UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number |
811-09013 |
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Eaton Vance Senior Income Trust |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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02109 |
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(Address of principal executive offices) |
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(Zip code) |
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Alan R. Dynner |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
June 30 |
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Date of reporting period: |
December 31, 2005 |
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Item 1. Reports to Stockholders
Semiannual Report December 31, 2005
EATON VANCE
SENIOR
INCOME
TRUST
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS, AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.
Eaton Vance Senior Income Trust as of December 31, 2005
MANAGEMENTS DISCUSSION OF FUND PERFORMANCE
The Trust
Performance for the six months ended December 31, 2005
Based on the Trusts December 2005 monthly dividend payment of $0.046 and a closing share price of $7.76, Eaton Vance Senior Income Trust (the Trust) had a market yield of 7.11%.(1) The Trusts market yield represented a yield advantage over many other income-producing vehicles during the six months ended December 31, 2005.
Based on share price (traded on the New York Stock Exchange), the Trust had a total return of -0.19% for the six months ended December 31, 2005.(2) That return was the result of a decrease in share price from $8.04 on June 30, 2005, to $7.76 on December 31, 2005, and the reinvestment of $0.269 in monthly dividend payments.
Based on net asset value, the Trust had a total return of 2.82% for the six months ended December 31, 2005.(2) That return was the result of a decrease in net asset value from $8.76 on June 30, 2005, to $8.71 on December 31, 2005, and the reinvestment of monthly dividend payments.
For performance comparison, the S&P/LSTA Leveraged Loan Index an unmanaged loan market index had a total return of 2.97% for the six months ended December 31, 2005.(3)
The Trusts Investments
The Trust is a closed-end fund and trades on the New York Stock Exchange under the symbol EVF. The Trusts investment objective is to provide a high level of current income, consistent with preservation of capital, by investing primarily in senior, secured, floating-rate loans. The Trust also employs leverage through the issuance of preferred shares and participation in a commercial paper program.(4)
The Trusts senior floating-rate loan investments included 377 borrowers, ranging across 37 industries at December 31, 2005. The Trusts average loan size is 0.22% of loan assets, based on total investments (0.38%, based on net assets), and no industry constituted more than 8.0% of the Trusts loan investments. Building and development (including manufacturers of building products and companies that manage/own apartments, shopping malls and commercial office buildings, among others), health care, cable/satellite television, chemicals/plastics and leisure goods/activities/movies were the largest industry weightings.
In the wake of Hurricanes Katrina and Rita, management identified several companies that were directly impacted by the storms. While these loans suffered little price impact, management nonetheless reduced exposure to the hardest-hit companies, generally at prices above par. The hurricanes had little overall impact on the Trust.
The Trusts share price traded at a discount versus its NAV, as have many fixed-income, closed-end funds that employ leverage. However, most of these funds buy fixed-rate investments and often use shorter and/or floating-rate borrowings, which, in a rising interest rate environment, can cause NAV declines and impair a closed-end funds ability to earn and pay dividends. For this reason, closed-end bond funds may trade lower in a rising-rate climate, such as the one we have recently experienced. In contrast, the Trust invests primarily in floating-rate instruments, which help limit declines in NAV and may add income in a rising-rate environment. The Trusts NAV declined slightly, but significantly less than its share price. While it is difficult to attribute the Trusts market share price decline to one factor, we believe a likely cause was a market perception that rising rates impair the net asset values of fixed-rate, closed-end bond funds. If this was the cause, we believe that the market failed to distinguish the floating-rate nature of most of the Trusts assets. The Trust raised its dividend in 4 of the 6 months during the period.
At December 31, 2005, the Trust had leverage in the amount of approximately 41.3% of the Trusts total assets. The Trust currently employs leverage through the issuance of Auction Preferred Shares (APS) and participation in a commercial paper program. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases in cost of the Trusts leverage may be offset by increased income from the Trusts senior loan investments.
(1) The Trusts market yield is calculated by dividing the most recent dividend per share by the share market price at the end of the period and annualizing the result. (2) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. Performance results reflect the effect of leverage resulting from the Trusts Auction Preferred Shares. (3) It is not possible to invest directly in an Index. The Indexs total return does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. (4) In the event of a rise in long-term interest rates, the value of the Trusts investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The returns do not include dividends declared in December 2005 and payable in 2006. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.eatonvance.com.
Trust shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
2
Eaton Vance Senior Income Trust as of December 31, 2005
FUND PERFORMANCE
Performance(1)
Average Annual Total Return (by share price, NYSE)
One Year |
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-5.45 |
% |
Five Years |
|
5.19 |
|
Life of Fund (10/30/98) |
|
3.75 |
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Average Annual Total Return (at net asset value)
One Year |
|
5.28 |
% |
Five Years |
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5.84 |
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Life of Fund (10/30/98) |
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5.47 |
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(1) Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares and its participation in a commercial paper program. In the event of a rise in long-term interest rates, the value of the Trusts investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The returns do not include dividends declared in December 2005 and payable in 2006. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.eatonvance.com.
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.
Trust Allocations(2)
By Total Investments
(2) Trust Allocations are shown as a percentage of total investments as of December 31, 2005. Allocations may not be representative of the Trusts current or future investments and are subject to change due to active management.
Diversification by Industries(3)
By Total Investments
Building & Development |
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6.6 |
% |
Health Care |
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5.7 |
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Cable & Satellite Television |
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5.3 |
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Chemicals & Plastics |
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4.9 |
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Leisure Goods/Activities/Movies |
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4.9 |
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Telecommunications |
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4.7 |
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Automotive |
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4.3 |
|
Containers & Glass Products |
|
4.1 |
|
Business Equip. & Services |
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3.9 |
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Lodging & Casinos |
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3.8 |
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Radio & Television |
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3.8 |
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Retailers (Except Food & Drug) |
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3.5 |
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Publishing |
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3.3 |
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Electronics/Electrical |
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2.9 |
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Oil & Gas |
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2.9 |
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Conglomerates |
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2.7 |
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Utilities |
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2.4 |
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Financial Intermediaries |
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2.3 |
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Food Service |
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2.0 |
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Aerospace & Defense |
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1.8 |
% |
Food Products |
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1.8 |
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Food/Drug Retailers |
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1.6 |
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Nonferrous Metals/Minerals |
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1.5 |
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Insurance |
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1.5 |
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Home Furnishings |
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1.3 |
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Ecological Services & Equip. |
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1.3 |
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Beverage & Tobacco |
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1.2 |
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Forest Products |
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1.1 |
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Equipment Leasing |
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1.0 |
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Industrial Equipment |
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1.0 |
|
Drugs |
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0.8 |
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Air Transport |
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0.7 |
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Clothing/Textiles |
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0.5 |
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Cosmetics/Toiletries |
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0.5 |
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Rail Industries |
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0.3 |
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Surface Transport |
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0.2 |
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Farming/Agriculture |
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0.1 |
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Steel |
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0.1 |
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(3) Reflects the Trusts investments as of December 31, 2005. Industries are shown as a percentage of the Trusts total investments. Statistics may not be representative of current or future investments and are subject to change due to active management.
3
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited)
Senior Floating Rate Interests 142.1%(1) | |||||||||||
Principal Amount |
Borrower/Tranche Description |
Value |
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Aerospace and Defense 2.9% | |||||||||||
Alliant Techsystems, Inc. | |||||||||||
$ | 323,750 | Term Loan, 5.49%, Maturing March 31, 2009 | $ | 325,301 | |||||||
Delta Air Lines, Inc. | |||||||||||
1,275,000 | Term Loan, 13.51%, Maturing March 16, 2008 | 1,316,837 | |||||||||
Dresser Rand Group, Inc. | |||||||||||
329,796 | Term Loan, 6.23%, Maturing October 29, 2011 | 335,516 | |||||||||
Hexcel Corp. | |||||||||||
534,333 | Term Loan, 5.93%, Maturing March 1, 2012 | 539,677 | |||||||||
K&F Industries, Inc. | |||||||||||
872,230 | Term Loan, 6.57%, Maturing November 18, 2012 | 882,724 | |||||||||
Mid-Western Aircraft Systems, Inc. | |||||||||||
746,873 | Term Loan, 6.41%, Maturing December 31, 2011 | 757,999 | |||||||||
Standard Aero Holdings, Inc. | |||||||||||
1,153,046 | Term Loan, 6.81%, Maturing August 24, 2012 | 1,148,002 | |||||||||
Transdigm, Inc. | |||||||||||
1,960,000 | Term Loan, 6.58%, Maturing July 22, 2010 | 1,987,256 | |||||||||
Vought Aircraft Industries, Inc. | |||||||||||
1,124,318 | Term Loan, 6.89%, Maturing December 22, 2011 | 1,136,826 | |||||||||
Wam Aquisition, S.A. | |||||||||||
362,670 | Term Loan, 7.28%, Maturing April 8, 2013 | 364,559 | |||||||||
362,670 | Term Loan, 7.78%, Maturing April 8, 2014 | 366,069 | |||||||||
$ | 9,160,766 | ||||||||||
Air Transport 0.8% | |||||||||||
United Airlines, Inc. | |||||||||||
$ | 450,000 | DIP Loan, 0.00%, Maturing March 31, 2006(2) | $ | 452,812 | |||||||
1,977,864 | Term Loan, 8.62%, Maturing December 31, 2006 | 2,000,526 | |||||||||
$ | 2,453,338 | ||||||||||
Automotive 6.4% | |||||||||||
Accuride Corp. | |||||||||||
$ | 1,213,720 | Term Loan, 6.55%, Maturing January 31, 2012 | $ | 1,225,225 | |||||||
Affina Group, Inc. | |||||||||||
298,389 | Term Loan, 6.40%, Maturing November 30, 2011 | 296,226 | |||||||||
Axletech International Holding, Inc. | |||||||||||
925,000 | Term Loan, 10.95%, Maturing April 21, 2013 | 931,167 | |||||||||
CSA Acquisition Corp. | |||||||||||
304,016 | Term Loan, 6.56%, Maturing December 23, 2011 | 304,700 | |||||||||
489,069 | Term Loan, 6.56%, Maturing December 23, 2011 | 490,169 | |||||||||
Dayco Products, LLC | |||||||||||
1,374,092 | Term Loan, 7.30%, Maturing June 23, 2011 | 1,386,974 |
Principal Amount |
Borrower/Tranche Description |
Value |
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Automotive (continued) | |||||||||||
Exide Technologies, Inc. | |||||||||||
$ | 451,555 | Term Loan, 9.38%, Maturing May 5, 2010 | $ | 453,813 | |||||||
452,021 | Term Loan, 9.38%, Maturing May 5, 2010 | 454,281 | |||||||||
Federal-Mogul Corp. | |||||||||||
750,000 | Term Loan, 6.64%, Maturing December 9, 2006 | 695,312 | |||||||||
1,500,000 | Term Loan, 6.89%, Maturing December 9, 2006 | 1,402,500 | |||||||||
763,183 | Term Loan, 8.14%, Maturing December 9, 2006 | 765,091 | |||||||||
Goodyear Tire & Rubber Co. | |||||||||||
470,000 | Term Loan, 5.94%, Maturing April 30, 2010 | 474,280 | |||||||||
1,580,000 | Term Loan, 7.06%, Maturing April 30, 2010 | 1,592,837 | |||||||||
500,000 | Term Loan, 7.81%, Maturing March 1, 2011 | 499,875 | |||||||||
HLI Operating Co., Inc. | |||||||||||
914,816 | Term Loan, 7.52%, Maturing June 3, 2009 | 905,995 | |||||||||
Key Automotive Group | |||||||||||
897,015 | Term Loan, 7.33%, Maturing June 29, 2010 | 893,652 | |||||||||
R.J. Tower Corp. | |||||||||||
1,175,000 | DIP Revolving Loan, 7.25%, Maturing February 2, 2007 | 1,200,808 | |||||||||
Tenneco Automotive, Inc. | |||||||||||
1,194,224 | Term Loan, 6.54%, Maturing December 12, 2010 | 1,214,974 | |||||||||
TI Automotive, Ltd. | |||||||||||
648,527 | Term Loan, 7.94%, Maturing June 30, 2011 | 642,042 | |||||||||
Trimas Corp. | |||||||||||
1,911,200 | Term Loan, 8.02%, Maturing December 31, 2009 | 1,930,312 | |||||||||
TRW Automotive, Inc. | |||||||||||
1,574,874 | Term Loan, 5.25%, Maturing June 30, 2012 | 1,582,871 | |||||||||
United Components, Inc. | |||||||||||
844,358 | Term Loan, 6.81%, Maturing June 30, 2010 | 855,968 | |||||||||
$ | 20,199,072 | ||||||||||
Beverage and Tobacco 2.1% | |||||||||||
Alliance One International, Inc. | |||||||||||
$ | 421,813 | Term Loan, 8.03%, Maturing May 13, 2010 | $ | 422,076 | |||||||
Constellation Brands, Inc. | |||||||||||
2,105,672 | Term Loan, 5.66%, Maturing November 30, 2011 | 2,131,336 | |||||||||
Culligan International Co. | |||||||||||
841,500 | Term Loan, 6.87%, Maturing September 30, 2011 | 853,071 | |||||||||
National Dairy Holdings, L.P. | |||||||||||
158,800 | Term Loan, 6.38%, Maturing March 15, 2012 | 159,693 | |||||||||
National Distribution Company | |||||||||||
425,000 | Term Loan, 10.88%, Maturing June 22, 2010 | 426,062 | |||||||||
Southern Wine & Spirits of America, Inc. | |||||||||||
2,415,575 | Term Loan, 6.03%, Maturing May 31, 2012 | 2,439,731 | |||||||||
Sunny Delight Beverages Co. | |||||||||||
364,412 | Term Loan, 8.46%, Maturing August 20, 2010 | 351,657 | |||||||||
$ | 6,783,626 |
See notes to financial statements
4
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
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Building and Development 10.9% | |||||||||||
AP-Newkirk Holdings, LLC | |||||||||||
$ | 1,050,000 | Term Loan, 6.87%, Maturing December 21, 2007 | $ | 1,047,375 | |||||||
Biomed Realty, L.P. | |||||||||||
1,640,000 | Term Loan, 6.54%, Maturing May 31, 2010 | 1,644,100 | |||||||||
DMB/CH II LLC | |||||||||||
350,000 | Term Loan, 6.13%, Maturing September 9, 2009 | 350,875 | |||||||||
Epco/Fantome, LLC | |||||||||||
825,000 | Term Loan, 7.37%, Maturing November 23, 2010 | 825,000 | |||||||||
Formica Corp. | |||||||||||
64,521 | Term Loan, 9.37%, Maturing June 10, 2010 | 64,844 | |||||||||
156,352 | Term Loan, 9.37%, Maturing June 10, 2010 | 157,134 | |||||||||
79,959 | Term Loan, 9.37%, Maturing June 10, 2010 | 80,359 | |||||||||
225,824 | Term Loan, 9.37%, Maturing June 10, 2010 | 226,953 | |||||||||
FT-FIN Acquisition, LLC | |||||||||||
672,303 | Term Loan, 8.57%, Maturing November 17, 2007 | 673,984 | |||||||||
Gables GP, Inc. | |||||||||||
937,368 | Term Loan, 6.12%, Maturing September 30, 2006 | 942,349 | |||||||||
General Growth Properties, Inc. | |||||||||||
4,684,527 | Term Loan, 6.39%, Maturing November 12, 2008 | 4,722,785 | |||||||||
Hovstone Holdings, LLC | |||||||||||
655,000 | Term Loan, 6.65%, Maturing February 28, 2009 | 656,637 | |||||||||
Kyle Acquisition Group, LLC | |||||||||||
757,181 | Term Loan, 6.50%, Maturing July 20, 2010 | 761,440 | |||||||||
Landsource Communities, LLC | |||||||||||
1,502,000 | Term Loan, 6.88%, Maturing March 31, 2010 | 1,518,429 | |||||||||
LNR Property Corp. | |||||||||||
1,288,230 | Term Loan, 7.27%, Maturing February 3, 2008 | 1,295,074 | |||||||||
933,233 | Term Loan, 7.33%, Maturing February 3, 2008 | 939,066 | |||||||||
LNR Property Holdings | |||||||||||
500,000 | Term Loan, 8.77%, Maturing February 3, 2008 | 505,000 | |||||||||
MAAX Corp. | |||||||||||
382,848 | Term Loan, 7.41%, Maturing June 4, 2011 | 380,934 | |||||||||
Mueller Group, Inc. | |||||||||||
1,371,563 | Term Loan, 6.54%, Maturing October 3, 2012 | 1,390,054 | |||||||||
Newkirk Master, L.P. | |||||||||||
1,728,955 | Term Loan, 6.05%, Maturing August 11, 2008 | 1,743,544 | |||||||||
Nortek, Inc. | |||||||||||
938,125 | Term Loan, 6.95%, Maturing August 27, 2011 | 947,624 | |||||||||
Panolam Industries Holdings, Inc. | |||||||||||
349,125 | Term Loan, 7.28%, Maturing September 30, 2012 | 354,362 | |||||||||
Ply Gem Industries, Inc. | |||||||||||
553,087 | Term Loan, 6.16%, Maturing February 12, 2011 | 556,544 | |||||||||
95,600 | Term Loan, 6.16%, Maturing February 12, 2011 | 96,198 | |||||||||
374,533 | Term Loan, 6.64%, Maturing February 12, 2011 | 376,874 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Building and Development (continued) | |||||||||||
Shea Capital I, LLC | |||||||||||
$ | 325,000 | Term Loan, 6.26%, Maturing October 27, 2011 | $ | 326,625 | |||||||
South Edge, LLC | |||||||||||
328,125 | Term Loan, 6.13%, Maturing October 31, 2007 | 329,219 | |||||||||
421,875 | Term Loan, 6.38%, Maturing October 31, 2009 | 424,688 | |||||||||
Stile Acquisition Corp. | |||||||||||
1,228,416 | Term Loan, 6.21%, Maturing April 6, 2013 | 1,217,604 | |||||||||
Stile U.S. Acquisition Corp. | |||||||||||
1,230,509 | Term Loan, 6.21%, Maturing April 6, 2013 | 1,219,678 | |||||||||
Sugarloaf Mills, L.P. | |||||||||||
1,000,000 | Term Loan, 6.12%, Maturing April 7, 2007 | 1,005,000 | |||||||||
1,200,000 | Term Loan, 7.33%, Maturing April 7, 2007 | 1,200,000 | |||||||||
TE/Tousa Senior, LLC | |||||||||||
575,000 | Term Loan, 7.19%, Maturing July 29, 2008 | 580,031 | |||||||||
The Woodlands Community Property Co. | |||||||||||
1,304,000 | Term Loan, 6.55%, Maturing November 30, 2007 | 1,313,780 | |||||||||
923,000 | Term Loan, 8.55%, Maturing November 30, 2007 | 936,845 | |||||||||
Tousa/Kolter, LLC | |||||||||||
1,110,000 | Term Loan, 5.30%, Maturing January 7, 2008(2) | 1,115,550 | |||||||||
Tru 2005 Re Holding Co. | |||||||||||
2,200,000 | Term Loan, 7.46%, Maturing December 9, 2008 | 2,196,792 | |||||||||
Trustreet Properties, Inc. | |||||||||||
465,000 | Term Loan, 6.29%, Maturing April 8, 2010 | 469,650 | |||||||||
$ | 34,593,000 | ||||||||||
Business Equipment and Services 6.3% | |||||||||||
Acco Brands Corp. | |||||||||||
$ | 349,125 | Term Loan, 6.08%, Maturing August 17, 2012 | $ | 353,416 | |||||||
Affinion Group, Inc. | |||||||||||
1,220,930 | Term Loan, 7.10%, Maturing October 17, 2012 | 1,203,762 | |||||||||
Allied Security Holdings, LLC | |||||||||||
801,411 | Term Loan, 8.28%, Maturing June 30, 2010 | 810,427 | |||||||||
Baker & Taylor, Inc. | |||||||||||
1,700,000 | Term Loan, 11.00%, Maturing May 6, 2011 | 1,721,250 | |||||||||
DynCorp International, LLC | |||||||||||
651,725 | Term Loan, 7.13%, Maturing February 11, 2011 | 655,527 | |||||||||
Global Imaging Systems, Inc. | |||||||||||
483,894 | Term Loan, 5.99%, Maturing May 10, 2010 | 487,826 | |||||||||
Info USA, Inc. | |||||||||||
236,938 | Term Loan, 7.14%, Maturing June 4, 2010 | 237,530 | |||||||||
Iron Mountain, Inc. | |||||||||||
3,979,787 | Term Loan, 6.19%, Maturing April 2, 2011 | 4,016,477 | |||||||||
Language Line, Inc. | |||||||||||
483,607 | Term Loan, 8.45%, Maturing June 11, 2011 | 486,569 |
See notes to financial statements
5
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Business Equipment and Services (continued) | |||||||||||
Mitchell International, Inc. | |||||||||||
$ | 400,000 | Term Loan, 6.53%, Maturing August 15, 2011 | $ | 405,750 | |||||||
N.E.W. Holdings I, LLC | |||||||||||
452,159 | Term Loan, 7.40%, Maturing July 1, 2011 | 458,659 | |||||||||
Protection One, Inc. | |||||||||||
495,703 | Term Loan, 7.67%, Maturing April 18, 2011 | 500,970 | |||||||||
Sungard Data Systems, Inc. | |||||||||||
6,989,875 | Term Loan, 6.81%, Maturing February 11, 2013 | 7,044,116 | |||||||||
Transaction Network Services, Inc. | |||||||||||
419,412 | Term Loan, 6.48%, Maturing May 4, 2012 | 423,082 | |||||||||
US Investigations Services, Inc. | |||||||||||
374,063 | Term Loan, 7.00%, Maturing October 14, 2012 | 376,868 | |||||||||
Western Inventory Services | |||||||||||
275,000 | Term Loan, 11.28%, Maturing October 14, 2011 | 277,062 | |||||||||
Williams Scotsman, Inc. | |||||||||||
500,000 | Term Loan, 6.64%, Maturing June 28, 2010 | 506,666 | |||||||||
$ | 19,965,957 | ||||||||||
Cable and Satellite Television 8.3% | |||||||||||
Adelphia Communications Corp. | |||||||||||
$ | 1,810,405 | DIP Loan, 6.31%, Maturing March 31, 2006 | $ | 1,819,457 | |||||||
Atlantic Broadband Finance, LLC | |||||||||||
1,494,183 | Term Loan, 7.20%, Maturing September 1, 2011 | 1,515,662 | |||||||||
Bragg Communications, Inc. | |||||||||||
553,045 | Term Loan, 6.24%, Maturing August 31, 2011 | 560,995 | |||||||||
Bresnan Communications, LLC | |||||||||||
500,000 | Term Loan, 7.83%, Maturing March 31, 2010 | 505,625 | |||||||||
1,000,000 | Term Loan, 7.83%, Maturing September 30, 2010 | 1,013,594 | |||||||||
Canadian Cable Acquisition Co., Inc. | |||||||||||
994,850 | Term Loan, 7.53%, Maturing July 30, 2011 | 1,009,151 | |||||||||
Cebridge Connections, Inc. | |||||||||||
753,525 | Term Loan, 7.45%, Maturing February 23, 2009 | 758,235 | |||||||||
788,000 | Term Loan, 10.06%, Maturing February 23, 2010 | 815,580 | |||||||||
Charter Communications Operating, LLC | |||||||||||
7,109,361 | Term Loan, 7.50%, Maturing April 27, 2011 | 7,136,299 | |||||||||
Insight Midwest Holdings, LLC | |||||||||||
3,430,000 | Term Loan, 6.56%, Maturing December 31, 2009 | 3,478,236 | |||||||||
MCC Iowa, LLC | |||||||||||
837,298 | Term Loan, 6.35%, Maturing February 3, 2014 | 849,530 | |||||||||
Mediacom Illinois, LLC | |||||||||||
1,980,000 | Term Loan, 6.57%, Maturing March 31, 2013 | 2,009,082 | |||||||||
NTL, Inc. | |||||||||||
1,750,000 | Term Loan, 7.14%, Maturing April 13, 2012 | 1,758,895 | |||||||||
UGS Corp. | |||||||||||
1,451,192 | Term Loan, 6.39%, Maturing March 31, 2012 | 1,471,146 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Cable and Satellite Television (continued) | |||||||||||
UPC Broadband Holdings B.V. | |||||||||||
$ | 1,780,000 | Term Loan, 6.80%, Maturing September 30, 2012 | $ | 1,798,277 | |||||||
$ | 26,499,764 | ||||||||||
Chemicals and Plastics 7.7% | |||||||||||
Basell Af S.A.R.L. | |||||||||||
$ | 208,333 | Term Loan, 6.91%, Maturing August 1, 2013 | $ | 211,947 | |||||||
41,667 | Term Loan, 6.91%, Maturing August 1, 2013 | 42,251 | |||||||||
208,333 | Term Loan, 7.24%, Maturing August 1, 2014 | 211,947 | |||||||||
41,667 | Term Loan, 7.24%, Maturing August 1, 2014 | 42,310 | |||||||||
Brenntag AG | |||||||||||
1,275,000 | Term Loan, 6.81%, Maturing February 27, 2012 | 1,279,038 | |||||||||
Celanese Holdings, LLC | |||||||||||
2,617,984 | Term Loan, 6.53%, Maturing April 6, 2011 | 2,647,763 | |||||||||
Gentek, Inc. | |||||||||||
296,613 | Term Loan, 7.07%, Maturing February 25, 2011 | 298,689 | |||||||||
430,000 | Term Loan, 9.90%, Maturing February 25, 2012 | 428,280 | |||||||||
Hercules, Inc. | |||||||||||
491,250 | Term Loan, 5.88%, Maturing October 8, 2010 | 497,513 | |||||||||
Hexion Specialty Chemicals, Inc. | |||||||||||
90,000 | Term Loan, 4.29%, Maturing May 31, 2012 | 91,350 | |||||||||
376,110 | Term Loan, 6.88%, Maturing May 31, 2012 | 381,752 | |||||||||
519,390 | Term Loan, 7.06%, Maturing May 31, 2012 | 527,181 | |||||||||
Huntsman International, LLC | |||||||||||
3,120,873 | Term Loan, 6.12%, Maturing August 16, 2012 | 3,140,622 | |||||||||
Innophos, Inc. | |||||||||||
481,950 | Term Loan, 6.71%, Maturing August 13, 2010 | 487,974 | |||||||||
Invista B.V. | |||||||||||
1,983,354 | Term Loan, 6.69%, Maturing April 29, 2011 | 2,004,427 | |||||||||
852,288 | Term Loan, 6.69%, Maturing April 29, 2011 | 861,344 | |||||||||
ISP Chemco, Inc. | |||||||||||
687,750 | Term Loan, 6.38%, Maturing March 27, 2011 | 696,347 | |||||||||
Kraton Polymer, LLC | |||||||||||
1,464,096 | Term Loan, 7.02%, Maturing December 23, 2010 | 1,485,142 | |||||||||
Mosaic Co. | |||||||||||
764,225 | Term Loan, 5.95%, Maturing February 21, 2012 | 771,485 | |||||||||
Nalco Co. | |||||||||||
3,329,426 | Term Loan, 6.32%, Maturing November 4, 2010 | 3,376,664 | |||||||||
PQ Corp. | |||||||||||
263,013 | Term Loan, 6.56%, Maturing February 11, 2012 | 266,190 | |||||||||
Rockwood Specialties Group, Inc. | |||||||||||
2,323,325 | Term Loan, 6.22%, Maturing December 10, 2012 | 2,351,096 | |||||||||
Solo Cup Co. | |||||||||||
1,346,580 | Term Loan, 7.03%, Maturing February 27, 2011 | 1,357,801 |
See notes to financial statements
6
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Chemicals and Plastics (continued) | |||||||||||
Wellman, Inc. | |||||||||||
$ | 900,000 | Term Loan, 8.25%, Maturing February 10, 2009 | $ | 913,500 | |||||||
Westlake Chemical Corp. | |||||||||||
37,500 | Term Loan, 6.64%, Maturing July 31, 2010 | 37,500 | |||||||||
$ | 24,410,113 | ||||||||||
Clothing / Textiles 0.5% | |||||||||||
Propex Fabrics, Inc. | |||||||||||
$ | 180,500 | Term Loan, 6.78%, Maturing December 31, 2011 | $ | 180,951 | |||||||
St. John Knits International, Inc. | |||||||||||
812,589 | Term Loan, 7.06%, Maturing March 23, 2012 | 822,746 | |||||||||
The William Carter Co. | |||||||||||
425,732 | Term Loan, 5.72%, Maturing July 14, 2012 | 430,699 | |||||||||
$ | 1,434,396 | ||||||||||
Conglomerates 4.4% | |||||||||||
Amsted Industries, Inc. | |||||||||||
$ | 1,987,335 | Term Loan, 6.68%, Maturing October 15, 2010 | $ | 2,019,629 | |||||||
Blount, Inc. | |||||||||||
577,640 | Term Loan, 6.69%, Maturing August 9, 2010 | 583,898 | |||||||||
Bushnell Performance Optics | |||||||||||
500,000 | Term Loan, 7.53%, Maturing August 19, 2011 | 507,187 | |||||||||
Euramax International, Inc. | |||||||||||
383,075 | Term Loan, 7.25%, Maturing June 28, 2012 | 380,612 | |||||||||
334,211 | Term Loan, 11.09%, Maturing June 28, 2013 | 316,247 | |||||||||
165,789 | Term Loan, 11.09%, Maturing June 28, 2013 | 156,878 | |||||||||
Goodman Global Holdings, Inc. | |||||||||||
573,820 | Term Loan, 6.38%, Maturing December 23, 2011 | 582,546 | |||||||||
Jarden Corp. | |||||||||||
1,072,002 | Term Loan, 6.28%, Maturing January 24, 2012 | 1,076,022 | |||||||||
1,522,195 | Term Loan, 6.53%, Maturing January 24, 2012 | 1,530,893 | |||||||||
Johnson Diversey, Inc. | |||||||||||
1,969,127 | Term Loan, 6.80%, Maturing December 16, 2011 | 1,989,557 | |||||||||
Polymer Group, Inc. | |||||||||||
1,400,000 | Term Loan, 6.77%, Maturing November 22, 2012 | 1,414,875 | |||||||||
PP Acquisition Corp. | |||||||||||
1,582,889 | Term Loan, 7.53%, Maturing November 12, 2011 | 1,575,634 | |||||||||
Rexnord Corp. | |||||||||||
1,938,446 | Term Loan, 6.15%, Maturing December 31, 2011 | 1,963,485 | |||||||||
$ | 14,097,463 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Containers and Glass Products 7.0% | |||||||||||
Berry Plastics Corp. | |||||||||||
$ | 2,128,620 | Term Loan, 6.45%, Maturing December 2, 2011 | $ | 2,156,337 | |||||||
BWAY Corp. | |||||||||||
275,500 | Term Loan, 6.56%, Maturing June 30, 2011 | 278,772 | |||||||||
Consolidated Container Holding, LLC | |||||||||||
640,250 | Term Loan, 7.50%, Maturing December 15, 2008 | 643,851 | |||||||||
Crown Americas, Inc. | |||||||||||
350,000 | Term Loan, 6.00%, Maturing November 15, 2012 | 352,516 | |||||||||
Dr. Pepper/Seven Up Bottling Group, Inc. | |||||||||||
1,243,295 | Term Loan, 6.20%, Maturing December 19, 2010 | 1,262,099 | |||||||||
Graham Packaging Holdings Co. | |||||||||||
2,277,000 | Term Loan, 6.48%, Maturing October 7, 2011 | 2,306,353 | |||||||||
1,000,000 | Term Loan, 8.81%, Maturing April 7, 2012 | 1,020,938 | |||||||||
Graphic Packaging International, Inc. | |||||||||||
4,848,647 | Term Loan, 6.60%, Maturing August 8, 2010 | 4,913,498 | |||||||||
IPG (US), Inc. | |||||||||||
365,375 | Term Loan, 6.69%, Maturing July 28, 2011 | 370,703 | |||||||||
JSG Acquisitions | |||||||||||
990,000 | Term Loan, 7.11%, Maturing December 31, 2013 | 989,505 | |||||||||
990,000 | Term Loan, 7.61%, Maturing December 13, 2014 | 989,505 | |||||||||
Kranson Industries, Inc. | |||||||||||
492,500 | Term Loan, 7.28%, Maturing July 30, 2011 | 498,656 | |||||||||
Owens-Illinois, Inc. | |||||||||||
1,486,733 | Term Loan, 6.10%, Maturing April 1, 2007 | 1,494,786 | |||||||||
394,214 | Term Loan, 6.15%, Maturing April 1, 2008 | 397,294 | |||||||||
Smurfit-Stone Container Corp. | |||||||||||
315,687 | Term Loan, 2.35%, Maturing November 1, 2010 | 318,992 | |||||||||
2,271,104 | Term Loan, 6.69%, Maturing November 1, 2011 | 2,294,880 | |||||||||
795,902 | Term Loan, 6.69%, Maturing November 1, 2011 | 804,234 | |||||||||
U.S. Can Corp. | |||||||||||
982,500 | Term Loan, 7.65%, Maturing January 15, 2010 | 991,097 | |||||||||
$ | 22,084,016 | ||||||||||
Cosmetics / Toiletries 0.8% | |||||||||||
American Safety Razor Co. | |||||||||||
$ | 928,056 | Term Loan, 7.15%, Maturing February 28, 2012 | $ | 941,976 | |||||||
Prestige Brands, Inc. | |||||||||||
884,250 | Term Loan, 6.31%, Maturing April 7, 2011 | 893,461 | |||||||||
Revlon Consumer Products Corp. | |||||||||||
721,875 | Term Loan, 10.10%, Maturing July 9, 2010 | 744,772 | |||||||||
$ | 2,580,209 |
See notes to financial statements
7
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Drugs 1.3% | |||||||||||
Patheon, Inc. | |||||||||||
$ | 975,000 | Term Loan, 6.64%, Maturing December 14, 2011 | $ | 981,094 | |||||||
Warner Chilcott Corp. | |||||||||||
4,416 | Term Loan, 0.00%, Maturing January 31, 2006(2) | 4,421 | |||||||||
22,082 | Term Loan, 0.00%, Maturing June 30, 2006(2) | 22,104 | |||||||||
1,970,115 | Term Loan, 7.14%, Maturing January 18, 2012 | 1,970,993 | |||||||||
793,860 | Term Loan, 7.28%, Maturing January 18, 2012 | 794,214 | |||||||||
366,741 | Term Loan, 7.28%, Maturing January 18, 2012 | 366,905 | |||||||||
$ | 4,139,731 | ||||||||||
Ecological Services and Equipment 2.0% | |||||||||||
Alderwoods Group, Inc. | |||||||||||
$ | 278,412 | Term Loan, 6.25%, Maturing September 29, 2009 | $ | 281,631 | |||||||
Allied Waste Industries, Inc. | |||||||||||
846,665 | Term Loan, 4.02%, Maturing January 15, 2012 | 852,192 | |||||||||
2,180,748 | Term Loan, 6.18%, Maturing January 15, 2012 | 2,195,122 | |||||||||
Envirocare of Utah, LLC | |||||||||||
760,000 | Term Loan, 6.95%, Maturing April 15, 2010 | 770,608 | |||||||||
Environmental Systems, Inc. | |||||||||||
989,398 | Term Loan, 7.90%, Maturing December 12, 2008 | 1,008,259 | |||||||||
IESI Corp. | |||||||||||
441,176 | Term Loan, 6.20%, Maturing January 20, 2012 | 447,105 | |||||||||
Sensus Metering Systems, Inc. | |||||||||||
115,199 | Term Loan, 6.44%, Maturing December 17, 2010 | 116,567 | |||||||||
738,376 | Term Loan, 6.45%, Maturing December 17, 2010 | 747,144 | |||||||||
$ | 6,418,628 | ||||||||||
Electronics / Electrical 4.7% | |||||||||||
AMI Semiconductor, Inc. | |||||||||||
$ | 953,613 | Term Loan, 5.89%, Maturing April 1, 2012 | $ | 959,970 | |||||||
Aspect Software, Inc. | |||||||||||
350,000 | Term Loan, 6.56%, Maturing September 22, 2010 | 354,375 | |||||||||
Avago Technologies Finance PTE | |||||||||||
650,000 | Term Loan, 6.82%, Maturing December 1, 2012 | 653,860 | |||||||||
Communications & Power, Inc. | |||||||||||
444,444 | Term Loan, 6.62%, Maturing July 23, 2010 | 448,519 | |||||||||
Enersys Capital, Inc. | |||||||||||
985,000 | Term Loan, 6.40%, Maturing March 17, 2011 | 996,697 | |||||||||
Fairchild Semiconductor Corp. | |||||||||||
2,121,081 | Term Loan, 6.31%, Maturing December 31, 2010 | 2,136,989 | |||||||||
Invensys International Holdings Ltd. | |||||||||||
1,622,368 | Term Loan, 7.79%, Maturing September 4, 2009 | 1,650,354 | |||||||||
Panavision, Inc. | |||||||||||
1,012,322 | Term Loan, 10.39%, Maturing January 12, 2007 | 1,034,783 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Electronics / Electrical (continued) | |||||||||||
Rayovac Corp. | |||||||||||
$ | 2,908,025 | Term Loan, 6.43%, Maturing February 7, 2012 | $ | 2,929,230 | |||||||
Security Co., Inc. | |||||||||||
493,753 | Term Loan, 9.25%, Maturing June 28, 2010 | 497,456 | |||||||||
500,000 | Term Loan, 11.25%, Maturing June 30, 2011 | 506,875 | |||||||||
SSA Global Technologies, Inc. | |||||||||||
249,375 | Term Loan, 6.52%, Maturing September 22, 2011 | 251,245 | |||||||||
Telcordia Technologies, Inc. | |||||||||||
1,552,200 | Term Loan, 6.91%, Maturing September 15, 2012 | 1,539,588 | |||||||||
United Online, Inc. | |||||||||||
361,392 | Term Loan, 7.06%, Maturing December 13, 2008 | 363,199 | |||||||||
Vertafore, Inc. | |||||||||||
239,937 | Term Loan, 7.14%, Maturing December 22, 2010 | 243,536 | |||||||||
500,000 | Term Loan, 10.37%, Maturing December 22, 2011 | 510,000 | |||||||||
$ | 15,076,676 | ||||||||||
Equipment Leasing 1.4% | |||||||||||
Ashtead Group, PLC | |||||||||||
$ | 990,000 | Term Loan, 6.13%, Maturing November 12, 2009 | $ | 998,457 | |||||||
Maxim Crane Works, L.P. | |||||||||||
498,267 | Term Loan, 9.63%, Maturing January 28, 2012 | 511,762 | |||||||||
The Hertz Corp. | |||||||||||
253,933 | Term Loan, 0.00%, Maturing December 21, 2012(2) | 257,405 | |||||||||
216,667 | Term Loan, 4.50%, Maturing December 21, 2012 | 219,629 | |||||||||
1,479,400 | Term Loan, 8.50%, Maturing December 21, 2012 | 1,499,626 | |||||||||
United Rentals, Inc. | |||||||||||
166,667 | Term Loan, 2.87%, Maturing February 14, 2011 | 168,667 | |||||||||
820,833 | Term Loan, 6.63%, Maturing February 14, 2011 | 830,683 | |||||||||
$ | 4,486,229 | ||||||||||
Farming / Agriculture 0.3% | |||||||||||
Central Garden & Pet Co. | |||||||||||
$ | 780,779 | Term Loan, 5.57%, Maturing May 19, 2009 | $ | 792,003 | |||||||
$ | 792,003 | ||||||||||
Financial Intermediaries 2.7% | |||||||||||
AIMCO Properties, L.P. | |||||||||||
$ | 700,000 | Term Loan, 6.03%, Maturing November 2, 2009 | $ | 709,844 | |||||||
2,350,000 | Term Loan, 6.23%, Maturing November 2, 2009 | 2,385,986 | |||||||||
Coinstar, Inc. | |||||||||||
308,644 | Term Loan, 6.10%, Maturing July 7, 2011 | 311,923 | |||||||||
Corrections Corp. of America | |||||||||||
505,273 | Term Loan, 6.02%, Maturing March 31, 2008 | 513,168 |
See notes to financial statements
8
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Financial Intermediaries (continued) | |||||||||||
National Information Solutions, Inc. | |||||||||||
$ | 3,212,000 | Term Loan, 6.11%, Maturing March 9, 2013 | $ | 3,228,596 | |||||||
The Macerich Partnership, L.P. | |||||||||||
709,469 | Term Loan, 6.04%, Maturing April 25, 2006 | 710,356 | |||||||||
650,000 | Term Loan, 5.81%, Maturing April 25, 2010 | 654,198 | |||||||||
$ | 8,514,071 | ||||||||||
Food Products 2.4% | |||||||||||
Acosta, Inc. | |||||||||||
$ | 525,000 | Term Loan, 6.60%, Maturing December 6, 2012 | $ | 530,906 | |||||||
Chiquita Brands, LLC | |||||||||||
368,150 | Term Loan, 6.38%, Maturing June 28, 2012 | 372,445 | |||||||||
Del Monte Corp. | |||||||||||
447,750 | Term Loan, 5.73%, Maturing February 8, 2012 | 454,074 | |||||||||
Doane Pet Care Co. | |||||||||||
299,250 | Term Loan, 6.77%, Maturing October 21, 2012 | 303,365 | |||||||||
Dole Food Company, Inc. | |||||||||||
583,156 | Term Loan, 5.93%, Maturing April 18, 2012 | 586,132 | |||||||||
Herbalife International, Inc. | |||||||||||
136,904 | Term Loan, 6.00%, Maturing December 21, 2010 | 138,145 | |||||||||
Michael Foods, Inc. | |||||||||||
1,212,752 | Term Loan, 6.66%, Maturing November 21, 2010 | 1,229,679 | |||||||||
Pinnacle Foods Holdings Corp. | |||||||||||
2,910,649 | Term Loan, 7.32%, Maturing November 25, 2010 | 2,952,125 | |||||||||
Reddy Ice Group, Inc. | |||||||||||
1,055,000 | Term Loan, 5.87%, Maturing August 9, 2012 | 1,065,880 | |||||||||
$ | 7,632,751 | ||||||||||
Food Service 3.4% | |||||||||||
AFC Enterprises, Inc. | |||||||||||
$ | 910,425 | Term Loan, 6.81%, Maturing May 11, 2011 | $ | 921,805 | |||||||
Buffets, Inc. | |||||||||||
209,091 | Term Loan, 3.60%, Maturing June 28, 2009 | 211,182 | |||||||||
1,015,285 | Term Loan, 8.16%, Maturing June 28, 2009 | 1,025,437 | |||||||||
Burger King Corp. | |||||||||||
990,025 | Term Loan, 6.31%, Maturing June 30, 2012 | 1,003,096 | |||||||||
Carrols Corp. | |||||||||||
765,368 | Term Loan, 7.00%, Maturing December 31, 2010 | 776,490 | |||||||||
CKE Restaurants, Inc. | |||||||||||
193,696 | Term Loan, 6.38%, Maturing May 1, 2010 | 195,875 | |||||||||
Denny's, Inc. | |||||||||||
1,237,511 | Term Loan, 7.47%, Maturing September 21, 2009 | 1,259,684 | |||||||||
Domino's, Inc. | |||||||||||
3,036,882 | Term Loan, 6.06%, Maturing June 25, 2010 | 3,074,212 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Food Service (continued) | |||||||||||
Jack in the Box, Inc. | |||||||||||
$ | 736,875 | Term Loan, 5.69%, Maturing January 8, 2011 | $ | 744,704 | |||||||
Maine Beverage Co., LLC | |||||||||||
437,500 | Term Loan, 5.77%, Maturing June 30, 2010 | 436,406 | |||||||||
Weight Watchers International, Inc. | |||||||||||
493,750 | Term Loan, 5.67%, Maturing March 31, 2010 | 499,511 | |||||||||
Weightwatchers.com, Inc. | |||||||||||
500,000 | Term Loan, 9.12%, Maturing June 16, 2011 | 505,625 | |||||||||
$ | 10,654,027 | ||||||||||
Food / Drug Retailers 2.6% | |||||||||||
Cumberland Farms, Inc. | |||||||||||
$ | 2,201,911 | Term Loan, 6.69%, Maturing September 8, 2008 | $ | 2,214,297 | |||||||
General Nutrition Centers, Inc. | |||||||||||
833,654 | Term Loan, 7.39%, Maturing December 7, 2009 | 845,117 | |||||||||
Giant Eagle, Inc. | |||||||||||
1,000,000 | Term Loan, 5.77%, Maturing November 7, 2012 | 1,005,313 | |||||||||
Roundy's Supermarkets, Inc. | |||||||||||
1,850,000 | Term Loan, 7.33%, Maturing November 3, 2011 | 1,841,675 | |||||||||
The Jean Coutu Group (PJC), Inc. | |||||||||||
2,354,575 | Term Loan, 6.50%, Maturing July 30, 2011 | 2,379,920 | |||||||||
$ | 8,286,322 | ||||||||||
Forest Products 1.2% | |||||||||||
Boise Cascade Holdings, LLC | |||||||||||
$ | 1,505,187 | Term Loan, 6.26%, Maturing October 29, 2011 | $ | 1,526,824 | |||||||
Buckeye Technologies, Inc. | |||||||||||
191,750 | Term Loan, 6.19%, Maturing March 15, 2010 | 193,228 | |||||||||
NewPage Corp. | |||||||||||
1,147,125 | Term Loan, 7.56%, Maturing May 2, 2011 | 1,161,464 | |||||||||
RLC Industries Co. | |||||||||||
554,464 | Term Loan, 6.03%, Maturing February 24, 2010 | 557,237 | |||||||||
Xerium Technologies, Inc. | |||||||||||
482,575 | Term Loan, 6.53%, Maturing November 19, 2011 | 485,742 | |||||||||
$ | 3,924,495 | ||||||||||
Healthcare 9.1% | |||||||||||
Accellent, Inc. | |||||||||||
$ | 190,000 | Term Loan, 6.39%, Maturing November 22, 2012 | $ | 192,137 | |||||||
Alliance Imaging, Inc. | |||||||||||
1,188,534 | Term Loan, 6.81%, Maturing December 29, 2011 | 1,190,912 | |||||||||
AMN Healthcare, Inc. | |||||||||||
300,000 | Term Loan, 6.53%, Maturing November 2, 2011 | 303,062 | |||||||||
AMR HoldCo, Inc. | |||||||||||
634,811 | Term Loan, 6.71%, Maturing February 10, 2012 | 641,159 |
See notes to financial statements
9
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Healthcare (continued) | |||||||||||
Carl Zeiss Topco GMBH | |||||||||||
$ | 196,667 | Term Loan, 6.95%, Maturing February 28, 2013 | $ | 197,896 | |||||||
393,333 | Term Loan, 7.45%, Maturing February 28, 2014 | 396,283 | |||||||||
375,000 | Term Loan, 9.70%, Maturing August 31, 2014 | 382,031 | |||||||||
Colgate Medical, Ltd. | |||||||||||
67,045 | Term Loan, 6.38%, Maturing December 30, 2008 | 67,716 | |||||||||
Community Health Systems, Inc. | |||||||||||
3,395,766 | Term Loan, 6.16%, Maturing August 19, 2011 | 3,442,810 | |||||||||
Concentra Operating Corp. | |||||||||||
1,275,000 | Term Loan, 6.05%, Maturing September 30, 2011 | 1,292,000 | |||||||||
Conmed Corp. | |||||||||||
940,811 | Term Loan, 6.62%, Maturing December 31, 2007 | 952,571 | |||||||||
Davita, Inc. | |||||||||||
3,890,250 | Term Loan, 6.73%, Maturing October 5, 2012 | 3,947,254 | |||||||||
Encore Medical IHC, Inc. | |||||||||||
768,065 | Term Loan, 7.46%, Maturing October 4, 2010 | 776,705 | |||||||||
FHC Health Systems, Inc. | |||||||||||
348,214 | Term Loan, 10.41%, Maturing December 18, 2009 | 355,179 | |||||||||
243,750 | Term Loan, 12.41%, Maturing December 18, 2009 | 248,625 | |||||||||
750,000 | Term Loan, 13.41%, Maturing February 7, 2011 | 765,000 | |||||||||
Genoa Healthcare Group, LLC | |||||||||||
273,000 | Term Loan, 7.75%, Maturing August 12, 2012 | 275,901 | |||||||||
Hanger Orthopedic Group, Inc. | |||||||||||
982,411 | Term Loan, 8.27%, Maturing September 30, 2009 | 995,919 | |||||||||
Healthcare Partners, LLC | |||||||||||
197,313 | Term Loan, 6.89%, Maturing March 2, 2011 | 199,224 | |||||||||
Healthsouth Corp. | |||||||||||
884,306 | Term Loan, 6.89%, Maturing June 14, 2007 | 889,005 | |||||||||
246,250 | Term Loan, 2.50%, Maturing March 21, 2010 | 247,558 | |||||||||
Kinetic Concepts, Inc. | |||||||||||
218,652 | Term Loan, 6.28%, Maturing August 11, 2010 | 220,930 | |||||||||
Leiner Health Products, Inc. | |||||||||||
526,975 | Term Loan, 7.70%, Maturing May 27, 2011 | 533,727 | |||||||||
Lifecare Holdings, Inc. | |||||||||||
450,000 | Term Loan, 6.59%, Maturing August 11, 2012 | 424,547 | |||||||||
Lifepoint Hospitals, Inc. | |||||||||||
2,130,887 | Term Loan, 6.19%, Maturing April 15, 2012 | 2,145,980 | |||||||||
Magellan Health Services, Inc. | |||||||||||
457,958 | Term Loan, 4.19%, Maturing August 15, 2008 | 463,110 | |||||||||
572,447 | Term Loan, 6.74%, Maturing August 15, 2008 | 578,888 | |||||||||
Medcath Holdings Corp. | |||||||||||
101,250 | Term Loan, 6.77%, Maturing July 2, 2011 | 101,978 | |||||||||
National Mentor, Inc. | |||||||||||
873,671 | Term Loan, 6.81%, Maturing September 30, 2011 | 885,138 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Healthcare (continued) | |||||||||||
Renal Advantage, Inc. | |||||||||||
$ | 199,500 | Term Loan, 6.86%, Maturing October 5, 2012 | $ | 201,807 | |||||||
Select Medical Holding Corp. | |||||||||||
1,267,931 | Term Loan, 6.12%, Maturing February 24, 2012 | 1,269,956 | |||||||||
Sunrise Medical Holdings, Inc. | |||||||||||
491,505 | Term Loan, 7.63%, Maturing May 13, 2010 | 492,119 | |||||||||
Sybron Dental Management, Inc. | |||||||||||
551,421 | Term Loan, 6.23%, Maturing June 6, 2009 | 556,246 | |||||||||
Talecris Biotherapeutics, Inc. | |||||||||||
535,950 | Term Loan, 7.62%, Maturing March 31, 2010 | 534,610 | |||||||||
Vanguard Health Holding Co., LLC | |||||||||||
1,645,900 | Term Loan, 6.95%, Maturing September 23, 2011 | 1,668,531 | |||||||||
VWR International, Inc. | |||||||||||
1,025,184 | Term Loan, 6.69%, Maturing April 7, 2011 | 1,040,882 | |||||||||
$ | 28,877,396 | ||||||||||
Home Furnishings 2.3% | |||||||||||
Interline Brands, Inc. | |||||||||||
$ | 1,521,195 | Term Loan, 6.78%, Maturing December 31, 2010 | $ | 1,544,013 | |||||||
Knoll, Inc. | |||||||||||
1,107,225 | Term Loan, 6.53%, Maturing October 3, 2012 | 1,121,930 | |||||||||
National Bedding Company, LLC | |||||||||||
350,000 | Term Loan, 9.39%, Maturing August 31, 2012 | 341,687 | |||||||||
Oreck Corp. | |||||||||||
748,111 | Term Loan, 7.28%, Maturing February 2, 2012 | 753,722 | |||||||||
Sealy Mattress Co. | |||||||||||
1,597,479 | Term Loan, 6.13%, Maturing April 6, 2012 | 1,616,699 | |||||||||
Simmons Co. | |||||||||||
1,836,500 | Term Loan, 5.87%, Maturing December 19, 2011 | 1,857,447 | |||||||||
$ | 7,235,498 | ||||||||||
Industrial Equipment 1.5% | |||||||||||
Alliance Laundry Holdings, LLC | |||||||||||
$ | 247,800 | Term Loan, 6.59%, Maturing January 27, 2012 | $ | 251,517 | |||||||
Colfax Corp. | |||||||||||
596,476 | Term Loan, 6.56%, Maturing May 30, 2009 | 602,938 | |||||||||
Flowserve Corp. | |||||||||||
1,118,433 | Term Loan, 6.36%, Maturing August 10, 2012 | 1,133,287 | |||||||||
Gleason Corp. | |||||||||||
228,151 | Term Loan, 6.86%, Maturing July 27, 2011 | 231,003 | |||||||||
750,000 | Term Loan, 9.82%, Maturing January 31, 2012 | 763,125 | |||||||||
Itron, Inc. | |||||||||||
135,135 | Term Loan, 6.53%, Maturing December 17, 2010 | 136,149 |
See notes to financial statements
10
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Industrial Equipment (continued) | |||||||||||
Mainline, L.P. | |||||||||||
$ | 772,000 | Term Loan, 6.88%, Maturing December 17, 2011 | $ | 773,930 | |||||||
Maxim Crane Works, L.P. | |||||||||||
779,999 | Term Loan, 6.88%, Maturing January 28, 2010 | 791,049 | |||||||||
$ | 4,682,998 | ||||||||||
Insurance 2.6% | |||||||||||
ARG Holdings, Inc. | |||||||||||
$ | 650,000 | Term Loan, 11.47%, Maturing November 30, 2012 | $ | 659,750 | |||||||
CCC Information Services Group, Inc. | |||||||||||
1,033,811 | Term Loan, 7.14%, Maturing August 20, 2010 | 1,036,395 | |||||||||
Conseco, Inc. | |||||||||||
1,680,822 | Term Loan, 6.37%, Maturing June 22, 2010 | 1,694,829 | |||||||||
Hilb, Rogal & Hobbs Co. | |||||||||||
3,293,903 | Term Loan, 6.81%, Maturing June 30, 2007 | 3,333,018 | |||||||||
U.S.I. Holdings Corp. | |||||||||||
977,500 | Term Loan, 6.74%, Maturing August 11, 2008 | 981,777 | |||||||||
664,975 | Term Loan, 6.74%, Maturing August 11, 2008 | 667,884 | |||||||||
$ | 8,373,653 | ||||||||||
Leisure Goods / Activities / Movies 7.8% | |||||||||||
24 Hour Fitness Worldwide, Inc. | |||||||||||
$ | 900,000 | Term Loan, 6.78%, Maturing June 8, 2012 | $ | 912,750 | |||||||
Alliance Atlantis Communications, Inc. | |||||||||||
336,458 | Term Loan, 5.89%, Maturing December 31, 2011 | 339,121 | |||||||||
AMF Bowling Worldwide, Inc. | |||||||||||
346,711 | Term Loan, 7.28%, Maturing August 27, 2009 | 349,853 | |||||||||
Cinemark, Inc. | |||||||||||
1,965,000 | Term Loan, 6.53%, Maturing March 31, 2011 | 1,991,036 | |||||||||
Fender Musical Instruments Co. | |||||||||||
375,000 | Term Loan, 8.72%, Maturing March 30, 2012 | 375,703 | |||||||||
Loews Cineplex Entertainment Corp. | |||||||||||
2,073,007 | Term Loan, 6.45%, Maturing July 30, 2011 | 2,086,287 | |||||||||
Mega Blocks, Inc. | |||||||||||
847,875 | Term Loan, 6.04%, Maturing July 26, 2012 | 859,003 | |||||||||
Metro-Goldwyn-Mayer Holdings, Inc. | |||||||||||
5,390,000 | Term Loan, 6.78%, Maturing April 8, 2012 | 5,432,263 | |||||||||
Regal Cinemas Corp. | |||||||||||
4,429,835 | Term Loan, 6.53%, Maturing November 10, 2010 | 4,484,592 | |||||||||
Six Flags Theme Parks, Inc. | |||||||||||
750,000 | Revolving Loan, 7.63%, Maturing June 30, 2008(2) | 741,094 | |||||||||
2,229,653 | Term Loan, 6.67%, Maturing June 30, 2009 | 2,259,115 | |||||||||
Universal City Development Partners, Ltd. | |||||||||||
999,900 | Term Loan, 6.25%, Maturing June 9, 2011 | 1,013,024 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Leisure Goods / Activities / Movies (continued) | |||||||||||
WMG Acquisition Corp. | |||||||||||
$ | 450,000 | Revolving Loan, 0.00%, Maturing February 28, 2010(2) | $ | 437,962 | |||||||
3,599,032 | Term Loan, 6.41%, Maturing February 28, 2011 | 3,641,450 | |||||||||
$ | 24,923,253 | ||||||||||
Lodging and Casinos 5.6% | |||||||||||
Alliance Gaming Corp. | |||||||||||
$ | 1,697,768 | Term Loan, 11.00%, Maturing September 5, 2009 | $ | 1,700,686 | |||||||
Ameristar Casinos, Inc. | |||||||||||
600,000 | Term Loan, 5.87%, Maturing November 10, 2012 | 604,500 | |||||||||
CCM Merger, Inc. | |||||||||||
1,024,851 | Term Loan, 6.49%, Maturing July 13, 2012 | 1,033,306 | |||||||||
CNL Resort Hotel, L.P. | |||||||||||
850,000 | Term Loan, 7.00%, Maturing August 18, 2006 | 852,125 | |||||||||
Columbia Entertainment | |||||||||||
534,375 | Term Loan, 7.03%, Maturing October 24, 2011 | 538,717 | |||||||||
Globalcash Access, LLC | |||||||||||
227,045 | Term Loan, 6.64%, Maturing March 10, 2010 | 230,450 | |||||||||
Isle of Capri Casinos, Inc. | |||||||||||
1,202,850 | Term Loan, 6.06%, Maturing February 4, 2011 | 1,216,382 | |||||||||
Marina District Finance Co., Inc. | |||||||||||
1,460,250 | Term Loan, 6.14%, Maturing October 20, 2011 | 1,471,506 | |||||||||
MGM Mirage | |||||||||||
1,571,429 | Revolving Loan, 5.13%, Maturing November 22, 2009(2) | 1,526,250 | |||||||||
428,571 | Term Loan, 5.13%, Maturing November 22, 2009 | 428,973 | |||||||||
Penn National Gaming, Inc. | |||||||||||
3,506,213 | Term Loan, 6.05%, Maturing October 3, 2012 | 3,552,505 | |||||||||
Resorts International Holdings, LLC | |||||||||||
1,059,950 | Term Loan, 7.53%, Maturing April 26, 2012 | 1,064,919 | |||||||||
466,626 | Term Loan, 12.03%, Maturing April 26, 2013 | 460,210 | |||||||||
Venetian Casino Resort, LLC | |||||||||||
2,031,035 | Term Loan, 6.28%, Maturing June 15, 2011 | 2,046,584 | |||||||||
418,770 | Term Loan, 6.28%, Maturing June 15, 2011 | 421,976 | |||||||||
Wynn Las Vegas, LLC | |||||||||||
665,000 | Term Loan, 6.52%, Maturing December 14, 2011 | 672,759 | |||||||||
$ | 17,821,848 | ||||||||||
Nonferrous Metals / Minerals 2.6% | |||||||||||
Alpha Natural Resources, LLC | |||||||||||
$ | 475,000 | Term Loan, 6.32%, Maturing October 26, 2012 | $ | 478,761 | |||||||
Carmeuse Lime, Inc. | |||||||||||
316,875 | Term Loan, 6.00%, Maturing May 2, 2011 | 319,648 | |||||||||
Foundation Coal Corp. | |||||||||||
677,128 | Term Loan, 6.35%, Maturing July 30, 2011 | 688,507 |
See notes to financial statements
11
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Nonferrous Metals / Minerals (continued) | |||||||||||
ICG, LLC | |||||||||||
$ | 44,174 | Term Loan, 7.13%, Maturing November 5, 2010 | $ | 44,395 | |||||||
International Mill Service, Inc. | |||||||||||
247,505 | Term Loan, 7.28%, Maturing December 31, 2010 | 249,980 | |||||||||
1,000,000 | Term Loan, 10.53%, Maturing October 26, 2011 | 1,015,000 | |||||||||
Magnequench International, Inc. | |||||||||||
1,099,438 | Term Loan, 8.00%, Maturing August 31, 2009 | 1,102,186 | |||||||||
Murray Energy Corp. | |||||||||||
744,375 | Term Loan, 7.39%, Maturing January 28, 2010 | 747,632 | |||||||||
Novelis, Inc. | |||||||||||
499,865 | Term Loan, 6.01%, Maturing January 6, 2012 | 505,801 | |||||||||
866,673 | Term Loan, 6.01%, Maturing January 6, 2012 | 876,965 | |||||||||
Stillwater Mining Co. | |||||||||||
781,763 | Term Loan, 7.69%, Maturing June 30, 2007 | 792,512 | |||||||||
Trout Coal Holdings, LLC | |||||||||||
496,250 | Term Loan, 7.34%, Maturing March 23, 2011 | 483,223 | |||||||||
1,000,000 | Term Loan, 10.83%, Maturing March 23, 2012 | 967,500 | |||||||||
$ | 8,272,110 | ||||||||||
Oil and Gas 3.9% | |||||||||||
Coffeyville Resources, LLC | |||||||||||
$ | 450,000 | Term Loan, 11.31%, Maturing June 24, 2013 | $ | 465,469 | |||||||
Dresser, Inc. | |||||||||||
97,256 | Term Loan, 6.89%, Maturing March 31, 2007 | 98,715 | |||||||||
El Paso Corp. | |||||||||||
1,071,750 | Term Loan, 4.00%, Maturing November 23, 2009 | 1,076,588 | |||||||||
2,242,493 | Term Loan, 7.31%, Maturing November 23, 2009 | 2,255,262 | |||||||||
Epco Holdings, Inc. | |||||||||||
613,800 | Term Loan, 6.52%, Maturing August 18, 2010 | 623,151 | |||||||||
Key Energy Services, Inc. | |||||||||||
640,000 | Term Loan, 7.37%, Maturing June 30, 2012 | 649,200 | |||||||||
LB Pacific, L.P. | |||||||||||
540,913 | Term Loan, 7.09%, Maturing March 3, 2012 | 549,364 | |||||||||
Lyondell-Citgo Refining, L.P. | |||||||||||
935,750 | Term Loan, 6.53%, Maturing May 21, 2007 | 945,107 | |||||||||
Targa Resources, Inc. | |||||||||||
895,000 | Term Loan, 6.83%, Maturing October 31, 2007 | 898,356 | |||||||||
201,774 | Term Loan, 4.40%, Maturing October 31, 2012 | 203,603 | |||||||||
1,225,155 | Term Loan, 6.64%, Maturing October 31, 2012 | 1,236,259 | |||||||||
Universal Compression, Inc. | |||||||||||
552,226 | Term Loan, 6.03%, Maturing February 15, 2012 | 558,439 | |||||||||
Williams Production RMT Co. | |||||||||||
2,930,212 | Term Loan, 6.62%, Maturing May 30, 2008 | 2,963,177 | |||||||||
$ | 12,522,690 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Publishing 5.3% | |||||||||||
American Media Operations, Inc. | |||||||||||
$ | 48,048 | Term Loan, 7.06%, Maturing April 1, 2006 | $ | 48,168 | |||||||
1,090,120 | Term Loan, 6.81%, Maturing April 1, 2007 | 1,097,841 | |||||||||
867,100 | Term Loan, 6.81%, Maturing April 1, 2008 | 873,241 | |||||||||
CBD Media, LLC | |||||||||||
431,373 | Term Loan, 6.99%, Maturing December 31, 2009 | 437,978 | |||||||||
Dex Media East, LLC | |||||||||||
1,533,431 | Term Loan, 5.99%, Maturing May 8, 2009 | 1,545,795 | |||||||||
Dex Media West, LLC | |||||||||||
1,874,054 | Term Loan, 6.05%, Maturing March 9, 2010 | 1,886,513 | |||||||||
Hanley-Wood, LLC | |||||||||||
31,788 | Term Loan, 0.00%, Maturing August 1, 2012(2) | 31,921 | |||||||||
268,212 | Term Loan, 6.56%, Maturing August 1, 2012 | 269,330 | |||||||||
Herald Media, Inc. | |||||||||||
147,290 | Term Loan, 7.28%, Maturing July 22, 2011 | 148,211 | |||||||||
500,000 | Term Loan, 10.28%, Maturing January 22, 2012 | 506,562 | |||||||||
Liberty Group Operating, Inc. | |||||||||||
710,568 | Term Loan, 6.63%, Maturing February 28, 2012 | 717,452 | |||||||||
Merrill Communications, LLC | |||||||||||
691,413 | Term Loan, 6.82%, Maturing July 30, 2009 | 697,031 | |||||||||
Nebraska Book Co., Inc. | |||||||||||
476,513 | Term Loan, 6.52%, Maturing March 4, 2011 | 481,278 | |||||||||
R.H. Donnelley Corp. | |||||||||||
86,122 | Term Loan, 6.26%, Maturing December 31, 2009 | 86,523 | |||||||||
2,779,081 | Term Loan, 6.20%, Maturing June 30, 2011 | 2,795,784 | |||||||||
Source Media, Inc. | |||||||||||
233,412 | Term Loan, 6.63%, Maturing January 30, 2006 | 233,412 | |||||||||
SP Newsprint Co. | |||||||||||
969,921 | Term Loan, 4.38%, Maturing January 9, 2010 | 983,864 | |||||||||
375,008 | Term Loan, 6.63%, Maturing January 9, 2010 | 380,399 | |||||||||
Sun Media Corp. | |||||||||||
2,375,462 | Term Loan, 6.24%, Maturing February 7, 2009 | 2,387,339 | |||||||||
Xsys US, Inc. | |||||||||||
605,124 | Term Loan, 6.77%, Maturing December 31, 2012 | 610,419 | |||||||||
618,087 | Term Loan, 7.27%, Maturing December 31, 2013 | 626,586 | |||||||||
$ | 16,845,647 | ||||||||||
Radio and Television 5.0% | |||||||||||
Adams Outdoor Advertising, L.P. | |||||||||||
$ | 932,265 | Term Loan, 6.20%, Maturing November 18, 2012 | $ | 946,055 | |||||||
ALM Media Holdings, Inc. | |||||||||||
828,737 | Term Loan, 7.03%, Maturing March 5, 2010 | 829,428 | |||||||||
DirecTV Holdings, LLC | |||||||||||
2,086,667 | Term Loan, 5.87%, Maturing April 13, 2013 | 2,108,186 |
See notes to financial statements
12
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Radio and Television (continued) | |||||||||||
Entravision Communications Corp. | |||||||||||
$ | 725,000 | Term Loan, 5.55%, Maturing September 29, 2013 | $ | 730,437 | |||||||
Gray Television, Inc. | |||||||||||
523,688 | Term Loan, 5.71%, Maturing November 22, 2015 | 526,961 | |||||||||
HIT Entertainment, Inc. | |||||||||||
800,000 | Term Loan, 6.46%, Maturing March 20, 2012 | 803,600 | |||||||||
NEP Supershooters, L.P. | |||||||||||
799,336 | Term Loan, 12.53%, Maturing August 3, 2011 | 795,339 | |||||||||
Nexstar Broadcasting, Inc. | |||||||||||
977,804 | Term Loan, 6.28%, Maturing October 1, 2012 | 984,730 | |||||||||
995,356 | Term Loan, 6.28%, Maturing October 1, 2012 | 1,002,406 | |||||||||
NextMedia Operating, Inc. | |||||||||||
69,231 | Term Loan, 6.32%, Maturing November 15, 2012 | 69,764 | |||||||||
155,769 | Term Loan, 6.37%, Maturing November 15, 2012 | 156,970 | |||||||||
PanAmSat Corp. | |||||||||||
2,712,506 | Term Loan, 6.49%, Maturing August 20, 2011 | 2,747,768 | |||||||||
Patriot Media and Communications CNJ, LLC | |||||||||||
300,000 | Term Loan, 9.50%, Maturing October 6, 2013 | 305,344 | |||||||||
Rainbow National Services, LLC | |||||||||||
1,477,515 | Term Loan, 7.19%, Maturing March 31, 2012 | 1,490,997 | |||||||||
Raycom TV Broadcasting, Inc. | |||||||||||
1,200,000 | Term Loan, 6.44%, Maturing February 24, 2012 | 1,204,500 | |||||||||
Spanish Broadcasting System, Inc. | |||||||||||
700,000 | Term Loan, 8.02%, Maturing June 10, 2013 | 710,646 | |||||||||
Young Broadcasting, Inc. | |||||||||||
388,050 | Term Loan, 6.70%, Maturing November 3, 2012 | 390,172 | |||||||||
$ | 15,803,303 | ||||||||||
Rail Industries 0.6% | |||||||||||
Kansas City Southern Industries, Inc. | |||||||||||
$ | 366,300 | Term Loan, 5.80%, Maturing March 30, 2008 | $ | 368,437 | |||||||
Railamerica, Inc. | |||||||||||
1,360,409 | Term Loan, 6.69%, Maturing September 29, 2011 | 1,382,233 | |||||||||
79,478 | Term Loan, 6.69%, Maturing September 29, 2011 | 80,753 | |||||||||
$ | 1,831,423 | ||||||||||
Retailers (Except Food and Drug) 5.5% | |||||||||||
American Achievement Corp. | |||||||||||
$ | 298,281 | Term Loan, 7.05%, Maturing March 25, 2011 | $ | 303,128 | |||||||
Coinmach Laundry Corp. | |||||||||||
3,000,000 | Term Loan, 6.47%, Maturing December 19, 2012(2) | 3,045,000 | |||||||||
FTD, Inc. | |||||||||||
370,752 | Term Loan, 6.64%, Maturing February 28, 2011 | 374,691 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
Harbor Freight Tools USA, Inc. | |||||||||||
$ | 914,893 | Term Loan, 6.94%, Maturing July 15, 2010 | $ | 924,728 | |||||||
Home Interiors & Gifts, Inc. | |||||||||||
657,220 | Term Loan, 9.39%, Maturing March 31, 2011 | 604,643 | |||||||||
Josten's Corp. | |||||||||||
2,271,184 | Term Loan, 6.78%, Maturing October 4, 2010 | 2,304,116 | |||||||||
Mapco Express, Inc. | |||||||||||
325,365 | Term Loan, 7.26%, Maturing April 28, 2011 | 330,042 | |||||||||
Mauser Werke GMBH & Co. KG | |||||||||||
625,000 | Term Loan, 7.12%, Maturing December 3, 2011 | 625,000 | |||||||||
Movie Gallery, Inc. | |||||||||||
567,150 | Term Loan, 8.28%, Maturing April 27, 2011 | 543,857 | |||||||||
Musicland Group, Inc. | |||||||||||
1,000,000 | Revolving Loan, 8.50%, Maturing August 11, 2008(2) | 1,002,500 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
525,000 | Term Loan, 6.95%, Maturing April 5, 2013 | 529,821 | |||||||||
Oriental Trading Co., Inc. | |||||||||||
1,730,602 | Term Loan, 6.81%, Maturing August 4, 2010 | 1,741,418 | |||||||||
Rent-A-Center, Inc. | |||||||||||
1,280,224 | Term Loan, 6.27%, Maturing June 30, 2010 | 1,294,626 | |||||||||
Savers, Inc. | |||||||||||
350,196 | Term Loan, 7.53%, Maturing August 4, 2009 | 355,012 | |||||||||
500,000 | Term Loan, 12.22%, Maturing August 4, 2010 | 510,625 | |||||||||
School Specialty, Inc. | |||||||||||
1,325,000 | Term Loan, 6.71%, Maturing September 29, 2012 | 1,325,000 | |||||||||
Travelcenters of America, Inc. | |||||||||||
1,660,000 | Term Loan, 6.28%, Maturing November 30, 2008 | 1,678,675 | |||||||||
$ | 17,492,882 | ||||||||||
Steel 0.1% | |||||||||||
Gibraltar Industries, Inc. | |||||||||||
$ | 450,000 | Term Loan, 6.28%, Maturing December 8, 2010 | $ | 453,375 | |||||||
$ | 453,375 | ||||||||||
Surface Transport 0.4% | |||||||||||
Horizon Lines, LLC | |||||||||||
$ | 246,250 | Term Loan, 6.78%, Maturing July 7, 2011 | $ | 249,533 | |||||||
Sirva Worldwide, Inc. | |||||||||||
983,708 | Term Loan, 8.16%, Maturing December 1, 2010 | 944,360 | |||||||||
$ | 1,193,893 | ||||||||||
Telecommunications 6.0% | |||||||||||
AAT Communications Corp. | |||||||||||
$ | 660,000 | Term Loan, 7.16%, Maturing July 29, 2013 | $ | 671,000 |
See notes to financial statements
13
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Telecommunications (continued) | |||||||||||
Alaska Communications Systems Holdings, Inc. | |||||||||||
$ | 530,000 | Term Loan, 6.53%, Maturing February 11, 2012 | $ | 535,962 | |||||||
Cellular South, Inc. | |||||||||||
344,750 | Term Loan, 6.04%, Maturing May 4, 2011 | 349,059 | |||||||||
Centennial Cellular Operating Co., LLC | |||||||||||
1,833,333 | Term Loan, 6.62%, Maturing February 9, 2011 | 1,857,825 | |||||||||
Cincinnati Bell, Inc. | |||||||||||
349,125 | Term Loan, 5.90%, Maturing August 31, 2012 | 351,307 | |||||||||
Consolidated Communications, Inc. | |||||||||||
2,244,965 | Term Loan, 5.93%, Maturing July 27, 2015 | 2,267,415 | |||||||||
D&E Communications, Inc. | |||||||||||
465,412 | Term Loan, 6.41%, Maturing December 31, 2011 | 468,321 | |||||||||
Fairpoint Communications, Inc. | |||||||||||
1,130,000 | Term Loan, 6.31%, Maturing February 8, 2012 | 1,134,661 | |||||||||
Hawaiian Telcom Communications, Inc. | |||||||||||
400,000 | Term Loan, 6.78%, Maturing October 31, 2012 | 402,750 | |||||||||
Intelsat, Ltd. | |||||||||||
1,500,000 | Term Loan, 5.81%, Maturing July 28, 2011 | 1,515,937 | |||||||||
Iowa Telecommunications Services | |||||||||||
334,000 | Term Loan, 6.30%, Maturing November 23, 2011 | 337,497 | |||||||||
IPC Acquisition Corp. | |||||||||||
249,375 | Term Loan, 7.19%, Maturing August 5, 2011 | 252,388 | |||||||||
Madison River Capital, LLC | |||||||||||
290,000 | Term Loan, 6.59%, Maturing July 31, 2012 | 294,441 | |||||||||
NTelos, Inc. | |||||||||||
1,138,500 | Term Loan, 6.89%, Maturing February 18, 2011 | 1,148,177 | |||||||||
Qwest Corp. | |||||||||||
2,000,000 | Term Loan, 9.02%, Maturing June 4, 2007 | 2,049,750 | |||||||||
Stratos Global Corp. | |||||||||||
796,950 | Term Loan, 6.64%, Maturing December 3, 2010 | 796,950 | |||||||||
Triton PCS, Inc. | |||||||||||
1,569,811 | Term Loan, 7.64%, Maturing November 18, 2009 | 1,580,800 | |||||||||
Valor Telecom Enterprise, LLC | |||||||||||
1,703,500 | Term Loan, 6.02%, Maturing February 14, 2012 | 1,712,416 | |||||||||
Westcom Corp. | |||||||||||
441,602 | Term Loan, 6.99%, Maturing December 17, 2010 | 443,258 | |||||||||
600,000 | Term Loan, 11.24%, Maturing May 17, 2011 | 610,500 | |||||||||
Winstar Communications, Inc. | |||||||||||
169,348 | DIP Loan, 0.00%, Maturing December 31, 2005(3)(4) | 169,348 | |||||||||
$ | 18,949,762 | ||||||||||
Utilities 3.7% | |||||||||||
Allegheny Energy Supply Co., LLC | |||||||||||
$ | 1,615,541 | Term Loan, 5.86%, Maturing March 8, 2011 | $ | 1,636,071 |
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
Utilities (continued) | |||||||||||
Cellnet Technology, Inc. | |||||||||||
$ | 313,425 | Term Loan, 7.53%, Maturing April 26, 2012 | $ | 317,343 | |||||||
Cogentrix Delaware Holdings, Inc. | |||||||||||
561,698 | Term Loan, 6.28%, Maturing April 14, 2012 | 567,725 | |||||||||
Covanta Energy Corp. | |||||||||||
561,138 | Term Loan, 4.53%, Maturing June 24, 2012 | 570,257 | |||||||||
378,459 | Term Loan, 7.51%, Maturing June 24, 2012 | 384,609 | |||||||||
350,000 | Term Loan, 9.95%, Maturing June 24, 2013 | 355,687 | |||||||||
Energy Transfer Company, L.P. | |||||||||||
860,675 | Term Loan, 7.44%, Maturing June 16, 2012 | 864,010 | |||||||||
KGen, LLC | |||||||||||
476,400 | Term Loan, 7.15%, Maturing August 5, 2011 | 475,209 | |||||||||
La Paloma Generating Co., LLC | |||||||||||
29,508 | Term Loan, 6.11%, Maturing August 16, 2012 | 29,833 | |||||||||
174,954 | Term Loan, 6.28%, Maturing August 16, 2012 | 176,879 | |||||||||
13,934 | Term Loan, 6.28%, Maturing August 16, 2012 | 14,087 | |||||||||
NRG Energy, Inc. | |||||||||||
865,427 | Term Loan, 4.43%, Maturing December 24, 2011 | 869,033 | |||||||||
1,089,707 | Term Loan, 6.26%, Maturing December 24, 2011 | 1,094,248 | |||||||||
Petrohawk Energy Corp. | |||||||||||
285,000 | Term Loan, 8.91%, Maturing July 28, 2010 | 287,850 | |||||||||
Pike Electric, Inc. | |||||||||||
311,290 | Term Loan, 6.13%, Maturing July 1, 2012 | 315,181 | |||||||||
182,287 | Term Loan, 6.13%, Maturing July 1, 2012 | 184,565 | |||||||||
Plains Resources, Inc. | |||||||||||
1,333,311 | Term Loan, 6.40%, Maturing July 23, 2010 | 1,347,477 | |||||||||
Reliant Energy, Inc. | |||||||||||
699,602 | Term Loan, 6.09%, Maturing December 22, 2010 | 698,727 | |||||||||
Texas Genco, LLC | |||||||||||
472,636 | Term Loan, 6.37%, Maturing December 14, 2011 | 474,187 | |||||||||
1,141,397 | Term Loan, 6.37%, Maturing December 14, 2011 | 1,145,142 | |||||||||
$ | 11,808,120 | ||||||||||
Total Senior Floating Rate Interests (identified cost $448,313,374) |
$ | 451,274,504 | |||||||||
Corporate Bonds & Notes 16.5% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Aerospace and Defense 0.2% | |||||||||||
Argo Tech Corp., Sr. Notes | |||||||||||
$ | 300 | 9.25%, 6/1/11 | $ | 309,000 |
See notes to financial statements
14
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Aerospace and Defense (continued) | |||||||||||
Delta Air Lines, Inc. | |||||||||||
$ | 64 | 9.50%, 11/18/08(4)(5) | $ | 56,640 | |||||||
Sequa Corp. | |||||||||||
300 | 8.875%, 4/1/08 | 314,250 | |||||||||
Standard Aero Holdings, Inc. | |||||||||||
15 | 8.25%, 9/1/14 | 12,375 | |||||||||
$ | 692,265 | ||||||||||
Air Transport 0.4% | |||||||||||
American Airlines | |||||||||||
$ | 895 | 7.80%, 10/1/06 | $ | 883,949 | |||||||
15 | 8.608%, 4/1/11 | 14,914 | |||||||||
20 | 7.858%, 10/1/11 | 21,100 | |||||||||
Continental Airlines | |||||||||||
197 | 7.033%, 6/15/11 | 179,139 | |||||||||
$ | 1,099,102 | ||||||||||
Automotive 0.9% | |||||||||||
Altra Industrial Motion, Inc. | |||||||||||
$ | 35 | 9.00%, 12/1/11(5) | $ | 34,125 | |||||||
Commercial Vehicle Group, Inc., Sr. Notes | |||||||||||
55 | 8.00%, 7/1/13(5) | 54,587 | |||||||||
Dana Credit Corp. | |||||||||||
50 | 8.375%, 8/15/07(5) | 47,375 | |||||||||
Ford Motor Credit Co. | |||||||||||
110 | 6.50%, 1/25/07 | 106,448 | |||||||||
385 | 7.375%, 10/28/09 | 341,723 | |||||||||
185 | 7.875%, 6/15/10 | 166,630 | |||||||||
Ford Motor Credit Co., Variable Rate | |||||||||||
535 | 7.26%, 11/2/07 | 511,794 | |||||||||
General Motors Acceptance Corp. | |||||||||||
130 | 6.125%, 9/15/06 | 126,297 | |||||||||
20 | 7.00%, 2/1/12 | 18,160 | |||||||||
540 | 8.00%, 11/1/31 | 518,626 | |||||||||
Keystone Automotive Operations, Inc., Sr. Sub. Notes | |||||||||||
470 | 9.75%, 11/1/13 | 408,900 | |||||||||
Metaldyne Corp. | |||||||||||
65 | 10.00%, 11/1/13 | 59,150 | |||||||||
Tenneco Automotive, Inc. | |||||||||||
140 | 8.625%, 11/15/14 | 133,000 | |||||||||
Tenneco Automotive, Inc., Series B | |||||||||||
230 | 10.25%, 7/15/13 | 252,425 | |||||||||
TRW Automotive, Inc., Sr. Sub. Notes | |||||||||||
65 | 11.00%, 2/15/13 | 73,287 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Automotive (continued) | |||||||||||
United Components, Inc., Sr. Sub. Notes | |||||||||||
$ | 65 | 9.375%, 6/15/13 | $ | 65,000 | |||||||
Visteon Corp., Sr. Notes | |||||||||||
95 | 8.25%, 8/1/10 | 81,225 | |||||||||
$ | 2,998,752 | ||||||||||
Brokers / Dealers / Investment Houses 0.0% | |||||||||||
E*Trade Financial Corp., Sr. Notes | |||||||||||
$ | 40 | 8.00%, 6/15/11 | $ | 41,800 | |||||||
$ | 41,800 | ||||||||||
Building and Development 0.4% | |||||||||||
Coleman Cable, Inc. | |||||||||||
$ | 60 | 9.875%, 10/1/12 | $ | 48,900 | |||||||
General Cable Corp., Sr. Notes | |||||||||||
85 | 9.50%, 11/15/10 | 90,525 | |||||||||
Interface, Inc., Sr. Sub. Notes | |||||||||||
20 | 9.50%, 2/1/14 | 20,000 | |||||||||
MAAX Corp., Sr. Sub. Notes | |||||||||||
65 | 9.75%, 6/15/12 | 51,675 | |||||||||
Mueller Group, Inc., Sr. Sub. Notes | |||||||||||
185 | 10.00%, 5/1/12 | 197,487 | |||||||||
Mueller Holdings, Inc., Disc. Notes | |||||||||||
160 | 14.75%, 4/15/14 | 121,200 | |||||||||
Nortek, Inc., Sr. Sub Notes | |||||||||||
245 | 8.50%, 9/1/14 | 237,650 | |||||||||
NTK Holdings, Inc., Sr. Disc. Notes | |||||||||||
115 | 10.75%, 3/1/14 | 72,450 | |||||||||
Panolam Industries International, Sr. Sub. Notes | |||||||||||
105 | 10.75%, 10/1/13(5) | 101,587 | |||||||||
Ply Gem Industries, Inc., Sr. Sub. Notes | |||||||||||
75 | 9.00%, 2/15/12 | 66,937 | |||||||||
RMCC Acquisition Co., Sr. Sub. Notes | |||||||||||
305 | 9.50%, 11/1/12(5) | 308,050 | |||||||||
Stanley-Martin Co. | |||||||||||
40 | 9.75%, 8/15/15(5) | 36,600 | |||||||||
$ | 1,353,061 | ||||||||||
Business Equipment and Services 0.4% | |||||||||||
Aearo Co. I, Sr. Sub. Notes | |||||||||||
$ | 65 | 8.25%, 4/15/12 | $ | 66,300 | |||||||
Hydrochem Industrial Services, Inc., Sr. Sub. Notes | |||||||||||
40 | 9.25%, 2/15/13(5) | 38,600 |
See notes to financial statements
15
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Business Equipment and Services (continued) | |||||||||||
Muzak LLC/Muzak Finance, Sr. Notes | |||||||||||
$ | 20 | 10.00%, 2/15/09 | $ | 17,550 | |||||||
Norcross Safety Products LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B | |||||||||||
170 | 9.875%, 8/15/11 | 175,950 | |||||||||
NSP Holdings/NSP Holdings Capital Corp., Sr. Notes (PIK) | |||||||||||
25 | 11.75%, 1/1/12(3) | 24,655 | |||||||||
Quintiles Transnational Corp., Sr. Sub. Notes | |||||||||||
260 | 10.00%, 10/1/13 | 291,200 | |||||||||
Safety Products Holdings, Sr. Notes (PIK) | |||||||||||
45 | 11.75%, 1/1/12(3)(5) | 44,381 | |||||||||
Sungard Data Systems, Inc., Sr. Notes | |||||||||||
215 | 9.125%, 8/15/13(5) | 223,600 | |||||||||
Sungard Data Systems, Inc., Sr. Notes, Variable Rate | |||||||||||
55 | 8.525%, 8/15/13(5) | 57,200 | |||||||||
Sungard Data Systems, Inc., Sr. Sub. Notes | |||||||||||
185 | 10.25%, 8/15/15(5) | 185,925 | |||||||||
$ | 1,125,361 | ||||||||||
Cable and Satellite Television 0.7% | |||||||||||
Adelphia Communications, Sr. Notes, Series B | |||||||||||
$ | 270 | 9.25%, 10/1/32(4) | $ | 151,200 | |||||||
CCO Holdings LLC/CCO Capital Corp., Sr. Notes | |||||||||||
395 | 8.75%, 11/15/13(5) | 378,212 | |||||||||
Charter Communications Holdings II, LLC, Sr. Notes | |||||||||||
120 | 10.25%, 9/15/10 | 120,000 | |||||||||
CSC Holdings, Inc., Sr. Notes, Series B | |||||||||||
55 | 7.625%, 4/1/11 | 55,000 | |||||||||
CSC Holdings, Inc., Sr. Sub. Notes | |||||||||||
85 | 10.50%, 5/15/16 | 90,525 | |||||||||
Insight Communications, Sr. Disc. Notes | |||||||||||
525 | 12.25%, 2/15/11 | 551,250 | |||||||||
Kabel Deutschland GMBH | |||||||||||
345 | 10.625%, 7/1/14(5) | 364,837 | |||||||||
UGS Corp. | |||||||||||
575 | 10.00%, 6/1/12 | 629,625 | |||||||||
$ | 2,340,649 | ||||||||||
Chemicals and Plastics 0.8% | |||||||||||
Avecia Group PLC | |||||||||||
$ | 25 | 11.00%, 7/1/09 | $ | 25,875 | |||||||
Aventine Renewable Energy, Variable Rate | |||||||||||
55 | 10.491%, 12/15/11(5) | 57,200 | |||||||||
BCP Crystal Holdings Corp., Sr. Sub. Notes | |||||||||||
172 | 9.625%, 6/15/14 | 192,210 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Chemicals and Plastics (continued) | |||||||||||
Borden U.S. Finance/Nova Scotia Finance, Sr. Notes | |||||||||||
$ | 95 | 9.00%, 7/15/14(5) | $ | 94,525 | |||||||
Crystal US Holdings/US Holdings 3, LLC, Sr. Disc. Notes, Series B | |||||||||||
179 | 10.50%, 10/1/14 | 131,117 | |||||||||
Equistar Chemical, Sr. Notes | |||||||||||
110 | 10.625%, 5/1/11 | 121,550 | |||||||||
Huntsman International, LLC, Sr. Notes | |||||||||||
80 | 9.875%, 3/1/09 | 84,800 | |||||||||
Huntsman, LLC | |||||||||||
91 | 11.625%, 10/15/10 | 104,081 | |||||||||
Key Plastics, LLC, Jr. Sub. Notes | |||||||||||
74 | 4.00%, 4/26/07(3) | 74,920 | |||||||||
Key Plastics, LLC, Sr. Sub. Notes | |||||||||||
118 | 7.00%, 4/26/07(3) | 118,548 | |||||||||
Lyondell Chemical Co., Sr. Notes | |||||||||||
192 | 10.50%, 6/1/13 | 219,120 | |||||||||
Nalco Co., Sr. Sub. Notes | |||||||||||
100 | 8.875%, 11/15/13 | 105,250 | |||||||||
Nova Chemicals Corp., Sr. Notes, Variable Rate | |||||||||||
160 | 7.561%, 11/15/13(5) | 164,200 | |||||||||
OM Group, Inc. | |||||||||||
460 | 9.25%, 12/15/11 | 451,950 | |||||||||
Polyone Corp., Sr. Notes | |||||||||||
180 | 10.625%, 5/15/10 | 193,950 | |||||||||
30 | 8.875%, 5/1/12 | 29,550 | |||||||||
Rhodia SA, Sr. Notes | |||||||||||
90 | 10.25%, 6/1/10 | 99,000 | |||||||||
Solo Cup Co., Sr. Sub. Notes | |||||||||||
110 | 8.50%, 2/15/14 | 96,800 | |||||||||
Tronox Worldwide LLC/Finance Corp, Sr. Notes | |||||||||||
30 | 9.50%, 12/1/12(5) | 30,750 | |||||||||
$ | 2,395,396 | ||||||||||
Clothing / Textiles 0.5% | |||||||||||
Levi Strauss & Co., Sr. Notes | |||||||||||
$ | 345 | 12.25%, 12/15/12 | $ | 386,400 | |||||||
230 | 9.75%, 1/15/15 | 240,350 | |||||||||
Levi Strauss & Co., Sr. Notes, Variable Rate | |||||||||||
100 | 8.804%, 4/1/12 | 101,250 | |||||||||
Oxford Industries, Inc., Sr. Notes | |||||||||||
305 | 8.875%, 6/1/11 | 312,244 | |||||||||
Perry Ellis International, Inc., Sr. Sub. Notes | |||||||||||
160 | 8.875%, 9/15/13 | 158,400 |
See notes to financial statements
16
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Clothing / Textiles (continued) | |||||||||||
Phillips Van-Heusen, Sr. Notes | |||||||||||
$ | 40 | 7.25%, 2/15/11 | $ | 40,800 | |||||||
100 | 8.125%, 5/1/13 | 106,000 | |||||||||
Quiksilver, Inc. | |||||||||||
75 | 6.875%, 4/15/15 | 72,562 | |||||||||
$ | 1,418,006 | ||||||||||
Conglomerates 0.2% | |||||||||||
Amsted Industries, Inc., Sr. Notes | |||||||||||
$ | 500 | 10.25%, 10/15/11(5) | $ | 537,500 | |||||||
Goodman Global Holdings, Sr. Notes, Variable Rate | |||||||||||
60 | 7.491%, 6/15/12(5) | 59,700 | |||||||||
Rexnord Corp. | |||||||||||
45 | 10.125%, 12/15/12 | 48,600 | |||||||||
$ | 645,800 | ||||||||||
Containers and Glass Products 0.1% | |||||||||||
Intertape Polymer US, Inc., Sr. Sub. Notes | |||||||||||
$ | 180 | 8.50%, 8/1/14 | $ | 178,566 | |||||||
Pliant Corp. (PIK) | |||||||||||
86 | 11.625%, 6/15/09(3) | 90,660 | |||||||||
$ | 269,226 | ||||||||||
Cosmetics / Toiletries 0.1% | |||||||||||
Jostens Holding Corp., Sr. Disc. Notes | |||||||||||
$ | 45 | 10.25%, 12/1/13 | $ | 33,525 | |||||||
Samsonite Corp., Sr. Sub. Notes | |||||||||||
125 | 8.875%, 6/1/11 | 130,000 | |||||||||
$ | 163,525 | ||||||||||
Ecological Services and Equipment 0.2% | |||||||||||
Aleris International, Inc. | |||||||||||
$ | 130 | 10.375%, 10/15/10 | $ | 142,675 | |||||||
87 | 9.00%, 11/15/14 | 90,045 | |||||||||
Allied Waste North America, Series B | |||||||||||
165 | 8.875%, 4/1/08 | 174,900 | |||||||||
Allied Waste North America, Sr. Notes, Series B | |||||||||||
75 | 8.50%, 12/1/08 | 79,125 | |||||||||
Waste Services, Inc., Sr. Sub. Notes | |||||||||||
220 | 9.50%, 4/15/14 | 221,100 | |||||||||
$ | 707,845 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Electronics / Electrical 0.2% | |||||||||||
Advanced Micro Devices, Inc., Sr. Notes | |||||||||||
$ | 275 | 7.75%, 11/1/12 | $ | 279,125 | |||||||
Amkor Technologies, Inc., Sr. Notes | |||||||||||
25 | 7.125%, 3/15/11 | 22,125 | |||||||||
425 | 7.75%, 5/15/13 | 371,875 | |||||||||
CPI Holdco, Inc., Sr. Notes, Variable Rate | |||||||||||
50 | 9.672%, 2/1/15 | 49,465 | |||||||||
Stratus Technologies, Inc., Sr. Notes | |||||||||||
25 | 10.375%, 12/1/08 | 25,375 | |||||||||
$ | 747,965 | ||||||||||
Equipment Leasing 0.3% | |||||||||||
The Hertz Corp., Sr. Notes | |||||||||||
$ | 420 | 8.875%, 1/1/14(5) | $ | 429,975 | |||||||
250 | 10.50%, 1/1/16(5) | 258,750 | |||||||||
United Rentals North America, Inc. | |||||||||||
40 | 6.50%, 2/15/12 | 39,150 | |||||||||
United Rentals North America, Inc., Sr. Sub. Notes | |||||||||||
370 | 7.00%, 2/15/14 | 347,800 | |||||||||
$ | 1,075,675 | ||||||||||
Financial Intermediaries 1.3% | |||||||||||
Alzette, Variable Rate | |||||||||||
$ | 500 | 8.691%, 12/15/20 | $ | 512,812 | |||||||
Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate | |||||||||||
380 | 6.344%, 2/24/19(5) | 380,361 | |||||||||
Babson Ltd., Series 2005-1A, Class C1, Variable Rate | |||||||||||
500 | 6.10%, 4/15/19(5) | 500,000 | |||||||||
Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate | |||||||||||
500 | 6.20%, 1/15/19(5) | 501,940 | |||||||||
Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate | |||||||||||
500 | 6.782%, 8/11/16(5) | 500,000 | |||||||||
Centurion CDO 8 Ltd., Series 2005 8A, Class D, Variable Rate | |||||||||||
500 | 9.957%, 3/8/17 | 509,375 | |||||||||
Centurion CDO 9 Ltd., Series 2005-9A | |||||||||||
500 | 9.29%, 7/17/19 | 497,150 | |||||||||
Residential Capital Corp., Sr. Notes | |||||||||||
85 | 6.875%, 6/30/15 | 90,478 | |||||||||
Stanfield Vantage Ltd., Series 2005-1A, Class D, Variable Rate | |||||||||||
500 | 6.55%, 3/21/17(5) | 501,550 | |||||||||
$ | 3,993,666 |
See notes to financial statements
17
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Food Products 0.7% | |||||||||||
American Seafoods Holdings, LLC | |||||||||||
$ | 415 | 10.125%, 4/15/10 | $ | 437,306 | |||||||
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes | |||||||||||
220 | 11.50%, 11/1/11 | 176,000 | |||||||||
Pierre Foods, Inc., Sr. Sub. Notes | |||||||||||
175 | 9.875%, 7/15/12 | 178,500 | |||||||||
Pinnacle Foods Holdings Corp., Sr. Sub. Notes | |||||||||||
1,110 | 8.25%, 12/1/13 | 1,062,825 | |||||||||
UAP Holding Corp., Sr. Disc. Notes | |||||||||||
265 | 10.75%, 7/15/12 | 230,881 | |||||||||
United Agricultural Products, Sr. Notes | |||||||||||
50 | 8.25%, 12/15/11 | 52,750 | |||||||||
WH Holdings Ltd./WH Capital Corp., Sr. Notes | |||||||||||
42 | 9.50%, 4/1/11 | 45,570 | |||||||||
$ | 2,183,832 | ||||||||||
Food Service 0.0% | |||||||||||
EPL Finance Corp. | |||||||||||
$ | 100 | 11.75%, 11/15/13(5) | $ | 100,125 | |||||||
$ | 100,125 | ||||||||||
Food / Drug Retailers 0.1% | |||||||||||
Rite Aid Corp. | |||||||||||
$ | 185 | 7.125%, 1/15/07 | $ | 185,925 | |||||||
125 | 6.125%, 12/15/08(5) | 118,125 | |||||||||
100 | 8.125%, 5/1/10 | 102,250 | |||||||||
$ | 406,300 | ||||||||||
Forest Products 0.6% | |||||||||||
Caraustar Industries, Inc. | |||||||||||
$ | 25 | 7.375%, 6/1/09 | $ | 24,125 | |||||||
Caraustar Industries, Inc., Sr. Sub. Notes | |||||||||||
495 | 9.875%, 4/1/11 | 507,375 | |||||||||
Georgia-Pacific Corp. | |||||||||||
145 | 9.50%, 12/1/11 | 153,519 | |||||||||
JSG Funding PLC, Sr. Notes | |||||||||||
355 | 9.625%, 10/1/12 | 356,775 | |||||||||
Newark Group, Inc., Sr. Sub. Notes | |||||||||||
90 | 9.75%, 3/15/14 | 79,650 | |||||||||
NewPage Corp. | |||||||||||
280 | 10.00%, 5/1/12 | 276,500 | |||||||||
Stone Container Corp. | |||||||||||
150 | 7.375%, 7/15/14 | 137,250 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Forest Products (continued) | |||||||||||
Stone Container Corp., Sr. Notes | |||||||||||
$ | 438 | 9.25%, 2/1/08 | $ | 451,140 | |||||||
$ | 1,986,334 | ||||||||||
Healthcare 0.7% | |||||||||||
Accellent, Inc. | |||||||||||
$ | 190 | 10.50%, 12/1/13(5) | $ | 195,700 | |||||||
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes | |||||||||||
155 | 10.00%, 2/15/15(5) | 166,237 | |||||||||
Healthsouth Corp., Sr. Notes | |||||||||||
145 | 7.375%, 10/1/06 | 146,450 | |||||||||
Inverness Medical Innovations, Inc., Sr. Sub. Notes | |||||||||||
120 | 8.75%, 2/15/12 | 122,400 | |||||||||
National Mentor, Inc., Sr. Sub. Notes | |||||||||||
125 | 9.625%, 12/1/12 | 131,250 | |||||||||
Pacificare Health System | |||||||||||
146 | 10.75%, 6/1/09 | 156,585 | |||||||||
Res-Care, Inc., Sr. Notes | |||||||||||
105 | 7.75%, 10/15/13(5) | 105,525 | |||||||||
Service Corp. International, Sr. Notes | |||||||||||
210 | 7.00%, 6/15/17(5) | 209,475 | |||||||||
US Oncology, Inc. | |||||||||||
120 | 9.00%, 8/15/12 | 129,000 | |||||||||
240 | 10.75%, 8/15/14 | 267,600 | |||||||||
Vanguard Health Holding Co. II LLC, Sr. Sub. Notes | |||||||||||
255 | 9.00%, 10/1/14 | 272,212 | |||||||||
Ventas Realty L.P./Capital Corp., Sr. Notes | |||||||||||
75 | 7.125%, 6/1/15 | 79,125 | |||||||||
VWR International, Inc., Sr. Sub. Notes | |||||||||||
160 | 8.00%, 4/15/14 | 160,000 | |||||||||
$ | 2,141,559 | ||||||||||
Home Furnishings 0.0% | |||||||||||
Fedders North America, Inc. | |||||||||||
$ | 95 | 9.875%, 3/1/14 | $ | 68,400 | |||||||
Interline Brands, Inc., Sr. Sub. Notes | |||||||||||
32 | 11.50%, 5/15/11 | 35,840 | |||||||||
$ | 104,240 | ||||||||||
Industrial Equipment 0.2% | |||||||||||
Case New Holland, Inc., Sr. Notes | |||||||||||
$ | 110 | 9.25%, 8/1/11 | $ | 118,250 | |||||||
Chart Industries, Inc., Sr. Sub. Notes | |||||||||||
105 | 9.125%, 10/15/15(5) | 107,625 |
See notes to financial statements
18
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Industrial Equipment (continued) | |||||||||||
Manitowoc Co., Inc. (The) | |||||||||||
$ | 29 | 10.50%, 8/1/12 | $ | 32,335 | |||||||
Milacron Escrow Corp. | |||||||||||
195 | 11.50%, 5/15/11 | 167,700 | |||||||||
Terex Corp. | |||||||||||
70 | 10.375%, 4/1/11 | 74,550 | |||||||||
Thermadyne Holdings Corp., Sr. Sub. Notes | |||||||||||
165 | 9.25%, 2/1/14 | 145,200 | |||||||||
$ | 645,660 | ||||||||||
Leisure Goods / Activities / Movies 0.5% | |||||||||||
AMC Entertainment, Inc., Sr. Sub. Notes | |||||||||||
$ | 115 | 9.875%, 2/1/12 | $ | 113,275 | |||||||
Loews Cineplex Entertainment Corp. | |||||||||||
445 | 9.00%, 8/1/14 | 451,675 | |||||||||
Marquee Holdings, Inc., Sr. Disc. Notes | |||||||||||
325 | 12.00%, 8/15/14 | 208,812 | |||||||||
Royal Caribbean Cruises, Sr. Notes | |||||||||||
135 | 8.75%, 2/2/11 | 153,225 | |||||||||
Six Flags Theme Parks, Inc., Sr. Notes | |||||||||||
280 | 8.875%, 2/1/10 | 274,400 | |||||||||
Universal City Development Partners, Sr. Notes | |||||||||||
150 | 11.75%, 4/1/10 | 168,937 | |||||||||
Universal City Florida Holding, Sr. Notes, Variable Rate | |||||||||||
180 | 9.00%, 5/1/10 | 181,800 | |||||||||
$ | 1,552,124 | ||||||||||
Lodging and Casinos 1.0% | |||||||||||
CCM Merger, Inc. | |||||||||||
$ | 65 | 8.00%, 8/1/13(5) | $ | 62,725 | |||||||
Chukchansi EDA, Sr. Notes, Variable Rate | |||||||||||
150 | 8.06%, 11/15/12(5) | 153,750 | |||||||||
Eldorado Casino Shreveport | |||||||||||
53 | 10.00%, 8/1/12 | 40,571 | |||||||||
Greektown Holdings, LLC, Sr. Notes | |||||||||||
110 | 10.75%, 12/1/13(5) | 109,725 | |||||||||
Host Marriot L.P., Series O | |||||||||||
15 | 6.375%, 3/15/15 | 15,037 | |||||||||
Inn of the Mountain Gods, Sr. Notes | |||||||||||
285 | 12.00%, 11/15/10 | 283,575 | |||||||||
Kerzner International, Sr. Sub. Notes | |||||||||||
580 | 6.75%, 10/1/15(5) | 566,950 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Lodging and Casinos (continued) | |||||||||||
Majestic Star Casino LLC | |||||||||||
$ | 145 | 9.50%, 10/15/10 | $ | 153,337 | |||||||
85 | 9.75%, 1/15/11(5) | 86,063 | |||||||||
Meristar Hospitality Operations/Finance | |||||||||||
130 | 10.50%, 6/15/09 | 137,638 | |||||||||
Mohegan Tribal Gaming Authority, Sr. Sub. Notes | |||||||||||
60 | 8.00%, 4/1/12 | 63,450 | |||||||||
OED Corp./Diamond Jo | |||||||||||
140 | 8.75%, 4/15/12 | 137,200 | |||||||||
San Pasqual Casino | |||||||||||
160 | 8.00%, 9/15/13(5) | 163,200 | |||||||||
Station Casinos, Sr. Sub. Notes | |||||||||||
115 | 6.875%, 3/1/16 | 118,163 | |||||||||
Trump Entertainment Resorts, Inc. | |||||||||||
425 | 8.50%, 6/1/15 | 416,500 | |||||||||
Tunica-Biloxi Gaming Authority, Sr. Notes | |||||||||||
130 | 9.00%, 11/15/15(3)(5) | 130,650 | |||||||||
Waterford Gaming LLC, Sr. Notes | |||||||||||
404 | 8.625%, 9/15/12(5) | 432,280 | |||||||||
Wynn Las Vegas, LLC | |||||||||||
60 | 6.625%, 12/1/14 | 58,650 | |||||||||
$ | 3,129,464 | ||||||||||
Nonferrous Metals/Minerals 0.0% | |||||||||||
Alpha Natural Resources, Sr. Notes | |||||||||||
$ | 75 | 10.00%, 6/1/12 | $ | 81,469 | |||||||
Novelis, Inc., Sr. Notes | |||||||||||
30 | 7.50%, 2/15/15(5) | 28,125 | |||||||||
$ | 109,594 | ||||||||||
Oil and Gas 1.0% | |||||||||||
Clayton Williams Energy, Inc., Sr. Notes | |||||||||||
$ | 50 | 7.75%, 8/1/13(5) | $ | 48,250 | |||||||
Denbury Resources, Inc., Sr. Sub. Notes | |||||||||||
55 | 7.50%, 12/15/15 | 55,963 | |||||||||
Dresser, Inc. | |||||||||||
110 | 9.375%, 4/15/11 | 116,325 | |||||||||
El Paso Corp. | |||||||||||
80 | 6.95%, 12/15/07 | 81,300 | |||||||||
130 | 9.625%, 5/15/12 | 143,975 | |||||||||
El Paso Corp., Sr. Notes | |||||||||||
85 | 7.625%, 8/16/07(5) | 86,913 | |||||||||
El Paso Production Holding Co. | |||||||||||
30 | 7.75%, 6/1/13 | 31,275 |
See notes to financial statements
19
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Oil and Gas (continued) | |||||||||||
Encore Acquisition Co., Sr. Sub. Notes | |||||||||||
$ | 125 | 7.25%, 12/1/17 | $ | 124,375 | |||||||
Giant Industries | |||||||||||
130 | 8.00%, 5/15/14 | 134,875 | |||||||||
Hanover Compressor Co., Sr. Sub. Notes | |||||||||||
355 | 0.00%, 3/31/07 | 320,388 | |||||||||
Hanover Equipment Trust, Series B | |||||||||||
70 | 8.75%, 9/1/11 | 74,375 | |||||||||
Northwest Pipeline Corp. | |||||||||||
70 | 8.125%, 3/1/10 | 74,550 | |||||||||
Ocean Rig Norway AS, Sr. Notes | |||||||||||
50 | 8.375%, 7/1/13(5) | 53,500 | |||||||||
Parker Drilling Co., Sr. Notes | |||||||||||
85 | 9.625%, 10/1/13 | 95,306 | |||||||||
Petrobras International Finance Co. | |||||||||||
30 | 7.75%, 9/15/14 | 32,550 | |||||||||
Plains E&P Co., Sr. Sub. Notes | |||||||||||
115 | 8.75%, 7/1/12 | 124,488 | |||||||||
Premcor Refining Group, Sr. Notes | |||||||||||
210 | 9.50%, 2/1/13 | 234,187 | |||||||||
Semgroup L.P., Sr. Notes | |||||||||||
140 | 8.75%, 11/15/15(5) | 143,850 | |||||||||
SESI, LLC | |||||||||||
95 | 8.875%, 5/15/11 | 99,988 | |||||||||
Southern Natural Gas | |||||||||||
50 | 8.875%, 3/15/10 | 53,686 | |||||||||
150 | 8.00%, 3/1/32 | 165,227 | |||||||||
Transmontaigne, Inc., Sr. Sub. Notes | |||||||||||
320 | 9.125%, 6/1/10 | 316,000 | |||||||||
United Refining Co., Sr. Notes | |||||||||||
225 | 10.50%, 8/15/12 | 241,875 | |||||||||
Verasun Energy Corp. | |||||||||||
120 | 9.875%, 12/15/12(5) | 122,400 | |||||||||
Williams Cos., Inc. (The) | |||||||||||
45 | 8.75%, 3/15/32 | 52,425 | |||||||||
$ | 3,028,046 | ||||||||||
Publishing 0.4% | |||||||||||
Advanstar Communications, Inc. | |||||||||||
$ | 185 | 10.75%, 8/15/10 | $ | 203,731 | |||||||
American Media Operations, Inc., Series B | |||||||||||
400 | 10.25%, 5/1/09 | 367,000 | |||||||||
CBD Media, Inc., Sr. Sub. Notes | |||||||||||
70 | 8.625%, 6/1/11 | 71,750 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Publishing (continued) | |||||||||||
Dex Media West LLC, Sr. Sub. Notes | |||||||||||
$ | 182 | 9.875%, 8/15/13 | $ | 202,930 | |||||||
Houghton Mifflin Co., Sr. Sub. Notes | |||||||||||
240 | 9.875%, 2/1/13 | 257,700 | |||||||||
$ | 1,103,111 | ||||||||||
Radio and Television 1.5% | |||||||||||
CanWest Media, Inc. | |||||||||||
$ | 217 | 8.00%, 9/15/12 | $ | 223,014 | |||||||
Emmis Communications Corp., Sr. Notes, Variable Rate | |||||||||||
1,500 | 10.366%, 6/15/12 | 1,513,125 | |||||||||
LBI Media, Inc. | |||||||||||
90 | 10.125%, 7/15/12 | 95,963 | |||||||||
LBI Media, Inc., Sr. Disc. Notes | |||||||||||
80 | 11.00%, 10/15/13 | 58,900 | |||||||||
Nexstar Finance Holdings LLC, Inc., Sr. Disc. Notes | |||||||||||
230 | 11.375%, 4/1/13 | 174,513 | |||||||||
Paxson Communications Corp., Variable Rate | |||||||||||
2,000 | 6.90%, 1/15/10(5) | 2,015,000 | |||||||||
Rainbow National Services, LLC, Sr. Notes | |||||||||||
100 | 8.75%, 9/1/12(5) | 107,000 | |||||||||
Rainbow National Services, LLC, Sr. Sub. Debs. | |||||||||||
355 | 10.375%, 9/1/14(5) | 399,375 | |||||||||
Sirius Satellite Radio, Sr. Notes | |||||||||||
315 | 9.625%, 8/1/13(5) | 311,850 | |||||||||
$ | 4,898,740 | ||||||||||
Rail Industries 0.0% | |||||||||||
TFM SA de C.V., Sr. Notes | |||||||||||
$ | 45 | 12.50%, 6/15/12 | $ | 51,525 | |||||||
$ | 51,525 | ||||||||||
Retailers (Except Food and Drug) 0.4% | |||||||||||
Affinity Group, Inc., Sr. Sub. Notes | |||||||||||
$ | 220 | 9.00%, 2/15/12 | $ | 220,825 | |||||||
GSC Holdings Corp. | |||||||||||
495 | 8.00%, 10/1/12(5) | 467,775 | |||||||||
GSC Holdings Corp., Variable Rate | |||||||||||
200 | 7.875%, 10/1/11(5) | 199,000 | |||||||||
Neiman Marcus Group, Inc., Sr. Notes | |||||||||||
150 | 9.00%, 10/15/15(5) | 154,125 | |||||||||
Neiman Marcus Group, Inc., Sr. Sub. Notes | |||||||||||
360 | 10.375%, 10/15/15(5) | 367,650 | |||||||||
$ | 1,409,375 |
See notes to financial statements
20
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Steel 0.1% | |||||||||||
Ispat Inland ULC, Sr. Notes | |||||||||||
$ | 127 | 9.75%, 4/1/14 | $ | 144,463 | |||||||
$ | 144,463 | ||||||||||
Surface Transport 0.0% | |||||||||||
Horizon Lines, LLC | |||||||||||
$ | 118 | 9.00%, 11/1/12 | $ | 124,785 | |||||||
$ | 124,785 | ||||||||||
Telecommunications 2.2% | |||||||||||
AirGate PCS, Inc., Variable Rate | |||||||||||
$ | 60 | 7.90%, 10/15/11 | $ | 62,250 | |||||||
Alamosa Delaware, Inc., Sr. Disc. Notes | |||||||||||
90 | 12.00%, 7/31/09 | 98,888 | |||||||||
Alamosa Delaware, Inc., Sr. Notes | |||||||||||
280 | 11.00%, 7/31/10 | 317,100 | |||||||||
Centennial Cellular Operating Co./Centennial Communication Corp., Sr. Notes | |||||||||||
130 | 10.125%, 6/15/13 | 142,025 | |||||||||
Centennial Communications Corp., Sr. Notes | |||||||||||
105 | 10.00%, 1/1/13(5) | 106,575 | |||||||||
Centennial Communications Corp., Sr. Notes, Variable Rate | |||||||||||
105 | 10.25%, 1/1/13(5) | 105,788 | |||||||||
Digicel Ltd., Sr. Notes | |||||||||||
200 | 9.25%, 9/1/12(5) | 206,500 | |||||||||
Inmarsat Finance PLC | |||||||||||
153 | 7.625%, 6/30/12 | 158,546 | |||||||||
Intelsat Bermuda Ltd., Sr. Notes, Variable Rate | |||||||||||
50 | 8.695%, 1/15/12(5) | 51,063 | |||||||||
Intelsat Ltd., Sr. Notes | |||||||||||
565 | 5.25%, 11/1/08 | 517,681 | |||||||||
IWO Holdings, Inc. | |||||||||||
110 | 10.75%, 1/15/15 | 80,025 | |||||||||
LCI International, Inc., Sr. Notes | |||||||||||
175 | 7.25%, 6/15/07 | 176,750 | |||||||||
New Skies Satellites NV, Sr. Notes, Variable Rate | |||||||||||
110 | 9.573%, 11/1/11 | 114,950 | |||||||||
New Skies Satellites NV, Sr. Sub. Notes | |||||||||||
210 | 9.125%, 11/1/12 | 225,488 | |||||||||
Nextel Communications, Inc., Sr. Notes | |||||||||||
10 | 7.375%, 8/1/15 | 10,561 | |||||||||
Qwest Capital Funding, Inc. | |||||||||||
220 | 7.75%, 8/15/06 | 223,300 | |||||||||
45 | 6.375%, 7/15/08 | 44,888 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Telecommunications (continued) | |||||||||||
Qwest Communications International, Inc. | |||||||||||
$ | 60 | 7.25%, 2/15/11 | $ | 61,500 | |||||||
Qwest Communications International, Inc., Sr. Notes | |||||||||||
620 | 7.50%, 2/15/14(5) | 640,150 | |||||||||
Qwest Corp., Sr. Notes | |||||||||||
145 | 7.625%, 6/15/15(5) | 155,875 | |||||||||
Qwest Corp., Sr. Notes, Variable Rate | |||||||||||
475 | 7.741%, 6/15/13(5) | 514,781 | |||||||||
Rogers Wireless, Inc. | |||||||||||
165 | 7.50%, 3/15/15 | 179,025 | |||||||||
Rogers Wireless, Inc., Sr. Sub. Notes | |||||||||||
90 | 8.00%, 12/15/12 | 95,738 | |||||||||
Rogers Wireless, Inc., Variable Rate | |||||||||||
790 | 7.616%, 12/15/10 | 819,625 | |||||||||
Rural Cellular Corp., Variable Rate | |||||||||||
1,500 | 8.991%, 3/15/10 | 1,548,750 | |||||||||
SBA Telecommunications, Sr. Disc. Notes | |||||||||||
58 | 9.75%, 12/15/11 | 54,085 | |||||||||
UbiquiTel Operating Co., Sr. Notes | |||||||||||
215 | 9.875%, 3/1/11 | 239,188 | |||||||||
$ | 6,951,095 | ||||||||||
Utilities 0.4% | |||||||||||
AES Corp., Sr. Notes | |||||||||||
$ | 15 | 9.375%, 9/15/10 | $ | 16,463 | |||||||
15 | 8.75%, 5/15/13(5) | 16,406 | |||||||||
15 | 9.00%, 5/15/15(5) | 16,500 | |||||||||
Dynegy Holdings, Inc., Debs. | |||||||||||
205 | 7.625%, 10/15/26 | 183,475 | |||||||||
Mirant North America LLC, Sr. Notes | |||||||||||
215 | 7.375%, 12/31/13(5) | 218,494 | |||||||||
Mission Energy Holding Co. | |||||||||||
115 | 13.50%, 7/15/08 | 133,975 | |||||||||
NRG Energy, Inc. | |||||||||||
84 | 8.00%, 12/15/13 | 94,080 | |||||||||
Orion Power Holdings, Inc., Sr. Notes | |||||||||||
380 | 12.00%, 5/1/10 | 431,300 | |||||||||
$ | 1,110,693 | ||||||||||
Total Corporate Bonds & Notes (identified cost $51,744,514) |
$ | 52,249,159 |
See notes to financial statements
21
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Convertible Bonds 0.2% | |||||||||||
Principal Amount |
Security | Value | |||||||||
35,000 | Amkor Technologies, Inc. | $ | 34,781 | ||||||||
170,000 | L-3 Communications Corp.(5) | 168,938 | |||||||||
305,000 | Nortel Networks Ltd. | 287,462 | |||||||||
35,000 | Sinclair Broadcast Group, Inc. | 30,494 | |||||||||
Total Convertible Bonds (identified cost $535,732) |
$ | 521,675 | |||||||||
Common Stocks 0.4% | |||||||||||
Shares | Security | Value | |||||||||
1,152 | Crown Castle International Corp.(6) | $ | 30,989 | ||||||||
2,992 | Environmental Systems Products(3)(6)(7) | 96,103 | |||||||||
10,443 | Hayes Lemmerz International(6) | 36,759 | |||||||||
8 | Knowledge Universe, Inc.(3)(7) | 20,000 | |||||||||
24,880 | Maxim Crane Works, L.P.(6) | 771,280 | |||||||||
358 | Shreveport Gaming Holdings, Inc.(3)(6) | 6,390 | |||||||||
18,432 | Trump Entertainment Resorts, Inc.(6) | 370,760 | |||||||||
Total Common Stocks (identified cost $791,102) |
$ | 1,332,281 | |||||||||
Preferred Stocks 0.0% | |||||||||||
Shares | Security | Value | |||||||||
35 | Hayes Lemmerz International, Series A(3)(6)(7) | $ | 532 | ||||||||
15 | Key Plastics, LLC, Series A(3)(6)(7) | 14,538 | |||||||||
Total Preferred Stocks (identified cost $16,750) |
$ | 15,070 | |||||||||
Convertible Preferred Stocks 0.0% | |||||||||||
Shares | Security | Value | |||||||||
3,583 | Crown Castle International Corp., (PIK) | $ | 189,899 | ||||||||
Total Convertible Preferred Stocks (identified cost $160,098) |
$ | 189,899 | |||||||||
Warrants 0.0% | |||||||||||
Shares/Rights | Security | Value | |||||||||
210 | American Tower Corp., Exp. 8/1/08(5)(6) | $ | 80,381 | ||||||||
Total Warrants (identified cost $14,075) |
$ | 80,381 |
Closed-End Investment Companies 3.6% | |||||||||||
Shares | Security | Value | |||||||||
200,000 | First Trust/Four Corners Senior Floating Rate Income Fund II | $ | 3,350,000 | ||||||||
290,000 | ING Prime Rate Trust | 1,948,800 | |||||||||
25,560 | Pioneer Floating Rate Trust | 432,220 | |||||||||
725,000 | Van Kampen Senior Income Trust | 5,618,750 | |||||||||
Total Closed-End Investment Companies (identified cost $11,460,385) |
$ | 11,349,770 | |||||||||
Miscellaneous 0.0% | |||||||||||
Shares | Security | Value | |||||||||
295,000 | Trump Atlantic City(3)(6) | $ | 11,357 | ||||||||
Total Miscellaneous (identified cost $0) |
$ | 11,357 | |||||||||
Short-Term Investments 9.0% |
Principal Amount |
Maturity Date |
Borrower | Rate | Amount | |||||||||||||||
$ | 9,589,000 | 01/04/06 |
Abbey National North America, LLC, Commercial Paper |
4.33 | % | $ | 9,585,539 | ||||||||||||
3,639,000 | 01/12/06 |
Barton Capital, LLC, Commercial Paper |
4.32 | % | 3,634,197 | ||||||||||||||
9,961,000 | 01/03/06 |
General Electric Capital Corp., Commercial Paper |
4.20 | % | 9,958,676 | ||||||||||||||
2,000,000 | 01/03/06 |
Investors Bank and Trust Company Time Deposit |
4.23 | % | 2,000,000 | ||||||||||||||
3,422,000 | 01/03/06 |
Yorktown Capital LLC, Commercial Paper |
4.35 | % | 3,421,173 |
Total Short-Term Investments (at amortized cost $28,599,585) |
$ | 28,599,585 | |||||
Total Investments 171.8% (identified cost $541,635,615) |
$ | 545,623,681 | |||||
Less Unfunded Loan Commitments (1.6)% |
$ | (5,138,814 | ) | ||||
Net Investments 170.2% (identified cost $536,496,801) |
$ | 540,484,867 | |||||
Other Assets, Less Liabilities (35.5)% | $ | (112,886,453 | ) |
See notes to financial statements
22
Eaton Vance Senior Income Trust as of December 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Amount |
|||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (34.7)% |
$ | (110,038,808 | ) | ||||
Net Assets Applicable to Common Shares 100.0% |
$ | 317,559,606 |
PIK - Payment In Kind.
(1) Senior floating-rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.
(2) Unfunded loan commitments. See Note 1E for description.
(3) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust.
(4) Defaulted security. Currently the issuer is in default with respect to interest payments.
(5) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, the aggregate value of the securities is $15,442,589 or 4.9% of the Trust's net assets.
(6) Non-income producing security.
(7) Restricted security.
See notes to financial statements
23
Eaton Vance Senior Income Trust as of December 31, 2005
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of December 31, 2005
Assets | |||||||
Investments, at value (identified cost, $536,496,801) | $ | 540,484,867 | |||||
Cash | 5,288,232 | ||||||
Receivable for investments sold | 84,648 | ||||||
Receivable for open swap contracts | 19,488 | ||||||
Dividends and interest receivable | 5,499,421 | ||||||
Prepaid expenses | 53,098 | ||||||
Total assets | $ | 551,429,754 | |||||
Liabilities | |||||||
Demand note payable | $ | 120,000,000 | |||||
Dividends payable | 1,677,459 | ||||||
Payable for investments purchased | 1,047,375 | ||||||
Payable to affiliate for investment advisory fees | 395,082 | ||||||
Payable to affiliate for administration fees | 116,201 | ||||||
Payable to affiliate for Trustees' fees | 3,613 | ||||||
Accrued expenses: | |||||||
Interest | 472,678 | ||||||
Operating expenses | 118,932 | ||||||
Total liabilities | $ | 123,831,340 | |||||
Auction preferred shares (4,400 shares outstanding) at liquidation value plus cumulative unpaid dividends |
110,038,808 | ||||||
Net assets applicable to common shares | $ | 317,559,606 | |||||
Sources of Net Assets | |||||||
Common Shares, $0.01 par value, unlimited number of shares authorized, 36,466,497 shares issued and outstanding |
$ | 364,665 | |||||
Additional paid-in capital | 361,402,807 | ||||||
Accumulated net realized loss (computed on the basis of identified cost) | (48,424,474 | ) | |||||
Accumulated undistributed net investment income | 226,362 | ||||||
Net unrealized appreciation (computed on the basis of identified cost) | 3,990,246 | ||||||
Net assets applicable to common shares | $ | 317,559,606 | |||||
Net Asset Value Per Common Share | |||||||
($317,559,606 ÷ 36,466,497 common shares issued and outstanding) | $ | 8.71 |
Statement of Operations
For the Six Months Ended
December 31, 2005
Investment Income | |||||||
Interest | $ | 17,695,060 | |||||
Dividends | 351,962 | ||||||
Miscellaneous | 12,639 | ||||||
Total investment income | $ | 18,059,661 | |||||
Expenses | |||||||
Investment adviser fee | $ | 2,352,022 | |||||
Administration fee | 691,418 | ||||||
Trustees' fees and expenses | 7,288 | ||||||
Interest | 2,553,909 | ||||||
Preferred shares remarketing agent fee | 138,629 | ||||||
Custodian fee | 115,858 | ||||||
Legal and accounting services | 65,342 | ||||||
Transfer and dividend disbursing agent fees | 41,711 | ||||||
Printing and postage | 35,337 | ||||||
Miscellaneous | 33,200 | ||||||
Total expenses | $ | 6,034,714 | |||||
Deduct Reduction of custodian fee |
$ | 4,430 | |||||
Total expense reductions | $ | 4,430 | |||||
Net expenses | $ | 6,030,284 | |||||
Net investment income | $ | 12,029,377 | |||||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) Investment transactions (identified cost basis) |
$ | (965 | ) | ||||
Swap contracts | 20,796 | ||||||
Net realized gain | $ | 19,831 | |||||
Change in unrealized appreciation (depreciation) Investments (identified cost basis) |
$ | (423,674 | ) | ||||
Swap contracts | (4,210 | ) | |||||
Net change in unrealized appreciation (depreciation) | $ | (427,884 | ) | ||||
Net realized and unrealized loss | $ | (408,053 | ) | ||||
Distributions to preferred shareholders | |||||||
From net investment income | $ | (1,979,192 | ) | ||||
Net increase in net assets from operations | $ | 9,642,132 |
See notes to financial statements
24
Eaton Vance Senior Income Trust as of December 31, 2005
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets |
Six Months Ended December 31, 2005 (Unaudited) |
Year Ended June 30, 2005 |
|||||||||
From operations Net investment income |
$ | 12,029,377 | $ | 19,393,057 | |||||||
Net realized gain from investment transactions and swap contracts |
19,831 | 2,368,708 | |||||||||
Net change in unrealized appreciation (depreciation) from investments and swap contracts |
(427,884 | ) | (3,326,509 | ) | |||||||
Distributions to preferred shareholders From net investment income |
(1,979,192 | ) | (2,493,643 | ) | |||||||
Net increase in net assets from operations | $ | 9,642,132 | $ | 15,941,613 | |||||||
Distributions to common shareholders From net investment income |
$ | (11,486,947 | ) | $ | (16,603,282 | ) | |||||
Total distributions to common shareholders | $ | (11,486,947 | ) | $ | (16,603,282 | ) | |||||
Capital share transactions Reinvestment of distributions to common shareholders |
$ | | $ | 1,274,320 | |||||||
Net increase in net assets from capital share transactions |
$ | | $ | 1,274,320 | |||||||
Net increase (decrease) in net assets | $ | (1,844,815 | ) | $ | 612,651 | ||||||
Net Assets Applicable to Common Shares |
|||||||||||
At beginning of period | $ | 319,404,421 | $ | 318,791,770 | |||||||
At end of period | $ | 317,559,606 | $ | 319,404,421 | |||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||
At end of period | $ | 226,362 | $ | 1,663,124 |
Statement of Cash Flows
Increase (Decrease) in Cash |
Six Months Ended December 31, 2005 (Unaudited) |
||||||
Cash Flows From (Used For) Operating Activities Purchases of loan interests and corporate bonds |
$ | (138,170,745 | ) | ||||
Proceeds from sales and principal repayments | 151,550,253 | ||||||
Interest and dividends received | 15,836,769 | ||||||
Miscellaneous income received | 12,639 | ||||||
Interest paid | (2,436,783 | ) | |||||
Prepaid expenses | 7,162 | ||||||
Operating expenses paid | (2,955,400 | ) | |||||
Swap contract transactions | 49,140 | ||||||
Decrease in cash collateral segregated for credit default swaps | 2,900,000 | ||||||
Increase in unfunded commitments | 780,298 | ||||||
Net increase in short-term investments | (17,672,585 | ) | |||||
Net cash from operating activities | $ | 9,900,748 | |||||
Cash Flows From (Used For) Financing Activities Cash distributions paid |
$ | (11,790,434 | ) | ||||
Net cash used for financing activities | $ | (11,790,434 | ) | ||||
Net decrease in cash | $ | (1,889,686 | ) | ||||
Cash at beginning of year | $ | 7,177,918 | |||||
Cash at end of year | $ | 5,288,232 | |||||
Reconciliation of Net Increase in Net Assets From Operations to Net Cash Used For Operating Activities |
|||||||
Net increase in net assets from operations | $ | 9,642,132 | |||||
Distributions to preferred shareholders | 1,979,192 | ||||||
Decrease in receivable for investments sold | 74,778 | ||||||
Decrease in swap contract transactions | 16,277 | ||||||
Decrease in cash collateral segregated for credit default swaps | 2,900,000 | ||||||
Increase in dividends and interest receivable | (2,318,353 | ) | |||||
Decrease in prepaid expenses | 7,162 | ||||||
Increase in payable to affiliate | 511,345 | ||||||
Increase in accrued expenses | 126,756 | ||||||
Increase payable for investments purchased | 175,125 | ||||||
Net increase in investments | (3,213,666 | ) | |||||
Net cash from operating activities | $ | 9,900,748 |
See notes to financial statements
25
Eaton Vance Senior Income Trust as of December 31, 2005
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended December 31, 2005 |
Year Ended June 30, | ||||||||||||||||||||||||||
(Unaudited)(1) | 2005(1) | 2004(1) | 2003(1) | 2002(1)(2) | 2001(1) | ||||||||||||||||||||||
Net asset value Beginning of period (Common shares) | $ | 8.760 | $ | 8.780 | $ | 8.500 | $ | 8.420 | $ | 8.860 | $ | 9.810 | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||
Net investment income | $ | 0.330 | $ | 0.533 | $ | 0.468 | $ | 0.569 | $ | 0.687 | $ | 0.872 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.011 | ) | (0.029 | ) | 0.293 | 0.079 | (0.420 | ) | (0.908 | ) | |||||||||||||||||
Distributions to preferred shareholders from net investment income | (0.054 | ) | (0.068 | ) | (0.035 | ) | (0.045 | ) | (0.076 | ) | | ||||||||||||||||
Total income (loss) from operations | $ | 0.265 | $ | 0.436 | $ | 0.726 | $ | 0.603 | $ | 0.191 | $ | (0.036 | ) | ||||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||||||
From net investment income | $ | (0.315 | ) | $ | (0.456 | ) | $ | (0.446 | ) | $ | (0.523 | ) | $ | (0.631 | ) | $ | (0.882 | ) | |||||||||
Total distributions to common shareholders | $ | (0.315 | ) | $ | (0.456 | ) | $ | (0.446 | ) | $ | (0.523 | ) | $ | (0.631 | ) | $ | (0.882 | ) | |||||||||
Offering costs charged to paid-in capital | $ | | $ | | $ | | $ | | $ | | $ | (0.001 | ) | ||||||||||||||
Preferred Shares underwriting discounts | $ | | $ | | $ | | $ | | $ | | $ | (0.031 | ) | ||||||||||||||
Net asset value End of period (Common shares) | $ | 8.710 | $ | 8.760 | $ | 8.780 | $ | 8.500 | $ | 8.420 | $ | 8.860 | |||||||||||||||
Market value End of period (Common shares) | $ | 7.760 | $ | 8.040 | $ | 9.460 | $ | 8.920 | $ | 7.760 | $ | 8.940 | |||||||||||||||
Total Investment Return on Net Asset Value(3) | 2.82 | %(8) | 5.16 | % | 8.65 | % | 8.04 | % | 2.92 | % | (0.72 | )% | |||||||||||||||
Total Investment Return on Market Value(3) | (0.19 | )%(8) | (10.42 | )% | 11.59 | % | 23.03 | % | (6.18 | )% | 5.65 | % |
See notes to financial statements
26
Eaton Vance Senior Income Trust as of December 31, 2005
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended December 31, 2005 |
Year Ended June 30, | ||||||||||||||||||||||||||
(Unaudited)(1) | 2005(1) | 2004(1) | 2003(1) | 2002(1)(2) | 2001(1) | ||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||
Net assets applicable to common shares, end of period (000's omitted) | $ | 317,560 | $ | 319,404 | $ | 318,792 | $ | 306,438 | $ | 302,759 | $ | 317,597 | |||||||||||||||
Ratios (As a percentage of average net assets applicable to common shares): | |||||||||||||||||||||||||||
Net expenses(4) | 2.16 | %(5) | 2.20 | % | 2.17 | % | 2.22 | % | 2.28 | % | 1.89 | % | |||||||||||||||
Net expenses after custodian fee reduction(4) | 2.16 | %(5) | 2.20 | % | 2.17 | % | 2.22 | % | 2.28 | % | 1.89 | % | |||||||||||||||
Interest expense | 1.58 | %(5) | 1.02 | % | 0.54 | % | 0.72 | % | 0.85 | % | 2.50 | % | |||||||||||||||
Total expenses(4) | 3.74 | %(5) | 3.22 | % | 2.71 | % | 2.94 | % | 3.13 | % | 4.39 | % | |||||||||||||||
Net investment income(4) | 7.46 | %(5) | 6.06 | % | 5.41 | % | 6.92 | % | 8.01 | % | 9.37 | % | |||||||||||||||
Portfolio Turnover | 26 | % | 72 | % | 82 | % | 56 | % | 69 | % | 37 | % |
The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares since the initial offering of preferred share are as follows:
Ratios (As a percentage of average total net assets): | |||||||||||||||||||||||||||
Net expenses | 1.60 | %(5) | 1.64 | % | 1.61 | % | 1.62 | % | 1.68 | % | 1.88 | % | |||||||||||||||
Net expenses after custodian fee reduction | 1.60 | %(5) | 1.64 | % | 1.61 | % | 1.62 | % | 1.68 | % | 1.88 | % | |||||||||||||||
Interest expense | 1.18 | %(5) | 0.76 | % | 0.40 | % | 0.52 | % | 0.63 | % | 2.50 | % | |||||||||||||||
Total expenses | 2.78 | %(5) | 2.40 | % | 2.01 | % | 2.14 | % | 2.31 | % | 4.38 | % | |||||||||||||||
Net investment income | 5.55 | %(5) | 4.51 | % | 4.00 | % | 5.05 | % | 5.90 | % | 9.33 | % | |||||||||||||||
Senior Securities: | |||||||||||||||||||||||||||
Total preferred shares outstanding | 4,400 | 4,400 | 4,400 | 4,400 | 4,400 | 4,400 | |||||||||||||||||||||
Asset coverage per preferred share(6) | $ | 97,181 | $ | 97,601 | $ | 97,456 | $ | 94,649 | $ | 93,814 | $ | 97,192 | |||||||||||||||
Involuntary liquidation preference per preferred share(7) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||||||||||
Approximate market value per preferred share(7) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 |
(1) Net investment income per share was computed using average shares outstanding.
(2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended June 30, 2002 was to increase net investment income per share by $0.001, increase net realized and unrealized losses per share by $0.001, and increase the ratio of net investment income to average net assets attributable to common shares by less than 0.01%. Per share data and ratios for the periods prior to July 1, 2001 have not been restated to reflect this change in presentation.
(3) Returns are historical and are calculated by determining the percentage change in market value or net asset value with all distributions reinvested. Total return is not computed on an annualized basis.
(4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leverage capital structure from the issuance of preferred shares.
(5) Annualized.
(6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
(8) The returns do not include dividends declared in December 2005 and payable in 2006.
See notes to financial statements
27
Eaton Vance Senior Income Trust as of December 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
Eaton Vance Senior Income Trust (the Trust) is an entity commonly known as a Massachusetts business trust and is registered under the Investment Company Act of 1940 as a closed-end management investment company. The Trust's investment objective is to provide a high level of current income consistent with the preservation of capital, by investing primarily in senior, secured floating rate loans. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America.
A Investment Valuation The Trust's investments are primarily in interests in senior floating rate loans (Senior Loans). Certain Senior Loans are deemed to be liquid because reliable market quotations are readily available for them. Liquid Senior Loans are valued on the basis of prices furnished by a pricing service. Other Senior Loans are valued at fair value by the Trust's investment adviser, Eaton Vance Management (EVM), under procedures approved by the Trustees. In connection with determining the fair value of a Senior Loan, the investment adviser makes an assessment of the likelihood that the borrower will make a full repayment of the Senior Loan. The primary factors considered by the investment adviser when making this assessment are (i) the creditworthiness of the borrower, (ii) the value of the collateral backing the Senior Loan, and (iii) the priority of the Senior Loan versus other creditors of the borrower. If, based on its assessment, the investment adviser believes there is a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality. If, based on its assessment, the investment adviser believes there is not a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using analyses that include, but are not limited to (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising such factors, data and information and the relative weight to be given thereto as it deems relevant, including without limitation, some or all of the following: (i) the fundamental characteristics of and fundamental analytical data relating to the Senior Loan, including the cost, size, current interest rate, maturity and base lending rate of the Senior Loan, the terms and conditions of the Senior Loan and any related agreements, and the position of the Senior Loan in the Borrower's debt structure; (ii) the nature, adequacy and value of the collateral securing the Senior Loan, including the Trust's rights, remedies and interests with respect to the collateral; (iii) the creditworthiness of the Borrower, based on an evaluation of, among other things, its financial condition, financial statements and information about the Borrower's business, cash flows, capital structure and future prospects; (iv) information relating to the market for the Senior Loan, including price quotations for and trading in the Senior Loan and interests in similar Senior Loans and the market environment and investor attitudes towards the Senior Loan and interests in similar Senior Loans; (v) the experience, reputation, stability and financial condition of the agent and any intermediate participants in the Senior Loan; and (vi) general economic and market conditions affecting the fair value of the Senior Loan.
Debt obligations (other than short-term obligations maturing in sixty days or less), including listed securities and securities for which price quotations are available and forward contracts, will normally be valued on the basis of market valuations furnished by dealers or pricing services. Financial futures contracts and options thereon listed on commodity exchanges are valued at closing settlement prices. Over-the-counter options are valued at the mean between the bid and asked prices provided by dealers. Marketable securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. The value of interest rate swaps will be based upon a dealer quotation. Short-term obligations and money market securities maturing in sixty days or less are valued at amortized cost which approximates value. Investments for which reliable market quotations are unavailable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust. Occasionally, events affecting the value of foreign securities may occur between the time trading is completed abroad and the close of the Exchange which will not be reflected in the computation of the Trust's net asset value (unless the Trust deems that such event would materially affect its net asset value in which case an adjustment would be made
28
Eaton Vance Senior Income Trust as of December 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
and reflected in such computation). The Trust may rely on an independent fair valuation service in making any such adjustment as to the value of foreign equity securities.
B Income Interest income from Senior Loans is recorded on the accrual basis at the then-current interest rate, while all other interest income is determined on the basis of interest accrued, adjusted for amortization of premium or discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.
C Federal Taxes The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year all of its taxable income, including any net realized gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At June 30, 2005, the Trust, for federal income tax purposes, had a capital loss carryover of $48,441,238, which will expire on June 30, 2009 ($490,673), June 30, 2010 ($27,557,475), June 30, 2011 ($13,711,847) and June 30, 2012 ($6,681,243). These amounts will reduce the Trust's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax.
D Credit Default Swaps The Trust may enter into credit default swap contracts for risk management purposes, including diversification. When the Trust is a buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust would pay the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Trust would have spent the stream of payments and received no benefit from the contract. When the Trust is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligations. As the seller, the Trust would effectively add leverage to its portfolio because, in addition to its total net assets, the Trust would be subject to investment exposure on the notional amount of the swap. The Trust will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swap of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the counterparty may be unable to fulfill the transaction.
E Unfunded Loan Commitments The Trust may enter into certain credit agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the Borrower's discretion. These commitments are disclosed in the accompanying Portfolio of Investments.
F Expense Reduction Investors Bank & Trust Company (IBT) serves as custodian of the Trust. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balances the Trust maintains with IBT. All credit balances used to reduce the Trust's custodian fees are reported as a reduction of expenses in the statement of operations.
G Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties of the Trust and shareholders are indemnified against personal liability for obligations of the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
I Other Investment transactions are accounted for on the date the investments are purchased or sold. Gains and losses on securities sold are determined on the basis of identified cost.
J Interim Financial Statements The interim financial statements relating to December 31, 2005 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust's management reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
29
Eaton Vance Senior Income Trust as of December 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
2 Auction Preferred Shares (APS)
The Trust issued 2,200 shares of APS Series A and 2,200 shares of APS Series B on June 27, 2001 in a public offering. The underwriting discount and other offering costs were recorded as a reduction to paid-in capital. Dividends on the APS, which accrue daily, are paid cumulatively at a rate which was established at the offering of the APS and have been reset every 7 days thereafter by an auction. Dividend rates ranged from 2.70% to 4.15% for Series A and 2.75% to 4.35% for Series B, during the six months ended December 31, 2005. Series A and Series B are identical in all respects except for the dates of reset for the dividend rates.
The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS shall remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust's By-Laws and the Investment Company Act of 1940. The Trust pays annual fees equivalent to 0.25% of the preferred shares' liquidation value for the remarketing efforts associated with the preferred auctions.
3 Distributions to Shareholders
The Trust intends to make monthly distributions to common shareholders of net investment income, after payment of any dividends on any outstanding APS. Distributions are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the APS is generally seven days. The applicable dividend rate for the APS on December 31, 2005 was 3.89% and 3.90%, for Series A and Series B shares, respectively. For the six months ended December 31, 2005, the Trust paid dividends to APS shareholders amounting to $993,862 and $985,330 for Series A and Series B shares, respectively, representing an average APS dividend rate for such period of 3.54% and 3.53%, respectively.
The Trust distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principals generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. These differences relate primarily to the differences between book and tax accounting for swaps.
4 Common Shares of Beneficial Interest
The Agreement and Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares of beneficial interest. Transactions in common shares were as follows:
Six Months Ended December 31, 2005 (Unaudited) |
Year Ended June 30, 2005 |
||||||||||
Issued to shareholders electing to receive payments of distributions in Fund shares |
| 143,404 | |||||||||
Net increase | | 143,404 |
5 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee, computed at a monthly rate of 17/240 of 1% (0.85% annually) of the Trust's average weekly gross assets, was earned by EVM as compensation for management and investment advisory services rendered to the Trust. For the six months ended December 31, 2005, the fee was equivalent to 0.85% (annualized) of the Trust's average weekly gross assets and amounted to $2,352,022. Except for Trustees of the Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Trust out of such investment adviser fee. EVM also serves as the administrator of the Trust. An administration fee, computed at the monthly rate of 1/48 of 1% (0.25% annually) of the average weekly gross assets of the Trust, is paid to EVM for managing and administering business affairs of the Trust. For the six months ended December 31, 2005, the fee was equivalent to 0.25% (annualized) of the Trust's average weekly gross assets for such period and amounted to $691,418.
30
Eaton Vance Senior Income Trust as of December 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
Trustees of the Fund, who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the fiscal year ended December 31, 2005, no significant amounts have been deferred.
Certain officers and Trustees of the Trust are officers of the above organization.
6 Investment Transactions
The Trust invests primarily in Senior Loans. The ability of the issuers of the Senior Loans held by the Trust to meet their obligations may be affected by economic developments in a specific industry. The cost of purchases and the proceeds from principal repayments and sales of Senior Loans, corporate bonds and equities aggregated $138,345,870 and $151,475,475 respectively, for the six months ended December 31, 2005.
7 Short-Term Debt and Credit Agreements
The Trust has entered into a revolving credit agreement that will allow the Trust to borrow $120 million to support the issuance of commercial paper and to permit the Trust to invest in accordance with its investment practices. Interest is charged under the revolving credit agreement at the bank's base rate or at an amount above either the bank's adjusted certificate of deposit rate or federal funds effective rate. Interest expense includes commercial paper program fees of approximately $186,000 and a commitment fee of approximately $92,000 which is computed at the annual rate of 0.15% on the unused portion of the revolving credit agreement. There were no significant borrowings under this agreement during the period. As of December 31, 2005, the Trust had commercial paper outstanding of $120,000,000, at an interest rate of 4.24% and is reflected in the demand note payable on the Statement of Assets and Liabilities. Maximum and average borrowings for the six months ended December 31, 2005 were $120,000,000 and $120,000,000, respectively, and the average interest rate was 3.69%.
8 Financial Instruments
The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities and to assist in managing exposure to various market risks. These financial instruments include written options, financial futures contracts, interest rate swaps, and credit default swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at December 31, 2005 is as follows:
Credit Default Swaps | |||||||||||||||
Notional Amount |
Expiration Date |
Description |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
$ | 1,000,000 | 9/20/2008 |
Agreement with Credit Suisse/First Boston dated 2/6/2004 whereby the Trust will receive 2.45% per year times the notional amount. The Trust makes a payment only upon a default event on underlying loan assets (47 in total, each representing 2.128% of the notional value of the swap). |
$ | 12,357 | ||||||||||
$ | 1,500,000 | 3/20/2010 |
Agreement with Lehman Brothers dated 3/15/2005 whereby the Trust will receive 2.20% per year times the notional amount. The Trust makes a payment of the notional amount only upon a default event on the reference entity, a Revolving Credit Agreement issued by Inergy, L.P. |
(10,177 | ) |
At December 31, 2005, the Trust had sufficient cash and/or securities to cover potential obligations arising from open swap contracts.
31
Eaton Vance Senior Income Trust as of December 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
9 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
The cost and unrealized appreciation (depreciation) in value of the investment securities at December 31, 2005, as computed on a federal income tax basis, were as follows:
Aggregate cost | $ | 536,493,926 | |||||
Gross unrealized appreciation | $ | 5,589,364 | |||||
Gross unrealized depreciation | (1,598,423 | ) | |||||
Net unrealized appreciation | $ | 3,990,941 |
Unrealized appreciation on swap contracts was $2,180.
10 Restricted Securities
At December 31, 2005, the Trust owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The fair value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
Description |
Date of Acquisition |
Shares/Face | Cost | Fair Value | |||||||||||||||
Common Stocks | |||||||||||||||||||
Environmental Systems Products |
10/24/00 | 2,992 | $ | 0 | $ | 96,103 | |||||||||||||
Knowledge Universe, Inc. | 5/14/03 | 8 | 8,000 | 20,000 | |||||||||||||||
$ | 8,000 | $ | 116,103 | ||||||||||||||||
Preferred Stocks | |||||||||||||||||||
Hayes Lemmerz International, Series A |
6/04/03 | 35 | $ | 1,750 | $ | 532 | |||||||||||||
Key Plastics, LLC, Series A | 4/26/01 | 15 | 15,000 | 14,538 | |||||||||||||||
$ | 16,750 | $ | 15,070 | ||||||||||||||||
$ | 24,750 | $ | 131,173 |
32
Eaton Vance Senior Income Trust as of December 31, 2005
OTHER MATTERS (Unaudited)
The Trust held its Annual Meeting of Shareholders on October 14, 2005. The following action was taken by the shareholders:
Item 1: The election of Benjamin C. Esty, James B. Hawkes, Ronald A. Pearlman and Ralph F. Verni as Class I Trustees of the Trust for a three-year term expiring in 2008. Mr. Pearlman was designated the Nominee to be elected solely by APS shareholders.
Nominee for Trustee Elected by All Shareholders |
Number of Shares | ||||||||||
For | Withheld | ||||||||||
Benjamin C. Esty | 31,395,941 | 1,801,738 | |||||||||
James B. Hawkes | 31,400,892 | 1,796,787 | |||||||||
Ralph F. Verni | 31,404,149 | 1,793,530 | |||||||||
Nominee for Trustee Elected by APS Shareholders |
Number of Shares | ||||||||||
For | Withheld | ||||||||||
Ronald A. Pearlman | 3,917 | 12 |
33
Eaton Vance Senior Income Trust
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Trust's transfer agent, PFPC Inc. or you will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.
Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc. at 1-800-331-1710.
34
Eaton Vance Senior Income Trust
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account:
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
The authorization form, when signed, should be mailed to the following address:
Eaton Vance Senior Income Trust
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
800-331-1710
Number of Employees
The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.
Number of Shareholders
As of December 31, 2005, our records indicate that there were 247 registered shareholders for and approximately 14,069 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Trust, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
New York Stock Exchange symbol
The New York Stock Exchange Symbol is EVF. | |||
35
Eaton Vance Senior Income Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
The investment advisory agreement between Eaton Vance Senior Income Trust (the "Fund") and the investment adviser, Eaton Vance Management ("Eaton Vance"), provides that the advisory agreement will continue in effect from year to year so long as its continuance is approved at least annually (i) by a vote of a majority of the noninterested Trustees of the Fund cast in person at a meeting called for the purpose of voting on such approval and (ii) by the Trustees of the Fund or by vote of a majority of the outstanding interests of the Fund.
In considering the annual approval of the investment advisory agreement between the Fund and the investment adviser, the Special Committee of the Board of Trustees considered information that had been provided throughout the year at regular Board meetings, as well as information furnished for a series of meetings held in February and March in preparation for a Board meeting held on March 21, 2005 to specifically consider the renewal of the investment advisory agreement. Such information included, among other things, the following:
An independent report comparing the advisory fees of the Fund with those of comparable funds;
An independent report comparing the expense ratio of the Fund to those of comparable funds;
Information regarding Fund investment performance (including on a risk-adjusted basis) in comparison to relevant peer groups of funds and appropriate indices;
The economic outlook and the general investment outlook in relevant investment markets;
Eaton Vance's results and financial condition and the overall organization of the investment adviser;
The procedures and processes used to determine the fair value of Fund assets including in particular the valuation of senior loan portfolios and actions taken to monitor and test the effectiveness of such procedures and processes;
Eaton Vance's management of the relationship with the custodian, subcustodians and fund accountants;
The resources devoted to compliance efforts undertaken by Eaton Vance on behalf of the funds it manages and the record of compliance with the investment policies and restrictions and with policies on personal securities transactions;
The quality, nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance and its affiliates; and
The terms of the advisory agreement and the reasonableness and appropriateness of the particular fee paid by the Fund for the services described therein.
The Special Committee also considered the investment adviser's portfolio management capabilities, including information relating to the education, experience, and number of investment professionals and other personnel who provide services under the investment advisory agreement. Specifically, the Special Committee considered the investment adviser's experience in managing senior loan portfolios. The Special Committee noted the experience of the 26 bank loan investment professionals and other personnel who would provide services under the investment advisory agreement, including four portfolio managers and 15 analysts. Many of these portfolio managers and analysts have previous experience working for commercial banks and other lending institutions. The Special Committee also took into account the time and attention to be devoted by senior management to the Fund and the other funds in the complex. The Special Committee evaluated the level of skill required to manage the Fund and concluded that the human resources available at the investment adviser were appropriate to fulfill its duties on behalf of the Fund.
36
Eaton Vance Senior Income Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
In its review of comparative information with respect to the Fund's investment performance (including on a risk-adjusted basis), the Special Committee concluded that the Fund has performed within a range that the Special Committee deemed competitive. With respect to its review of the advisory fees paid by the Fund and the Fund's expense ratio, the Special Committee noted the benefits that have accrued to shareholders as a result of the financial resources committed by Eaton Vance in structuring the Fund at the time of its initial public offering and concluded that the fees paid by the Fund and the Fund's expense ratio are reasonable.
In addition to the factors mentioned above, the Special Committee reviewed the level of the investment adviser's profits in providing investment management and administration services for the Fund and for all Eaton Vance funds as a group. In addition, the Special Committee considered the fiduciary duty assumed by the investment adviser in connection with the services rendered to the Fund and the business reputation of the investment adviser and its financial resources. The Trustees concluded that in light of the services rendered, the profits realized by the investment adviser are not unreasonable. The Special Committee also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the investment adviser's profits with respect to the Fund, the implementation of breakpoints is not appropriate.
The Special Committee did not consider any single factor as controlling in determining whether or not to renew the investment advisory agreement. Nor are the items described herein all the matters considered by the Special Committee. In assessing the information provided by Eaton Vance and its affiliates, the Special Committee also took into consideration the benefits to shareholders of investing in a fund that is a part of a large family of funds which provides a large variety of shareholder services.
Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, and assisted by independent counsel, the Special Committee concluded that the renewal of the investment advisory agreement, including the fee structure, is in the interests of shareholders.
37
Eaton Vance Senior Income Trust
INVESTMENT MANAGEMENT
Eaton Vance Senior Income Trust
Officers James B. Hawkes President and Trustee Scott H. Page Vice President and Co-Portfolio Manager John P. Redding Vice President and Co-Portfolio Manager Payson F. Swaffield Vice President and Co-Portfolio Manager Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer Alan R. Dynner Secretary Paul M. O'Neil Chief Compliance Officer |
Trustees Samuel L. Hayes, III Chairman Benjamin C. Esty William H. Park Ronald A. Pearlman Norton H. Reamer Lynn A. Stout Ralph F. Verni |
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38
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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
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer Agent
PFPC Inc.
Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
1-800-262-1122
Eaton Vance Senior Income Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109
171-2/06 SITSRC
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues, on matters regarding the state of organization of the company and routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders. On all other matters, the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation
warrants such a deviation. The Policies include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to members of senior management of the investment adviser identified in the Policies. Such members of senior management will determine if a conflict exists. If a conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.
Not required in this filing.
Item 10. Submission of Matters to a Vote of Security Holders.
Effective February 7, 2005, the Governance Committee of the Board of Trustees revised the procedures by which a Funds shareholders may recommend nominees to the registrants Board of Trustees to add the following (highlighted):
The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains (i)sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations in writing to the attention of the Governance Committee, c/o the Secretary of the Fund. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect the registrants internal control over financial reporting.
Item 12. Exhibits
(a)(1) |
Registrants Code of Ethics Not applicable (please see Item 2). |
(a)(2)(i) |
Treasurers Section 302 certification. |
(a)(2)(ii) |
Presidents Section 302 certification. |
(b) |
Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Senior Income Trust
By: |
/s/ James B. Hawkes |
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James B. Hawkes |
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President |
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Date: |
February 15, 2006 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ Barbara E. Campbell |
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Barbara E. Campbell |
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Treasurer |
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Date: |
February 15, 2006 |
By: |
/s/ James B. Hawkes |
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James B. Hawkes |
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President |
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Date: |
February 15, 2006 |