UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-09013

 

Eaton Vance Senior Income Trust

(Exact name of registrant as specified in charter)

 

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

 

02109

(Address of principal executive offices)

 

(Zip code)

 

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

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

June 30

 

 

Date of reporting period:

December 31, 2005

 

 



 

Item 1. Reports to Stockholders

 



Semiannual Report December 31, 2005

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, 2005

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

The Trust

 

Performance for the six months ended December 31, 2005

 

             Based on the Trust’s December 2005 monthly dividend payment of $0.046 and a closing share price of $7.76, Eaton Vance Senior Income Trust (the “Trust”) had a market yield of 7.11%.(1) The Trust’s market yield represented a yield advantage over many other income-producing vehicles during the six months ended December 31, 2005.

 

             Based on share price (traded on the New York Stock Exchange), the Trust had a total return of -0.19% for the six months ended December 31, 2005.(2) That return was the result of a decrease in share price from $8.04 on June 30, 2005, to $7.76 on December 31, 2005, and the reinvestment of $0.269 in monthly dividend payments.

 

             Based on net asset value, the Trust had a total return of 2.82% for the six months ended December 31, 2005.(2) That return was the result of a decrease in net asset value from $8.76 on June 30, 2005, to $8.71 on December 31, 2005, and the reinvestment of monthly dividend payments.

 

             For performance comparison, the S&P/LSTA Leveraged Loan Index – an unmanaged loan market index – had a total return of 2.97% for the six months ended December 31, 2005.(3)

 

The Trust’s Investments

 

             The Trust is a closed-end fund and trades on the New York Stock Exchange under the symbol “EVF.” The Trust’s investment objective is to provide a high level of current income, consistent with preservation of capital, by investing primarily in senior, secured, floating-rate loans. The Trust also employs leverage through the issuance of preferred shares and participation in a commercial paper program.(4)

 

             The Trust’s senior floating-rate loan investments included 377 borrowers, ranging across 37 industries at December 31, 2005. The Trust’s average loan size is 0.22% of loan assets, based on total investments (0.38%, based on net assets), and no industry constituted more than 8.0% of the Trust’s loan investments. Building and development (including manufacturers of building products and companies that manage/own apartments, shopping malls and commercial office buildings, among others), health care, cable/satellite television, chemicals/plastics and leisure goods/activities/movies were the largest industry weightings.

 

          In the wake of Hurricanes Katrina and Rita, management identified several companies that were directly impacted by the storms. While these loans suffered little price impact, management nonetheless reduced exposure to the hardest-hit companies, generally at prices above par. The hurricanes had little overall impact on the Trust.

 

             The Trust’s share price traded at a discount versus its NAV, as have many fixed-income, closed-end funds that employ leverage. However, most of these funds buy fixed-rate investments and often use shorter and/or floating-rate borrowings, which, in a rising interest rate environment, can cause NAV declines and impair a closed-end fund’s ability to earn and pay dividends. For this reason, closed-end bond funds may trade lower in a rising-rate climate, such as the one we have recently experienced. In contrast, the Trust invests primarily in floating-rate instruments, which help limit declines in NAV and may add income in a rising-rate environment. The Trust’s NAV declined slightly, but significantly less than its share price. While it is difficult to attribute the Trust’s market share price decline to one factor, we believe a likely cause was a market perception that rising rates impair the net asset values of fixed-rate, closed-end bond funds. If this was the cause, we believe that the market failed to distinguish the floating-rate nature of most of the Trust’s assets. The Trust raised its dividend in 4 of the 6 months during the period.

 

             At December 31, 2005, the Trust had leverage in the amount of approximately 41.3% of the Trust’s total assets. The Trust currently employs leverage through the issuance of Auction Preferred Shares (APS) and participation in a commercial paper program. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases in cost of the Trust’s leverage may be offset by increased income from the Trust’s senior loan investments.

 


(1)  The Trust’s market yield is calculated by dividing the most recent dividend per share by the share market price at the end of the period and annualizing the result. (2) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. Performance results reflect the effect of leverage resulting from the Trust’s Auction Preferred Shares. (3) It is not possible to invest directly in an Index. The Index’s total return does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. (4) In the event of a rise in long-term interest rates, the value of the Trust’s investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The returns do not include dividends declared in December 2005 and payable in 2006. 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 Trust’s 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.

 

2



 

Eaton Vance Senior Income Trust as of December 31, 2005

FUND PERFORMANCE

 

Performance(1)

 

Average Annual Total Return (by share price, NYSE)

 

One Year

 

-5.45

%

Five Years

 

5.19

 

Life of Fund (10/30/98)

 

3.75

 

 

Average Annual Total Return (at net asset value)

 

One Year

 

5.28

%

Five Years

 

5.84

 

Life of Fund (10/30/98)

 

5.47

 

 


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

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The returns do not include dividends declared in December 2005 and payable in 2006. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s 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.

 

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.

 

Trust Allocations(2)

By Total Investments

 

 


(2)          Trust Allocations are shown as a percentage of total investments as of December 31, 2005. Allocations may not be representative of the Trust’s current or future investments and are subject to change due to active management.

 

Diversification by Industries(3)

By Total Investments

 

Building & Development

 

6.6

%

Health Care

 

5.7

 

Cable & Satellite Television

 

5.3

 

Chemicals & Plastics

 

4.9

 

Leisure Goods/Activities/Movies

 

4.9

 

Telecommunications

 

4.7

 

Automotive

 

4.3

 

Containers & Glass Products

 

4.1

 

Business Equip. & Services

 

3.9

 

Lodging & Casinos

 

3.8

 

Radio & Television

 

3.8

 

Retailers (Except Food & Drug)

 

3.5

 

Publishing

 

3.3

 

Electronics/Electrical

 

2.9

 

Oil & Gas

 

2.9

 

Conglomerates

 

2.7

 

Utilities

 

2.4

 

Financial Intermediaries

 

2.3

 

Food Service

 

2.0

 

Aerospace & Defense

 

1.8

%

Food Products

 

1.8

 

Food/Drug Retailers

 

1.6

 

Nonferrous Metals/Minerals

 

1.5

 

Insurance

 

1.5

 

Home Furnishings

 

1.3

 

Ecological Services & Equip.

 

1.3

 

Beverage & Tobacco

 

1.2

 

Forest Products

 

1.1

 

Equipment Leasing

 

1.0

 

Industrial Equipment

 

1.0

 

Drugs

 

0.8

 

Air Transport

 

0.7

 

Clothing/Textiles

 

0.5

 

Cosmetics/Toiletries

 

0.5

 

Rail Industries

 

0.3

 

Surface Transport

 

0.2

 

Farming/Agriculture

 

0.1

 

Steel

 

0.1

 

 


(3)          Reflects the Trust’s investments as of December 31, 2005. Industries are shown as a percentage of the Trust’s total investments. Statistics may not be representative of current or future investments and are subject to change due to active management.

 

3



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior Floating Rate Interests — 142.1%(1)      
Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Aerospace and Defense — 2.9%      
Alliant Techsystems, Inc.      
$ 323,750     Term Loan, 5.49%, Maturing March 31, 2009   $ 325,301    
Delta Air Lines, Inc.      
  1,275,000     Term Loan, 13.51%, Maturing March 16, 2008     1,316,837    
Dresser Rand Group, Inc.      
  329,796     Term Loan, 6.23%, Maturing October 29, 2011     335,516    
Hexcel Corp.      
  534,333     Term Loan, 5.93%, Maturing March 1, 2012     539,677    
K&F Industries, Inc.      
  872,230     Term Loan, 6.57%, Maturing November 18, 2012     882,724    
Mid-Western Aircraft Systems, Inc.      
  746,873     Term Loan, 6.41%, Maturing December 31, 2011     757,999    
Standard Aero Holdings, Inc.      
  1,153,046     Term Loan, 6.81%, Maturing August 24, 2012     1,148,002    
Transdigm, Inc.      
  1,960,000     Term Loan, 6.58%, Maturing July 22, 2010     1,987,256    
Vought Aircraft Industries, Inc.      
  1,124,318     Term Loan, 6.89%, Maturing December 22, 2011     1,136,826    
Wam Aquisition, S.A.      
  362,670     Term Loan, 7.28%, Maturing April 8, 2013     364,559    
  362,670     Term Loan, 7.78%, Maturing April 8, 2014     366,069    
            $ 9,160,766    
Air Transport — 0.8%      
United Airlines, Inc.      
$ 450,000     DIP Loan, 0.00%, Maturing March 31, 2006(2)   $ 452,812    
  1,977,864     Term Loan, 8.62%, Maturing December 31, 2006     2,000,526    
            $ 2,453,338    
Automotive — 6.4%      
Accuride Corp.      
$ 1,213,720     Term Loan, 6.55%, Maturing January 31, 2012   $ 1,225,225    
Affina Group, Inc.      
  298,389     Term Loan, 6.40%, Maturing November 30, 2011     296,226    
Axletech International Holding, Inc.      
  925,000     Term Loan, 10.95%, Maturing April 21, 2013     931,167    
CSA Acquisition Corp.      
  304,016     Term Loan, 6.56%, Maturing December 23, 2011     304,700    
  489,069     Term Loan, 6.56%, Maturing December 23, 2011     490,169    
Dayco Products, LLC      
  1,374,092     Term Loan, 7.30%, Maturing June 23, 2011     1,386,974    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Automotive (continued)      
Exide Technologies, Inc.      
$ 451,555     Term Loan, 9.38%, Maturing May 5, 2010   $ 453,813    
  452,021     Term Loan, 9.38%, Maturing May 5, 2010     454,281    
Federal-Mogul Corp.      
  750,000     Term Loan, 6.64%, Maturing December 9, 2006     695,312    
  1,500,000     Term Loan, 6.89%, Maturing December 9, 2006     1,402,500    
  763,183     Term Loan, 8.14%, Maturing December 9, 2006     765,091    
Goodyear Tire & Rubber Co.      
  470,000     Term Loan, 5.94%, Maturing April 30, 2010     474,280    
  1,580,000     Term Loan, 7.06%, Maturing April 30, 2010     1,592,837    
  500,000     Term Loan, 7.81%, Maturing March 1, 2011     499,875    
HLI Operating Co., Inc.      
  914,816     Term Loan, 7.52%, Maturing June 3, 2009     905,995    
Key Automotive Group      
  897,015     Term Loan, 7.33%, Maturing June 29, 2010     893,652    
R.J. Tower Corp.      
  1,175,000     DIP Revolving Loan, 7.25%, Maturing February 2, 2007     1,200,808    
Tenneco Automotive, Inc.      
  1,194,224     Term Loan, 6.54%, Maturing December 12, 2010     1,214,974    
TI Automotive, Ltd.      
  648,527     Term Loan, 7.94%, Maturing June 30, 2011     642,042    
Trimas Corp.      
  1,911,200     Term Loan, 8.02%, Maturing December 31, 2009     1,930,312    
TRW Automotive, Inc.      
  1,574,874     Term Loan, 5.25%, Maturing June 30, 2012     1,582,871    
United Components, Inc.      
  844,358     Term Loan, 6.81%, Maturing June 30, 2010     855,968    
            $ 20,199,072    
Beverage and Tobacco — 2.1%      
Alliance One International, Inc.      
$ 421,813     Term Loan, 8.03%, Maturing May 13, 2010   $ 422,076    
Constellation Brands, Inc.      
  2,105,672     Term Loan, 5.66%, Maturing November 30, 2011     2,131,336    
Culligan International Co.      
  841,500     Term Loan, 6.87%, Maturing September 30, 2011     853,071    
National Dairy Holdings, L.P.      
  158,800     Term Loan, 6.38%, Maturing March 15, 2012     159,693    
National Distribution Company      
  425,000     Term Loan, 10.88%, Maturing June 22, 2010     426,062    
Southern Wine & Spirits of America, Inc.      
  2,415,575     Term Loan, 6.03%, Maturing May 31, 2012     2,439,731    
Sunny Delight Beverages Co.      
  364,412     Term Loan, 8.46%, Maturing August 20, 2010     351,657    
            $ 6,783,626    

 

See notes to financial statements

4



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Building and Development — 10.9%      
AP-Newkirk Holdings, LLC      
$ 1,050,000     Term Loan, 6.87%, Maturing December 21, 2007   $ 1,047,375    
Biomed Realty, L.P.      
  1,640,000     Term Loan, 6.54%, Maturing May 31, 2010     1,644,100    
DMB/CH II LLC      
  350,000     Term Loan, 6.13%, Maturing September 9, 2009     350,875    
Epco/Fantome, LLC      
  825,000     Term Loan, 7.37%, Maturing November 23, 2010     825,000    
Formica Corp.      
  64,521     Term Loan, 9.37%, Maturing June 10, 2010     64,844    
  156,352     Term Loan, 9.37%, Maturing June 10, 2010     157,134    
  79,959     Term Loan, 9.37%, Maturing June 10, 2010     80,359    
  225,824     Term Loan, 9.37%, Maturing June 10, 2010     226,953    
FT-FIN Acquisition, LLC      
  672,303     Term Loan, 8.57%, Maturing November 17, 2007     673,984    
Gables GP, Inc.      
  937,368     Term Loan, 6.12%, Maturing September 30, 2006     942,349    
General Growth Properties, Inc.      
  4,684,527     Term Loan, 6.39%, Maturing November 12, 2008     4,722,785    
Hovstone Holdings, LLC      
  655,000     Term Loan, 6.65%, Maturing February 28, 2009     656,637    
Kyle Acquisition Group, LLC      
  757,181     Term Loan, 6.50%, Maturing July 20, 2010     761,440    
Landsource Communities, LLC      
  1,502,000     Term Loan, 6.88%, Maturing March 31, 2010     1,518,429    
LNR Property Corp.      
  1,288,230     Term Loan, 7.27%, Maturing February 3, 2008     1,295,074    
  933,233     Term Loan, 7.33%, Maturing February 3, 2008     939,066    
LNR Property Holdings      
  500,000     Term Loan, 8.77%, Maturing February 3, 2008     505,000    
MAAX Corp.      
  382,848     Term Loan, 7.41%, Maturing June 4, 2011     380,934    
Mueller Group, Inc.      
  1,371,563     Term Loan, 6.54%, Maturing October 3, 2012     1,390,054    
Newkirk Master, L.P.      
  1,728,955     Term Loan, 6.05%, Maturing August 11, 2008     1,743,544    
Nortek, Inc.      
  938,125     Term Loan, 6.95%, Maturing August 27, 2011     947,624    
Panolam Industries Holdings, Inc.      
  349,125     Term Loan, 7.28%, Maturing September 30, 2012     354,362    
Ply Gem Industries, Inc.      
  553,087     Term Loan, 6.16%, Maturing February 12, 2011     556,544    
  95,600     Term Loan, 6.16%, Maturing February 12, 2011     96,198    
  374,533     Term Loan, 6.64%, Maturing February 12, 2011     376,874    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Building and Development (continued)      
Shea Capital I, LLC      
$ 325,000     Term Loan, 6.26%, Maturing October 27, 2011   $ 326,625    
South Edge, LLC      
  328,125     Term Loan, 6.13%, Maturing October 31, 2007     329,219    
  421,875     Term Loan, 6.38%, Maturing October 31, 2009     424,688    
Stile Acquisition Corp.      
  1,228,416     Term Loan, 6.21%, Maturing April 6, 2013     1,217,604    
Stile U.S. Acquisition Corp.      
  1,230,509     Term Loan, 6.21%, Maturing April 6, 2013     1,219,678    
Sugarloaf Mills, L.P.      
  1,000,000     Term Loan, 6.12%, Maturing April 7, 2007     1,005,000    
  1,200,000     Term Loan, 7.33%, Maturing April 7, 2007     1,200,000    
TE/Tousa Senior, LLC      
  575,000     Term Loan, 7.19%, Maturing July 29, 2008     580,031    
The Woodlands Community Property Co.      
  1,304,000     Term Loan, 6.55%, Maturing November 30, 2007     1,313,780    
  923,000     Term Loan, 8.55%, Maturing November 30, 2007     936,845    
Tousa/Kolter, LLC      
  1,110,000     Term Loan, 5.30%, Maturing January 7, 2008(2)     1,115,550    
Tru 2005 Re Holding Co.      
  2,200,000     Term Loan, 7.46%, Maturing December 9, 2008     2,196,792    
Trustreet Properties, Inc.      
  465,000     Term Loan, 6.29%, Maturing April 8, 2010     469,650    
            $ 34,593,000    
Business Equipment and Services — 6.3%      
Acco Brands Corp.      
$ 349,125     Term Loan, 6.08%, Maturing August 17, 2012   $ 353,416    
Affinion Group, Inc.      
  1,220,930     Term Loan, 7.10%, Maturing October 17, 2012     1,203,762    
Allied Security Holdings, LLC      
  801,411     Term Loan, 8.28%, Maturing June 30, 2010     810,427    
Baker & Taylor, Inc.      
  1,700,000     Term Loan, 11.00%, Maturing May 6, 2011     1,721,250    
DynCorp International, LLC      
  651,725     Term Loan, 7.13%, Maturing February 11, 2011     655,527    
Global Imaging Systems, Inc.      
  483,894     Term Loan, 5.99%, Maturing May 10, 2010     487,826    
Info USA, Inc.      
  236,938     Term Loan, 7.14%, Maturing June 4, 2010     237,530    
Iron Mountain, Inc.      
  3,979,787     Term Loan, 6.19%, Maturing April 2, 2011     4,016,477    
Language Line, Inc.      
  483,607     Term Loan, 8.45%, Maturing June 11, 2011     486,569    

 

See notes to financial statements

5



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Business Equipment and Services (continued)      
Mitchell International, Inc.      
$ 400,000     Term Loan, 6.53%, Maturing August 15, 2011   $ 405,750    
N.E.W. Holdings I, LLC      
  452,159     Term Loan, 7.40%, Maturing July 1, 2011     458,659    
Protection One, Inc.      
  495,703     Term Loan, 7.67%, Maturing April 18, 2011     500,970    
Sungard Data Systems, Inc.      
  6,989,875     Term Loan, 6.81%, Maturing February 11, 2013     7,044,116    
Transaction Network Services, Inc.      
  419,412     Term Loan, 6.48%, Maturing May 4, 2012     423,082    
US Investigations Services, Inc.      
  374,063     Term Loan, 7.00%, Maturing October 14, 2012     376,868    
Western Inventory Services      
  275,000     Term Loan, 11.28%, Maturing October 14, 2011     277,062    
Williams Scotsman, Inc.      
  500,000     Term Loan, 6.64%, Maturing June 28, 2010     506,666    
            $ 19,965,957    
Cable and Satellite Television — 8.3%      
Adelphia Communications Corp.      
$ 1,810,405     DIP Loan, 6.31%, Maturing March 31, 2006   $ 1,819,457    
Atlantic Broadband Finance, LLC      
  1,494,183     Term Loan, 7.20%, Maturing September 1, 2011     1,515,662    
Bragg Communications, Inc.      
  553,045     Term Loan, 6.24%, Maturing August 31, 2011     560,995    
Bresnan Communications, LLC      
  500,000     Term Loan, 7.83%, Maturing March 31, 2010     505,625    
  1,000,000     Term Loan, 7.83%, Maturing September 30, 2010     1,013,594    
Canadian Cable Acquisition Co., Inc.      
  994,850     Term Loan, 7.53%, Maturing July 30, 2011     1,009,151    
Cebridge Connections, Inc.      
  753,525     Term Loan, 7.45%, Maturing February 23, 2009     758,235    
  788,000     Term Loan, 10.06%, Maturing February 23, 2010     815,580    
Charter Communications Operating, LLC      
  7,109,361     Term Loan, 7.50%, Maturing April 27, 2011     7,136,299    
Insight Midwest Holdings, LLC      
  3,430,000     Term Loan, 6.56%, Maturing December 31, 2009     3,478,236    
MCC Iowa, LLC      
  837,298     Term Loan, 6.35%, Maturing February 3, 2014     849,530    
Mediacom Illinois, LLC      
  1,980,000     Term Loan, 6.57%, Maturing March 31, 2013     2,009,082    
NTL, Inc.      
  1,750,000     Term Loan, 7.14%, Maturing April 13, 2012     1,758,895    
UGS Corp.      
  1,451,192     Term Loan, 6.39%, Maturing March 31, 2012     1,471,146    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Cable and Satellite Television (continued)      
UPC Broadband Holdings B.V.      
$ 1,780,000     Term Loan, 6.80%, Maturing September 30, 2012   $ 1,798,277    
            $ 26,499,764    
Chemicals and Plastics — 7.7%      
Basell Af S.A.R.L.      
$ 208,333     Term Loan, 6.91%, Maturing August 1, 2013   $ 211,947    
  41,667     Term Loan, 6.91%, Maturing August 1, 2013     42,251    
  208,333     Term Loan, 7.24%, Maturing August 1, 2014     211,947    
  41,667     Term Loan, 7.24%, Maturing August 1, 2014     42,310    
Brenntag AG      
  1,275,000     Term Loan, 6.81%, Maturing February 27, 2012     1,279,038    
Celanese Holdings, LLC      
  2,617,984     Term Loan, 6.53%, Maturing April 6, 2011     2,647,763    
Gentek, Inc.      
  296,613     Term Loan, 7.07%, Maturing February 25, 2011     298,689    
  430,000     Term Loan, 9.90%, Maturing February 25, 2012     428,280    
Hercules, Inc.      
  491,250     Term Loan, 5.88%, Maturing October 8, 2010     497,513    
Hexion Specialty Chemicals, Inc.      
  90,000     Term Loan, 4.29%, Maturing May 31, 2012     91,350    
  376,110     Term Loan, 6.88%, Maturing May 31, 2012     381,752    
  519,390     Term Loan, 7.06%, Maturing May 31, 2012     527,181    
Huntsman International, LLC      
  3,120,873     Term Loan, 6.12%, Maturing August 16, 2012     3,140,622    
Innophos, Inc.      
  481,950     Term Loan, 6.71%, Maturing August 13, 2010     487,974    
Invista B.V.      
  1,983,354     Term Loan, 6.69%, Maturing April 29, 2011     2,004,427    
  852,288     Term Loan, 6.69%, Maturing April 29, 2011     861,344    
ISP Chemco, Inc.      
  687,750     Term Loan, 6.38%, Maturing March 27, 2011     696,347    
Kraton Polymer, LLC      
  1,464,096     Term Loan, 7.02%, Maturing December 23, 2010     1,485,142    
Mosaic Co.      
  764,225     Term Loan, 5.95%, Maturing February 21, 2012     771,485    
Nalco Co.      
  3,329,426     Term Loan, 6.32%, Maturing November 4, 2010     3,376,664    
PQ Corp.      
  263,013     Term Loan, 6.56%, Maturing February 11, 2012     266,190    
Rockwood Specialties Group, Inc.      
  2,323,325     Term Loan, 6.22%, Maturing December 10, 2012     2,351,096    
Solo Cup Co.      
  1,346,580     Term Loan, 7.03%, Maturing February 27, 2011     1,357,801    

 

See notes to financial statements

6



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Chemicals and Plastics (continued)      
Wellman, Inc.      
$ 900,000     Term Loan, 8.25%, Maturing February 10, 2009   $ 913,500    
Westlake Chemical Corp.      
  37,500     Term Loan, 6.64%, Maturing July 31, 2010     37,500    
            $ 24,410,113    
Clothing / Textiles — 0.5%      
Propex Fabrics, Inc.      
$ 180,500     Term Loan, 6.78%, Maturing December 31, 2011   $ 180,951    
St. John Knits International, Inc.      
  812,589     Term Loan, 7.06%, Maturing March 23, 2012     822,746    
The William Carter Co.      
  425,732     Term Loan, 5.72%, Maturing July 14, 2012     430,699    
            $ 1,434,396    
Conglomerates — 4.4%      
Amsted Industries, Inc.      
$ 1,987,335     Term Loan, 6.68%, Maturing October 15, 2010   $ 2,019,629    
Blount, Inc.      
  577,640     Term Loan, 6.69%, Maturing August 9, 2010     583,898    
Bushnell Performance Optics      
  500,000     Term Loan, 7.53%, Maturing August 19, 2011     507,187    
Euramax International, Inc.      
  383,075     Term Loan, 7.25%, Maturing June 28, 2012     380,612    
  334,211     Term Loan, 11.09%, Maturing June 28, 2013     316,247    
  165,789     Term Loan, 11.09%, Maturing June 28, 2013     156,878    
Goodman Global Holdings, Inc.      
  573,820     Term Loan, 6.38%, Maturing December 23, 2011     582,546    
Jarden Corp.      
  1,072,002     Term Loan, 6.28%, Maturing January 24, 2012     1,076,022    
  1,522,195     Term Loan, 6.53%, Maturing January 24, 2012     1,530,893    
Johnson Diversey, Inc.      
  1,969,127     Term Loan, 6.80%, Maturing December 16, 2011     1,989,557    
Polymer Group, Inc.      
  1,400,000     Term Loan, 6.77%, Maturing November 22, 2012     1,414,875    
PP Acquisition Corp.      
  1,582,889     Term Loan, 7.53%, Maturing November 12, 2011     1,575,634    
Rexnord Corp.      
  1,938,446     Term Loan, 6.15%, Maturing December 31, 2011     1,963,485    
            $ 14,097,463    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Containers and Glass Products — 7.0%      
Berry Plastics Corp.      
$ 2,128,620     Term Loan, 6.45%, Maturing December 2, 2011   $ 2,156,337    
BWAY Corp.      
  275,500     Term Loan, 6.56%, Maturing June 30, 2011     278,772    
Consolidated Container Holding, LLC      
  640,250     Term Loan, 7.50%, Maturing December 15, 2008     643,851    
Crown Americas, Inc.      
  350,000     Term Loan, 6.00%, Maturing November 15, 2012     352,516    
Dr. Pepper/Seven Up Bottling Group, Inc.      
  1,243,295     Term Loan, 6.20%, Maturing December 19, 2010     1,262,099    
Graham Packaging Holdings Co.      
  2,277,000     Term Loan, 6.48%, Maturing October 7, 2011     2,306,353    
  1,000,000     Term Loan, 8.81%, Maturing April 7, 2012     1,020,938    
Graphic Packaging International, Inc.      
  4,848,647     Term Loan, 6.60%, Maturing August 8, 2010     4,913,498    
IPG (US), Inc.      
  365,375     Term Loan, 6.69%, Maturing July 28, 2011     370,703    
JSG Acquisitions      
  990,000     Term Loan, 7.11%, Maturing December 31, 2013     989,505    
  990,000     Term Loan, 7.61%, Maturing December 13, 2014     989,505    
Kranson Industries, Inc.      
  492,500     Term Loan, 7.28%, Maturing July 30, 2011     498,656    
Owens-Illinois, Inc.      
  1,486,733     Term Loan, 6.10%, Maturing April 1, 2007     1,494,786    
  394,214     Term Loan, 6.15%, Maturing April 1, 2008     397,294    
Smurfit-Stone Container Corp.      
  315,687     Term Loan, 2.35%, Maturing November 1, 2010     318,992    
  2,271,104     Term Loan, 6.69%, Maturing November 1, 2011     2,294,880    
  795,902     Term Loan, 6.69%, Maturing November 1, 2011     804,234    
U.S. Can Corp.      
  982,500     Term Loan, 7.65%, Maturing January 15, 2010     991,097    
            $ 22,084,016    
Cosmetics / Toiletries — 0.8%      
American Safety Razor Co.      
$ 928,056     Term Loan, 7.15%, Maturing February 28, 2012   $ 941,976    
Prestige Brands, Inc.      
  884,250     Term Loan, 6.31%, Maturing April 7, 2011     893,461    
Revlon Consumer Products Corp.      
  721,875     Term Loan, 10.10%, Maturing July 9, 2010     744,772    
            $ 2,580,209    

 

See notes to financial statements

7



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Drugs — 1.3%      
Patheon, Inc.      
$ 975,000     Term Loan, 6.64%, Maturing December 14, 2011   $ 981,094    
Warner Chilcott Corp.      
  4,416     Term Loan, 0.00%, Maturing January 31, 2006(2)     4,421    
  22,082     Term Loan, 0.00%, Maturing June 30, 2006(2)     22,104    
  1,970,115     Term Loan, 7.14%, Maturing January 18, 2012     1,970,993    
  793,860     Term Loan, 7.28%, Maturing January 18, 2012     794,214    
  366,741     Term Loan, 7.28%, Maturing January 18, 2012     366,905    
            $ 4,139,731    
Ecological Services and Equipment — 2.0%      
Alderwoods Group, Inc.      
$ 278,412     Term Loan, 6.25%, Maturing September 29, 2009   $ 281,631    
Allied Waste Industries, Inc.      
  846,665     Term Loan, 4.02%, Maturing January 15, 2012     852,192    
  2,180,748     Term Loan, 6.18%, Maturing January 15, 2012     2,195,122    
Envirocare of Utah, LLC      
  760,000     Term Loan, 6.95%, Maturing April 15, 2010     770,608    
Environmental Systems, Inc.      
  989,398     Term Loan, 7.90%, Maturing December 12, 2008     1,008,259    
IESI Corp.      
  441,176     Term Loan, 6.20%, Maturing January 20, 2012     447,105    
Sensus Metering Systems, Inc.      
  115,199     Term Loan, 6.44%, Maturing December 17, 2010     116,567    
  738,376     Term Loan, 6.45%, Maturing December 17, 2010     747,144    
            $ 6,418,628    
Electronics / Electrical — 4.7%      
AMI Semiconductor, Inc.      
$ 953,613     Term Loan, 5.89%, Maturing April 1, 2012   $ 959,970    
Aspect Software, Inc.      
  350,000     Term Loan, 6.56%, Maturing September 22, 2010     354,375    
Avago Technologies Finance PTE      
  650,000     Term Loan, 6.82%, Maturing December 1, 2012     653,860    
Communications & Power, Inc.      
  444,444     Term Loan, 6.62%, Maturing July 23, 2010     448,519    
Enersys Capital, Inc.      
  985,000     Term Loan, 6.40%, Maturing March 17, 2011     996,697    
Fairchild Semiconductor Corp.      
  2,121,081     Term Loan, 6.31%, Maturing December 31, 2010     2,136,989    
Invensys International Holdings Ltd.      
  1,622,368     Term Loan, 7.79%, Maturing September 4, 2009     1,650,354    
Panavision, Inc.      
  1,012,322     Term Loan, 10.39%, Maturing January 12, 2007     1,034,783    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Electronics / Electrical (continued)      
Rayovac Corp.      
$ 2,908,025     Term Loan, 6.43%, Maturing February 7, 2012   $ 2,929,230    
Security Co., Inc.      
  493,753     Term Loan, 9.25%, Maturing June 28, 2010     497,456    
  500,000     Term Loan, 11.25%, Maturing June 30, 2011     506,875    
SSA Global Technologies, Inc.      
  249,375     Term Loan, 6.52%, Maturing September 22, 2011     251,245    
Telcordia Technologies, Inc.      
  1,552,200     Term Loan, 6.91%, Maturing September 15, 2012     1,539,588    
United Online, Inc.      
  361,392     Term Loan, 7.06%, Maturing December 13, 2008     363,199    
Vertafore, Inc.      
  239,937     Term Loan, 7.14%, Maturing December 22, 2010     243,536    
  500,000     Term Loan, 10.37%, Maturing December 22, 2011     510,000    
            $ 15,076,676    
Equipment Leasing — 1.4%      
Ashtead Group, PLC      
$ 990,000     Term Loan, 6.13%, Maturing November 12, 2009   $ 998,457    
Maxim Crane Works, L.P.      
  498,267     Term Loan, 9.63%, Maturing January 28, 2012     511,762    
The Hertz Corp.      
  253,933     Term Loan, 0.00%, Maturing December 21, 2012(2)     257,405    
  216,667     Term Loan, 4.50%, Maturing December 21, 2012     219,629    
  1,479,400     Term Loan, 8.50%, Maturing December 21, 2012     1,499,626    
United Rentals, Inc.      
  166,667     Term Loan, 2.87%, Maturing February 14, 2011     168,667    
  820,833     Term Loan, 6.63%, Maturing February 14, 2011     830,683    
            $ 4,486,229    
Farming / Agriculture — 0.3%      
Central Garden & Pet Co.      
$ 780,779     Term Loan, 5.57%, Maturing May 19, 2009   $ 792,003    
            $ 792,003    
Financial Intermediaries — 2.7%      
AIMCO Properties, L.P.      
$ 700,000     Term Loan, 6.03%, Maturing November 2, 2009   $ 709,844    
  2,350,000     Term Loan, 6.23%, Maturing November 2, 2009     2,385,986    
Coinstar, Inc.      
  308,644     Term Loan, 6.10%, Maturing July 7, 2011     311,923    
Corrections Corp. of America      
  505,273     Term Loan, 6.02%, Maturing March 31, 2008     513,168    

 

See notes to financial statements

8



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Financial Intermediaries (continued)      
National Information Solutions, Inc.      
$ 3,212,000     Term Loan, 6.11%, Maturing March 9, 2013   $ 3,228,596    
The Macerich Partnership, L.P.      
  709,469     Term Loan, 6.04%, Maturing April 25, 2006     710,356    
  650,000     Term Loan, 5.81%, Maturing April 25, 2010     654,198    
            $ 8,514,071    
Food Products — 2.4%      
Acosta, Inc.      
$ 525,000     Term Loan, 6.60%, Maturing December 6, 2012   $ 530,906    
Chiquita Brands, LLC      
  368,150     Term Loan, 6.38%, Maturing June 28, 2012     372,445    
Del Monte Corp.      
  447,750     Term Loan, 5.73%, Maturing February 8, 2012     454,074    
Doane Pet Care Co.      
  299,250     Term Loan, 6.77%, Maturing October 21, 2012     303,365    
Dole Food Company, Inc.      
  583,156     Term Loan, 5.93%, Maturing April 18, 2012     586,132    
Herbalife International, Inc.      
  136,904     Term Loan, 6.00%, Maturing December 21, 2010     138,145    
Michael Foods, Inc.      
  1,212,752     Term Loan, 6.66%, Maturing November 21, 2010     1,229,679    
Pinnacle Foods Holdings Corp.      
  2,910,649     Term Loan, 7.32%, Maturing November 25, 2010     2,952,125    
Reddy Ice Group, Inc.      
  1,055,000     Term Loan, 5.87%, Maturing August 9, 2012     1,065,880    
            $ 7,632,751    
Food Service — 3.4%      
AFC Enterprises, Inc.      
$ 910,425     Term Loan, 6.81%, Maturing May 11, 2011   $ 921,805    
Buffets, Inc.      
  209,091     Term Loan, 3.60%, Maturing June 28, 2009     211,182    
  1,015,285     Term Loan, 8.16%, Maturing June 28, 2009     1,025,437    
Burger King Corp.      
  990,025     Term Loan, 6.31%, Maturing June 30, 2012     1,003,096    
Carrols Corp.      
  765,368     Term Loan, 7.00%, Maturing December 31, 2010     776,490    
CKE Restaurants, Inc.      
  193,696     Term Loan, 6.38%, Maturing May 1, 2010     195,875    
Denny's, Inc.      
  1,237,511     Term Loan, 7.47%, Maturing September 21, 2009     1,259,684    
Domino's, Inc.      
  3,036,882     Term Loan, 6.06%, Maturing June 25, 2010     3,074,212    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Food Service (continued)      
Jack in the Box, Inc.      
$ 736,875     Term Loan, 5.69%, Maturing January 8, 2011   $ 744,704    
Maine Beverage Co., LLC      
  437,500     Term Loan, 5.77%, Maturing June 30, 2010     436,406    
Weight Watchers International, Inc.      
  493,750     Term Loan, 5.67%, Maturing March 31, 2010     499,511    
Weightwatchers.com, Inc.      
  500,000     Term Loan, 9.12%, Maturing June 16, 2011     505,625    
            $ 10,654,027    
Food / Drug Retailers — 2.6%      
Cumberland Farms, Inc.      
$ 2,201,911     Term Loan, 6.69%, Maturing September 8, 2008   $ 2,214,297    
General Nutrition Centers, Inc.      
  833,654     Term Loan, 7.39%, Maturing December 7, 2009     845,117    
Giant Eagle, Inc.      
  1,000,000     Term Loan, 5.77%, Maturing November 7, 2012     1,005,313    
Roundy's Supermarkets, Inc.      
  1,850,000     Term Loan, 7.33%, Maturing November 3, 2011     1,841,675    
The Jean Coutu Group (PJC), Inc.      
  2,354,575     Term Loan, 6.50%, Maturing July 30, 2011     2,379,920    
            $ 8,286,322    
Forest Products — 1.2%      
Boise Cascade Holdings, LLC      
$ 1,505,187     Term Loan, 6.26%, Maturing October 29, 2011   $ 1,526,824    
Buckeye Technologies, Inc.      
  191,750     Term Loan, 6.19%, Maturing March 15, 2010     193,228    
NewPage Corp.      
  1,147,125     Term Loan, 7.56%, Maturing May 2, 2011     1,161,464    
RLC Industries Co.      
  554,464     Term Loan, 6.03%, Maturing February 24, 2010     557,237    
Xerium Technologies, Inc.      
  482,575     Term Loan, 6.53%, Maturing November 19, 2011     485,742    
            $ 3,924,495    
Healthcare — 9.1%      
Accellent, Inc.      
$ 190,000     Term Loan, 6.39%, Maturing November 22, 2012   $ 192,137    
Alliance Imaging, Inc.      
  1,188,534     Term Loan, 6.81%, Maturing December 29, 2011     1,190,912    
AMN Healthcare, Inc.      
  300,000     Term Loan, 6.53%, Maturing November 2, 2011     303,062    
AMR HoldCo, Inc.      
  634,811     Term Loan, 6.71%, Maturing February 10, 2012     641,159    

 

See notes to financial statements

9



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Healthcare (continued)      
Carl Zeiss Topco GMBH      
$ 196,667     Term Loan, 6.95%, Maturing February 28, 2013   $ 197,896    
  393,333     Term Loan, 7.45%, Maturing February 28, 2014     396,283    
  375,000     Term Loan, 9.70%, Maturing August 31, 2014     382,031    
Colgate Medical, Ltd.      
  67,045     Term Loan, 6.38%, Maturing December 30, 2008     67,716    
Community Health Systems, Inc.      
  3,395,766     Term Loan, 6.16%, Maturing August 19, 2011     3,442,810    
Concentra Operating Corp.      
  1,275,000     Term Loan, 6.05%, Maturing September 30, 2011     1,292,000    
Conmed Corp.      
  940,811     Term Loan, 6.62%, Maturing December 31, 2007     952,571    
Davita, Inc.      
  3,890,250     Term Loan, 6.73%, Maturing October 5, 2012     3,947,254    
Encore Medical IHC, Inc.      
  768,065     Term Loan, 7.46%, Maturing October 4, 2010     776,705    
FHC Health Systems, Inc.      
  348,214     Term Loan, 10.41%, Maturing December 18, 2009     355,179    
  243,750     Term Loan, 12.41%, Maturing December 18, 2009     248,625    
  750,000     Term Loan, 13.41%, Maturing February 7, 2011     765,000    
Genoa Healthcare Group, LLC      
  273,000     Term Loan, 7.75%, Maturing August 12, 2012     275,901    
Hanger Orthopedic Group, Inc.      
  982,411     Term Loan, 8.27%, Maturing September 30, 2009     995,919    
Healthcare Partners, LLC      
  197,313     Term Loan, 6.89%, Maturing March 2, 2011     199,224    
Healthsouth Corp.      
  884,306     Term Loan, 6.89%, Maturing June 14, 2007     889,005    
  246,250     Term Loan, 2.50%, Maturing March 21, 2010     247,558    
Kinetic Concepts, Inc.      
  218,652     Term Loan, 6.28%, Maturing August 11, 2010     220,930    
Leiner Health Products, Inc.      
  526,975     Term Loan, 7.70%, Maturing May 27, 2011     533,727    
Lifecare Holdings, Inc.      
  450,000     Term Loan, 6.59%, Maturing August 11, 2012     424,547    
Lifepoint Hospitals, Inc.      
  2,130,887     Term Loan, 6.19%, Maturing April 15, 2012     2,145,980    
Magellan Health Services, Inc.      
  457,958     Term Loan, 4.19%, Maturing August 15, 2008     463,110    
  572,447     Term Loan, 6.74%, Maturing August 15, 2008     578,888    
Medcath Holdings Corp.      
  101,250     Term Loan, 6.77%, Maturing July 2, 2011     101,978    
National Mentor, Inc.      
  873,671     Term Loan, 6.81%, Maturing September 30, 2011     885,138    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Healthcare (continued)      
Renal Advantage, Inc.      
$ 199,500     Term Loan, 6.86%, Maturing October 5, 2012   $ 201,807    
Select Medical Holding Corp.      
  1,267,931     Term Loan, 6.12%, Maturing February 24, 2012     1,269,956    
Sunrise Medical Holdings, Inc.      
  491,505     Term Loan, 7.63%, Maturing May 13, 2010     492,119    
Sybron Dental Management, Inc.      
  551,421     Term Loan, 6.23%, Maturing June 6, 2009     556,246    
Talecris Biotherapeutics, Inc.      
  535,950     Term Loan, 7.62%, Maturing March 31, 2010     534,610    
Vanguard Health Holding Co., LLC      
  1,645,900     Term Loan, 6.95%, Maturing September 23, 2011     1,668,531    
VWR International, Inc.      
  1,025,184     Term Loan, 6.69%, Maturing April 7, 2011     1,040,882    
            $ 28,877,396    
Home Furnishings — 2.3%      
Interline Brands, Inc.      
$ 1,521,195     Term Loan, 6.78%, Maturing December 31, 2010   $ 1,544,013    
Knoll, Inc.      
  1,107,225     Term Loan, 6.53%, Maturing October 3, 2012     1,121,930    
National Bedding Company, LLC      
  350,000     Term Loan, 9.39%, Maturing August 31, 2012     341,687    
Oreck Corp.      
  748,111     Term Loan, 7.28%, Maturing February 2, 2012     753,722    
Sealy Mattress Co.      
  1,597,479     Term Loan, 6.13%, Maturing April 6, 2012     1,616,699    
Simmons Co.      
  1,836,500     Term Loan, 5.87%, Maturing December 19, 2011     1,857,447    
            $ 7,235,498    
Industrial Equipment — 1.5%      
Alliance Laundry Holdings, LLC      
$ 247,800     Term Loan, 6.59%, Maturing January 27, 2012   $ 251,517    
Colfax Corp.      
  596,476     Term Loan, 6.56%, Maturing May 30, 2009     602,938    
Flowserve Corp.      
  1,118,433     Term Loan, 6.36%, Maturing August 10, 2012     1,133,287    
Gleason Corp.      
  228,151     Term Loan, 6.86%, Maturing July 27, 2011     231,003    
  750,000     Term Loan, 9.82%, Maturing January 31, 2012     763,125    
Itron, Inc.      
  135,135     Term Loan, 6.53%, Maturing December 17, 2010     136,149    

 

See notes to financial statements

10



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Industrial Equipment (continued)      
Mainline, L.P.      
$ 772,000     Term Loan, 6.88%, Maturing December 17, 2011   $ 773,930    
Maxim Crane Works, L.P.      
  779,999     Term Loan, 6.88%, Maturing January 28, 2010     791,049    
            $ 4,682,998    
Insurance — 2.6%      
ARG Holdings, Inc.      
$ 650,000     Term Loan, 11.47%, Maturing November 30, 2012   $ 659,750    
CCC Information Services Group, Inc.      
  1,033,811     Term Loan, 7.14%, Maturing August 20, 2010     1,036,395    
Conseco, Inc.      
  1,680,822     Term Loan, 6.37%, Maturing June 22, 2010     1,694,829    
Hilb, Rogal & Hobbs Co.      
  3,293,903     Term Loan, 6.81%, Maturing June 30, 2007     3,333,018    
U.S.I. Holdings Corp.      
  977,500     Term Loan, 6.74%, Maturing August 11, 2008     981,777    
  664,975     Term Loan, 6.74%, Maturing August 11, 2008     667,884    
            $ 8,373,653    
Leisure Goods / Activities / Movies — 7.8%      
24 Hour Fitness Worldwide, Inc.      
$ 900,000     Term Loan, 6.78%, Maturing June 8, 2012   $ 912,750    
Alliance Atlantis Communications, Inc.      
  336,458     Term Loan, 5.89%, Maturing December 31, 2011     339,121    
AMF Bowling Worldwide, Inc.      
  346,711     Term Loan, 7.28%, Maturing August 27, 2009     349,853    
Cinemark, Inc.      
  1,965,000     Term Loan, 6.53%, Maturing March 31, 2011     1,991,036    
Fender Musical Instruments Co.      
  375,000     Term Loan, 8.72%, Maturing March 30, 2012     375,703    
Loews Cineplex Entertainment Corp.      
  2,073,007     Term Loan, 6.45%, Maturing July 30, 2011     2,086,287    
Mega Blocks, Inc.      
  847,875     Term Loan, 6.04%, Maturing July 26, 2012     859,003    
Metro-Goldwyn-Mayer Holdings, Inc.      
  5,390,000     Term Loan, 6.78%, Maturing April 8, 2012     5,432,263    
Regal Cinemas Corp.      
  4,429,835     Term Loan, 6.53%, Maturing November 10, 2010     4,484,592    
Six Flags Theme Parks, Inc.      
  750,000     Revolving Loan, 7.63%, Maturing June 30, 2008(2)     741,094    
  2,229,653     Term Loan, 6.67%, Maturing June 30, 2009     2,259,115    
Universal City Development Partners, Ltd.      
  999,900     Term Loan, 6.25%, Maturing June 9, 2011     1,013,024    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Leisure Goods / Activities / Movies (continued)      
WMG Acquisition Corp.      
$ 450,000     Revolving Loan, 0.00%, Maturing February 28, 2010(2)   $ 437,962    
  3,599,032     Term Loan, 6.41%, Maturing February 28, 2011     3,641,450    
            $ 24,923,253    
Lodging and Casinos — 5.6%      
Alliance Gaming Corp.      
$ 1,697,768     Term Loan, 11.00%, Maturing September 5, 2009   $ 1,700,686    
Ameristar Casinos, Inc.      
  600,000     Term Loan, 5.87%, Maturing November 10, 2012     604,500    
CCM Merger, Inc.      
  1,024,851     Term Loan, 6.49%, Maturing July 13, 2012     1,033,306    
CNL Resort Hotel, L.P.      
  850,000     Term Loan, 7.00%, Maturing August 18, 2006     852,125    
Columbia Entertainment      
  534,375     Term Loan, 7.03%, Maturing October 24, 2011     538,717    
Globalcash Access, LLC      
  227,045     Term Loan, 6.64%, Maturing March 10, 2010     230,450    
Isle of Capri Casinos, Inc.      
  1,202,850     Term Loan, 6.06%, Maturing February 4, 2011     1,216,382    
Marina District Finance Co., Inc.      
  1,460,250     Term Loan, 6.14%, Maturing October 20, 2011     1,471,506    
MGM Mirage      
  1,571,429     Revolving Loan, 5.13%, Maturing November 22, 2009(2)     1,526,250    
  428,571     Term Loan, 5.13%, Maturing November 22, 2009     428,973    
Penn National Gaming, Inc.      
  3,506,213     Term Loan, 6.05%, Maturing October 3, 2012     3,552,505    
Resorts International Holdings, LLC      
  1,059,950     Term Loan, 7.53%, Maturing April 26, 2012     1,064,919    
  466,626     Term Loan, 12.03%, Maturing April 26, 2013     460,210    
Venetian Casino Resort, LLC      
  2,031,035     Term Loan, 6.28%, Maturing June 15, 2011     2,046,584    
  418,770     Term Loan, 6.28%, Maturing June 15, 2011     421,976    
Wynn Las Vegas, LLC      
  665,000     Term Loan, 6.52%, Maturing December 14, 2011     672,759    
            $ 17,821,848    
Nonferrous Metals / Minerals — 2.6%      
Alpha Natural Resources, LLC      
$ 475,000     Term Loan, 6.32%, Maturing October 26, 2012   $ 478,761    
Carmeuse Lime, Inc.      
  316,875     Term Loan, 6.00%, Maturing May 2, 2011     319,648    
Foundation Coal Corp.      
  677,128     Term Loan, 6.35%, Maturing July 30, 2011     688,507    

 

See notes to financial statements

11



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Nonferrous Metals / Minerals (continued)      
ICG, LLC      
$ 44,174     Term Loan, 7.13%, Maturing November 5, 2010   $ 44,395    
International Mill Service, Inc.      
  247,505     Term Loan, 7.28%, Maturing December 31, 2010     249,980    
  1,000,000     Term Loan, 10.53%, Maturing October 26, 2011     1,015,000    
Magnequench International, Inc.      
  1,099,438     Term Loan, 8.00%, Maturing August 31, 2009     1,102,186    
Murray Energy Corp.      
  744,375     Term Loan, 7.39%, Maturing January 28, 2010     747,632    
Novelis, Inc.      
  499,865     Term Loan, 6.01%, Maturing January 6, 2012     505,801    
  866,673     Term Loan, 6.01%, Maturing January 6, 2012     876,965    
Stillwater Mining Co.      
  781,763     Term Loan, 7.69%, Maturing June 30, 2007     792,512    
Trout Coal Holdings, LLC      
  496,250     Term Loan, 7.34%, Maturing March 23, 2011     483,223    
  1,000,000     Term Loan, 10.83%, Maturing March 23, 2012     967,500    
            $ 8,272,110    
Oil and Gas — 3.9%      
Coffeyville Resources, LLC      
$ 450,000     Term Loan, 11.31%, Maturing June 24, 2013   $ 465,469    
Dresser, Inc.      
  97,256     Term Loan, 6.89%, Maturing March 31, 2007     98,715    
El Paso Corp.      
  1,071,750     Term Loan, 4.00%, Maturing November 23, 2009     1,076,588    
  2,242,493     Term Loan, 7.31%, Maturing November 23, 2009     2,255,262    
Epco Holdings, Inc.      
  613,800     Term Loan, 6.52%, Maturing August 18, 2010     623,151    
Key Energy Services, Inc.      
  640,000     Term Loan, 7.37%, Maturing June 30, 2012     649,200    
LB Pacific, L.P.      
  540,913     Term Loan, 7.09%, Maturing March 3, 2012     549,364    
Lyondell-Citgo Refining, L.P.      
  935,750     Term Loan, 6.53%, Maturing May 21, 2007     945,107    
Targa Resources, Inc.      
  895,000     Term Loan, 6.83%, Maturing October 31, 2007     898,356    
  201,774     Term Loan, 4.40%, Maturing October 31, 2012     203,603    
  1,225,155     Term Loan, 6.64%, Maturing October 31, 2012     1,236,259    
Universal Compression, Inc.      
  552,226     Term Loan, 6.03%, Maturing February 15, 2012     558,439    
Williams Production RMT Co.      
  2,930,212     Term Loan, 6.62%, Maturing May 30, 2008     2,963,177    
            $ 12,522,690    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Publishing — 5.3%      
American Media Operations, Inc.      
$ 48,048     Term Loan, 7.06%, Maturing April 1, 2006   $ 48,168    
  1,090,120     Term Loan, 6.81%, Maturing April 1, 2007     1,097,841    
  867,100     Term Loan, 6.81%, Maturing April 1, 2008     873,241    
CBD Media, LLC      
  431,373     Term Loan, 6.99%, Maturing December 31, 2009     437,978    
Dex Media East, LLC      
  1,533,431     Term Loan, 5.99%, Maturing May 8, 2009     1,545,795    
Dex Media West, LLC      
  1,874,054     Term Loan, 6.05%, Maturing March 9, 2010     1,886,513    
Hanley-Wood, LLC      
  31,788     Term Loan, 0.00%, Maturing August 1, 2012(2)     31,921    
  268,212     Term Loan, 6.56%, Maturing August 1, 2012     269,330    
Herald Media, Inc.      
  147,290     Term Loan, 7.28%, Maturing July 22, 2011     148,211    
  500,000     Term Loan, 10.28%, Maturing January 22, 2012     506,562    
Liberty Group Operating, Inc.      
  710,568     Term Loan, 6.63%, Maturing February 28, 2012     717,452    
Merrill Communications, LLC      
  691,413     Term Loan, 6.82%, Maturing July 30, 2009     697,031    
Nebraska Book Co., Inc.      
  476,513     Term Loan, 6.52%, Maturing March 4, 2011     481,278    
R.H. Donnelley Corp.      
  86,122     Term Loan, 6.26%, Maturing December 31, 2009     86,523    
  2,779,081     Term Loan, 6.20%, Maturing June 30, 2011     2,795,784    
Source Media, Inc.      
  233,412     Term Loan, 6.63%, Maturing January 30, 2006     233,412    
SP Newsprint Co.      
  969,921     Term Loan, 4.38%, Maturing January 9, 2010     983,864    
  375,008     Term Loan, 6.63%, Maturing January 9, 2010     380,399    
Sun Media Corp.      
  2,375,462     Term Loan, 6.24%, Maturing February 7, 2009     2,387,339    
Xsys US, Inc.      
  605,124     Term Loan, 6.77%, Maturing December 31, 2012     610,419    
  618,087     Term Loan, 7.27%, Maturing December 31, 2013     626,586    
            $ 16,845,647    
Radio and Television — 5.0%      
Adams Outdoor Advertising, L.P.      
$ 932,265     Term Loan, 6.20%, Maturing November 18, 2012   $ 946,055    
ALM Media Holdings, Inc.      
  828,737     Term Loan, 7.03%, Maturing March 5, 2010     829,428    
DirecTV Holdings, LLC      
  2,086,667     Term Loan, 5.87%, Maturing April 13, 2013     2,108,186    

 

See notes to financial statements

12



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Radio and Television (continued)      
Entravision Communications Corp.      
$ 725,000     Term Loan, 5.55%, Maturing September 29, 2013   $ 730,437    
Gray Television, Inc.      
  523,688     Term Loan, 5.71%, Maturing November 22, 2015     526,961    
HIT Entertainment, Inc.      
  800,000     Term Loan, 6.46%, Maturing March 20, 2012     803,600    
NEP Supershooters, L.P.      
  799,336     Term Loan, 12.53%, Maturing August 3, 2011     795,339    
Nexstar Broadcasting, Inc.      
  977,804     Term Loan, 6.28%, Maturing October 1, 2012     984,730    
  995,356     Term Loan, 6.28%, Maturing October 1, 2012     1,002,406    
NextMedia Operating, Inc.      
  69,231     Term Loan, 6.32%, Maturing November 15, 2012     69,764    
  155,769     Term Loan, 6.37%, Maturing November 15, 2012     156,970    
PanAmSat Corp.      
  2,712,506     Term Loan, 6.49%, Maturing August 20, 2011     2,747,768    
Patriot Media and Communications CNJ, LLC      
  300,000     Term Loan, 9.50%, Maturing October 6, 2013     305,344    
Rainbow National Services, LLC      
  1,477,515     Term Loan, 7.19%, Maturing March 31, 2012     1,490,997    
Raycom TV Broadcasting, Inc.      
  1,200,000     Term Loan, 6.44%, Maturing February 24, 2012     1,204,500    
Spanish Broadcasting System, Inc.      
  700,000     Term Loan, 8.02%, Maturing June 10, 2013     710,646    
Young Broadcasting, Inc.      
  388,050     Term Loan, 6.70%, Maturing November 3, 2012     390,172    
            $ 15,803,303    
Rail Industries — 0.6%      
Kansas City Southern Industries, Inc.      
$ 366,300     Term Loan, 5.80%, Maturing March 30, 2008   $ 368,437    
Railamerica, Inc.      
  1,360,409     Term Loan, 6.69%, Maturing September 29, 2011     1,382,233    
  79,478     Term Loan, 6.69%, Maturing September 29, 2011     80,753    
            $ 1,831,423    
Retailers (Except Food and Drug) — 5.5%      
American Achievement Corp.      
$ 298,281     Term Loan, 7.05%, Maturing March 25, 2011   $ 303,128    
Coinmach Laundry Corp.      
  3,000,000     Term Loan, 6.47%, Maturing December 19, 2012(2)     3,045,000    
FTD, Inc.      
  370,752     Term Loan, 6.64%, Maturing February 28, 2011     374,691    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Retailers (Except Food and Drug) (continued)      
Harbor Freight Tools USA, Inc.      
$ 914,893     Term Loan, 6.94%, Maturing July 15, 2010   $ 924,728    
Home Interiors & Gifts, Inc.      
  657,220     Term Loan, 9.39%, Maturing March 31, 2011     604,643    
Josten's Corp.      
  2,271,184     Term Loan, 6.78%, Maturing October 4, 2010     2,304,116    
Mapco Express, Inc.      
  325,365     Term Loan, 7.26%, Maturing April 28, 2011     330,042    
Mauser Werke GMBH & Co. KG      
  625,000     Term Loan, 7.12%, Maturing December 3, 2011     625,000    
Movie Gallery, Inc.      
  567,150     Term Loan, 8.28%, Maturing April 27, 2011     543,857    
Musicland Group, Inc.      
  1,000,000     Revolving Loan, 8.50%, Maturing August 11, 2008(2)     1,002,500    
Neiman Marcus Group, Inc.      
  525,000     Term Loan, 6.95%, Maturing April 5, 2013     529,821    
Oriental Trading Co., Inc.      
  1,730,602     Term Loan, 6.81%, Maturing August 4, 2010     1,741,418    
Rent-A-Center, Inc.      
  1,280,224     Term Loan, 6.27%, Maturing June 30, 2010     1,294,626    
Savers, Inc.      
  350,196     Term Loan, 7.53%, Maturing August 4, 2009     355,012    
  500,000     Term Loan, 12.22%, Maturing August 4, 2010     510,625    
School Specialty, Inc.      
  1,325,000     Term Loan, 6.71%, Maturing September 29, 2012     1,325,000    
Travelcenters of America, Inc.      
  1,660,000     Term Loan, 6.28%, Maturing November 30, 2008     1,678,675    
            $ 17,492,882    
Steel — 0.1%      
Gibraltar Industries, Inc.      
$ 450,000     Term Loan, 6.28%, Maturing December 8, 2010   $ 453,375    
            $ 453,375    
Surface Transport — 0.4%      
Horizon Lines, LLC      
$ 246,250     Term Loan, 6.78%, Maturing July 7, 2011   $ 249,533    
Sirva Worldwide, Inc.      
  983,708     Term Loan, 8.16%, Maturing December 1, 2010     944,360    
            $ 1,193,893    
Telecommunications — 6.0%      
AAT Communications Corp.      
$ 660,000     Term Loan, 7.16%, Maturing July 29, 2013   $ 671,000    

 

See notes to financial statements

13



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Telecommunications (continued)      
Alaska Communications Systems Holdings, Inc.      
$ 530,000     Term Loan, 6.53%, Maturing February 11, 2012   $ 535,962    
Cellular South, Inc.      
  344,750     Term Loan, 6.04%, Maturing May 4, 2011     349,059    
Centennial Cellular Operating Co., LLC      
  1,833,333     Term Loan, 6.62%, Maturing February 9, 2011     1,857,825    
Cincinnati Bell, Inc.      
  349,125     Term Loan, 5.90%, Maturing August 31, 2012     351,307    
Consolidated Communications, Inc.      
  2,244,965     Term Loan, 5.93%, Maturing July 27, 2015     2,267,415    
D&E Communications, Inc.      
  465,412     Term Loan, 6.41%, Maturing December 31, 2011     468,321    
Fairpoint Communications, Inc.      
  1,130,000     Term Loan, 6.31%, Maturing February 8, 2012     1,134,661    
Hawaiian Telcom Communications, Inc.      
  400,000     Term Loan, 6.78%, Maturing October 31, 2012     402,750    
Intelsat, Ltd.      
  1,500,000     Term Loan, 5.81%, Maturing July 28, 2011     1,515,937    
Iowa Telecommunications Services      
  334,000     Term Loan, 6.30%, Maturing November 23, 2011     337,497    
IPC Acquisition Corp.      
  249,375     Term Loan, 7.19%, Maturing August 5, 2011     252,388    
Madison River Capital, LLC      
  290,000     Term Loan, 6.59%, Maturing July 31, 2012     294,441    
NTelos, Inc.      
  1,138,500     Term Loan, 6.89%, Maturing February 18, 2011     1,148,177    
Qwest Corp.      
  2,000,000     Term Loan, 9.02%, Maturing June 4, 2007     2,049,750    
Stratos Global Corp.      
  796,950     Term Loan, 6.64%, Maturing December 3, 2010     796,950    
Triton PCS, Inc.      
  1,569,811     Term Loan, 7.64%, Maturing November 18, 2009     1,580,800    
Valor Telecom Enterprise, LLC      
  1,703,500     Term Loan, 6.02%, Maturing February 14, 2012     1,712,416    
Westcom Corp.      
  441,602     Term Loan, 6.99%, Maturing December 17, 2010     443,258    
  600,000     Term Loan, 11.24%, Maturing May 17, 2011     610,500    
Winstar Communications, Inc.      
  169,348     DIP Loan, 0.00%, Maturing December 31, 2005(3)(4)     169,348    
            $ 18,949,762    
Utilities — 3.7%      
Allegheny Energy Supply Co., LLC      
$ 1,615,541     Term Loan, 5.86%, Maturing March 8, 2011   $ 1,636,071    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Utilities (continued)      
Cellnet Technology, Inc.      
$ 313,425     Term Loan, 7.53%, Maturing April 26, 2012   $ 317,343    
Cogentrix Delaware Holdings, Inc.      
  561,698     Term Loan, 6.28%, Maturing April 14, 2012     567,725    
Covanta Energy Corp.      
  561,138     Term Loan, 4.53%, Maturing June 24, 2012     570,257    
  378,459     Term Loan, 7.51%, Maturing June 24, 2012     384,609    
  350,000     Term Loan, 9.95%, Maturing June 24, 2013     355,687    
Energy Transfer Company, L.P.      
  860,675     Term Loan, 7.44%, Maturing June 16, 2012     864,010    
KGen, LLC      
  476,400     Term Loan, 7.15%, Maturing August 5, 2011     475,209    
La Paloma Generating Co., LLC      
  29,508     Term Loan, 6.11%, Maturing August 16, 2012     29,833    
  174,954     Term Loan, 6.28%, Maturing August 16, 2012     176,879    
  13,934     Term Loan, 6.28%, Maturing August 16, 2012     14,087    
NRG Energy, Inc.      
  865,427     Term Loan, 4.43%, Maturing December 24, 2011     869,033    
  1,089,707     Term Loan, 6.26%, Maturing December 24, 2011     1,094,248    
Petrohawk Energy Corp.      
  285,000     Term Loan, 8.91%, Maturing July 28, 2010     287,850    
Pike Electric, Inc.      
  311,290     Term Loan, 6.13%, Maturing July 1, 2012     315,181    
  182,287     Term Loan, 6.13%, Maturing July 1, 2012     184,565    
Plains Resources, Inc.      
  1,333,311     Term Loan, 6.40%, Maturing July 23, 2010     1,347,477    
Reliant Energy, Inc.      
  699,602     Term Loan, 6.09%, Maturing December 22, 2010     698,727    
Texas Genco, LLC      
  472,636     Term Loan, 6.37%, Maturing December 14, 2011     474,187    
  1,141,397     Term Loan, 6.37%, Maturing December 14, 2011     1,145,142    
            $ 11,808,120    
    Total Senior Floating Rate Interests
(identified cost $448,313,374)
  $ 451,274,504    
Corporate Bonds & Notes — 16.5%      
Principal Amount
(000's omitted)
  Security   Value  
Aerospace and Defense — 0.2%      
Argo Tech Corp., Sr. Notes      
$ 300     9.25%, 6/1/11   $ 309,000    

 

See notes to financial statements

14



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Aerospace and Defense (continued)      
Delta Air Lines, Inc.      
$ 64     9.50%, 11/18/08(4)(5)   $ 56,640    
Sequa Corp.      
  300     8.875%, 4/1/08     314,250    
Standard Aero Holdings, Inc.      
  15     8.25%, 9/1/14     12,375    
            $ 692,265    
Air Transport — 0.4%      
American Airlines      
$ 895     7.80%, 10/1/06   $ 883,949    
  15     8.608%, 4/1/11     14,914    
  20     7.858%, 10/1/11     21,100    
Continental Airlines      
  197     7.033%, 6/15/11     179,139    
            $ 1,099,102    
Automotive — 0.9%      
Altra Industrial Motion, Inc.      
$ 35     9.00%, 12/1/11(5)   $ 34,125    
Commercial Vehicle Group, Inc., Sr. Notes      
  55     8.00%, 7/1/13(5)     54,587    
Dana Credit Corp.      
  50     8.375%, 8/15/07(5)     47,375    
Ford Motor Credit Co.      
  110     6.50%, 1/25/07     106,448    
  385     7.375%, 10/28/09     341,723    
  185     7.875%, 6/15/10     166,630    
Ford Motor Credit Co., Variable Rate      
  535     7.26%, 11/2/07     511,794    
General Motors Acceptance Corp.      
  130     6.125%, 9/15/06     126,297    
  20     7.00%, 2/1/12     18,160    
  540     8.00%, 11/1/31     518,626    
Keystone Automotive Operations, Inc., Sr. Sub. Notes      
  470     9.75%, 11/1/13     408,900    
Metaldyne Corp.      
  65     10.00%, 11/1/13     59,150    
Tenneco Automotive, Inc.      
  140     8.625%, 11/15/14     133,000    
Tenneco Automotive, Inc., Series B      
  230     10.25%, 7/15/13     252,425    
TRW Automotive, Inc., Sr. Sub. Notes      
  65     11.00%, 2/15/13     73,287    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Automotive (continued)      
United Components, Inc., Sr. Sub. Notes      
$ 65     9.375%, 6/15/13   $ 65,000    
Visteon Corp., Sr. Notes      
  95     8.25%, 8/1/10     81,225    
            $ 2,998,752    
Brokers / Dealers / Investment Houses — 0.0%      
E*Trade Financial Corp., Sr. Notes      
$ 40     8.00%, 6/15/11   $ 41,800    
            $ 41,800    
Building and Development — 0.4%      
Coleman Cable, Inc.      
$ 60     9.875%, 10/1/12   $ 48,900    
General Cable Corp., Sr. Notes      
  85     9.50%, 11/15/10     90,525    
Interface, Inc., Sr. Sub. Notes      
  20     9.50%, 2/1/14     20,000    
MAAX Corp., Sr. Sub. Notes      
  65     9.75%, 6/15/12     51,675    
Mueller Group, Inc., Sr. Sub. Notes      
  185     10.00%, 5/1/12     197,487    
Mueller Holdings, Inc., Disc. Notes      
  160     14.75%, 4/15/14     121,200    
Nortek, Inc., Sr. Sub Notes      
  245     8.50%, 9/1/14     237,650    
NTK Holdings, Inc., Sr. Disc. Notes      
  115     10.75%, 3/1/14     72,450    
Panolam Industries International, Sr. Sub. Notes      
  105     10.75%, 10/1/13(5)     101,587    
Ply Gem Industries, Inc., Sr. Sub. Notes      
  75     9.00%, 2/15/12     66,937    
RMCC Acquisition Co., Sr. Sub. Notes      
  305     9.50%, 11/1/12(5)     308,050    
Stanley-Martin Co.      
  40     9.75%, 8/15/15(5)     36,600    
            $ 1,353,061    
Business Equipment and Services — 0.4%      
Aearo Co. I, Sr. Sub. Notes      
$ 65     8.25%, 4/15/12   $ 66,300    
Hydrochem Industrial Services, Inc., Sr. Sub. Notes      
  40     9.25%, 2/15/13(5)     38,600    

 

See notes to financial statements

15



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Business Equipment and Services (continued)      
Muzak LLC/Muzak Finance, Sr. Notes      
$ 20     10.00%, 2/15/09   $ 17,550    
Norcross Safety Products LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B      
  170     9.875%, 8/15/11     175,950    
NSP Holdings/NSP Holdings Capital Corp., Sr. Notes (PIK)      
  25     11.75%, 1/1/12(3)     24,655    
Quintiles Transnational Corp., Sr. Sub. Notes      
  260     10.00%, 10/1/13     291,200    
Safety Products Holdings, Sr. Notes (PIK)      
  45     11.75%, 1/1/12(3)(5)     44,381    
Sungard Data Systems, Inc., Sr. Notes      
  215     9.125%, 8/15/13(5)     223,600    
Sungard Data Systems, Inc., Sr. Notes, Variable Rate      
  55     8.525%, 8/15/13(5)     57,200    
Sungard Data Systems, Inc., Sr. Sub. Notes      
  185     10.25%, 8/15/15(5)     185,925    
            $ 1,125,361    
Cable and Satellite Television — 0.7%      
Adelphia Communications, Sr. Notes, Series B      
$ 270     9.25%, 10/1/32(4)   $ 151,200    
CCO Holdings LLC/CCO Capital Corp., Sr. Notes      
  395     8.75%, 11/15/13(5)     378,212    
Charter Communications Holdings II, LLC, Sr. Notes      
  120     10.25%, 9/15/10     120,000    
CSC Holdings, Inc., Sr. Notes, Series B      
  55     7.625%, 4/1/11     55,000    
CSC Holdings, Inc., Sr. Sub. Notes      
  85     10.50%, 5/15/16     90,525    
Insight Communications, Sr. Disc. Notes      
  525     12.25%, 2/15/11     551,250    
Kabel Deutschland GMBH      
  345     10.625%, 7/1/14(5)     364,837    
UGS Corp.      
  575     10.00%, 6/1/12     629,625    
            $ 2,340,649    
Chemicals and Plastics — 0.8%      
Avecia Group PLC      
$ 25     11.00%, 7/1/09   $ 25,875    
Aventine Renewable Energy, Variable Rate      
  55     10.491%, 12/15/11(5)     57,200    
BCP Crystal Holdings Corp., Sr. Sub. Notes      
  172     9.625%, 6/15/14     192,210    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Chemicals and Plastics (continued)      
Borden U.S. Finance/Nova Scotia Finance, Sr. Notes      
$ 95     9.00%, 7/15/14(5)   $ 94,525    
Crystal US Holdings/US Holdings 3, LLC, Sr. Disc. Notes, Series B      
  179     10.50%, 10/1/14     131,117    
Equistar Chemical, Sr. Notes      
  110     10.625%, 5/1/11     121,550    
Huntsman International, LLC, Sr. Notes      
  80     9.875%, 3/1/09     84,800    
Huntsman, LLC      
  91     11.625%, 10/15/10     104,081    
Key Plastics, LLC, Jr. Sub. Notes      
  74     4.00%, 4/26/07(3)     74,920    
Key Plastics, LLC, Sr. Sub. Notes      
  118     7.00%, 4/26/07(3)     118,548    
Lyondell Chemical Co., Sr. Notes      
  192     10.50%, 6/1/13     219,120    
Nalco Co., Sr. Sub. Notes      
  100     8.875%, 11/15/13     105,250    
Nova Chemicals Corp., Sr. Notes, Variable Rate      
  160     7.561%, 11/15/13(5)     164,200    
OM Group, Inc.      
  460     9.25%, 12/15/11     451,950    
Polyone Corp., Sr. Notes      
  180     10.625%, 5/15/10     193,950    
  30     8.875%, 5/1/12     29,550    
Rhodia SA, Sr. Notes      
  90     10.25%, 6/1/10     99,000    
Solo Cup Co., Sr. Sub. Notes      
  110     8.50%, 2/15/14     96,800    
Tronox Worldwide LLC/Finance Corp, Sr. Notes      
  30     9.50%, 12/1/12(5)     30,750    
            $ 2,395,396    
Clothing / Textiles — 0.5%      
Levi Strauss & Co., Sr. Notes      
$ 345     12.25%, 12/15/12   $ 386,400    
  230     9.75%, 1/15/15     240,350    
Levi Strauss & Co., Sr. Notes, Variable Rate      
  100     8.804%, 4/1/12     101,250    
Oxford Industries, Inc., Sr. Notes      
  305     8.875%, 6/1/11     312,244    
Perry Ellis International, Inc., Sr. Sub. Notes      
  160     8.875%, 9/15/13     158,400    

 

See notes to financial statements

16



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Clothing / Textiles (continued)      
Phillips Van-Heusen, Sr. Notes      
$ 40     7.25%, 2/15/11   $ 40,800    
  100     8.125%, 5/1/13     106,000    
Quiksilver, Inc.      
  75     6.875%, 4/15/15     72,562    
            $ 1,418,006    
Conglomerates — 0.2%      
Amsted Industries, Inc., Sr. Notes      
$ 500     10.25%, 10/15/11(5)   $ 537,500    
Goodman Global Holdings, Sr. Notes, Variable Rate      
  60     7.491%, 6/15/12(5)     59,700    
Rexnord Corp.      
  45     10.125%, 12/15/12     48,600    
            $ 645,800    
Containers and Glass Products — 0.1%      
Intertape Polymer US, Inc., Sr. Sub. Notes      
$ 180     8.50%, 8/1/14   $ 178,566    
Pliant Corp. (PIK)      
  86     11.625%, 6/15/09(3)     90,660    
            $ 269,226    
Cosmetics / Toiletries — 0.1%      
Jostens Holding Corp., Sr. Disc. Notes      
$ 45     10.25%, 12/1/13   $ 33,525    
Samsonite Corp., Sr. Sub. Notes      
  125     8.875%, 6/1/11     130,000    
            $ 163,525    
Ecological Services and Equipment — 0.2%      
Aleris International, Inc.      
$ 130     10.375%, 10/15/10   $ 142,675    
  87     9.00%, 11/15/14     90,045    
Allied Waste North America, Series B      
  165     8.875%, 4/1/08     174,900    
Allied Waste North America, Sr. Notes, Series B      
  75     8.50%, 12/1/08     79,125    
Waste Services, Inc., Sr. Sub. Notes      
  220     9.50%, 4/15/14     221,100    
            $ 707,845    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Electronics / Electrical — 0.2%      
Advanced Micro Devices, Inc., Sr. Notes      
$ 275     7.75%, 11/1/12   $ 279,125    
Amkor Technologies, Inc., Sr. Notes      
  25     7.125%, 3/15/11     22,125    
  425     7.75%, 5/15/13     371,875    
CPI Holdco, Inc., Sr. Notes, Variable Rate      
  50     9.672%, 2/1/15     49,465    
Stratus Technologies, Inc., Sr. Notes      
  25     10.375%, 12/1/08     25,375    
            $ 747,965    
Equipment Leasing — 0.3%      
The Hertz Corp., Sr. Notes      
$ 420     8.875%, 1/1/14(5)   $ 429,975    
  250     10.50%, 1/1/16(5)     258,750    
United Rentals North America, Inc.      
  40     6.50%, 2/15/12     39,150    
United Rentals North America, Inc., Sr. Sub. Notes      
  370     7.00%, 2/15/14     347,800    
            $ 1,075,675    
Financial Intermediaries — 1.3%      
Alzette, Variable Rate      
$ 500     8.691%, 12/15/20   $ 512,812    
Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate      
  380     6.344%, 2/24/19(5)     380,361    
Babson Ltd., Series 2005-1A, Class C1, Variable Rate      
  500     6.10%, 4/15/19(5)     500,000    
Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate      
  500     6.20%, 1/15/19(5)     501,940    
Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate      
  500     6.782%, 8/11/16(5)     500,000    
Centurion CDO 8 Ltd., Series 2005 8A, Class D, Variable Rate      
  500     9.957%, 3/8/17     509,375    
Centurion CDO 9 Ltd., Series 2005-9A      
  500     9.29%, 7/17/19     497,150    
Residential Capital Corp., Sr. Notes      
  85     6.875%, 6/30/15     90,478    
Stanfield Vantage Ltd., Series 2005-1A, Class D, Variable Rate      
  500     6.55%, 3/21/17(5)     501,550    
            $ 3,993,666    

 

See notes to financial statements

17



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Food Products — 0.7%      
American Seafoods Holdings, LLC      
$ 415     10.125%, 4/15/10   $ 437,306    
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes      
  220     11.50%, 11/1/11     176,000    
Pierre Foods, Inc., Sr. Sub. Notes      
  175     9.875%, 7/15/12     178,500    
Pinnacle Foods Holdings Corp., Sr. Sub. Notes      
  1,110     8.25%, 12/1/13     1,062,825    
UAP Holding Corp., Sr. Disc. Notes      
  265     10.75%, 7/15/12     230,881    
United Agricultural Products, Sr. Notes      
  50     8.25%, 12/15/11     52,750    
WH Holdings Ltd./WH Capital Corp., Sr. Notes      
  42     9.50%, 4/1/11     45,570    
            $ 2,183,832    
Food Service — 0.0%      
EPL Finance Corp.      
$ 100     11.75%, 11/15/13(5)   $ 100,125    
            $ 100,125    
Food / Drug Retailers — 0.1%      
Rite Aid Corp.      
$ 185     7.125%, 1/15/07   $ 185,925    
  125     6.125%, 12/15/08(5)     118,125    
  100     8.125%, 5/1/10     102,250    
            $ 406,300    
Forest Products — 0.6%      
Caraustar Industries, Inc.      
$ 25     7.375%, 6/1/09   $ 24,125    
Caraustar Industries, Inc., Sr. Sub. Notes      
  495     9.875%, 4/1/11     507,375    
Georgia-Pacific Corp.      
  145     9.50%, 12/1/11     153,519    
JSG Funding PLC, Sr. Notes      
  355     9.625%, 10/1/12     356,775    
Newark Group, Inc., Sr. Sub. Notes      
  90     9.75%, 3/15/14     79,650    
NewPage Corp.      
  280     10.00%, 5/1/12     276,500    
Stone Container Corp.      
  150     7.375%, 7/15/14     137,250    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Forest Products (continued)      
Stone Container Corp., Sr. Notes      
$ 438     9.25%, 2/1/08   $ 451,140    
            $ 1,986,334    
Healthcare — 0.7%      
Accellent, Inc.      
$ 190     10.50%, 12/1/13(5)   $ 195,700    
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes      
  155     10.00%, 2/15/15(5)     166,237    
Healthsouth Corp., Sr. Notes      
  145     7.375%, 10/1/06     146,450    
Inverness Medical Innovations, Inc., Sr. Sub. Notes      
  120     8.75%, 2/15/12     122,400    
National Mentor, Inc., Sr. Sub. Notes      
  125     9.625%, 12/1/12     131,250    
Pacificare Health System      
  146     10.75%, 6/1/09     156,585    
Res-Care, Inc., Sr. Notes      
  105     7.75%, 10/15/13(5)     105,525    
Service Corp. International, Sr. Notes      
  210     7.00%, 6/15/17(5)     209,475    
US Oncology, Inc.      
  120     9.00%, 8/15/12     129,000    
  240     10.75%, 8/15/14     267,600    
Vanguard Health Holding Co. II LLC, Sr. Sub. Notes      
  255     9.00%, 10/1/14     272,212    
Ventas Realty L.P./Capital Corp., Sr. Notes      
  75     7.125%, 6/1/15     79,125    
VWR International, Inc., Sr. Sub. Notes      
  160     8.00%, 4/15/14     160,000    
            $ 2,141,559    
Home Furnishings — 0.0%      
Fedders North America, Inc.      
$ 95     9.875%, 3/1/14   $ 68,400    
Interline Brands, Inc., Sr. Sub. Notes      
  32     11.50%, 5/15/11     35,840    
            $ 104,240    
Industrial Equipment — 0.2%      
Case New Holland, Inc., Sr. Notes      
$ 110     9.25%, 8/1/11   $ 118,250    
Chart Industries, Inc., Sr. Sub. Notes      
  105     9.125%, 10/15/15(5)     107,625    

 

See notes to financial statements

18



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Industrial Equipment (continued)      
Manitowoc Co., Inc. (The)      
$ 29     10.50%, 8/1/12   $ 32,335    
Milacron Escrow Corp.      
  195     11.50%, 5/15/11     167,700    
Terex Corp.      
  70     10.375%, 4/1/11     74,550    
Thermadyne Holdings Corp., Sr. Sub. Notes      
  165     9.25%, 2/1/14     145,200    
            $ 645,660    
Leisure Goods / Activities / Movies — 0.5%      
AMC Entertainment, Inc., Sr. Sub. Notes      
$ 115     9.875%, 2/1/12   $ 113,275    
Loews Cineplex Entertainment Corp.      
  445     9.00%, 8/1/14     451,675    
Marquee Holdings, Inc., Sr. Disc. Notes      
  325     12.00%, 8/15/14     208,812    
Royal Caribbean Cruises, Sr. Notes      
  135     8.75%, 2/2/11     153,225    
Six Flags Theme Parks, Inc., Sr. Notes      
  280     8.875%, 2/1/10     274,400    
Universal City Development Partners, Sr. Notes      
  150     11.75%, 4/1/10     168,937    
Universal City Florida Holding, Sr. Notes, Variable Rate      
  180     9.00%, 5/1/10     181,800    
            $ 1,552,124    
Lodging and Casinos — 1.0%      
CCM Merger, Inc.      
$ 65     8.00%, 8/1/13(5)   $ 62,725    
Chukchansi EDA, Sr. Notes, Variable Rate      
  150     8.06%, 11/15/12(5)     153,750    
Eldorado Casino Shreveport      
  53     10.00%, 8/1/12     40,571    
Greektown Holdings, LLC, Sr. Notes      
  110     10.75%, 12/1/13(5)     109,725    
Host Marriot L.P., Series O      
  15     6.375%, 3/15/15     15,037    
Inn of the Mountain Gods, Sr. Notes      
  285     12.00%, 11/15/10     283,575    
Kerzner International, Sr. Sub. Notes      
  580     6.75%, 10/1/15(5)     566,950    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Lodging and Casinos (continued)      
Majestic Star Casino LLC      
$ 145     9.50%, 10/15/10   $ 153,337    
  85     9.75%, 1/15/11(5)     86,063    
Meristar Hospitality Operations/Finance      
  130     10.50%, 6/15/09     137,638    
Mohegan Tribal Gaming Authority, Sr. Sub. Notes      
  60     8.00%, 4/1/12     63,450    
OED Corp./Diamond Jo      
  140     8.75%, 4/15/12     137,200    
San Pasqual Casino      
  160     8.00%, 9/15/13(5)     163,200    
Station Casinos, Sr. Sub. Notes      
  115     6.875%, 3/1/16     118,163    
Trump Entertainment Resorts, Inc.      
  425     8.50%, 6/1/15     416,500    
Tunica-Biloxi Gaming Authority, Sr. Notes      
  130     9.00%, 11/15/15(3)(5)     130,650    
Waterford Gaming LLC, Sr. Notes      
  404     8.625%, 9/15/12(5)     432,280    
Wynn Las Vegas, LLC      
  60     6.625%, 12/1/14     58,650    
            $ 3,129,464    
Nonferrous Metals/Minerals — 0.0%      
Alpha Natural Resources, Sr. Notes      
$ 75     10.00%, 6/1/12   $ 81,469    
Novelis, Inc., Sr. Notes      
  30     7.50%, 2/15/15(5)     28,125    
            $ 109,594    
Oil and Gas — 1.0%      
Clayton Williams Energy, Inc., Sr. Notes      
$ 50     7.75%, 8/1/13(5)   $ 48,250    
Denbury Resources, Inc., Sr. Sub. Notes      
  55     7.50%, 12/15/15     55,963    
Dresser, Inc.      
  110     9.375%, 4/15/11     116,325    
El Paso Corp.      
  80     6.95%, 12/15/07     81,300    
  130     9.625%, 5/15/12     143,975    
El Paso Corp., Sr. Notes      
  85     7.625%, 8/16/07(5)     86,913    
El Paso Production Holding Co.      
  30     7.75%, 6/1/13     31,275    

 

See notes to financial statements

19



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Oil and Gas (continued)      
Encore Acquisition Co., Sr. Sub. Notes      
$ 125     7.25%, 12/1/17   $ 124,375    
Giant Industries      
  130     8.00%, 5/15/14     134,875    
Hanover Compressor Co., Sr. Sub. Notes      
  355     0.00%, 3/31/07     320,388    
Hanover Equipment Trust, Series B      
  70     8.75%, 9/1/11     74,375    
Northwest Pipeline Corp.      
  70     8.125%, 3/1/10     74,550    
Ocean Rig Norway AS, Sr. Notes      
  50     8.375%, 7/1/13(5)     53,500    
Parker Drilling Co., Sr. Notes      
  85     9.625%, 10/1/13     95,306    
Petrobras International Finance Co.      
  30     7.75%, 9/15/14     32,550    
Plains E&P Co., Sr. Sub. Notes      
  115     8.75%, 7/1/12     124,488    
Premcor Refining Group, Sr. Notes      
  210     9.50%, 2/1/13     234,187    
Semgroup L.P., Sr. Notes      
  140     8.75%, 11/15/15(5)     143,850    
SESI, LLC      
  95     8.875%, 5/15/11     99,988    
Southern Natural Gas      
  50     8.875%, 3/15/10     53,686    
  150     8.00%, 3/1/32     165,227    
Transmontaigne, Inc., Sr. Sub. Notes      
  320     9.125%, 6/1/10     316,000    
United Refining Co., Sr. Notes      
  225     10.50%, 8/15/12     241,875    
Verasun Energy Corp.      
  120     9.875%, 12/15/12(5)     122,400    
Williams Cos., Inc. (The)      
  45     8.75%, 3/15/32     52,425    
            $ 3,028,046    
Publishing — 0.4%      
Advanstar Communications, Inc.      
$ 185     10.75%, 8/15/10   $ 203,731    
American Media Operations, Inc., Series B      
  400     10.25%, 5/1/09     367,000    
CBD Media, Inc., Sr. Sub. Notes      
  70     8.625%, 6/1/11     71,750    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Publishing (continued)      
Dex Media West LLC, Sr. Sub. Notes      
$ 182     9.875%, 8/15/13   $ 202,930    
Houghton Mifflin Co., Sr. Sub. Notes      
  240     9.875%, 2/1/13     257,700    
            $ 1,103,111    
Radio and Television — 1.5%      
CanWest Media, Inc.      
$ 217     8.00%, 9/15/12   $ 223,014    
Emmis Communications Corp., Sr. Notes, Variable Rate      
  1,500     10.366%, 6/15/12     1,513,125    
LBI Media, Inc.      
  90     10.125%, 7/15/12     95,963    
LBI Media, Inc., Sr. Disc. Notes      
  80     11.00%, 10/15/13     58,900    
Nexstar Finance Holdings LLC, Inc., Sr. Disc. Notes      
  230     11.375%, 4/1/13     174,513    
Paxson Communications Corp., Variable Rate      
  2,000     6.90%, 1/15/10(5)     2,015,000    
Rainbow National Services, LLC, Sr. Notes      
  100     8.75%, 9/1/12(5)     107,000    
Rainbow National Services, LLC, Sr. Sub. Debs.      
  355     10.375%, 9/1/14(5)     399,375    
Sirius Satellite Radio, Sr. Notes      
  315     9.625%, 8/1/13(5)     311,850    
            $ 4,898,740    
Rail Industries — 0.0%      
TFM SA de C.V., Sr. Notes      
$ 45     12.50%, 6/15/12   $ 51,525    
            $ 51,525    
Retailers (Except Food and Drug) — 0.4%      
Affinity Group, Inc., Sr. Sub. Notes      
$ 220     9.00%, 2/15/12   $ 220,825    
GSC Holdings Corp.      
  495     8.00%, 10/1/12(5)     467,775    
GSC Holdings Corp., Variable Rate      
  200     7.875%, 10/1/11(5)     199,000    
Neiman Marcus Group, Inc., Sr. Notes      
  150     9.00%, 10/15/15(5)     154,125    
Neiman Marcus Group, Inc., Sr. Sub. Notes      
  360     10.375%, 10/15/15(5)     367,650    
            $ 1,409,375    

 

See notes to financial statements

20



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Steel — 0.1%      
Ispat Inland ULC, Sr. Notes      
$ 127     9.75%, 4/1/14   $ 144,463    
            $ 144,463    
Surface Transport — 0.0%      
Horizon Lines, LLC      
$ 118     9.00%, 11/1/12   $ 124,785    
            $ 124,785    
Telecommunications — 2.2%      
AirGate PCS, Inc., Variable Rate      
$ 60     7.90%, 10/15/11   $ 62,250    
Alamosa Delaware, Inc., Sr. Disc. Notes      
  90     12.00%, 7/31/09     98,888    
Alamosa Delaware, Inc., Sr. Notes      
  280     11.00%, 7/31/10     317,100    
Centennial Cellular Operating Co./Centennial Communication Corp., Sr. Notes      
  130     10.125%, 6/15/13     142,025    
Centennial Communications Corp., Sr. Notes      
  105     10.00%, 1/1/13(5)     106,575    
Centennial Communications Corp., Sr. Notes, Variable Rate      
  105     10.25%, 1/1/13(5)     105,788    
Digicel Ltd., Sr. Notes      
  200     9.25%, 9/1/12(5)     206,500    
Inmarsat Finance PLC      
  153     7.625%, 6/30/12     158,546    
Intelsat Bermuda Ltd., Sr. Notes, Variable Rate      
  50     8.695%, 1/15/12(5)     51,063    
Intelsat Ltd., Sr. Notes      
  565     5.25%, 11/1/08     517,681    
IWO Holdings, Inc.      
  110     10.75%, 1/15/15     80,025    
LCI International, Inc., Sr. Notes      
  175     7.25%, 6/15/07     176,750    
New Skies Satellites NV, Sr. Notes, Variable Rate      
  110     9.573%, 11/1/11     114,950    
New Skies Satellites NV, Sr. Sub. Notes      
  210     9.125%, 11/1/12     225,488    
Nextel Communications, Inc., Sr. Notes      
  10     7.375%, 8/1/15     10,561    
Qwest Capital Funding, Inc.      
  220     7.75%, 8/15/06     223,300    
  45     6.375%, 7/15/08     44,888    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Telecommunications (continued)      
Qwest Communications International, Inc.      
$ 60     7.25%, 2/15/11   $ 61,500    
Qwest Communications International, Inc., Sr. Notes      
  620     7.50%, 2/15/14(5)     640,150    
Qwest Corp., Sr. Notes      
  145     7.625%, 6/15/15(5)     155,875    
Qwest Corp., Sr. Notes, Variable Rate      
  475     7.741%, 6/15/13(5)     514,781    
Rogers Wireless, Inc.      
  165     7.50%, 3/15/15     179,025    
Rogers Wireless, Inc., Sr. Sub. Notes      
  90     8.00%, 12/15/12     95,738    
Rogers Wireless, Inc., Variable Rate      
  790     7.616%, 12/15/10     819,625    
Rural Cellular Corp., Variable Rate      
  1,500     8.991%, 3/15/10     1,548,750    
SBA Telecommunications, Sr. Disc. Notes      
  58     9.75%, 12/15/11     54,085    
UbiquiTel Operating Co., Sr. Notes      
  215     9.875%, 3/1/11     239,188    
            $ 6,951,095    
Utilities — 0.4%      
AES Corp., Sr. Notes      
$ 15     9.375%, 9/15/10   $ 16,463    
  15     8.75%, 5/15/13(5)     16,406    
  15     9.00%, 5/15/15(5)     16,500    
Dynegy Holdings, Inc., Debs.      
  205     7.625%, 10/15/26     183,475    
Mirant North America LLC, Sr. Notes      
  215     7.375%, 12/31/13(5)     218,494    
Mission Energy Holding Co.      
  115     13.50%, 7/15/08     133,975    
NRG Energy, Inc.      
  84     8.00%, 12/15/13     94,080    
Orion Power Holdings, Inc., Sr. Notes      
  380     12.00%, 5/1/10     431,300    
            $ 1,110,693    
    Total Corporate Bonds & Notes
(identified cost $51,744,514)
  $ 52,249,159    

 

See notes to financial statements

21



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Convertible Bonds — 0.2%      
Principal
Amount
  Security   Value  
  35,000     Amkor Technologies, Inc.   $ 34,781    
  170,000     L-3 Communications Corp.(5)     168,938    
  305,000     Nortel Networks Ltd.     287,462    
  35,000     Sinclair Broadcast Group, Inc.     30,494    
    Total Convertible Bonds
(identified cost $535,732)
  $ 521,675    
Common Stocks — 0.4%      
Shares   Security   Value  
  1,152     Crown Castle International Corp.(6)   $ 30,989    
  2,992     Environmental Systems Products(3)(6)(7)     96,103    
  10,443     Hayes Lemmerz International(6)     36,759    
  8     Knowledge Universe, Inc.(3)(7)     20,000    
  24,880     Maxim Crane Works, L.P.(6)     771,280    
  358     Shreveport Gaming Holdings, Inc.(3)(6)     6,390    
  18,432     Trump Entertainment Resorts, Inc.(6)     370,760    
    Total Common Stocks
(identified cost $791,102)
  $ 1,332,281    
Preferred Stocks — 0.0%      
Shares   Security   Value  
  35     Hayes Lemmerz International, Series A(3)(6)(7)   $ 532    
  15     Key Plastics, LLC, Series A(3)(6)(7)     14,538    
    Total Preferred Stocks
(identified cost $16,750)
  $ 15,070    
Convertible Preferred Stocks — 0.0%      
Shares   Security   Value  
  3,583     Crown Castle International Corp., (PIK)   $ 189,899    
    Total Convertible Preferred Stocks
(identified cost $160,098)
  $ 189,899    
Warrants — 0.0%      
Shares/Rights   Security   Value  
  210     American Tower Corp., Exp. 8/1/08(5)(6)   $ 80,381    
    Total Warrants
(identified cost $14,075)
  $ 80,381    

 

Closed-End Investment Companies — 3.6%      
Shares   Security   Value  
  200,000     First Trust/Four Corners Senior Floating Rate Income Fund II   $ 3,350,000    
  290,000     ING Prime Rate Trust     1,948,800    
  25,560     Pioneer Floating Rate Trust     432,220    
  725,000     Van Kampen Senior Income Trust     5,618,750    
    Total Closed-End Investment Companies
(identified cost $11,460,385)
  $ 11,349,770    
Miscellaneous — 0.0%      
Shares   Security   Value  
  295,000     Trump Atlantic City(3)(6)   $ 11,357    
    Total Miscellaneous
(identified cost $0)
  $ 11,357    
Short-Term Investments — 9.0%      

 

Principal
Amount
  Maturity
Date
  Borrower   Rate   Amount  
$ 9,589,000     01/04/06   Abbey National North America,
LLC, Commercial Paper
    4.33 %   $ 9,585,539    
  3,639,000     01/12/06   Barton Capital, LLC,
Commercial Paper
    4.32 %     3,634,197    
  9,961,000     01/03/06   General Electric Capital Corp.,
Commercial Paper
    4.20 %     9,958,676    
  2,000,000     01/03/06   Investors Bank and Trust
Company Time Deposit
    4.23 %     2,000,000    
  3,422,000     01/03/06   Yorktown Capital LLC,
Commercial Paper
    4.35 %     3,421,173    

 

Total Short-Term Investments
(at amortized cost $28,599,585)
  $ 28,599,585    
Total Investments — 171.8%
(identified cost $541,635,615)
  $ 545,623,681    
Less Unfunded Loan
Commitments — (1.6)%
  $ (5,138,814 )  
Net Investments — 170.2%
(identified cost $536,496,801)
  $ 540,484,867    
Other Assets, Less Liabilities — (35.5)%   $ (112,886,453 )  

 

See notes to financial statements

22



Eaton Vance Senior Income Trust as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

 
Amount
 
Auction Preferred Shares Plus
Cumulative Unpaid
Dividends — (34.7)%
  $ (110,038,808 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 317,559,606    

 

PIK - Payment In Kind.

(1)  Senior floating-rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(2)  Unfunded loan commitments. See Note 1E for description.

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

(4)  Defaulted security. Currently the issuer is in default with respect to interest payments.

(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, 2005, the aggregate value of the securities is $15,442,589 or 4.9% of the Trust's net assets.

(6)  Non-income producing security.

(7)  Restricted security.

See notes to financial statements

23




Eaton Vance Senior Income Trust as of December 31, 2005

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of December 31, 2005

Assets  
Investments, at value (identified cost, $536,496,801)   $ 540,484,867    
Cash     5,288,232    
Receivable for investments sold     84,648    
Receivable for open swap contracts     19,488    
Dividends and interest receivable     5,499,421    
Prepaid expenses     53,098    
Total assets   $ 551,429,754    
Liabilities  
Demand note payable   $ 120,000,000    
Dividends payable     1,677,459    
Payable for investments purchased     1,047,375    
Payable to affiliate for investment advisory fees     395,082    
Payable to affiliate for administration fees     116,201    
Payable to affiliate for Trustees' fees     3,613    
Accrued expenses:  
Interest     472,678    
Operating expenses     118,932    
Total liabilities   $ 123,831,340    
Auction preferred shares (4,400 shares outstanding) at liquidation
value plus cumulative unpaid dividends
    110,038,808    
Net assets applicable to common shares   $ 317,559,606    
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     361,402,807    
Accumulated net realized loss (computed on the basis of identified cost)     (48,424,474 )  
Accumulated undistributed net investment income     226,362    
Net unrealized appreciation (computed on the basis of identified cost)     3,990,246    
Net assets applicable to common shares   $ 317,559,606    
Net Asset Value Per Common Share  
($317,559,606 ÷ 36,466,497 common shares issued and outstanding)   $ 8.71    

 

Statement of Operations

For the Six Months Ended
December 31, 2005

Investment Income  
Interest   $ 17,695,060    
Dividends     351,962    
Miscellaneous     12,639    
Total investment income   $ 18,059,661    
Expenses  
Investment adviser fee   $ 2,352,022    
Administration fee     691,418    
Trustees' fees and expenses     7,288    
Interest     2,553,909    
Preferred shares remarketing agent fee     138,629    
Custodian fee     115,858    
Legal and accounting services     65,342    
Transfer and dividend disbursing agent fees     41,711    
Printing and postage     35,337    
Miscellaneous     33,200    
Total expenses   $ 6,034,714    
Deduct —
Reduction of custodian fee
  $ 4,430    
Total expense reductions   $ 4,430    
Net expenses   $ 6,030,284    
Net investment income   $ 12,029,377    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —
Investment transactions (identified cost basis)
  $ (965 )  
Swap contracts     20,796    
Net realized gain   $ 19,831    
Change in unrealized appreciation (depreciation) —
Investments (identified cost basis)
  $ (423,674 )  
Swap contracts     (4,210 )  
Net change in unrealized appreciation (depreciation)   $ (427,884 )  
Net realized and unrealized loss   $ (408,053 )  
Distributions to preferred shareholders  
From net investment income   $ (1,979,192 )  
Net increase in net assets from operations   $ 9,642,132    

 

See notes to financial statements

24



Eaton Vance Senior Income Trust as of December 31, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease)
in Net Assets
  Six Months Ended
December 31, 2005
(Unaudited)
  Year Ended
June 30, 2005
 
From operations —
Net investment income
  $ 12,029,377     $ 19,393,057    
Net realized gain from investment
transactions and swap contracts
    19,831       2,368,708    
Net change in unrealized appreciation
(depreciation) from investments 
and swap contracts
    (427,884 )     (3,326,509 )  
Distributions to preferred shareholders
From net investment income
    (1,979,192 )     (2,493,643 )  
Net increase in net assets from operations   $ 9,642,132     $ 15,941,613    
Distributions to common shareholders —
From net investment income
  $ (11,486,947 )   $ (16,603,282 )  
Total distributions to common shareholders   $ (11,486,947 )   $ (16,603,282 )  
Capital share transactions —
Reinvestment of distributions to
common shareholders
  $     $ 1,274,320    
Net increase in net assets from capital
share transactions
  $     $ 1,274,320    
Net increase (decrease) in net assets   $ (1,844,815 )   $ 612,651    
Net Assets Applicable to
Common Shares
 
At beginning of period   $ 319,404,421     $ 318,791,770    
At end of period   $ 317,559,606     $ 319,404,421    
Accumulated undistributed
net investment income
included in net assets
applicable to common shares
 
At end of period   $ 226,362     $ 1,663,124    

 

Statement of Cash Flows

Increase (Decrease) in Cash   Six Months Ended
December 31, 2005
(Unaudited)
 
Cash Flows From (Used For) Operating Activities —
Purchases of loan interests and corporate bonds
  $ (138,170,745 )  
Proceeds from sales and principal repayments     151,550,253    
Interest and dividends received     15,836,769    
Miscellaneous income received     12,639    
Interest paid     (2,436,783 )  
Prepaid expenses     7,162    
Operating expenses paid     (2,955,400 )  
Swap contract transactions     49,140    
Decrease in cash collateral segregated for credit default swaps     2,900,000    
Increase in unfunded commitments     780,298    
Net increase in short-term investments     (17,672,585 )  
Net cash from operating activities   $ 9,900,748    
Cash Flows From (Used For) Financing Activities —
Cash distributions paid
  $ (11,790,434 )  
Net cash used for financing activities   $ (11,790,434 )  
Net decrease in cash   $ (1,889,686 )  
Cash at beginning of year   $ 7,177,918    
Cash at end of year   $ 5,288,232    
Reconciliation of Net Increase in Net Assets
From Operations to Net Cash Used For
Operating Activities
 
Net increase in net assets from operations   $ 9,642,132    
Distributions to preferred shareholders     1,979,192    
Decrease in receivable for investments sold     74,778    
Decrease in swap contract transactions     16,277    
Decrease in cash collateral segregated for credit default swaps     2,900,000    
Increase in dividends and interest receivable     (2,318,353 )  
Decrease in prepaid expenses     7,162    
Increase in payable to affiliate     511,345    
Increase in accrued expenses     126,756    
Increase payable for investments purchased     175,125    
Net increase in investments     (3,213,666 )  
Net cash from operating activities   $ 9,900,748    

 

See notes to financial statements

25




Eaton Vance Senior Income Trust as of December 31, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Six Months Ended
December 31, 2005
  Year Ended June 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 8.760     $ 8.780     $ 8.500     $ 8.420     $ 8.860     $ 9.810    
Income (loss) from operations  
Net investment income   $ 0.330     $ 0.533     $ 0.468     $ 0.569     $ 0.687     $ 0.872    
Net realized and unrealized gain (loss)     (0.011 )     (0.029 )     0.293       0.079       (0.420 )     (0.908 )  
Distributions to preferred shareholders from net investment income     (0.054 )     (0.068 )     (0.035 )     (0.045 )     (0.076 )        
Total income (loss) from operations   $ 0.265     $ 0.436     $ 0.726     $ 0.603     $ 0.191     $ (0.036 )  
Less distributions to common shareholders  
From net investment income   $ (0.315 )   $ (0.456 )   $ (0.446 )   $ (0.523 )   $ (0.631 )   $ (0.882 )  
Total distributions to common shareholders   $ (0.315 )   $ (0.456 )   $ (0.446 )   $ (0.523 )   $ (0.631 )   $ (0.882 )  
Offering costs charged to paid-in capital   $     $     $     $     $     $ (0.001 )  
Preferred Shares underwriting discounts   $     $     $     $     $     $ (0.031 )  
Net asset value — End of period (Common shares)   $ 8.710     $ 8.760     $ 8.780     $ 8.500     $ 8.420     $ 8.860    
Market value — End of period (Common shares)   $ 7.760     $ 8.040     $ 9.460     $ 8.920     $ 7.760     $ 8.940    
Total Investment Return on Net Asset Value(3)      2.82 %(8)      5.16 %     8.65 %     8.04 %     2.92 %     (0.72 )%  
Total Investment Return on Market Value(3)      (0.19 )%(8)      (10.42 )%     11.59 %     23.03 %     (6.18 )%     5.65 %  

 

See notes to financial statements

26



Eaton Vance Senior Income Trust as of December 31, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Six Months Ended
December 31, 2005
  Year Ended June 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 317,560     $ 319,404     $ 318,792     $ 306,438     $ 302,759     $ 317,597    
Ratios (As a percentage of average net assets applicable to common shares):  
Net expenses(4)     2.16 %(5)     2.20 %     2.17 %     2.22 %     2.28 %     1.89 %  
Net expenses after custodian fee reduction(4)     2.16 %(5)     2.20 %     2.17 %     2.22 %     2.28 %     1.89 %  
Interest expense     1.58 %(5)     1.02 %     0.54 %     0.72 %     0.85 %     2.50 %  
Total expenses(4)     3.74 %(5)     3.22 %     2.71 %     2.94 %     3.13 %     4.39 %  
Net investment income(4)     7.46 %(5)     6.06 %     5.41 %     6.92 %     8.01 %     9.37 %  
Portfolio Turnover     26 %     72 %     82 %     56 %     69 %     37 %  

 

  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 since the initial offering of preferred share are as follows:

Ratios (As a percentage of average total net assets):  
Net expenses     1.60 %(5)     1.64 %     1.61 %     1.62 %     1.68 %     1.88 %  
Net expenses after custodian fee reduction     1.60 %(5)     1.64 %     1.61 %     1.62 %     1.68 %     1.88 %  
Interest expense     1.18 %(5)     0.76 %     0.40 %     0.52 %     0.63 %     2.50 %  
Total expenses     2.78 %(5)     2.40 %     2.01 %     2.14 %     2.31 %     4.38 %  
Net investment income     5.55 %(5)     4.51 %     4.00 %     5.05 %     5.90 %     9.33 %  
Senior Securities:  
Total preferred shares outstanding     4,400       4,400       4,400       4,400       4,400       4,400    
Asset coverage per preferred share(6)   $ 97,181     $ 97,601     $ 97,456     $ 94,649     $ 93,814     $ 97,192    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Net investment income per share was computed using average shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended June 30, 2002 was to increase net investment income per share by $0.001, increase net realized and unrealized losses per share by $0.001, and increase the ratio of net investment income to average net assets attributable to common shares by less than 0.01%. Per share data and ratios for the periods prior to July 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value or net asset value with all distributions reinvested. Total return is not computed on an annualized basis.

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

(5)  Annualized.

(6)  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.

(7)  Plus accumulated and unpaid dividends.

(8)  The returns do not include dividends declared in December 2005 and payable in 2006.

See notes to financial statements

27




Eaton Vance Senior Income Trust as of December 31, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1  Significant Accounting Policies

Eaton Vance Senior Income Trust (the Trust) is an entity commonly known as a Massachusetts business trust and is registered under the Investment Company Act of 1940 as a closed-end management investment company. The Trust's investment objective is to provide a high level of current income consistent with the preservation of capital, by investing primarily in senior, secured floating rate loans. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America.

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

Debt obligations (other than short-term obligations maturing in sixty days or less), including listed securities and securities for which price quotations are available and forward contracts, will normally be valued on the basis of market valuations furnished by dealers or pricing services. Financial futures contracts and options thereon listed on commodity exchanges are valued at closing settlement prices. Over-the-counter options are valued at the mean between the bid and asked prices provided by dealers. Marketable securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. The value of interest rate swaps will be based upon a dealer quotation. Short-term obligations and money market securities maturing in sixty days or less are valued at amortized cost which approximates value. Investments for which reliable market quotations are unavailable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust. Occasionally, events affecting the value of foreign securities may occur between the time trading is completed abroad and the close of the Exchange which will not be reflected in the computation of the Trust's net asset value (unless the Trust deems that such event would materially affect its net asset value in which case an adjustment would be made

28



Eaton Vance Senior Income Trust as of December 31, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

and reflected in such computation). The Trust may rely on an independent fair valuation service in making any such adjustment as to the value of foreign equity securities.

B  Income — Interest income from Senior Loans is recorded on the accrual basis at the then-current interest rate, while all other interest income is determined on the basis of interest accrued, adjusted for amortization of premium or discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

C  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 all of its taxable income, including any net realized gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At June 30, 2005, the Trust, for federal income tax purposes, had a capital loss carryover of $48,441,238, which will expire on June 30, 2009 ($490,673), June 30, 2010 ($27,557,475), June 30, 2011 ($13,711,847) and June 30, 2012 ($6,681,243). These amounts will reduce the Trust's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax.

D  Credit Default Swaps — The Trust may enter into credit default swap contracts for risk management purposes, including diversification. When the Trust is a 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 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 would pay the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the 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 obligations. 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 Trust will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swap of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the counterparty may be unable to fulfill the transaction.

E  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.

F  Expense Reduction — Investors Bank & Trust Company (IBT) serves as custodian of the Trust. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balances the Trust maintains with IBT. All credit balances used to reduce the Trust's custodian fees are reported as a reduction of expenses in the statement of operations.

G  Use of Estimates — The preparation of 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.

H  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 of 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 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.

I  Other — Investment transactions are accounted for on the date the investments are purchased or sold. Gains and losses on securities sold are determined on the basis of identified cost.

J  Interim Financial Statements — The interim financial statements relating to December 31, 2005 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.

29



Eaton Vance Senior Income Trust as of December 31, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

2  Auction Preferred Shares (APS)

The Trust issued 2,200 shares of APS Series A and 2,200 shares of APS Series B on June 27, 2001 in a public offering. The underwriting discount and other offering costs were recorded as a reduction to paid-in capital. Dividends on the APS, which accrue daily, are paid cumulatively at a rate which was established at the offering of the APS and have been reset every 7 days thereafter by an auction. Dividend rates ranged from 2.70% to 4.15% for Series A and 2.75% to 4.35% for Series B, during the six months ended December 31, 2005. Series A and Series B are identical in all respects except for the dates of reset for the dividend rates.

The APS are redeemable at the option of the 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 shall remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus 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 Investment Company Act of 1940. The Trust pays annual fees equivalent to 0.25% of the preferred shares' liquidation value for the remarketing efforts associated with the preferred auctions.

3  Distributions to Shareholders

The Trust intends to make monthly distributions to common shareholders of net investment income, after payment of any dividends on any outstanding APS. Distributions are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the APS is generally seven days. The applicable dividend rate for the APS on December 31, 2005 was 3.89% and 3.90%, for Series A and Series B shares, respectively. For the six months ended December 31, 2005, the Trust paid dividends to APS shareholders amounting to $993,862 and $985,330 for Series A and Series B shares, respectively, representing an average APS dividend rate for such period of 3.54% and 3.53%, respectively.

The Trust distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principals 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. These differences relate primarily to the differences between book and tax accounting for swaps.

4  Common Shares of Beneficial Interest

The Agreement and Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares of beneficial interest. Transactions in common shares were as follows:

    Six Months Ended
December 31, 2005
(Unaudited)
  Year Ended
June 30, 2005
 
Issued to shareholders electing to
receive payments of distributions 
in Fund shares
          143,404    
Net increase           143,404    

 

5  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee, computed at a monthly rate of 17/240 of 1% (0.85% annually) of the Trust's average weekly gross assets, was earned by EVM as compensation for management and investment advisory services rendered to the Trust. For the six months ended December 31, 2005, the fee was equivalent to 0.85% (annualized) of the Trust's average weekly gross assets and amounted to $2,352,022. 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 such investment adviser fee. EVM also serves as the administrator of the Trust. An administration fee, computed at the monthly rate of 1/48 of 1% (0.25% annually) of the average weekly gross assets of the Trust, is paid to EVM for managing and administering business affairs of the Trust. For the six months ended December 31, 2005, the fee was equivalent to 0.25% (annualized) of the Trust's average weekly gross assets for such period and amounted to $691,418.

30



Eaton Vance Senior Income Trust as of December 31, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Trustees of the Fund, who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the fiscal year ended December 31, 2005, no significant amounts have been deferred.

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

6  Investment Transactions

The Trust invests primarily in Senior Loans. The ability of the issuers of the Senior Loans held by the Trust to meet their obligations may be affected by economic developments in a specific industry. The cost of purchases and the proceeds from principal repayments and sales of Senior Loans, corporate bonds and equities aggregated $138,345,870 and $151,475,475 respectively, for the six months ended December 31, 2005.

7  Short-Term Debt and Credit Agreements

The Trust has entered into a revolving credit agreement that will allow the Trust to borrow $120 million to support the issuance of commercial paper and to permit the Trust to invest in accordance with its investment practices. Interest is charged under the revolving credit agreement at the bank's base rate or at an amount above either the bank's adjusted certificate of deposit rate or federal funds effective rate. Interest expense includes commercial paper program fees of approximately $186,000 and a commitment fee of approximately $92,000 which is computed at the annual rate of 0.15% on the unused portion of the revolving credit agreement. There were no significant borrowings under this agreement during the period. As of December 31, 2005, the Trust had commercial paper outstanding of $120,000,000, at an interest rate of 4.24% and is reflected in the demand note payable on the Statement of Assets and Liabilities. Maximum and average borrowings for the six months ended December 31, 2005 were $120,000,000 and $120,000,000, respectively, and the average interest rate was 3.69%.

8  Financial Instruments

The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities and to assist in managing exposure to various market risks. These financial instruments include written options, 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, 2005 is as follows:

Credit Default Swaps  
Notional
Amount
  Expiration
Date
  Description   Net Unrealized
Appreciation
(Depreciation)
 
$ 1,000,000     9/20/2008   Agreement with Credit Suisse/First Boston dated 2/6/2004 whereby the Trust will receive 2.45% per year
times the notional amount. The Trust makes a payment only upon a default event on underlying loan assets
(47 in total, each representing 2.128% of the notional value of the swap).
  $ 12,357    
$ 1,500,000     3/20/2010   Agreement with Lehman Brothers dated 3/15/2005 whereby the Trust will receive 2.20% per year times
the notional amount. The Trust makes a payment of the notional amount only upon a default event on the
reference entity, a Revolving Credit Agreement issued by Inergy, L.P.
    (10,177 )  

 

At December 31, 2005, the Trust had sufficient cash and/or securities to cover potential obligations arising from open swap contracts.

31



Eaton Vance Senior Income Trust as of December 31, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

9  Federal Income Tax Basis of Unrealized Appreciation (Depreciation)

The cost and unrealized appreciation (depreciation) in value of the investment securities at December 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost   $ 536,493,926    
Gross unrealized appreciation   $ 5,589,364    
Gross unrealized depreciation     (1,598,423 )  
Net unrealized appreciation   $ 3,990,941    

 

Unrealized appreciation on swap contracts was $2,180.

10 Restricted Securities

At December 31, 2005, 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 fair value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description   Date of
Acquisition
  Shares/Face   Cost   Fair Value  
Common Stocks  
Environmental
Systems Products
  10/24/00     2,992     $ 0     $ 96,103    
Knowledge Universe, Inc.   5/14/03     8       8,000       20,000    
    $ 8,000     $ 116,103    
Preferred Stocks  
Hayes Lemmerz
International, Series A
  6/04/03     35     $ 1,750     $ 532    
Key Plastics, LLC, Series A   4/26/01     15       15,000       14,538    
    $ 16,750     $ 15,070    
    $ 24,750     $ 131,173    

 

32




Eaton Vance Senior Income Trust as of December 31, 2005

OTHER MATTERS (Unaudited)

The Trust held its Annual Meeting of Shareholders on October 14, 2005. The following action was taken by the shareholders:

Item 1: The election of Benjamin C. Esty, James B. Hawkes, Ronald A. Pearlman and Ralph F. Verni as Class I Trustees of the Trust for a three-year term expiring in 2008. Mr. Pearlman was designated the Nominee to be elected solely by APS shareholders.

Nominee for Trustee
Elected by All Shareholders
  Number of Shares  
    For   Withheld  
Benjamin C. Esty     31,395,941       1,801,738    
James B. Hawkes     31,400,892       1,796,787    
Ralph F. Verni     31,404,149       1,793,530    
Nominee for Trustee
Elected by APS Shareholders
  Number of Shares  
    For   Withheld  
Ronald A. Pearlman     3,917       12    

 

33



Eaton Vance Senior Income Trust

DIVIDEND REINVESTMENT PLAN

The Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Trust's transfer agent, PFPC Inc. or you will not be able to participate.

The Plan Agent's service fee for handling distributions will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.

Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc. at 1-800-331-1710.

34



Eaton Vance Senior Income Trust

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

  Please print exact name on account:

  Shareholder signature  Date

  Shareholder signature  Date

  Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

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

  Eaton Vance Senior Income Trust
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
800-331-1710

Number of Employees

The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of December 31, 2005, our records indicate that there were 247 registered shareholders for and approximately 14,069 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.  

 

35



Eaton Vance Senior Income Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

The investment advisory agreement between Eaton Vance Senior Income Trust (the "Fund") and the investment adviser, Eaton Vance Management ("Eaton Vance"), provides that the advisory agreement will continue in effect from year to year so long as its continuance is approved at least annually (i) by a vote of a majority of the noninterested Trustees of the Fund cast in person at a meeting called for the purpose of voting on such approval and (ii) by the Trustees of the Fund or by vote of a majority of the outstanding interests of the Fund.

In considering the annual approval of the investment advisory agreement between the Fund and the investment adviser, the Special Committee of the Board of Trustees considered information that had been provided throughout the year at regular Board meetings, as well as information furnished for a series of meetings held in February and March in preparation for a Board meeting held on March 21, 2005 to specifically consider the renewal of the investment advisory agreement. Such information included, among other things, the following:

•  An independent report comparing the advisory fees of the Fund with those of comparable funds;

•  An independent report comparing the expense ratio of the Fund to those of comparable funds;

•  Information regarding Fund investment performance (including on a risk-adjusted basis) in comparison to relevant peer groups of funds and appropriate indices;

•  The economic outlook and the general investment outlook in relevant investment markets;

•  Eaton Vance's results and financial condition and the overall organization of the investment adviser;

•  The procedures and processes used to determine the fair value of Fund assets including in particular the valuation of senior loan portfolios and actions taken to monitor and test the effectiveness of such procedures and processes;

•  Eaton Vance's management of the relationship with the custodian, subcustodians and fund accountants;

•  The resources devoted to compliance efforts undertaken by Eaton Vance on behalf of the funds it manages and the record of compliance with the investment policies and restrictions and with policies on personal securities transactions;

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

•  The terms of the advisory agreement and the reasonableness and appropriateness of the particular fee paid by the Fund for the services described therein.

The Special Committee also considered the investment adviser's portfolio management capabilities, including information relating to the education, experience, and number of investment professionals and other personnel who provide services under the investment advisory agreement. Specifically, the Special Committee considered the investment adviser's experience in managing senior loan portfolios. The Special Committee noted the experience of the 26 bank loan investment professionals and other personnel who would provide services under the investment advisory agreement, including four portfolio managers and 15 analysts. Many of these portfolio managers and analysts have previous experience working for commercial banks and other lending institutions. The Special Committee also took into account the time and attention to be devoted by senior management to the Fund and the other funds in the complex. The Special Committee evaluated the level of skill required to manage the Fund and concluded that the human resources available at the investment adviser were appropriate to fulfill its duties on behalf of the Fund.

36



Eaton Vance Senior Income Trust

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

In its review of comparative information with respect to the Fund's investment performance (including on a risk-adjusted basis), the Special Committee concluded that the Fund has performed within a range that the Special Committee deemed competitive. With respect to its review of the advisory fees paid by the Fund and the Fund's expense ratio, the Special Committee noted the benefits that have accrued to shareholders as a result of the financial resources committed by Eaton Vance in structuring the Fund at the time of its initial public offering and concluded that the fees paid by the Fund and the Fund's expense ratio are reasonable.

In addition to the factors mentioned above, the Special Committee reviewed the level of the investment adviser's profits in providing investment management and administration services for the Fund and for all Eaton Vance funds as a group. In addition, the Special Committee considered the fiduciary duty assumed by the investment adviser in connection with the services rendered to the Fund and the business reputation of the investment adviser and its financial resources. The Trustees concluded that in light of the services rendered, the profits realized by the investment adviser are not unreasonable. The Special Committee also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the investment adviser's profits with respect to the Fund, the implementation of breakpoints is not appropriate.

The Special Committee did not consider any single factor as controlling in determining whether or not to renew the investment advisory agreement. Nor are the items described herein all the matters considered by the Special Committee. In assessing the information provided by Eaton Vance and its affiliates, the Special Committee also took into consideration the benefits to shareholders of investing in a fund that is a part of a large family of funds which provides a large variety of shareholder services.

Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, and assisted by independent counsel, the Special Committee concluded that the renewal of the investment advisory agreement, including the fee structure, is in the interests of shareholders.

37




Eaton Vance Senior Income Trust

INVESTMENT MANAGEMENT

Eaton Vance Senior Income Trust

Officers
James B. Hawkes
President and Trustee
Scott H. Page
Vice President and
Co-Portfolio Manager
John P. Redding
Vice President and
Co-Portfolio Manager
Payson F. Swaffield
Vice President and
Co-Portfolio Manager
Michael W. Weilheimer
Vice President
Barbara E. Campbell
Treasurer
Alan R. Dynner
Secretary
Paul M. O'Neil
Chief Compliance Officer
  Trustees
Samuel L. Hayes, III
Chairman
Benjamin C. Esty
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
Ralph F. Verni
 

 

38



This Page Intentionally Left Blank



This Page Intentionally Left Blank



This Page Intentionally Left Blank




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

The Eaton Vance Building

255 State Street

Boston, MA 02109

Custodian
Investors 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

1-800-262-1122

Eaton Vance Senior Income Trust

The Eaton Vance Building

255 State Street

Boston, MA 02109



171-2/06  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 registrant’s Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts.  Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm).  Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).  Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration.  Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company).  Formerly, Mr. Reamer was Chairman 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

 

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

 

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders.  The investment adviser will generally support company management on proposals relating to environmental and social policy issues, on matters regarding the state of organization of the company and routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders.  On all other matters, the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies’ guidelines when it believes the situation

 



 

warrants such a deviation.  The Policies include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses.  The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote.

 

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

 

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

 

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

 

Not required in this filing.

 

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

 

Not required in this filing.

 

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

 

Effective February 7, 2005, the Governance Committee of the Board of Trustees revised the procedures by which a Fund’s shareholders may recommend nominees to the registrant’s Board of Trustees to add the following (highlighted):

 

The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains (i)sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund).  Shareholders shall be directed to address any such recommendations in writing to the attention of the Governance Committee, c/o the Secretary of the Fund. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.

 



 

Item 11. Controls and Procedures

 

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

 

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

 

Item 12. Exhibits

 

(a)(1)

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

(a)(2)(i)

Treasurer’s Section 302 certification.

(a)(2)(ii)

President’s Section 302 certification.

(b)

Combined Section 906 certification.

 



 

Signatures

 

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

 

Eaton Vance Senior Income Trust 

 

By:

/s/ James B. Hawkes

 

 

James B. Hawkes

 

President

 

 

 

 

Date:

February 15, 2006

 

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, 2006

 

 

By:

/s/ James B. Hawkes

 

 

James B. Hawkes

 

President

 

 

 

 

Date:

February 15, 2006