UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08743
Van Kampen Senior Income Trust
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 7/31___
Date of reporting period: 1/31/07
Item 1. Reports to Shareholders.
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Senior Income Trust performed during the semiannual period. The portfolio
management team will provide an overview of the market conditions and
discuss some of the factors that affected investment performance during
the reporting period. In addition, this report includes the trust's
financial statements and a list of trust investments as of January 31,
2007.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND
THAT THE VALUE OF THE TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU
PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST.
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
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Performance Summary as of 1/31/07
SENIOR INCOME TRUST
SYMBOL: VVR
------------------------------------------------------------
AVERAGE ANNUAL BASED ON BASED ON
TOTAL RETURNS NAV MARKET PRICE
Since Inception (6/24/98) 5.72% 6.14%
5-year 7.46 11.46
1-year 7.59 18.62
6-month 4.50 10.60
------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS AND
PRINCIPAL VALUE WILL FLUCTUATE AND TRUST SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST.
The NAV per share is determined by dividing the value of the trust's portfolio
securities, cash and other assets, less all liabilities and preferred shares, by
the total number of common shares outstanding. The common share market price is
the price the market is willing to pay for shares of the trust at a given time.
Common share market price is influenced by a range of factors, including supply
and demand and market conditions. Total return assumes an investment at the
beginning of the period, reinvestment of all distributions for the period in
accordance with the trust's dividend reinvestment plan, and sale of all shares
at the end of the period.
1
Trust Report
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2007
MARKET CONDITIONS
Solid economic growth, contained inflation, and falling oil and commodity prices
created a favorable environment for senior loans during the six-month reporting
period. Overall trends in the credit markets remained positive as corporations
exhibited strong cash flows and balance sheets, increased productivity, and
improved credit quality while benefiting from a generally lower cost of capital.
In addition, corporate debt default rates remained low.
The Federal Open Market Committee (the "Fed") finally took a respite from its
two-year long campaign of raising interest rates during the reporting period,
electing to keep its target federal funds rate unchanged at 5.25 percent. The
ease in the Fed's monetary policy, however, had been widely anticipated by the
market and interest rates had already declined in response. As a result,
interest rates across the yield curve remained relatively stable throughout the
period. Yields on senior loans, which adjust in tandem to short-term rates, were
generally unchanged as well.
Yield spreads in the senior loan market climbed to late-2005 levels in the third
quarter of 2006, then leveled off until the last month of the period, when they
narrowed slightly. Demand for senior loans remained quite strong as the market
continues to see increasing activity from institutional investors such as hedge
funds and propriety desks, as well as from crossover investments from
traditional high-yield investors. The strong demand for senior loans was met by
robust supply. A significant increase in merger and acquisition activity,
leveraged buyouts, and second lien loans helped fuel record levels of new
issuance. At the same time, senior loan default rates receded throughout the
period, reaching a record low of just 0.78 percent.
2
PERFORMANCE ANALYSIS
The trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common shares
outstanding, while market price reflects the supply and demand for the shares.
As a result, the two returns can differ, as they did during the reporting
period. For the six months ended January 31, 2007, the trust returned 10.60
percent on a market price basis and 4.50 percent on an NAV basis.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2007
--------------------------------------------------
BASED ON NAV BASED ON MARKET PRICE
4.50% 10.60%
--------------------------------------------------
Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. Investment return, net asset value and common share market price will
fluctuate and trust shares, when sold, may be worth more or less than their
original cost. See Performance Summary for additional performance information.
We continued to follow our research-intensive investment process focused on
identifying companies with strong management, solid and predictable cash flow,
and sufficient collateral in the event of default. We employ a bottom-up asset
selection process driven by analysis of individual company fundamentals. We also
analyze overall sector and industry trends, which led us to favor loans in
sectors that are typically less cyclical in nature, such as food and drug,
cable, and leisure and entertainment. These sectors continued to be represented
in the trust's top holdings. We also favored less cyclical names in the paper
and packaging sector that have experienced steady demand. Throughout the
reporting period, however, the portfolio was invested in broad range of
industries.
We generally avoid investing in companies that we perceive to be vulnerable to
cyclical economic downturns. As such, we remain cautious regarding the auto and
airline industries due to their susceptibility to high fuel prices.
The trust benefited during the period from our use of leverage. Leverage
involves borrowing at a floating short-term rate and reinvesting the proceeds at
a higher rate. We used this strategy on an ongoing basis in an effort to enhance
the trust's dividend. Unlike other fixed-income asset classes, using leverage in
conjunction with senior loans does not involve the same degree of risk from
rising short-term interest rates since the income from senior loans adjusts to
changes in interest rates, as do the rates which determine the trust's borrowing
costs. (Similarly, should short-term rates fall, borrowing costs would also
decline.) We might reduce leverage in periods of weaker credit quality
conditions to prevent magnifying erosion of the trust's net asset value.
3
The trust's procedure for reinvesting all dividends and distributions in common
shares is through purchases in the open market. This method helps support the
market value of the trust's shares. In addition, we would like to remind you
that the Trustees have approved a procedure whereby the trust may, when
appropriate, purchase shares in the open market or in privately negotiated
transactions at a price not above market value or net asset value, whichever is
lower at the time of purchase.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the trust in
the future.
4
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION AS OF 1/31/2007
Healthcare 7.4%
Printing & Publishing 6.9
Broadcasting-Cable 6.7
Beverage, Food & Tobacco 6.1
Entertainment & Leisure 6.1
Chemicals, Plastics & Rubber 6.0
Automotive 5.0
Electronics 4.0
Buildings & Real Estate 3.4
Utilities 3.0
Business Equipment & Services 3.0
Ecological 2.5
Aerospace/Defense 2.4
Containers, Packaging & Glass 2.4
Hotels, Motels, Inns & Gaming 2.2
Finance 2.1
Construction Material 2.1
Paper & Forest Products 2.1
Personal & Miscellaneous Services 1.8
Diversified Manufacturing 1.6
Insurance 1.6
Retail-Stores 1.6
Broadcasting-Radio 1.5
Non-Durable Consumer Products 1.4
Health & Beauty 1.4
Restaurants & Food Service 1.3
Natural Resources 1.2
Medical Products & Services 1.2
Telecommunications-Wireless 1.0
Textiles & Leather 1.0
Home & Office Furnishings, Housewares & Durable Consumer
Products 0.9
Telecommunications-Local Exchange Carriers 0.9
Retail-Specialty 0.9
Machinery 0.9
Pharmaceuticals 0.8
Mining, Steel, Iron & Non-Precious Metals 0.6
Education & Child Care 0.5
Farming & Agriculture 0.5
Grocery 0.4
Transportation-Rail Manufacturing 0.4
Banking 0.4
Transportation-Cargo 0.4
Retail-Office Products 0.3
Telecommunications-Long Distance 0.3
Broadcasting-Television 0.2
Telecommunications-Equipment & Services 0.2
Broadcasting-Diversified 0.2
Durable Consumer Products 0.1
Retail-Oil & Gas 0.1
Food Products 0.1
(continued on next page)
5
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION AS OF 1/31/2007
(continued from previous page)
Transportation-Personal 0.1
Tobacco 0.0*
-----
Total Long-Term Investments 99.2%
Short-Term Investments 0.8
-----
Total Investments 100.0%
* Amount is less than 0.1%
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. Summary of investments by industry
classification percentages are as a percentage of total investments. Securities
are classified by sectors that represent broad groupings of related industries.
Van Kampen is a wholly owned subsidiary of a global securities firm which is
engaged in a wide range of financial services including, for example, securities
trading and brokerage activities, investment banking, research and analysis,
financing and financial advisory services.
6
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen trust provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
trust's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to trust shareholders,
and makes these reports available on its public Web site,
www.vankampen.com. In addition to the semiannual and annual reports that
Van Kampen delivers to shareholders and makes available through the Van
Kampen public Web site, each trust files a complete schedule of portfolio
holdings with the SEC for the trust's first and third fiscal quarters on
Form N-Q. Van Kampen does not deliver the reports for the first and third
fiscal quarters to shareholders, nor are the reports posted to the Van
Kampen public Web site. You may, however, obtain the Form N-Q filings (as
well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web
site, http://www.sec.gov. You may also review and copy them at the SEC's
Public Reference Room in Washington, DC. Information on the operation of
the SEC's Public Reference Room may be obtained by calling the SEC at
(800) SEC-0330. You can also request copies of these materials, upon
payment of a duplicating fee, by electronic request at the SEC's e-mail
address (publicinfo@sec.gov) or by writing the Public Reference section
of the SEC, Washington, DC 20549-0102.
You may obtain copies of a trust's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 341-2929.
7
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the trust's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 847-2424 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the trust voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
8
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED)
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
VARIABLE RATE** SENIOR LOAN INTERESTS 181.4%
AEROSPACE/DEFENSE 4.5%
$ 259 Alion Science and
Technology Corp.,
Revolving Credit
Agreement................. Ba3 B+ 10.00% 08/02/09 $ 252,281
17,033 Alion Science and
Technology Corp., Term 8.36 to 12/31/07 to
Loan...................... B3 B+ 10.86 08/02/09 17,054,531
2,200 Apptis, Inc., Term Loan... Ba3 B+ 8.57 12/20/12 2,216,500
1,581 ARINC, Inc., Term Loan.... Ba3 BB 7.37 03/10/11 1,588,282
995 Atlantic Marine Services,
Term Loan................. B1 B+ 7.88 08/02/13 1,004,950
4,964 DynCorp International, 7.63 to
LLC, Term Loan............ Ba2 BB- 7.69 02/11/11 5,005,169
10,023 IAP Worldwide Services, 9.69 to 12/30/12 to
Inc., Term Loan........... B1 B 15.19 06/30/13 10,049,938
5,373 ILC Industries, Inc., Term
Loan...................... NR NR 7.86 02/24/12 5,422,254
8,813 K&F Industries, Inc., Term
Loan...................... Ba3 B+ 7.32 11/18/12 8,855,973
2,116 Primus International,
Inc., Term Loan........... NR NR 7.82 06/07/12 2,129,634
3,786 SI International, Inc., 7.35 to
Term Loan................. Ba3 NR 7.46 02/09/11 3,790,807
3,675 Wesco Aircraft Hardware 7.57 to 09/29/13 to
Corp., Term Loan.......... Ba3 B+ 11.07 03/28/14 3,714,232
8,163 Wyle Laboratories, Inc., 8.12 to 01/28/11 to
Term Loan................. NR B+ 11.87 07/28/11 8,239,347
--------------
69,323,898
--------------
AUTOMOTIVE 9.0%
1,995 Accument Global
Technologies, Inc., Term
Loan...................... B2 B+ 8.92 08/11/13 2,009,962
7,301 Accuride Corp.,
Term Loan................. Ba3 B+ 7.38 01/31/12 7,330,573
600 Dana Corp., Term Loan..... B3 BB- 7.55 04/13/08 601,129
15,384 Federal-Mogul Corp.,
Revolving Credit Agreement
(c)....................... NR NR 9.07 07/01/07 15,441,199
15,521 Federal-Mogul Corp., Term
Loan (c).................. NR NR 9.07 07/01/07 15,604,277
19,250 Ford Motor Co.,
Term Loan................. Ba3 B 8.36 12/15/13 19,524,043
3,408 Heartland Automotive
Holdings, Inc., Term 9.11 to
Loan...................... NR NR 9.12 02/27/12 3,416,472
See Notes to Financial Statements 9
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
AUTOMOTIVE (CONTINUED)
$10,820 MetoKote Corp., 8.32 to
Term Loan................. B2 B+ 8.37% 11/27/11 $ 10,819,654
13,500 Oshkosh Truck Corp., Term
Loan...................... Ba3 BB 7.35 12/06/13 13,587,385
6,104 Polypore, Inc., Term
Loan...................... Ba3 B 8.32 11/12/11 6,149,682
1,496 Precision Partners, Inc.,
Term Loan................. B2 B+ 8.37 10/27/13 1,470,066
9,879 Sensata Technologies, 7.09 to
Inc., Term Loan........... B1 BB- 7.11 04/27/13 9,862,300
3,818 Tenneco Automotive, Inc.,
Term Loan................. Ba1 BB- 7.36 12/12/10 3,847,664
26,456 TRW Automotive, Inc., Term 6.75 to 01/10/10 to
Loan...................... Ba1 BB+ 6.94 06/30/12 26,441,390
3,249 United Components, Inc.,
Term Loan................. Ba3 B+ 7.63 06/30/12 3,265,215
--------------
139,371,011
--------------
BANKING 0.7%
10,975 Dollar Financial Corp., 8.05 to
Term Loan................. B3 BB- 8.30 10/30/12 11,028,414
--------------
BEVERAGE, FOOD & TOBACCO 11.3%
14,925 Acosta Sales Co., Inc.,
Term Loan................. NR NR 8.07 07/28/13 15,086,682
7,146 Advantage Sales &
Marketing, LLC, 7.37 to
Term Loan................. NR NR 7.46 03/29/13 7,169,882
8,579 Birds Eye Foods, Inc.,
Term Loan................. Ba3 B+ 8.10 06/30/08 8,600,878
11,620 Coleman Natural Foods, 9.87 to 08/22/12 to
LLC, Term Loan............ NR NR 13.87 08/22/13 11,364,154
12,164 Commonwealth Brands, Inc.,
Term Loan................. NR NR 7.63 12/22/12 12,322,257
4,988 DCI Cheese Co.,
Term Loan................. NR NR 8.61 08/07/13 4,993,734
23,121 Dole Food Co., Inc., Term 5.23 to
Loan...................... Ba3 B 9.25 04/12/13 23,088,079
9,350 DS Waters of America, 7.86 to
Inc., Term Loan........... B1 CCC+ 7.87 10/25/12 9,396,750
5,061 Farley's & Sathers Candy 8.11 to 06/15/10 to
Co., Inc., Term Loan...... NR NR 11.36 03/24/11 5,076,653
5,925 Fresh Start Bakeries, 7.88 to 09/29/13 to
Inc., Term Loan........... NR NR 11.13 03/29/14 5,978,719
2,562 Le-Nature's, Inc., Term 9.39 to
Loan (a) (c) (e).......... NR NR 11.25 03/01/11 1,241,067
10 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
BEVERAGE, FOOD & TOBACCO (CONTINUED)
$ 6,577 Luigino's, Inc.,
Term Loan................. B1 B+ 8.38% 04/02/11 $ 6,618,335
1,415 Mafco Worldwide Corp.,
Term Loan................. B1 B+ 7.36 12/08/11 1,417,289
7,843 Michael Foods, Inc., Term
Loan...................... Ba3 B+ 7.35 11/21/10 7,881,061
5,826 National Dairy Holdings,
LP, Term Loan............. NR NR 7.32 03/15/12 5,836,589
2,640 National Distributing Co.,
Inc., Term Loan........... NR NR 11.82 06/22/10 2,646,600
2,480 OSI Foods GMBH & Co. KG,
Term Loan................. NR NR 7.36 09/02/11 2,481,823
9,504 OSI Group, LLC, 7.35 to
Term Loan................. NR NR 7.36 09/02/11 9,510,604
7,262 PBM Products, LLC, Term
Loan...................... NR NR 8.07 09/29/12 7,316,890
13,848 Pierre Foods, Inc., Term
Loan...................... Ba3 B+ 7.61 06/30/10 13,938,884
4,884 Pinnacle Foods, Inc., Term
Loan...................... Ba3 B+ 7.36 11/25/10 4,908,076
750 Reddy Ice Group, Inc.,
Term Loan................. Ba3 B+ 7.11 08/09/12 750,938
3,067 Sunny Delight Beverages 11.35 to
Co., Term Loan............ Caa1 CCC 11.38 08/20/10 2,999,943
374 Volume Services America,
Inc., Revolving Credit
Agreement................. B2 NR 9.75 04/01/10 367,866
3,930 Volume Services America, 8.61 to
Inc., Term Loan........... B2 NR 9.50 10/01/10 3,944,738
--------------
174,938,491
--------------
BROADCASTING--CABLE 12.5%
3,300 Century Cable Holdings,
LLC, Term Loan (c)........ NR NR 10.25 06/30/09 3,228,697
6,600 Cequel Communications,
LLC, Term Loan (b)........ B1 B+ 7.61 11/05/13 6,647,441
54,569 Charter Communications
Operating, LLC,
Term Loan................. B1 B 7.99 04/28/13 55,116,613
17,520 CSC Holdings, Inc., Term 7.11 to
Loan (b).................. Ba2 BB 7.12 03/29/13 17,585,705
2,354 Frontiervision Operating
Partners, LP, Revolving
Credit Agreement (c)
(g)....................... NR NR 9.65 06/30/06 2,331,599
See Notes to Financial Statements 11
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
BROADCASTING--CABLE (CONTINUED)
$ 9,593 Frontiervision Operating
Partners, LP, Term Loan 9.65 to 09/30/05 to
(c) (g)................... NR NR 9.78% 03/31/06 $ 9,489,923
12,760 Hilton Head
Communications, LP,
Revolving Credit Agreement
(c)....................... NR NR 8.25 09/30/07 12,409,100
13,373 Hilton Head
Communications, LP, Term
Loan (c).................. NR NR 9.50 03/31/08 13,055,637
2,976 Knology, Inc., Term
Loan...................... Ba3 B 7.85 06/29/10 3,002,009
12,032 MCC Iowa, LLC, 7.10 to
Term Loan................. Ba3 BB- 7.37 01/31/15 12,000,202
2,400 Mediacom Illinois, LLC, 7.12 to
Term Loan................. Ba3 BB- 7.27 01/31/15 2,405,143
57,095 Olympus Cable Holdings, 9.50 to 06/30/10 to
LLC, Term Loan (c)........ NR NR 10.25 09/30/10 55,734,272
--------------
193,006,341
--------------
BROADCASTING--DIVERSIFIED 0.4%
5,970 Cumulus Media, Inc., Term 7.32 to
Loan...................... Ba3 B 7.37 06/07/13 6,007,933
--------------
BROADCASTING--RADIO 2.8%
5,902 CMP KC, LLC, Term Loan.... Caa1 CCC+ 9.38 05/03/11 5,909,505
14,389 CMP Susquehanna Corp., 7.38 to
Term Loan................. Ba3 B 7.44 05/05/13 14,497,205
3,750 Emmis Operating Co., Term
Loan...................... B1 B 7.32 11/01/13 3,779,002
1,784 LBI Media, Inc., 6.82 to
Term Loan................. Ba2 B 6.88 03/31/12 1,771,374
5,225 Multicultural Radio
Broadcasting, Inc., Term 8.10 to 12/18/12 to
Loan...................... B2 B 11.11 06/18/13 5,243,219
5,655 NextMedia Operating, Inc., 7.32 to 11/15/12 to
Term Loan................. B1 B 9.82 11/15/13 5,676,637
2,750 Regent Broadcasting, LLC,
Term Loan................. B1 B 7.87 11/21/13 2,770,625
3,421 Spanish Broadcasting
System, Inc., Term Loan... B1 B 7.12 07/11/12 3,428,605
--------------
43,076,172
--------------
12 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
BROADCASTING--TELEVISION 0.4%
$ 1,995 Barrington Broadcasting,
LLC, Term Loan............ Ba3 B 7.57% 08/12/13 $ 2,009,340
4,137 HIT Entertainment, Inc.,
Term Loan................. Ba3 B 7.60 03/20/12 4,174,494
--------------
6,183,834
--------------
BUILDINGS & REAL ESTATE 6.4%
6,667 BioMed Realty, LP, Term
Loan...................... NR NR 7.58 05/30/10 6,650,000
2,500 California Coastal
Communities, Inc., Term
Loan...................... NR NR 8.10 09/15/11 2,503,125
315 Central Parking Corp.,
Term Loan................. Baa3 BB- 7.36 03/31/10 315,537
7,328 Edge-Star Partners, Term 9.38 to
Loan...................... NR NR 15.38 11/18/07 7,321,586
20,949 Ginn LA CS Borrower, LLC, 8.36 to 06/08/11 to
Term Loan................. B1 BB 12.36 06/08/12 19,788,222
3,200 Kyle Acquisition Group,
LLC, Term Loan............ NR NR 8.88 07/20/10 3,235,002
3,355 Lake at Las Vegas Joint 10.00 to
Venture, LLC, Term Loan... B3 CCC+ 10.12 11/01/09 3,294,089
6,000 Landsource Communities
Development, LLC, Term
Loan...................... NR NR 7.88 03/31/10 5,996,250
4,800 LNR Property Corp., Term
Loan...................... B2 B+ 8.12 07/12/11 4,833,427
2,382 London Arena & Waterfront
Finance, LLC, Term Loan... NR NR 8.85 03/08/12 2,402,842
2,429 NewKirk Master, LP, Term 7.08 to
Loan...................... Ba2 NR 8.75 08/11/08 2,432,922
4,571 NLV Holdings, LLC, Term 8.11 to 05/09/11 to
Loan...................... Caa1 B+ 12.36 05/30/12 4,561,633
3,591 Shea Capital I, LLC, Term
Loan...................... NR NR 7.37 10/27/11 3,584,267
2,481 Shea Mountain House, LLC,
Term Loan................. NR NR 7.36 05/11/11 2,478,148
3,500 South Edge, LLC, Term 7.13 to 10/31/07 to
Loan...................... NR NR 7.38 10/31/09 3,492,345
2,400 Standard Pacific Corp.,
Term Loan................. NR NR 6.87 05/05/13 2,386,500
5,973 Tamarack Resort, LLC, Term
Loan...................... NR NR 8.61 05/19/11 5,875,939
See Notes to Financial Statements 13
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
BUILDINGS & REAL ESTATE (CONTINUED)
$12,000 WCI Communities, Inc, Term
Loan...................... NR NR 7.32% 12/23/10 $ 11,853,000
5,820 Yellowstone Development,
LLC, Term Loan............ NR NR 7.70 09/30/10 5,792,914
--------------
98,797,748
--------------
BUSINESS EQUIPMENT & SERVICES 5.5%
17,940 Affiliated Computer
Services, Inc., Term 7.35 to
Loan...................... Ba2 B+ 7.88 03/20/13 18,077,115
10,150 AlixPartners, LLP, Term
Loan...................... B1 BB- 7.86 10/12/13 10,273,708
2,985 Contec, LLC, Term Loan.... NR NR 8.63 06/15/12 2,992,463
5,224 Crawford & Co.,
Term Loan................. B1 BB- 7.86 10/30/13 5,252,102
4,489 First American Payment
Systems, LP, Term Loan.... NR NR 8.63 10/06/13 4,516,805
2,079 InfoUSA, Inc., Term
Loan...................... Ba2 BB 7.12 02/14/12 2,081,599
9.57 to
4,092 Katun Corp., Term Loan.... NR BB- 9.59 06/30/09 4,092,011
8,250 NCO Financial Systems,
Term Loan................. Ba3 B+ 8.38 05/15/13 8,322,188
278 ProQuest Co., Revolving
Credit Agreement.......... NR NR 9.07 01/31/10 276,314
10,682 Sedgwick Claims Management
Services, Inc., Term
Loan...................... B1 B+ 7.61 01/31/13 10,706,753
2,750 Verifone, Inc., Term 7.10 to
Loan...................... B1 BB- 7.12 10/31/13 2,760,313
15,212 VNU, Inc., Term Loan...... B1 B+ 7.61 08/09/13 15,350,166
--------------
84,701,537
--------------
CHEMICALS, PLASTICS & RUBBER 11.1%
1,098 American Pacific Corp.,
Term Loan................. Ba2 B 9.37 11/30/10 1,099,826
3,900 Basell North America
(Netherlands), Term 7.60 to 09/07/13 to
Loan...................... Ba3 B+ 8.35 09/07/14 3,946,313
2,125 Becker-Underwood, Inc., 03/31/10 to
Term Loan................. NR NR 5.36 09/30/11 2,123,565
11,400 Brenntag Holdings GmbH & 7.89 to 01/20/14 to
Co. KG, Term Loan......... B2 B 11.89 07/17/15 11,553,180
1,760 Celanese, AG (Germany),
Term Loan................. Ba3 BB- 7.11 04/06/11 1,771,784
10,167 Ferro Corp., Term Loan.... NR B+ 8.07 06/06/12 10,153,958
4,320 Fibervisions Delaware
Corp., Term Loan.......... B1 B 8.86 03/31/13 4,060,937
4,863 Georgia Gulf Corp., Term
Loan (b).................. Ba2 BB 7.32 10/03/13 4,901,020
14 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
CHEMICALS, PLASTICS & RUBBER (CONTINUED)
$25,380 Hexion Specialty
Chemicals, Inc., Term
Loan...................... Ba3 B 7.88% 05/05/13 $ 25,516,417
33,005 Huntsman International,
LLC, Term Loan (b)........ Ba3 BB- 7.07 08/16/12 33,223,818
8,910 Ineos Holdings, Ltd., Term 7.61 to 12/16/13 to
Loan...................... Ba3 B+ 8.11 12/23/14 9,025,090
9,237 INVISTA (Netherlands), 6.86 to 04/30/10 to
Term Loan................. Ba1 BB 6.88 04/29/11 9,258,413
10,124 ISP Chemco, Inc., Term
Loan...................... Ba3 BB- 7.38 02/16/13 10,211,291
14,887 Kraton Polymers, LLC, Term
Loan...................... Ba3 B+ 7.38 05/12/13 15,017,766
3,315 Lucite International Group
Holdings, Ltd., Term
Loan...................... B1 B+ 8.07 07/07/13 3,351,665
1,069 Nusil Technology, LLC,
Term Loan................. NR NR 8.07 10/24/13 1,077,219
5,554 PQ Corp., Term Loan....... Ba2 B+ 7.37 02/10/12 5,582,514
13,797 Rockwood Specialties
Group, Inc., Term Loan
(b)....................... Ba2 NR 7.36 12/13/13 13,900,284
6,450 Wellman, Inc., Term
Loan...................... Caa1 CCC 12.12 02/10/10 5,751,750
--------------
171,526,810
--------------
CONSTRUCTION MATERIAL 3.1%
11,880 AXIA, Inc., Term Loan..... B2 B 8.62 12/21/12 11,583,000
4,389 Beacon Sales Acquisition,
Inc., Term Loan........... NR NR 7.36 09/30/13 4,410,945
2,512 Brand Services, Inc., Term
Loan...................... Ba3 B 9.50 01/15/12 2,516,475
1,144 Builders FirstSource,
Inc., Term Loan........... Ba2 BB- 7.86 08/11/11 1,145,186
4,938 Building Materials
Holdings Corp., Term
Loan...................... Ba2 BB 7.86 11/10/13 5,011,689
6,916 Contech Construction
Products, Inc., Term 7.32 to
Loan...................... Ba3 B+ 7.35 01/31/13 6,965,300
1,500 Custom Building Products,
Inc., Term Loan........... NR NR 10.36 04/29/12 1,492,188
1,250 Foster Wheeler, LLC, Term
Loan...................... Ba1 B+ 5.26 09/13/11 1,257,812
7.35 to
1,191 Nortek, Inc., Term Loan... Ba2 B 9.25 08/27/11 1,194,287
3,351 Panolam Industries
International, Inc.
(Canada), Term Loan....... Ba3 B+ 8.11 09/30/12 3,361,008
2,388 Pro-Build Holdings, Inc.,
Term Loan................. Ba3 NR 7.11 06/29/13 2,388,015
See Notes to Financial Statements 15
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
CONSTRUCTION MATERIAL (CONTINUED)
$ 5,675 Professional Paint, Inc., 7.63 to 05/31/12 to
Term Loan................. NR NR 11.13% 05/31/13 $ 5,689,265
894 Sensus Metering Systems, 7.34 to
Inc., Term Loan........... Ba3 B+ 7.47 12/17/10 891,931
969 Werner Holdings Co., Inc.,
Term Loan (a) (c)......... NR NR 17.25 06/11/09 0
--------------
47,907,101
--------------
CONTAINERS, PACKAGING & GLASS 4.4%
2,388 Altivity Packaging LLC, 7.58 to
Term Loan................. Ba3 BB- 7.61 06/30/13 2,416,954
3,773 Anchor Glass Container 7.61 to
Corp., Term Loan.......... NR NR 7.62 05/03/13 3,782,884
964 Captive Plastics, Inc.,
Term Loan................. NR NR 8.11 08/18/11 969,840
1,755 Consolidated Container
Corp., LLC, Term Loan..... Ba3 B- 8.63 12/15/08 1,763,775
4,785 Covalence Specialty
Materials Corp., 7.38 to 05/18/13 to
Term Loan................. Ba3 B+ 8.63 08/16/13 4,774,920
1,782 Crown Americas, Inc., Term
Loan...................... Baa3 BB- 7.12 11/15/12 1,788,014
5,990 Graham Packaging Co., Term 7.63 to 10/07/11 to
Loan...................... B2 B 9.63 04/07/12 6,048,054
1,108 Graphic Packaging
International Corp.,
Revolving
Credit Agreement.......... Ba2 B+ 8.36 08/08/09 1,086,923
13,144 Graphic Packaging
International Corp., Term 7.82 to
Loan...................... Ba2 B+ 7.87 08/08/10 13,310,656
777 Kranson Industries, Inc.,
Revolving 8.07 to
Credit Agreement.......... NR NR 10.00 07/31/13 773,545
9,975 Kranson Industries, Inc.,
Term Loan................. NR NR 8.11 07/31/13 10,031,109
5,975 Packaging Dynamics, Term
Loan...................... NR BB- 7.36 06/09/13 5,982,469
3,790 Ranpak Corp., Term Loan... NR NR 7.86 12/14/11 3,802,872
1,209 Smurfit-Stone Container
Corp., Revolving Credit 2.50 to
Agreement................. Ba1 B+ 9.75 11/01/09 1,196,910
6,268 Smurfit-Stone Container
Corp., Term Loan.......... Ba1 B+ 7.63 11/01/11 6,331,162
16 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
CONTAINERS, PACKAGING & GLASS (CONTINUED)
$ 2,738 Solo Cup, Inc., 8.82 to 02/27/11 to
Term Loan................. Caa1 CCC- 11.57% 03/31/12 $ 2,797,155
993 Unifrax Corp., Term
Loan...................... Ba3 B 7.63 05/02/13 996,532
--------------
67,853,774
--------------
DIVERSIFIED MANUFACTURING 3.0%
2,288 Arnold Magnectic
Technologies Corp., Term 9.09 to 03/06/11 to
Loan...................... NR NR 11.50 03/06/12 2,276,299
8,650 Babcock & Wilcox Co., Term
Loan...................... Ba2 B+ 8.32 02/22/12 8,704,063
4,228 Chart Industries, Inc., 7.38 to
Term Loan................. Ba2 B+ 7.44 10/17/12 4,246,082
4,500 Euramax International,
Inc., Term Loan........... B1 B 12.36 06/29/13 4,432,559
6,484 MW Industries, Inc., Term
Loan...................... NR NR 8.37 11/01/13 6,516,169
14,025 Mueller Group, Inc., Term 7.36 to
Loan...................... B1 BB- 7.37 10/03/12 14,133,157
7.63 to 06/30/12 to
6,731 X-Rite, Inc., Term Loan... Ba3 B+ 10.37 06/30/13 6,746,250
--------------
47,054,579
--------------
DURABLE CONSUMER PRODUCTS 0.3%
4,115 Brown Jordan
International, Inc., Term 9.38 to
Loan...................... NR NR 11.25 04/30/12 4,140,404
--------------
ECOLOGICAL 4.7%
18,186 Allied Waste North
America, Inc., Term Loan 7.12 to
(b)....................... Ba3 BB 7.21 01/15/12 18,281,878
2,500 Casella Waste Systems,
Inc., Term Loan........... NR NR 7.37 04/28/10 2,506,250
15,416 Energy Solutions, LLC, 7.57 to 06/07/11 to
Term Loan................. B2 BB 7.63 06/07/13 15,556,163
7,657 Environmental Systems
Products Holdings, Term 8.82 to 12/12/08 to
Loan...................... B3 NR 15.37 12/12/10 7,694,844
3,861 LVI Services, Inc., Term
Loan...................... NR NR 10.36 11/16/11 3,629,340
6,400 Synagro Technologies,
Inc., Term Loan........... NR B+ 7.63 06/21/12 6,412,000
3,000 WasteQuip, Inc.,
Term Loan................. B1 NR 12.50 07/15/12 3,030,000
See Notes to Financial Statements 17
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
ECOLOGICAL (CONTINUED)
$ 467 Waste Services, Inc.,
Revolving
Credit Agreement.......... Ba3 B 10.75% 04/29/09 $ 459,667
15,034 Waste Services, Inc., Term
Loan...................... Ba3 B 8.08 03/31/11 15,090,214
--------------
72,660,356
--------------
EDUCATION & CHILD CARE 1.0%
4,027 Educate Operating Co.,
LLC, Term Loan............ Ba3 NR 9.36 03/31/12 3,966,518
11,402 Education Management
Corp., Term Loan.......... B2 B 7.88 06/01/13 11,518,774
--------------
15,485,292
--------------
ELECTRONICS 7.4%
7,428 AMI Semiconductor, Inc.,
Term Loan................. Ba3 BB- 6.82 04/01/12 7,423,301
5,318 Amkor Technology, Inc.,
Term Loan................. B1 B- 9.87 10/27/10 5,513,184
3,673 Audio Visual Services
Corp., Term Loan.......... Ba3 NR 7.82 05/18/11 3,686,543
4,178 Automata, Inc., Term Loan 7.25 to 02/28/03 to
(a) (c) (g)............... NR NR 10.75 02/28/04 0
488 Blackboard, Inc., Term
Loan...................... Ba3 B+ 7.57 02/28/12 491,660
15,918 Dealer Computer Services, 7.85 to 10/26/12 to
Inc., Term Loan........... Ba2 BB- 10.85 10/26/13 16,101,034
1,500 Deutsche Connector Group, 7.83 to 06/22/14 to
Term Loan................. NR NR 8.08 06/22/15 1,518,047
2,914 DoubleClick, Inc., Term 9.38 to
Loan...................... Ba3 B 9.48 07/13/12 2,917,665
808 Eastman Kodak Co., Term
Loan...................... Ba3 B+ 7.57 10/18/12 811,107
2,978 Epicor Software Corp., 7.81 to
Term Loan................. Ba3 B+ 9.15 03/30/12 2,990,526
2,000 GXS Worldwide, Inc., Term 10.36 to
Loan...................... Ba3 B+ 10.38 07/29/11 2,030,000
4,988 Infor Enterprise Solutions
Holdings, Inc., Term
Loan...................... B1 B 9.12 07/28/12 5,035,202
3,786 ON Semiconductor Corp.,
Term Loan................. B3 B+ 7.61 12/15/11 3,796,841
5,137 Open Text Corp.,
Term Loan................. Ba3 BB- 7.86 10/02/13 5,169,232
15,712 Spectrum Brands, Inc., 8.57 to
Term Loan................. B1 B- 8.63 02/06/12 15,788,844
18 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
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PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
ELECTRONICS (CONTINUED)
$ 597 Stratus Technologies, 8.36 to
Inc., Term Loan........... B1 B- 8.37% 03/29/11 $ 596,254
16 Sungard Data Systems,
Inc., Revolving Credit
Agreement................. Ba3 B+ 9.75 08/11/11 15,768
30,851 Sungard Data Systems,
Inc., Term Loan........... Ba3 B+ 7.88 02/11/13 31,174,479
7.07 to
8,666 UGS Corp., Term Loan...... Ba2 B+ 7.11 03/31/12 8,687,933
--------------
113,747,620
--------------
ENTERTAINMENT & LEISURE 11.2%
2,947 Alliance Atlantis
Communications, Inc., Term
Loan...................... Ba1 BB 6.86 12/20/11 2,949,342
2,970 AMC Entertainment, Inc.,
Term Loan................. Ba1 B+ 7.45 01/26/13 3,000,707
7,568 Bombardier Capital, Inc., 7.86 to
Term Loan................. B1 B+ 9.75 06/28/13 7,618,813
19,058 Cedar Fair, LP, Term Loan 7.82 to
(b)....................... Ba3 BB- 9.75 08/30/12 19,255,628
5,486 Cinemark USA, Inc., Term
Loan...................... Ba2 B 7.38 10/05/13 5,547,114
10,578 Fender Musical Instruments 8.08 to 03/30/12 to
Corp., Term Loan.......... Caa1 B- 11.33 09/30/12 10,676,565
1,154 Metro-Goldwyn-Mayer
Studios, Inc., Revolving
Credit Agreement.......... NR NR 8.61 04/08/10 1,105,769
48,997 Metro-Goldwyn-Mayer
Studios, Inc., Term
Loan (b).................. NR NR 8.61 04/08/12 49,159,780
4,957 Mets, LP, Term Loan....... NR NR 7.44 07/25/10 4,969,536
422 Movie Gallery, Inc., Term
Loan (h).................. B3 CCC+ 10.37 04/27/10 418,800
5,157 Panavision, Inc., 8.36 to
Term Loan................. Ba3 B 8.37 03/30/11 5,202,143
8,820 Pure Fishing, Inc., Term 8.61 to 09/30/10 to
Loan...................... Ba3 B 11.38 03/31/11 8,786,188
22,996 Regal Cinemas, Inc., Term
Loan...................... Ba2 BB- 7.11 11/10/10 23,058,018
1,284 Six Flags Theme Parks,
Inc., Revolving Credit 8.57 to
Agreement................. Ba3 B- 8.62 06/30/08 1,278,016
6,532 Six Flags Theme Parks, 8.61 to
Inc., Term Loan........... Ba3 B- 8.62 06/30/09 6,614,037
See Notes to Financial Statements 19
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
ENTERTAINMENT & LEISURE (CONTINUED)
$ 6,000 Southwest Sports Group,
LLC, Term Loan............ NR NR 7.88% 12/22/10 $ 6,001,878
4,080 Tigers Ballpark, LLC, Term
Loan...................... NR NR 7.13 08/15/10 4,080,000
8,228 True Temper Sports, Inc., 7.85 to
Term Loan................. Ba3 B 8.00 03/15/11 8,238,309
5,553 Universal City Development 7.36 to
Partners, LP, Term Loan... Ba1 BB- 7.38 06/09/11 5,580,491
--------------
173,541,134
--------------
FARMING & AGRICULTURE 0.9%
7.10 to
1,650 Mosaic Co., Term Loan..... Ba1 BB 7.13 11/25/13 1,665,812
971 Nutro Products, Inc., Term
Loan...................... Ba3 B 7.36 04/26/13 977,901
10,425 Wm. Bolthouse Farms, Inc., 7.63 to 12/16/12 to
Term Loan................. B1 B- 10.86 12/16/13 10,496,684
--------------
13,140,397
--------------
FINANCE 3.9%
3,121 DCS Business Services, 9.57 to 02/04/11 to
Inc., Term Loan........... NR NR 11.32 08/04/11 3,113,211
7,700 Grosvenor Capital
Management Holdings, LLP,
Term Loan................. NR NR 7.63 12/05/13 7,743,313
6,316 iPayment, Inc., 7.32 to
Term Loan................. B1 B 7.36 05/10/13 6,304,248
9,943 LPL Holdings, Inc., Term
Loan...................... B2 B 8.11 06/28/13 10,065,230
2,475 Munder Capital Management,
Term Loan................. Ba2 BB+ 7.36 12/29/12 2,487,375
8,575 Outsourcing Solutions,
Inc., Term Loan........... NR NR 10.82 09/30/10 8,446,859
10,100 Oxford Acquisition III,
Ltd., Term Loan........... Ba2 BB+ 7.75 10/20/14 10,196,263
4,800 Riskmetrics Group
Holdings, LLC, Term 7.57 to 01/11/14 to
Loan...................... Ba3 B+ 10.82 07/11/14 4,849,906
6,733 Transfirst Holdings, Inc., 7.87 to 08/15/12 to
Term Loan................. B1 B+ 11.62 08/15/13 6,788,597
--------------
59,995,002
--------------
FOOD PRODUCTS 0.1%
1,500 Interstate Brands Corp., 07/19/01 to
Term Loan (a) (c)......... NR NR 7.50 07/19/07 1,473,750
--------------
GROCERY 0.8%
11,887 Roundy's Supermarkets, 8.11 to
Inc., Term Loan........... Ba3 B+ 8.13 11/03/11 12,009,290
--------------
20 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
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PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
HEALTH & BEAUTY 2.6%
$ 7,683 American Safety Razor Co., 7.86 to 07/31/13 to
Term Loan................. B1 B 11.72% 01/30/14 $ 7,782,119
7,928 Bare Escentuals Beauty,
Inc., Term Loan........... B2 B 7.82 02/18/12 7,977,153
4,292 CEI Holdings, Inc., Term 8.83 to 12/03/10 to
Loan...................... NR NR 13.13 12/03/11 4,292,062
6,568 Marietta Intermediate
Holdings Corp., 12.00 to 12/17/10 to
Term Loan................. NR NR 16.50 12/17/11 5,717,674
14,929 Prestige Brands Holdings,
Inc., Term Loan........... Ba3 B+ 7.71 04/06/11 15,056,338
--------------
40,825,346
--------------
HEALTHCARE 13.7%
9,586 American Medical Systems, 7.63 to
Inc., Term Loan........... Ba3 BB- 7.81 07/20/12 9,597,941
1,191 Ameripath, Inc.,
Term Loan................. Ba2 BB- 7.36 10/31/12 1,192,935
14,252 Capella Healthcare, Inc., 8.36 to 11/30/12 to
Term Loan................. Caa2 B 11.36 11/30/13 14,350,765
28,277 Community Health Systems, 7.11 to 08/19/11 to
Inc., Term Loan........... Ba3 BB- 7.12 02/29/12 28,360,948
5,768 Concentra Operating Corp., 7.36 to
Term Loan................. Ba2 B+ 7.40 09/30/11 5,791,776
5,428 CRC Health Corp., Term 7.61 to
Loan...................... Ba3 B 7.86 02/06/13 5,491,188
983 Diagnostic Imaging Group,
LLC, Term Loan............ B1 B 8.94 05/04/12 982,500
6,922 DSI Renal, Inc.,
Term Loan................. NR NR 7.63 03/31/13 6,948,066
1,093 Emdeon Business Services,
LLC, Term Loan............ B1 B+ 7.87 11/16/13 1,099,317
2,650 FHC Health Systems, Inc., 12.12 to
Term Loan................. Ba3 B 14.12 12/18/09 2,729,661
1,080 Genoa Healthcare Group, 8.35 to
LLC, Term Loan............ Ba3 B 10.25 08/10/12 1,082,414
596 Golden Gate National
Senior Care, LLC, Term
Loan...................... Ba3 B+ 8.11 03/14/11 599,842
2,616 Harlan Sprague Dawley, 7.87 to
Inc., Term Loan........... B1 B+ 9.75 12/19/11 2,631,973
7.86 to 11/17/12 to
51,700 HCA, Inc., Term Loan...... Ba3 BB 8.11 11/17/13 52,203,188
4,086 HealthCare Partners, LLC,
Term Loan................. Ba2 BB 7.10 10/31/13 4,102,315
See Notes to Financial Statements 21
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
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PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
HEALTHCARE (CONTINUED)
$42,800 Lifepoint Hospitals, Inc.,
Term Loan................. Ba3 BB- 6.95% 04/15/12 $ 42,770,653
875 Matria Healthcare, Inc., 7.36 to
Term Loan................. Ba3 B+ 7.37 01/19/12 879,694
27,564 Multiplan, Inc., Term
Loan...................... B1 B+ 7.82 04/12/13 27,654,498
3,017 Sterigenics International,
Inc., Term Loan........... B2 B+ 7.86 11/21/13 3,027,811
595 US Oncology Holdings,
Inc., Term Loan........... Ba3 B+ 7.63 08/20/11 598,801
--------------
212,096,286
--------------
HOME & OFFICE FURNISHINGS, HOUSEWARES & DURABLE
CONSUMER PRODUCTS 1.7%
2,978 Formica Corp.,
Term Loan................. B1 B 8.36 03/15/13 2,977,500
5,311 Hunter Fan Co.,
Term Loan................. Ba3 B 7.90 03/24/12 5,230,843
11,100 National Bedding Co., LLC,
Term Loan................. B3 B+ 10.36 08/31/12 11,252,625
6,980 Quality Home Brands
Holdings, LLC, 8.14 to 12/20/12 to
Term Loan................. Caa1 CCC+ 11.94 06/20/13 7,013,307
--------------
26,474,275
--------------
HOTELS, MOTELS, INNS & GAMING 4.2%
1,409 Alliance Gaming Corp.,
Term Loan................. NR B- 8.61 09/04/09 1,414,254
9,377 Greektown Casino, LLC,
Term Loan................. Ba3 B 7.89 12/03/12 9,458,544
4,863 Green Valley Ranch Gaming,
LLC, Term Loan............ NR NR 7.36 12/17/11 4,868,570
1,650 Greenwood Racing, Inc.,
Term Loan................. B2 B+ 7.60 11/28/11 1,664,438
6,233 Herbst Gaming, Inc., Term 7.24 to
Loan...................... Ba3 B+ 7.25 12/02/11 6,284,758
1,740 Interstate Operating Co.,
LP, Term Loan............. NR B 9.88 01/14/08 1,753,393
7,729 Kuilima Resort Co., Term
Loan...................... NR NR 11.82 09/30/11 7,526,402
6.37 to
7,500 MGM Mirage, Term Loan..... Ba2 BB 6.43 10/03/11 7,410,938
600 Pinnacle Entertainment,
Term Loan................. B1 BB- 7.32 12/14/11 604,350
1,737 Scientific Games Corp.,
Term Loan................. Ba1 BB 6.57 12/23/09 1,734,704
22 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
HOTELS, MOTELS, INNS & GAMING (CONTINUED)
$ 2,890 Venetian Casino Resorts,
LLC, Revolving Credit
Agreement................. NR BB- 7.12% 02/22/10 $ 2,872,255
5,700 Venetian Macau, Ltd., Term
Loan...................... B1 BB- 8.12 05/26/13 5,771,250
7,675 Wembley, Inc., Term 7.83 to 08/23/11 to
Loan...................... Ba3 B+ 9.70 07/18/12 7,782,035
5,000 Yonkers Racing Corp., Term
Loan...................... NR NR 8.88 08/12/11 5,062,500
--------------
64,208,391
--------------
INSURANCE 3.0%
4,119 American Wholesale
Insurance Group, Inc., 8.32 to 10/27/11 to
Term Loan................. NR B 12.82 04/27/12 4,128,849
4,988 Applied Systems Inc., Term 8.11 to
Loan...................... NR NR 8.18 09/26/13 5,017,116
11,426 ARG Holdings, LLC, Term 8.38 to 11/30/11 to
Loan...................... B2 NR 12.69 11/30/12 11,511,254
2,985 Audatex North America,
Inc., Term Loan........... Ba3 B+ 7.61 04/13/13 3,011,119
3,804 CCC Information Services
Group, Inc., Term Loan.... NR NR 7.87 02/10/13 3,823,467
7,500 Concord Re, Ltd., Term
Loan...................... Ba2 BB+ 9.61 02/29/12 7,612,500
1,567 Mitchell International,
Inc., Term Loan........... B1 B+ 7.37 08/15/11 1,574,921
2,993 USI Holdings Corp., Term
Loan...................... B1 NR 7.61 08/11/08 2,996,241
7,124 Vertafore, Inc., 7.87 to 01/31/12 to
Term Loan................. NR NR 11.46 01/31/13 7,213,527
--------------
46,888,994
--------------
MACHINERY 1.6%
9,059 Alliance Laundry Holdings, 7.57 to
LLC, Term Loan............ Ba3 B 7.60 01/27/12 9,138,729
3,650 Douglas Dynamics, LLC,
Term Loan................. Ba2 BB- 7.11 12/16/10 3,641,205
913 FR X Ohmstede Acquisitions
Co.,
Term Loan................. B2 B- 8.44 08/09/13 926,739
1,647 Gleason Corp.,
Term Loan................. NR NR 7.88 06/30/13 1,660,657
4,315 Goodman Global Holdings,
Inc., Term Loan........... Ba2 B+ 7.13 12/23/11 4,322,300
See Notes to Financial Statements 23
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
MACHINERY (CONTINUED)
$ 3,996 Stolle Machinery Co., LLC, 7.86 to 09/29/12 to
Term Loan................. Caa1 B 11.36% 09/29/13 $ 4,037,628
1,101 United Rentals (North
America), Inc., Term
Loan...................... Ba1 BB- 7.32 02/14/11 1,113,496
--------------
24,840,754
--------------
MEDICAL PRODUCTS & SERVICES 2.2%
2,376 Accellent, Inc.,
Term Loan................. B1 BB- 7.37 11/22/12 2,378,970
8,170 AGA Medical Corp., Term 7.35 to
Loan...................... B1 B+ 7.37 04/28/13 8,175,164
4,196 Conmed Corp., 7.32 to
Term Loan................. Ba2 BB- 9.25 04/12/13 4,198,409
12,959 DaVita, Inc., Term 7.32 to
Loan (b).................. Ba2 BB- 7.69 10/05/12 13,072,745
3,958 Fresenius Medical Care
Holding, Inc., Term 6.74 to
Loan...................... NR BB+ 6.75 03/31/13 3,951,654
2,590 VWR International, Inc.,
Term Loan................. Ba2 B+ 7.61 04/07/11 2,598,433
--------------
34,375,375
--------------
MINING, STEEL, IRON & NON-PRECIOUS METALS 1.1%
5,457 John Maneely Co., Term 8.57 to
Loan...................... B3 B+ 8.62 12/08/13 5,472,206
4,688 New Enterprise Stone &
Lime Co., Inc., 7.62 to
Term Loan................. NR NR 9.25 07/30/10 4,711,405
6,581 Novelis, Inc., Term
Loan...................... Ba2 BB- 7.62 01/07/12 6,609,697
--------------
16,793,308
--------------
NATURAL RESOURCES 2.3%
319 Boston Generating, LLC,
Revolving
Credit Agreement.......... B1 B+ 7.62 12/20/13 321,707
9,381 Boston Generating, LLC, 5.24 to
Term Loan................. B1 B+ 7.60 12/20/13 9,472,266
4,200 CDX Funding, LLC, Term
Loan...................... NR NR 10.61 03/31/13 4,222,315
5,318 El Paso Corp., Term
Loan...................... Ba3 B+ 7.32 08/01/11 5,348,958
2,500 Exco Partners Operating, 11.38 to
LP, Term Loan............. NR NR 11.44 10/02/11 2,532,032
1,100 Hudson Products Holdings, 8.11 to
Inc., Term Loan........... B1 B 8.12 12/05/13 1,109,625
2,376 Key Energy Services Group, 7.82 to
Inc., Term Loan........... NR NR 7.86 06/30/12 2,390,850
2,518 SemCrude, LP, 7.57 to
Term Loan................. Ba2 NR 7.60 03/16/11 2,541,147
24 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
NATURAL RESOURCES (CONTINUED)
$ 1,566 Targa Resources, Inc., 7.61 to
Term Loan................. B1 B+ 7.62% 10/31/12 $ 1,577,515
5,500 Willbros USA, Inc., Term
Loan...................... NR NR 10.25 10/27/09 5,520,625
--------------
35,037,040
--------------
NON-DURABLE CONSUMER PRODUCTS 2.3%
13,163 Aearo Technologies, Inc., 7.86 to 03/24/13 to
Term Loan................. Caa1 CCC+ 11.86 09/24/13 13,329,613
4,173 Amscan Holdings, Inc., 8.38 to
Term Loan................. Ba3 B+ 8.39 12/23/12 4,227,399
2,750 Chattem, Inc., Term 7.11 to
Loan...................... Ba3 BB- 9.00 01/02/13 2,767,188
5,485 Easton-Bell Sports, Inc., 7.07 to
Term Loan................. Ba3 B+ 7.10 03/16/12 5,498,790
2,611 JohnsonDiversey, Inc.,
Term Loan................. Ba2 B+ 7.87 12/16/11 2,639,152
1,773 Mega Bloks, Inc. (Canada), 7.13 to
Term Loan................. Ba2 BB- 7.19 07/26/12 1,775,216
2,200 Targus Group
International, Inc., Term
Loan...................... B3 CCC+ 13.87 05/22/13 2,071,667
2,978 UCG Paper Crafts, Inc.,
Term Loan................. NR NR 8.57 02/17/13 2,984,944
--------------
35,293,969
--------------
PAPER & FOREST PRODUCTS 3.5%
35,628 Georgia-Pacific Corp., 7.35 to
Term Loan................. Ba2 BB- 7.36 12/20/12 35,983,775
697 NewPage Corp.,
Term Loan................. Ba2 B+ 7.63 05/02/11 705,771
2,613 Tidi Products, LLC, Term 8.60 to
Loan...................... NR NR 11.75 12/31/11 2,599,438
9,173 White Birch Paper Co. 8.62 to 04/06/12 to
(Canada), Term Loan....... Ba3 B+ 12.87 04/08/13 9,332,912
5,430 Xerium Technologies, Inc.,
Term Loan................. B1 B+ 7.86 05/18/12 5,426,839
--------------
54,048,735
--------------
PERSONAL & MISCELLANEOUS SERVICES 3.3%
11,852 Affinion Group, Inc., Term 7.82 to
Loan...................... Ba2 B+ 7.87 10/17/12 11,976,896
10,159 Coinmach Laundry Corp.,
Term Loan................. B2 B 7.88 12/19/12 10,258,846
15,107 Hertz Corp., Term 7.32 to
Loan (b).................. Ba1 BB 7.37 12/21/12 15,230,852
6,994 Iron Mountain, Inc., Term 7.09 to
Loan...................... Ba2 BB- 7.13 04/02/11 7,017,027
See Notes to Financial Statements 25
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
PERSONAL & MISCELLANEOUS SERVICES (CONTINUED)
$ 1,772 Omniflight Helicopters, 9.07 to 09/30/11 to
Inc., Term Loan........... NR NR 11.25% 09/30/12 $ 1,776,206
400 Service Corp.
International, Term
Loan...................... B1 BB- 7.32 11/28/09 403,500
3,859 Stewart Enterprises, Inc., 7.11 to
Term Loan................. Ba2 BB 7.22 11/19/11 3,873,819
--------------
50,537,146
--------------
PHARMACEUTICALS 1.4%
3,105 Bradley Pharmaceuticals,
Inc., Term Loan........... NR NR 9.32 11/14/10 3,120,525
18,952 Warner Chilcott Holdings 7.36 to
Co., Term Loan (b)........ B1 B+ 7.37 01/18/12 19,061,222
--------------
22,181,747
--------------
PRINTING & PUBLISHING 12.7%
6,750 ALM Media Holdings, Inc.,
Term Loan................. B1 B- 7.86 03/05/10 6,768,929
4,950 American Media Operations,
Inc., Term Loan........... B1 B- 8.37 01/31/13 4,985,061
3,459 American Reprographics 7.07 to
Co., Term Loan............ Ba2 BB 7.12 06/18/09 3,462,606
1,601 Ascend Media Holdings, 8.86 to
LLC, Term Loan............ NR NR 8.87 01/31/12 1,559,021
1,995 Black Press Group, Ltd.,
Term Loan................. Ba3 B+ 7.37 08/02/13 2,009,962
6,638 Canon Communications, LLC,
Term Loan................. B2 B 8.32 05/31/11 6,671,528
1,869 Caribe Information
Investment, Inc., 7.61 to
Term Loan................. B1 B 7.63 03/31/13 1,875,873
10,850 Cygnus Business Media,
Inc., Term Loan........... B2 CCC+ 9.85 07/13/09 10,823,124
13,679 Day International Group, 7.86 to 12/05/12 to
Inc., Term Loan........... Ba3 B 12.61 12/05/13 13,861,748
17,295 Dex Media West, LLC, Term 6.82 to
Loan...................... Ba1 BB 6.88 03/09/10 17,313,940
11,866 Endurance Business Media, 8.07 to 07/26/13 to
Inc., Term Loan........... B1 CCC+ 12.57 01/26/14 11,946,364
2,312 FSC Acquisition, LLC, Term 7.61 to
Loan...................... B1 B 7.62 08/01/12 2,315,761
6,363 Gatehouse Media, Inc.,
Term Loan................. B1 B+ 7.57 12/06/13 6,385,696
10,135 Haights Cross
Communications, LLC, Term 8.88 to
Loan...................... B3 B- 9.88 08/20/08 10,184,449
5,500 Idearc, Inc., Term Loan... Ba2 BB+ 7.33 11/17/14 5,547,608
26 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
PRINTING & PUBLISHING (CONTINUED)
$ 3,664 MC Communications, LLC,
Term Loan................. NR NR 7.97% 12/31/10 $ 3,677,465
5,061 MediaNews Group, Inc., 6.57 to 12/30/10 to
Term Loan................. Ba2 BB- 7.07 08/02/13 5,051,914
2,743 MediMedia USA, Inc., Term 7.77 to
Loan...................... Ba3 B+ 7.86 10/05/13 2,758,555
13,508 Merrill Communications, 7.57 to 05/15/11 to
LLC, Term Loan............ B1 B+ 11.82 11/15/13 13,555,225
2,822 Network Communications, 7.85 to
Inc., Term Loan........... Ba1 B+ 7.96 11/30/12 2,835,608
12,660 New Publications, Inc., 7.63 to
Term Loan................. NR NR 11.61 02/05/13 12,726,252
10,098 Primedia, Inc., Term
Loan...................... NR NR 7.57 09/30/13 10,083,277
18,962 R.H. Donnelley, Inc., Term 6.61 to 12/31/09 to
Loan (b).................. Ba1 BB 6.87 06/30/11 18,953,303
3,278 SGS International, Inc., 7.85 to
Term Loan................. Ba2 B+ 7.88 12/30/11 3,294,029
2,655 Source Media, Inc., Term
Loan...................... B1 NR 7.61 11/08/11 2,672,651
3,833 Thomas Nelson Publishers, 7.57 to
Term Loan................. NR NR 7.61 06/12/12 3,843,077
11,469 Yell Group, PLC, Term Loan 7.07 to 04/30/11 to
(b)....................... NR NR 7.32 02/10/13 11,550,030
--------------
196,713,056
--------------
RESTAURANTS & FOOD SERVICE 2.4%
7.57 to
7,456 Arby's, LLC, Term Loan.... Ba3 B+ 7.61 07/25/12 7,533,351
3,885 Carrols Corp., Term
Loan...................... Ba3 BB- 7.88 12/31/10 3,904,073
2,089 Denny's Corp., Term 7.57 to
Loan...................... Ba2 B+ 7.63 03/31/12 2,117,700
6,424 Landry's Restaurants,
Inc., Term Loan........... Ba1 BB 7.12 12/28/10 6,432,960
14,134 NPC International, Inc., 7.07 to
Term Loan................. Ba3 B+ 11.86 05/03/13 14,202,189
2,484 Sagittarius Restaurants,
LLC, Term Loan............ Ba3 B 7.62 03/29/13 2,495,381
--------------
36,685,654
--------------
RETAIL--OFFICE PRODUCTS 0.6%
9,535 Buhrmann US, Inc., Term 7.11 to 12/23/10 to
Loan...................... Ba3 BB- 7.12 12/31/10 9,570,875
--------------
RETAIL--OIL & GAS 0.2%
3,653 The Pantry, Inc.,
Term Loan................. Ba2 BB 7.07 01/02/12 3,669,032
--------------
See Notes to Financial Statements 27
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
RETAIL--SPECIALTY 1.6%
$15,410 Nebraska Book Co., Inc.,
Term Loan................. B2 B- 7.88% 03/04/11 $ 15,486,766
9,768 Visant Holding Corp., Term
Loan...................... Ba2 B+ 7.37 10/04/11 9,827,465
--------------
25,314,231
--------------
RETAIL--STORES 2.9%
5,985 Csk Auto, Inc.,
Term Loan................. Ba3 B+ 8.38 06/29/12 6,078,516
13,430 Michaels Stores, Inc.,
Term Loan................. B2 B- 8.13 10/31/13 13,554,391
16,785 Neiman Marcus Group, Inc.,
Term Loan (b)............. Ba3 B+ 7.60 04/06/13 16,980,857
1,194 Pep Boys--Manny, Moe &
Jack, Term Loan........... Ba2 B+ 8.12 10/27/13 1,209,671
3,836 Sally Holdings, Inc., Term
Loan...................... B2 B+ 7.87 11/16/13 3,873,416
2,993 Savers, Inc., Term Loan... B1 B 8.11 08/11/12 3,018,684
--------------
44,715,535
--------------
TELECOMMUNICATIONS--EQUIPMENT & SERVICES 0.4%
6,000 Level 3 Communications,
Inc., Term Loan........... B1 NR 8.37 12/01/11 6,080,628
--------------
TELECOMMUNICATIONS--LOCAL EXCHANGE CARRIERS 1.4%
600 Alaska Communications
Systems Group, Inc., Term
Loan...................... B1 B+ 7.11 02/01/12 602,000
2,200 CavTel Holdings, LLC, Term
Loan...................... B2 NR 10.12 12/31/12 2,224,750
9,800 Fairpoint Communications,
Inc., Term Loan........... B1 BB- 7.13 02/08/12 9,833,692
4,677 Hawaiian Telecom, Inc., 04/30/12 to
Term Loan................. Ba3 B 7.62 10/31/12 4,682,658
1,712 Orius Corp., LLC, Term 11.75 to 01/23/09 to
Loan (a) (c) (e).......... NR NR 12.25 01/23/10 356,033
1,000 Sorenson Communications,
Inc., Term Loan........... NR NR 12.37 02/16/14 1,013,333
3,000 Windstream Corp., Term
Loan (b).................. Ba1 BBB- 7.11 07/17/13 3,026,952
--------------
21,739,418
--------------
TELECOMMUNICATIONS--LONG DISTANCE 0.5%
7,478 Time Warner Telecom, Inc.,
Term Loan................. Ba2 B 7.57 01/07/13 7,544,798
--------------
28 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-WIRELESS 1.3%
$ 1,558 American Cellular Corp., 7.60 to
Term Loan................. Ba3 B+ 7.64% 08/07/13 $ 1,569,209
3,522 Cellular South, Inc., Term 7.10 to
Loan...................... NR NR 8.75 05/04/11 3,525,122
11,917 Centennial Cellular, Inc., 7.61 to
Term Loan................. Ba2 B 7.62 02/09/11 12,019,698
1,791 Cricket Communications,
Inc., Term Loan........... B1 B 8.11 06/16/13 1,815,626
1,646 MetroPCS Wireless, Inc.,
Term Loan................. B1 B 7.88 11/03/13 1,662,039
--------------
20,591,694
--------------
TEXTILES & LEATHER 1.9%
6,050 Gold Toe Investment Corp., 8.10 to 10/30/13 to
Term Loan................. B1 B 11.36 04/30/14 6,140,063
11,938 HanesBrands, Inc., Term 7.57 to
Loan (b).................. Ba2 BB- 9.11 09/05/13 12,206,229
7,203 Propex Fabrics, Inc., Term
Loan...................... Ba3 B 8.32 07/31/12 7,221,034
4,027 St. John Knits
International, Inc., Term
Loan...................... B1 B+ 8.38 03/21/12 4,047,357
--------------
29,614,683
--------------
TOBACCO 0.1%
1,212 Alliance One
International, Inc., Term 8.11 to
Loan...................... B1 B+ 8.12 05/13/08 1,220,789
--------------
TRANSPORTATION--CARGO 0.7%
4,010 Jacobson Acquisition Co., 8.59 to 04/07/09 to
Term Loan................. NR NR 9.11 04/07/11 4,019,536
2,113 Kenan Advantage Group,
Inc., Term Loan........... NR NR 8.36 12/16/11 2,129,184
1,808 Pacer International, Inc., 6.88 to
Term Loan................. Ba2 BB 6.94 06/10/10 1,803,656
2,881 Quality Distribution,
Inc., Term Loan........... Ba3 B- 8.32 11/13/09 2,887,994
--------------
10,840,370
--------------
TRANSPORTATION--PERSONAL 0.1%
934 Neoplan USA Corp.,
Revolving Credit Agreement
(a) (c) (d) (g)........... NR NR 8.54 06/30/06 873,056
500 US Airways Group, Inc.,
Term Loan................. B2 B 8.86 03/31/11 503,973
--------------
1,377,029
--------------
See Notes to Financial Statements 29
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
BANK LOAN
PRINCIPAL RATINGS+
AMOUNT -------------- STATED
(000) BORROWER MOODY'S S&P COUPON MATURITY* VALUE
-----------------------------------------------------------------------------------------------
TRANSPORTATION-RAIL MANUFACTURING 0.7%
$ 9,341 Helm Holding Corp., Term 7.87 to
Loan...................... NR NR 7.88% 07/08/11 $ 9,370,535
1,990 Standard Steel, LLC, Term
Loan...................... B2 B+ 7.87 06/30/12 2,007,412
--------------
11,377,947
--------------
UTILITIES 5.6%
1,200 Astoria Generating Co.,
LP, Term Loan............. B3 B 9.12 08/23/13 1,218,250
3,082 InfrastruX Group, Inc.,
Term Loan................. B2 B+ 8.57 11/03/12 3,101,539
5,940 Mirant North America, LLC,
Term Loan................. Ba3 BB- 7.07 01/03/13 5,958,972
30,590 NRG Energy, Inc., Term
Loan...................... Ba1 BB- 7.36 02/01/13 30,947,336
6,300 Primary Energy Operating,
LLC, Term Loan............ NR NR 8.12 08/24/09 6,319,688
2,750 Reliant Energy Resources 5.19 to
Corp., Term Loan.......... B2 B 7.70 12/01/10 2,777,500
27,500 Thermal North America, 8.08 to
Term Loan................. B1 BB- 8.12 10/24/08 27,740,625
260 TPF Generation Holdings,
LLC, Revolving Credit
Agreement................. Ba3 B+ 7.37 12/15/13 261,573
7,440 TPF Generation Holdings, 7.37 to 12/15/13 to
LLC, Term Loan............ Ba3 B+ 9.62 12/15/14 7,498,751
--------------
85,824,234
--------------
TOTAL VARIABLE RATE ** SENIOR LOAN INTERESTS 181.4%.......................... 2,803,452,227
--------------
30 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
DESCRIPTION VALUE
----------------------------------------------------------------------------------------------
NOTES 2.3%
Boise Cascade, LLC ($3,700,000 par, 8.24% coupon, maturing 10/15/12) (i)..... $ 3,737,000
Builders FirstSource, Inc. ($8,700,000 par, 9.62% coupon, maturing 02/15/12)
(i)........................................................................ 8,830,500
Compression Polymers Corp. ($2,700,000 par, 12.12% coupon, maturing 07/01/12)
(i)........................................................................ 2,808,000
Del Laboratories, Inc. ($5,400,000 par, 10.36% coupon, maturing 11/01/11)
(i)........................................................................ 5,629,500
Qwest Corp. ($3,500,000 par, 8.61% coupon, maturing 06/15/13) (i)............ 3,832,500
Rogers Wireless Communications, Inc. ($9,000,000 par, 8.49% coupon, maturing
12/15/10) (Canada) (i)..................................................... 9,202,500
Verso Paper Holding, LLC ($1,500,000 par, 9.11% coupon, maturing 08/01/14)
(i) (j).................................................................... 1,545,000
--------------
TOTAL NOTES.................................................................. 35,585,000
--------------
EQUITIES 0.3%
Aladdin Gaming Holdings, LLC (7.84% Ownership Interest, Acquired 09/03/04,
Cost $470,400) (f) (k)..................................................... 15,250
Environmental Systems Products Holdings, Inc. (3,275 common shares, Acquired
06/22/04, Cost $0) (f) (k)................................................. 67,727
Gentek, Inc. (1,600 common shares, Acquired 09/19/06, Cost $0) (f) (k)....... 59,504
Gentek, Inc. (Warrants for 2,501 common shares, Expiration date 10/31/10,
Acquired 09/19/06, Cost $0) (f) (k)........................................ 140,075
IDT Corp. (22,898 common shares) (k)......................................... 307,520
Neoplan USA Corp. (8,517 common shares, Acquired 09/04/03, Cost $85) (c) (d)
(f) (k).................................................................... 0
Neoplan USA Corp. (2,262 preferred shares, Acquired 09/04/03, Cost
$1,074,521) (c) (d) (f) (k)................................................ 0
Orius Corp. (315,080 common shares, Acquired 02/03/03, Cost $0) (c) (f)
(k)........................................................................ 0
Planet Hollywood International, Inc. (Warrants for 89,674 common shares,
Expiration date 03/21/07, Acquired 09/03/04 & 07/22/05, Cost $0) (f) (k)... 144,375
Railworks Corp. (Warrants for 865 common shares, Expiration date 06/14/11,
Acquired 02/10/03, Cost $0) (f) (k)........................................ 0
Rotech Medical Corp. (48,485 common shares, Acquired 06/12/02, Cost $193,940)
(f) (k).................................................................... 0
Safelite Glass Corp. (421,447 common shares, Acquired 10/20/00, Cost
$1,714,995) (f) (k)........................................................ 3,160,852
Safelite Realty (28,448 common shares, Acquired 10/26/00, Cost $0) (f) (k)... 0
--------------
TOTAL EQUITIES............................................................... 3,895,303
--------------
TOTAL LONG-TERM INVESTMENTS 184.0%
(Cost $2,842,818,958)...................................................... 2,842,932,530
--------------
SHORT-TERM INVESTMENTS 1.4%
REPURCHASE AGREEMENTS 0.4%
State Street Bank & Trust Co. ($5,800,000 par collateralized by U.S.
Government obligations in a pooled cash account, interest rate of 5.08%,
dated 01/31/07, to be sold on 02/01/07 at $5,800,818) (b).................. 5,800,000
See Notes to Financial Statements 31
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
DESCRIPTION VALUE
----------------------------------------------------------------------------------------------
TIME DEPOSIT 1.0%
State Street Bank & Trust Corp. ($16,027,474 par, 4.05% coupon, dated
01/31/07, to be sold on 02/01/07 at $16,029,277) (b)....................... $ 16,027,474
--------------
TOTAL SHORT-TERM INVESTMENTS 1.4%
(Cost $21,827,474)......................................................... 21,827,474
--------------
TOTAL INVESTMENTS 185.4%
(Cost $2,864,646,432)...................................................... 2,864,760,004
BORROWINGS (35.8%).......................................................... (553,000,000)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (45.3%).................. (700,371,980)
LIABILITIES IN EXCESS OF OTHER ASSETS (4.3%)................................ (66,434,923)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................... $1,544,953,101
==============
NR--Not rated
+ Bank Loans rated below Baa by Moody's Investor Service, Inc. or BBB by
Standard & Poor's Group are considered to be below investment grade. Bank
loan ratings are unaudited.
Industry percentages are calculated as a percentage of net assets applicable
to common shares.
(a) This Senior Loan interest is non-income producing.
(b) A portion of this security is designated in connection with unfunded
commitments.
(c) This borrower has filed for protection in federal bankruptcy court.
(d) Affiliated company. See notes to Financial Statements.
(e) This borrower is currently in liquidation.
(f) Restricted security. Securities were acquired through the restructuring of
senior loans. These securities are restricted as they are not allowed to be
deposited via the Depository Trust Company. If at a later point in time, the
company wishes to register, the issuer will bear the costs associated with
registration. The aggregate value of restricted securities represents 0.2%
of the net assets applicable to common shares of the Trust.
(g) The borrower is in the process of restructuring or amending the terms of
this loan.
(h) Payment-in-kind security.
(i) Variable rate security. Interest rate shown is that in effect at January 31,
2007.
(j) 144A-Private Placement security which is exempt from registration under Rule
144A of the Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(k) Non-income producing security as this stock or warrant currently does not
declare dividends.
32 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
PORTFOLIO OF INVESTMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
* Senior Loans in the Trust's portfolio generally are subject to mandatory
and/or optional prepayment. Because of these mandatory prepayment conditions
and because there may be significant economic incentives for a Borrower to
prepay, prepayments of Senior Loans in the Trust's portfolio may occur. As a
result, the actual remaining maturity of Senior Loans held in the Trust's
portfolio may be substantially less than the stated maturities shown.
Although the Trust is unable to accurately estimate the actual remaining
maturity of individual Senior Loans, the Trust estimates that the actual
average maturity of the Senior Loans held in its portfolio will be
approximately 18-24 months.
** Senior Loans in which the Trust invests generally pay interest at rates
which are periodically redetermined by reference to a base lending rate plus
a premium. These base lending rates are generally (i) the lending rate
offered by one or more major European banks, such as the London Inter-Bank
Offered Rate ("LIBOR"), (ii) the prime rate offered by one or more major
United States banks and (iii) the certificate of deposit rate. Senior Loans
are generally considered to be restricted in that the Trust ordinarily is
contractually obligated to receive approval from the Agent Bank and/or
Borrower prior to the disposition of a Senior Loan.
SWAP AGREEMENTS OUTSTANDING AS OF JANUARY 31, 2007:
CREDIT DEFAULT SWAPS
PAY/
RECEIVE NOTIONAL UNREALIZED
BUY/SELL FIXED EXPIRATION AMOUNT APPRECIATION/
COUNTERPARTY REFERENCE ENTITY PROTECTION RATE DATE (000) DEPRECIATION
Goldman Sachs Credit Standard Pacific
Partners, L.P. ........ Corporation Sell 3.40% 03/20/14 $2,500 $129,408
See Notes to Financial Statements 33
VAN KAMPEN SENIOR INCOME TRUST
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
January 31, 2007 (Unaudited)
ASSETS:
Unaffiliated Investments (Cost $2,862,638,076).............. $2,863,886,948
Affiliated Investments (Cost $2,008,356).................... 873,056
--------------
Total Investments (Cost $2,864,646,432)................. 2,864,760,004
Receivables:
Interest and Fees......................................... 20,863,481
Investments Sold.......................................... 18,218,185
Swap Contracts............................................ 129,408
Other....................................................... 247,200
--------------
Total Assets............................................ 2,904,218,278
--------------
LIABILITIES:
Payables:
Borrowings................................................ 553,000,000
Investments Purchased..................................... 98,093,504
Investment Advisory Fee................................... 2,016,303
Administrative Fee........................................ 474,424
Income Distributions--Common Shares....................... 213,254
Distributor and Other Affiliates.......................... 21,810
Accrued Interest Expense.................................... 2,539,889
Unfunded Commitments........................................ 1,406,231
Trustees' Deferred Compensation and Retirement Plans........ 608,148
Accrued Expenses............................................ 519,634
--------------
Total Liabilities....................................... 658,893,197
Preferred Shares (including accrued distributions).......... 700,371,980
--------------
Net Assets Applicable to Common Shares...................... $1,544,953,101
==============
NET ASSET VALUE PER COMMON SHARE ($1,544,953,101 divided by
180,010,000 shares outstanding)........................... $ 8.58
==============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
shares authorized, 180,010,000 shares issued and
outstanding).............................................. $ 1,800,100
Paid in Surplus............................................. 1,788,748,292
Accumulated Undistributed Net Investment Income............. 1,174,129
Net Unrealized Depreciation................................. (1,163,251)
Accumulated Net Realized Loss............................... (245,606,169)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $1,544,953,101
==============
PREFERRED SHARES ($.01 par value, authorized 28,000 shares,
28,000 issued with liquidation preference of $25,000 per
share).................................................... $ 700,000,000
==============
NET ASSETS INCLUDING PREFERRED SHARES....................... $2,244,953,101
==============
34 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended January 31, 2007 (Unaudited)
INVESTMENT INCOME:
Interest from Unaffiliated Securities....................... $115,949,895
Dividends................................................... 23,898
Other....................................................... 2,423,930
------------
Total Income............................................ 118,397,723
------------
EXPENSES:
Investment Advisory Fee..................................... 11,987,576
Administration Fee.......................................... 2,820,606
Credit Line................................................. 1,196,155
Preferred Share Maintenance................................. 919,235
Professional Fees........................................... 463,686
Custody..................................................... 294,726
Accounting & Administrative Expenses........................ 116,403
Reports to Shareholders..................................... 114,060
Trustees' Fees and Related Expenses......................... 103,186
Transfer Agent.............................................. 13,945
Other....................................................... 118,746
------------
Total Operating Expense................................. 18,148,324
Interest Expense........................................ 15,180,246
------------
Total Expenses.......................................... 33,328,570
------------
NET INVESTMENT INCOME....................................... $ 85,069,153
============
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Unaffiliated Securities..................................... $ (8,093,699)
Swap Contracts.............................................. 37,071
------------
Net Realized Loss........................................... (8,056,628)
------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... (14,952,844)
------------
End of the Period:
Investments............................................. 113,572
Swap Contracts.......................................... 129,408
Unfunded Commitments.................................... (1,406,231)
------------
(1,163,251)
------------
Net Unrealized Appreciation During the Period............... 13,789,593
------------
NET REALIZED AND UNREALIZED GAIN............................ $ 5,732,965
============
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(18,238,180)
============
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 72,563,938
============
See Notes to Financial Statements 35
VAN KAMPEN SENIOR INCOME TRUST
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2007 JULY 31, 2006
----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income.................................. $ 85,069.153 $ 142,783,720
Net Realized Loss...................................... (8,056,628) (9,497,741)
Net Unrealized Appreciation/Depreciation During the
Period............................................... 13,789,593 (9,802,349)
Distributions to Preferred Shareholders:
Net Investment Income................................ (18,238,180) (30,129,890)
-------------- --------------
Change in Net Assets Applicable to Common Shares from
Operations........................................... 72,563,938 93,353,740
Distributions to Common Shareholders:
Net Investment Income................................ (70,491,917) (111,174,162)
-------------- --------------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO
COMMON SHARES........................................ 2,072,021 (17,820,422)
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period................................ 1,542,881,080 1,560,701,502
-------------- --------------
End of the Period (Including accumulated undistributed
net investment income of $1,174,129 and $4,835,073,
respectively)........................................ $1,544,953,101 $1,542,881,080
============== ==============
36 See Notes to Financial Statements
VAN KAMPEN SENIOR INCOME TRUST
FINANCIAL STATEMENTS continued
Statement of Cash Flows
For the Six Months Ended January 31, 2007 (Unaudited)
CHANGE IN NET ASSETS FROM OPERATIONS (INCLUDING PREFERRED
SHARE DISTRIBUTIONS)...................................... $ 72,563,938
------------
Adjustments to Reconcile the Change in Net Assets from
Operations to Net Cash provided by Operating Activities:
Increase in Investments at Value.......................... (22,089,046)
Increase in Interest and Fees Receivables................. (538,670)
Increase in Receivable for Investments Sold............... (12,809,935)
Increase in Receivables for Swap Contracts................ (129,408)
Decrease in Other Assets.................................. 42,383
Increase in Payable for Investments Purchased............. 38,791,448
Decrease in Investment Advisory Fee Payable............... (6,447)
Decrease in Administrative Fee Payable.................... (1,517)
Decrease in Distributor and Other Affiliates Payable...... (134,720)
Change in Accrued Interest Expense........................ (17,331)
Change in Unfunded Commitments............................ (923,468)
Decrease in Accrued Expenses.............................. (322,631)
Increase in Trustees' Deferred Compensation and Retirement
Plans................................................... 85,542
------------
Total Adjustments....................................... 1,946,200
------------
NET CASH PROVIDED BY OPERATING ACTIVITIES................... 74,510,138
------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in Bank Borrowings................................... (4,000,000)
Cash Distributions Paid..................................... (70,510,138)
------------
Net Cash Used for Financing Activities.................. (74,510,138)
------------
NET INCREASE IN CASH........................................ -0-
Cash at Beginning of the Period............................. -0-
------------
CASH AT THE END OF THE PERIOD............................... $ -0-
============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash Paid During the Year for Interest...................... $ 15,197,577
============
See Notes to Financial Statements 37
VAN KAMPEN SENIOR INCOME TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS ENDED
JANUARY 31,
2007
----------------
NET ASSET VALUE, BEGINNING OF THE PERIOD.................... $ 8.57
--------
Net Investment Income..................................... .47(a)
Net Realized and Unrealized Gain/Loss..................... .03
Common Share Equivalent of Distributions Paid to Preferred
Shareholders:
Net Investment Income................................... (.10)
--------
Total from Investment Operations............................ .40
--------
Distributions Paid to Common Shareholders:
Net Investment Income..................................... (.39)
Dilutive impact from the offering of Money Market Cumulative
Preferred Shares.......................................... -0-
--------
NET ASSET VALUE, END OF THE PERIOD.......................... $ 8.58
========
Common Share Market Price at End of the Period.............. $ 8.88
Total Return (b)............................................ 10.60%*
Net Assets Applicable to Common Shares at End of the Period
(In millions)............................................. $1,545.0
Ratios to Average Net Assets applicable to Common Shares
excluding Borrowings:
Operating Expense (c)..................................... 2.34%
Interest Expense (c)...................................... 1.95%
Gross Expense (c)......................................... 4.29%
Net Investment Income (c)................................. 10.94%
Net Investment Income (d)................................. 8.60%
Portfolio Turnover (e)...................................... 35%*
SUPPLEMENTAL RATIOS:
Ratios to Average Net Assets including Preferred Shares and
Borrowings:
Operating Expense (c)..................................... 1.29%
Interest Expense (c)...................................... 1.08%
Gross Expense (c)......................................... 2.37%
Net Investment Income (c)................................. 6.03%
Net Investment Income (d)................................. 4.74%
SENIOR INDEBTEDNESS:
Total Preferred Shares Outstanding........................ 28,000
Asset Coverage Per Preferred Share (f).................... $ 80,190
Involuntary Liquidating Preference Per Preferred Share.... $ 25,000
Average Market Value Per Preferred Share.................. $ 25,000
Total Borrowing Outstanding (In thousands)................ $553,000
Asset Coverage Per $1,000 Unit of Senior Indebtedness
(g)..................................................... $ 5,060
* Non-Annualized
(a)Based on average shares outstanding.
(b)Total return based on common share market price assumes an investment at the
common share market price at the beginning of the period indicated,
reinvestment of all distributions for the period in accordance with the
Trust's dividend reinvestment plan, and sale of all shares at the closing
common share market price at the end of the period indicated.
(c)Ratios do not reflect the effect of distributions to preferred shareholders.
(d)Ratios reflect the effect of distributions to preferred shareholders.
38
VAN KAMPEN SENIOR INCOME TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
YEAR ENDED JULY 31,
---------------------------------------------------------
2006 2005 2004 2003 2002
---------------------------------------------------------
$ 8.67 $ 8.63 $ 8.10 $ 7.94 $ 8.51
-------- -------- -------- -------- --------
.79(a) .60 .42 .46 .49
(.10) .01 .57 .14 (.55)
(.17) (.10) (.02) -0- -0-
-------- -------- -------- -------- --------
.52 .51 .97 .60 (.06)
-------- -------- -------- -------- --------
(.62) (.47) (.40) (.44) (.51)
-0- -0- (.04) -0- -0-
-------- -------- -------- -------- --------
$ 8.57 $ 8.67 $ 8.63 $ 8.10 $ 7.94
======== ======== ======== ======== ========
$ 8.38 $ 8.19 $ 8.84 $ 7.84 $ 6.67
10.41% -2.03% 18.13% 25.06% -8.05%
$1,542.9 $1,560.7 $1,554.1 $1,458.6 $1,430.0
2.31% 2.26% 1.91% 1.59% 1.48%
1.63% .82% .31% .62% .53%
3.94% 3.08% 2.22% 2.21% 2.01%
9.17% 6.87% 5.06% 5.98% 6.02%
7.23% 5.75% 4.80% N/A N/A
75% 94% 84% 78% 65%
1.28% 1.27% 1.30% 1.19% 1.22%
.90% .46% .21% .46% .44%
2.18% 1.73% 1.51% 1.65% 1.66%
5.06% 3.86% 3.44% 4.47% 4.95%
3.99% 3.23% 3.26% N/A N/A
28,000 28,000 28,000 N/A N/A
$ 80,119 $ 80,750 $ 80,509 N/A N/A
$ 25,000 $ 25,000 $ 25,000 N/A N/A
$ 25,000 $ 25,000 $ 25,000 N/A N/A
$557,000 $524,000 $450,000 $401,000 $370,159
$ 5,028 $ 5,315 $ 6,009 $ 4,637 $ 4,863
(e)Calculation includes the proceeds from principal repayments and sales of
senior loan interests.
(f)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.
(g)Calculated by subtracting the Trust's total liabilities (not including the
preferred shares and the borrowings) from the Trust's total assets and
dividing by the total number of senior indebtedness units, where one unit
equals $1,000 of senior indebtedness.
N/A=Not Applicable
See Notes to Financial Statements 39
VAN KAMPEN SENIOR INCOME TRUST
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2007 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Senior Income Trust (the "Trust") is registered as a non-diversified,
closed-end management investment company under the Investment Company Act of
1940 (the "1940 Act"), as amended. The Trust's investment objective is to seek
to provide a high level of current income, consistent with preservation of
capital. The Trust seeks to achieve its objective by investing primarily in a
portfolio of interests in floating or variable rate senior loans to
corporations, partnerships and other entities which operate in a variety of
industries and geographical regions. The Trust borrows money for investment
purposes which will create the opportunity for enhanced return, but also should
be considered a speculative technique and may increase the Trust's volatility.
The Trust commenced investment operations on June 24, 1998.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. 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 and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION The Trust's Senior Loans and notes are valued by the Trust
following valuation guidelines established and periodically reviewed by the
Trust's Board of Trustees. Under the valuation guidelines, Senior Loans and
notes for which reliable market quotes are readily available are valued at the
mean of such bid and ask quotes. Where reliable market quotes are not readily
available, Senior Loans and notes are valued, where possible, using independent
market indicators provided by independent pricing sources approved by the Board
of Trustees. Other Senior Loans and notes are valued by independent pricing
sources approved by the Board of Trustees based upon pricing models developed,
maintained and operated by those pricing sources or valued by Van Kampen Asset
Management (the "Adviser") by considering a number of factors including
consideration of market indicators, transactions in instruments which the
Adviser believes may be comparable (including comparable credit quality,
interest rate, interest rate redetermination period and maturity), the credit
worthiness of the Borrower, the current interest rate, the period until next
interest rate redetermination and the maturity of such Senior Loan.
Consideration of comparable instruments may include commercial paper, negotiable
certificates of deposit and short-term variable rate securities which have
adjustment periods comparable to the Senior Loans in the Trust's portfolio. The
fair value of Senior Loans are reviewed and approved by the Trust's Valuation
Committee and the Board of Trustees.
Credit default swaps are valued using market quotations from brokers.
Equity securities are valued on the basis of prices furnished by pricing
services or as determined in good faith by the Adviser under the direction of
the Board of Trustees.
Short-term securities with remaining maturities of 60 days or less are
valued at amortized cost, which approximates market value. Short-term loan
participations are valued at cost in the absence of any indication of
impairment.
The Trust may invest in repurchase agreements, which are short-term
investments in which the Trust acquires ownership of a debt security and the
seller agrees to repurchase the security at a future time and specified price.
Repurchase agreements are fully collateralized by
40
VAN KAMPEN SENIOR INCOME TRUST
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
the underlying debt security. The Trust will make payment for such securities
only upon physical delivery or evidence of book entry transfer to the account of
the custodian bank. The seller is required to maintain the value of the
underlying security at not less than the repurchase proceeds due the Trust.
B. SECURITY TRANSACTIONS Investment transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis.
Legal expenditures that are expected to result in the restructuring of or a plan
of reorganization for an investment are recorded as realized losses. The Trust
may purchase and sell securities on a "when-issued" or "delayed delivery" basis,
with settlement to occur at a later date. The value of the security so purchased
is subject to market fluctuations during this period. The Trust will segregate
assets with the custodian having an aggregate value at least equal to the amount
of the when-issued or delayed delivery purchase commitments until payment is
made. At January 31, 2007, the Trust had no when-issued or delayed delivery
purchase commitments.
C. INVESTMENT INCOME Dividend income is recorded on the ex-dividend date and
interest income is recorded on an accrual basis. Facility fees received are
treated as market discounts. Market premiums are amortized and discounts are
accreted over the stated life of each applicable senior loan, note, or other
fixed income security. Other income is comprised primarily of amendment fees
which are recorded when received. Amendment fees are earned as compensation for
agreeing to changes in loan agreements.
D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset such losses against any future realized capital
gains. At July 31, 2006, the Trust had an accumulated capital loss carryforward
for tax purposes of $218,138,489, which will expire according to the following
schedule.
AMOUNT EXPIRATION
$ 4,851,995................................................ July 31, 2009
122,716,095................................................ July 31, 2010
52,014,750................................................ July 31, 2011
29,634,358................................................ July 31, 2012
2,190,907................................................ July 31, 2013
6,730,384................................................ July 31, 2014
At January 31, 2007, the cost and related gross unrealized appreciation and
depreciation are as follows:
Cost of investments for tax purposes........................ $2,865,279,145
==============
Gross tax unrealized appreciation........................... $ 4,456,688
Gross tax unrealized depreciation........................... (4,975,829)
--------------
Net tax unrealized depreciation on investments.............. $ (519,141)
==============
41
VAN KAMPEN SENIOR INCOME TRUST
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
E. DISTRIBUTION OF INCOME AND GAINS The Trust intends to declare and pay monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed at least annually to common shareholders. Distributions
from net realized gains for book purposes may include short term capital gains,
which are included as ordinary income for tax purposes.
The tax character of distributions paid for the year ended July 31, 2006
were as follows:
Distributions paid from:
Ordinary income........................................... $141,121,769
Long-term capital gain.................................... -0-
------------
$141,121,769
============
As of July 31, 2006, the components of distributable earnings on a tax basis
were a follows:
Undistributed ordinary income............................... $6,082,285
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of the deferral of losses resulting from wash
sale transactions.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, the Adviser will
provide investment advice and facilities to the Trust for an annual fee of .85%
of the average daily managed assets. Managed assets are defined as the gross
asset value of the Trust minus the sum of accrued liabilities, other than the
aggregate amount of borrowings undertaken by the Trust. In addition, the Trust
will pay a monthly administrative fee to Van Kampen Investments Inc., the
Trust's Administrator, at an annual rate of .20% of the average daily managed
assets of the Trust. The administrative services provided by the Administrator
include monitoring the provisions of the loan agreements and any agreements with
respect to participations and assignments, record keeping responsibilities with
respect to interests in Variable Rate Senior Loans in the Trust's portfolio and
providing certain services to the holders of the Trust's securities.
For the six months ended January 31, 2007, the Trust recognized expenses of
approximately $102,800 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal counsel to the
Trust.
Under separate Legal Services and Chief Compliance Officer (CCO) Employment
agreements, the Adviser provides legal services and the CCO provides compliance
services to the Trust. The costs of these services are allocated to each trust.
For the six months ended January 31, 2007, the Trust recognized expenses of
approximately $60,900 representing Van Kampen Investments Inc.'s or its
affiliates' (collectively "Van Kampen") cost of providing legal services to the
Trust, as well as, the salary, benefits and related costs of the CCO and related
support staff paid by Van Kampen. Services provided pursuant to the Legal
Services agreement are reported as part of "Professional Fees" on the Statement
of Operations. Services provided pursuant to the CCO Employment agreement are
reported as part of "Accounting and Administrative Expenses" on the Statement of
Operations.
42
VAN KAMPEN SENIOR INCOME TRUST
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable for a ten-year period
and are based upon each trustee's years of service to the Trust. The maximum
annual benefit per trustee under the plan is $2,500.
During the period, the Trust owned shares of the following affiliated
companies. Affiliated companies are defined by the 1940 Act, as amended, as
those companies in which a fund holds 5% or more of the outstanding voting
securities.
DIVIDEND/ MARKET
PAR/ INTEREST VALUE
NAME SHARES* INCOME 1/31/07 COST
Neoplan USA Corp., Revolving Credit
Agreement.................................. $933,750 -0- $873,056 $ 933,750
Neoplan USA Corp., Common Stock.............. 8,517 -0- -0- 85
Neoplan USA Corp., Preferred Stock C......... 532 -0- -0- 532
Neoplan USA Corp., Preferred Stock D......... 1,730 -0- -0- 1,073,989
--------- -------- ----------
-0- $873,056 $2,008,356
========= ======== ==========
* Shares were acquired through the restructuring of Senior Loan interests.
There were no affiliate transactions during the six months ended January 31,
2007.
3. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from investments sold and
repaid, excluding short-term investments, were $1,030,200,089 and $981,414,286,
respectively.
4. COMMITMENTS
Pursuant to the terms of certain Senior Loan agreements, the Trust had unfunded
loan commitments of approximately $98,729,300 as of January 31, 2007. The Trust
intends to reserve against such contingent obligations by designating cash,
liquid securities and liquid Senior Loans as a reserve. The unrealized
depreciation on these commitments of $1,406,231 as of January 31, 2007 is
reported as "Unfunded Commitments" on the Statement of Assets and Liabilities.
5. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
The Trust may use derivative instruments for a variety of reasons, such as
to attempt to protect the Trust against possible changes in the market value of
its portfolio or to generate potential gain. All of the Trust's portfolio
holdings, including derivative instruments, are marked to market each day with
the change in value reflected in unrealized appreciation/depreciation.
The Trust may enter into credit default swap contracts for hedging purposes
or to gain exposure to a credit in which the Trust may otherwise invest. A
credit default swap is an agreement between two parties to exchange the credit
risk of an issuer. A buyer of a credit
43
VAN KAMPEN SENIOR INCOME TRUST
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
default swap is said to buy protection by paying periodic fees in return for a
contingent payment from the seller if the issuer has a credit event such as
bankruptcy, a failure to pay outstanding obligations or deteriorating credit
while the swap is outstanding. A seller of a credit default swap is said to sell
protection and thus collects the periodic fees and profits if the credit of the
issuer remains stable or improves while the swap is outstanding but the seller
in a credit default swap contract would be required to pay an agreed-upon
amount, which approximates the notional amount of the swap as disclosed in the
table following the Portfolio of Investments, to the buyer in the event of an
adverse credit event of the issuer. The Trust accrues for the periodic fees on
swap contracts on a daily basis with the net amount accrued recorded within
unrealized appreciation/depreciation of swap contracts. Upon cash settlement of
the periodic fees, the net amount is recorded as realized gain/loss on swap
contracts on the Statements of Operations. Net unrealized gains are recorded as
an asset or net unrealized losses are reported as a liability on the Statement
of Assets and Liabilities. The change in value of the swap contracts is reported
as unrealized gains or losses on the Statement of Operations.
Credit default swaps may involve greater risks than if the Trust had
invested in the issuer directly. Credit default swaps are subject to general
market risk, counterparty risk and credit risk. If there is a default by the
counterparty, the Trust will have contractual remedies pursuant to the
agreements related to the transaction.
6. SENIOR LOAN PARTICIPATION COMMITMENTS
The Trust invests primarily in participations, assignments, or acts as a party
to the primary lending syndicate of a Variable Rate Senior Loan interest to
United States and foreign corporations, partnerships, and other entities. When
the Trust purchases a participation of a Senior Loan interest, the Trust
typically enters into a contractual agreement with the lender or other third
party selling the participation, but not with the borrower directly. As such,
the Trust assumes the credit risk of the borrower, selling participant or other
persons interpositioned between the Trust and the borrower.
At January 31, 2007, the following sets forth the selling participants with
respect to interests in Senior Loans purchased by the Trust on a participation
basis.
PRINCIPAL
AMOUNT VALUE
SELLING PARTICIPANT (000) (000)
General Electric Capital Corp. ............................. $5,000 $5,017
7. BORROWINGS
The Trust may utilize financial leverage to the maximum extent allowable under
the 1940 Act, as amended. Under the 1940 Act, as amended, a Trust generally may
not (i) borrow money greater than 33 1/3% of the Trust's total assets or (ii)
issue preferred shares greater than 50% of the Trust's total assets. In using a
combination of borrowing money and issuing preferred shares, the maximum
allowable leverage is somewhere between 33 1/3% and 50% (but in no event more
than 50%) of the Trust's total assets based on the relative amounts borrowed or
preferred shares issued.
The Trust has entered into a $700 million revolving credit and security
agreement. Annual commitment fees of .13% are charged on the unused portion of
the credit line. This
44
VAN KAMPEN SENIOR INCOME TRUST
NOTES TO FINANCIAL STATEMENTS -- JANUARY 31, 2007 (UNAUDITED) continued
revolving credit agreement is secured by the assets of the Trust. For the six
months ended January 31, 2007, the average daily balance of borrowings under the
revolving credit agreement was $555,483,696 with a weighted average interest
rate of 5.20%.
8. PREFERRED SHARES ISSUANCE
The Trust has outstanding 5,600 shares each of Series M, Series T, Series W,
Series TH and Series F Auction Preferred Shares (APS), $.01 Par Value, $25,000
liquidation preference, for a total issuance of $700 million. Dividends are
cumulative and the dividend rates are generally reset every seven days through
an auction process. The average rate in effect on January 31, 2007 was 5.040%.
During the six months ended January 31, 2007, the rates ranged from 4.900% to
5.350%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of the "Preferred Share
Maintenance" expense on the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
9. INDEMNIFICATIONS
The Trust enters into contracts that contain a variety of indemnifications. The
Trust's maximum exposure under these arrangements is unknown. However, the Trust
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
10. ACCOUNTING PRONOUNCEMENTS
In July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation 48, Accounting for Uncertainty in Income Taxes--an interpretation
of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes
by prescribing the minimum recognition threshold a tax position must meet before
being recognized in the financial statements. FIN 48 is effective for fiscal
years beginning after December 15, 2006 and is to be applied to all open tax
years as of the effective date. Recent SEC guidance allows implementing FIN 48
in the trust NAV calculations as late as the trust's last NAV calculation in the
first required financial statement period. As a result, the Trust will
incorporate FIN 48 in its semi annual report on January 31, 2008. The impact to
the Trust's financial statements, if any, is currently being assessed.
In addition, in September 2006, Statement of Financial Accounting Standards
No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for
fiscal years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Trust's financial statement disclosures.
45
VAN KAMPEN SENIOR INCOME TRUST
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
RONALD E. ROBISON
President and Principal Executive Officer
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
JAMES W. GARRETT
Chief Financial Officer and Treasurer
HOWARD TIFFEN
Vice President
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
CUSTODIAN
STATE STREET BANK AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
COMPUTERSHARE TRUST COMPANY, N.A.
c/o Computershare Investor Services
P.O. Box 43011
Providence, Rhode Island 02940-3011
LEGAL COUNSEL
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
111 South Wacker Drive
Chicago, Illinois 60606
* "Interested persons" of the Trust, as defined in the Investment Company Act
of 1940, as amended.
46
Van Kampen Senior Income Trust
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Senior Income Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Senior Income Trust
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza, P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2007 Van Kampen Funds Inc.
All rights reserved. Member NASD/SIPC.
VVRSAR 3/07
(VAN KAMPEN INVESTMENTS LOGO) RN07-00783P-Y01/07
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form
N-CSRS was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
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.
(Registrant) Van Kampen Senior Income Trust
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2007
By: /s/ James W. Garrett
---------------------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: March 22, 2007