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)

 

Maureen A. Gemma

The Eaton Vance Building,
255 State Street, Boston, Massachusetts 02109

(Name and address of agent for services)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

June 30

 

 

Date of reporting period:

December 31, 2007

 

 



 

Item 1. Reports to Stockholders

 



Semiannual Report December 31, 2007

EATON VANCE
SENIOR
INCOME
TRUST



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

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

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

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

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

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

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

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

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

Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

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

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




 

Eaton Vance Senior Income Trust as of December 31, 2007

 

INVESTMENT UPDATE

 

Scott H. Page, CFA

Co-Portfolio Manager

 

John Redding

Co-Portfolio Manager

 

Economic and Market Conditions

 

·        The loan market underwent an unprecedented price dislocation in the second half of 2007, during which loan prices fell, on average, approximately 4-5%. The decline began as a reaction to the unrelated but growing subprime problem. The decline was further compounded by technical pressures, as significant new loan supply faced weakening demand from loan investors, who pulled back in the face of falling prices. As the subprime problems widened, their impact on the economy became a growing concern and added further pressure on the bank loan market.

 

·        Importantly, the fundamentals of the asset class remain sound. According to Standard & Poor’s Leveraged Commentary and Data, the lagging 12-month default rate remained at a historical low of 0.24%, by principal, at December 31, 2007. Further, in the second half of 2007, public filers in the S&P/LSTA Leveraged Loan Index continued to perform well. Credit losses for the year were minimal. Many loan market participants believe that credit defaults may revert, over time, to the mean of approximately 3%, which, management believes, is consistent with the historical performance of this asset class.

 

Management Discussion

 

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

 

·        The Trust’s investments included senior loans to 462 borrowers spanning 39 industries at December 31, 2007, with an average loan size of 0.19% of total investments, and no industry constituting more than 8% of total investments. Health care, business equipment and services, chemicals and plastics, cable and satellite television, and publishing were the largest industry weightings. The Trust is diversified in terms of industry, market and geography – a strategy management believes may help the Trust weather an economic downturn.

 

·        The Trust had a less than 1% exposure to home builders. Home builders have struggled in the recent economic climate; however, management believes that these loans may benefit from the security and collateral that back these exposures. The Trust did not have any direct exposure to subprime or prime mortgage lenders during the six-month period ended December 31, 2007.

 

·        The Trust’s net asset value per share reflected the market correction, declining in July and August, before temporarily rebounding slightly in September and October. The Trust’s net asset value fell again toward year-end, as the dimensions of the credit crisis widened.

 

·        At December 31, 2007, the Trust had leverage in the amount of approximately 44.1% of the Trust’s total assets. The Trust employs leverage though the issuance of Auction Preferred Shares (APS) and a commercial paper program.(3) Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the

 

Eaton Vance Senior Income Trust

Total Return Performance 6/30/07 – 12/31/07

 

NYSE Symbol

 

EVF

 

At Market(1)

 

-13.44

%

At Net Asset Value(1)

 

-5.40

 

S&P/LSTA Leveraged Loan Index(2)

 

-1.36

%

 


(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.

 

 

(2)

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

 

 

(3)

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 Trust’s performance at market share price will differ from its results at NAV.  Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost.  Performance is for the stated time period only; due to market volatility, the 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.

 

1



 

likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases/decreases in the cost of the Trust’s leverage may be offset by increased/decreased income from the Trust’s senior loan investments.(1)

 


(1)

If the APS are unable to be remarketed on the remarketing date, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time when the APS are successfully remarketed.

 

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. In addition, portfolio information provided in the report may not be rerpesentative of the Trust’s current or future investments and may change due to active management.

 

Portfolio Composition

 

Top Ten Holdings(2)

By total investments

 

SunGard Data Systems, Inc.

 

1.3

%

Charter Communications Operating, Inc.

 

1.1

 

Georgia-Pacific Corp.

 

0.9

 

Idearc, Inc.

 

0.8

 

Community Health Systems, Inc.

 

0.8

 

Metro-Goldwyn-Mayer Holdings

 

0.8

 

Univision Communications, Inc.

 

0.7

 

WMG Acquisition Corp.

 

0.7

 

Nielsen Finance LLC

 

0.7

 

HCA, Inc.

 

0.7

 

 


(2) Reflects the Trust’s investments as of 12/31/07. Holdings are shown as a percentage of the Trust’s total investments.

 

Top Five Industries(3)

By total investments

 

Health Care

 

7.7

%

Business Equip. and Services

 

6.5

 

Chemicals and Plastics

 

5.5

 

Cable and Satellite Television

 

5.2

 

Publishing

 

4.9

 

 


(3)   Reflects the Trust’s investments as of 12/31/07. Industries are shown as a percentage of the Trust’s total investments.

 

Credit Quality Ratings for Total Loan Investments(4)

By total loan investments

 

Baa

 

1.6

%

Ba

 

53.6

 

B

 

30.2

 

Caa

 

3.3

 

Non-Rated(5)

 

11.3

 

 


(4)

Credit Quality ratings are those provided by Moody’s Investors Service, Inc., a nationally recognized bond rating service.  As a percentage of the Trust’s total loan investments as of 12/31/07.

 

 

(5)

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

 

2



 

Eaton Vance Senior Income Trust as of December 31, 2007

 

FUND PERFORMANCE

 

Trust Performance(1)

 

New York Stock Exchange Symbol

 

EVF

 

Average Annual Total Return (by share price, NYSE)

 

 

 

Six Months

 

-13.44

%

One Year

 

-7.34

 

Five Years

 

4.85

 

Life of Trust (10/30/98)

 

3.68

 

 

 

 

 

Average Annual Total Return (at net asset value)

 

 

 

Six Months

 

-5.40

%

One Year

 

-1.25

 

Five Years

 

6.33

 

Life of Trust (10/30/98)

 

4.99

 

 


(1)  Performance results reflect the effect of leverage resulting from the Trust issuance of Auction Preferred Shares and its participation in a commercial paper program. In the event of a rise in long-term interest rates, the value of the 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 Trust’s performance at market share price will differ from its results at NAV.  Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the 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.

 

3



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior Floating-Rate Interests — 155.8%(1)       
Principal
Amount*
  Borrower/Tranche Description   Value  
Aerospace and Defense — 2.9%      
ACTS Aero Technical Support & Service, Inc.      
  375,547     Term Loan, 8.47%, Maturing October 5, 2014   $ 358,647    
Colt Defense, LLC      
  497,500     Term Loan, 8.10%, Maturing July 9, 2014     494,391    
DAE Aviation Holdings, Inc.      
  259,259     Term Loan, 7.80%, Maturing July 31, 2009     259,097    
  292,785     Term Loan, 8.74%, Maturing July 31, 2014     291,732    
  221,667     Term Loan, 8.75%, Maturing July 31, 2014     220,870    
Evergreen International Aviation      
  952,349     Term Loan, 8.38%, Maturing October 31, 2011     919,017    
Hawker Beechcraft Acquisition      
  91,667     Term Loan, 6.83%, Maturing March 26, 2014     87,427    
  1,075,208     Term Loan, 6.83%, Maturing March 26, 2014     1,025,480    
Hexcel Corp.      
  252,581     Term Loan, 6.51%, Maturing March 1, 2012     248,792    
IAP Worldwide Services, Inc.      
  514,500     Term Loan, 11.13%, Maturing December 30, 2012     464,079    
Spirit AeroSystems, Inc.      
  626,086     Term Loan, 6.90%, Maturing December 31, 2011     620,608    
TransDigm, Inc.      
  1,375,000     Term Loan, 6.86%, Maturing June 23, 2013     1,346,426    
Vought Aircraft Industries, Inc.      
  1,102,953     Term Loan, 7.34%, Maturing December 17, 2011     1,084,570    
Wesco Aircraft Hardware Corp.      
  972,500     Term Loan, 7.08%, Maturing September 29, 2013     959,128    
            $ 8,380,264    
Air Transport — 1.2%      
Airport Development and Investment, Ltd.      
GBP 986,070     Term Loan, 10.28%, Maturing April 7, 2011   $ 1,863,010    
Delta Air Lines, Inc.      
  646,750     Term Loan, 8.08%, Maturing April 30, 2014     618,108    
Northwest Airlines, Inc.      
  1,138,500     DIP Loan, 6.97%, Maturing August 21, 2008     1,077,542    
            $ 3,558,660    
Automotive — 6.0%      
Accuride Corp.      
  862,448     Term Loan, 8.50%, Maturing January 31, 2012   $ 845,199    
Adesa, Inc.      
  2,213,875     Term Loan, 7.08%, Maturing October 18, 2013     2,083,414    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Automotive (continued)      
Affina Group, Inc.      
  284,032     Term Loan, 7.96%, Maturing November 30, 2011   $ 275,511    
Allison Transmission, Inc.      
  1,600,000     Term Loan, 7.96%, Maturing September 30, 2014     1,497,714    
AxleTech International Holding, Inc.      
  925,000     Term Loan, 11.73%, Maturing April 21, 2013     908,812    
CSA Acquisition Corp.      
  178,999     Term Loan, 7.38%, Maturing December 23, 2011     173,928    
  447,359     Term Loan, 7.38%, Maturing December 23, 2011     434,684    
Dana Corp.      
  1,275,000     Term Loan, 7.36%, Maturing March 30, 2008     1,271,129    
Dayco Products, LLC      
  949,862     Term Loan, 9.53%, Maturing June 21, 2011     903,854    
Federal-Mogul Corp.      
  1,220,814     Term Loan, 8.10%, Maturing June 27, 2014(2)     1,220,814    
  279,186     Term Loan, (PIK), 10.00%, Maturing December 27, 2018(2)     279,186    
Ford Motor Co.      
  940,500     Term Loan, 8.00%, Maturing December 15, 2013     872,634    
General Motors Corp.      
  1,266,681     Term Loan, 7.62%, Maturing November 29, 2013     1,186,453    
Goodyear Tire & Rubber Co.      
  1,300,000     Term Loan, 6.43%, Maturing April 30, 2010     1,223,219    
HLI Operating Co., Inc.      
EUR 21,818     Term Loan, 7.19%, Maturing May 30, 2014     31,102    
EUR 376,291     Term Loan, 7.62%, Maturing May 30, 2014     530,901    
Keystone Automotive Operations, Inc.      
  470,250     Term Loan, 8.55%, Maturing January 12, 2012     429,495    
LKQ Corp.      
  525,000     Term Loan, 7.46%, Maturing October 12, 2014     523,687    
The Hertz Corp.      
  216,667     Term Loan, 4.91%, Maturing December 21, 2012     212,542    
  1,201,245     Term Loan, 6.89%, Maturing December 21, 2012     1,178,376    
TriMas Corp.      
  126,563     Term Loan, 6.79%, Maturing August 2, 2011     124,506    
  541,582     Term Loan, 7.23%, Maturing August 2, 2013     532,781    
United Components, Inc.      
  621,212     Term Loan, 6.91%, Maturing June 30, 2010     599,470    
            $ 17,339,411    
Beverage and Tobacco — 0.9%      
Constellation Brands, Inc.      
  720,000     Term Loan, 6.60%, Maturing June 5, 2013   $ 702,750    
Culligan International Co.      
EUR 500,000     Term Loan, 9.57%, Maturing May 31, 2013     511,717    
  497,497     Term Loan, 7.09%, Maturing November 24, 2014     418,519    

 

See notes to financial statements
4



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Beverage and Tobacco (continued)      
Southern Wine & Spirits of America, Inc.      
  1,083,396     Term Loan, 6.34%, Maturing May 31, 2012   $ 1,082,042    
            $ 2,715,028    
Brokers, Dealers and Investment Houses — 0.4%      
AmeriTrade Holding Corp.      
  1,025,427     Term Loan, 6.35%, Maturing December 31, 2012   $ 1,000,723    
            $ 1,000,723    
Building and Development — 6.3%      
AIMCO Properties, L.P.      
  2,050,000     Term Loan, 6.37%, Maturing March 23, 2011   $ 2,008,360    
Beacon Sales Acquisition, Inc.      
  370,312     Term Loan, 7.21%, Maturing September 30, 2013     336,984    
Brickman Group Holdings, Inc.      
  794,000     Term Loan, 7.14%, Maturing January 23, 2014     754,300    
Building Materials Corp. of America      
  742,528     Term Loan, 7.94%, Maturing February 22, 2014     628,497    
Capital Automotive (REIT)      
  674,441     Term Loan, 6.98%, Maturing December 16, 2010     661,029    
Epco/Fantome, LLC      
  759,000     Term Loan, 7.59%, Maturing November 23, 2010     755,205    
Hovstone Holdings, LLC      
  425,750     Term Loan, 6.63%, Maturing February 28, 2009     361,887    
LNR Property Corp.      
  1,500,000     Term Loan, 7.63%, Maturing July 3, 2011     1,435,312    
Metroflag BP, LLC      
  300,000     Term Loan, 14.03%, Maturing July 1, 2008     270,000    
Mueller Water Products, Inc.      
  704,502     Term Loan, 6.73%, Maturing May 24, 2014     668,103    
Nortek, Inc.      
  919,125     Term Loan, 7.10%, Maturing August 27, 2011     857,084    
November 2005 Land Investors      
  153,253     Term Loan, 7.60%, Maturing May 9, 2011     129,499    
Panolam Industries Holdings, Inc.      
  670,821     Term Loan, 7.59%, Maturing September 30, 2012     637,280    
PLY GEM Industries, Inc.      
  980,668     Term Loan, 7.58%, Maturing August 15, 2011     897,802    
  30,674     Term Loan, 7.58%, Maturing August 15, 2011     28,082    
Realogy Corp.      
  474,887     Term Loan, 7.91%, Maturing September 1, 2014     416,845    
  1,763,863     Term Loan, 8.24%, Maturing September 1, 2014     1,548,280    
South Edge, LLC      
  421,875     Term Loan, 6.88%, Maturing October 31, 2009     379,687    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Building and Development (continued)      
Stile Acquisition Corp.      
  560,823     Term Loan, 7.03%, Maturing April 6, 2013   $ 511,985    
Stile U.S. Acquisition Corp.      
  561,781     Term Loan, 7.03%, Maturing April 6, 2013     512,859    
Tousa/Kolter, LLC      
  695,600     Term Loan, 8.25%, Maturing January 7, 2008(2)     617,832    
TRU 2005 RE Holding Co.      
  2,200,000     Term Loan, 8.23%, Maturing December 9, 2008     2,125,521    
United Subcontractors, Inc.      
  450,000     Term Loan, 12.21%, Maturing June 27, 2013(2)     322,470    
Wintergames Acquisition ULC      
  1,489,825     Term Loan, 4.40%, Maturing April 24, 2008     1,478,652    
            $ 18,343,555    
Business Equipment and Services — 10.9%      
ACCO Brands Corp.      
  263,375     Term Loan, 6.79%, Maturing August 17, 2012   $ 254,157    
Activant Solutions, Inc.      
  372,359     Term Loan, 6.95%, Maturing May 1, 2013     349,552    
Acxiom Corp.      
  696,667     Term Loan, 6.63%, Maturing September 15, 2012     674,025    
Affiliated Computer Services      
  441,000     Term Loan, 6.87%, Maturing March 20, 2013     429,665    
  1,157,375     Term Loan, 7.04%, Maturing March 20, 2013     1,127,627    
Affinion Group, Inc.      
  1,385,810     Term Loan, 7.48%, Maturing October 17, 2012     1,337,884    
Allied Security Holdings, LLC      
  668,182     Term Loan, 7.83%, Maturing June 30, 2010     661,500    
DynCorp International, LLC      
  573,181     Term Loan, 6.88%, Maturing February 11, 2011     553,120    
Education Management, LLC      
  2,033,868     Term Loan, 6.63%, Maturing June 1, 2013     1,952,514    
Info USA, Inc.      
  318,533     Term Loan, 6.83%, Maturing February 14, 2012     313,755    
iPayment, Inc.      
  485,631     Term Loan, 6.87%, Maturing May 10, 2013     449,209    
ista International GmbH      
EUR 563,126     Term Loan, 6.77%, Maturing May 14, 2015     748,294    
EUR 111,874     Term Loan, 6.77%, Maturing May 14, 2015     148,660    
Kronos, Inc.      
  592,714     Term Loan, 7.08%, Maturing June 11, 2014     560,115    
Language Line, Inc.      
  417,092     Term Loan, 8.34%, Maturing June 11, 2011     404,405    
Mitchell International, Inc.      
  500,000     Term Loan, 10.13%, Maturing March 28, 2015     455,000    

 

See notes to financial statements
5



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Business Equipment and Services (continued)      
N.E.W. Holdings I, LLC      
  1,040,075     Term Loan, 7.49%, Maturing May 22, 2014   $ 967,270    
Protection One, Inc.      
  1,224,523     Term Loan, 7.21%, Maturing March 31, 2012     1,178,603    
Quantum Corp.      
  225,000     Term Loan, 8.33%, Maturing July 12, 2014     220,500    
Quintiles Transnational Corp.      
  900,000     Term Loan, 8.83%, Maturing March 31, 2014     858,375    
Sabre, Inc.      
  2,642,040     Term Loan, 6.96%, Maturing September 30, 2014     2,415,965    
Serena Software, Inc.      
  780,313     Term Loan, 7.18%, Maturing March 10, 2013     751,701    
Sitel (Client Logic)      
EUR 973,203     Term Loan, 6.94%, Maturing January 29, 2014     1,280,585    
  535,403     Term Loan, 7.29%, Maturing January 29, 2014     481,863    
Solera Holdings, LLC      
EUR 447,750     Term Loan, 7.00%, Maturing May 15, 2014     631,721    
SunGard Data Systems, Inc.      
  6,857,910     Term Loan, 6.90%, Maturing February 11, 2013     6,638,244    
TDS Investor Corp.      
EUR 527,114     Term Loan, 7.02%, Maturing August 23, 2013     742,730    
  722,578     Term Loan, 7.08%, Maturing August 23, 2013     687,691    
  144,986     Term Loan, 7.08%, Maturing August 23, 2013     137,986    
Transaction Network Services, Inc.      
  353,498     Term Loan, 7.48%, Maturing May 4, 2012     348,195    
Valassis Communications, Inc.      
  119,039     Term Loan, Maturing March 2, 2014(3)     112,194    
  380,961     Term Loan, Maturing March 2, 2014(3)     359,056    
  259,614     Term Loan, 6.58%, Maturing March 2, 2014     244,687    
VWR International, Inc.      
  875,000     Term Loan, 7.33%, Maturing June 28, 2013     831,250    
WAM Acquisition, S.A.      
EUR 153,716     Term Loan, 6.57%, Maturing May 4, 2014     213,232    
EUR 96,284     Term Loan, 6.57%, Maturing May 4, 2014     133,563    
EUR 153,716     Term Loan, 6.82%, Maturing May 4, 2015     214,262    
EUR 96,284     Term Loan, 6.82%, Maturing May 4, 2015     134,302    
West Corp.      
  1,806,784     Term Loan, 7.30%, Maturing October 24, 2013     1,724,801    
            $ 31,728,258    
Cable and Satellite Television — 10.2%      
Atlantic Broadband Finance, LLC      
  1,744,795     Term Loan, 7.08%, Maturing February 10, 2011   $ 1,695,722    
Bragg Communications, Inc.      
  1,197,000     Term Loan, 7.58%, Maturing August 31, 2014     1,197,000    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Cable and Satellite Television (continued)      
Bresnan Broadband Holdings, LLC      
  1,500,000     Term Loan, 7.18%, Maturing March 29, 2014   $ 1,436,562    
  650,000     Term Loan, 9.47%, Maturing March 29, 2014     633,750    
Cequel Communications, LLC      
  875,000     Term Loan, 9.41%, Maturing May 5, 2014     814,707    
  1,834,534     Term Loan, 10.91%, Maturing May 5, 2014     1,716,207    
Charter Communications Operating, Inc.      
  6,109,362     Term Loan, 6.99%, Maturing April 28, 2013     5,720,183    
CSC Holdings, Inc.      
  1,572,000     Term Loan, 6.90%, Maturing March 29, 2013     1,488,348    
CW Media Holdings, Inc.      
  324,188     Term Loan, 8.08%, Maturing February 15, 2015     322,567    
Insight Midwest Holdings, LLC      
  2,875,000     Term Loan, 7.00%, Maturing April 6, 2014     2,780,763    
Mediacom Broadband Group      
  826,837     Term Loan, 6.69%, Maturing January 31, 2015     766,743    
Mediacom Illinois, LLC      
  1,955,250     Term Loan, 6.69%, Maturing January 31, 2015     1,827,461    
NTL Investment Holdings, Ltd.      
  1,355,140     Term Loan, 7.22%, Maturing March 30, 2012     1,296,277    
GBP 331,461     Term Loan, 8.29%, Maturing March 30, 2012     627,915    
GBP 168,539     Term Loan, 8.29%, Maturing March 30, 2012     319,279    
Orion Cable GmbH      
EUR 450,000     Term Loan, 7.47%, Maturing October 31, 2014     643,037    
EUR 450,000     Term Loan, 7.98%, Maturing October 31, 2015     645,998    
ProSiebenSat.1 Media AG      
EUR 250,000     Term Loan, Maturing March 2, 2015(3)     336,034    
EUR 608,000     Term Loan, 7.07%, Maturing March 2, 2015(4)     780,940    
EUR 272,924     Term Loan, 6.55%, Maturing June 26, 2015     366,254    
EUR 11,076     Term Loan, 6.59%, Maturing June 26, 2015     14,864    
EUR 250,000     Term Loan, Maturing March 2, 2016(3)     336,034    
EUR 608,000     Term Loan, 7.32%, Maturing March 2, 2016(4)     787,212    
EUR 300,000     Term Loan, 8.34%, Maturing September 2, 2016     372,001    
EUR 200,303     Term Loan, 8.20%, Maturing March 2, 2017(4)     250,206    
UPC Broadband Holding B.V.      
  1,050,000     Term Loan, 7.13%, Maturing December 31, 2014     996,516    
YPSO Holding SA      
EUR 1,000,000     Term Loan, 7.68%, Maturing July 28, 2015     1,402,289    
            $ 29,574,869    
Chemicals and Plastics — 9.9%      
Brenntag Holding GmbH and Co. KG      
  196,364     Term Loan, 7.39%, Maturing December 23, 2013   $ 188,018    
  803,636     Term Loan, 7.39%, Maturing December 23, 2013     769,482    
  600,000     Term Loan, 9.39%, Maturing December 23, 2015     568,500    

 

See notes to financial statements
6



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Chemicals and Plastics (continued)      
Celanese Holdings, LLC      
  2,263,625     Term Loan, 6.98%, Maturing April 2, 2014   $ 2,188,328    
Cognis GmbH      
EUR 401,639     Term Loan, 6.95%, Maturing September 15, 2013     550,271    
EUR 98,361     Term Loan, 6.95%, Maturing September 15, 2013     134,760    
Foamex L.P.      
  1,217,647     Term Loan, 7.46%, Maturing February 12, 2013     1,120,235    
Georgia Gulf Corp.      
  424,300     Term Loan, 7.76%, Maturing October 3, 2013     408,831    
Hercules, Inc.      
  326,250     Term Loan, 6.71%, Maturing October 8, 2010     325,434    
Hexion Specialty Chemicals, Inc.      
  497,500     Term Loan, 7.13%, Maturing May 5, 2012     481,603    
  519,006     Term Loan, 7.13%, Maturing May 5, 2013     502,422    
  2,395,283     Term Loan, 7.50%, Maturing May 5, 2013     2,318,746    
Huish Detergents, Inc.      
  497,500     Term Loan, 6.83%, Maturing April 26, 2014     435,312    
INEOS Group      
  1,347,500     Term Loan, 7.36%, Maturing December 14, 2013     1,309,461    
  1,347,500     Term Loan, 7.86%, Maturing December 14, 2014     1,309,461    
Innophos, Inc.      
  297,886     Term Loan, 7.08%, Maturing August 10, 2010     292,673    
Invista B.V.      
  1,396,519     Term Loan, 6.33%, Maturing April 29, 2011     1,357,532    
  740,253     Term Loan, 6.33%, Maturing April 29, 2011     719,588    
ISP Chemco, Inc.      
  1,393,000     Term Loan, 6.78%, Maturing June 4, 2014     1,329,618    
Kleopatra      
EUR 300,000     Term Loan, 7.28%, Maturing January 3, 2016     372,000    
  450,000     Term Loan, 7.74%, Maturing January 3, 2016     384,750    
Kranton Polymers, LLC      
  1,283,847     Term Loan, 7.25%, Maturing May 12, 2013     1,221,259    
Lucite International Group Holdings      
  328,208     Term Loan, 7.10%, Maturing July 7, 2013     314,875    
  116,210     Term Loan, 7.10%, Maturing July 7, 2013     111,489    
MacDermid, Inc.      
EUR 416,021     Term Loan, 7.02%, Maturing April 12, 2014     580,873    
Millenium Inorganic Chemicals      
  200,000     Term Loan, 7.08%, Maturing April 30, 2014     185,000    
  500,000     Term Loan, 10.48%, Maturing October 31, 2014     432,500    
Momentive Performance Material      
  1,138,500     Term Loan, 7.13%, Maturing December 4, 2013     1,092,756    
Mosaic Co.      
  36,691     Term Loan, 6.63%, Maturing December 21, 2012     36,570    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Chemicals and Plastics (continued)      
Nalco Co.      
  2,731,885     Term Loan, 6.92%, Maturing November 4, 2010   $ 2,691,666    
Propex Fabrics, Inc.      
  405,647     Term Loan, 11.25%, Maturing July 31, 2012     326,546    
Rockwood Specialties Group, Inc.      
  2,276,625     Term Loan, 6.46%, Maturing December 10, 2012     2,201,369    
Solo Cup Co.      
  840,578     Term Loan, 8.48%, Maturing February 27, 2011     834,274    
Solutia, Inc.      
  1,039,652     DIP Loan, 8.06%, Maturing March 31, 2008     1,038,678    
Wellman, Inc.      
  900,000     Term Loan, 8.91%, Maturing February 10, 2009     750,600    
            $ 28,885,480    
Clothing / Textiles — 0.9%      
Hanesbrands, Inc.      
  697,321     Term Loan, 6.78%, Maturing September 5, 2013   $ 681,341    
  450,000     Term Loan, 8.82%, Maturing March 5, 2014     450,643    
St. John Knits International, Inc.      
  649,402     Term Loan, 7.84%, Maturing March 23, 2012     639,661    
The William Carter Co.      
  733,326     Term Loan, 6.43%, Maturing July 14, 2012     711,326    
            $ 2,482,971    
Conglomerates — 4.5%      
Amsted Industries, Inc.      
  926,252     Term Loan, 7.21%, Maturing October 15, 2010   $ 910,621    
Blount, Inc.      
  281,808     Term Loan, 7.03%, Maturing August 9, 2010     275,467    
Doncasters (Dunde HoldCo 4 Ltd.)      
  227,244     Term Loan, 7.48%, Maturing July 13, 2015     219,154    
  227,244     Term Loan, 7.98%, Maturing July 13, 2015     219,722    
EUR 417,379     Term Loan, 8.93%, Maturing January 13, 2016     585,820    
GenTek, Inc.      
  268,908     Term Loan, 7.16%, Maturing February 25, 2011     264,202    
Goodman Global Holdings, Inc.      
  140,287     Term Loan, 6.59%, Maturing December 23, 2011     139,148    
ISS Holdings A/S      
EUR 122,807     Term Loan, 6.95%, Maturing December 31, 2013     173,939    
EUR 877,193     Term Loan, 6.95%, Maturing December 31, 2013     1,242,422    
Jarden Corp.      
  1,166,006     Term Loan, 6.58%, Maturing January 24, 2012     1,128,111    
  821,238     Term Loan, 6.58%, Maturing January 24, 2012     794,548    
Johnson Diversey, Inc.      
  862,605     Term Loan, 6.88%, Maturing December 16, 2011     847,240    

 

See notes to financial statements
7



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Conglomerates (continued)      
Polymer Group, Inc.      
  1,332,732     Term Loan, 7.09%, Maturing November 22, 2012   $ 1,306,077    
RBS Global, Inc.      
  740,625     Term Loan, 7.40%, Maturing July 19, 2013     721,184    
  677,459     Term Loan, 7.58%, Maturing July 19, 2013     659,676    
RGIS Holdings, LLC      
  109,036     Term Loan, 7.35%, Maturing April 30, 2014     99,404    
  2,180,711     Term Loan, 7.47%, Maturing April 30, 2014     1,988,083    
US Investigations Services, Inc.      
  1,022,431     Term Loan, 7.91%, Maturing February 21, 2015     967,475    
Vertrue, Inc.      
  473,813     Term Loan, 7.83%, Maturing August 16, 2014     452,491    
            $ 12,994,784    
Containers and Glass Products — 4.6%      
Berry Plastics Corp.      
  992,500     Term Loan, 7.16%, Maturing April 3, 2015   $ 930,469    
Bluegrass Container Co.      
  682,336     Term Loan, 7.08%, Maturing June 30, 2013     678,356    
  204,164     Term Loan, 7.09%, Maturing June 30, 2013     202,973    
  157,576     Term Loan, 9.98%, Maturing December 30, 2013     158,462    
  492,424     Term Loan, 9.98%, Maturing December 30, 2013     495,194    
Consolidated Container Co.      
  500,000     Term Loan, 10.47%, Maturing September 28, 2014     358,333    
Crown Americas, Inc.      
  343,000     Term Loan, 6.62%, Maturing November 15, 2012     336,140    
Graham Packaging Holdings Co.      
  2,257,938     Term Loan, 7.50%, Maturing October 7, 2011     2,175,028    
Graphic Packaging International, Inc.      
  2,943,839     Term Loan, 7.10%, Maturing May 16, 2014     2,842,032    
IPG (US), Inc.      
  217,375     Term Loan, 8.24%, Maturing July 28, 2011     216,016    
JSG Acquisitions      
  990,000     Term Loan, 7.12%, Maturing December 31, 2013     951,019    
  990,000     Term Loan, 7.37%, Maturing December 13, 2014     955,969    
Kranson Industries, Inc.      
  445,004     Term Loan, 7.09%, Maturing July 31, 2013     432,766    
Owens-Brockway Glass Container      
  837,813     Term Loan, 6.43%, Maturing June 14, 2013     818,543    
Smurfit-Stone Container Corp.      
  377,453     Term Loan, 7.12%, Maturing November 1, 2011     370,009    
  423,211     Term Loan, 7.06%, Maturing November 1, 2011     414,864    
  830,387     Term Loan, 7.15%, Maturing November 1, 2011     814,428    
  347,030     Term Loan, 7.25%, Maturing November 1, 2011     340,360    
            $ 13,490,961    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Cosmetics / Toiletries — 0.6%      
American Safety Razor Co.      
  400,000     Term Loan, 11.69%, Maturing July 31, 2014   $ 401,000    
Bausch & Lomb, Inc.      
  60,000     Term Loan, 0.00%, Maturing April 30, 2015(4)     59,831    
  240,000     Term Loan, 8.08%, Maturing April 30, 2015     239,325    
KIK Custom Products, Inc.      
  525,000     Term Loan, 9.84%, Maturing November 30, 2014     365,750    
Prestige Brands, Inc.      
  761,134     Term Loan, 6.98%, Maturing April 7, 2011     746,387    
            $ 1,812,293    
Drugs — 1.6%      
Graceway Pharmaceuticals, LLC      
  483,333     Term Loan, 7.58%, Maturing May 3, 2012   $ 456,871    
  500,000     Term Loan, 11.33%, Maturing May 3, 2013     415,000    
  150,000     Term Loan, 13.08%, Maturing November 3, 2013     127,500    
Pharmaceutical Holdings Corp.      
  336,875     Term Loan, 8.10%, Maturing January 30, 2012     330,980    
Stiefel Laboratories, Inc.      
  645,205     Term Loan, 7.50%, Maturing December 28, 2013     628,268    
  839,795     Term Loan, 7.50%, Maturing December 28, 2013     817,751    
Warner Chilcott Corp.      
  467,217     Term Loan, 6.83%, Maturing January 18, 2012     453,687    
  1,358,352     Term Loan, 6.85%, Maturing January 18, 2012     1,319,017    
            $ 4,549,074    
Ecological Services and Equipment — 1.9%      
Allied Waste Industries, Inc.      
  829,561     Term Loan, 5.50%, Maturing January 15, 2012   $ 795,529    
  1,379,669     Term Loan, 6.59%, Maturing January 15, 2012     1,323,070    
Blue Waste B.V. (AVR Acquisition)      
EUR 500,000     Term Loan, 7.02%, Maturing April 1, 2015     711,379    
EnergySolutions, LLC      
  6,650     Term Loan, 7.10%, Maturing June 7, 2013     6,467    
IESI Corp.      
  441,176     Term Loan, 6.61%, Maturing January 20, 2012     425,183    
Kemble Water Structure Ltd.      
GBP 750,000     Term Loan, 10.05%, Maturing October 13, 2013     1,436,342    
Sensus Metering Systems, Inc.      
  44,125     Term Loan, 6.88%, Maturing December 17, 2010     43,353    
  679,148     Term Loan, 7.04%, Maturing December 17, 2010     667,263    
            $ 5,408,586    

 

See notes to financial statements
8



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Electronics / Electrical — 5.1%      
AMI Semiconductor, Inc.      
  830,485     Term Loan, 6.85%, Maturing April 1, 2012   $ 813,875    
Aspect Software, Inc.      
  972,457     Term Loan, 7.94%, Maturing July 11, 2011     943,283    
  950,000     Term Loan, 12.31%, Maturing July 11, 2013     897,750    
EnerSys Capital, Inc.      
  965,250     Term Loan, 6.74%, Maturing March 17, 2011     939,912    
FCI International S.A.S.      
  114,637     Term Loan, 7.76%, Maturing November 1, 2013     110,051    
  110,363     Term Loan, 7.76%, Maturing November 1, 2013     105,949    
  110,363     Term Loan, 7.76%, Maturing November 1, 2013     106,032    
  114,637     Term Loan, 7.76%, Maturing November 1, 2013     110,137    
Freescale Semiconductor, Inc.      
  2,301,750     Term Loan, 6.98%, Maturing December 1, 2013     2,138,471    
Infor Enterprise Solutions Holdings      
  1,411,420     Term Loan, 8.58%, Maturing July 28, 2012     1,358,491    
  736,393     Term Loan, 8.58%, Maturing July 28, 2012     708,778    
  250,000     Term Loan, 10.33%, Maturing March 2, 2014     225,937    
  91,667     Term Loan, 11.08%, Maturing March 2, 2014     82,844    
  158,333     Term Loan, 11.08%, Maturing March 2, 2014     143,094    
Network Solutions, LLC      
  390,747     Term Loan, 7.33%, Maturing March 7, 2014     368,279    
Open Solutions, Inc.      
  1,191,211     Term Loan, 7.28%, Maturing January 23, 2014     1,116,015    
Sensata Technologies Finance Co.      
  1,408,575     Term Loan, 6.76%, Maturing April 27, 2013     1,342,170    
Spectrum Brands, Inc.      
  32,388     Term Loan, 9.24%, Maturing March 30, 2013     31,433    
  644,697     Term Loan, 9.12%, Maturing March 30, 2013     625,678    
SS&C Technologies, Inc.      
  820,417     Term Loan, 6.83%, Maturing November 23, 2012     795,805    
TTM Technologies, Inc.      
  159,375     Term Loan, 7.26%, Maturing October 27, 2012     157,781    
VeriFone, Inc.      
  385,688     Term Loan, 6.71%, Maturing October 31, 2013     376,045    
Vertafore, Inc.      
  992,519     Term Loan, 7.52%, Maturing January 31, 2012     957,781    
  450,000     Term Loan, 11.02%, Maturing January 31, 2013     427,500    
            $ 14,883,091    
Equipment Leasing — 0.7%      
AWAS Capital, Inc.      
  1,121,823     Term Loan, 10.94%, Maturing March 22, 2013   $ 1,082,560    
Maxim Crane Works, L.P.      
  472,625     Term Loan, 7.23%, Maturing June 29, 2014     441,904    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Equipment Leasing (continued)      
United Rentals, Inc.      
  153,233     Term Loan, 5.32%, Maturing February 14, 2011   $ 149,785    
  363,337     Term Loan, 7.11%, Maturing February 14, 2011     355,162    
            $ 2,029,411    
Farming / Agriculture — 0.3%      
Central Garden & Pet Co.      
  1,105,313     Term Loan, 6.50%, Maturing February 28, 2014   $ 964,385    
            $ 964,385    
Financial Intermediaries — 2.3%      
Citco III, Ltd.      
  500,000     Term Loan, Maturing June 30, 2014(3)   $ 482,500    
  1,050,000     Term Loan, 6.97%, Maturing June 30, 2014     1,011,312    
Grosvenor Capital Management      
  1,265,467     Term Loan, 7.19%, Maturing December 5, 2013     1,227,503    
INVESTools, Inc.      
  300,000     Term Loan, 8.09%, Maturing August 13, 2012     294,000    
Jupiter Asset Management Group      
GBP 220,143     Term Loan, 8.73%, Maturing June 30, 2015     410,827    
LPL Holdings, Inc.      
  1,916,058     Term Loan, 6.83%, Maturing December 18, 2014     1,840,613    
Nuveen Investments, Inc.      
  800,000     Term Loan, 7.86%, Maturing November 2, 2014     792,929    
Oxford Acquisition III, Ltd.      
  464,910     Term Loan, 6.90%, Maturing May 24, 2014     438,759    
RJO Holdings Corp. (RJ O'Brien)      
  249,375     Term Loan, 7.85%, Maturing July 31, 2014     206,981    
            $ 6,705,424    
Food Products — 4.9%      
Acosta, Inc.      
  1,625,663     Term Loan, 7.10%, Maturing July 28, 2013   $ 1,554,540    
Advantage Sales & Marketing, Inc.      
  441,488     Term Loan, 6.88%, Maturing March 29, 2013     420,241    
  249,312     Term Loan, 6.88%, Maturing March 29, 2013     237,314    
Black Lion Beverages III B.V.      
EUR 147,059     Term Loan, 6.71%, Maturing December 31, 2013     207,367    
EUR 852,941     Term Loan, 6.71%, Maturing December 31, 2014     1,202,728    
Chiquita Brands, LLC      
  321,384     Term Loan, 7.88%, Maturing June 28, 2012     315,358    
Dean Foods Co.      
  1,836,125     Term Loan, 6.58%, Maturing April 2, 2014     1,736,495    

 

See notes to financial statements
9



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Food Products (continued)      
Dole Food Company, Inc.      
  88,372     Term Loan, 7.24%, Maturing April 12, 2013   $ 82,164    
  195,358     Term Loan, 7.16%, Maturing April 12, 2013     181,634    
  651,192     Term Loan, 7.22%, Maturing April 12, 2013     605,446    
Foodvest Limited      
EUR 483,210     Term Loan, 7.03%, Maturing March 16, 2014     682,524    
EUR 251,739     Term Loan, 7.53%, Maturing March 16, 2015     357,070    
Michael Foods, Inc.      
  959,646     Term Loan, 6.85%, Maturing November 21, 2010     943,452    
National Dairy Holdings, L.P.      
  143,509     Term Loan, 6.98%, Maturing March 15, 2012     138,486    
Pinnacle Foods Finance, LLC      
  2,014,875     Term Loan, 7.93%, Maturing April 2, 2014     1,901,035    
Provimi Group SA      
EUR 37,419     Term Loan, 6.78%, Maturing June 28, 2015(4)     50,742    
EUR 266,692     Term Loan, 7.14%, Maturing June 28, 2015     372,370    
EUR 154,749     Term Loan, 7.15%, Maturing June 28, 2015     216,070    
EUR 255,938     Term Loan, 7.15%, Maturing June 28, 2015     357,356    
EUR 348,873     Term Loan, 7.15%, Maturing June 28, 2015     487,116    
  119,643     Term Loan, 7.48%, Maturing June 28, 2015     114,259    
  147,236     Term Loan, 7.48%, Maturing June 28, 2015     140,610    
EUR 557,956     Term Loan, 9.15%, Maturing December 28, 2016(4)     756,618    
  225,701     Term Loan, 9.48%, Maturing December 28, 2016(4)     209,337    
Reddy Ice Group, Inc.      
  1,055,000     Term Loan, 7.00%, Maturing August 9, 2012     1,028,625    
            $ 14,298,957    
Food Service — 3.0%      
AFC Enterprises, Inc.      
  219,329     Term Loan, 7.13%, Maturing May 23, 2009   $ 216,039    
Aramark Corp.      
  139,244     Term Loan, 5.20%, Maturing January 26, 2014     132,682    
  1,931,613     Term Loan, 6.83%, Maturing January 26, 2014     1,840,586    
GBP 495,000     Term Loan, 8.17%, Maturing January 27, 2014     931,153    
Buffets, Inc.      
  99,167     Term Loan, 7.83%, Maturing May 1, 2013     82,358    
  742,365     Term Loan, 7.98%, Maturing November 1, 2013     616,534    
Burger King Corp.      
  935,875     Term Loan, 6.38%, Maturing June 30, 2012     923,300    
CBRL Group, Inc.      
  947,234     Term Loan, 6.40%, Maturing April 27, 2013     901,845    
Denny's, Inc.      
  64,750     Term Loan, 7.12%, Maturing March 31, 2012     63,455    
  266,915     Term Loan, 6.85%, Maturing March 31, 2012     261,576    
JRD Holdings, Inc.      
  339,063     Term Loan, 7.74%, Maturing June 26, 2014     330,586    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Food Service (continued)      
Maine Beverage Co., LLC      
  352,679     Term Loan, 6.65%, Maturing June 30, 2010   $ 350,915    
NPC International, Inc.      
  200,000     Term Loan, 6.69%, Maturing May 3, 2013     188,250    
OSI Restaurant Partners, LLC      
  69,550     Term Loan, 7.31%, Maturing May 9, 2013     64,073    
  822,799     Term Loan, 7.13%, Maturing May 9, 2014     758,004    
QCE Finance, LLC      
  494,975     Term Loan, 7.37%, Maturing May 5, 2013     466,033    
  500,000     Term Loan, 10.58%, Maturing November 5, 2013     468,437    
Sagittarius Restaurants, LLC      
  196,500     Term Loan, 7.08%, Maturing March 29, 2013     179,306    
            $ 8,775,132    
Food / Drug Retailers — 3.0%      
General Nutrition Centers, Inc.      
  844,371     Term Loan, 7.26%, Maturing September 16, 2013   $ 776,822    
Iceland Foods Group, Ltd.      
GBP 375,000     Term Loan, 8.71%, Maturing May 2, 2014     730,924    
GBP 375,000     Term Loan, 9.21%, Maturing May 2, 2015     734,656    
GBP 505,454     Term Loan, 10.84%, Maturing May 2, 2016     1,006,156    
Pantry, Inc. (The)      
  127,778     Term Loan, 0.00%, Maturing May 15, 2014(4)     119,392    
  444,986     Term Loan, 6.60%, Maturing May 15, 2014     415,784    
Rite Aid Corp.      
  2,100,000     Term Loan, 6.80%, Maturing June 1, 2014     1,967,437    
Roundy's Supermarkets, Inc.      
  2,308,185     Term Loan, 7.91%, Maturing November 3, 2011     2,268,514    
Supervalu, Inc.      
  786,000     Term Loan, 6.40%, Maturing June 1, 2012     772,026    
            $ 8,791,711    
Forest Products — 3.2%      
Appleton Papers, Inc.      
  721,375     Term Loan, 6.74%, Maturing June 5, 2014   $ 682,730    
Boise Cascade Holdings, LLC      
  410,669     Term Loan, 6.38%, Maturing April 30, 2014     406,152    
  1,824,515     Term Loan, 6.38%, Maturing April 30, 2014     1,804,445    
Georgia-Pacific Corp.      
  4,655,000     Term Loan, 6.87%, Maturing December 20, 2012     4,443,030    
Newpage Corp.      
  825,000     Term Loan, 8.69%, Maturing December 5, 2014     821,519    
Xerium Technologies, Inc.      
  1,327,439     Term Loan, 7.58%, Maturing May 18, 2012     1,229,541    
            $ 9,387,417    

 

See notes to financial statements
10



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Healthcare — 13.7%      
Accellent, Inc.      
  921,200     Term Loan, 7.79%, Maturing November 22, 2012   $ 829,080    
Alliance Imaging, Inc.      
  1,132,099     Term Loan, 7.52%, Maturing December 29, 2011     1,115,118    
American Medical Systems      
  793,790     Term Loan, 7.54%, Maturing July 20, 2012     758,070    
AMN Healthcare, Inc.      
  187,618     Term Loan, 6.58%, Maturing November 2, 2011     183,045    
AMR HoldCo, Inc.      
  1,068,138     Term Loan, 7.14%, Maturing February 10, 2012     1,042,437    
Biomet, Inc.      
EUR 650,000     Term Loan, 7.78%, Maturing December 26, 2014     943,205    
  1,496,250     Term Loan, 7.86%, Maturing December 26, 2014     1,482,223    
Cardinal Health 409, Inc.      
  820,875     Term Loan, 7.08%, Maturing April 10, 2014     766,150    
Carestream Health, Inc.      
  1,425,993     Term Loan, 7.00%, Maturing April 30, 2013     1,313,696    
  500,000     Term Loan, 10.30%, Maturing October 30, 2013     466,250    
Carl Zeiss Vision Holding GmbH      
  630,000     Term Loan, 7.64%, Maturing March 23, 2015     614,250    
Community Health Systems, Inc.      
  206,497     Term Loan, 0.00%, Maturing July 25, 2014(4)     199,065    
  4,105,839     Term Loan, 7.33%, Maturing July 25, 2014     3,958,070    
Concentra, Inc.      
  350,000     Term Loan, 10.33%, Maturing June 25, 2015     325,500    
ConMed Corp.      
  262,167     Term Loan, 6.34%, Maturing April 13, 2013     255,612    
CRC Health Corp.      
  271,563     Term Loan, 7.09%, Maturing February 6, 2013     260,361    
  245,641     Term Loan, 7.09%, Maturing February 6, 2013     235,508    
DaVita, Inc.      
  2,715,474     Term Loan, 6.55%, Maturing October 5, 2012     2,623,517    
DJO Finance, LLC      
  450,000     Term Loan, 7.83%, Maturing May 15, 2014     445,688    
Fenwal, Inc.      
  500,000     Term Loan, 10.33%, Maturing August 28, 2014     470,000    
Fresenius Medical Care Holdings      
  1,372,957     Term Loan, 6.27%, Maturing March 31, 2013     1,326,130    
Hanger Orthopedic Group, Inc.      
  394,916     Term Loan, 7.09%, Maturing May 30, 2013     379,119    
HCA, Inc.      
  3,613,500     Term Loan, 7.08%, Maturing November 18, 2013     3,486,876    
Health Management Association, Inc.      
  1,623,484     Term Loan, 6.58%, Maturing February 28, 2014     1,519,084    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Healthcare (continued)      
HealthSouth Corp.      
  1,657,936     Term Loan, 7.75%, Maturing March 10, 2013   $ 1,587,474    
Iasis Healthcare, LLC      
  41,335     Term Loan, 6.63%, Maturing March 14, 2014     39,286    
  155,008     Term Loan, 6.63%, Maturing March 14, 2014(4)     147,322    
  450,254     Term Loan, 7.06%, Maturing March 14, 2014     427,929    
Ikaria Acquisition, Inc.      
  288,210     Term Loan, 7.08%, Maturing March 28, 2013     281,005    
IM US Holdings, LLC      
  350,000     Term Loan, 9.09%, Maturing June 26, 2015     343,000    
Invacare Corp.      
  434,500     Term Loan, 7.17%, Maturing February 12, 2013     418,749    
inVentiv Health, Inc.      
  28,571     Term Loan, 0.00%, Maturing July 6, 2014(4)     27,071    
  469,071     Term Loan, 6.58%, Maturing July 6, 2014     444,445    
Leiner Health Products, Inc.      
  516,275     Term Loan, 9.65%, Maturing May 27, 2011     435,994    
LifeCare Holdings, Inc.      
  439,875     Term Loan, 9.10%, Maturing August 11, 2012     396,071    
LifePoint Hospitals, Inc.      
  1,107,929     Term Loan, 6.72%, Maturing April 15, 2012     1,058,864    
Magellan Health Services, Inc.      
  457,958     Term Loan, 5.13%, Maturing August 15, 2008     448,799    
  114,490     Term Loan, 6.74%, Maturing August 15, 2008     112,200    
Matria Healthcare, Inc.      
  107,538     Term Loan, 6.91%, Maturing January 19, 2012     104,312    
MultiPlan Merger Corp.      
  351,111     Term Loan, 7.35%, Maturing April 12, 2013     340,688    
  250,588     Term Loan, 7.35%, Maturing April 12, 2013     243,149    
Mylan, Inc.      
  325,000     Term Loan, 8.24%, Maturing October 2, 2014     322,224    
National Mentor Holdings, Inc.      
  33,600     Term Loan, 5.32%, Maturing June 29, 2013     32,928    
  557,904     Term Loan, 6.73%, Maturing June 29, 2013     546,746    
National Rental Institutes, Inc.      
  444,869     Term Loan, 7.13%, Maturing March 31, 2013     432,635    
Nyco Holdings      
EUR 500,000     Term Loan, 7.03%, Maturing December 29, 2014     658,255    
EUR 500,000     Term Loan, 7.78%, Maturing December 29, 2015     661,578    
Physiotherapy Associates, Inc.      
  438,875     Term Loan, 8.12%, Maturing June 27, 2013     412,543    
RadNet Management, Inc.      
  297,750     Term Loan, 8.65%, Maturing November 15, 2012     297,750    
  350,000     Term Loan, 12.65%, Maturing November 15, 2013     352,625    

 

See notes to financial statements
11



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Healthcare (continued)      
ReAble Therapeutics Finance, LLC      
  902,752     Term Loan, 7.11%, Maturing November 16, 2013   $ 860,999    
Renal Advantage, Inc.      
  196,063     Term Loan, 7.47%, Maturing October 5, 2012     187,976    
Select Medical Holding Corp.      
  1,242,381     Term Loan, 6.99%, Maturing February 24, 2012     1,177,414    
Sunrise Medical Holdings, Inc.      
  342,860     Term Loan, 8.92%, Maturing May 13, 2010     308,574    
Vanguard Health Holding Co., LLC      
  1,613,269     Term Loan, 7.10%, Maturing September 23, 2011     1,563,527    
Viant Holdings, Inc.      
  298,500     Term Loan, 7.08%, Maturing June 25, 2014     269,769    
            $ 39,939,955    
Home Furnishings — 2.1%      
Hunter Fan Co.      
  25,714     Term Loan, 0.00%, Maturing April 16, 2014(4)   $ 22,757    
  249,664     Term Loan, 7.38%, Maturing April 16, 2014     220,953    
Interline Brands, Inc.      
  528,902     Term Loan, 6.59%, Maturing June 23, 2013     517,663    
  365,543     Term Loan, 6.59%, Maturing June 23, 2013     357,776    
National Bedding Co., LLC      
  992,500     Term Loan, 6.91%, Maturing August 31, 2011     904,002    
  350,000     Term Loan, 9.88%, Maturing August 31, 2012     318,500    
Oreck Corp.      
  675,899     Term Loan, 7.66%, Maturing February 2, 2012(2)     392,022    
Sanitec, Ltd. Oy      
EUR 500,000     Term Loan, 7.54%, Maturing April 7, 2013     685,266    
EUR 500,000     Term Loan, 8.04%, Maturing April 7, 2014     688,312    
Simmons Co.      
  1,446,372     Term Loan, 7.11%, Maturing December 19, 2011     1,381,285    
  500,000     Term Loan, 10.65%, Maturing February 15, 2012     460,000    
            $ 5,948,536    
Industrial Equipment — 4.2%      
Aearo Technologies, Inc.      
  400,000     Term Loan, 10.33%, Maturing September 24, 2013   $ 400,500    
  398,000     Term Loan, 7.08%, Maturing July 2, 2014     395,513    
Alliance Laundry Holdings, LLC      
  198,085     Term Loan, 7.63%, Maturing January 27, 2012     196,104    
Brand Energy and Infrast Series, Inc.      
  423,938     Term Loan, 8.13%, Maturing February 7, 2014     416,519    
CEVA Group PLC U.S.      
  65,789     Term Loan, 7.83%, Maturing January 4, 2014     64,145    
  556,414     Term Loan, 7.87%, Maturing January 4, 2014     542,504    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Industrial Equipment (continued)      
Colfax Corp.      
  584,593     Term Loan, 7.13%, Maturing May 30, 2009   $ 576,920    
EPD Holdings (Goodyear Engineering Products)      
  40,523     Term Loan, 7.35%, Maturing July 13, 2014     39,054    
  283,664     Term loan, 7.46%, Maturing July 13, 2014     273,381    
  425,000     Term Loan, 10.71%, Maturing July 13, 2015     404,813    
Flowserve Corp.      
  1,073,733     Term Loan, 6.40%, Maturing August 10, 2012     1,047,337    
FR Brand Acquisition Corp.      
  496,250     Term Loan, 7.14%, Maturing February 7, 2014     471,438    
Generac Acquisition Corp.      
  693,000     Term Loan, 7.73%, Maturing November 7, 2013     626,918    
  500,000     Term Loan, 11.23%, Maturing April 7, 2014     409,167    
Gleason Corp.      
  83,902     Term Loan, 6.85%, Maturing June 30, 2013     80,021    
  306,063     Term Loan, 6.85%, Maturing June 30, 2013     291,908    
Itron, Inc.      
EUR 285,067     Term Loan, 6.78%, Maturing April 18, 2014     405,147    
Jason, Inc.      
  298,500     Term Loan, 7.53%, Maturing April 30, 2010     283,575    
John Maneely Co.      
  1,490,283     Term Loan, 8.43%, Maturing December 8, 2013     1,335,134    
Loan Acquisitions Corp.      
  362,045     Term Loan, 7.35%, Maturing July 11, 2014     356,615    
  135,682     Term Loan, 7.41%, Maturing July 11, 2014     133,647    
Polypore, Inc.      
  1,616,714     Term Loan, 7.10%, Maturing July 3, 2014     1,568,212    
Sequa Corp.      
  500,000     Term Loan, 8.08%, Maturing November 30, 2014     491,875    
Terex Corp.      
  394,000     Term Loan, 6.58%, Maturing July 13, 2013     393,015    
TFS Acquisition Corp.      
  1,110,938     Term Loan, 8.33%, Maturing August 11, 2013     1,088,719    
            $ 12,292,181    
Insurance — 2.1%      
Alliant Holdings I, Inc.      
  523,688     Term Loan, 7.83%, Maturing August 21, 2014   $ 502,740    
AmWINS Group, Inc.      
  500,000     Term Loan, 11.07%, Maturing June 8, 2014     412,500    
Applied Systems, Inc.      
  715,938     Term Loan, 7.42%, Maturing September 26, 2013     694,459    
CCC Information Services Group, Inc.      
  310,139     Term Loan, 7.36%, Maturing February 10, 2013     306,262    

 

See notes to financial statements
12



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Insurance (continued)      
Conseco, Inc.      
  1,879,251     Term Loan, 6.85%, Maturing October 10, 2013   $ 1,731,260    
Crawford & Company      
  660,268     Term Loan, 7.58%, Maturing October 31, 2013     640,460    
Crump Group, Inc.      
  544,889     Term Loan, 7.83%, Maturing August 4, 2014     536,716    
Hub International Holdings, Inc.      
  82,128     Term Loan, 6.07%, Maturing June 13, 2014(4)     77,919    
  365,809     Term Loan, 7.33%, Maturing June 13, 2014     347,061    
U.S.I. Holdings Corp.      
  945,250     Term Loan, 7.58%, Maturing May 4, 2014     901,532    
            $ 6,150,909    
Leisure Goods / Activities / Movies — 8.7%      
24 Hour Fitness Worldwide, Inc.      
  884,250     Term Loan, 7.51%, Maturing June 8, 2012   $ 853,301    
AMC Entertainment, Inc.      
  980,000     Term Loan, 6.62%, Maturing January 26, 2013     940,111    
AMF Bowling Worldwide, Inc.      
  500,000     Term Loan, 11.81%, Maturing December 8, 2013     472,500    
Bombardier Recreational Product      
  979,747     Term Loan, 7.70%, Maturing June 28, 2013     944,640    
Carmike Cinemas, Inc.      
  446,656     Term Loan, 8.65%, Maturing May 19, 2012     437,165    
Cedar Fair, L.P.      
  2,367,712     Term Loan, 6.85%, Maturing August 30, 2012     2,246,959    
Cinemark, Inc.      
  1,967,297     Term Loan, 6.67%, Maturing October 5, 2013     1,865,859    
Deluxe Entertainment Services      
  35,433     Term Loan, 7.08%, Maturing January 28, 2011     32,421    
  739,517     Term Loan, 7.08%, Maturing January 28, 2011     676,658    
  68,357     Term Loan, 7.08%, Maturing January 28, 2011     62,547    
Easton-Bell Sports, Inc.      
  789,712     Term Loan, 6.85%, Maturing March 16, 2012     757,137    
HEI Acquisition, LLC      
  1,025,000     Term Loan, 9.02%, Maturing April 13, 2014     1,004,500    
Mega Blocks, Inc.      
  830,875     Term Loan, 7.25%, Maturing July 26, 2012     760,251    
Metro-Goldwyn-Mayer Holdings, Inc.      
  4,305,751     Term Loan, 8.11%, Maturing April 8, 2012     4,000,434    
National CineMedia, LLC      
  400,000     Term Loan, 6.87%, Maturing February 13, 2015     376,781    
Regal Cinemas Corp.      
  2,172,500     Term Loan, 6.33%, Maturing November 10, 2010     2,068,442    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Leisure Goods / Activities / Movies (continued)      
Revolution Studios Distribution Co., LLC      
  662,676     Term Loan, 8.60%, Maturing December 21, 2014   $ 652,736    
  450,000     Term Loan, 11.85%, Maturing June 21, 2015     438,750    
Six Flags Theme Parks, Inc.      
  1,691,500     Term Loan, 7.25%, Maturing April 30, 2015     1,557,354    
Southwest Sports Group, LLC      
  600,000     Term Loan, 7.38%, Maturing December 22, 2010     586,500    
Universal City Development Partners, Ltd.      
  934,709     Term Loan, 6.84%, Maturing June 9, 2011     916,599    
WMG Acquisition Corp.      
  450,000     Revolving Loan, 0.00%, Maturing February 28, 2010(4)     432,000    
  3,513,782     Term Loan, 7.07%, Maturing February 28, 2011     3,364,447    
            $ 25,448,092    
Lodging and Casinos — 4.5%      
Ameristar Casinos, Inc.      
  588,000     Term Loan, 7.43%, Maturing November 10, 2012   $ 580,650    
Bally Technologies, Inc.      
  1,578,948     Term Loan, 8.39%, Maturing September 5, 2009     1,577,303    
CCM Merger, Inc.      
  1,004,259     Term Loan, 6.90%, Maturing April 25, 2012     966,599    
Green Valley Ranch Gaming, LLC      
  262,938     Term Loan, 6.99%, Maturing February 16, 2014     249,133    
Isle of Capri Casinos, Inc.      
  211,765     Term Loan, 0.00%, Maturing November 30, 2013(4)     196,765    
  702,353     Term Loan, 6.58%, Maturing November 30, 2013     652,603    
  280,941     Term Loan, 6.58%, Maturing November 30, 2013     261,041    
LodgeNet Entertainment Corp.      
  447,750     Term Loan, 6.83%, Maturing April 4, 2014     431,799    
New World Gaming Partners, Ltd.      
  541,667     Term Loan, 8.75%, Maturing June 30, 2014     498,333    
  108,333     Term Loan, 8.75%, Maturing June 30, 2014     99,667    
Penn National Gaming, Inc.      
  3,435,912     Term Loan, 6.71%, Maturing October 3, 2012     3,399,884    
Venetian Casino Resort/Las Vegas Sands Inc.      
  460,000     Term Loan, 0.00%, Maturing May 14, 2014(4)     432,583    
  1,830,800     Term Loan, 6.58%, Maturing May 23, 2014     1,721,681    
VML US Finance, LLC      
  241,667     Term Loan, 7.08%, Maturing May 25, 2012     231,434    
  483,333     Term Loan, 7.08%, Maturing May 25, 2013     462,867    
Wimar OpCo, LLC      
  1,342,641     Term Loan, 10.50%, Maturing January 3, 2012     1,339,658    
            $ 13,102,000    

 

See notes to financial statements
13



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Nonferrous Metals / Minerals — 2.3%      
Alpha Natural Resources, LLC      
  442,937     Term Loan, 6.59%, Maturing October 26, 2012   $ 436,478    
Euramax International, Inc.      
  312,595     Term Loan, 8.24%, Maturing June 28, 2012     275,344    
  334,211     Term Loan, 13.24%, Maturing June 28, 2013     274,053    
  165,789     Term Loan, 13.24%, Maturing June 28, 2013     135,947    
Magnum Coal Co.      
  100,000     Term Loan, 8.10%, Maturing March 15, 2013     91,000    
  982,500     Term Loan, 8.10%, Maturing March 15, 2013     894,075    
Murray Energy Corp.      
  729,375     Term Loan, 7.91%, Maturing January 28, 2010     712,964    
Neo Material Technologies, Inc.      
  530,563     Term Loan, 8.31%, Maturing August 31, 2009     530,563    
Noranda Aluminum Acquisition      
  211,875     Term Loan, 6.91%, Maturing May 18, 2014     204,371    
Novelis, Inc.      
  334,258     Term Loan, 6.83%, Maturing June 28, 2014     315,316    
  735,367     Term Loan, 6.83%, Maturing June 28, 2014     693,696    
Oxbow Carbon and Mineral Holdings      
  100,167     Term Loan, 6.83%, Maturing May 8, 2014     93,656    
  1,118,897     Term Loan, 6.83%, Maturing May 8, 2014     1,046,169    
Stillwater Mining Co.      
  702,452     Term Loan, 7.38%, Maturing July 30, 2010     695,428    
Thompson Creek Metals Co.      
  416,629     Term Loan, 9.56%, Maturing October 26, 2012     412,463    
            $ 6,811,523    
Oil and Gas — 3.0%      
Atlas Pipeline Partners, L.P.      
  825,000     Term Loan, 7.60%, Maturing July 20, 2014   $ 819,500    
Big West Oil, LLC      
  220,000     Term Loan, 0.00%, Maturing May 1, 2014(4)     214,638    
  178,000     Term Loan, 7.10%, Maturing May 1, 2014     173,661    
Concho Resources, Inc.      
  601,463     Term Loan, 9.23%, Maturing March 27, 2012     597,703    
Dresser, Inc.      
  491,058     Term Loan, 7.45%, Maturing May 4, 2014     471,538    
  700,000     Term Loan, 11.13%, Maturing May 4, 2015     667,625    
Enterprise GP Holdings L.P.      
  600,000     Term Loan, 6.99%, Maturing October 31, 2014     598,125    
Hercules Offshore, Inc.      
  373,125     Term Loan, 6.58%, Maturing July 6, 2013     362,071    
Kinder Morgan, Inc.      
  2,049,981     Term Loan, 6.35%, Maturing May 21, 2014     2,040,373    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Oil and Gas (continued)      
Primary Natural Resources, Inc.      
  982,500     Term Loan, 7.25%, Maturing July 28, 2010(2)   $ 966,092    
Targa Resources, Inc.      
  395,714     Term Loan, 6.84%, Maturing October 31, 2012     387,898    
  871,010     Term Loan, 6.90%, Maturing October 31, 2012     853,807    
Volnay Acquisition Co.      
  712,000     Term Loan, 6.85%, Maturing January 12, 2014     697,760    
            $ 8,850,791    
Publishing — 10.0%      
American Media Operations, Inc.      
  2,000,000     Term Loan, 8.25%, Maturing January 31, 2013   $ 1,967,500    
Aster Zweite Beteiligungs GmbH      
EUR 236,166     Term Loan, 7.00%, Maturing September 27, 2013     327,106    
  500,000     Term Loan, 7.39%, Maturing September 27, 2013     470,375    
CanWest MediaWorks, Ltd.      
  422,875     Term Loan, 7.08%, Maturing July 10, 2014     412,303    
Dex Media West, LLC      
  932,729     Term Loan, 6.60%, Maturing March 9, 2010     912,181    
GateHouse Media Operating, Inc.      
  725,000     Term Loan, 7.07%, Maturing August 28, 2014     626,763    
  325,000     Term Loan, 7.24%, Maturing August 28, 2014     280,963    
  350,000     Term Loan, 7.41%, Maturing August 28, 2014     308,438    
Idearc, Inc.      
  4,455,000     Term Loan, 6.83%, Maturing November 17, 2014     4,250,221    
Laureate Education, Inc.      
  118,869     Term Loan, 0.00%, Maturing August 17, 2014(4)     114,649    
  800,359     Term Loan, 8.73%, Maturing August 17, 2014     771,946    
MediaNews Group, Inc.      
  517,125     Term Loan, 7.08%, Maturing August 2, 2013     484,805    
Mediannuaire Holding      
EUR 500,000     Term Loan, 9.18%, Maturing April 10, 2016     695,022    
Merrill Communications, LLC      
  679,313     Term Loan, 7.09%, Maturing February 9, 2009     655,538    
Nebraska Book Co., Inc.      
  463,363     Term Loan, 7.65%, Maturing March 4, 2011     450,041    
Nelson Education, Ltd.      
  249,375     Term Loan, 7.33%, Maturing July 5, 2014     232,075    
Nielsen Finance, LLC      
  3,678,448     Term Loan, 7.28%, Maturing August 9, 2013     3,495,549    
Philadelphia Newspapers, LLC      
  379,568     Term Loan, 8.75%, Maturing June 29, 2013     341,136    
R.H. Donnelley Corp.      
  250,033     Term Loan, 6.51%, Maturing June 30, 2010     242,579    

 

See notes to financial statements
14



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Publishing (continued)      
Reader's Digest Association      
  1,761,688     Term Loan, 7.19%, Maturing March 2, 2014   $ 1,607,540    
SGS International, Inc.      
  392,000     Term Loan, 7.29%, Maturing December 30, 2011     386,120    
Source Media, Inc.      
  546,842     Term Loan, 7.08%, Maturing November 8, 2011     519,500    
SP Newsprint Co.      
  969,921     Term Loan, 8.60%, Maturing January 9, 2010     957,797    
TL Acquisitions, Inc.      
  1,022,438     Term Loan, 7.60%, Maturing July 5, 2014     969,256    
Trader Media Corp.      
GBP 1,337,188     Term Loan, 8.42%, Maturing March 23, 2015     2,499,880    
Tribune Co.      
  980,000     Term Loan, 7.99%, Maturing May 17, 2009     948,325    
  1,592,000     Term Loan, 7.91%, Maturing May 17, 2014     1,359,369    
Xsys US, Inc.      
EUR 263,834     Term Loan, 7.00%, Maturing September 27, 2013     365,427    
  605,124     Term Loan, 7.39%, Maturing September 27, 2013     569,270    
  618,087     Term Loan, 7.39%, Maturing September 27, 2014     584,556    
Yell Group, PLC      
  1,400,000     Term Loan, 6.85%, Maturing February 10, 2013     1,345,532    
            $ 29,151,762    
Radio and Television — 6.3%      
Block Communications, Inc.      
  441,000     Term Loan, 6.83%, Maturing December 22, 2011   $ 425,565    
CMP KC, LLC      
  486,844     Term Loan, 9.25%, Maturing May 5, 2013     453,982    
CMP Susquehanna Corp.      
  711,964     Term Loan, 7.03%, Maturing May 5, 2013     667,689    
Discovery Communications, Inc.      
  1,293,500     Term Loan, 6.83%, Maturing April 30, 2014     1,255,827    
Emmis Operating Co.      
  434,960     Term Loan, 6.84%, Maturing November 2, 2013     403,244    
Entravision Communications Corp.      
  696,000     Term Loan, 6.73%, Maturing September 29, 2013     661,490    
Gray Television, Inc.      
  693,000     Term Loan, 6.73%, Maturing January 19, 2015     646,655    
HIT Entertainment, Inc.      
  784,010     Term Loan, 7.23%, Maturing March 20, 2012     766,369    
NEP II, Inc.      
  322,561     Term Loan, 7.11%, Maturing February 16, 2014     307,643    
Nexstar Broadcasting, Inc.      
  958,199     Term Loan, 6.58%, Maturing October 1, 2012     919,871    
  907,286     Term Loan, 6.58%, Maturing October 1, 2012     870,995    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Radio and Television (continued)      
NextMedia Operating, Inc.      
  131,000     Term Loan, 6.97%, Maturing November 15, 2012   $ 123,140    
  58,221     Term Loan, 7.24%, Maturing November 15, 2012     54,728    
PanAmSat Corp.      
  1,311,750     Term Loan, 7.23%, Maturing January 3, 2014     1,289,731    
Paxson Communications Corp.      
  1,350,000     Term Loan, 8.49%, Maturing January 15, 2012     1,284,188    
Raycom TV Broadcasting, LLC      
  775,000     Term Loan, 6.38%, Maturing June 25, 2014     749,813    
SFX Entertainment      
  613,360     Term Loan, 7.58%, Maturing June 21, 2013     594,959    
Sirius Satellite Radio, Inc.      
  249,375     Term Loan, 7.13%, Maturing December 19, 2012     232,698    
Spanish Broadcasting System, Inc.      
  979,849     Term Loan, 6.58%, Maturing June 10, 2012     912,076    
Tyrol Acquisition 2 SAS      
EUR 425,000     Term Loan, 6.37%, Maturing January 19, 2015     578,758    
EUR 425,000     Term Loan, 6.62%, Maturing January 19, 2016     581,441    
Univision Communications, Inc.      
  400,000     Term Loan, 7.35%, Maturing March 29, 2009     392,000    
  127,517     Term Loan, 0.00%, Maturing September 29, 2014(4)     116,518    
  3,672,483     Term Loan, 7.21%, Maturing September 29, 2014     3,355,732    
Young Broadcasting, Inc.      
  868,972     Term Loan, 7.67%, Maturing November 3, 2012     803,799    
            $ 18,448,911    
Rail Industries — 0.6%      
Kansas City Southern Railway Co.      
  1,007,125     Term Loan, 6.78%, Maturing March 30, 2008   $ 984,465    
RailAmerica, Inc.      
  825,000     Term Loan, 7.12%, Maturing August 14, 2008     810,563    
            $ 1,795,028    
Retailers (Except Food and Drug) — 3.1%      
American Achievement Corp.      
  195,079     Term Loan, 7.57%, Maturing March 25, 2011   $ 186,301    
Amscan Holdings, Inc.      
  297,750     Term Loan, 7.49%, Maturing May 25, 2013     276,908    
Claire's Stores, Inc.      
  248,750     Term Loan, 7.59%, Maturing May 24, 2014     210,287    
Cumberland Farms, Inc.      
  839,375     Term Loan, 6.84%, Maturing September 29, 2013     826,784    
Harbor Freight Tools USA, Inc.      
  1,040,427     Term Loan, 7.22%, Maturing July 15, 2010     983,203    

 

See notes to financial statements
15



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Retailers (Except Food and Drug) (continued)      
Josten's Corp.      
  880,379     Term Loan, 6.72%, Maturing October 4, 2011   $ 866,073    
Mapco Express, Inc.      
  288,539     Term Loan, 7.74%, Maturing April 28, 2011     282,769    
Neiman Marcus Group, Inc.      
  431,962     Term Loan, 6.94%, Maturing April 5, 2013     416,430    
Orbitz Worldwide, Inc.      
  628,425     Term Loan, 7.84%, Maturing July 25, 2014     595,433    
Oriental Trading Co., Inc.      
  700,000     Term Loan, 10.85%, Maturing January 31, 2013     658,000    
  864,549     Term Loan, 7.22%, Maturing July 31, 2013     816,999    
Rent-A-Center, Inc.      
  551,102     Term Loan, 7.10%, Maturing November 15, 2012     522,858    
Rover Acquisition Corp.      
  1,138,500     Term Loan, 7.15%, Maturing October 26, 2013     1,094,146    
Savers, Inc.      
  180,457     Term Loan, 7.58%, Maturing August 11, 2012     175,043    
  196,411     Term Loan, 7.58%, Maturing August 11, 2012     190,519    
The Yankee Candle Company, Inc.      
  830,942     Term Loan, 6.86%, Maturing February 6, 2014     779,008    
            $ 8,880,761    
Steel — 0.2%      
Algoma Acquisition Corp.      
  177,153     Term Loan, 7.33%, Maturing June 20, 2013   $ 168,738    
Niagara Corp.      
  547,250     Term Loan, 9.85%, Maturing June 29, 2014     484,316    
            $ 653,054    
Surface Transport — 1.1%      
Gainey Corp.      
  409,568     Term Loan, 11.25%, Maturing April 20, 2012   $ 296,528    
Oshkosh Truck Corp.      
  1,012,188     Term Loan, 6.90%, Maturing December 6, 2013     973,426    
Ozburn-Hessey Holding Co., LLC      
  293,528     Term Loan, 8.39%, Maturing August 9, 2012     267,844    
SIRVA Worldwide, Inc.      
  771,102     Term Loan, 12.50%, Maturing December 1, 2010     498,324    
Swift Transportation Co., Inc.      
  1,502,326     Term Loan, 7.94%, Maturing May 10, 2014     1,239,889    
            $ 3,276,011    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Telecommunications — 5.1%      
Alaska Communications Systems Holdings, Inc.      
  530,000     Term Loan, 6.58%, Maturing February 1, 2012   $ 508,248    
Alltell Communication      
  597,000     Term Loan, 7.78%, Maturing May 16, 2015     575,773    
Asurion Corp.      
  775,000     Term Loan, 7.88%, Maturing July 13, 2012     749,571    
  500,000     Term Loan, 11.59%, Maturing January 13, 2013     487,188    
Centennial Cellular Operating Co., LLC      
  1,833,333     Term Loan, 6.85%, Maturing February 9, 2011     1,791,319    
CommScope, Inc.      
  625,000     Term Loan, 7.36%, Maturing November 19, 2014     618,359    
FairPoint Communications, Inc.      
  1,130,000     Term Loan, 6.63%, Maturing February 8, 2012     1,117,570    
Intelsat Bermuda, Ltd.      
  575,000     Term Loan, 7.73%, Maturing February 1, 2014     567,813    
Intelsat Subsidiary Holding Co.      
  519,750     Term Loan, 6.98%, Maturing July 3, 2013     516,502    
Iowa Telecommunications Services      
  334,000     Term Loan, 6.68%, Maturing November 23, 2011     324,711    
IPC Systems, Inc.      
  497,500     Term Loan, 7.09%, Maturing May 31, 2014     432,203    
Macquarie UK Broadcast Ventures, Ltd.      
GBP 425,000     Term Loan, 7.95%, Maturing December 26, 2014     785,727    
NTelos, Inc.      
  1,104,572     Term Loan, 7.10%, Maturing August 24, 2011     1,091,869    
Palm, Inc.      
  423,938     Term Loan, 8.35%, Maturing April 24, 2014     347,629    
Stratos Global Corp.      
  563,500     Term Loan, 7.59%, Maturing February 13, 2012     548,356    
Telesat Canada, Inc.      
  39,370     Term Loan, Maturing October 22, 2014(3)     38,730    
  460,630     Term Loan, Maturing October 22, 2014(3)     453,145    
  322,419     Term Loan, 7.95%, Maturing October 22, 2014     312,592    
  27,557     Term Loan, 8.00%, Maturing October 22, 2014(4)     26,717    
Trilogy International Partners      
  475,000     Term Loan, 8.33%, Maturing June 29, 2012     458,375    
Triton PCS, Inc.      
  1,538,097     Term Loan, 8.10%, Maturing November 18, 2009     1,535,533    
Windstream Corp.      
  1,655,477     Term Loan, 6.71%, Maturing July 17, 2013     1,628,059    
            $ 14,915,989    

 

See notes to financial statements
16



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Utilities — 3.5%      
AEI Finance Holding, LLC      
  145,028     Revolving Loan, 4.73%, Maturing March 30, 2012   $ 138,864    
  1,081,326     Term Loan, 7.83%, Maturing March 30, 2014     1,035,370    
Astoria Generating Co.      
  625,000     Term Loan, 8.66%, Maturing August 23, 2013     605,664    
BRSP, LLC      
  957,659     Term Loan, 7.91%, Maturing July 13, 2009     945,689    
Calpine Corp.      
  446,625     DIP Loan, 7.08%, Maturing March 30, 2009     436,018    
Covanta Energy Corp.      
  305,155     Term Loan, 4.60%, Maturing February 9, 2014     291,168    
  615,197     Term Loan, 6.57%, Maturing February 9, 2014     587,000    
Elster Group GmbH (Ruhrgas)      
  69,968     Term Loan, 6.91%, Maturing June 12, 2013     68,814    
LS Power Acquisition Co.      
  325,000     Term Loan, 8.58%, Maturing November 1, 2014     312,813    
Mach General, LLC      
  23,585     Term Loan, 6.83%, Maturing February 22, 2013     22,377    
  225,713     Term Loan, 7.00%, Maturing February 22, 2014     214,145    
Mirant North America, LLC      
  990,720     Term Loan, 6.60%, Maturing January 3, 2013     951,091    
NRG Energy, Inc.      
  1,120,185     Term Loan, 6.48%, Maturing June 1, 2014     1,070,757    
  2,426,046     Term Loan, 6.58%, Maturing June 1, 2014     2,318,996    
Pike Electric, Inc.      
  106,231     Term Loan, 6.75%, Maturing July 1, 2012     104,637    
  181,409     Term Loan, 6.50%, Maturing December 10, 2012     178,688    
TXU Texas Competitive Electric Holdings Co., LLC      
  448,875     Term Loan, 8.40%, Maturing October 10, 2014     441,188    
  448,875     Term Loan, 8.40%, Maturing October 10, 2014     441,657    
            $ 10,164,936    
Total Senior Floating-Rate Interests
(identified cost $474,138,146)
  $ 453,930,884    
Corporate Bonds & Notes — 11.3%      
Principal
Amount
(000's omitted)
  Security   Value  
Aerospace and Defense — 0.1%      
Alion Science and Technologies, Corp.      
$ 75     10.25%, 2/1/15   $ 64,312    
Bombardier Recreational Product      
  70     8.00%, 11/15/14(5)     73,500    

 

Principal
Amount
(000's omitted)
  Security   Value  
Aerospace and Defense (continued)      
DRS Technologies, Inc., Sr. Sub. Notes      
$ 40     7.625%, 2/1/18   $ 40,700    
            $ 178,512    
Air Transport — 0.0%      
Continental Airlines      
$ 82     7.033%, 6/15/11   $ 79,232    
            $ 79,232    
Automotive — 0.2%      
Altra Industrial Motion, Inc.      
$ 120     9.00%, 12/1/11   $ 122,400    
  60     9.00%, 12/1/11     61,200    
American Axle & Manufacturing, Inc.      
  75     7.875%, 3/1/17     68,062    
Commercial Vehicle Group, Inc., Sr. Notes      
  55     8.00%, 7/1/13     50,050    
Goodyear Tire & Rubber Co., Sr. Notes, Variable Rate      
  95     8.663%, 12/1/09     96,187    
Tenneco, Inc.      
  35     8.125%, 11/15/15(5)     34,825    
United Components, Inc., Sr. Sub. Notes      
  65     9.375%, 6/15/13     64,512    
            $ 497,236    
Broadcast Radio and Television — 0.0%      
Warner Music Group, Sr. Sub. Notes      
$ 45     7.375%, 4/15/14   $ 34,875    
            $ 34,875    
Brokers / Dealers / Investment Houses — 0.1%      
Nuveen Investments, Inc.      
$ 15     5.00%, 9/15/10   $ 13,762    
Nuveen Investments, Inc., Sr. Notes      
  170     10.50%, 11/15/15(5)     170,212    
            $ 183,974    
Building and Development — 0.7%      
Grohe Holding of GmbH, Variable Rate      
EUR 1,000     7.566%, 1/15/14   $ 1,348,741    
Interface, Inc., Sr. Sub. Notes      
$ 20     9.50%, 2/1/14     21,000    

 

See notes to financial statements
17



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Building and Development (continued)      
Interline Brands, Inc., Sr. Sub. Notes      
$ 70     8.125%, 6/15/14   $ 69,650    
Nortek, Inc., Sr. Sub. Notes      
  450     8.50%, 9/1/14     362,250    
NTK Holdings, Inc., Sr. Disc. Notes      
  200     10.75%, 3/1/14     118,000    
Panolam Industries International      
  220     10.75%, 10/1/13     192,500    
Stanley-Martin Communities, LLC      
  40     9.75%, 8/15/15     24,200    
            $ 2,136,341    
Business Equipment and Services — 0.7%      
Affinion Group, Inc.      
$ 55     10.125%, 10/15/13   $ 55,894    
Affinion Group, Inc., Sr. Sub. Notes      
  70     11.50%, 10/15/15     69,037    
Ceridian Corp., Sr. Notes      
  185     11.25%, 11/15/15(5)     172,050    
Education Management, LLC, Sr. Notes      
  150     8.75%, 6/1/14     151,312    
Education Management, LLC, Sr. Sub Notes      
  340     10.25%, 6/1/16     351,900    
KAR Holdings, Inc., Sr. Notes      
  10     8.75%, 5/1/14(5)     9,250    
KAR Holdings, Inc., Sr. Notes, Variable Rate      
  70     8.911%, 5/1/14(5)     63,875    
MediMedia USA, Inc., Sr. Sub Notes      
  90     11.375%, 11/15/14(5)     93,150    
Muzak, LLC/Muzak Finance, Sr. Notes      
  20     10.00%, 2/15/09     18,825    
Neff Corp., Sr. Notes      
  20     10.00%, 6/1/15     11,000    
Norcross Safety Products, LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B      
  170     9.875%, 8/15/11     175,525    
Safety Products Holdings, Inc. Sr. Notes (PIK)      
  88     11.75%, 1/1/12(2)     92,020    
SunGard Data Systems, Inc.      
  45     9.125%, 8/15/13     46,012    
Travelport, LLC      
  260     9.875%, 9/1/14     265,200    
  36     11.875%, 9/1/16     38,565    
West Corp.      
  370     9.50%, 10/15/14     364,450    
            $ 1,978,065    

 

Principal
Amount
(000's omitted)
  Security   Value  
Cable and Satellite Television — 0.3%      
Cablevision Systems Corp., Series B      
$ 40     8.00%, 4/15/12   $ 39,000    
CCH I, LLC/CCH I Capital Co.      
  85     11.00%, 10/1/15     69,700    
CCH II, LLC/CCH II Capital Co.      
  165     10.25%, 9/15/10     161,700    
CCO Holdings, LLC/CCO Capital Corp., Sr. Notes      
  395     8.75%, 11/15/13     379,200    
Kabel Deutschland GmbH      
  135     10.625%, 7/1/14     142,425    
Mediacom Broadband Group Corp., LLC, Sr. Notes      
  75     8.50%, 10/15/15     66,844    
            $ 858,869    
Chemicals and Plastics — 0.2%      
Ineos Group Holdings PLC, Sr Sub Note      
$ 210     8.50%, 2/15/16(5)   $ 187,950    
Nova Chemicals Corp., Sr. Notes, Variable Rate      
  105     7.863%, 11/15/13     98,700    
Reichhold Industries, Inc., Sr. Notes      
  240     9.00%, 8/15/14(5)     240,000    
            $ 526,650    
Clothing / Textiles — 0.3%      
Levi Strauss & Co., Sr. Notes      
$ 210     9.75%, 1/15/15   $ 210,525    
  40     8.875%, 4/1/16     38,900    
Oxford Industries, Inc., Sr. Notes      
  390     8.875%, 6/1/11     390,000    
Perry Ellis International, Inc., Sr. Sub. Notes      
  235     8.875%, 9/15/13     227,950    
Phillips Van Heusen, Sr. Notes      
  15     7.25%, 2/15/11     15,169    
  100     8.125%, 5/1/13     103,000    
            $ 985,544    
Conglomerates — 0.1%      
Goodman Global Holdings, Inc., Sr. Notes, Variable Rate      
$ 107     7.991%, 6/15/12   $ 106,732    
RBS Global & Rexnord Corp.      
  95     9.50%, 8/1/14     94,525    
  90     11.75%, 8/1/16     88,425    
            $ 289,682    

 

See notes to financial statements
18



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Containers and Glass Products — 0.2%      
Intertape Polymer US, Inc., Sr. Sub. Notes      
$ 175     8.50%, 8/1/14   $ 160,781    
Pliant Corp. (PIK)      
  232     11.85%, 6/15/09     236,904    
Smurfit-Stone Container Enterprises, Inc., Sr. Notes      
  115     8.00%, 3/15/17     111,694    
            $ 509,379    
Cosmetics / Toiletries — 0.1%      
Bausch & Lomb, Inc., Sr. Notes      
$ 105     9.875%, 11/1/15(5)   $ 106,837    
Revlon Consumer Products Corp., Sr. Sub. Notes      
  105     8.625%, 2/1/08     104,869    
            $ 211,706    
Ecological Services and Equipment — 0.1%      
Waste Services, Inc., Sr. Sub. Notes      
$ 245     9.50%, 4/15/14   $ 240,100    
            $ 240,100    
Electronics / Electrical — 0.3%      
Advanced Micro Devices, Inc., Sr. Notes      
$ 220     7.75%, 11/1/12   $ 191,950    
Amkor Technologies, Inc., Sr. Notes      
  55     7.75%, 5/15/13     52,044    
Avago Technologies Finance      
  50     11.875%, 12/1/15     53,687    
Avago Technologies Finance, Variable Rate      
  95     10.125%, 12/1/13     99,869    
NXP BV/NXP Funding, LLC      
  5     7.875%, 10/15/14     4,775    
NXP BV/NXP Funding, LLC, Variable Rate      
  425     7.993%, 10/15/13     392,594    
            $ 794,919    
Financial Intermediaries — 0.6%      
Alzette, Variable Rate      
$ 500     11.86%, 12/15/20   $ 487,933    
E*Trade Financial Corp.      
  95     7.875%, 12/1/15     72,912    
Ford Motor Credit Co.      
  385     7.375%, 10/28/09     362,528    
  185     7.875%, 6/15/10     170,785    

 

Principal
Amount
(000's omitted)
  Security   Value  
Financial Intermediaries (continued)      
Ford Motor Credit Co., Sr. Notes      
$ 25     5.80%, 1/12/09   $ 23,736    
  10     9.875%, 8/10/11     9,465    
General Motors Acceptance Corp.      
  115     6.375%, 5/1/08     114,425    
  55     5.85%, 1/14/09     52,611    
  85     7.75%, 1/19/10     79,326    
  175     7.25%, 3/2/11     153,498    
  20     7.00%, 2/1/12     16,983    
General Motors Acceptance Corp., Variable Rate      
  60     6.119%, 5/15/09     55,905    
            $ 1,600,107    
Food Products — 0.2%      
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes, (0.00% until 2008)      
$ 275     11.50%, 11/1/11   $ 258,500    
Dole Foods Co.      
  115     7.25%, 6/15/10     105,225    
Dole Foods Co., Sr. Notes      
  55     8.625%, 5/1/09     53,350    
Pierre Foods, Inc., Sr. Sub. Notes      
  25     9.875%, 7/15/12     18,375    
            $ 435,450    
Food Service — 0.1%      
Aramark Corp., Sr. Notes      
$ 35     8.50%, 2/1/15   $ 35,612    
El Pollo Loco, Inc.      
  195     11.75%, 11/15/13     185,250    
NPC International, Inc.      
  215     9.50%, 5/1/14     193,500    
            $ 414,362    
Food / Drug Retailers — 0.4%      
General Nutrition Center, Sr. Notes, Variable Rate (PIK)      
$ 190     10.009%, 3/15/14   $ 180,500    
General Nutrition Center, Sr. Sub. Notes      
  190     10.75%, 3/15/15     177,650    
Rite Aid Corp.      
  360     6.125%, 12/15/08(5)     351,900    
  40     8.625%, 3/1/15     32,450    
  55     9.375%, 12/15/15     45,925    
  60     7.50%, 3/1/17     53,175    
  215     9.50%, 6/15/17     178,987    
            $ 1,020,587    

 

See notes to financial statements
19



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Forest Products — 0.2%      
Georgia-Pacific Corp.      
$ 15     9.50%, 12/1/11   $ 15,825    
Jefferson Smurfit Corp.      
  40     7.50%, 6/1/13     38,500    
NewPage Corp.      
  50     10.00%, 5/1/12(5)     50,500    
  245     10.00%, 5/1/12     247,450    
  110     12.00%, 5/1/13     114,125    
NewPage Corp., Variable Rate      
  80     11.161%, 5/1/12     82,900    
            $ 549,300    
Healthcare — 0.7%      
Accellent, Inc.      
$ 110     10.50%, 12/1/13   $ 92,950    
Advanced Medical Optics, Inc., Sr. Sub. Notes      
  40     7.50%, 5/1/17     37,000    
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes      
  170     10.00%, 2/15/15     180,200    
HCA, Inc.      
  425     8.75%, 9/1/10     430,844    
  80     7.875%, 2/1/11     78,400    
  65     9.125%, 11/15/14     67,762    
  155     9.25%, 11/15/16     163,137    
MultiPlan Merger Corp., Sr. Sub. Notes      
  260     10.375%, 4/15/16(5)     260,000    
National Mentor Holdings, Inc.      
  170     11.25%, 7/1/14     175,950    
Res-Care, Inc., Sr. Notes      
  105     7.75%, 10/15/13     104,475    
Service Corp. International, Sr. Notes      
  65     7.00%, 6/15/17     62,562    
Universal Hospital Service, Inc. (PIK)      
  20     8.50%, 6/1/15     20,300    
Universal Hospital Service, Inc., Notes, Variable Rate      
  20     8.288%, 6/1/15     20,100    
US Oncology, Inc.      
  145     9.00%, 8/15/12     143,731    
  290     10.75%, 8/15/14     287,825    
Varietal Distribution Merger, Inc., Sr. Notes (PIK)      
  20     10.25%, 7/15/15(5)     19,150    
            $ 2,144,386    

 

Principal
Amount
(000's omitted)
  Security   Value  
Industrial Equipment — 0.1%      
Chart Industries, Inc., Sr. Sub. Notes      
$ 105     9.125%, 10/15/15   $ 108,150    
ESCO Corp., Sr. Notes      
  80     8.625%, 12/15/13(5)     80,400    
ESCO Corp., Sr. Notes, Variable Rate      
  80     8.866%, 12/15/13(5)     78,800    
            $ 267,350    
Insurance — 0.0%      
Alliant Holdings I, Inc.      
$ 55     11.00%, 5/1/15(5)   $ 52,525    
            $ 52,525    
Leisure Goods / Activities / Movies — 0.4%      
AMC Entertainment, Inc.      
$ 70     11.00%, 2/1/16   $ 74,025    
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.      
  105     12.50%, 4/1/13(5)     98,831    
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp., Variable Rate      
  195     9.894%, 4/1/12(5)     186,712    
Marquee Holdings, Inc., Sr. Disc. Notes, (0.00% until 2009)      
  435     9.505%, 8/15/14     350,175    
Universal City Development Partners, Ltd., Sr. Notes      
  160     11.75%, 4/1/10     166,000    
Universal City Florida Holdings, Sr. Notes, Variable Rate      
  360     9.661%, 5/1/10     361,800    
            $ 1,237,543    
Lodging and Casinos — 1.1%      
Buffalo Thunder Development Authority      
$ 205     9.375%, 12/15/14(5)   $ 183,475    
CCM Merger, Inc.      
  130     8.00%, 8/1/13(5)     123,175    
Chukchansi EDA, Sr. Notes, Variable Rate      
  150     8.238%, 11/15/12(5)     147,000    
Eldorado Casino Shreveport (PIK)      
  59     10.00%, 8/1/12     58,728    
Fontainebleau Las Vegas Casino, LLC      
  255     10.25%, 6/15/15(5)     222,487    
Galaxy Entertainment Finance, Variable Rate      
  100     9.829%, 12/15/10(5)     102,750    
Greektown Holdings, LLC, Sr. Notes      
  60     10.75%, 12/1/13(5)     58,650    

 

See notes to financial statements
20



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Lodging and Casinos (continued)      
Indianapolis Downs, LLC & Capital Corp., Sr. Notes      
$ 85     11.00%, 11/1/12(5)   $ 82,450    
Inn of the Mountain Gods, Sr. Notes      
  345     12.00%, 11/15/10     360,525    
Majestic Star Casino, LLC      
  180     9.50%, 10/15/10     171,000    
Majestic Star Casino, LLC, (0.00% until 2008)      
  75     12.50%, 10/15/11(5)     51,750    
MGM Mirage, Inc.      
  85     7.50%, 6/1/16     84,575    
Mohegan Tribal Gaming Authority, Sr. Sub. Notes      
  30     8.00%, 4/1/12     30,600    
OED Corp./Diamond Jo      
  203     8.75%, 4/15/12     204,015    
Pinnacle Entertainment Inc., Sr. Sub. Notes      
  75     7.50%, 6/15/15(5)     68,437    
Pokagon Gaming Authority, Sr. Notes      
  60     10.375%, 6/15/14(5)     64,800    
San Pasqual Casino      
  55     8.00%, 9/15/13(5)     54,450    
Seminole Hard Rock Entertainment, Variable Rate      
  95     7.491%, 3/15/14(5)     91,200    
Station Casinos, Inc.      
  30     7.75%, 8/15/16     27,225    
Station Casinos, Inc., Sr. Notes      
  50     6.00%, 4/1/12     44,750    
Trump Entertainment Resorts, Inc.      
  605     8.50%, 6/1/15     463,581    
Tunica-Biloxi Gaming Authority, Sr. Notes      
  165     9.00%, 11/15/15(5)     169,537    
Turning Stone Resort Casinos, Sr. Notes      
  40     9.125%, 9/15/14(5)     41,000    
Waterford Gaming, LLC, Sr. Notes      
  186     8.625%, 9/15/14(5)     186,930    
            $ 3,093,090    
Nonferrous Metals / Minerals — 0.3%      
Aleris International, Inc., Sr. Notes      
$ 35     9.00%, 12/15/14   $ 29,400    
Aleris International, Inc., Sr. Sub. Notes      
  350     10.00%, 12/15/16     285,250    
Alpha Natural Resources, Sr. Notes      
  75     10.00%, 6/1/12     79,688    

 

Principal
Amount
(000's omitted)
  Security   Value  
Nonferrous Metals / Minerals (continued)      
FMG Finance PTY, Ltd.      
$ 270     10.625%, 9/1/16(5)   $ 310,500    
FMG Finance PTY, Ltd., Variable Rate      
  110     9.124%, 9/1/11(5)     113,300    
            $ 818,138    
Oil and Gas — 1.0%      
Allis-Chalmers Energy, Inc.      
$ 45     8.50%, 3/1/17   $ 43,200    
Allis-Chalmers Energy, Inc., Sr. Notes      
  235     9.00%, 1/15/14     232,650    
Cimarex Energy Co., Sr. Notes      
  65     7.125%, 5/1/17     64,188    
Clayton Williams Energy, Inc., Sr. Notes      
  85     7.75%, 8/1/13     74,800    
Compton Pet Finance Corp.      
  195     7.625%, 12/1/13     182,325    
Denbury Resources, Inc., Sr. Sub. Notes      
  30     7.50%, 12/15/15     30,450    
El Paso Corp., Sr. Notes      
  130     9.625%, 5/15/12     143,023    
Encore Acquisition Co., Sr. Sub. Notes      
  85     7.25%, 12/1/17     81,388    
Ocean Rig Norway AS, Sr. Notes      
  120     8.375%, 7/1/13(5)     128,100    
OPTI Canada, Inc.      
  50     7.875%, 12/15/14(5)     49,125    
  100     8.25%, 12/15/14(5)     99,500    
Parker Drilling Co., Sr. Notes      
  85     9.625%, 10/1/13     90,738    
Petrohawk Energy Corp.      
  435     9.125%, 7/15/13     460,013    
Petroplus Finance, Ltd.      
  75     7.00%, 5/1/17(5)     69,000    
Plains Exploration & Production Co.      
  135     7.00%, 3/15/17     129,769    
Quicksilver Resources, Inc.      
  115     7.125%, 4/1/16     113,563    
SemGroup L.P., Sr. Notes      
  290     8.75%, 11/15/15(5)     276,950    
Sesi, LLC      
  30     6.875%, 6/1/14     29,100    
Stewart & Stevenson, LLC, Sr. Notes      
  215     10.00%, 7/15/14     217,150    

 

See notes to financial statements
21



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Oil and Gas (continued)      
United Refining Co., Sr. Notes      
$ 470     10.50%, 8/15/12   $ 477,050    
VeraSun Energy Corp.      
  55     9.875%, 12/15/12     55,688    
            $ 3,047,770    
Publishing — 0.3%      
Dex Media West/Finance, Series B      
$ 112     9.875%, 8/15/13   $ 116,760    
Harland Clarke Holdings      
  85     9.50%, 5/15/15     73,950    
Idearc, Inc., Sr. Notes      
  170     8.00%, 11/15/16     156,825    
MediaNews Group, Inc., Sr. Sub. Notes      
  50     6.875%, 10/1/13     31,500    
Nielsen Finance, LLC      
  85     10.00%, 8/1/14     87,338    
R.H. Donnelley Corp.      
  275     8.875%, 10/15/17(5)     255,750    
Reader's Digest Association, Inc., (The), Sr. Sub. Notes      
  320     9.00%, 2/15/17(5)     269,600    
            $ 991,723    
Radio and Television — 0.1%      
CanWest Media, Inc.      
$ 207     8.00%, 9/15/12   $ 196,685    
LBI Media, Inc., Sr. Disc. Notes, (0.00% until 2008)      
  80     11.00%, 10/15/13     72,700    
Rainbow National Services, LLC, Sr. Sub. Debs.      
  80     10.375%, 9/1/14(5)     87,100    
            $ 356,485    
Rail Industries — 0.1%      
American Railcar Industry      
$ 100     7.50%, 3/1/14   $ 95,000    
Kansas City Southern Mexico, Sr. Notes      
  135     7.625%, 12/1/13     133,819    
  30     7.375%, 6/1/14(5)     29,250    
            $ 258,069    
Retailers (Except Food and Drug) — 0.9%      
Amscan Holdings, Inc., Sr. Sub. Notes      
$ 220     8.75%, 5/1/14   $ 201,300    

 

Principal
Amount
(000's omitted)
  Security   Value  
Retailers (Except Food and Drug) (continued)      
Bon-Ton Department Stores, Inc.      
$ 65     10.25%, 3/15/14   $ 49,400    
GameStop Corp.      
  660     8.00%, 10/1/12     690,525    
Michaels Stores, Inc., Sr. Notes      
  130     10.00%, 11/1/14     124,150    
Michaels Stores, Inc., Sr. Sub. Notes      
  165     11.375%, 11/1/16     152,213    
Neiman Marcus Group, Inc.      
  160     9.00%, 10/15/15     165,800    
  615     10.375%, 10/15/15     643,444    
Sally Holdings, LLC, Sr. Notes      
  45     9.25%, 11/15/14     44,775    
  110     10.50%, 11/15/16     108,900    
Toys "R" Us      
  185     7.375%, 10/15/18     134,588    
Yankee Acquisition Corp., Series B      
  135     8.50%, 2/15/15     125,044    
  185     9.75%, 2/15/17     170,200    
            $ 2,610,339    
Steel — 0.1%      
RathGibson, Inc.      
$ 240     11.25%, 2/15/14   $ 241,200    
Ryerson, Inc., Sr. Notes      
  15     12.00%, 11/1/15(5)     14,888    
Ryerson, Inc., Sr. Notes, Variable Rate      
  10     12.574%, 11/1/14(5)     9,650    
Steel Dynamics, Inc., Sr. Notes      
  110     7.375%, 11/1/12(5)     111,100    
            $ 376,838    
Surface Transport — 0.0%      
CEVA Group, PLC, Sr. Notes      
$ 100     10.00%, 9/1/14(5)   $ 103,250    
            $ 103,250    
Telecommunications — 0.8%      
Centennial Cellular Operating Co. / Centennial Communication Corp., Sr. Notes      
$ 130     10.125%, 6/15/13   $ 137,150    
Digicel Group, Ltd., Sr. Notes      
  240     9.25%, 9/1/12(5)     245,712    
  175     8.875%, 1/15/15(5)     160,563    
  192     9.125%, 1/15/15(5)     175,680    

 

See notes to financial statements
22



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Telecommunications (continued)      
Intelsat Bermuda, Ltd.      
$ 175     9.25%, 6/15/16   $ 176,750    
Level 3 Financing, Inc., Sr. Notes      
  120     9.25%, 11/1/14     109,200    
  165     8.75%, 2/15/17     142,313    
Qwest Communications International, Inc.      
  450     7.50%, 2/15/14     451,125    
Qwest Corp., Sr. Notes      
  145     7.625%, 6/15/15     148,263    
Qwest Corp., Sr. Notes, Variable Rate      
  475     8.241%, 6/15/13     486,875    
Windstream Corp., Sr. Notes      
  105     8.125%, 8/1/13     109,200    
  30     8.625%, 8/1/16     31,650    
Windstream Regatta Holdings, Inc., Sr. Sub. Notes      
  50     11.00%, 12/1/17(5)     49,750    
            $ 2,424,231    
Utilities — 0.5%      
AES Corp., Sr. Notes      
$ 10     8.75%, 5/15/13(5)   $ 10,488    
  30     8.00%, 10/15/17(5)     30,825    
Dynegy Holdings, Inc.      
  50     8.375%, 5/1/16     49,125    
  15     7.75%, 6/1/19     13,913    
Edison Mission Energy      
  55     7.50%, 6/15/13     56,650    
Energy Future Holdings, Sr. Notes      
  200     10.875%, 11/1/17(5)     202,000    
NGC Corp.      
  205     7.625%, 10/15/26     175,275    
NRG Energy, Inc.      
  70     7.25%, 2/1/14     68,425    
  190     7.375%, 1/15/17     185,725    
NRG Energy, Inc., Sr. Notes      
  65     7.375%, 2/1/16     63,538    
Orion Power Holdings, Inc., Sr. Notes      
  380     12.00%, 5/1/10     416,100    
Reliant Energy, Inc., Sr. Notes      
  10     7.625%, 6/15/14     9,950    
Texas Competitive Electric Holdings Co., LLC, Sr. Notes      
  130     10.25%, 11/1/15(5)     129,350    
  105     10.25%, 11/1/15(5)     104,475    
            $ 1,515,839    
Total Corporate Bonds & Notes
(identified cost $33,812,168)
  $ 32,822,466    

 

Asset Backed Securities — 1.5%      
Principal
Amount
(000's omitted)
  Security   Value  
$ 380     Avalon Capital Ltd. 3, Series 1A, Class D, Variable
Rate, 6.98%, 2/24/19(5)
  $ 329,487    
  500     Babson Ltd. Series 2005-1A, Class C1, Variable
Rate, 7.193%, 4/15/19(5)
    437,016    
  500     Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable
Rate, 7.293%, 1/15/19(5)
    443,005    
  500     Carlyle High Yield Partners, Series 2004-6A, Class C, Variable
Rate, 7.329%, 8/11/16(5)
    463,099    
  500     Centurion CDO 8 Ltd., Series 2005-8A, Class D, Variable
Rate, 10.646%, 3/8/17
    447,791    
  500     Centurion CDO 9 Ltd., Series 2005-9A, Class Note,
9.35%, 7/17/19
    420,484    
  1,000     Madison Park Funding Ltd., Series 2006-2A, Class D, Variable
Rate, 10.11%, 3/25/20(5)
    835,931    
  1,000     Schiller Park CLO Ltd., 2007-1A D, Variable Rate,
7.107%, 4/25/21(5)
    861,148    
            $ 4,237,961    
Total Asset Backed Securities
(identified cost $4,846,710)
  $ 4,237,961    
Common Stocks — 0.0%      
Shares   Security   Value  
Automotive — 0.0%      
  10,443     Hayes Lemmerz International(6)   $ 47,724    
            $ 47,724    
Gaming — 0.0%      
  289     Shreveport Gaming Holdings, Inc.(2)   $ 7,225    
  17,663     Trump Entertainment Resorts, Inc.(6)     75,951    
            $ 83,176    
Total Common Stocks
(identified cost $322,807)
  $ 130,900    
Convertible Bonds — 0.1%      
Principal
Amount
  Security   Value  
$ 170,000     L-3 Communications Corp.(5)   $ 206,337    
Total Convertible Bonds
(identified cost $171,794)
  $ 206,337    

 

See notes to financial statements
23



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Convertible Preferred Stocks — 0.1%      
Shares   Security   Value  
  542     Chesapeake Energy Corp.   $ 59,620    
  1,783     Crown Castle International Corp., 6.25% (PIK)     108,540    
Total Convertible Preferred Stocks
(identified cost $135,084)
  $ 168,160    
Preferred Stocks — 0.0%      
Shares   Security   Value  
  35     Hayes Lemmerz International, Series A(2)(6)(7)   $ 941    
  15     Key Plastics, LLC, Series A(2)(6)(7)     0    
Total Preferred Stocks
(identified cost $16,750)
  $ 941    
Miscellaneous — 0.0%      
Shares   Security   Value  
  261,268     Adelphia Recovery Trust(6)   $ 18,452    
  270,000     Adelphia, Inc., Escrow Certificate(6)     27,675    
Total Miscellaneous
(identified cost $252,930)
  $ 46,127    
Warrants — 0.0%      
Shares/Rights   Security   Value  
  210     American Tower Corp., Exp. 8/1/08(5)(6)   $ 125,580    
Total Warrants
(identified cost $14,075)
  $ 125,580    
Closed-End Investment Companies — 2.4%      
Shares   Security   Value  
  9,908     BlackRock Floating Rate Income Strategies Fund II   $ 156,943    
  17,436     BlackRock Floating Rate Income Strategies Fund, Inc.     278,627    
  8,345     BlackRock Global Floating Rate Income Trust Fund     131,684    
  1,174     First Trust/Four Corners Senior Floating Rate Income Fund     17,540    
  200,596     First Trust/Four Corners Senior Floating Rate Income Fund II     3,008,940    
  296,293     ING Prime Rate Trust     1,848,868    
  5,140     LMP Corporate Loan Fund, Inc.     60,138    
  23,301     Nuveen Floating Rate Income Fund     268,195    
  3,401     Nuveen Floating Rate Income Opportunity Fund     39,180    
  11,375     Nuveen Senior Income Fund     80,307    
  55     PIMCO Floating Rate Income Fund     861    
  647     PIMCO Floating Rate Strategy Fund     9,912    

 

Shares   Security   Value  
  117     Pioneer Floating Rate Trust   $ 1,852    
  136,255     Van Kampen Senior Income Trust     948,335    
Total Closed-End Investment Companies
(identified cost $7,439,831)
  $ 6,851,382    
Short-Term Investments — 4.8%  
Description   Interest
(000's omitted)
  Value  
Investment in Cash Management Portfolio, 4.58%(8)     14,130     $ 14,130,334    
Total Short-Term Investments
(identified cost $14,130,334)
  $ 14,130,334    
Total Investments — 176.0%
(identified cost $535,280,629)
  $ 512,651,072    
Less Unfunded Loan
Commitments — (1.1)%
  $ (3,009,551 )  
Net Investments — 174.9%
(identified cost $532,271,078)
  $ 509,641,521    
Other Assets, Less Liabilities — (37.1)%   $ (108,199,238 )  
Auction Preferred Shares Plus
Cumulative Unpaid
Dividends — (37.8)%
  $ (110,085,549 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 291,356,734    

 

DIP - Debtor in possession

PIK - Payment In-Kind

REIT - Real Estate Investment Trust

EUR - Euro

GBP - British Pound

*  In U.S. dollars unless otherwise indicated

(1)  Senior floating-rate interests often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the

See notes to financial statements
24



Eaton Vance Senior Income Trust as of December 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

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

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

(3)  This Senior Loan will settle after December 31, 2007, at which time the interest rate will be determined.

(4)  Unfunded or partially unfunded loan commitments. See note 1G for description.

(5)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the aggregate value of the securities is $10,716,067 or 3.7% of the Trust's net assets.

(6)  Non-income producing security.

(7)  Restricted security.

(8)  Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield at December 31, 2007.

See notes to financial statements
25




Eaton Vance Senior Income Trust as of December 31, 2007

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of December 31, 2007

Assets  
Unaffiliated investments, at value (identified cost, $518,140,744)   $ 495,511,187    
Affiliated investment, at value (identified cost, $14,130,334)     14,130,334    
Cash     5,573,506    
Foreign currency, at value (identified cost, $3,425,375)     3,423,819    
Receivable for investments sold     1,847,898    
Dividends and interest receivable     6,840,444    
Interest receivable from affiliated investment     45,418    
Receivable for open swap contracts     41,222    
Receivable for open forward foreign currency contracts     44,152    
Prepaid expenses and other assets     222,051    
Total assets   $ 527,680,031    
Liabilities  
Demand note payable   $ 120,000,000    
Payable for investments purchased     3,104,762    
Dividends payable     1,896,257    
Payable to affiliate for investment adviser fee     372,311    
Payable to affiliate for Trustees' fees     35    
Payable to affiliate for administration fee     109,627    
Accrued expenses:
Interest
    580,152    
Operating expenses     174,604    
Total liabilities   $ 126,237,748    
Auction preferred shares (4,400 shares outstanding) at liquidation
value plus cumulative unpaid dividends
  $ 110,085,549    
Net assets applicable to common shares   $ 291,356,734    
Sources of Net Assets  
Common shares, $0.01 par value, unlimited number of shares
authorized, 36,466,497 shares issued and outstanding
  $ 364,665    
Additional paid-in capital     361,010,138    
Accumulated net realized loss (computed on the basis of identified cost)     (48,049,314 )  
Accumulated undistributed net investment income     665,669    
Net unrealized depreciation (computed on the basis of identified cost)     (22,634,424 )  
Net assets applicable to common shares   $ 291,356,734    
Net Asset Value Per Common Share  
($291,356,734 ÷ 36,466,497 common shares issued and outstanding)   $ 7.99    

 

Statement of Operations

For the Six Months Ended
December 31, 2007

Investment Income  
Interest   $ 21,098,754    
Dividends     305,590    
Interest income allocated from affiliated investment     210,168    
Expenses allocated from affliated investment     (20,351 )  
Total investment income   $ 21,594,161    
Expenses  
Investment adviser fee   $ 2,156,375    
Administration fee     640,260    
Trustees' fees and expenses     10,247    
Legal and accounting services     186,894    
Preferred shares remarketing agent fee     150,980    
Custodian fee     100,788    
Printing and postage     55,577    
Transfer and dividend disbursing agent fees     37,330    
Interest expense     3,366,750    
Miscellaneous     28,462    
Total expenses   $ 6,733,663    
Deduct —
Reduction of custodian fee
  $ 3,194    
Total expense reductions   $ 3,194    
Net expenses   $ 6,730,469    
Net investment income   $ 14,863,692    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —
Investment transactions (identified cost basis)
  $ 653,709    
Swap contracts     16,867    
Foreign currency and forward foreign currency exchange
contract transactions
    (2,506,307 )  
Net realized loss   $ (1,835,731 )  
Change in unrealized appreciation (depreciation) —
Investments (identified cost basis)
  $ (26,442,122 )  
Swap contracts     (4,384 )  
Foreign currency and forward foreign currency exchange contracts     135,699    
Net change in unrealized appreciation (depreciation)   $ (26,310,807 )  
Net realized and unrealized loss   $ (28,146,538 )  
Distributions to preferred shareholders          
From net investment income     (2,992,943 )  
Net decrease in net assets from operations   $ (16,275,789 )  

 

See notes to financial statements
26



Eaton Vance Senior Income Trust as of December 31, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease)
in Net Assets
  Six Months Ended
December 31, 2007
(Unaudited)
  Year Ended
June 30, 2007
 
From operations —
Net investment income
  $ 14,863,692     $ 29,211,586    
Net realized gain (loss) from investment
transactions, swap contracts, and foreign 
currency and forward foreign  
currency exchange contract transactions
    (1,835,731 )     1,524,457    
Net change in unrealized appreciation
(depreciation) from investments, swap  
contracts, foreign currency and forward  
foreign currency exchange contracts
    (26,310,807 )     539,638    
Distributions to preferred shareholders —
From net investment income
    (2,992,943 )     (5,610,210 )  
Net increase (decrease) in net assets
from operations
  $ (16,275,789 )   $ 25,665,471    
Distributions to common shareholders —
From net investment income
  $ (13,310,272 )   $ (23,593,824 )  
Total distributions to common shareholders   $ (13,310,272 )   $ (23,593,824 )  
Net increase (decrease) in net assets   $ (29,586,061 )   $ 2,071,647    
Net Assets Applicable to
Common Shares
 
At beginning of period   $ 320,942,795     $ 318,871,148    
At end of period   $ 291,356,734     $ 320,942,795    
Accumulated undistributed
net investment income
included in net assets
applicable to common shares
 
At end of period   $ 665,669     $ 2,105,192    

 

Statement of Cash Flows

Cash Flows From
Operating Activities
  Six Months Ended
December 31, 2007
(Unaudited)
 
Net decrease in net assets from operations   $ (16,275,789 )  
Distributions to preferred shareholders     2,992,943    
Net decrease in net assets from operations excluding distributions to
preferred shareholders from net investment income
  $ (13,282,846 )  
Adjustments to reconcile net decrease in net assets from
operations to net cash used in operating activities:
 
Purchases of investments     (77,723,039 )  
Proceeds from sales of investments and principal repayments     96,642,010    
Increase in short-term investments     (12,295,615 )  
Net amortization of premium (discount)     53,689    
Increase in interest receivable from affiliated investment     (45,418 )  
Increase in dividends and interest receivable     (2,806,183 )  
Decrease in payable for investments purchased     (16,922,314 )  
Decrease in receivable for investments sold     1,291,089    
Decrease in receivable for open swap contracts     4,384    
Increase in receivable for open forward foreign currency contracts     (44,152 )  
Increase in prepaid expenses and other assets     (18,039 )  
Decrease in unfunded loan commitments     (536,215 )  
Decrease in payable for open forward foreign currency contracts     (164,918 )  
Decrease in payable to affiliate for investment adviser fee     (35,273 )  
Increase in payable to affiliate for Trustees' fees     35    
Decrease in payable to affiliate for administration fee     (11,810 )  
Increase in accrued interest expense     38,336    
Increase in accrued operating expenses     31,526    
Net change in unrealized (appreciation) depreciation on investments     26,442,122    
Net realized (gain) loss on investments     (653,709 )  
Net cash used in operating activities   $ (36,340 )  
Cash Flows From Financing Activities  
Cash distributions paid to common shareholders   $ (11,414,015 )  
Distributions to preferred shareholders from net investment income     (2,954,247 )  
Increase in demand note payable     10,000,000    
Net cash used in financing activities   $ (4,368,262 )  
Net decrease in cash   $ (4,404,602 )  
Cash at beginning of period   $ 13,401,927    
Cash at end of period(1)   $ 8,997,325    

 

(1)  Balance includes foreign currency, at value.

See notes to financial statements
27




Eaton Vance Senior Income Trust as of December 31, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Six Months Ended
December 31, 2007
  Year Ended June 30,  
    (Unaudited)(1)    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of period (Common shares)   $ 8.800     $ 8.740     $ 8.760     $ 8.780     $ 8.500     $ 8.420    
Income (loss) from operations  
Net investment income   $ 0.408     $ 0.801     $ 0.697     $ 0.533     $ 0.468     $ 0.569    
Net realized and unrealized gain (loss)     (0.823 )     0.060       (0.026 )     (0.029 )     0.293       0.079    
Distributions to preferred shareholders from net investment income     (0.082 )     (0.154 )     (0.122 )     (0.068 )     (0.035 )     (0.045 )  
Total income (loss) from operations   $ (0.497 )   $ 0.707     $ 0.549     $ 0.436     $ 0.726     $ 0.603    
Less distributions to common shareholders  
From net investment income   $ (0.313 )   $ (0.647 )   $ (0.569 )   $ (0.456 )   $ (0.446 )   $ (0.523 )  
Total distributions to common shareholders   $ (0.313 )   $ (0.647 )   $ (0.569 )   $ (0.456 )   $ (0.446 )   $ (0.523 )  
Net asset value — End of period (Common shares)   $ 7.990     $ 8.800     $ 8.740     $ 8.760     $ 8.780     $ 8.500    
Market value — End of period (Common shares)   $ 7.120     $ 8.570     $ 8.130     $ 8.040     $ 9.460     $ 8.920    
Total Investment Return on Net Asset Value(2)      (5.40 )%(7)      8.70 %     7.02 %     5.16 %     8.65 %     8.04 %  
Total Investment Return on Market Value(2)      (13.44 )%(7)      13.81 %     8.46 %     (10.42 )%     11.59 %     23.03 %  

 

See notes to financial statements
28



Eaton Vance Senior Income Trust as of December 31, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Six Months Ended
December 31, 2007
  Year Ended June 30,  
    (Unaudited)(1)    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares,
end of period (000's omitted)
  $ 291,357     $ 320,943     $ 318,871     $ 319,404     $ 318,792     $ 306,438    
Ratios (As a percentage of average net assets applicable to common shares):(3)  
Expenses before custodian fee reduction     2.22 %(6)     2.21 %     2.16 %     2.20 %     2.17 %     2.22 %  
Expenses after custodian fee reduction     2.22 %(6)     2.20 %     2.16 %     2.20 %     2.17 %     2.22 %  
Interest expenses     2.21 %(6)     2.16 %     1.76 %     1.02 %     0.54 %     0.72 %  
Total expenses     4.43 %(6)     4.36 %     3.92 %     3.22 %     2.71 %     2.94 %  
Net investment income     9.76 %(6)     9.11 %     7.94 %     6.06 %     5.41 %     6.92 %  
Portfolio Turnover     15 %     64 %     55 %     72 %     82 %     56 %  

 

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

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses before custodian fee reduction     1.63 %(6)     1.64 %     1.61 %     1.64 %     1.61 %     1.62 %  
Expenses after custodian fee reduction     1.63 %(6)     1.64 %     1.61 %     1.64 %     1.61 %     1.62 %  
Interest expenses     1.62 %(6)     1.61 %     1.31 %     0.76 %     0.40 %     0.52 %  
Total expenses     3.25 %(6)     3.25 %     2.92 %     2.40 %     2.01 %     2.14 %  
Net investment income     7.16 %(6)     6.79 %     5.91 %     4.51 %     4.00 %     5.05 %  
Senior Securities:  
Total preferred shares outstanding     4,400       4,400       4,400       4,400       4,400       4,400    
Asset coverage per preferred share(4)   $ 91,237     $ 97,952     $ 97,478     $ 97,601     $ 97,456     $ 94,649    
Involuntary liquidation preference per preferred share(5)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(5)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

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

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

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

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

(5)  Plus accumulated and unpaid dividends.

(6)  Annualized.

(7)  Not annualized.

See notes to financial statements
29




Eaton Vance Senior Income Trust as of December 31, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1  Significant Accounting Policies

Eaton Vance Senior Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a
non-diversified closed-end management investment company. The Trust's investment objective is to provide a high level of current income consistent with the preservation of capital.

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

A  Investment Valuation — The Trust's investments are primarily in interests in senior floating-rate loans (Senior Loans). Interests in Senior Loans for which reliable market quotations are readily available are valued on the basis of prices furnished by an independent pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the following valuation techniques: (i) a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality; (ii) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (iii) a discounted cash flow analysis; or (iv) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds or trusts managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser's Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior loans are valued in the same manner as Senior Loans.

Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Financial futures contracts listed on commodity exchanges are valued at closing settlement prices. The value of interest rate swaps is generally based upon dealer quotations. Credit default swaps are valued by a broker-dealer (usually the counterparty to the agreement). Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Other fixed income and debt securities, including listed securities and securities for which price quotations are available, will normally be valued on the basis of valuations furnished by a pricing service. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.

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


30



Eaton Vance Senior Income Trust as of December 31, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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

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

D  Federal Taxes — The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. At June 30, 2007, the Trust, for federal income tax purposes, had a capital loss carryforward of $46,210,611, which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. Such capital loss carryforward will expire on June 30, 2010 ($25,817,521), June 30, 2011 ($13,711,847) and June 30, 2012 ($6,681,243).

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management has concluded that as of December 31, 2007, there are no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trust's federal tax returns filed in the 3-year period ended December 31, 2007 remains subject to examination by the Internal Revenue Service.

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

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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

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

I  Indemnifications — Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust, and shareholders are indemnified against personal liability for obligations of the Trust. Additionally, in the normal course of business, the Trust enters into


31



Eaton Vance Senior Income Trust as of December 31, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

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

K  Credit Default Swaps — The Trust may enter into credit default swap contracts to buy or sell protection against default on an individual issuer or a basket of issuers of bonds. When the Trust is the buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust pays the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Trust would have spent the stream of payments and received no benefit from the contract. When the Trust is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Trust would effectively add leverage to its portfolio because, in addition to its total net assets, the Trust would be subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Trust also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. Up-front payment or receipts, if any, are recorded as other assets or other liabilities, respectively, and amortized over the life of the swap contract as realized gains or losses. The Trust segregates assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swap of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.

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

M  Interim Financial Statements — The interim financial statements relating to December 31, 2007 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Auction Preferred Shares

The Trust issued Auction Preferred Shares (APS) on June 27, 2001 in a public offering. The underwriting discount and other offering costs incurred in connection with the offering were recorded as a reduction of paid-in capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS are unable to be remarketed on a remarketing date, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time when the APS are successfully remarketed. The maximum applicable rate on the APS is 125% of the "AA" Financial Composite Commercial Paper Rate on the date of the auction. Series of APS are identical in all respects except for the reset dates of the dividend rates.

The number of APS issued and outstanding as of December 31, 2007 is as follows:

Series   APS Issued and Outstanding  
A     2,200    
B     2,200    

 


32



Eaton Vance Senior Income Trust as of December 31, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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

3  Distributions to Shareholders

The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains, if any. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at December 31, 2007, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the six months then ended were as follows:

Series   APS
Dividend Rates at
December 31, 2007
  Dividends
Paid to APS
Shareholders
  Average APS
Dividend
Rates
  Dividend
Rate
Ranges
 
Series A     4.95 %   $ 1,486,467       5.36 %   4.50% – 6.50%  
Series B     5.45 %   $ 1,506,476       5.43 %   4.50% – 6.50%  

 

During the six months ended December 31, 2007, APS of the Trust have been successfully remarketed at each remarketing date. On February 14, 2008, Series B of the Trust was not successfully remarketed. As a result, the dividend rate of these APS was reset to the maximum applicable rate of 3.773% for that date.

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

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.85% of the Trust's average weekly gross assets and is payable monthly. The portion of the advisory fee payable by Cash Management on the Trust's investment of cash therein is credited against the Trust's advisory fee. For the six months ended December 31, 2007, the Trust's advisory fee totaled $2,175,512 of which $19,137 was allocated from Cash Management and $2,156,375 was paid or accrued directly by the Trust. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.25% of the Trust's average weekly gross assets. For the six months ended December 31, 2007, the administration fee amounted to $640,260.

Except for Trustees of the Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended December 31, 2007, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $77,723,039 and $96,642,010, respectively, for the six months ended December 31, 2007.


33



Eaton Vance Senior Income Trust as of December 31, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

6  Common Shares of Beneficial Interest

There was no common share issued pursuant to the Trust's dividend reinvestment plan for the six months ended December 31, 2007 and the year ended June 30, 2007.

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Trust at December 31, 2007, as determined on a federal income tax basis, were as follows:

Aggregate cost   $ 531,843,051    
Gross unrealized appreciation   $ 1,879,089    
Gross unrealized depreciation     (24,080,619 )  
Net unrealized depreciation   $ (22,201,530 )  

 

8  Short-Term Debt and Credit Agreements

The Trust has entered into a Revolving Credit and Security Agreement (the "Agreement") with conduit lenders and a bank that allows it to borrow up to an initial limit of $120 million and to invest the borrowings in accordance with its investment practices. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits' commercial paper issuance rate or above LIBOR and is payable monthly. Under the terms of the Agreement, the Trust also pays a program fee of 0.24% per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.13% per annum on the amount of the facility. Prior to October 23, 2007, the program and liquidity fees were 0.21% and 0.10%, respectively. Program and commitment fees for the six months ended December 31, 2007 totaled $237,842 and are included in interest expense in the Statement of Operations. For the six months ended December 31, 2007, the average borrowings under the Agreement and the average interest rate were $119,021,739 and 5.14%, respectively.

9  Risk Associated with Foreign Investments

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

10  Financial Instruments

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

A summary of obligations under these financial instruments at December 31, 2007 is as follows:

Forward Foreign Currency Exchange Contracts

Sales  
Settlement
Date
  Deliver   In Exchange For   Net Unrealized
Appreciation
 
1/31/08   British Pound
5,714,934
  United States Dollar
11,393,578
  $ 26,281    
1/31/08   Euro
19,347,601
  United States Dollar
28,319,083
    17,871    
            $ 44,152    

 


34



Eaton Vance Senior Income Trust as of December 31, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Credit Default Swaps

Counterparty   Reference
Entity
  Buy/
Sell
  Notional
Amount
(000's
omitted)
  Pay/
Receive
Annual
Fixed Rate
  Termination
Date
  Net
Unrealized
Appreciation
 
Lehman                      
 
Brothers, Inc   Inergy, L.P.   Sell   $ 1,500       2.2 %   3/20/2010   $ 41,222    
    $ 41,222    

 

At December 31, 2007, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

11  Restricted Securities

At December 31, 2007, the Trust owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description   Date of
Acquisition
  Shares/Face   Cost   Value  
Preferred Stocks  
Hayes Lemmerz International,
Series A
  6/4/03     35     $ 1,750     $ 941    
Key Plastics, LLC, Series A   4/26/01     15       15,000       0    
Total   $ 16,750     $ 941    

 

12  Recently Issued Accounting Pronouncement

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of December 31, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements on changes in net assets for the period.


35




Eaton Vance Senior Income Trust as of December 31, 2007

ANNUAL MEETING OF SHAREHOLDERS (Unaudited)

The Trust held its Annual Meeting of Shareholders on October 12, 2007. The following action was taken by the shareholders:

Item 1: The election of William H. Park, Heidi L. Steiger and Lynn A. Stout as Class III Trustees of the Trust for a three-year term expiring in 2010, Thomas E. Faust Jr. as a Class I Trustee of the Trust for a term expiring in 2008 and Allen R. Freedman as a Class II Trustee of the Trust for a term expiring in 2009.

Nominee for Trustee
Elected by All Shareholders
  Number of Shares  
    For   Withheld  
William H. Park     32,940,350       386,276    
Heidi L. Steiger     32,943,096       383,530    
Lynn A. Stout     32,934,904       391,722    
Thomas E. Faust Jr.     32,933,878       392,748    
Allen R. Freedman     32,921,262       405,364    

 


36




Eaton Vance Senior Income Trust

DIVIDEND REINVESTMENT PLAN

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

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

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

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

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

Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc. at 1-866-439-6787.


37



Eaton Vance Senior Income Trust

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

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

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

  Please print exact name on account:

  Shareholder signature  Date

  Shareholder signature  Date

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

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

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

Eaton Vance Senior Income Trust
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
866-439-6787

Number of Employees

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

Number of Shareholders

As of December 31, 2007, our records indicate that there were 206 registered shareholders and approximately 15,210 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.

If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Trust, please write or call:

Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265

New York Stock Exchange symbol

The New York Stock Exchange Symbol is EVF.


38



Eaton Vance Senior Income Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

Overview of the Contract Review Process

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

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

Information about Fees, Performance and Expenses

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

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

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

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

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

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

Information about Portfolio Management

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

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

•  Data relating to portfolio turnover rates of each fund;

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

Information about each Adviser

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

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

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

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

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

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

Other Relevant Information

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

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

•  The terms of each advisory agreement.


39



Eaton Vance Senior Income Trust

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

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

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

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

Results of the Process

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

Nature, Extent and Quality of Services

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

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

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

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

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


40



Eaton Vance Senior Income Trust

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

Fund Performance

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

Management Fees and Expenses

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

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

Profitability

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

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

Economies of Scale

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


41




Eaton Vance Senior Income Trust

INVESTMENT MANAGEMENT

Eaton Vance Senior Income Trust

Officers
Scott H. Page
President and
Co-Portfolio Manager
John P. Redding
Vice President and
Co-Portfolio Manager
Michael W. Weilheimer
Vice President
Barbara E. Campbell
Treasurer
Maureen A. Gemma
Secretary
Paul M. O'Neil
Chief Compliance Officer
John E. Pelletier
Chief Legal Officer
  Trustees
Ralph F. Verni
Chairman
Benjamin C. Esty
Thomas E. Faust Jr.
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Heidi L. Steiger
Lynn A. Stout
 

 


42



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

The Eaton Vance Building
255 State Street
Boston, MA 02109

Custodian
State Street Bank & Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
1-866-439-6787
Overnight Mail:
PFPC Inc.

Attn: Eaton Vance Funds
250 Royall Street
Canton, MA 02021

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



171-2/08  SITSRC




 

Item 2. Code of Ethics

 

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

 

Item 3. Audit Committee Financial Expert

 

The registrant’s Board has designated William H. Park and Norton H. Reamer, each an independent trustee, as its audit committee financial experts.  Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms). Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company).  Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).

 

Item 4. Principal Accountant Fees and Services

 

Not required in this filing

 

Item 5.  Audit Committee of Listed registrants

 

Not required in this filing.

 

Item 6. Schedule of Investments

 

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

 

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

 

Not required in this filing.

 

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

 

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

 

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

 

The following tables show, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed

 



 

within each category.  The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.

 

 

 

Number of
All Accounts

 

Total Assets of
All Accounts*

 

Number of Accounts
Paying a Performance
Fee

 

Total Assets of
Accounts Paying a
Performance Fee*

 

Scott H. Page

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

14

 

$

18,584.5

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

8

 

$

6,054.9

 

7

 

$

3,154.8

 

Other Accounts

 

2

 

$

1,008.2

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

John P. Redding

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

1

 

$

521.4

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

5

 

$

2,501.2

 

5

 

$

2,501.2

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 


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

 

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

 

Portfolio Manager

 

Dollar Range of
Equity Securities
Owned in the Fund

Scott H. Page

 

$50,001 - $100,000

John P. Redding

 

$50,001 - $100,000

 

Potential for Conflicts of Interest.  The portfolio managers manage multiple investment portfolios.  Conflicts of interest may arise between a portfolio manager’s management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio manager’s time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information.   In addition, some investment portfolios may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the

allocation of management time and investment opportunities.  Eaton Vance Management has adopted policies and procedures that it believes are reasonably designed to address these conflicts.  There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.

 

Portfolio Manager Compensation Structure

 

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVM’s employees. Compensation of

 



 

EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

 

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

 

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

 

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

 

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

 

No such purchases this period.

 

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

 

No Material Changes.

 



 

Item 11. Controls and Procedures

 

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

 

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

 

Item 12. Exhibits

 

(a)(1)

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

(a)(2)(i)

Treasurer’s Section 302 certification.

(a)(2)(ii)

President’s Section 302 certification.

(b)

Combined Section 906 certification.

 



 

Signatures

 

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

 

Eaton Vance Senior Income Trust

 

By:

/s/Scott H. Page

 

 

Scott H. Page

 

President

 

 

 

 

Date:

February 15, 2008

 

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

 

 

By:

/s/Barbara E. Campbell

 

 

Barbara E. Campbell

 

Treasurer

 

 

 

 

Date:

February 15, 2008

 

 

By:

/s/Scott H. Page

 

 

Scott H. Page

 

President

 

 

 

 

Date:

February 15, 2008