<PAGE>
[Logo] Investing
for the
EATON VANCE 21st
=========== Century
Semiannual Report December 31, 1999
[Graphic Omitted]
EATON VANCE
SENIOR
INCOME
TRUST
Global Management-Global Distribution
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Eaton Vance Senior Income Trust as of December 31, 1999
INVESTMENT UPDATE
Investment Environment
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The Loan Market
o Fixed-income investors found 1999 to be a very challenging year. A continued
strong economy led to higher interest rates and underperformance for most
fixed-income vehicles. The bond market was especially hard-hit, with Treasury
bonds, government agency bonds and investment-grade corporate bonds all
posting negative returns.
o The Federal Reserve raised the Federal Funds rate - a key short-term interest
rate barometer - on three occasions in 1999, by a total of 75 basis points
(.75%). Those rate hikes were reflected in the LIBOR rate, the benchmark upon
which most floating-rate loan interest rates are based. The reset feature of
floating-rate loans allows the rates to quickly respond to changes in the
prevailing interest rates.
o The relatively stable performance of the loan market during the 1998 global
economic turmoil contributed to a significant rise in new issuance and
investor demand in 1999. Boosted by strong merger and acquisition activity,
leveraged loan issuance again reached record levels.
The Fund
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Performance
o Based on the Fund's December 1, 1999 monthly dividend of $0.073 and a closing
share price of $9.375 on December 31, 1999, the Fund had a market yield of
9.34%.1 The Fund's market yield represented a major yield advantage over many
other income-producing vehicles.
The Fund's Investments
o Management continued to emphasize diversification of its holdings. At December
31, 1999, borrowers in the Fund numbered 203. Meanwhile, the average loan as a
percentage of the Fund's total net assets was just 0.60%. A relatively small
average loan size reduces the potential negative impact on the Fund of default
by a single borrower.
o Auto components were the largest sector weighting at December 31.
Federal-Mogul Corp. is a manufacturer of precision parts for cars, trucks
and farm vehicles. Due to key acquisitions and an enhanced product line,
Federal-Mogul has been the fastest growing participant in the parts
industry. Company revenues grew 68% in the third quarter 1999.
o The Fund had a significant exposure to the wireless telecommunications sector.
Wireless companies have experienced explosive growth in recent years. More
affordable service has resulted in a sharp rise in customer usage. Western
Wireless is the leading provider of rural communications in the western U.S.
The company provides cellular and paging service in 19 western states under
the Cellular One brand.
o Cable television companies remained a large focus of the Fund, with Charter
Communications the largest cable holding. Led by Paul Allen, a co-founder of
Microsoft, the company has pursued an aggressive acquisition strategy in
recent years, making it the nation's fourth largest cable operator. Charter is
using its broadband capabilities to develop Internet and interactive services
for its 6 million subscribers.
o At December 31, 1999, 9.6% of the Fund's total investments were invested in
high-yield corporate bonds. The Fund had leverage (borrowing) of $139 million
at December 31. That represented 28.0% of the Fund's total assets.
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Shares of the Fund 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. Yield will
change.
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Fund Information
as of December 31, 1999
Performance(2)
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Cumulative Total Return (by market value, NYSE)
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One Year 5.84%
Life of Fund (10/30/98) 1.03
Cumulative Total Return (at net asset value)
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One Year 5.16%
Life of Fund (10/30/98) 5.84
Five Largest Loan Sector Weightings(3)
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Auto Components 8.0%
Chemicals 6.5%
Telecommunications - Wireless 5.9%
Cable Television 5.6%
Health Care - Supplies/Equip. 5.6%
(1) The Fund's market yield is calculated by annualizing the most recent
dividend per share and dividing by the share market price at the end of the
period. 2 Returns are historical and are calculated by determining the
percentage change in market value or net asset value with all distributions
reinvested. 3 Loan sector weightings are subject to change due to active
management. Five largest sector weightings account for 31.6% of the Fund's
total investments, determined by dividing the total market value of the
holdings by the total investments of the Fund.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
<PAGE>
Eaton Vance Senior Income Trust as of December 31, 1999
PORTFOLIO OF INVESTMENTS
SENIOR, FLOATING-RATE LOAN
INTERESTS(2) -- 119.4%
PRINCIPAL
AMOUNT BORROWER VALUE
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Advertising -- 0.3%
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Lamar Media Corp.
$1,000,000 Term Loan, maturing March 1, 2006 $ 1,000,000
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$ 1,000,000
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Aerospace & Defense -- 1.7%
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Aerostructures Corporation
$1,900,000 Term Loan, maturing September 30, 2004 $ 1,900,000
Aircraft Braking Systems Corp.
2,152,798 Term Loan, maturing September 30, 2005 2,152,798
Dyncorp
1,000,000 Term Loan, maturing December 9, 2006 1,000,000
EG&G Technical Services, Inc.
991,377 Term Loan, maturing August 20, 2007 991,377
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$ 6,044,175
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Air Freight & Couriers -- 0.6%
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Evergreen International Aviation, Inc.
$ 599,460 Term Loan, maturing April 30, 2002 $ 599,460
1,435,522 Term Loan, maturing April 30, 2003 1,435,522
204,152 Term Loan, maturing May 31, 2003 204,152
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$ 2,239,134
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Auto Components -- 8.0%
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Accuride Corporation
$2,000,000 Term Loan, maturing January 21, 2007 $ 2,000,000
American Axle & Manufacturing, Inc.
2,000,000 Term Loan, maturing April 30, 2006 2,000,000
Cambridge Industries, Inc.
4,937,028 Term Loan, maturing June 30, 2005 4,937,028
Collins & Aikman
2,000,000 Term Loan, maturing June 30, 2006 2,000,000
Dura Operating Corp.
2,500,000 Term Loan, maturing March 31, 2006 2,500,000
Exide Corporation
2,739,404 Term Loan, maturing March 18, 2005 2,739,404
Federal-Mogul Corporation
3,000,000 Term Loan, maturing February 24, 2005 3,000,000
Insilco Corporation
952,942 Term Loan, maturing November 24, 2005 952,942
J.L. French Automotive Castings, Inc.
789,474 Term Loan, maturing November 30, 2006 789,474
Key Plastics, LLC.
1,738,741 Term Loan, maturing March 26, 2005 1,738,741
Oshkosh Truck Corporation
514,588 Term Loan, maturing March 31, 2005 514,588
514,588 Term Loan, maturing March 31, 2006 514,588
Stanadyne Automotive Corp.
1,500,000 Term Loan, maturing December 10, 2004 1,500,000
Tenneco Automotive
750,000 Term Loan, maturing December 31, 2007 752,813
750,000 Term Loan, maturing December 31, 2008 752,813
Venture Holdings Trust
1,492,500 Term Loan, maturing April 1, 2005 1,492,500
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$ 28,184,891
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Auto Rental -- 0.3%
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Avis Rent A Car, Inc.
$ 500,000 Term Loan, maturing June 30, 2006 $ 502,190
500,000 Term Loan, maturing June 30, 2007 502,190
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$ 1,004,380
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Broadcast Media -- 2.6%
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Benedek Broadcasting Corporation
$1,000,000 Term Loan, maturing November 20, 2007 $ 1,000,000
Corus Entertainment
1,000,000 Term Loan, maturing August 31, 2007 1,000,000
Cumulus Media, Inc.
1,200,000 Term Loan, maturing September 30, 2007 1,200,000
800,000 Term Loan, maturing February 28, 2008 800,000
Emmis Broadcasting Corporation
2,000,000 Term Loan, maturing February 28, 2007 2,000,000
Gray Communications Systems
1,000,000 Term Loan, maturing December 31, 2005 1,000,000
TLMD Aquisition Co.
2,000,000 Term Loan, maturing March 31, 2007 2,000,000
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$ 9,000,000
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Cable Television -- 5.6%
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Benchmark Genesis, LLC
$1,000,000 Term Loan, maturing September 30, 2007 $ 1,000,000
Bresnan Telecommunications Co., LLC
2,000,000 Term Loan, maturing January 29, 2008 2,000,000
CC Michigan/ CC New England, LLC.
1,000,000 Term Loan, maturing June 30, 2008 1,000,000
Charter Communications Operating, LLC.
3,000,000 Term Loan, maturing March 18, 2008 3,000,000
Chelsea Communications, Inc.
2,917,576 Term Loan, maturing December 31, 2004 2,917,576
Classic Cable, Inc.
1,000,000 Term Loan, maturing October 31, 2007 1,000,000
Frontiervision Operating Partners, L.P.
2,494,813 Term Loan, maturing March 31, 2006 2,494,813
Insight Kentucky Partners I, L.P.
2,000,000 Term Loan, maturing April 30, 2008 2,000,000
Mediacom USA, LLC
1,000,000 Term Loan, maturing September 30, 2008 1,000,000
RCN Corporation
1,000,000 Term Loan, maturing June 30, 2007 1,000,000
UCA Corp.
2,500,000 Term Loan, maturing May 15, 2007 2,500,000
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$ 19,912,389
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Casinos & Gaming -- 1.6%
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Alliance Gaming Corporation
$ 858,230 Term Loan, maturing January 31, 2005 $ 858,230
908,345 Term Loan, maturing July 31, 2005 908,345
Boyd Gaming Corporation
995,000 Term Loan, maturing June 15, 2003 995,000
997,494 Term Loan, maturing June 15, 2005 997,494
Horseshoe Gaming Holding Corp.
1,995,000 Term Loan, maturing September 30, 2006 1,995,000
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$ 5,754,069
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Chemicals -- 6.5%
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Arteva B.V. (Kosa)
$4,920,000 Term Loan, maturing December 31, 2006 $ 4,920,000
Foamex L.P.
448,564 Term Loan, maturing June 30, 2005 448,564
407,785 Term Loan, maturing June 30, 2006 407,785
2,085,610 Term Loan, maturing June 30, 2007 2,085,610
Georgia Gulf Corporation
1,000,000 Term Loan, maturing December 31, 2006 1,000,000
Huntsman Corporation
3,407,665 Term Loan, maturing September 30, 2003 3,407,665
Huntsman ICI Chemicals LLC
1,250,000 Term Loan, maturing June 30, 2007 1,256,250
1,250,000 Term Loan, maturing June 30, 2008 1,256,250
Lyondell Petrochemical Company
2,977,500 Term Loan, maturing June 30, 2007 3,046,370
Polymer Group, Inc.
4,939,759 Term Loan, maturing December 20, 2005 4,939,759
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$ 22,768,253
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Coal -- 0.9%
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P&L Coal Holdings Corporation
$3,000,000 Term Loan, maturing June 30, 2006 $ 3,000,000
- -------------------------------------------------------------------------------
$ 3,000,000
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Commercial Services -- 4.5%
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Advanstar Communications Inc.
$ 985,819 Term Loan, maturing June 30, 2007 $ 985,819
American Marketing Industries, Inc.
1,350,796 Term Loan, maturing November 30, 2002 1,350,796
623,674 Term Loan, maturing November 30, 2004 623,674
Environmental Systems Products Hldgs, Inc.
1,980,000 Term Loan, maturing September 30, 2005 1,980,000
Metokote Corporation
1,000,000 Term Loan, maturing November 2, 2005 1,000,000
MSX International, Inc.
1,000,000 Term Loan, maturing December 31, 2006 1,000,000
Nationsrent, Inc.
1,000,000 Term Loan, maturing September 30, 2006 1,000,000
Safety-Kleen Services, Inc.
1,468,672 Term Loan, maturing April 3, 2005 1,468,672
1,468,672 Term Loan, maturing April 3, 2006 1,468,672
United Rentals, Inc.
2,985,000 Term Loan, maturing June 30, 2006 2,985,000
Volume Services, Inc.
1,965,579 Term Loan, maturing December 31, 2002 1,965,579
- -------------------------------------------------------------------------------
$ 15,828,212
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Communications Equipment -- 4.2%
- -------------------------------------------------------------------------------
Amphenol Corporation
$1,912,162 Term Loan, maturing May 19, 2006 $ 1,912,162
Communications & Power Industries, Inc.
551,237 Term Loan, maturing August 11, 2000 551,237
2,862,191 Term Loan, maturing August 11, 2002 2,862,191
Communications Instruments
997,500 Term Loan, maturing March 15, 2004 997,500
Dynatech Corporation
981,790 Term Loan, maturing March 31, 2005 981,790
981,790 Term Loan, maturing March 31, 2006 981,790
981,790 Term Loan, maturing March 31, 2007 981,790
General Cable Corporation
1,789,375 Term Loan, maturing May 31, 2007 1,789,375
Superior Telecom, Inc.
2,894,499 Term Loan, maturing November 27, 2005 2,894,499
Viasystems, Inc.
999,141 Term Loan, maturing June 30, 2005 999,141
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$ 14,951,475
- -------------------------------------------------------------------------------
Computer Software & Services -- 0.9%
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Bridge Information Systems America
$3,000,000 Term Loan, maturing May 29, 2004 $ 3,000,000
- -------------------------------------------------------------------------------
$ 3,000,000
- -------------------------------------------------------------------------------
Computers & Peripherals -- 0.3%
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Titan Corporation
$ 995,000 Term Loan, maturing June 9, 2005 $ 995,000
- -------------------------------------------------------------------------------
$ 995,000
- -------------------------------------------------------------------------------
Construction & Engineering -- 0.3%
- -------------------------------------------------------------------------------
URS Corporation
$ 498,750 Term Loan, maturing June 9, 2006 $ 498,750
498,750 Term Loan, maturing June 9, 2007 498,750
- -------------------------------------------------------------------------------
$ 997,500
- -------------------------------------------------------------------------------
Construction Materials -- 0.6%
- -------------------------------------------------------------------------------
Tapco International Corporation
$ 623,438 Term Loan, maturing June 23, 2007 $ 623,438
374,063 Term Loan, maturing June 23, 2008 374,063
Trussway Industries, Inc.
1,000,000 Term Loan, maturing December 31, 2006 1,000,000
- -------------------------------------------------------------------------------
$ 1,997,501
- -------------------------------------------------------------------------------
Containers & Packaging - Metal & Glass -- 2.0%
- -------------------------------------------------------------------------------
Ball Corporation
$2,500,659 Term Loan, maturing March 10, 2006 $ 2,500,659
Consolidated Container Holdings LLC
2,985,000 Term Loan, maturing June 30, 2007 2,985,000
Graham Packaging Company
1,502,924 Term Loan, maturing January 31, 2007 1,502,924
- -------------------------------------------------------------------------------
$ 6,988,583
- -------------------------------------------------------------------------------
Containers & Packaging - Paper -- 3.8%
- -------------------------------------------------------------------------------
ACX Technologies, Inc.
$1,875,000 Term Loan, maturing August 3, 2000 $ 1,875,000
Blue Ridge Paper Products, Inc.
899,854 Term Loan, maturing March 31, 2006 899,854
Gaylord Container Corporation
2,000,000 Term Loan, maturing June 19, 2004 2,000,000
Impaxx, Inc.
1,000,000 Term Loan, maturing December 31, 2005 1,000,000
Jefferson Smurfit Corporation
575,000 Term Loan, maturing March 24, 2006 577,875
Packaging Corporation Of America
1,014,345 Term Loan, maturing March 31, 2007 1,014,345
1,014,345 Term Loan, maturing March 31, 2008 1,014,345
RIC Holding, Inc.
4,950,166 Term Loan, maturing February 28, 2004 4,971,848
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$ 13,353,267
- -------------------------------------------------------------------------------
Containers & Packaging - Plastics -- 2.2%
- -------------------------------------------------------------------------------
Huntsman Packaging Corp.
$4,949,495 Term Loan, maturing June 30, 2006 $ 4,949,495
Tekni-Plex, Inc.
2,962,312 Term Loan, maturing March 31, 2006 2,962,312
- -------------------------------------------------------------------------------
$ 7,911,807
- -------------------------------------------------------------------------------
Educational Services -- 1.5%
- -------------------------------------------------------------------------------
Kindercare Learning Centers, Inc.
$3,128,465 Term Loan, maturing February 13, 2006 $ 3,128,465
Language Line, LLC
997,500 Term Loan, maturing March 31, 2006 997,500
Weekly Reader Corporation
997,500 Term Loan, maturing September 30, 2007 997,500
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$ 5,123,465
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 1.7%
- -------------------------------------------------------------------------------
Gentek, Inc.
$ 995,000 Term Loan, maturing April 30, 2007 $ 995,000
Juno Lighting, Inc.
960,000 Term Loan, maturing November 30, 2006 960,000
Knowles Electronics, Inc.
1,000,000 Term Loan, maturing June 29, 2007 1,000,000
Packard Bioscience Company
1,887,579 Term Loan, maturing March 31, 2002 1,887,579
Stoneridge
990,000 Term Loan, maturing December 31, 2005 990,000
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$ 5,832,579
- -------------------------------------------------------------------------------
Entertainment -- 4.2%
- -------------------------------------------------------------------------------
Fitness Holdings Worldwide, Inc.
$ 500,000 Term Loan, maturing November 2, 2006 $ 500,000
500,000 Term Loan, maturing November 2, 2007 500,000
Interval International Corp.
1,041,250 Term Loan, maturing December 16, 2005 1,041,250
1,041,250 Term Loan, maturing December 15, 2006 1,041,250
Panavision, Inc.
4,975,000 Term Loan, maturing March 31, 2005 4,975,000
Pebble Beach Company
1,643,161 Term Loan, maturing July 30, 2006 1,643,161
SFX Entertainment, Inc
2,250,000 Term Loan, maturing June 30, 2006 2,250,000
Six Flags Theme Parks Inc.
3,000,000 Term Loan, maturing September 30, 2005 3,000,000
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$ 14,950,661
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Environmental Services -- 0.7%
- -------------------------------------------------------------------------------
Allied Waste Industries, Inc.
$ 613,636 Term Loan, maturing July 30, 2006 $ 599,449
886,364 Term Loan, maturing July 30, 2007 865,871
Stericycle, Inc.
1,000,000 Term Loan, maturing November 10, 2006 1,000,000
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$ 2,465,320
- -------------------------------------------------------------------------------
Food, Beverages & Tobacco -- 5.1%
- -------------------------------------------------------------------------------
Aurora Foods, Inc.
$1,995,000 Term Loan, maturing September 30, 2006 $ 1,995,000
B&G Foods, Inc.
2,000,000 Term Loan, maturing March 31, 2006 2,000,000
Del Monte Corporation
2,181,311 Term Loan, maturing March 31, 2005 2,181,311
Domino's Inc.
991,686 Term Loan, maturing December 21, 2006 994,165
992,720 Term Loan, maturing December 21, 2007 995,202
International Home Foods, Inc.
2,986,631 Term Loan, maturing September 30, 2006 2,986,631
New World Pasta
886,633 Term Loan, maturing January 28, 2006 886,633
Pabst Brewing Company
834,032 Term Loan, maturing April 30, 2004 834,032
Southern Foods Group, L.P.
2,243,986 Term Loan, maturing February 28, 2006 2,243,986
Triarc Companies, Inc.
865,552 Term Loan, maturing March 31, 2006 869,343
2,111,948 Term Loan, maturing March 31, 2007 2,121,198
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$ 18,107,501
- -------------------------------------------------------------------------------
Health Care - Equipment & Supplies -- 5.6%
- -------------------------------------------------------------------------------
Charles River Laboratories, Inc.
$ 997,500 Term Loan, maturing October 13, 2007 $ 997,500
Conmed Corporation
1,996,250 Term Loan, maturing December 31, 2005 1,996,250
Dade Behring Holdings, Inc.
995,000 Term Loan, maturing June 30, 2005 997,488
995,000 Term Loan, maturing June 30, 2006 997,488
Fisher Scientific International Inc
1,474,511 Term Loan, maturing January 21, 2007 1,474,511
1,018,079 Term Loan, maturing January 21, 2008 1,018,079
Imed Corporation
2,652,368 Term Loan, maturing May 31, 2005 2,652,368
Leiner Health Products Inc.
2,468,436 Term Loan, maturing December 30, 2004 2,468,436
Quest Diagnostics, Inc.
495,814 Term Loan, maturing August 16, 2005 495,814
457,674 Term Loan, maturing August 16, 2006 457,674
Stryker Corporation
879,799 Term Loan, maturing December 10, 2005 881,998
3,328,812 Term Loan, maturing December 10, 2006 3,337,134
WGL Acquisition Corp.
1,979,950 Term Loan, maturing July 10, 2004 1,979,950
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$ 19,754,690
- -------------------------------------------------------------------------------
Health Care - Providers & Services -- 2.3%
- -------------------------------------------------------------------------------
FHC Health Systems, Inc.
$2,464,969 Term Loan, maturing April 30, 2005 $ 2,464,969
2,464,969 Term Loan, maturing April 30, 2006 2,464,969
Mariner Post-Acute Network (f/k/a Paragon)*
2,357,919 Term Loan, maturing March 31, 2005 1,178,960
2,357,919 Term Loan, maturing March 31, 2006 1,178,960
Team Health
956,667 Term Loan, maturing March 12, 2006 956,667
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$ 8,244,525
- -------------------------------------------------------------------------------
Hotels -- 1.7%
- -------------------------------------------------------------------------------
Extended Stay America
$1,000,000 Term Loan, maturing December 31, 2005 $ 1,000,000
Starwood Hotels & Resorts
3,000,000 Term Loan, maturing February 23, 2003 3,000,000
Wyndham International, Inc.
1,000,000 Term Loan, maturing June 30, 2004 990,000
1,000,000 Term Loan, maturing June 30, 2006 990,000
- -------------------------------------------------------------------------------
$ 5,980,000
- -------------------------------------------------------------------------------
Household Furnishings & Appliances -- 2.8%
- -------------------------------------------------------------------------------
Furniture Brands International, Inc.
$3,500,000 Term Loan, maturing June 27, 2007 $ 3,500,000
Home Interiors & Gifts, Inc.
998,375 Term Loan, maturing June 30, 2006 998,375
Sealy Mattress Company
1,125,179 Term Loan, maturing December 15, 2004 1,125,179
810,518 Term Loan, maturing December 15, 2005 810,518
1,035,797 Term Loan, maturing December 15, 2006 1,035,797
Simmons Company
714,286 Term Loan, maturing October 30, 2005 714,286
1,785,714 Term Loan, maturing October 30, 2006 1,785,714
- -------------------------------------------------------------------------------
$ 9,969,869
- -------------------------------------------------------------------------------
Household Products -- 3.0%
- -------------------------------------------------------------------------------
The Imperial Decor Home Group, Inc.
$1,991,304 Term Loan, maturing March 12, 2005 $ 1,692,609
994,444 Term Loan, maturing March 12, 2006 845,278
The Scotts Company
2,532,373 Term Loan, maturing June 30, 2006 2,532,373
2,438,650 Term Loan, maturing June 30, 2007 2,438,650
United Industries Corporation
987,500 Term Loan, maturing January 20, 2006 987,500
Werner Holding Co.
1,974,811 Term Loan, maturing November 30, 2004 1,974,811
- -------------------------------------------------------------------------------
$ 10,471,221
- -------------------------------------------------------------------------------
Insurance -- 1.9%
- -------------------------------------------------------------------------------
Acordia, Inc.
$4,924,623 Term Loan, maturing December 31, 2004 $ 4,924,623
Willis Corroon Corporation
970,000 Term Loan, maturing February 19, 2007 970,000
485,000 Term Loan, maturing February 19, 2008 485,000
485,000 Term Loan, maturing August 19, 2008 485,000
- -------------------------------------------------------------------------------
$ 6,864,623
- -------------------------------------------------------------------------------
Machinery -- 1.9%
- -------------------------------------------------------------------------------
Citation Corporation
$1,000,000 Term Loan, maturing December 1, 2007 $ 1,000,000
Numatics, Incorporated
2,891,753 Term Loan, maturing September 19, 2005 2,891,753
Thermadyne MFG LLC
1,411,216 Term Loan, maturing May 22, 2005 1,411,216
1,486,228 Term Loan, maturing May 22, 2006 1,486,228
- -------------------------------------------------------------------------------
$ 6,789,197
- -------------------------------------------------------------------------------
Manufacturing -- 4.7%
- -------------------------------------------------------------------------------
Advanced Glassfiber Yarns LLC
$1,656,009 Term Loan, maturing September 30, 2005 $ 1,656,009
International Wire Group, Inc.
2,976,452 Term Loan, maturing September 30, 2002 2,976,452
Mueller Group, Inc.
497,500 Term Loan, maturing August 17, 2006 497,500
497,500 Term Loan, maturing August 17, 2007 497,500
Neenah Foundry Company
2,991,276 Term Loan, maturing September 30, 2005 2,991,276
Polypore Incorporated
1,000,000 Term Loan, maturing December 31, 2006 1,000,000
SPX Corporation
2,048,611 Term Loan, maturing September 30, 2006 2,048,611
Synthetic Industries, Inc.
1,000,000 Term Loan, maturing December 30, 2007 1,000,000
Tokheim Corporation
3,916,667 Term Loan, maturing September 30, 2004 3,916,667
- -------------------------------------------------------------------------------
$ 16,584,015
- -------------------------------------------------------------------------------
Metals & Mining -- 2.4%
- -------------------------------------------------------------------------------
C II Carbon, LLC
2,543,969 Term Loan, maturing June 30, 2008 $ 2,543,969
U.S. Silica Company
1,000,000 Term Loan, maturing September 30, 2007 1,000,000
Ucar Global Enterprises, Inc.
4,976,190 Term Loan, maturing December 31, 2003 4,976,190
- -------------------------------------------------------------------------------
$ 8,520,159
- -------------------------------------------------------------------------------
Miscellaneous -- 1.4%
- -------------------------------------------------------------------------------
Alliance Laundry Holdings LLC.
$2,000,000 Term Loan, maturing September 30, 2005 $ 2,000,000
Coinmach Laundry Corporation
2,942,262 Term Loan, maturing June 30, 2005 2,942,262
- -------------------------------------------------------------------------------
$ 4,942,262
- -------------------------------------------------------------------------------
Office Equipment & Supplies -- 2.6%
- -------------------------------------------------------------------------------
Buhrmann, Inc.
$2,000,000 Term Loan, maturing December 31, 2007 $ 2,000,000
Neopost (F.M.E. Corporation)
3,546,144 Term Loan, maturing June 24, 2006 3,546,144
U.S. Office Products
3,525,427 Term Loan, maturing June 9, 2006 3,525,427
- -------------------------------------------------------------------------------
$ 9,071,571
- -------------------------------------------------------------------------------
Oil & Gas -- 0.3%
- -------------------------------------------------------------------------------
Transmontaigne Inc.
$1,000,000 Term Loan, maturing June 30, 2006 $ 1,000,000
- -------------------------------------------------------------------------------
$ 1,000,000
- -------------------------------------------------------------------------------
Paper & Forest Products -- 0.9%
- -------------------------------------------------------------------------------
Bear Island Paper Company, LLC
$1,345,828 Term Loan, maturing December 31, 2005 $ 1,345,828
Pacifica Papers, Inc.
1,990,000 Term Loan, maturing March 5, 2006 1,990,000
- -------------------------------------------------------------------------------
$ 3,335,828
- -------------------------------------------------------------------------------
Personal Products -- 0.6%
- --------------------------------------------------------------------------------
American Safety Razor Company
$2,000,000 Term Loan, maturing April 30, 2007 $ 2,000,000
- -------------------------------------------------------------------------------
$ 2,000,000
- -------------------------------------------------------------------------------
Pharmaceuticals & Biotechnology -- 1.0%
- -------------------------------------------------------------------------------
King Pharmaceuticals, Inc.
$2,475,000 Term Loan, maturing December 22, 2006 $ 2,475,000
Shire Pharmaceuticals
1,000,000 Term Loan, maturing December 31, 2005 1,000,000
- -------------------------------------------------------------------------------
$ 3,475,000
- -------------------------------------------------------------------------------
Publishing & Printing -- 4.4%
- -------------------------------------------------------------------------------
American Media Operations Inc.
$1,000,000 Term Loan, maturing April 1, 2007 $ 1,000,000
Entertainment Publications, Inc.
1,000,000 Term Loan, maturing December 31, 2005 1,000,000
HIF Corp.
2,000,000 Term Loan, maturing December 31, 2004 2,000,000
Merrill Corporation
1,000,000 Term Loan, maturing November 15, 2007 1,000,000
Morris Communications Corporation
1,953,003 Term Loan, maturing June 30, 2005 1,953,003
Reiman Publications
2,000,000 Term Loan, maturing November 30, 2005 2,000,000
The Sheridan Group, Inc.
995,625 Term Loan, maturing January 30, 2005 995,625
Von Hoffman Press, Inc.
696,960 Term Loan, maturing May 30, 2004 696,960
2,264,172 Term Loan, maturing May 30, 2005 2,264,172
Ziff-Davis Publishing Company
2,500,000 Term Loan, maturing March 31, 2006 2,500,000
- -------------------------------------------------------------------------------
$ 15,409,760
- -------------------------------------------------------------------------------
Restaurants -- 0.9%
- -------------------------------------------------------------------------------
Applebee's International, Inc.
$2,225,887 Term Loan, maturing March 31, 2006 $ 2,225,887
Coco's Carrow's and Jojo's Restaurants
1,000,000 Term Loan, maturing April 30, 2003 1,000,000
- -------------------------------------------------------------------------------
$ 3,225,887
- -------------------------------------------------------------------------------
Retail - Food & Drug -- 1.4%
- --------------------------------------------------------------------------------
Duane Reade Inc.
$2,000,000 Term Loan, maturing February 15, 2006 $ 2,002,500
Pathmark Stores, Inc.
2,977,654 Term Loan, maturing December 15, 2001 2,977,654
- -------------------------------------------------------------------------------
$ 4,980,154
- -------------------------------------------------------------------------------
Retail - Specialty -- 3.3%
- -------------------------------------------------------------------------------
Advanced Stores Company, Inc.
$2,000,000 Term Loan, maturing April 15, 2006 $ 2,000,000
CSK Auto, Inc.
2,000,000 Term Loan, maturing October 31, 2003 2,000,000
Nebraska Book Company
2,461,240 Term Loan, maturing March 31, 2006 2,461,240
Petro Shopping Centers, L.P.
2,000,000 Term Loan, maturing July 31, 2006 2,000,000
Travelcenters of America, Inc.
2,976,341 Term Loan, maturing March 27, 2005 2,976,341
- -------------------------------------------------------------------------------
$ 11,437,581
- -------------------------------------------------------------------------------
Road & Rail -- 1.2%
- -------------------------------------------------------------------------------
MTL
$1,642,080 Term Loan, maturing August 28, 2005 $ 1,642,080
1,264,640 Term Loan, maturing February 28, 2006 1,264,640
Transportation Manufacturing Operations, Inc.
995,000 Term Loan, maturing June 15, 2006 995,000
Transportation Technologies Industries, Inc. (Johnstown)
199,000 Term Loan, maturing April 30, 2007 199,000
- -------------------------------------------------------------------------------
$ 4,100,720
- -------------------------------------------------------------------------------
Semiconductor Equipment & Products -- 0.9%
- --------------------------------------------------------------------------------
Fairchild Semiconductor Corporation
$ 693,308 Term Loan, maturing December 15, 2004 $ 693,308
Intersil Corporation
1,000,000 Term Loan, maturing June 30, 2005 1,000,000
Semiconductor Components Industries, LLC
722,222 Term Loan, maturing August 4, 2006 722,222
777,778 Term Loan, maturing August 4, 2007 777,778
- -------------------------------------------------------------------------------
$ 3,193,308
- -------------------------------------------------------------------------------
Shipping Lines -- 0.6%
- -------------------------------------------------------------------------------
American Commercial Lines
$2,210,692 Term Loan, maturing June 30, 2007 $ 2,210,692
- -------------------------------------------------------------------------------
$ 2,210,692
- -------------------------------------------------------------------------------
Telecommunications - Wireline -- 2.1%
- --------------------------------------------------------------------------------
Davel Communications
$2,475,000 Term Loan, maturing June 23, 2005 $ 2,475,000
Globenet Communication Holdings Ltd.
1,000,000 Term Loan, maturing September 30, 2005 1,000,000
Level 3 Communications, Inc.
1,000,000 Term Loan, maturing July 15, 2008 1,000,000
MJD Communications
2,992,386 Term Loan, maturing March 31, 2006 2,992,386
- -------------------------------------------------------------------------------
$ 7,467,386
- -------------------------------------------------------------------------------
Telecommunications - Wireless -- 5.9%
- --------------------------------------------------------------------------------
American Cellular Wireless LLC.
$ 989,441 Term Loan, maturing June 25, 2007 $ 989,441
989,078 Term Loan, maturing December 25, 2007 989,078
Cellular, Inc Financial Corporation
1,499,625 Term Loan, maturing March 31, 2007 1,499,625
3,500,000 Term Loan, maturing March 31, 2008 3,500,000
Centennial Cellular Corp.
1,225,000 Term Loan, maturing November 30, 2006 1,237,250
1,225,000 Term Loan, maturing November 30, 2007 1,237,250
Microcell Connexions
1,000,000 Term Loan, maturing December 30, 2005 1,000,000
Nextel Communications, Inc.
750,000 Term Loan, maturing June 30, 2008 758,910
750,000 Term Loan, maturing December 30, 2008 758,910
Spectrasite Communications, Inc.
1,000,000 Term Loan, maturing June 30, 2006 1,000,000
Sygnet Operating Company (Dobson)
537,491 Term Loan, maturing March 31, 2007 538,835
444,444 Term Loan, maturing December 23, 2007 445,556
Tritel Holding Corp.
2,000,000 Term Loan, maturing December 31, 2007 2,000,000
Western PCS Holding Corporation
2,500,000 Term Loan, maturing June 30, 2007 2,500,000
Western Wireless
2,500,000 Term Loan, maturing March 31, 2004 2,500,000
- -------------------------------------------------------------------------------
$ 20,954,855
- -------------------------------------------------------------------------------
Textiles & Apparel -- 4.9%
- -------------------------------------------------------------------------------
Cluett American Corp
$4,925,000 Term Loan, maturing May 18, 2005 $ 4,925,000
Globe Manufacturing Corp
3,900,000 Term Loan, maturing July 31, 2006 3,900,000
Joan Fabrics Corporation
1,495,326 Term Loan, maturing June 30, 2005 1,495,326
2,238,309 Term Loan, maturing June 30, 2006 2,238,309
The William Carter Company
4,845,361 Term Loan, maturing October 31, 2003 4,845,361
- -------------------------------------------------------------------------------
$ 17,403,996
- -------------------------------------------------------------------------------
Theaters -- 0.6%
- -------------------------------------------------------------------------------
Edwards Megaplex Holdings, LLC
$1,000,000 Term Loan, maturing August 25, 2006 $ 1,000,000
Hollywood Theater Holdings, Inc.
992,500 Term Loan, maturing March 31, 2006 992,500
- -------------------------------------------------------------------------------
$ 1,992,500
- -------------------------------------------------------------------------------
Total Senior, Floating-Rate Loan Interests
(identified cost $423,413,059) $ 420,749,961
- -------------------------------------------------------------------------------
CORPORATE BONDS & NOTES -- 12.8%
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------------
Apparel -- 0.6%
- -------------------------------------------------------------------------------
Hosiery Corp. of America, Inc.
$ 1,000 13.75%, 8/1/02 $ 1,045,000
William Carter Co., Sr. Sub. Notes
1,000 10.375%, 12/1/06 905,000
- -------------------------------------------------------------------------------
$ 1,950,000
- -------------------------------------------------------------------------------
Auto and Parts -- 0.2%
- -------------------------------------------------------------------------------
J.L. French Automotive Casting
$ 750 11.50%, 6/1/09 $ 770,625
- -------------------------------------------------------------------------------
$ 770,625
- -------------------------------------------------------------------------------
Broadcasting and Cable -- 0.9%
- --------------------------------------------------------------------------------
Golden Sky Systems
$ 1,000 12.375%, 8/1/06 $ 1,070,000
Pegasus Communications
1,000 9.75%, 12/1/06 1,015,000
Telewest PLC
1,000 11.25%, 11/1/08 1,090,000
- -------------------------------------------------------------------------------
$ 3,175,000
- -------------------------------------------------------------------------------
Business Services -- 0.2%
- -------------------------------------------------------------------------------
Federal Data Corp., Sr. Sub. Notes
$ 750 10.125%, 8/1/05 $ 566,250
Viasystems, Inc., Sr. Sub. Notes
600 9.75%, 6/1/07 321,000
- -------------------------------------------------------------------------------
$ 887,250
- -------------------------------------------------------------------------------
Business Services - Miscellaneous -- 0.8%
- --------------------------------------------------------------------------------
Anthony Crane Rentals, Sr. Notes
$ 500 10.375%, 8/1/08 $ 427,500
NationsRent, Inc., Sr. Sub. Notes
1,000 10.375%, 12/15/08 990,000
Neff Corp., Sr. Sub. Notes
1,000 10.25%, 6/1/08 965,000
Richmont Marketing Special, Sr. Sub. Notes
1,000 10.125%, 12/15/07 605,000
- -------------------------------------------------------------------------------
$ 2,987,500
- -------------------------------------------------------------------------------
Cargo Transportation -- 0.2%
- -------------------------------------------------------------------------------
Pacer International, Inc.
$ 750 11.75%, 6/1/07 $ 761,250
- -------------------------------------------------------------------------------
$ 761,250
- -------------------------------------------------------------------------------
Chemicals -- 1.1%
- --------------------------------------------------------------------------------
Georgia Gulf Corp., Sr. Sub. Notes
$ 1,000 10.375%, 11/1/07(1) $ 1,042,500
Huntsman ICI Chemicals, LLC
1,000 10.125%, 7/1/09(1) 1,040,000
Lyondell Chemical Co., Sr. Notes
1,000 9.875%, 5/1/07 995,000
Polaroid Corp.
750 11.50%, 2/15/06 746,250
- -------------------------------------------------------------------------------
$ 3,823,750
- -------------------------------------------------------------------------------
Communications Services -- 0.2%
- -------------------------------------------------------------------------------
Loral Space and Commerce
$ 200 9.50%, 1/15/06 $ 181,000
NTL, Inc.
500 11.50%, 10/1/08 542,500
- -------------------------------------------------------------------------------
$ 723,500
- -------------------------------------------------------------------------------
Consumer Products -- 0.0%
- --------------------------------------------------------------------------------
Glenoit Corp., Sr. Sub. Notes
$ 500 11.00%, 4/15/07 $ 142,500
- -------------------------------------------------------------------------------
$ 142,500
- -------------------------------------------------------------------------------
Containers and Packaging -- 0.4%
- -------------------------------------------------------------------------------
Consumers International, Inc., Sr. Notes
$ 500 10.25%, 4/1/05 $ 392,500
Stone Container Corp., 1st Mtg. Notes
1,000 10.75%, 10/1/02 1,015,000
- -------------------------------------------------------------------------------
$ 1,407,500
- -------------------------------------------------------------------------------
Engineering and Construction -- 0.3%
- -------------------------------------------------------------------------------
Level 3 Communications, Inc., Sr. Notes
$ 1,000 9.125%, 5/1/08 $ 947,500
- -------------------------------------------------------------------------------
$ 947,500
- -------------------------------------------------------------------------------
Entertainment -- 0.7%
- -------------------------------------------------------------------------------
Premier Parks, Inc.
$ 1,000 9.75%, 6/15/07 $ 1,000,000
Regal Cinemas, Inc.
750 9.50%, 6/1/08 570,000
United Pan-Europe Communications NV
1,000 10.875%, 8/1/09 1,017,500
- -------------------------------------------------------------------------------
$ 2,587,500
- -------------------------------------------------------------------------------
Foods -- 0.3%
- --------------------------------------------------------------------------------
B & G Foods, Inc., Sub. Notes
$ 500 9.625%, 8/1/07 $ 446,250
Del Monte Corp., Sr. Notes
651 12.25%, 4/15/07 722,610
- -------------------------------------------------------------------------------
$ 1,168,860
- -------------------------------------------------------------------------------
Household Furnishings & Appliances -- 0.1%
- -------------------------------------------------------------------------------
Fedders North America
$ 500 9.375%, 8/15/07(1) $ 492,500
- -------------------------------------------------------------------------------
$ 492,500
- -------------------------------------------------------------------------------
Information Services -- 0.7%
- -------------------------------------------------------------------------------
Psinet, Inc.
$ 1,250 11.50%, 11/1/08 $ 1,312,500
Verio, Inc., Sr. Notes
1,000 11.25%, 12/1/08 1,055,000
- -------------------------------------------------------------------------------
$ 2,367,500
- -------------------------------------------------------------------------------
Lodging and Gaming -- 1.0%
- --------------------------------------------------------------------------------
Argosy Gaming
$ 1,000 10.75%, 6/1/09 $ 1,057,500
Coast Hotels and Casino, Inc., Sr. Sub. Notes
500 9.50%, 4/1/09 480,000
Hollywood Casino, Sr. Sub. Notes
1,000 11.25%, 5/1/07 1,050,000
Majestic Star Casino, LLC
1,000 10.875%, 7/1/06 970,000
- -------------------------------------------------------------------------------
$ 3,557,500
- -------------------------------------------------------------------------------
Manufacturing -- 0.5%
- -------------------------------------------------------------------------------
Fisher Scientific
$ 1,000 9.00%, 2/1/08 $ 965,000
Transdigm Inc.
1,000 10.375%, 12/1/08 905,000
- -------------------------------------------------------------------------------
$ 1,870,000
- -------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 0.3%
- --------------------------------------------------------------------------------
Western Natural Gas
$ 1,000 10.00%, 6/15/09 $ 1,030,000
- -------------------------------------------------------------------------------
$ 1,030,000
- -------------------------------------------------------------------------------
Printing and Business Products -- 0.4%
- --------------------------------------------------------------------------------
MDC Communications Corp., Sr. Sub. Notes
$ 1,250 10.50%, 12/1/06 $ 1,234,375
- -------------------------------------------------------------------------------
$ 1,234,375
- -------------------------------------------------------------------------------
Publishing -- 0.5%
- --------------------------------------------------------------------------------
American Lawyer Media
$ 1,000 9.75%, 12/15/07 $ 975,000
Von Hoffman Press, Inc., Sr. Sub. Notes
750 10.875%, 5/15/07(1) 740,625
- -------------------------------------------------------------------------------
$ 1,715,625
- -------------------------------------------------------------------------------
Retail - Food and Drug -- 0.7%
- --------------------------------------------------------------------------------
AFC Enterprises, Inc., Sr. Sub. Notes
$ 550 10.25%, 5/15/07 $ 556,188
King Pharm, Inc.
750 10.75%, 2/15/09 798,750
Pantry, Inc., Sr. Sub. Notes
1,000 10.25%, 10/15/07 975,000
- -------------------------------------------------------------------------------
$ 2,329,938
- -------------------------------------------------------------------------------
Retail - General -- 0.7%
- -------------------------------------------------------------------------------
Advance Stores Co., Inc., Sr. Sub. Notes
$ 1,250 10.25%, 4/15/08 $ 1,093,750
Kindercare Learning Ctrs., Inc., Sr. Sub. Notes
1,000 9.50%, 2/15/09 967,500
Tuesday Morning Corp., Sr. Sub. Notes
345 11.00%, 12/15/07 350,175
- -------------------------------------------------------------------------------
$ 2,411,425
- -------------------------------------------------------------------------------
Wireline Communication Services - Domestic -- 1.7%
- -------------------------------------------------------------------------------
Dobson/Signet Communications Corp.
$ 625 12.25%, 12/15/08 $ 690,625
Esprit Telecom Group PLC, Sr. Notes
1,000 11.50%, 12/15/07 1,007,500
Hyperion Telecommunications, Inc., Sr. Notes
1,000 12.25%, 9/1/04 1,075,000
Intermedia Communications, Inc., Sr. Notes
1,000 9.50%, 3/1/09 905,000
Metromedia Fiber Network, Sr. Notes
500 10.00%, 12/15/09 500,000
Nextlink Communications, Sr. Notes
750 10.50%, 12/1/09(1) 750,000
Williams Communications Group, Inc., Sr. Notes
1,000 10.875%, 10/1/09 1,050,000
- -------------------------------------------------------------------------------
$ 5,978,125
- -------------------------------------------------------------------------------
Wireline Communication Services -
International -- 0.3%
- --------------------------------------------------------------------------------
Primus Telecom Group, Sr. Notes
$ 1,000 11.25%, 1/15/09 $ 970,000
- -------------------------------------------------------------------------------
$ 970,000
- -------------------------------------------------------------------------------
Total Corporate Bonds & Notes
(identified cost $46,433,722) $ 45,289,723
- -------------------------------------------------------------------------------
COMMON STOCKS AND WARRANTS -- 0.0%
SHARES/WARRANTS SECURITY VALUE
- -------------------------------------------------------------------------------
26,103 Tokheim Warrants* $ 0
- -------------------------------------------------------------------------------
Total Common Stocks and Warrants
(identified cost, $0) $ 0
- -------------------------------------------------------------------------------
COMMERCIAL PAPER -- 1.4%
- -------------------------------------------------------------------------------
Panasonic Finance
$ 5,000 5.45%, 1/5/00 $ 4,996,972
- -------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $4,996,972) $ 4,996,972
- -------------------------------------------------------------------------------
Total Investments -- 133.6%
(identified cost $474,843,753) $ 471,036,656
- -------------------------------------------------------------------------------
Other Assets, Less Liabilities -- (33.6)% $(118,554,087)
- -------------------------------------------------------------------------------
Net Assets -- 100% $ 352,482,569
- -------------------------------------------------------------------------------
(1) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(2) Senior secured 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 secured floating rate
interests will have an expected average life of approximately three years.
* Non-income producing security.
See notes to financial statements
<PAGE>
<TABLE>
Eaton Vance Senior Income Trust as of December 31, 1999
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 1999
Assets
- ----------------------------------------------------------------------------------------
<S> <C>
Investments, at value
(identified cost, $474,843,753) $471,036,656
Cash 22,007,939
Interest receivable 4,171,906
Prepaid expenses 25,729
- ----------------------------------------------------------------------------------------
Total assets $497,242,230
- ----------------------------------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------------------------------
Amounts due under commercial paper program $139,000,000
Dividends payable 2,638,765
Deferred facility fee income 2,224,876
Payable to affiliate for Trustees' fees 6,000
Accrued expenses:
Interest 705,122
Operating expense 184,898
- ----------------------------------------------------------------------------------------
Total liabilities $144,759,661
- ----------------------------------------------------------------------------------------
Net Assets for 35,660,000 shares of beneficial interest outstanding $352,482,569
- ----------------------------------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------------------------------
Paid-in capital $355,878,889
Accumulated distributions in excess of net realized gains (computed on
the basis of identified cost) (7,995)
Accumulated undistributed net investment income 418,772
Net unrealized depreciation (computed on the basis of identified cost) (3,807,097)
- ----------------------------------------------------------------------------------------
Total $352,482,569
- ----------------------------------------------------------------------------------------
Net Asset Value
- ----------------------------------------------------------------------------------------
($352,482,569 / 35,660,000 shares of beneficial interest
outstanding) $ 9.88
- ----------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED
DECEMBER 31, 1999
Investment Income
- --------------------------------------------------------------------------------------
<S> <C>
Interest $22,207,323
Facility fees earned 656,037
Miscellaneous 56,125
- --------------------------------------------------------------------------------------
Total investment income $22,919,485
- --------------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------------
Investment adviser fee $ 2,189,932
Administration fee 644,098
Interest 4,367,061
Custodian fee 98,167
Legal and accounting services 85,637
Loan program structuring expense 46,369
Transfer and dividend disbursing agent fees 43,803
Registration fees 16,302
Printing and postage 11,234
Miscellaneous 241,708
- --------------------------------------------------------------------------------------
Total expenses $ 7,744,311
- --------------------------------------------------------------------------------------
Net investment income $15,175,174
- --------------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss)
- --------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 115,761
- --------------------------------------------------------------------------------------
Net realized gain $ 115,761
- --------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $(4,683,612)
- --------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $(4,683,612)
- --------------------------------------------------------------------------------------
Net realized and unrealized loss $(4,567,851)
- --------------------------------------------------------------------------------------
Net increase in net assets from operations $10,607,323
- --------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
EATON VANCE SENIOR INCOME TRUST AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) SIX MONTHS ENDED PERIOD ENDED
IN NET ASSETS DECEMBER 31, 1999 JUNE 30, 1999(1)
- --------------------------------------------------------------------------------------------------
From operations --
<S> <C> <C>
Net investment income $ 15,175,174 $ 19,224,711
Net realized gain 115,761 298,920
Net change in unrealized appreciation
(depreciation) (4,683,612) 876,515
- --------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 10,607,323 $ 20,400,146
- --------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income $ (17,407,324) $ (16,581,900)
From net realized gain (414,681) --
In excess of net realized gains (7,995) --
- --------------------------------------------------------------------------------------------------
Total distributions to shareholders $ (17,830,000) $ (16,581,900)
- --------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares $ -- $ 356,500,000
Offering costs -- (713,000)
- --------------------------------------------------------------------------------------------------
Net increase in net assets from
Trust share transactions $ -- $ 355,787,000
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (7,222,677) $ 359,605,246
- --------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------
At beginning of period $ 359,705,246 $ 100,000
- --------------------------------------------------------------------------------------------------
At end of period $ 352,482,569 $ 359,705,246
- --------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME
INCLUDED IN NET ASSETS
- --------------------------------------------------------------------------------------------------
At end of period $ 418,772 $ 2,650,922
- --------------------------------------------------------------------------------------------------
(1) For the period from the start of business, October 30, 1998, to June 30, 1999.
</TABLE>
See notes to financial statements
<PAGE>
EATON VANCE SENIOR INCOME TRUST AS OF DECEMBER 31, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
SIX MONTHS ENDED
INCREASE (DECREASE) IN CASH DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Cash Flows From (Used For) Operating Activities --
Purchases of loan interests and corporate bonds $(187,508,364)
Proceeds from sales and principal repayments 209,694,337
Interest received 21,829,481
Facility fees received 290,562
Miscellaneous income received 56,125
Interest paid (4,267,563)
Operating expenses paid (3,364,421)
Net decrease in short-term investments 86,028
- --------------------------------------------------------------------------------
Net cash from operating activities $ 36,816,185
- --------------------------------------------------------------------------------
Cash Flows From (Used For) Financing Activities --
Cash distributions paid $ (15,444,376)
Net decrease in amounts due under commercial paper program (13,000,000)
- --------------------------------------------------------------------------------
Net cash from financing activities $ (28,444,376)
- --------------------------------------------------------------------------------
Net increase in cash $ 8,371,809
- --------------------------------------------------------------------------------
Cash at beginning of period $ 13,636,130
- --------------------------------------------------------------------------------
Cash at end of period $ 22,007,939
- --------------------------------------------------------------------------------
RECONCILIATION OF NET INCREASE IN NET ASSETS
FROM OPERATIONS TO NET CASH FROM
OPERATING ACTIVITIES
- --------------------------------------------------------------------------------
Net increase in net assets from operations $ 10,607,323
Decrease in receivable from investments sold 1,085,120
Increase in interest receivable (331,829)
Decrease in prepaid expenses 7,923
Decrease in deferred facility fee income (786,222)
Decrease in payable to affiliate (2,330)
Increase in accrued expenses 106,734
Net decrease in investments 26,129,466
- --------------------------------------------------------------------------------
Net cash used for operating activities $ 36,816,185
- --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EATON VANCE SENIOR INCOME TRUST AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED PERIOD ENDED
DECEMBER 31, 1999 JUNE 30, 1999(1)(2)
- --------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- Beginning of period $ 10.090 $ 10.000
- --------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
- --------------------------------------------------------------------------------
Net investment income $ 0.426 $ 0.539
Net realized and unrealized gain (loss) (0.136) 0.036
- --------------------------------------------------------------------------------
Total income from operations $ 0.290 $ 0.575
- --------------------------------------------------------------------------------
LESS DISTRIBUTIONS
- --------------------------------------------------------------------------------
From net investment income $ (0.488) $ (0.465)
From net realized gain (0.012) --
In excess of net realized gain -- (3) --
- --------------------------------------------------------------------------------
Total distributions $ (0.500) $ (0.465)
- --------------------------------------------------------------------------------
Offering costs charged to paid-in capital $ -- $ (0.020)
- --------------------------------------------------------------------------------
Net asset value -- End of
period $ 9.880 $ 10.090
- --------------------------------------------------------------------------------
Market value -- End of period $ 9.375 $ 10.000
- --------------------------------------------------------------------------------
Total Return(4) (2.11)% 4.93%
- --------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+
- --------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $352,483 $359,705
Ratios (As a percentage of average daily net assets):
Net operating expenses 1.88%(5) 1.65%(5)
Net interest expense 2.43%(5) 2.02%(5)
Net investment income 8.43%(5) 8.17%(5)
Portfolio Turnover 38% 27%
- --------------------------------------------------------------------------------
+ The operating expenses of the Trust reflect a reduction of the investment adviser fee
and the administration fee. Had such actions not been taken, the ratios and net
investment income per share would have been as follows:
Ratios (As a percentage of average daily net assets):
Operating expenses 1.97(5)
Interest expense 2.02(5)
Net investment income 7.85(5)
Net investment income per share $ 0.518
- --------------------------------------------------------------------------------
(1) Net investment income per share was computed using average shares outstanding.
(2) For the period from the start of business, October 30, 1998, to June 30, 1999.
(3) Represents less than $0.001 per share.
(4) Total return is calculated assuming a purchase at market value on the first day
and a sale at the market value on the last day of the period reported. Dividends
and distributions, if any, are assumed reinvested on the reinvestment date. Total
return is not computed on an annualized basis.
(5) Annualized.
See notes to financial statements
</TABLE>
<PAGE>
EATON VANCE SENIOR INCOME TRUST AS OF DECEMBER 31, 1999
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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 non-diversified closed-end management investment company.
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 generally accepted accounting principles.
A INVESTMENT VALUATION -- The Trust's investments are in interests in senior
floating rate loans (Senior Loans). Certain Senior Loans are deemed liquid
because reliable market quotations are readily available for them. Eaton
Vance Management (EVM) values liquid loans at their market value, so that
they are marked to market daily. Other Senior Loans are valued at fair value
by the Trust's investment adviser, EVM, under procedures established by the
Trustees as permitted by Section 2(a)(41) of the Investment Company Act of
1940. Such procedures include the consideration of relevant factors, data
and information relating to fair value, including (i) the characteristics of
and fundamental analytical data relating to the Senior Loan, including the
cost, size, current interest rate, period until next interest rate reset,
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, including the Trust's rights, remedies and interests with
respect to the collateral; (iii) the creditworthiness of the Borrower, based
on an evaluation of 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 reputation and financial condition of the agent and any intermediate
participant in the Senior Loan; and (vi) general economic and market
conditions affecting the fair value of the Senior Loan. Other portfolio
securities (other than short-term obligations, but including listed issues)
may be valued on the basis of prices furnished by one or more pricing
services which determine prices for normal, institutional-size trading units
of such securities using market information, transactions for comparable
securities and various relationships between securities which are generally
recognized by institutional traders. In certain circumstances, portfolio
securities will be valued at the last sales price on the exchange that is
the primary market for such securities, or the last quoted bid price for
those securities for which the over-the-counter market is the primary market
or for listed securities in which there were no sales during the day. The
value of interest rate swaps will be determined in accordance with a
discounted present value formula and then confirmed by obtaining a bank
quotation. Short-term obligations which mature in sixty days or less are
valued at amortized cost, if their original term to maturity when acquired
by the Trust was 60 days or less or are valued at amortized cost using their
value on the 61st day prior to maturity, if their original term to maturity
when acquired by the Trust was more then 60 days, unless in each case this
is determined not to represent fair value. Repurchase agreements are valued
at cost plus accrued interest. Other portfolio securities for which there
are no quotations or valuations are valued at fair value as determined in
good faith by or on behalf of the Trustees.
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 when required for federal income tax purposes. Facility
fees received are recognized as income over the expected term of the loan.
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.
D 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 significant credit balances used
to reduce the Trust's custodian fees are reported as a reduction of expenses
on the Statement of Operations.
E USE OF ESTIMATES -- The preparation of financial statements in conformity
with generally accepted accounting principles 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.
F OFFERING COSTS -- Costs incurred by the Trust in connection with the
initial offering of Trust shares were recorded as a reduction of paid-in
capital.
G 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.
2 DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------
Distributions to shareholders are recorded on the ex-dividend date. The
Trust distinguishes between distributions on a tax basis and a financial
reporting basis. Generally accepted accounting principles require that only
distributions in excess of tax basis earnings and profits be reported in the
financial statements as a tax return of capital. Differences in the
recognition or classification of income between the financial statements and
tax earnings and profits which result in temporary over-distributions for
financial statement purposes are classified as distributions in excess of
net investment income or accumulated net realized gains. Permanent
differences between book and tax accounting relating to distributions are
reclassified to paid-in capital.
3 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 shares of beneficial
interest. Transactions in Trust shares were as follows:
SIX MONTHS ENDED PERIOD ENDED
DECEMBER 31, 1999 JUNE 30, 1999(1)
------------------------------------------------------------------------------
Sales -- 35,660,000
------------------------------------------------------------------------------
Net increase -- 35,660,000
------------------------------------------------------------------------------
(1)For the period from the start of business, October 30, 1998, to June 30,
1999.
4 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, 1999, the fee was equivalent to
0.85% (annualized) of the Trust's average daily gross assets and amounted to
$2,189,932. 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, 1999, the fee was equivalent to
0.25% (annualized) of the Trust's average weekly gross assets for such period
and amounted to $644,098.
Certain officers and Trustees of the Trust are officers of the above
organization.
During the six months ended December 31, 1999 the Trust engaged in purchase
and sale transactions with other funds that also utilize EVM, or an
affiliate of EVM, as an investment adviser. These purchase and sales
transactions complied with Rule 17a-7 under the Investment Company Act of
1940 and amounted to $26,485,303 and $52,014,113, respectively.
5 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 and
corporate bonds aggregated $187,508,364 and $208,609,219, respectively, for
the six months ended December 31, 1999.
6 SHORT-TERM DEBT AND CREDIT AGREEMENTS
- --------------------------------------------------------------------------------
The Trust has entered into a revolving credit agreement that will allow the
Trust to borrow $178 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 a commitment
fee of approximately $139,000 which is computed at the annual rate of 0.15%
on the unused portion of the revolving credit agreement. There were no
borrowings under this agreement during the period. As of December 31, 1999,
the Trust had commercial paper outstanding of $139,000,000, at an interest
rate of 6.08%. Maximum and average borrowings for the six months ended
December 31, 1999 were $162,000,000 and $152,000,000, respectively, and the
average interest rate was 5.70%.
7 FEDERAL INCOME TAX BASIS OF INVESTMENTS
- --------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investment
securities at December 31, 1999, as computed on a federal income tax basis,
were as follows:
Aggregate cost $474,843,753
------------------------------------------------------------------------------
Gross unrealized appreciation $ (4,907,681)
Gross unrealized depreciation 1,100,584
------------------------------------------------------------------------------
Net unrealized depreciation $ (3,807,097)
------------------------------------------------------------------------------
8 ANNUAL MEETING OF SHAREHOLDERS (UNAUDITED)
- --------------------------------------------------------------------------------
The Trust held its annual meeting of Shareholders on October 26, 1999.
35,660,000 shares were outstanding on August 30, 1999, the record date for
the shares eligible to vote at the meeting. 31,747,064 (89.03% of the record
date shares) were represented at the meeting. The following actions were
taken by the shareholders:
ITEM 1: The election of Jessica M. Bibliowicz, Donald R. Dwight and James B.
Hawkes as Trustees of the Trust.
NUMBER OF SHARES
NOMINEES FOR TRUSTEE AFFIRMATIVE AGAINST
--------------------------------------------------------------------
Jessica M. Bibliowicz 31,529,603 217,461
Donald R. Dwight 31,533,622 213,442
James B. Hawkes 31,545,691 201,373
ITEM 2: The ratification of the selection of Deloitte & Touche LLP as
independent auditors to the Trust for the fiscal year ending June 30, 2000.
NUMBER OF SHARES
------------------------------------------------------
For 31,462,508
Against 55,581
Abstain 225,976
------------------------------------------------------
<PAGE>
EATON VANCE SENIOR INCOME TRUST AS OF DECEMBER 31, 1999
- --------------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of Eaton Vance Senior Income Trust
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Eaton Vance Senior Income Trust
(the Trust) as of December 31, 1999, the related statements of operations, and
cash flows for the six months ended December 31, 1999 and the statements of
changes in net assets, and the financial highlights for the six months ended
December 31, 1999 and from the start of business, October 30, 1998, to June
30, 1999. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. Our procedures
included confirmation of securities and Senior Loans owned at December 31,
1999 by correspondence with the custodian, brokers and selling or agent banks;
where replies were not received from brokers or selling or agent banks, we
performed other auditing procedures. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights, referred
to above, present fairly, in all material respects, the financial position of
Eaton Vance Senior Income Trust at December 31, 1999, the results of its
operations, the changes in its net assets, its cash flows and its financial
highlights for the respective stated periods in conformity with generally
accepted accounting principles.
As discussed in Note 1A, the financial statements include Senior Loans held by
the Trust valued at $382,512,818 (108.52% of net assets of the Trust), which
values are fair values determined by the Trust's investment adviser in the
absence of actual market values. Determination of fair value involves
subjective judgment, as the actual market value of a particular Senior Loan or
security can be established only by negotiations between the parties in a sale
transaction. We have reviewed the procedures established by the Trustees and
used by the Trust's investment adviser in determining the fair values of such
Senior Loans and securities and have inspected underlying documentation, and
in the circumstances, we believe that the procedures are reasonable and the
documentation appropriate.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 11, 2000
<PAGE>
EATON VANCE SENIOR INCOME TRUST AS OF DECEMBER 31, 1999
- --------------------------------------------------------------------------------
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 Global
Fund Services 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 paticipate 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 inquiries regarding the Plan can be directed to the Plan Agent, PFPC
Global Fund Services, at 1-800-331-1710.
<PAGE>
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 Global Fund Services
P.O. Box 8030
Boston, MA 02266-8030
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,
nondiversified, management investment company and has no employees.
NUMBER OF SHAREHOLDERS
As of December 31, 1999, Trust records indicate that there were 329 registered
shareholders and approximately 14,000 shareholders owning Trust shares in
"street" name, such as through brokers, banks, and other financial
intermediaries.
If you are a "street" name shareholder and wish to directly receive our
reports, 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 EXHANGE SYMBOL
The New York Stock Exchange symbol is EVF.
<PAGE>
EATON VANCE SENIOR INCOME TRUST as of December 31, 1999
- ---------------------------------------------------------------------------
INVESTMENT MANAGEMENT
- ---------------------------------------------------------------------------
OFFICERS TRUSTEES
JAMES B. HAWKES JESSICA M BIBLIOWICZ
President, Chief Executive President and Chief Executive Officer,
Officer and Trustee National Financial Partners
SCOTT H. PAGE DONALD R. DWIGHT
Vice President and President, Dwight Partners, Inc.
Co-Portfolio Manager
SAMUEL L. HAYES, III
PAYSON F. SWAFFIELD Jacob H. Schiff Professor of Investment
Vice President and Banking Emeritus, Harvard University
Co-Portfolio Manager Graduate School of Business Administration
MICHAEL W. WEILHEIMER NORTON H. REAMER
Vice President Chairman and Chief Executive Officer,
United Asset Management Corporation
JAMES L. O'CONNOR
Treasurer LYNN A. STOUT
Professor of Law,
Georgetown University Law Center
ALAN R. DYNNER
Secretary
JACK L. TREYNOR
Investment Adviser and Consultant
<PAGE>
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 GLOBAL FUND SERVICES
Attention: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
EATON VANCE SENIOR INCOME TRUST
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
171-12/99
SITSRC-12/99
