Maturing May 2, 2015 | 734,656 | ||||||||
GBP | 505,454 | Term Loan, 10.84%, Maturing May 2, 2016 | 1,006,156 | ||||||||
Pantry, Inc. (The) | |||||||||||
127,778 | Term Loan, 0.00%, Maturing May 15, 2014(4) | 119,392 | |||||||||
444,986 | Term Loan, 6.60%, Maturing May 15, 2014 | 415,784 | |||||||||
Rite Aid Corp. | |||||||||||
2,100,000 | Term Loan, 6.80%, Maturing June 1, 2014 | 1,967,437 | |||||||||
Roundy's Supermarkets, Inc. | |||||||||||
2,308,185 | Term Loan, 7.91%, Maturing November 3, 2011 | 2,268,514 | |||||||||
Supervalu, Inc. | |||||||||||
786,000 | Term Loan, 6.40%, Maturing June 1, 2012 | 772,026 | |||||||||
$ | 8,791,711 | ||||||||||
Forest Products 3.2% | |||||||||||
Appleton Papers, Inc. | |||||||||||
721,375 | Term Loan, 6.74%, Maturing June 5, 2014 | $ | 682,730 | ||||||||
Boise Cascade Holdings, LLC | |||||||||||
410,669 | Term Loan, 6.38%, Maturing April 30, 2014 | 406,152 | |||||||||
1,824,515 | Term Loan, 6.38%, Maturing April 30, 2014 | 1,804,445 | |||||||||
Georgia-Pacific Corp. | |||||||||||
4,655,000 | Term Loan, 6.87%, Maturing December 20, 2012 | 4,443,030 | |||||||||
Newpage Corp. | |||||||||||
825,000 | Term Loan, 8.69%, Maturing December 5, 2014 | 821,519 | |||||||||
Xerium Technologies, Inc. | |||||||||||
1,327,439 | Term Loan, 7.58%, Maturing May 18, 2012 | 1,229,541 | |||||||||
$ | 9,387,417 |
See notes to financial statements
10
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Healthcare 13.7% | |||||||||||
Accellent, Inc. | |||||||||||
921,200 | Term Loan, 7.79%, Maturing November 22, 2012 | $ | 829,080 | ||||||||
Alliance Imaging, Inc. | |||||||||||
1,132,099 | Term Loan, 7.52%, Maturing December 29, 2011 | 1,115,118 | |||||||||
American Medical Systems | |||||||||||
793,790 | Term Loan, 7.54%, Maturing July 20, 2012 | 758,070 | |||||||||
AMN Healthcare, Inc. | |||||||||||
187,618 | Term Loan, 6.58%, Maturing November 2, 2011 | 183,045 | |||||||||
AMR HoldCo, Inc. | |||||||||||
1,068,138 | Term Loan, 7.14%, Maturing February 10, 2012 | 1,042,437 | |||||||||
Biomet, Inc. | |||||||||||
EUR | 650,000 | Term Loan, 7.78%, Maturing December 26, 2014 | 943,205 | ||||||||
1,496,250 | Term Loan, 7.86%, Maturing December 26, 2014 | 1,482,223 | |||||||||
Cardinal Health 409, Inc. | |||||||||||
820,875 | Term Loan, 7.08%, Maturing April 10, 2014 | 766,150 | |||||||||
Carestream Health, Inc. | |||||||||||
1,425,993 | Term Loan, 7.00%, Maturing April 30, 2013 | 1,313,696 | |||||||||
500,000 | Term Loan, 10.30%, Maturing October 30, 2013 | 466,250 | |||||||||
Carl Zeiss Vision Holding GmbH | |||||||||||
630,000 | Term Loan, 7.64%, Maturing March 23, 2015 | 614,250 | |||||||||
Community Health Systems, Inc. | |||||||||||
206,497 | Term Loan, 0.00%, Maturing July 25, 2014(4) | 199,065 | |||||||||
4,105,839 | Term Loan, 7.33%, Maturing July 25, 2014 | 3,958,070 | |||||||||
Concentra, Inc. | |||||||||||
350,000 | Term Loan, 10.33%, Maturing June 25, 2015 | 325,500 | |||||||||
ConMed Corp. | |||||||||||
262,167 | Term Loan, 6.34%, Maturing April 13, 2013 | 255,612 | |||||||||
CRC Health Corp. | |||||||||||
271,563 | Term Loan, 7.09%, Maturing February 6, 2013 | 260,361 | |||||||||
245,641 | Term Loan, 7.09%, Maturing February 6, 2013 | 235,508 | |||||||||
DaVita, Inc. | |||||||||||
2,715,474 | Term Loan, 6.55%, Maturing October 5, 2012 | 2,623,517 | |||||||||
DJO Finance, LLC | |||||||||||
450,000 | Term Loan, 7.83%, Maturing May 15, 2014 | 445,688 | |||||||||
Fenwal, Inc. | |||||||||||
500,000 | Term Loan, 10.33%, Maturing August 28, 2014 | 470,000 | |||||||||
Fresenius Medical Care Holdings | |||||||||||
1,372,957 | Term Loan, 6.27%, Maturing March 31, 2013 | 1,326,130 | |||||||||
Hanger Orthopedic Group, Inc. | |||||||||||
394,916 | Term Loan, 7.09%, Maturing May 30, 2013 | 379,119 | |||||||||
HCA, Inc. | |||||||||||
3,613,500 | Term Loan, 7.08%, Maturing November 18, 2013 | 3,486,876 | |||||||||
Health Management Association, Inc. | |||||||||||
1,623,484 | Term Loan, 6.58%, Maturing February 28, 2014 | 1,519,084 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
HealthSouth Corp. | |||||||||||
1,657,936 | Term Loan, 7.75%, Maturing March 10, 2013 | $ | 1,587,474 | ||||||||
Iasis Healthcare, LLC | |||||||||||
41,335 | Term Loan, 6.63%, Maturing March 14, 2014 | 39,286 | |||||||||
155,008 | Term Loan, 6.63%, Maturing March 14, 2014(4) | 147,322 | |||||||||
450,254 | Term Loan, 7.06%, Maturing March 14, 2014 | 427,929 | |||||||||
Ikaria Acquisition, Inc. | |||||||||||
288,210 | Term Loan, 7.08%, Maturing March 28, 2013 | 281,005 | |||||||||
IM US Holdings, LLC | |||||||||||
350,000 | Term Loan, 9.09%, Maturing June 26, 2015 | 343,000 | |||||||||
Invacare Corp. | |||||||||||
434,500 | Term Loan, 7.17%, Maturing February 12, 2013 | 418,749 | |||||||||
inVentiv Health, Inc. | |||||||||||
28,571 | Term Loan, 0.00%, Maturing July 6, 2014(4) | 27,071 | |||||||||
469,071 | Term Loan, 6.58%, Maturing July 6, 2014 | 444,445 | |||||||||
Leiner Health Products, Inc. | |||||||||||
516,275 | Term Loan, 9.65%, Maturing May 27, 2011 | 435,994 | |||||||||
LifeCare Holdings, Inc. | |||||||||||
439,875 | Term Loan, 9.10%, Maturing August 11, 2012 | 396,071 | |||||||||
LifePoint Hospitals, Inc. | |||||||||||
1,107,929 | Term Loan, 6.72%, Maturing April 15, 2012 | 1,058,864 | |||||||||
Magellan Health Services, Inc. | |||||||||||
457,958 | Term Loan, 5.13%, Maturing August 15, 2008 | 448,799 | |||||||||
114,490 | Term Loan, 6.74%, Maturing August 15, 2008 | 112,200 | |||||||||
Matria Healthcare, Inc. | |||||||||||
107,538 | Term Loan, 6.91%, Maturing January 19, 2012 | 104,312 | |||||||||
MultiPlan Merger Corp. | |||||||||||
351,111 | Term Loan, 7.35%, Maturing April 12, 2013 | 340,688 | |||||||||
250,588 | Term Loan, 7.35%, Maturing April 12, 2013 | 243,149 | |||||||||
Mylan, Inc. | |||||||||||
325,000 | Term Loan, 8.24%, Maturing October 2, 2014 | 322,224 | |||||||||
National Mentor Holdings, Inc. | |||||||||||
33,600 | Term Loan, 5.32%, Maturing June 29, 2013 | 32,928 | |||||||||
557,904 | Term Loan, 6.73%, Maturing June 29, 2013 | 546,746 | |||||||||
National Rental Institutes, Inc. | |||||||||||
444,869 | Term Loan, 7.13%, Maturing March 31, 2013 | 432,635 | |||||||||
Nyco Holdings | |||||||||||
EUR | 500,000 | Term Loan, 7.03%, Maturing December 29, 2014 | 658,255 | ||||||||
EUR | 500,000 | Term Loan, 7.78%, Maturing December 29, 2015 | 661,578 | ||||||||
Physiotherapy Associates, Inc. | |||||||||||
438,875 | Term Loan, 8.12%, Maturing June 27, 2013 | 412,543 | |||||||||
RadNet Management, Inc. | |||||||||||
297,750 | Term Loan, 8.65%, Maturing November 15, 2012 | 297,750 | |||||||||
350,000 | Term Loan, 12.65%, Maturing November 15, 2013 | 352,625 |
See notes to financial statements
11
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
ReAble Therapeutics Finance, LLC | |||||||||||
902,752 | Term Loan, 7.11%, Maturing November 16, 2013 | $ | 860,999 | ||||||||
Renal Advantage, Inc. | |||||||||||
196,063 | Term Loan, 7.47%, Maturing October 5, 2012 | 187,976 | |||||||||
Select Medical Holding Corp. | |||||||||||
1,242,381 | Term Loan, 6.99%, Maturing February 24, 2012 | 1,177,414 | |||||||||
Sunrise Medical Holdings, Inc. | |||||||||||
342,860 | Term Loan, 8.92%, Maturing May 13, 2010 | 308,574 | |||||||||
Vanguard Health Holding Co., LLC | |||||||||||
1,613,269 | Term Loan, 7.10%, Maturing September 23, 2011 | 1,563,527 | |||||||||
Viant Holdings, Inc. | |||||||||||
298,500 | Term Loan, 7.08%, Maturing June 25, 2014 | 269,769 | |||||||||
$ | 39,939,955 | ||||||||||
Home Furnishings 2.1% | |||||||||||
Hunter Fan Co. | |||||||||||
25,714 | Term Loan, 0.00%, Maturing April 16, 2014(4) | $ | 22,757 | ||||||||
249,664 | Term Loan, 7.38%, Maturing April 16, 2014 | 220,953 | |||||||||
Interline Brands, Inc. | |||||||||||
528,902 | Term Loan, 6.59%, Maturing June 23, 2013 | 517,663 | |||||||||
365,543 | Term Loan, 6.59%, Maturing June 23, 2013 | 357,776 | |||||||||
National Bedding Co., LLC | |||||||||||
992,500 | Term Loan, 6.91%, Maturing August 31, 2011 | 904,002 | |||||||||
350,000 | Term Loan, 9.88%, Maturing August 31, 2012 | 318,500 | |||||||||
Oreck Corp. | |||||||||||
675,899 | Term Loan, 7.66%, Maturing February 2, 2012(2) | 392,022 | |||||||||
Sanitec, Ltd. Oy | |||||||||||
EUR | 500,000 | Term Loan, 7.54%, Maturing April 7, 2013 | 685,266 | ||||||||
EUR | 500,000 | Term Loan, 8.04%, Maturing April 7, 2014 | 688,312 | ||||||||
Simmons Co. | |||||||||||
1,446,372 | Term Loan, 7.11%, Maturing December 19, 2011 | 1,381,285 | |||||||||
500,000 | Term Loan, 10.65%, Maturing February 15, 2012 | 460,000 | |||||||||
$ | 5,948,536 | ||||||||||
Industrial Equipment 4.2% | |||||||||||
Aearo Technologies, Inc. | |||||||||||
400,000 | Term Loan, 10.33%, Maturing September 24, 2013 | $ | 400,500 | ||||||||
398,000 | Term Loan, 7.08%, Maturing July 2, 2014 | 395,513 | |||||||||
Alliance Laundry Holdings, LLC | |||||||||||
198,085 | Term Loan, 7.63%, Maturing January 27, 2012 | 196,104 | |||||||||
Brand Energy and Infrast Series, Inc. | |||||||||||
423,938 | Term Loan, 8.13%, Maturing February 7, 2014 | 416,519 | |||||||||
CEVA Group PLC U.S. | |||||||||||
65,789 | Term Loan, 7.83%, Maturing January 4, 2014 | 64,145 | |||||||||
556,414 | Term Loan, 7.87%, Maturing January 4, 2014 | 542,504 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Industrial Equipment (continued) | |||||||||||
Colfax Corp. | |||||||||||
584,593 | Term Loan, 7.13%, Maturing May 30, 2009 | $ | 576,920 | ||||||||
EPD Holdings (Goodyear Engineering Products) | |||||||||||
40,523 | Term Loan, 7.35%, Maturing July 13, 2014 | 39,054 | |||||||||
283,664 | Term loan, 7.46%, Maturing July 13, 2014 | 273,381 | |||||||||
425,000 | Term Loan, 10.71%, Maturing July 13, 2015 | 404,813 | |||||||||
Flowserve Corp. | |||||||||||
1,073,733 | Term Loan, 6.40%, Maturing August 10, 2012 | 1,047,337 | |||||||||
FR Brand Acquisition Corp. | |||||||||||
496,250 | Term Loan, 7.14%, Maturing February 7, 2014 | 471,438 | |||||||||
Generac Acquisition Corp. | |||||||||||
693,000 | Term Loan, 7.73%, Maturing November 7, 2013 | 626,918 | |||||||||
500,000 | Term Loan, 11.23%, Maturing April 7, 2014 | 409,167 | |||||||||
Gleason Corp. | |||||||||||
83,902 | Term Loan, 6.85%, Maturing June 30, 2013 | 80,021 | |||||||||
306,063 | Term Loan, 6.85%, Maturing June 30, 2013 | 291,908 | |||||||||
Itron, Inc. | |||||||||||
EUR | 285,067 | Term Loan, 6.78%, Maturing April 18, 2014 | 405,147 | ||||||||
Jason, Inc. | |||||||||||
298,500 | Term Loan, 7.53%, Maturing April 30, 2010 | 283,575 | |||||||||
John Maneely Co. | |||||||||||
1,490,283 | Term Loan, 8.43%, Maturing December 8, 2013 | 1,335,134 | |||||||||
Loan Acquisitions Corp. | |||||||||||
362,045 | Term Loan, 7.35%, Maturing July 11, 2014 | 356,615 | |||||||||
135,682 | Term Loan, 7.41%, Maturing July 11, 2014 | 133,647 | |||||||||
Polypore, Inc. | |||||||||||
1,616,714 | Term Loan, 7.10%, Maturing July 3, 2014 | 1,568,212 | |||||||||
Sequa Corp. | |||||||||||
500,000 | Term Loan, 8.08%, Maturing November 30, 2014 | 491,875 | |||||||||
Terex Corp. | |||||||||||
394,000 | Term Loan, 6.58%, Maturing July 13, 2013 | 393,015 | |||||||||
TFS Acquisition Corp. | |||||||||||
1,110,938 | Term Loan, 8.33%, Maturing August 11, 2013 | 1,088,719 | |||||||||
$ | 12,292,181 | ||||||||||
Insurance 2.1% | |||||||||||
Alliant Holdings I, Inc. | |||||||||||
523,688 | Term Loan, 7.83%, Maturing August 21, 2014 | $ | 502,740 | ||||||||
AmWINS Group, Inc. | |||||||||||
500,000 | Term Loan, 11.07%, Maturing June 8, 2014 | 412,500 | |||||||||
Applied Systems, Inc. | |||||||||||
715,938 | Term Loan, 7.42%, Maturing September 26, 2013 | 694,459 | |||||||||
CCC Information Services Group, Inc. | |||||||||||
310,139 | Term Loan, 7.36%, Maturing February 10, 2013 | 306,262 |
See notes to financial statements
12
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Insurance (continued) | |||||||||||
Conseco, Inc. | |||||||||||
1,879,251 | Term Loan, 6.85%, Maturing October 10, 2013 | $ | 1,731,260 | ||||||||
Crawford & Company | |||||||||||
660,268 | Term Loan, 7.58%, Maturing October 31, 2013 | 640,460 | |||||||||
Crump Group, Inc. | |||||||||||
544,889 | Term Loan, 7.83%, Maturing August 4, 2014 | 536,716 | |||||||||
Hub International Holdings, Inc. | |||||||||||
82,128 | Term Loan, 6.07%, Maturing June 13, 2014(4) | 77,919 | |||||||||
365,809 | Term Loan, 7.33%, Maturing June 13, 2014 | 347,061 | |||||||||
U.S.I. Holdings Corp. | |||||||||||
945,250 | Term Loan, 7.58%, Maturing May 4, 2014 | 901,532 | |||||||||
$ | 6,150,909 | ||||||||||
Leisure Goods / Activities / Movies 8.7% | |||||||||||
24 Hour Fitness Worldwide, Inc. | |||||||||||
884,250 | Term Loan, 7.51%, Maturing June 8, 2012 | $ | 853,301 | ||||||||
AMC Entertainment, Inc. | |||||||||||
980,000 | Term Loan, 6.62%, Maturing January 26, 2013 | 940,111 | |||||||||
AMF Bowling Worldwide, Inc. | |||||||||||
500,000 | Term Loan, 11.81%, Maturing December 8, 2013 | 472,500 | |||||||||
Bombardier Recreational Product | |||||||||||
979,747 | Term Loan, 7.70%, Maturing June 28, 2013 | 944,640 | |||||||||
Carmike Cinemas, Inc. | |||||||||||
446,656 | Term Loan, 8.65%, Maturing May 19, 2012 | 437,165 | |||||||||
Cedar Fair, L.P. | |||||||||||
2,367,712 | Term Loan, 6.85%, Maturing August 30, 2012 | 2,246,959 | |||||||||
Cinemark, Inc. | |||||||||||
1,967,297 | Term Loan, 6.67%, Maturing October 5, 2013 | 1,865,859 | |||||||||
Deluxe Entertainment Services | |||||||||||
35,433 | Term Loan, 7.08%, Maturing January 28, 2011 | 32,421 | |||||||||
739,517 | Term Loan, 7.08%, Maturing January 28, 2011 | 676,658 | |||||||||
68,357 | Term Loan, 7.08%, Maturing January 28, 2011 | 62,547 | |||||||||
Easton-Bell Sports, Inc. | |||||||||||
789,712 | Term Loan, 6.85%, Maturing March 16, 2012 | 757,137 | |||||||||
HEI Acquisition, LLC | |||||||||||
1,025,000 | Term Loan, 9.02%, Maturing April 13, 2014 | 1,004,500 | |||||||||
Mega Blocks, Inc. | |||||||||||
830,875 | Term Loan, 7.25%, Maturing July 26, 2012 | 760,251 | |||||||||
Metro-Goldwyn-Mayer Holdings, Inc. | |||||||||||
4,305,751 | Term Loan, 8.11%, Maturing April 8, 2012 | 4,000,434 | |||||||||
National CineMedia, LLC | |||||||||||
400,000 | Term Loan, 6.87%, Maturing February 13, 2015 | 376,781 | |||||||||
Regal Cinemas Corp. | |||||||||||
2,172,500 | Term Loan, 6.33%, Maturing November 10, 2010 | 2,068,442 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Leisure Goods / Activities / Movies (continued) | |||||||||||
Revolution Studios Distribution Co., LLC | |||||||||||
662,676 | Term Loan, 8.60%, Maturing December 21, 2014 | $ | 652,736 | ||||||||
450,000 | Term Loan, 11.85%, Maturing June 21, 2015 | 438,750 | |||||||||
Six Flags Theme Parks, Inc. | |||||||||||
1,691,500 | Term Loan, 7.25%, Maturing April 30, 2015 | 1,557,354 | |||||||||
Southwest Sports Group, LLC | |||||||||||
600,000 | Term Loan, 7.38%, Maturing December 22, 2010 | 586,500 | |||||||||
Universal City Development Partners, Ltd. | |||||||||||
934,709 | Term Loan, 6.84%, Maturing June 9, 2011 | 916,599 | |||||||||
WMG Acquisition Corp. | |||||||||||
450,000 | Revolving Loan, 0.00%, Maturing February 28, 2010(4) | 432,000 | |||||||||
3,513,782 | Term Loan, 7.07%, Maturing February 28, 2011 | 3,364,447 | |||||||||
$ | 25,448,092 | ||||||||||
Lodging and Casinos 4.5% | |||||||||||
Ameristar Casinos, Inc. | |||||||||||
588,000 | Term Loan, 7.43%, Maturing November 10, 2012 | $ | 580,650 | ||||||||
Bally Technologies, Inc. | |||||||||||
1,578,948 | Term Loan, 8.39%, Maturing September 5, 2009 | 1,577,303 | |||||||||
CCM Merger, Inc. | |||||||||||
1,004,259 | Term Loan, 6.90%, Maturing April 25, 2012 | 966,599 | |||||||||
Green Valley Ranch Gaming, LLC | |||||||||||
262,938 | Term Loan, 6.99%, Maturing February 16, 2014 | 249,133 | |||||||||
Isle of Capri Casinos, Inc. | |||||||||||
211,765 | Term Loan, 0.00%, Maturing November 30, 2013(4) | 196,765 | |||||||||
702,353 | Term Loan, 6.58%, Maturing November 30, 2013 | 652,603 | |||||||||
280,941 | Term Loan, 6.58%, Maturing November 30, 2013 | 261,041 | |||||||||
LodgeNet Entertainment Corp. | |||||||||||
447,750 | Term Loan, 6.83%, Maturing April 4, 2014 | 431,799 | |||||||||
New World Gaming Partners, Ltd. | |||||||||||
541,667 | Term Loan, 8.75%, Maturing June 30, 2014 | 498,333 | |||||||||
108,333 | Term Loan, 8.75%, Maturing June 30, 2014 | 99,667 | |||||||||
Penn National Gaming, Inc. | |||||||||||
3,435,912 | Term Loan, 6.71%, Maturing October 3, 2012 | 3,399,884 | |||||||||
Venetian Casino Resort/Las Vegas Sands Inc. | |||||||||||
460,000 | Term Loan, 0.00%, Maturing May 14, 2014(4) | 432,583 | |||||||||
1,830,800 | Term Loan, 6.58%, Maturing May 23, 2014 | 1,721,681 | |||||||||
VML US Finance, LLC | |||||||||||
241,667 | Term Loan, 7.08%, Maturing May 25, 2012 | 231,434 | |||||||||
483,333 | Term Loan, 7.08%, Maturing May 25, 2013 | 462,867 | |||||||||
Wimar OpCo, LLC | |||||||||||
1,342,641 | Term Loan, 10.50%, Maturing January 3, 2012 | 1,339,658 | |||||||||
$ | 13,102,000 |
See notes to financial statements
13
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Nonferrous Metals / Minerals 2.3% | |||||||||||
Alpha Natural Resources, LLC | |||||||||||
442,937 | Term Loan, 6.59%, Maturing October 26, 2012 | $ | 436,478 | ||||||||
Euramax International, Inc. | |||||||||||
312,595 | Term Loan, 8.24%, Maturing June 28, 2012 | 275,344 | |||||||||
334,211 | Term Loan, 13.24%, Maturing June 28, 2013 | 274,053 | |||||||||
165,789 | Term Loan, 13.24%, Maturing June 28, 2013 | 135,947 | |||||||||
Magnum Coal Co. | |||||||||||
100,000 | Term Loan, 8.10%, Maturing March 15, 2013 | 91,000 | |||||||||
982,500 | Term Loan, 8.10%, Maturing March 15, 2013 | 894,075 | |||||||||
Murray Energy Corp. | |||||||||||
729,375 | Term Loan, 7.91%, Maturing January 28, 2010 | 712,964 | |||||||||
Neo Material Technologies, Inc. | |||||||||||
530,563 | Term Loan, 8.31%, Maturing August 31, 2009 | 530,563 | |||||||||
Noranda Aluminum Acquisition | |||||||||||
211,875 | Term Loan, 6.91%, Maturing May 18, 2014 | 204,371 | |||||||||
Novelis, Inc. | |||||||||||
334,258 | Term Loan, 6.83%, Maturing June 28, 2014 | 315,316 | |||||||||
735,367 | Term Loan, 6.83%, Maturing June 28, 2014 | 693,696 | |||||||||
Oxbow Carbon and Mineral Holdings | |||||||||||
100,167 | Term Loan, 6.83%, Maturing May 8, 2014 | 93,656 | |||||||||
1,118,897 | Term Loan, 6.83%, Maturing May 8, 2014 | 1,046,169 | |||||||||
Stillwater Mining Co. | |||||||||||
702,452 | Term Loan, 7.38%, Maturing July 30, 2010 | 695,428 | |||||||||
Thompson Creek Metals Co. | |||||||||||
416,629 | Term Loan, 9.56%, Maturing October 26, 2012 | 412,463 | |||||||||
$ | 6,811,523 | ||||||||||
Oil and Gas 3.0% | |||||||||||
Atlas Pipeline Partners, L.P. | |||||||||||
825,000 | Term Loan, 7.60%, Maturing July 20, 2014 | $ | 819,500 | ||||||||
Big West Oil, LLC | |||||||||||
220,000 | Term Loan, 0.00%, Maturing May 1, 2014(4) | 214,638 | |||||||||
178,000 | Term Loan, 7.10%, Maturing May 1, 2014 | 173,661 | |||||||||
Concho Resources, Inc. | |||||||||||
601,463 | Term Loan, 9.23%, Maturing March 27, 2012 | 597,703 | |||||||||
Dresser, Inc. | |||||||||||
491,058 | Term Loan, 7.45%, Maturing May 4, 2014 | 471,538 | |||||||||
700,000 | Term Loan, 11.13%, Maturing May 4, 2015 | 667,625 | |||||||||
Enterprise GP Holdings L.P. | |||||||||||
600,000 | Term Loan, 6.99%, Maturing October 31, 2014 | 598,125 | |||||||||
Hercules Offshore, Inc. | |||||||||||
373,125 | Term Loan, 6.58%, Maturing July 6, 2013 | 362,071 | |||||||||
Kinder Morgan, Inc. | |||||||||||
2,049,981 | Term Loan, 6.35%, Maturing May 21, 2014 | 2,040,373 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Oil and Gas (continued) | |||||||||||
Primary Natural Resources, Inc. | |||||||||||
982,500 | Term Loan, 7.25%, Maturing July 28, 2010(2) | $ | 966,092 | ||||||||
Targa Resources, Inc. | |||||||||||
395,714 | Term Loan, 6.84%, Maturing October 31, 2012 | 387,898 | |||||||||
871,010 | Term Loan, 6.90%, Maturing October 31, 2012 | 853,807 | |||||||||
Volnay Acquisition Co. | |||||||||||
712,000 | Term Loan, 6.85%, Maturing January 12, 2014 | 697,760 | |||||||||
$ | 8,850,791 | ||||||||||
Publishing 10.0% | |||||||||||
American Media Operations, Inc. | |||||||||||
2,000,000 | Term Loan, 8.25%, Maturing January 31, 2013 | $ | 1,967,500 | ||||||||
Aster Zweite Beteiligungs GmbH | |||||||||||
EUR | 236,166 | Term Loan, 7.00%, Maturing September 27, 2013 | 327,106 | ||||||||
500,000 | Term Loan, 7.39%, Maturing September 27, 2013 | 470,375 | |||||||||
CanWest MediaWorks, Ltd. | |||||||||||
422,875 | Term Loan, 7.08%, Maturing July 10, 2014 | 412,303 | |||||||||
Dex Media West, LLC | |||||||||||
932,729 | Term Loan, 6.60%, Maturing March 9, 2010 | 912,181 | |||||||||
GateHouse Media Operating, Inc. | |||||||||||
725,000 | Term Loan, 7.07%, Maturing August 28, 2014 | 626,763 | |||||||||
325,000 | Term Loan, 7.24%, Maturing August 28, 2014 | 280,963 | |||||||||
350,000 | Term Loan, 7.41%, Maturing August 28, 2014 | 308,438 | |||||||||
Idearc, Inc. | |||||||||||
4,455,000 | Term Loan, 6.83%, Maturing November 17, 2014 | 4,250,221 | |||||||||
Laureate Education, Inc. | |||||||||||
118,869 | Term Loan, 0.00%, Maturing August 17, 2014(4) | 114,649 | |||||||||
800,359 | Term Loan, 8.73%, Maturing August 17, 2014 | 771,946 | |||||||||
MediaNews Group, Inc. | |||||||||||
517,125 | Term Loan, 7.08%, Maturing August 2, 2013 | 484,805 | |||||||||
Mediannuaire Holding | |||||||||||
EUR | 500,000 | Term Loan, 9.18%, Maturing April 10, 2016 | 695,022 | ||||||||
Merrill Communications, LLC | |||||||||||
679,313 | Term Loan, 7.09%, Maturing February 9, 2009 | 655,538 | |||||||||
Nebraska Book Co., Inc. | |||||||||||
463,363 | Term Loan, 7.65%, Maturing March 4, 2011 | 450,041 | |||||||||
Nelson Education, Ltd. | |||||||||||
249,375 | Term Loan, 7.33%, Maturing July 5, 2014 | 232,075 | |||||||||
Nielsen Finance, LLC | |||||||||||
3,678,448 | Term Loan, 7.28%, Maturing August 9, 2013 | 3,495,549 | |||||||||
Philadelphia Newspapers, LLC | |||||||||||
379,568 | Term Loan, 8.75%, Maturing June 29, 2013 | 341,136 | |||||||||
R.H. Donnelley Corp. | |||||||||||
250,033 | Term Loan, 6.51%, Maturing June 30, 2010 | 242,579 |
See notes to financial statements
14
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Publishing (continued) | |||||||||||
Reader's Digest Association | |||||||||||
1,761,688 | Term Loan, 7.19%, Maturing March 2, 2014 | $ | 1,607,540 | ||||||||
SGS International, Inc. | |||||||||||
392,000 | Term Loan, 7.29%, Maturing December 30, 2011 | 386,120 | |||||||||
Source Media, Inc. | |||||||||||
546,842 | Term Loan, 7.08%, Maturing November 8, 2011 | 519,500 | |||||||||
SP Newsprint Co. | |||||||||||
969,921 | Term Loan, 8.60%, Maturing January 9, 2010 | 957,797 | |||||||||
TL Acquisitions, Inc. | |||||||||||
1,022,438 | Term Loan, 7.60%, Maturing July 5, 2014 | 969,256 | |||||||||
Trader Media Corp. | |||||||||||
GBP | 1,337,188 | Term Loan, 8.42%, Maturing March 23, 2015 | 2,499,880 | ||||||||
Tribune Co. | |||||||||||
980,000 | Term Loan, 7.99%, Maturing May 17, 2009 | 948,325 | |||||||||
1,592,000 | Term Loan, 7.91%, Maturing May 17, 2014 | 1,359,369 | |||||||||
Xsys US, Inc. | |||||||||||
EUR | 263,834 | Term Loan, 7.00%, Maturing September 27, 2013 | 365,427 | ||||||||
605,124 | Term Loan, 7.39%, Maturing September 27, 2013 | 569,270 | |||||||||
618,087 | Term Loan, 7.39%, Maturing September 27, 2014 | 584,556 | |||||||||
Yell Group, PLC | |||||||||||
1,400,000 | Term Loan, 6.85%, Maturing February 10, 2013 | 1,345,532 | |||||||||
$ | 29,151,762 | ||||||||||
Radio and Television 6.3% | |||||||||||
Block Communications, Inc. | |||||||||||
441,000 | Term Loan, 6.83%, Maturing December 22, 2011 | $ | 425,565 | ||||||||
CMP KC, LLC | |||||||||||
486,844 | Term Loan, 9.25%, Maturing May 5, 2013 | 453,982 | |||||||||
CMP Susquehanna Corp. | |||||||||||
711,964 | Term Loan, 7.03%, Maturing May 5, 2013 | 667,689 | |||||||||
Discovery Communications, Inc. | |||||||||||
1,293,500 | Term Loan, 6.83%, Maturing April 30, 2014 | 1,255,827 | |||||||||
Emmis Operating Co. | |||||||||||
434,960 | Term Loan, 6.84%, Maturing November 2, 2013 | 403,244 | |||||||||
Entravision Communications Corp. | |||||||||||
696,000 | Term Loan, 6.73%, Maturing September 29, 2013 | 661,490 | |||||||||
Gray Television, Inc. | |||||||||||
693,000 | Term Loan, 6.73%, Maturing January 19, 2015 | 646,655 | |||||||||
HIT Entertainment, Inc. | |||||||||||
784,010 | Term Loan, 7.23%, Maturing March 20, 2012 | 766,369 | |||||||||
NEP II, Inc. | |||||||||||
322,561 | Term Loan, 7.11%, Maturing February 16, 2014 | 307,643 | |||||||||
Nexstar Broadcasting, Inc. | |||||||||||
958,199 | Term Loan, 6.58%, Maturing October 1, 2012 | 919,871 | |||||||||
907,286 | Term Loan, 6.58%, Maturing October 1, 2012 | 870,995 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Radio and Television (continued) | |||||||||||
NextMedia Operating, Inc. | |||||||||||
131,000 | Term Loan, 6.97%, Maturing November 15, 2012 | $ | 123,140 | ||||||||
58,221 | Term Loan, 7.24%, Maturing November 15, 2012 | 54,728 | |||||||||
PanAmSat Corp. | |||||||||||
1,311,750 | Term Loan, 7.23%, Maturing January 3, 2014 | 1,289,731 | |||||||||
Paxson Communications Corp. | |||||||||||
1,350,000 | Term Loan, 8.49%, Maturing January 15, 2012 | 1,284,188 | |||||||||
Raycom TV Broadcasting, LLC | |||||||||||
775,000 | Term Loan, 6.38%, Maturing June 25, 2014 | 749,813 | |||||||||
SFX Entertainment | |||||||||||
613,360 | Term Loan, 7.58%, Maturing June 21, 2013 | 594,959 | |||||||||
Sirius Satellite Radio, Inc. | |||||||||||
249,375 | Term Loan, 7.13%, Maturing December 19, 2012 | 232,698 | |||||||||
Spanish Broadcasting System, Inc. | |||||||||||
979,849 | Term Loan, 6.58%, Maturing June 10, 2012 | 912,076 | |||||||||
Tyrol Acquisition 2 SAS | |||||||||||
EUR | 425,000 | Term Loan, 6.37%, Maturing January 19, 2015 | 578,758 | ||||||||
EUR | 425,000 | Term Loan, 6.62%, Maturing January 19, 2016 | 581,441 | ||||||||
Univision Communications, Inc. | |||||||||||
400,000 | Term Loan, 7.35%, Maturing March 29, 2009 | 392,000 | |||||||||
127,517 | Term Loan, 0.00%, Maturing September 29, 2014(4) | 116,518 | |||||||||
3,672,483 | Term Loan, 7.21%, Maturing September 29, 2014 | 3,355,732 | |||||||||
Young Broadcasting, Inc. | |||||||||||
868,972 | Term Loan, 7.67%, Maturing November 3, 2012 | 803,799 | |||||||||
$ | 18,448,911 | ||||||||||
Rail Industries 0.6% | |||||||||||
Kansas City Southern Railway Co. | |||||||||||
1,007,125 | Term Loan, 6.78%, Maturing March 30, 2008 | $ | 984,465 | ||||||||
RailAmerica, Inc. | |||||||||||
825,000 | Term Loan, 7.12%, Maturing August 14, 2008 | 810,563 | |||||||||
$ | 1,795,028 | ||||||||||
Retailers (Except Food and Drug) 3.1% | |||||||||||
American Achievement Corp. | |||||||||||
195,079 | Term Loan, 7.57%, Maturing March 25, 2011 | $ | 186,301 | ||||||||
Amscan Holdings, Inc. | |||||||||||
297,750 | Term Loan, 7.49%, Maturing May 25, 2013 | 276,908 | |||||||||
Claire's Stores, Inc. | |||||||||||
248,750 | Term Loan, 7.59%, Maturing May 24, 2014 | 210,287 | |||||||||
Cumberland Farms, Inc. | |||||||||||
839,375 | Term Loan, 6.84%, Maturing September 29, 2013 | 826,784 | |||||||||
Harbor Freight Tools USA, Inc. | |||||||||||
1,040,427 | Term Loan, 7.22%, Maturing July 15, 2010 | 983,203 |
See notes to financial statements
15
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
Josten's Corp. | |||||||||||
880,379 | Term Loan, 6.72%, Maturing October 4, 2011 | $ | 866,073 | ||||||||
Mapco Express, Inc. | |||||||||||
288,539 | Term Loan, 7.74%, Maturing April 28, 2011 | 282,769 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
431,962 | Term Loan, 6.94%, Maturing April 5, 2013 | 416,430 | |||||||||
Orbitz Worldwide, Inc. | |||||||||||
628,425 | Term Loan, 7.84%, Maturing July 25, 2014 | 595,433 | |||||||||
Oriental Trading Co., Inc. | |||||||||||
700,000 | Term Loan, 10.85%, Maturing January 31, 2013 | 658,000 | |||||||||
864,549 | Term Loan, 7.22%, Maturing July 31, 2013 | 816,999 | |||||||||
Rent-A-Center, Inc. | |||||||||||
551,102 | Term Loan, 7.10%, Maturing November 15, 2012 | 522,858 | |||||||||
Rover Acquisition Corp. | |||||||||||
1,138,500 | Term Loan, 7.15%, Maturing October 26, 2013 | 1,094,146 | |||||||||
Savers, Inc. | |||||||||||
180,457 | Term Loan, 7.58%, Maturing August 11, 2012 | 175,043 | |||||||||
196,411 | Term Loan, 7.58%, Maturing August 11, 2012 | 190,519 | |||||||||
The Yankee Candle Company, Inc. | |||||||||||
830,942 | Term Loan, 6.86%, Maturing February 6, 2014 | 779,008 | |||||||||
$ | 8,880,761 | ||||||||||
Steel 0.2% | |||||||||||
Algoma Acquisition Corp. | |||||||||||
177,153 | Term Loan, 7.33%, Maturing June 20, 2013 | $ | 168,738 | ||||||||
Niagara Corp. | |||||||||||
547,250 | Term Loan, 9.85%, Maturing June 29, 2014 | 484,316 | |||||||||
$ | 653,054 | ||||||||||
Surface Transport 1.1% | |||||||||||
Gainey Corp. | |||||||||||
409,568 | Term Loan, 11.25%, Maturing April 20, 2012 | $ | 296,528 | ||||||||
Oshkosh Truck Corp. | |||||||||||
1,012,188 | Term Loan, 6.90%, Maturing December 6, 2013 | 973,426 | |||||||||
Ozburn-Hessey Holding Co., LLC | |||||||||||
293,528 | Term Loan, 8.39%, Maturing August 9, 2012 | 267,844 | |||||||||
SIRVA Worldwide, Inc. | |||||||||||
771,102 | Term Loan, 12.50%, Maturing December 1, 2010 | 498,324 | |||||||||
Swift Transportation Co., Inc. | |||||||||||
1,502,326 | Term Loan, 7.94%, Maturing May 10, 2014 | 1,239,889 | |||||||||
$ | 3,276,011 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Telecommunications 5.1% | |||||||||||
Alaska Communications Systems Holdings, Inc. | |||||||||||
530,000 | Term Loan, 6.58%, Maturing February 1, 2012 | $ | 508,248 | ||||||||
Alltell Communication | |||||||||||
597,000 | Term Loan, 7.78%, Maturing May 16, 2015 | 575,773 | |||||||||
Asurion Corp. | |||||||||||
775,000 | Term Loan, 7.88%, Maturing July 13, 2012 | 749,571 | |||||||||
500,000 | Term Loan, 11.59%, Maturing January 13, 2013 | 487,188 | |||||||||
Centennial Cellular Operating Co., LLC | |||||||||||
1,833,333 | Term Loan, 6.85%, Maturing February 9, 2011 | 1,791,319 | |||||||||
CommScope, Inc. | |||||||||||
625,000 | Term Loan, 7.36%, Maturing November 19, 2014 | 618,359 | |||||||||
FairPoint Communications, Inc. | |||||||||||
1,130,000 | Term Loan, 6.63%, Maturing February 8, 2012 | 1,117,570 | |||||||||
Intelsat Bermuda, Ltd. | |||||||||||
575,000 | Term Loan, 7.73%, Maturing February 1, 2014 | 567,813 | |||||||||
Intelsat Subsidiary Holding Co. | |||||||||||
519,750 | Term Loan, 6.98%, Maturing July 3, 2013 | 516,502 | |||||||||
Iowa Telecommunications Services | |||||||||||
334,000 | Term Loan, 6.68%, Maturing November 23, 2011 | 324,711 | |||||||||
IPC Systems, Inc. | |||||||||||
497,500 | Term Loan, 7.09%, Maturing May 31, 2014 | 432,203 | |||||||||
Macquarie UK Broadcast Ventures, Ltd. | |||||||||||
GBP | 425,000 | Term Loan, 7.95%, Maturing December 26, 2014 | 785,727 | ||||||||
NTelos, Inc. | |||||||||||
1,104,572 | Term Loan, 7.10%, Maturing August 24, 2011 | 1,091,869 | |||||||||
Palm, Inc. | |||||||||||
423,938 | Term Loan, 8.35%, Maturing April 24, 2014 | 347,629 | |||||||||
Stratos Global Corp. | |||||||||||
563,500 | Term Loan, 7.59%, Maturing February 13, 2012 | 548,356 | |||||||||
Telesat Canada, Inc. | |||||||||||
39,370 | Term Loan, Maturing October 22, 2014(3) | 38,730 | |||||||||
460,630 | Term Loan, Maturing October 22, 2014(3) | 453,145 | |||||||||
322,419 | Term Loan, 7.95%, Maturing October 22, 2014 | 312,592 | |||||||||
27,557 | Term Loan, 8.00%, Maturing October 22, 2014(4) | 26,717 | |||||||||
Trilogy International Partners | |||||||||||
475,000 | Term Loan, 8.33%, Maturing June 29, 2012 | 458,375 | |||||||||
Triton PCS, Inc. | |||||||||||
1,538,097 | Term Loan, 8.10%, Maturing November 18, 2009 | 1,535,533 | |||||||||
Windstream Corp. | |||||||||||
1,655,477 | Term Loan, 6.71%, Maturing July 17, 2013 | 1,628,059 | |||||||||
$ | 14,915,989 |
See notes to financial statements
16
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Utilities 3.5% | |||||||||||
AEI Finance Holding, LLC | |||||||||||
145,028 | Revolving Loan, 4.73%, Maturing March 30, 2012 | $ | 138,864 | ||||||||
1,081,326 | Term Loan, 7.83%, Maturing March 30, 2014 | 1,035,370 | |||||||||
Astoria Generating Co. | |||||||||||
625,000 | Term Loan, 8.66%, Maturing August 23, 2013 | 605,664 | |||||||||
BRSP, LLC | |||||||||||
957,659 | Term Loan, 7.91%, Maturing July 13, 2009 | 945,689 | |||||||||
Calpine Corp. | |||||||||||
446,625 | DIP Loan, 7.08%, Maturing March 30, 2009 | 436,018 | |||||||||
Covanta Energy Corp. | |||||||||||
305,155 | Term Loan, 4.60%, Maturing February 9, 2014 | 291,168 | |||||||||
615,197 | Term Loan, 6.57%, Maturing February 9, 2014 | 587,000 | |||||||||
Elster Group GmbH (Ruhrgas) | |||||||||||
69,968 | Term Loan, 6.91%, Maturing June 12, 2013 | 68,814 | |||||||||
LS Power Acquisition Co. | |||||||||||
325,000 | Term Loan, 8.58%, Maturing November 1, 2014 | 312,813 | |||||||||
Mach General, LLC | |||||||||||
23,585 | Term Loan, 6.83%, Maturing February 22, 2013 | 22,377 | |||||||||
225,713 | Term Loan, 7.00%, Maturing February 22, 2014 | 214,145 | |||||||||
Mirant North America, LLC | |||||||||||
990,720 | Term Loan, 6.60%, Maturing January 3, 2013 | 951,091 | |||||||||
NRG Energy, Inc. | |||||||||||
1,120,185 | Term Loan, 6.48%, Maturing June 1, 2014 | 1,070,757 | |||||||||
2,426,046 | Term Loan, 6.58%, Maturing June 1, 2014 | 2,318,996 | |||||||||
Pike Electric, Inc. | |||||||||||
106,231 | Term Loan, 6.75%, Maturing July 1, 2012 | 104,637 | |||||||||
181,409 | Term Loan, 6.50%, Maturing December 10, 2012 | 178,688 | |||||||||
TXU Texas Competitive Electric Holdings Co., LLC | |||||||||||
448,875 | Term Loan, 8.40%, Maturing October 10, 2014 | 441,188 | |||||||||
448,875 | Term Loan, 8.40%, Maturing October 10, 2014 | 441,657 | |||||||||
$ | 10,164,936 | ||||||||||
Total Senior Floating-Rate Interests (identified cost $474,138,146) |
$ | 453,930,884 | |||||||||
Corporate Bonds & Notes 11.3% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Aerospace and Defense 0.1% | |||||||||||
Alion Science and Technologies, Corp. | |||||||||||
$ | 75 | 10.25%, 2/1/15 | $ | 64,312 | |||||||
Bombardier Recreational Product | |||||||||||
70 | 8.00%, 11/15/14(5) | 73,500 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Aerospace and Defense (continued) | |||||||||||
DRS Technologies, Inc., Sr. Sub. Notes | |||||||||||
$ | 40 | 7.625%, 2/1/18 | $ | 40,700 | |||||||
$ | 178,512 | ||||||||||
Air Transport 0.0% | |||||||||||
Continental Airlines | |||||||||||
$ | 82 | 7.033%, 6/15/11 | $ | 79,232 | |||||||
$ | 79,232 | ||||||||||
Automotive 0.2% | |||||||||||
Altra Industrial Motion, Inc. | |||||||||||
$ | 120 | 9.00%, 12/1/11 | $ | 122,400 | |||||||
60 | 9.00%, 12/1/11 | 61,200 | |||||||||
American Axle & Manufacturing, Inc. | |||||||||||
75 | 7.875%, 3/1/17 | 68,062 | |||||||||
Commercial Vehicle Group, Inc., Sr. Notes | |||||||||||
55 | 8.00%, 7/1/13 | 50,050 | |||||||||
Goodyear Tire & Rubber Co., Sr. Notes, Variable Rate | |||||||||||
95 | 8.663%, 12/1/09 | 96,187 | |||||||||
Tenneco, Inc. | |||||||||||
35 | 8.125%, 11/15/15(5) | 34,825 | |||||||||
United Components, Inc., Sr. Sub. Notes | |||||||||||
65 | 9.375%, 6/15/13 | 64,512 | |||||||||
$ | 497,236 | ||||||||||
Broadcast Radio and Television 0.0% | |||||||||||
Warner Music Group, Sr. Sub. Notes | |||||||||||
$ | 45 | 7.375%, 4/15/14 | $ | 34,875 | |||||||
$ | 34,875 | ||||||||||
Brokers / Dealers / Investment Houses 0.1% | |||||||||||
Nuveen Investments, Inc. | |||||||||||
$ | 15 | 5.00%, 9/15/10 | $ | 13,762 | |||||||
Nuveen Investments, Inc., Sr. Notes | |||||||||||
170 | 10.50%, 11/15/15(5) | 170,212 | |||||||||
$ | 183,974 | ||||||||||
Building and Development 0.7% | |||||||||||
Grohe Holding of GmbH, Variable Rate | |||||||||||
EUR | 1,000 | 7.566%, 1/15/14 | $ | 1,348,741 | |||||||
Interface, Inc., Sr. Sub. Notes | |||||||||||
$ | 20 | 9.50%, 2/1/14 | 21,000 |
See notes to financial statements
17
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Building and Development (continued) | |||||||||||
Interline Brands, Inc., Sr. Sub. Notes | |||||||||||
$ | 70 | 8.125%, 6/15/14 | $ | 69,650 | |||||||
Nortek, Inc., Sr. Sub. Notes | |||||||||||
450 | 8.50%, 9/1/14 | 362,250 | |||||||||
NTK Holdings, Inc., Sr. Disc. Notes | |||||||||||
200 | 10.75%, 3/1/14 | 118,000 | |||||||||
Panolam Industries International | |||||||||||
220 | 10.75%, 10/1/13 | 192,500 | |||||||||
Stanley-Martin Communities, LLC | |||||||||||
40 | 9.75%, 8/15/15 | 24,200 | |||||||||
$ | 2,136,341 | ||||||||||
Business Equipment and Services 0.7% | |||||||||||
Affinion Group, Inc. | |||||||||||
$ | 55 | 10.125%, 10/15/13 | $ | 55,894 | |||||||
Affinion Group, Inc., Sr. Sub. Notes | |||||||||||
70 | 11.50%, 10/15/15 | 69,037 | |||||||||
Ceridian Corp., Sr. Notes | |||||||||||
185 | 11.25%, 11/15/15(5) | 172,050 | |||||||||
Education Management, LLC, Sr. Notes | |||||||||||
150 | 8.75%, 6/1/14 | 151,312 | |||||||||
Education Management, LLC, Sr. Sub Notes | |||||||||||
340 | 10.25%, 6/1/16 | 351,900 | |||||||||
KAR Holdings, Inc., Sr. Notes | |||||||||||
10 | 8.75%, 5/1/14(5) | 9,250 | |||||||||
KAR Holdings, Inc., Sr. Notes, Variable Rate | |||||||||||
70 | 8.911%, 5/1/14(5) | 63,875 | |||||||||
MediMedia USA, Inc., Sr. Sub Notes | |||||||||||
90 | 11.375%, 11/15/14(5) | 93,150 | |||||||||
Muzak, LLC/Muzak Finance, Sr. Notes | |||||||||||
20 | 10.00%, 2/15/09 | 18,825 | |||||||||
Neff Corp., Sr. Notes | |||||||||||
20 | 10.00%, 6/1/15 | 11,000 | |||||||||
Norcross Safety Products, LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B | |||||||||||
170 | 9.875%, 8/15/11 | 175,525 | |||||||||
Safety Products Holdings, Inc. Sr. Notes (PIK) | |||||||||||
88 | 11.75%, 1/1/12(2) | 92,020 | |||||||||
SunGard Data Systems, Inc. | |||||||||||
45 | 9.125%, 8/15/13 | 46,012 | |||||||||
Travelport, LLC | |||||||||||
260 | 9.875%, 9/1/14 | 265,200 | |||||||||
36 | 11.875%, 9/1/16 | 38,565 | |||||||||
West Corp. | |||||||||||
370 | 9.50%, 10/15/14 | 364,450 | |||||||||
$ | 1,978,065 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Cable and Satellite Television 0.3% | |||||||||||
Cablevision Systems Corp., Series B | |||||||||||
$ | 40 | 8.00%, 4/15/12 | $ | 39,000 | |||||||
CCH I, LLC/CCH I Capital Co. | |||||||||||
85 | 11.00%, 10/1/15 | 69,700 | |||||||||
CCH II, LLC/CCH II Capital Co. | |||||||||||
165 | 10.25%, 9/15/10 | 161,700 | |||||||||
CCO Holdings, LLC/CCO Capital Corp., Sr. Notes | |||||||||||
395 | 8.75%, 11/15/13 | 379,200 | |||||||||
Kabel Deutschland GmbH | |||||||||||
135 | 10.625%, 7/1/14 | 142,425 | |||||||||
Mediacom Broadband Group Corp., LLC, Sr. Notes | |||||||||||
75 | 8.50%, 10/15/15 | 66,844 | |||||||||
$ | 858,869 | ||||||||||
Chemicals and Plastics 0.2% | |||||||||||
Ineos Group Holdings PLC, Sr Sub Note | |||||||||||
$ | 210 | 8.50%, 2/15/16(5) | $ | 187,950 | |||||||
Nova Chemicals Corp., Sr. Notes, Variable Rate | |||||||||||
105 | 7.863%, 11/15/13 | 98,700 | |||||||||
Reichhold Industries, Inc., Sr. Notes | |||||||||||
240 | 9.00%, 8/15/14(5) | 240,000 | |||||||||
$ | 526,650 | ||||||||||
Clothing / Textiles 0.3% | |||||||||||
Levi Strauss & Co., Sr. Notes | |||||||||||
$ | 210 | 9.75%, 1/15/15 | $ | 210,525 | |||||||
40 | 8.875%, 4/1/16 | 38,900 | |||||||||
Oxford Industries, Inc., Sr. Notes | |||||||||||
390 | 8.875%, 6/1/11 | 390,000 | |||||||||
Perry Ellis International, Inc., Sr. Sub. Notes | |||||||||||
235 | 8.875%, 9/15/13 | 227,950 | |||||||||
Phillips Van Heusen, Sr. Notes | |||||||||||
15 | 7.25%, 2/15/11 | 15,169 | |||||||||
100 | 8.125%, 5/1/13 | 103,000 | |||||||||
$ | 985,544 | ||||||||||
Conglomerates 0.1% | |||||||||||
Goodman Global Holdings, Inc., Sr. Notes, Variable Rate | |||||||||||
$ | 107 | 7.991%, 6/15/12 | $ | 106,732 | |||||||
RBS Global & Rexnord Corp. | |||||||||||
95 | 9.50%, 8/1/14 | 94,525 | |||||||||
90 | 11.75%, 8/1/16 | 88,425 | |||||||||
$ | 289,682 |
See notes to financial statements
18
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Containers and Glass Products 0.2% | |||||||||||
Intertape Polymer US, Inc., Sr. Sub. Notes | |||||||||||
$ | 175 | 8.50%, 8/1/14 | $ | 160,781 | |||||||
Pliant Corp. (PIK) | |||||||||||
232 | 11.85%, 6/15/09 | 236,904 | |||||||||
Smurfit-Stone Container Enterprises, Inc., Sr. Notes | |||||||||||
115 | 8.00%, 3/15/17 | 111,694 | |||||||||
$ | 509,379 | ||||||||||
Cosmetics / Toiletries 0.1% | |||||||||||
Bausch & Lomb, Inc., Sr. Notes | |||||||||||
$ | 105 | 9.875%, 11/1/15(5) | $ | 106,837 | |||||||
Revlon Consumer Products Corp., Sr. Sub. Notes | |||||||||||
105 | 8.625%, 2/1/08 | 104,869 | |||||||||
$ | 211,706 | ||||||||||
Ecological Services and Equipment 0.1% | |||||||||||
Waste Services, Inc., Sr. Sub. Notes | |||||||||||
$ | 245 | 9.50%, 4/15/14 | $ | 240,100 | |||||||
$ | 240,100 | ||||||||||
Electronics / Electrical 0.3% | |||||||||||
Advanced Micro Devices, Inc., Sr. Notes | |||||||||||
$ | 220 | 7.75%, 11/1/12 | $ | 191,950 | |||||||
Amkor Technologies, Inc., Sr. Notes | |||||||||||
55 | 7.75%, 5/15/13 | 52,044 | |||||||||
Avago Technologies Finance | |||||||||||
50 | 11.875%, 12/1/15 | 53,687 | |||||||||
Avago Technologies Finance, Variable Rate | |||||||||||
95 | 10.125%, 12/1/13 | 99,869 | |||||||||
NXP BV/NXP Funding, LLC | |||||||||||
5 | 7.875%, 10/15/14 | 4,775 | |||||||||
NXP BV/NXP Funding, LLC, Variable Rate | |||||||||||
425 | 7.993%, 10/15/13 | 392,594 | |||||||||
$ | 794,919 | ||||||||||
Financial Intermediaries 0.6% | |||||||||||
Alzette, Variable Rate | |||||||||||
$ | 500 | 11.86%, 12/15/20 | $ | 487,933 | |||||||
E*Trade Financial Corp. | |||||||||||
95 | 7.875%, 12/1/15 | 72,912 | |||||||||
Ford Motor Credit Co. | |||||||||||
385 | 7.375%, 10/28/09 | 362,528 | |||||||||
185 | 7.875%, 6/15/10 | 170,785 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Financial Intermediaries (continued) | |||||||||||
Ford Motor Credit Co., Sr. Notes | |||||||||||
$ | 25 | 5.80%, 1/12/09 | $ | 23,736 | |||||||
10 | 9.875%, 8/10/11 | 9,465 | |||||||||
General Motors Acceptance Corp. | |||||||||||
115 | 6.375%, 5/1/08 | 114,425 | |||||||||
55 | 5.85%, 1/14/09 | 52,611 | |||||||||
85 | 7.75%, 1/19/10 | 79,326 | |||||||||
175 | 7.25%, 3/2/11 | 153,498 | |||||||||
20 | 7.00%, 2/1/12 | 16,983 | |||||||||
General Motors Acceptance Corp., Variable Rate | |||||||||||
60 | 6.119%, 5/15/09 | 55,905 | |||||||||
$ | 1,600,107 | ||||||||||
Food Products 0.2% | |||||||||||
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes, (0.00% until 2008) | |||||||||||
$ | 275 | 11.50%, 11/1/11 | $ | 258,500 | |||||||
Dole Foods Co. | |||||||||||
115 | 7.25%, 6/15/10 | 105,225 | |||||||||
Dole Foods Co., Sr. Notes | |||||||||||
55 | 8.625%, 5/1/09 | 53,350 | |||||||||
Pierre Foods, Inc., Sr. Sub. Notes | |||||||||||
25 | 9.875%, 7/15/12 | 18,375 | |||||||||
$ | 435,450 | ||||||||||
Food Service 0.1% | |||||||||||
Aramark Corp., Sr. Notes | |||||||||||
$ | 35 | 8.50%, 2/1/15 | $ | 35,612 | |||||||
El Pollo Loco, Inc. | |||||||||||
195 | 11.75%, 11/15/13 | 185,250 | |||||||||
NPC International, Inc. | |||||||||||
215 | 9.50%, 5/1/14 | 193,500 | |||||||||
$ | 414,362 | ||||||||||
Food / Drug Retailers 0.4% | |||||||||||
General Nutrition Center, Sr. Notes, Variable Rate (PIK) | |||||||||||
$ | 190 | 10.009%, 3/15/14 | $ | 180,500 | |||||||
General Nutrition Center, Sr. Sub. Notes | |||||||||||
190 | 10.75%, 3/15/15 | 177,650 | |||||||||
Rite Aid Corp. | |||||||||||
360 | 6.125%, 12/15/08(5) | 351,900 | |||||||||
40 | 8.625%, 3/1/15 | 32,450 | |||||||||
55 | 9.375%, 12/15/15 | 45,925 | |||||||||
60 | 7.50%, 3/1/17 | 53,175 | |||||||||
215 | 9.50%, 6/15/17 | 178,987 | |||||||||
$ | 1,020,587 |
See notes to financial statements
19
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Forest Products 0.2% | |||||||||||
Georgia-Pacific Corp. | |||||||||||
$ | 15 | 9.50%, 12/1/11 | $ | 15,825 | |||||||
Jefferson Smurfit Corp. | |||||||||||
40 | 7.50%, 6/1/13 | 38,500 | |||||||||
NewPage Corp. | |||||||||||
50 | 10.00%, 5/1/12(5) | 50,500 | |||||||||
245 | 10.00%, 5/1/12 | 247,450 | |||||||||
110 | 12.00%, 5/1/13 | 114,125 | |||||||||
NewPage Corp., Variable Rate | |||||||||||
80 | 11.161%, 5/1/12 | 82,900 | |||||||||
$ | 549,300 | ||||||||||
Healthcare 0.7% | |||||||||||
Accellent, Inc. | |||||||||||
$ | 110 | 10.50%, 12/1/13 | $ | 92,950 | |||||||
Advanced Medical Optics, Inc., Sr. Sub. Notes | |||||||||||
40 | 7.50%, 5/1/17 | 37,000 | |||||||||
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes | |||||||||||
170 | 10.00%, 2/15/15 | 180,200 | |||||||||
HCA, Inc. | |||||||||||
425 | 8.75%, 9/1/10 | 430,844 | |||||||||
80 | 7.875%, 2/1/11 | 78,400 | |||||||||
65 | 9.125%, 11/15/14 | 67,762 | |||||||||
155 | 9.25%, 11/15/16 | 163,137 | |||||||||
MultiPlan Merger Corp., Sr. Sub. Notes | |||||||||||
260 | 10.375%, 4/15/16(5) | 260,000 | |||||||||
National Mentor Holdings, Inc. | |||||||||||
170 | 11.25%, 7/1/14 | 175,950 | |||||||||
Res-Care, Inc., Sr. Notes | |||||||||||
105 | 7.75%, 10/15/13 | 104,475 | |||||||||
Service Corp. International, Sr. Notes | |||||||||||
65 | 7.00%, 6/15/17 | 62,562 | |||||||||
Universal Hospital Service, Inc. (PIK) | |||||||||||
20 | 8.50%, 6/1/15 | 20,300 | |||||||||
Universal Hospital Service, Inc., Notes, Variable Rate | |||||||||||
20 | 8.288%, 6/1/15 | 20,100 | |||||||||
US Oncology, Inc. | |||||||||||
145 | 9.00%, 8/15/12 | 143,731 | |||||||||
290 | 10.75%, 8/15/14 | 287,825 | |||||||||
Varietal Distribution Merger, Inc., Sr. Notes (PIK) | |||||||||||
20 | 10.25%, 7/15/15(5) | 19,150 | |||||||||
$ | 2,144,386 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Industrial Equipment 0.1% | |||||||||||
Chart Industries, Inc., Sr. Sub. Notes | |||||||||||
$ | 105 | 9.125%, 10/15/15 | $ | 108,150 | |||||||
ESCO Corp., Sr. Notes | |||||||||||
80 | 8.625%, 12/15/13(5) | 80,400 | |||||||||
ESCO Corp., Sr. Notes, Variable Rate | |||||||||||
80 | 8.866%, 12/15/13(5) | 78,800 | |||||||||
$ | 267,350 | ||||||||||
Insurance 0.0% | |||||||||||
Alliant Holdings I, Inc. | |||||||||||
$ | 55 | 11.00%, 5/1/15(5) | $ | 52,525 | |||||||
$ | 52,525 | ||||||||||
Leisure Goods / Activities / Movies 0.4% | |||||||||||
AMC Entertainment, Inc. | |||||||||||
$ | 70 | 11.00%, 2/1/16 | $ | 74,025 | |||||||
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp. | |||||||||||
105 | 12.50%, 4/1/13(5) | 98,831 | |||||||||
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp., Variable Rate | |||||||||||
195 | 9.894%, 4/1/12(5) | 186,712 | |||||||||
Marquee Holdings, Inc., Sr. Disc. Notes, (0.00% until 2009) | |||||||||||
435 | 9.505%, 8/15/14 | 350,175 | |||||||||
Universal City Development Partners, Ltd., Sr. Notes | |||||||||||
160 | 11.75%, 4/1/10 | 166,000 | |||||||||
Universal City Florida Holdings, Sr. Notes, Variable Rate | |||||||||||
360 | 9.661%, 5/1/10 | 361,800 | |||||||||
$ | 1,237,543 | ||||||||||
Lodging and Casinos 1.1% | |||||||||||
Buffalo Thunder Development Authority | |||||||||||
$ | 205 | 9.375%, 12/15/14(5) | $ | 183,475 | |||||||
CCM Merger, Inc. | |||||||||||
130 | 8.00%, 8/1/13(5) | 123,175 | |||||||||
Chukchansi EDA, Sr. Notes, Variable Rate | |||||||||||
150 | 8.238%, 11/15/12(5) | 147,000 | |||||||||
Eldorado Casino Shreveport (PIK) | |||||||||||
59 | 10.00%, 8/1/12 | 58,728 | |||||||||
Fontainebleau Las Vegas Casino, LLC | |||||||||||
255 | 10.25%, 6/15/15(5) | 222,487 | |||||||||
Galaxy Entertainment Finance, Variable Rate | |||||||||||
100 | 9.829%, 12/15/10(5) | 102,750 | |||||||||
Greektown Holdings, LLC, Sr. Notes | |||||||||||
60 | 10.75%, 12/1/13(5) | 58,650 |
See notes to financial statements
20
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Lodging and Casinos (continued) | |||||||||||
Indianapolis Downs, LLC & Capital Corp., Sr. Notes | |||||||||||
$ | 85 | 11.00%, 11/1/12(5) | $ | 82,450 | |||||||
Inn of the Mountain Gods, Sr. Notes | |||||||||||
345 | 12.00%, 11/15/10 | 360,525 | |||||||||
Majestic Star Casino, LLC | |||||||||||
180 | 9.50%, 10/15/10 | 171,000 | |||||||||
Majestic Star Casino, LLC, (0.00% until 2008) | |||||||||||
75 | 12.50%, 10/15/11(5) | 51,750 | |||||||||
MGM Mirage, Inc. | |||||||||||
85 | 7.50%, 6/1/16 | 84,575 | |||||||||
Mohegan Tribal Gaming Authority, Sr. Sub. Notes | |||||||||||
30 | 8.00%, 4/1/12 | 30,600 | |||||||||
OED Corp./Diamond Jo | |||||||||||
203 | 8.75%, 4/15/12 | 204,015 | |||||||||
Pinnacle Entertainment Inc., Sr. Sub. Notes | |||||||||||
75 | 7.50%, 6/15/15(5) | 68,437 | |||||||||
Pokagon Gaming Authority, Sr. Notes | |||||||||||
60 | 10.375%, 6/15/14(5) | 64,800 | |||||||||
San Pasqual Casino | |||||||||||
55 | 8.00%, 9/15/13(5) | 54,450 | |||||||||
Seminole Hard Rock Entertainment, Variable Rate | |||||||||||
95 | 7.491%, 3/15/14(5) | 91,200 | |||||||||
Station Casinos, Inc. | |||||||||||
30 | 7.75%, 8/15/16 | 27,225 | |||||||||
Station Casinos, Inc., Sr. Notes | |||||||||||
50 | 6.00%, 4/1/12 | 44,750 | |||||||||
Trump Entertainment Resorts, Inc. | |||||||||||
605 | 8.50%, 6/1/15 | 463,581 | |||||||||
Tunica-Biloxi Gaming Authority, Sr. Notes | |||||||||||
165 | 9.00%, 11/15/15(5) | 169,537 | |||||||||
Turning Stone Resort Casinos, Sr. Notes | |||||||||||
40 | 9.125%, 9/15/14(5) | 41,000 | |||||||||
Waterford Gaming, LLC, Sr. Notes | |||||||||||
186 | 8.625%, 9/15/14(5) | 186,930 | |||||||||
$ | 3,093,090 | ||||||||||
Nonferrous Metals / Minerals 0.3% | |||||||||||
Aleris International, Inc., Sr. Notes | |||||||||||
$ | 35 | 9.00%, 12/15/14 | $ | 29,400 | |||||||
Aleris International, Inc., Sr. Sub. Notes | |||||||||||
350 | 10.00%, 12/15/16 | 285,250 | |||||||||
Alpha Natural Resources, Sr. Notes | |||||||||||
75 | 10.00%, 6/1/12 | 79,688 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Nonferrous Metals / Minerals (continued) | |||||||||||
FMG Finance PTY, Ltd. | |||||||||||
$ | 270 | 10.625%, 9/1/16(5) | $ | 310,500 | |||||||
FMG Finance PTY, Ltd., Variable Rate | |||||||||||
110 | 9.124%, 9/1/11(5) | 113,300 | |||||||||
$ | 818,138 | ||||||||||
Oil and Gas 1.0% | |||||||||||
Allis-Chalmers Energy, Inc. | |||||||||||
$ | 45 | 8.50%, 3/1/17 | $ | 43,200 | |||||||
Allis-Chalmers Energy, Inc., Sr. Notes | |||||||||||
235 | 9.00%, 1/15/14 | 232,650 | |||||||||
Cimarex Energy Co., Sr. Notes | |||||||||||
65 | 7.125%, 5/1/17 | 64,188 | |||||||||
Clayton Williams Energy, Inc., Sr. Notes | |||||||||||
85 | 7.75%, 8/1/13 | 74,800 | |||||||||
Compton Pet Finance Corp. | |||||||||||
195 | 7.625%, 12/1/13 | 182,325 | |||||||||
Denbury Resources, Inc., Sr. Sub. Notes | |||||||||||
30 | 7.50%, 12/15/15 | 30,450 | |||||||||
El Paso Corp., Sr. Notes | |||||||||||
130 | 9.625%, 5/15/12 | 143,023 | |||||||||
Encore Acquisition Co., Sr. Sub. Notes | |||||||||||
85 | 7.25%, 12/1/17 | 81,388 | |||||||||
Ocean Rig Norway AS, Sr. Notes | |||||||||||
120 | 8.375%, 7/1/13(5) | 128,100 | |||||||||
OPTI Canada, Inc. | |||||||||||
50 | 7.875%, 12/15/14(5) | 49,125 | |||||||||
100 | 8.25%, 12/15/14(5) | 99,500 | |||||||||
Parker Drilling Co., Sr. Notes | |||||||||||
85 | 9.625%, 10/1/13 | 90,738 | |||||||||
Petrohawk Energy Corp. | |||||||||||
435 | 9.125%, 7/15/13 | 460,013 | |||||||||
Petroplus Finance, Ltd. | |||||||||||
75 | 7.00%, 5/1/17(5) | 69,000 | |||||||||
Plains Exploration & Production Co. | |||||||||||
135 | 7.00%, 3/15/17 | 129,769 | |||||||||
Quicksilver Resources, Inc. | |||||||||||
115 | 7.125%, 4/1/16 | 113,563 | |||||||||
SemGroup L.P., Sr. Notes | |||||||||||
290 | 8.75%, 11/15/15(5) | 276,950 | |||||||||
Sesi, LLC | |||||||||||
30 | 6.875%, 6/1/14 | 29,100 | |||||||||
Stewart & Stevenson, LLC, Sr. Notes | |||||||||||
215 | 10.00%, 7/15/14 | 217,150 |
See notes to financial statements
21
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Oil and Gas (continued) | |||||||||||
United Refining Co., Sr. Notes | |||||||||||
$ | 470 | 10.50%, 8/15/12 | $ | 477,050 | |||||||
VeraSun Energy Corp. | |||||||||||
55 | 9.875%, 12/15/12 | 55,688 | |||||||||
$ | 3,047,770 | ||||||||||
Publishing 0.3% | |||||||||||
Dex Media West/Finance, Series B | |||||||||||
$ | 112 | 9.875%, 8/15/13 | $ | 116,760 | |||||||
Harland Clarke Holdings | |||||||||||
85 | 9.50%, 5/15/15 | 73,950 | |||||||||
Idearc, Inc., Sr. Notes | |||||||||||
170 | 8.00%, 11/15/16 | 156,825 | |||||||||
MediaNews Group, Inc., Sr. Sub. Notes | |||||||||||
50 | 6.875%, 10/1/13 | 31,500 | |||||||||
Nielsen Finance, LLC | |||||||||||
85 | 10.00%, 8/1/14 | 87,338 | |||||||||
R.H. Donnelley Corp. | |||||||||||
275 | 8.875%, 10/15/17(5) | 255,750 | |||||||||
Reader's Digest Association, Inc., (The), Sr. Sub. Notes | |||||||||||
320 | 9.00%, 2/15/17(5) | 269,600 | |||||||||
$ | 991,723 | ||||||||||
Radio and Television 0.1% | |||||||||||
CanWest Media, Inc. | |||||||||||
$ | 207 | 8.00%, 9/15/12 | $ | 196,685 | |||||||
LBI Media, Inc., Sr. Disc. Notes, (0.00% until 2008) | |||||||||||
80 | 11.00%, 10/15/13 | 72,700 | |||||||||
Rainbow National Services, LLC, Sr. Sub. Debs. | |||||||||||
80 | 10.375%, 9/1/14(5) | 87,100 | |||||||||
$ | 356,485 | ||||||||||
Rail Industries 0.1% | |||||||||||
American Railcar Industry | |||||||||||
$ | 100 | 7.50%, 3/1/14 | $ | 95,000 | |||||||
Kansas City Southern Mexico, Sr. Notes | |||||||||||
135 | 7.625%, 12/1/13 | 133,819 | |||||||||
30 | 7.375%, 6/1/14(5) | 29,250 | |||||||||
$ | 258,069 | ||||||||||
Retailers (Except Food and Drug) 0.9% | |||||||||||
Amscan Holdings, Inc., Sr. Sub. Notes | |||||||||||
$ | 220 | 8.75%, 5/1/14 | $ | 201,300 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
Bon-Ton Department Stores, Inc. | |||||||||||
$ | 65 | 10.25%, 3/15/14 | $ | 49,400 | |||||||
GameStop Corp. | |||||||||||
660 | 8.00%, 10/1/12 | 690,525 | |||||||||
Michaels Stores, Inc., Sr. Notes | |||||||||||
130 | 10.00%, 11/1/14 | 124,150 | |||||||||
Michaels Stores, Inc., Sr. Sub. Notes | |||||||||||
165 | 11.375%, 11/1/16 | 152,213 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
160 | 9.00%, 10/15/15 | 165,800 | |||||||||
615 | 10.375%, 10/15/15 | 643,444 | |||||||||
Sally Holdings, LLC, Sr. Notes | |||||||||||
45 | 9.25%, 11/15/14 | 44,775 | |||||||||
110 | 10.50%, 11/15/16 | 108,900 | |||||||||
Toys "R" Us | |||||||||||
185 | 7.375%, 10/15/18 | 134,588 | |||||||||
Yankee Acquisition Corp., Series B | |||||||||||
135 | 8.50%, 2/15/15 | 125,044 | |||||||||
185 | 9.75%, 2/15/17 | 170,200 | |||||||||
$ | 2,610,339 | ||||||||||
Steel 0.1% | |||||||||||
RathGibson, Inc. | |||||||||||
$ | 240 | 11.25%, 2/15/14 | $ | 241,200 | |||||||
Ryerson, Inc., Sr. Notes | |||||||||||
15 | 12.00%, 11/1/15(5) | 14,888 | |||||||||
Ryerson, Inc., Sr. Notes, Variable Rate | |||||||||||
10 | 12.574%, 11/1/14(5) | 9,650 | |||||||||
Steel Dynamics, Inc., Sr. Notes | |||||||||||
110 | 7.375%, 11/1/12(5) | 111,100 | |||||||||
$ | 376,838 | ||||||||||
Surface Transport 0.0% | |||||||||||
CEVA Group, PLC, Sr. Notes | |||||||||||
$ | 100 | 10.00%, 9/1/14(5) | $ | 103,250 | |||||||
$ | 103,250 | ||||||||||
Telecommunications 0.8% | |||||||||||
Centennial Cellular Operating Co. / Centennial Communication Corp., Sr. Notes | |||||||||||
$ | 130 | 10.125%, 6/15/13 | $ | 137,150 | |||||||
Digicel Group, Ltd., Sr. Notes | |||||||||||
240 | 9.25%, 9/1/12(5) | 245,712 | |||||||||
175 | 8.875%, 1/15/15(5) | 160,563 | |||||||||
192 | 9.125%, 1/15/15(5) | 175,680 |
See notes to financial statements
22
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Telecommunications (continued) | |||||||||||
Intelsat Bermuda, Ltd. | |||||||||||
$ | 175 | 9.25%, 6/15/16 | $ | 176,750 | |||||||
Level 3 Financing, Inc., Sr. Notes | |||||||||||
120 | 9.25%, 11/1/14 | 109,200 | |||||||||
165 | 8.75%, 2/15/17 | 142,313 | |||||||||
Qwest Communications International, Inc. | |||||||||||
450 | 7.50%, 2/15/14 | 451,125 | |||||||||
Qwest Corp., Sr. Notes | |||||||||||
145 | 7.625%, 6/15/15 | 148,263 | |||||||||
Qwest Corp., Sr. Notes, Variable Rate | |||||||||||
475 | 8.241%, 6/15/13 | 486,875 | |||||||||
Windstream Corp., Sr. Notes | |||||||||||
105 | 8.125%, 8/1/13 | 109,200 | |||||||||
30 | 8.625%, 8/1/16 | 31,650 | |||||||||
Windstream Regatta Holdings, Inc., Sr. Sub. Notes | |||||||||||
50 | 11.00%, 12/1/17(5) | 49,750 | |||||||||
$ | 2,424,231 | ||||||||||
Utilities 0.5% | |||||||||||
AES Corp., Sr. Notes | |||||||||||
$ | 10 | 8.75%, 5/15/13(5) | $ | 10,488 | |||||||
30 | 8.00%, 10/15/17(5) | 30,825 | |||||||||
Dynegy Holdings, Inc. | |||||||||||
50 | 8.375%, 5/1/16 | 49,125 | |||||||||
15 | 7.75%, 6/1/19 | 13,913 | |||||||||
Edison Mission Energy | |||||||||||
55 | 7.50%, 6/15/13 | 56,650 | |||||||||
Energy Future Holdings, Sr. Notes | |||||||||||
200 | 10.875%, 11/1/17(5) | 202,000 | |||||||||
NGC Corp. | |||||||||||
205 | 7.625%, 10/15/26 | 175,275 | |||||||||
NRG Energy, Inc. | |||||||||||
70 | 7.25%, 2/1/14 | 68,425 | |||||||||
190 | 7.375%, 1/15/17 | 185,725 | |||||||||
NRG Energy, Inc., Sr. Notes | |||||||||||
65 | 7.375%, 2/1/16 | 63,538 | |||||||||
Orion Power Holdings, Inc., Sr. Notes | |||||||||||
380 | 12.00%, 5/1/10 | 416,100 | |||||||||
Reliant Energy, Inc., Sr. Notes | |||||||||||
10 | 7.625%, 6/15/14 | 9,950 | |||||||||
Texas Competitive Electric Holdings Co., LLC, Sr. Notes | |||||||||||
130 | 10.25%, 11/1/15(5) | 129,350 | |||||||||
105 | 10.25%, 11/1/15(5) | 104,475 | |||||||||
$ | 1,515,839 | ||||||||||
Total Corporate Bonds & Notes (identified cost $33,812,168) |
$ | 32,822,466 |
Asset Backed Securities 1.5% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
$ | 380 |
Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate, 6.98%, 2/24/19(5) |
$ | 329,487 | |||||||
500 |
Babson Ltd. Series 2005-1A, Class C1, Variable Rate, 7.193%, 4/15/19(5) |
437,016 | |||||||||
500 |
Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate, 7.293%, 1/15/19(5) |
443,005 | |||||||||
500 |
Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate, 7.329%, 8/11/16(5) |
463,099 | |||||||||
500 |
Centurion CDO 8 Ltd., Series 2005-8A, Class D, Variable Rate, 10.646%, 3/8/17 |
447,791 | |||||||||
500 |
Centurion CDO 9 Ltd., Series 2005-9A, Class Note, 9.35%, 7/17/19 |
420,484 | |||||||||
1,000 |
Madison Park Funding Ltd., Series 2006-2A, Class D, Variable Rate, 10.11%, 3/25/20(5) |
835,931 | |||||||||
1,000 |
Schiller Park CLO Ltd., 2007-1A D, Variable Rate, 7.107%, 4/25/21(5) |
861,148 | |||||||||
$ | 4,237,961 | ||||||||||
Total Asset Backed Securities (identified cost $4,846,710) |
$ | 4,237,961 | |||||||||
Common Stocks 0.0% | |||||||||||
Shares | Security | Value | |||||||||
Automotive 0.0% | |||||||||||
10,443 | Hayes Lemmerz International(6) | $ | 47,724 | ||||||||
$ | 47,724 | ||||||||||
Gaming 0.0% | |||||||||||
289 | Shreveport Gaming Holdings, Inc.(2) | $ | 7,225 | ||||||||
17,663 | Trump Entertainment Resorts, Inc.(6) | 75,951 | |||||||||
$ | 83,176 | ||||||||||
Total Common Stocks (identified cost $322,807) |
$ | 130,900 | |||||||||
Convertible Bonds 0.1% | |||||||||||
Principal Amount |
Security | Value | |||||||||
$ | 170,000 | L-3 Communications Corp.(5) | $ | 206,337 | |||||||
Total Convertible Bonds (identified cost $171,794) |
$ | 206,337 |
See notes to financial statements
23
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Convertible Preferred Stocks 0.1% | |||||||||||
Shares | Security | Value | |||||||||
542 | Chesapeake Energy Corp. | $ | 59,620 | ||||||||
1,783 | Crown Castle International Corp., 6.25% (PIK) | 108,540 | |||||||||
Total Convertible Preferred Stocks (identified cost $135,084) |
$ | 168,160 | |||||||||
Preferred Stocks 0.0% | |||||||||||
Shares | Security | Value | |||||||||
35 | Hayes Lemmerz International, Series A(2)(6)(7) | $ | 941 | ||||||||
15 | Key Plastics, LLC, Series A(2)(6)(7) | 0 | |||||||||
Total Preferred Stocks (identified cost $16,750) |
$ | 941 | |||||||||
Miscellaneous 0.0% | |||||||||||
Shares | Security | Value | |||||||||
261,268 | Adelphia Recovery Trust(6) | $ | 18,452 | ||||||||
270,000 | Adelphia, Inc., Escrow Certificate(6) | 27,675 | |||||||||
Total Miscellaneous (identified cost $252,930) |
$ | 46,127 | |||||||||
Warrants 0.0% | |||||||||||
Shares/Rights | Security | Value | |||||||||
210 | American Tower Corp., Exp. 8/1/08(5)(6) | $ | 125,580 | ||||||||
Total Warrants (identified cost $14,075) |
$ | 125,580 | |||||||||
Closed-End Investment Companies 2.4% | |||||||||||
Shares | Security | Value | |||||||||
9,908 | BlackRock Floating Rate Income Strategies Fund II | $ | 156,943 | ||||||||
17,436 | BlackRock Floating Rate Income Strategies Fund, Inc. | 278,627 | |||||||||
8,345 | BlackRock Global Floating Rate Income Trust Fund | 131,684 | |||||||||
1,174 | First Trust/Four Corners Senior Floating Rate Income Fund | 17,540 | |||||||||
200,596 | First Trust/Four Corners Senior Floating Rate Income Fund II | 3,008,940 | |||||||||
296,293 | ING Prime Rate Trust | 1,848,868 | |||||||||
5,140 | LMP Corporate Loan Fund, Inc. | 60,138 | |||||||||
23,301 | Nuveen Floating Rate Income Fund | 268,195 | |||||||||
3,401 | Nuveen Floating Rate Income Opportunity Fund | 39,180 | |||||||||
11,375 | Nuveen Senior Income Fund | 80,307 | |||||||||
55 | PIMCO Floating Rate Income Fund | 861 | |||||||||
647 | PIMCO Floating Rate Strategy Fund | 9,912 |
Shares | Security | Value | |||||||||
117 | Pioneer Floating Rate Trust | $ | 1,852 | ||||||||
136,255 | Van Kampen Senior Income Trust | 948,335 | |||||||||
Total Closed-End Investment Companies (identified cost $7,439,831) |
$ | 6,851,382 | |||||||||
Short-Term Investments 4.8% | |||||||||||
Description |
Interest (000's omitted) |
Value | |||||||||
Investment in Cash Management Portfolio, 4.58%(8) | 14,130 | $ | 14,130,334 | ||||||||
Total Short-Term Investments (identified cost $14,130,334) |
$ | 14,130,334 | |||||||||
Total Investments 176.0% (identified cost $535,280,629) |
$ | 512,651,072 | |||||||||
Less Unfunded Loan Commitments (1.1)% |
$ | (3,009,551 | ) | ||||||||
Net Investments 174.9% (identified cost $532,271,078) |
$ | 509,641,521 | |||||||||
Other Assets, Less Liabilities (37.1)% | $ | (108,199,238 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (37.8)% |
$ | (110,085,549 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 291,356,734 |
DIP - Debtor in possession
PIK - Payment In-Kind
REIT - Real Estate Investment Trust
EUR - Euro
GBP - British Pound
* In U.S. dollars unless otherwise indicated
(1) Senior floating-rate interests 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, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the
See notes to financial statements
24
Eaton Vance Senior Income Trust as of December 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.
(2) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(3) This Senior Loan will settle after December 31, 2007, at which time the interest rate will be determined.
(4) Unfunded or partially unfunded loan commitments. See note 1G for description.
(5) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the aggregate value of the securities is $10,716,067 or 3.7% of the Trust's net assets.
(6) Non-income producing security.
(7) Restricted security.
(8) 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 at December 31, 2007.
See notes to financial statements
25
Eaton Vance Senior Income Trust as of December 31, 2007
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of December 31, 2007
Assets | |||||||
Unaffiliated investments, at value (identified cost, $518,140,744) | $ | 495,511,187 | |||||
Affiliated investment, at value (identified cost, $14,130,334) | 14,130,334 | ||||||
Cash | 5,573,506 | ||||||
Foreign currency, at value (identified cost, $3,425,375) | 3,423,819 | ||||||
Receivable for investments sold | 1,847,898 | ||||||
Dividends and interest receivable | 6,840,444 | ||||||
Interest receivable from affiliated investment | 45,418 | ||||||
Receivable for open swap contracts | 41,222 | ||||||
Receivable for open forward foreign currency contracts | 44,152 | ||||||
Prepaid expenses and other assets | 222,051 | ||||||
Total assets | $ | 527,680,031 | |||||
Liabilities | |||||||
Demand note payable | $ | 120,000,000 | |||||
Payable for investments purchased | 3,104,762 | ||||||
Dividends payable | 1,896,257 | ||||||
Payable to affiliate for investment adviser fee | 372,311 | ||||||
Payable to affiliate for Trustees' fees | 35 | ||||||
Payable to affiliate for administration fee | 109,627 | ||||||
Accrued expenses: Interest |
580,152 | ||||||
Operating expenses | 174,604 | ||||||
Total liabilities | $ | 126,237,748 | |||||
Auction preferred shares (4,400 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$ | 110,085,549 | |||||
Net assets applicable to common shares | $ | 291,356,734 | |||||
Sources of Net Assets | |||||||
Common shares, $0.01 par value, unlimited number of shares authorized, 36,466,497 shares issued and outstanding |
$ | 364,665 | |||||
Additional paid-in capital | 361,010,138 | ||||||
Accumulated net realized loss (computed on the basis of identified cost) | (48,049,314 | ) | |||||
Accumulated undistributed net investment income | 665,669 | ||||||
Net unrealized depreciation (computed on the basis of identified cost) | (22,634,424 | ) | |||||
Net assets applicable to common shares | $ | 291,356,734 | |||||
Net Asset Value Per Common Share | |||||||
($291,356,734 ÷ 36,466,497 common shares issued and outstanding) | $ | 7.99 |
Statement of Operations
For the Six Months Ended
December 31, 2007
Investment Income | |||||||
Interest | $ | 21,098,754 | |||||
Dividends | 305,590 | ||||||
Interest income allocated from affiliated investment | 210,168 | ||||||
Expenses allocated from affliated investment | (20,351 | ) | |||||
Total investment income | $ | 21,594,161 | |||||
Expenses | |||||||
Investment adviser fee | $ | 2,156,375 | |||||
Administration fee | 640,260 | ||||||
Trustees' fees and expenses | 10,247 | ||||||
Legal and accounting services | 186,894 | ||||||
Preferred shares remarketing agent fee | 150,980 | ||||||
Custodian fee | 100,788 | ||||||
Printing and postage | 55,577 | ||||||
Transfer and dividend disbursing agent fees | 37,330 | ||||||
Interest expense | 3,366,750 | ||||||
Miscellaneous | 28,462 | ||||||
Total expenses | $ | 6,733,663 | |||||
Deduct Reduction of custodian fee |
$ | 3,194 | |||||
Total expense reductions | $ | 3,194 | |||||
Net expenses | $ | 6,730,469 | |||||
Net investment income | $ | 14,863,692 | |||||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) Investment transactions (identified cost basis) |
$ | 653,709 | |||||
Swap contracts | 16,867 | ||||||
Foreign currency and forward foreign currency exchange contract transactions |
(2,506,307 | ) | |||||
Net realized loss | $ | (1,835,731 | ) | ||||
Change in unrealized appreciation (depreciation) Investments (identified cost basis) |
$ | (26,442,122 | ) | ||||
Swap contracts | (4,384 | ) | |||||
Foreign currency and forward foreign currency exchange contracts | 135,699 | ||||||
Net change in unrealized appreciation (depreciation) | $ | (26,310,807 | ) | ||||
Net realized and unrealized loss | $ | (28,146,538 | ) | ||||
Distributions to preferred shareholders | |||||||
From net investment income | (2,992,943 | ) | |||||
Net decrease in net assets from operations | $ | (16,275,789 | ) |
See notes to financial statements
26
Eaton Vance Senior Income Trust as of December 31, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets |
Six Months Ended December 31, 2007 (Unaudited) |
Year Ended June 30, 2007 |
|||||||||
From operations Net investment income |
$ | 14,863,692 | $ | 29,211,586 | |||||||
Net realized gain (loss) from investment transactions, swap contracts, and foreign currency and forward foreign currency exchange contract transactions |
(1,835,731 | ) | 1,524,457 | ||||||||
Net change in unrealized appreciation (depreciation) from investments, swap contracts, foreign currency and forward foreign currency exchange contracts |
(26,310,807 | ) | 539,638 | ||||||||
Distributions to preferred shareholders From net investment income |
(2,992,943 | ) | (5,610,210 | ) | |||||||
Net increase (decrease) in net assets from operations |
$ | (16,275,789 | ) | $ | 25,665,471 | ||||||
Distributions to common shareholders From net investment income |
$ | (13,310,272 | ) | $ | (23,593,824 | ) | |||||
Total distributions to common shareholders | $ | (13,310,272 | ) | $ | (23,593,824 | ) | |||||
Net increase (decrease) in net assets | $ | (29,586,061 | ) | $ | 2,071,647 | ||||||
Net Assets Applicable to Common Shares |
|||||||||||
At beginning of period | $ | 320,942,795 | $ | 318,871,148 | |||||||
At end of period | $ | 291,356,734 | $ | 320,942,795 | |||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||
At end of period | $ | 665,669 | $ | 2,105,192 |
Statement of Cash Flows
Cash Flows From Operating Activities |
Six Months Ended December 31, 2007 (Unaudited) |
||||||
Net decrease in net assets from operations | $ | (16,275,789 | ) | ||||
Distributions to preferred shareholders | 2,992,943 | ||||||
Net decrease in net assets from operations excluding distributions to preferred shareholders from net investment income |
$ | (13,282,846 | ) | ||||
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: |
|||||||
Purchases of investments | (77,723,039 | ) | |||||
Proceeds from sales of investments and principal repayments | 96,642,010 | ||||||
Increase in short-term investments | (12,295,615 | ) | |||||
Net amortization of premium (discount) | 53,689 | ||||||
Increase in interest receivable from affiliated investment | (45,418 | ) | |||||
Increase in dividends and interest receivable | (2,806,183 | ) | |||||
Decrease in payable for investments purchased | (16,922,314 | ) | |||||
Decrease in receivable for investments sold | 1,291,089 | ||||||
Decrease in receivable for open swap contracts | 4,384 | ||||||
Increase in receivable for open forward foreign currency contracts | (44,152 | ) | |||||
Increase in prepaid expenses and other assets | (18,039 | ) | |||||
Decrease in unfunded loan commitments | (536,215 | ) | |||||
Decrease in payable for open forward foreign currency contracts | (164,918 | ) | |||||
Decrease in payable to affiliate for investment adviser fee | (35,273 | ) | |||||
Increase in payable to affiliate for Trustees' fees | 35 | ||||||
Decrease in payable to affiliate for administration fee | (11,810 | ) | |||||
Increase in accrued interest expense | 38,336 | ||||||
Increase in accrued operating expenses | 31,526 | ||||||
Net change in unrealized (appreciation) depreciation on investments | 26,442,122 | ||||||
Net realized (gain) loss on investments | (653,709 | ) | |||||
Net cash used in operating activities | $ | (36,340 | ) | ||||
Cash Flows From Financing Activities | |||||||
Cash distributions paid to common shareholders | $ | (11,414,015 | ) | ||||
Distributions to preferred shareholders from net investment income | (2,954,247 | ) | |||||
Increase in demand note payable | 10,000,000 | ||||||
Net cash used in financing activities | $ | (4,368,262 | ) | ||||
Net decrease in cash | $ | (4,404,602 | ) | ||||
Cash at beginning of period | $ | 13,401,927 | |||||
Cash at end of period(1) | $ | 8,997,325 |
(1) Balance includes foreign currency, at value.
See notes to financial statements
27
Eaton Vance Senior Income Trust as of December 31, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended December 31, 2007 |
Year Ended June 30, | ||||||||||||||||||||||||||
(Unaudited)(1) | 2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | ||||||||||||||||||||||
Net asset value Beginning of period (Common shares) | $ | 8.800 | $ | 8.740 | $ | 8.760 | $ | 8.780 | $ | 8.500 | $ | 8.420 | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||
Net investment income | $ | 0.408 | $ | 0.801 | $ | 0.697 | $ | 0.533 | $ | 0.468 | $ | 0.569 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.823 | ) | 0.060 | (0.026 | ) | (0.029 | ) | 0.293 | 0.079 | ||||||||||||||||||
Distributions to preferred shareholders from net investment income | (0.082 | ) | (0.154 | ) | (0.122 | ) | (0.068 | ) | (0.035 | ) | (0.045 | ) | |||||||||||||||
Total income (loss) from operations | $ | (0.497 | ) | $ | 0.707 | $ | 0.549 | $ | 0.436 | $ | 0.726 | $ | 0.603 | ||||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||||||
From net investment income | $ | (0.313 | ) | $ | (0.647 | ) | $ | (0.569 | ) | $ | (0.456 | ) | $ | (0.446 | ) | $ | (0.523 | ) | |||||||||
Total distributions to common shareholders | $ | (0.313 | ) | $ | (0.647 | ) | $ | (0.569 | ) | $ | (0.456 | ) | $ | (0.446 | ) | $ | (0.523 | ) | |||||||||
Net asset value End of period (Common shares) | $ | 7.990 | $ | 8.800 | $ | 8.740 | $ | 8.760 | $ | 8.780 | $ | 8.500 | |||||||||||||||
Market value End of period (Common shares) | $ | 7.120 | $ | 8.570 | $ | 8.130 | $ | 8.040 | $ | 9.460 | $ | 8.920 | |||||||||||||||
Total Investment Return on Net Asset Value(2) | (5.40 | )%(7) | 8.70 | % | 7.02 | % | 5.16 | % | 8.65 | % | 8.04 | % | |||||||||||||||
Total Investment Return on Market Value(2) | (13.44 | )%(7) | 13.81 | % | 8.46 | % | (10.42 | )% | 11.59 | % | 23.03 | % |
See notes to financial statements
28
Eaton Vance Senior Income Trust as of December 31, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended December 31, 2007 |
Year Ended June 30, | ||||||||||||||||||||||||||
(Unaudited)(1) | 2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | ||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||
Net assets applicable to common shares, end of period (000's omitted) |
$ | 291,357 | $ | 320,943 | $ | 318,871 | $ | 319,404 | $ | 318,792 | $ | 306,438 | |||||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||||||
Expenses before custodian fee reduction | 2.22 | %(6) | 2.21 | % | 2.16 | % | 2.20 | % | 2.17 | % | 2.22 | % | |||||||||||||||
Expenses after custodian fee reduction | 2.22 | %(6) | 2.20 | % | 2.16 | % | 2.20 | % | 2.17 | % | 2.22 | % | |||||||||||||||
Interest expenses | 2.21 | %(6) | 2.16 | % | 1.76 | % | 1.02 | % | 0.54 | % | 0.72 | % | |||||||||||||||
Total expenses | 4.43 | %(6) | 4.36 | % | 3.92 | % | 3.22 | % | 2.71 | % | 2.94 | % | |||||||||||||||
Net investment income | 9.76 | %(6) | 9.11 | % | 7.94 | % | 6.06 | % | 5.41 | % | 6.92 | % | |||||||||||||||
Portfolio Turnover | 15 | % | 64 | % | 55 | % | 72 | % | 82 | % | 56 | % |
The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||||||
Expenses before custodian fee reduction | 1.63 | %(6) | 1.64 | % | 1.61 | % | 1.64 | % | 1.61 | % | 1.62 | % | |||||||||||||||
Expenses after custodian fee reduction | 1.63 | %(6) | 1.64 | % | 1.61 | % | 1.64 | % | 1.61 | % | 1.62 | % | |||||||||||||||
Interest expenses | 1.62 | %(6) | 1.61 | % | 1.31 | % | 0.76 | % | 0.40 | % | 0.52 | % | |||||||||||||||
Total expenses | 3.25 | %(6) | 3.25 | % | 2.92 | % | 2.40 | % | 2.01 | % | 2.14 | % | |||||||||||||||
Net investment income | 7.16 | %(6) | 6.79 | % | 5.91 | % | 4.51 | % | 4.00 | % | 5.05 | % | |||||||||||||||
Senior Securities: | |||||||||||||||||||||||||||
Total preferred shares outstanding | 4,400 | 4,400 | 4,400 | 4,400 | 4,400 | 4,400 | |||||||||||||||||||||
Asset coverage per preferred share(4) | $ | 91,237 | $ | 97,952 | $ | 97,478 | $ | 97,601 | $ | 97,456 | $ | 94,649 | |||||||||||||||
Involuntary liquidation preference per preferred share(5) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||||||||||
Approximate market value per preferred share(5) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 |
(1) Net investment income per share and distributions to preferred shareholders were computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.
(5) Plus accumulated and unpaid dividends.
(6) Annualized.
(7) Not annualized.
See notes to financial statements
29
Eaton Vance Senior Income Trust as of December 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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
non-diversified closed-end management investment company. The Trust's investment objective is to provide a high level of current income consistent with the preservation of capital.
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 Trust's investments are primarily in interests in senior floating-rate loans (Senior Loans). Interests in Senior Loans for which reliable market quotations are readily available are valued on the basis of prices furnished by an independent 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 following valuation techniques: (i) a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality; (ii) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (iii) a discounted cash flow analysis; or (iv) 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 or trusts 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 are valued in the same manner as Senior Loans.
Equity securities listed on a U.S. securities exchange generally are valued at the last sale 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 or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Financial futures contracts listed on commodity exchanges are valued at closing settlement prices. The value of interest rate swaps is generally based upon dealer quotations. Credit default swaps are valued by a broker-dealer (usually the counterparty to the agreement). Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Other fixed income and debt securities, including listed securities and securities for which price quotations are available, will normally be valued on the basis of valuations furnished by a pricing service. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.
The Trust may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.
30
Eaton Vance Senior Income Trust as of December 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
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, 2007, the Trust, for federal income tax purposes, had a capital loss carryforward of $46,210,611, 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. Such capital loss carryforward will expire on June 30, 2010 ($25,817,521), June 30, 2011 ($13,711,847) and June 30, 2012 ($6,681,243).
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management has concluded that as of December 31, 2007, there are no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trust's federal tax returns filed in the 3-year period ended December 31, 2007 remains subject to examination by the Internal Revenue Service.
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.
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, and shareholders are indemnified against personal liability for obligations of the Trust. Additionally, in the normal course of business, the Trust enters into
31
Eaton Vance Senior Income Trust as of December 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
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 Trust enters into forward contracts for hedging purposes as well as non-hedging purposes. The forward foreign currency exchange contract is adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contract has 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.
K Credit Default Swaps The Trust may enter into credit default swap contracts to buy or sell protection against default on an individual issuer or a basket of issuers of bonds. When the Trust is the buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust pays the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Trust would have spent the stream of payments and received no benefit from the contract. When the Trust is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Trust would effectively add leverage to its portfolio because, in addition to its total net assets, the Trust would be subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Trust also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. Up-front payment or receipts, if any, are recorded as other assets or other liabilities, respectively, and amortized over the life of the swap contract as realized gains or losses. The Trust segregates assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swap of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.
L Statement of Cash Flows The cash amount shown in the Statement of Cash Flows is the amount included in the Trust's Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.
M Interim Financial Statements The interim financial statements relating to December 31, 2007 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
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 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. If the APS are unable to be remarketed on a remarketing date, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time when the APS are successfully remarketed. The maximum applicable rate on the APS is 125% of the "AA" Financial Composite Commercial Paper Rate on the date of the auction. Series of APS are identical in all respects except for the reset dates of the dividend rates.
The number of APS issued and outstanding as of December 31, 2007 is as follows:
Series | APS Issued and Outstanding | ||||||
A | 2,200 | ||||||
B | 2,200 |
32
Eaton Vance Senior Income Trust as of December 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
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 equivalent to 0.25% of the liquidation value for the remarketing efforts associated with the APS auctions.
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, if any. 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 December 31, 2007, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the six months then ended were as follows:
Series |
APS Dividend Rates at December 31, 2007 |
Dividends Paid to APS Shareholders |
Average APS Dividend Rates |
Dividend Rate Ranges |
|||||||||||||||
Series A | 4.95 | % | $ | 1,486,467 | 5.36 | % | 4.50% 6.50% | ||||||||||||
Series B | 5.45 | % | $ | 1,506,476 | 5.43 | % | 4.50% 6.50% |
During the six months ended December 31, 2007, APS of the Trust have been successfully remarketed at each remarketing date. On February 14, 2008, Series B of the Trust was not successfully remarketed. As a result, the dividend rate of these APS was reset to the maximum applicable rate of 3.773% for that date.
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.
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 0.85% of the Trust's average weekly gross assets and is payable monthly. The portion of the advisory fee payable by Cash Management on the Trust's investment of cash therein is credited against the Trust's advisory fee. For the six months ended December 31, 2007, the Trust's advisory fee totaled $2,175,512 of which $19,137 was allocated from Cash Management and $2,156,375 was paid or accrued directly by the Trust. 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 six months ended December 31, 2007, the administration fee amounted to $640,260.
Except for Trustees of the Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with the investment adviser 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 six months ended December 31, 2007, 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 $77,723,039 and $96,642,010, respectively, for the six months ended December 31, 2007.
33
Eaton Vance Senior Income Trust as of December 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
6 Common Shares of Beneficial Interest
There was no common share issued pursuant to the Trust's dividend reinvestment plan for the six months ended December 31, 2007 and the year ended June 30, 2007.
7 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Trust at December 31, 2007, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 531,843,051 | |||||
Gross unrealized appreciation | $ | 1,879,089 | |||||
Gross unrealized depreciation | (24,080,619 | ) | |||||
Net unrealized depreciation | $ | (22,201,530 | ) |
8 Short-Term Debt and Credit Agreements
The Trust has entered into a Revolving Credit and Security Agreement (the "Agreement") with conduit lenders and a bank that allows it to borrow up to an initial limit of $120 million 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 or above LIBOR and is payable monthly. Under the terms of the Agreement, the Trust also pays a program fee of 0.24% per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.13% per annum on the amount of the facility. Prior to October 23, 2007, the program and liquidity fees were 0.21% and 0.10%, respectively. Program and commitment fees for the six months ended December 31, 2007 totaled $237,842 and are included in interest expense in the Statement of Operations. For the six months ended December 31, 2007, the average borrowings under the Agreement and the average interest rate were $119,021,739 and 5.14%, respectively.
9 Risk 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 stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.
10 Financial Instruments
The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments may include written options, forward foreign currency exchange contracts, financial futures contracts, interest rate swaps, and credit default swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at December 31, 2007 is as follows:
Forward Foreign Currency Exchange Contracts
Sales | |||||||||||||||
Settlement Date |
Deliver | In Exchange For |
Net Unrealized Appreciation |
||||||||||||
1/31/08 |
British Pound 5,714,934 |
United States Dollar 11,393,578 |
$ | 26,281 | |||||||||||
1/31/08 |
Euro 19,347,601 |
United States Dollar 28,319,083 |
17,871 | ||||||||||||
$ | 44,152 |
34
Eaton Vance Senior Income Trust as of December 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
Credit Default Swaps
Counterparty |
Reference Entity |
Buy/ Sell |
Notional Amount (000's omitted) |
Pay/ Receive Annual Fixed Rate |
Termination Date |
Net Unrealized Appreciation |
|||||||||||||||||||||
Lehman |
|
||||||||||||||||||||||||||
Brothers, Inc | Inergy, L.P. | Sell | $ | 1,500 | 2.2 | % | 3/20/2010 | $ | 41,222 | ||||||||||||||||||
$ | 41,222 |
At December 31, 2007, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
11 Restricted Securities
At December 31, 2007, the Trust owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The 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/Face | Cost | Value | |||||||||||||||
Preferred Stocks | |||||||||||||||||||
Hayes Lemmerz International, Series A |
6/4/03 | 35 | $ | 1,750 | $ | 941 | |||||||||||||
Key Plastics, LLC, Series A | 4/26/01 | 15 | 15,000 | 0 | |||||||||||||||
Total | $ | 16,750 | $ | 941 |
12 Recently Issued Accounting Pronouncement
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of December 31, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements on changes in net assets for the period.
35
Eaton Vance Senior Income Trust as of December 31, 2007
ANNUAL MEETING OF SHAREHOLDERS (Unaudited)
The Trust held its Annual Meeting of Shareholders on October 12, 2007. The following action was taken by the shareholders:
Item 1: The election of William H. Park, Heidi L. Steiger and Lynn A. Stout as Class III Trustees of the Trust for a three-year term expiring in 2010, Thomas E. Faust Jr. as a Class I Trustee of the Trust for a term expiring in 2008 and Allen R. Freedman as a Class II Trustee of the Trust for a term expiring in 2009.
Nominee for Trustee Elected by All Shareholders |
Number of Shares | ||||||||||
For | Withheld | ||||||||||
William H. Park | 32,940,350 | 386,276 | |||||||||
Heidi L. Steiger | 32,943,096 | 383,530 | |||||||||
Lynn A. Stout | 32,934,904 | 391,722 | |||||||||
Thomas E. Faust Jr. | 32,933,878 | 392,748 | |||||||||
Allen R. Freedman | 32,921,262 | 405,364 |
36
Eaton Vance Senior Income Trust
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Trust's transfer agent, PFPC Inc. or you will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.
Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc. at 1-866-439-6787.
37
Eaton Vance Senior Income Trust
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account:
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons
whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
The authorization form, when signed, should be mailed to the following address:
Eaton Vance Senior Income Trust
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
866-439-6787
Number of Employees
The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.
Number of Shareholders
As of December 31, 2007, our records indicate that there were 206 registered shareholders and approximately 15,210 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Trust, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
New York Stock Exchange symbol
The New York Stock Exchange Symbol is EVF.
38
Eaton Vance Senior Income Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
An independent report comparing each fund's total expense ratio and its components to comparable funds;
An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management
Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;
Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
Data relating to portfolio turnover rates of each fund;
The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
Information about each Adviser
Reports detailing the financial results and condition of each adviser;
Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
Copies of or descriptions of each adviser's proxy voting policies and procedures;
Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
Other Relevant Information
Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and
The terms of each advisory agreement.
39
Eaton Vance Senior Income Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2007, the Board met eleven times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met thirteen , fourteen and nine times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreement between the Eaton Vance Senior Income Trust (the "Fund") and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior secured floating-rate loans. The Board noted the experience of the Adviser's 30 bank loan investment professionals and other personnel who provide services to the Fund, including five portfolio managers and 17 analysts. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreements.
40
Eaton Vance Senior Income Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
Fund Performance
The Board compared the Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three- and five-year periods ended September 30, 2006 for the Fund. The Board noted that the Fund's performance relative to its peers is affected by management's focus on reducing volatility. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the year ended September 30, 2006, as compared to a group of similarly managed funds selected by an independent data provider.
The Board considered the financial resources committed by the Adviser in structuring the Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of the Fund's life. After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund's total expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser's profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.
41
Eaton Vance Senior Income Trust
INVESTMENT MANAGEMENT
Eaton Vance Senior Income Trust
Officers Scott H. Page President and Co-Portfolio Manager John P. Redding Vice President and Co-Portfolio Manager Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary Paul M. O'Neil Chief Compliance Officer John E. Pelletier Chief Legal Officer |
Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Norton H. Reamer Heidi L. Steiger Lynn A. Stout |
||||||
42
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Investment Adviser and Administrator of Eaton Vance Senior Income Trust
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
Custodian
State Street Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer Agent
PFPC Inc.
Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
1-866-439-6787
Overnight Mail:
PFPC Inc.
Attn: Eaton Vance Funds
250 Royall Street
Canton, MA 02021
Eaton Vance Senior Income Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109
171-2/08 SITSRC
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms). Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
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
Not required in this filing.
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 Funds investments as well as allocations of the Funds 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 Funds investment portfolio.
Mr. Page has been an Eaton Vance portfolio manager since 1996 and is a Vice President of EVM and Boston Management and Research, an Eaton Vance subsidiary (BMR). He is head of Eaton Vances Senior Loan Group. Mr. Redding has been with Eaton Vance since 1998 and is a Vice President of EVM and BMR. This information is provided as of the date of filing of this report.
The following tables show, as of the Funds most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed
within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.
|
|
Number of |
|
Total Assets of |
|
Number of Accounts |
|
Total Assets of |
|
||
Scott H. Page |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
14 |
|
$ |
18,584.5 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
8 |
|
$ |
6,054.9 |
|
7 |
|
$ |
3,154.8 |
|
Other Accounts |
|
2 |
|
$ |
1,008.2 |
|
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
||
John P. Redding |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
1 |
|
$ |
521.4 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
5 |
|
$ |
2,501.2 |
|
5 |
|
$ |
2,501.2 |
|
Other Accounts |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
*In millions of dollars. For registered investment companies, assets represent net assets of all open-end investment companies and gross assets of all closed-end investment companies.
The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Funds most recent fiscal year end.
Portfolio Manager |
|
Dollar Range of |
Scott H. Page |
|
$50,001 - $100,000 |
John P. Redding |
|
$50,001 - $100,000 |
Potential for Conflicts of Interest. The portfolio managers manage multiple investment portfolios. Conflicts of interest may arise between a portfolio managers management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio managers time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information. In addition, some investment portfolios may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the
allocation of management time and investment opportunities. Eaton Vance Management has adopted policies and procedures that it believes are reasonably designed to address these conflicts. There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.
Portfolio Manager Compensation Structure
Compensation of EVMs portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVCs nonvoting common stock and/or restricted shares of EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVMs employees. Compensation of
EVMs investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Exhibits
(a)(1) |
Registrants Code of Ethics Not applicable (please see Item 2). |
(a)(2)(i) |
Treasurers Section 302 certification. |
(a)(2)(ii) |
Presidents Section 302 certification. |
(b) |
Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Senior Income Trust
By: |
/s/Scott H. Page |
|
|
Scott H. Page |
|
|
President |
|
|
|
|
|
|
|
Date: |
February 15, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/Barbara E. Campbell |
|
|
Barbara E. Campbell |
|
|
Treasurer |
|
|
|
|
|
|
|
Date: |
February 15, 2008 |
By: |
/s/Scott H. Page |
|
|
Scott H. Page |
|
|
President |
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|
|
|
|
|
|
Date: |
February 15, 2008 |