N-CSRS 1 d883661dncsrs.htm EATON VANCE SENIOR INCOME TRUST Eaton Vance Senior Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09013

 

 

Eaton Vance Senior Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

June 30

Date of Fiscal Year End

December 31, 2019

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders

 


LOGO

 

 

Eaton Vance

Senior Income Trust (EVF)

Semiannual Report

December 31, 2019

 

 

 

 

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.


Semiannual Report December 31, 2019

Eaton Vance

Senior Income Trust

Table of Contents

 

Performance

     2  

Fund Profile

     3  

Endnotes and Additional Disclosures

     4  

Financial Statements

     5  

Annual Meeting of Shareholders

     45  

Officers and Trustees

     46  

Important Notices

     47  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Performance1,2

 

Portfolio Managers John Redding, Andrew N. Sveen, CFA, Catherine C. McDermott, William E. Holt, CFA and Daniel P. McElaney, CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     10/30/1998        3.52      10.39      6.48      7.19

Fund at Market Price

            7.12        14.23        7.12        6.72  

S&P/LSTA Leveraged Loan Index

            2.74      8.64      4.44      5.00
              
% Premium/Discount to NAV3                                        
                 –8.56
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.255  

Distribution Rate at NAV

                 6.50

Distribution Rate at Market Price

                 7.11
              
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 9.15

Borrowings

                 26.28  

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Fund Profile

 

 

 

Top 10 Issuers (% of total investments)6

 

 

 

Reynolds Group Holdings, Inc.

     1.3

TransDigm, Inc.

     1.2  

Bausch Health Companies, Inc.

     1.2  

Asurion, LLC

     1.2  

Hyland Software, Inc.

     0.9  

Jaguar Holding Company II

     0.9  

Infor (US), Inc.

     0.8  

Calpine Corporation

     0.8  

Uber Technologies

     0.8  

Hub International Limited

     0.8  

Total

     9.9

Top 10 Sectors (% of total investments)6

 

 

 

Electronics/Electrical

     11.9

Health Care

     8.7  

Business Equipment and Services

     7.5  

Drugs

     4.5  

Leisure Goods/Activities/Movies

     4.5  

Chemicals and Plastics

     4.3  

Telecommunications

     4.1  

Oil and Gas

     4.1  

Insurance

     4.1  

Cable and Satellite Television

     3.6  

Total

     57.3

 

 

 

Credit Quality (% of bonds, loans and asset-backed securities)7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

 

  3  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Endnotes and Additional Disclosures

 

 

1 

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® is a registered trademark of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

2 

Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Included in the average annual total return at NAV for the five- and ten- year periods is the impact of the 2017 and 2019 tender and repurchase of a portion of the Fund’s APS at 95% and 92% of the Fund’s APS per share liquidation preference, respectively. Had these transactions not occurred, the total return at NAV would be lower for the Fund.

 

3 

The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.

 

4 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

5 

Leverage represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

 

6 

Excludes cash and cash equivalents.

 

7 

Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment- grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P.

 

  

Fund profile subject to change due to active management.

   Important Notice to Shareholders

  

Effective November 1, 2019, the Fund is managed by John Redding, Andrew N. Sveen, Catherine C. McDermott, William E. Holt and Daniel P. McElaney.

 

 

  4  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited)

 

 

Senior Floating-Rate Loans — 131.2%(1)

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Aerospace and Defense — 2.3%  
Dynasty Acquisition Co., Inc.                  

Term Loan, 5.94%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026

      243     $ 245,443  
IAP Worldwide Services, Inc.                  

Revolving Loan, 1.42%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021(2)

      161       157,235  

Term Loan - Second Lien, 8.44%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2020(3)

      210       167,807  
TransDigm, Inc.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023

      2,889       2,901,600  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024

      1,204       1,209,458  
Wesco Aircraft Hardware Corp.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing November 30, 2020

      398       398,310  
WP CPP Holdings, LLC                  

Term Loan, 5.68%, (3 mo. USD LIBOR + 3.75%), Maturing April 30, 2025

            915       910,170  
                    $ 5,990,023  
Automotive — 3.3%  
Adient US, LLC                  

Term Loan, 6.18%, (3 mo. USD LIBOR + 4.25%), Maturing May 6, 2024

      672     $ 676,523  
American Axle and Manufacturing, Inc.                  

Term Loan, 4.07%, (USD LIBOR + 2.25%), Maturing April 6, 2024(4)

      1,088       1,086,589  
Autokiniton US Holdings, Inc.                  

Term Loan, 8.17%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025

      369       354,600  
Bright Bidco B.V.                  

Term Loan, 5.40%, (USD LIBOR + 3.50%), Maturing June 30, 2024(4)

      732       436,348  
Chassix, Inc.                  

Term Loan, 7.44%, (USD LIBOR + 5.50%), Maturing November 15, 2023(4)

      637       589,225  
Dayco Products, LLC                  

Term Loan, 6.16%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023

      488       431,438  
Garrett LX III S.a.r.l.                  

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025

    EUR       184       207,456  

Term Loan, 4.45%, (3 mo. USD LIBOR + 2.50%), Maturing September 27, 2025

      123       123,322  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Automotive (continued)  
IAA, Inc.                  

Term Loan, 4.06%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026

      267     $ 268,915  
Panther BF Aggregator 2 L.P.                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026

      1,671       1,680,893  
Tenneco, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025

      1,683       1,650,602  
Thor Industries, Inc.                  

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026

      509       511,380  
TI Group Automotive Systems, LLC                  

Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022

    EUR       359       403,767  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022

            430       431,882  
                    $ 8,852,940  
Beverage and Tobacco — 0.7%  
Arterra Wines Canada, Inc.                  

Term Loan, 4.65%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

      1,190     $ 1,191,143  
Flavors Holdings, Inc.                  

Term Loan, 7.69%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020(3)

      271       257,772  

Term Loan - Second Lien, 11.94%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021(3)

            500       475,000  
                    $ 1,923,915  
Brokerage / Securities Dealers / Investment Houses — 0.1%  
OZ Management L.P.                  

Term Loan, 6.50%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023

      59     $ 58,573  
Resolute Investment Managers, Inc.                  

Term Loan - Second Lien, 9.43%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023

            250       249,375  
                    $ 307,948  
Building and Development — 4.1%  
Advanced Drainage Systems, Inc.                  

Term Loan, 4.00%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026

      139     $ 140,853  
American Builders & Contractors Supply Co., Inc.                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027

      1,122       1,127,448  
 

 

  5   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Building and Development (continued)  
APi Group DE, Inc.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026

      675     $ 681,223  
Beacon Roofing Supply, Inc.                  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025

      270       271,792  
Brookfield Property REIT, Inc.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025

      444       442,153  
Core & Main L.P.                  

Term Loan, 4.53%, (USD LIBOR + 2.75%), Maturing August 1, 2024(4)

      517       516,949  
CPG International, Inc.                  

Term Loan, 5.93%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024

      911       915,054  
Cushman & Wakefield U.S. Borrower, LLC                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025

      2,592       2,605,553  
Henry Company, LLC                  

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023

      194       195,584  
NCI Building Systems, Inc.                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2025

      346       345,467  
Quikrete Holdings, Inc.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023

      1,202       1,209,542  
RE/MAX International, Inc.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

      891       891,930  
Summit Materials Companies I, LLC                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024

      294       295,746  
Werner FinCo L.P.                  

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing July 24, 2024

      538       537,992  
WireCo WorldGroup, Inc.                  

Term Loan, 6.80%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023

      266       253,558  

Term Loan - Second Lien, 10.80%, (1 mo. USD LIBOR + 9.00%), Maturing September 30, 2024

            575       534,750  
                    $ 10,965,594  
Business Equipment and Services — 10.9%  
Adtalem Global Education, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025

      172     $ 172,662  
Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Business Equipment and Services (continued)  
AlixPartners, LLP                

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024

  EUR     347     $ 392,573  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024

      1,047       1,054,482  
Allied Universal Holdco, LLC                

Term Loan, 6.05%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026

      1,069       1,077,296  

Term Loan, 6.05%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026

      106       106,663  
Altran Technologies S.A.                

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing March 20, 2025

  EUR     616       695,802  
AppLovin Corporation                

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025

      1,634       1,646,054  
Belfor Holdings, Inc.                

Term Loan, 5.69%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026

      249       250,305  
BidFair MergeRight, Inc.                

Term Loan, 7.24%, (1 mo. USD LIBOR + 5.50%), Maturing January 15, 2027

      300       297,750  
Bracket Intermediate Holding Corp.                

Term Loan, 6.35%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025

      420       418,638  
Brand Energy & Infrastructure Services, Inc.                

Term Loan, 6.24%, (3 mo. USD LIBOR + 4.25%), Maturing June 21, 2024

      244       243,402  
Camelot U.S. Acquisition 1 Co.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2026

      700       705,104  
Ceridian HCM Holding, Inc.                

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025

      691       696,578  
CM Acquisition Co.                

Term Loan, 11.94%, (3 mo. USD LIBOR + 10.00%), Maturing July 26, 2023

      128       124,316  
Cypress Intermediate Holdings III, Inc.                

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024

      1,202       1,209,291  
Deerfield Dakota Holding, LLC                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025

      744       743,388  
EAB Global, Inc.                

Term Loan, 5.74%, (USD LIBOR + 3.75%), Maturing November 15,
2024(4)

      614       616,365  
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Business Equipment and Services (continued)  
EIG Investors Corp.                

Term Loan, 5.67%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023

      1,375     $ 1,363,870  
Element Materials Technology Group US
Holdings, Inc.
               

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing June 28, 2024

      172       170,830  
Garda World Security Corporation                

Term Loan, 6.66%, (3 mo. USD LIBOR + 4.75%), Maturing October 30, 2026

      975       981,906  
IG Investment Holdings, LLC                

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025

      1,114       1,118,605  
IRI Holdings, Inc.                

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing December 1, 2025

      965       949,162  
Iron Mountain, Inc.                

Term Loan, 3.55%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026

      418       417,211  
KAR Auction Services, Inc.                

Term Loan, 4.06%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026

      299       301,928  
Kronos Incorporated                

Term Loan, 4.91%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023

      2,772       2,789,503  
KUEHG Corp.                

Term Loan, 5.69%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025

      1,425       1,430,345  

Term Loan - Second Lien, 10.19%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025

      200       200,000  
Monitronics International, Inc.                

Term Loan, 8.30%, (1 mo. USD LIBOR + 6.50%), Maturing March 29, 2024

      745       624,007  
PGX Holdings, Inc.                

Term Loan, 7.05%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020

      565       301,107  
Pike Corporation                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing July 24, 2026

      244       246,145  
Pre-Paid Legal Services, Inc.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025

      225       225,392  
Prime Security Services Borrower, LLC                

Term Loan, 4.94%, (1 mo. USD LIBOR + 3.25%), Maturing September 23, 2026

      1,128       1,132,002  
Prometric Holdings, Inc.                

Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025

      147       147,478  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Business Equipment and Services (continued)  
Red Ventures, LLC                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024

      663     $ 669,880  
Sabre GLBL, Inc.                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024

      466       469,247  
SMG US Midco 2, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025

      123       123,580  
Spin Holdco, Inc.                  

Term Loan, 5.25%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022

      1,687       1,678,795  
Techem Verwaltungsgesellschaft 675 mbH                  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing July 31, 2025

    EUR       715       807,908  
Tempo Acquisition, LLC                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing May 1, 2024

      904       911,107  
Vestcom Parent Holdings, Inc.                  

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023

      241       228,972  
WASH Multifamily Laundry Systems, LLC                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022

      122       119,463  
West Corporation                  

Term Loan, 5.43%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024

      148       124,695  

Term Loan, 5.93%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024

      515       437,325  
Zephyr Bidco Limited                  

Term Loan, 5.21%, (1 mo. GBP LIBOR + 4.50%), Maturing July 23, 2025

    GBP       350       458,394  
                    $ 28,879,526  
Cable and Satellite Television — 4.9%  
Altice France S.A.                  

Term Loan, 5.43%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026

      346     $ 346,670  

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026

      696       700,400  
CSC Holdings, LLC                  

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025

      1,702       1,706,239  

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026

      471       473,088  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2027

      593       596,450  
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Cable and Satellite Television (continued)  
Numericable Group S.A.                  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025

    EUR       219     $ 243,988  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025

      878       872,930  
Radiate Holdco, LLC                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024

      904       908,096  
Telenet Financing USD, LLC                  

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026

      1,375       1,384,884  
Virgin Media Bristol, LLC                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028

      2,050       2,065,375  
Virgin Media SFA Finance Limited                  

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029

    EUR       575       647,436  
Ziggo B.V.                  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing January 31, 2029

    EUR       1,075       1,207,335  
Ziggo Secured Finance Partnership                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025

            1,700       1,703,896  
                    $ 12,856,787  
Chemicals and Plastics — 6.5%  
Alpha 3 B.V.                  

Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024

      643     $ 645,453  
Aruba Investments, Inc.                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022

      434       434,903  
Axalta Coating Systems US Holdings, Inc.                  

Term Loan, 3.69%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024

      1,249       1,253,038  
Chemours Company (The)                  

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025

    EUR       285       315,805  
Emerald Performance Materials, LLC                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021

      235       233,906  
Ferro Corporation                  

Term Loan, 4.19%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      158       158,236  

Term Loan, 4.19%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      161       161,675  

Term Loan, 4.19%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      195       194,900  
Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Chemicals and Plastics (continued)  
Flint Group GmbH                

Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021

      71     $ 61,746  
Flint Group US, LLC                

Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021

      427       373,512  
Gemini HDPE, LLC                

Term Loan, 4.43%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024

      740       743,870  
H.B. Fuller Company                

Term Loan, 3.76%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024

      760       762,974  
Hexion, Inc.                

Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026

  EUR     700       788,134  

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.50%), Maturing July 1, 2026

      348       350,418  
INEOS Enterprises Holdings Limited                

Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing August 28, 2026

  EUR     100       113,011  
INEOS Enterprises Holdings US Finco, LLC                

Term Loan, 5.91%, (3 mo. USD LIBOR + 4.00%), Maturing August 31, 2026

      125       125,350  
INEOS Finance PLC                

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024

  EUR     1,421       1,596,425  
Kraton Polymers, LLC                

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025

      362       361,463  
Messer Industries GmbH                

Term Loan, 4.44%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026

      695       699,309  
Minerals Technologies, Inc.                

Term Loan, 4.06%, (USD LIBOR + 2.25%), Maturing February 14,
2024(4)

      411       413,478  
Momentive Performance Materials, Inc.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing May 15, 2024

      224       222,616  
Orion Engineered Carbons GmbH                

Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing July 25, 2024

  EUR     360       406,526  

Term Loan, 3.94%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024

      475       476,282  
PMHC II, Inc.                

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing March 31, 2025

      820       730,056  
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Chemicals and Plastics (continued)  
PQ Corporation                  

Term Loan, 4.43%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025

      1,091     $ 1,098,104  
Pregis TopCo Corporation                  

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing July 31, 2026

      300       300,562  
Spectrum Holdings III Corp.                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025

      156       145,902  
Starfruit Finco B.V.                  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing October 1, 2025

    EUR       200       226,677  

Term Loan, 4.96%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025

      1,306       1,308,915  
Tronox Finance, LLC                  

Term Loan, 4.61%, (USD LIBOR + 2.75%), Maturing September 23, 2024(4)

      1,370       1,374,294  
Univar, Inc.                  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024

      988       993,380  
Venator Materials Corporation                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024

            171       170,421  
                    $ 17,241,341  
Conglomerates — 0.3%  
Kronos Acquisition Holdings, Inc.                  

Term Loan, 8.80%, (1 mo. USD LIBOR + 7.00%), Maturing May 15, 2023

      744     $ 738,792  
Penn Engineering & Manufacturing Corp.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024

            104       104,373  
                    $ 843,165  
Containers and Glass Products — 3.2%  
Berlin Packaging, LLC                  

Term Loan, 4.72%, (USD LIBOR + 3.00%), Maturing November 7, 2025(4)

      123     $ 122,553  
Berry Global, Inc.                  

Term Loan, 3.72%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022

      384       386,320  

Term Loan, 2.50%, (1 mo. EURIBOR + 2.50%), Maturing July 1, 2026

    EUR       149       167,877  

Term Loan, 4.22%, (1 mo. USD LIBOR + 2.50%), Maturing July 1, 2026

      448       449,771  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Containers and Glass Products (continued)  
BWAY Holding Company                  

Term Loan, 5.23%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024

      1,200     $ 1,197,838  
Consolidated Container Company, LLC                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024

      171       171,980  
Flex Acquisition Company, Inc.                  

Term Loan, 5.09%, (USD LIBOR + 3.00%), Maturing December 29, 2023(4)

      1,434       1,425,612  

Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025

      685       681,367  
Libbey Glass, Inc.                  

Term Loan, 4.71%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021

      455       373,621  
Pelican Products, Inc.                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025

      296       271,860  
Reynolds Group Holdings, Inc.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023

      2,465       2,476,343  
Ring Container Technologies Group, LLC                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024

      389       390,447  
Trident TPI Holdings, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing October 17, 2024

            368       358,698  
                    $ 8,474,287  
Cosmetics / Toiletries — 0.3%  
KIK Custom Products, Inc.                  

Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023

            876     $ 863,455  
                    $ 863,455  
Drugs — 6.1%  
Akorn, Inc.                  

Term Loan, 11.81%, (11.06% cash (1 mo. USD LIBOR + 9.25%), 0.75% PIK), Maturing April 16, 2021

      965     $ 926,810  
Albany Molecular Research, Inc.                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024

      318       317,489  
Alkermes, Inc.                  

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023

      187       186,067  
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Drugs (continued)  
Amneal Pharmaceuticals, LLC                  

Term Loan, 5.31%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025

      1,649     $ 1,491,962  
Arbor Pharmaceuticals, Inc.                  

Term Loan, 6.94%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023

      1,005       892,206  
Bausch Health Companies, Inc.                  

Term Loan, 4.74%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025

      2,583       2,602,142  
Catalent Pharma Solutions, Inc.                  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing May 18, 2026

      372       374,514  
Endo Luxembourg Finance Company I S.a.r.l.                  

Term Loan, 6.06%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024

      2,860       2,724,564  
Horizon Therapeutics USA, Inc.                  

Term Loan, 3.94%, (1 mo. USD LIBOR + 2.25%), Maturing May 22, 2026

      976       984,112  
Jaguar Holding Company II                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022

      3,210       3,231,122  
Mallinckrodt International Finance S.A.                  

Term Loan, 4.69%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024

      1,291       1,052,638  

Term Loan, 4.91%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025

      1,462       1,194,211  
Nidda Healthcare Holding AG                  

Term Loan, Maturing August 21, 2024(5)

    EUR       275       309,078  
                    $ 16,286,915  
Ecological Services and Equipment — 1.2%  
Advanced Disposal Services, Inc.                  

Term Loan, 3.85%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023

      938     $ 942,857  
EnergySolutions, LLC                  

Term Loan, 5.69%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025

      864       818,742  
GFL Environmental, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025

      1,133       1,136,200  
Terrapure Environmental Ltd.                  

Term Loan, Maturing November 25, 2026(5)

      200       201,000  
US Ecology Holdings, Inc.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing August 14, 2026

            125       126,133  
                    $ 3,224,932  
Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical — 18.2%  
Almonde, Inc.                

Term Loan, 5.70%, (6 mo. USD LIBOR + 3.50%), Maturing June 13, 2024

      1,677     $ 1,669,568  
Applied Systems, Inc.                

Term Loan, 5.19%, (3 mo. USD LIBOR + 3.25%), Maturing September 19, 2024

      1,347       1,354,280  

Term Loan - Second Lien, 8.94%, (3 mo. USD LIBOR + 7.00%), Maturing September 19, 2025

      1,225       1,257,156  
Aptean, Inc.                

Term Loan, 6.19%, (3 mo. USD LIBOR + 4.25%), Maturing April 23, 2026

      248       247,350  

Term Loan - Second Lien, 10.44%, (3 mo. USD LIBOR + 8.50%), Maturing April 23, 2027

      650       643,500  
Avast Software B.V.                

Term Loan, 4.19%, (3 mo. USD LIBOR + 2.25%), Maturing September 29, 2023

      257       259,345  
Banff Merger Sub, Inc.                

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025

  EUR     124       139,750  

Term Loan, 6.05%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025

      1,510       1,494,888  
Barracuda Networks, Inc.                

Term Loan, 5.16%, (3 mo. USD LIBOR + 3.25%), Maturing February 12, 2025

      1,136       1,144,054  
Canyon Valor Companies, Inc.                

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing June 16, 2023

      790       790,799  
CDW, LLC                

Term Loan, 3.55%, (1 mo. USD LIBOR + 1.75%), Maturing October 13, 2026

      598       602,938  
Celestica, Inc.                

Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025

      149       148,639  
Cohu, Inc.                

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025

      346       343,897  
CommScope, Inc.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026

      823       829,311  
CPI International, Inc.                

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024

      318       306,171  
Datto, Inc.                

Term Loan, 6.05%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026

      174       175,757  
ECI Macola/Max Holding, LLC                

Term Loan, 6.19%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024

      368       368,834  
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical (continued)  
Electro Rent Corporation                

Term Loan, 6.94%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024

      582     $ 586,850  
Energizer Holdings, Inc.                

Term Loan, 4.00%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025

      165       166,081  
Epicor Software Corporation                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022

      2,118       2,134,727  
EXC Holdings III Corp.                

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024

      221       220,219  
Financial & Risk US Holdings, Inc.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025

      569       574,705  
Flexera Software, LLC                

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing February 26, 2025

      147       148,045  
GlobalLogic Holdings, Inc.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025

      194       195,906  
Hyland Software, Inc.                

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing July 1, 2024

      1,726       1,741,996  

Term Loan - Second Lien, 8.80%, (1 mo. USD LIBOR + 7.00%), Maturing July 7, 2025

      2,031       2,061,334  
Infoblox, Inc.                

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023

      883       887,668  
Infor (US), Inc.                

Term Loan, 4.69%, (3 mo. USD LIBOR + 2.75%), Maturing February 1, 2022

      3,273       3,291,007  
Informatica, LLC                

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022

  EUR     147       166,624  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022

      2,073       2,084,214  
MA FinanceCo., LLC                

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021

      1,323       1,334,031  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      222       222,843  
MACOM Technology Solutions Holdings, Inc.  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024

      577       552,648  
Microchip Technology Incorporated  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025

      704       711,285  
Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical (continued)  
MKS Instruments, Inc.  

Term Loan, 3.55%, (1 mo. USD LIBOR + 1.75%), Maturing February 2, 2026

      165     $ 165,289  
MTS Systems Corporation  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023

      234       235,754  
NCR Corporation  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026

      449       451,680  
Renaissance Holding Corp.  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025

      566       565,136  

Term Loan - Second Lien, 8.80%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026

      75       70,312  
Seattle Spinco, Inc.  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      1,499       1,504,912  
SGS Cayman L.P.  

Term Loan, 7.32%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021

      187       184,995  
SkillSoft Corporation  

Term Loan, 6.95%, (6 mo. USD LIBOR + 4.75%), Maturing April 28, 2021

      2,223       1,730,157  
SolarWinds Holdings, Inc.  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024

      907       914,620  
Solera, LLC  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023

      1,106       1,109,511  
Sparta Systems, Inc.  

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing August 21, 2024

      574       498,974  
SS&C Technologies Holdings Europe S.a.r.l.  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025

      520       523,880  
SS&C Technologies, Inc.  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025

      750       755,578  
SurveyMonkey, Inc.  

Term Loan, 5.38%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025

      471       472,473  
Sutherland Global Services, Inc.  

Term Loan, 7.32%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021

      802       794,727  
Switch, Ltd.  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing June 27, 2024

      122       122,675  
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical (continued)  
Tibco Software, Inc.  

Term Loan, 5.71%, (1 mo. USD LIBOR + 4.00%), Maturing June 30, 2026

      569     $ 572,099  
TriTech Software Systems  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025

      396       379,500  
TTM Technologies, Inc.  

Term Loan, 4.19%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024

      127       127,957  
Uber Technologies, Inc.  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023

      2,009       2,010,637  

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025

      1,208       1,211,634  
Ultimate Software Group, Inc. (The)  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026

      773       778,217  
Ultra Clean Holdings, Inc.  

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025

      364       364,969  
Verifone Systems, Inc.  

Term Loan, 5.90%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025

      570       564,173  
Veritas Bermuda, Ltd.  

Term Loan, 6.32%, (USD LIBOR + 4.50%), Maturing January 27, 2023(4)

      1,031       996,613  
Vero Parent, Inc.                  

Term Loan, 8.16%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024

      1,198       1,152,681  
Vungle, Inc.                  

Term Loan, 7.30%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026

      324       321,351  
Western Digital Corporation                  

Term Loan, 3.45%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023

            708       712,908  
                    $ 48,149,832  
Equipment Leasing — 0.1%  
IBC Capital Limited                  

Term Loan, 5.65%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023

            270     $ 270,863  
                    $ 270,863  
Financial Intermediaries — 4.4%  
Apollo Commercial Real Estate Finance, Inc.                  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.75%), Maturing May 15, 2026

      199     $ 199,995  
Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Financial Intermediaries (continued)  
Aretec Group, Inc.                

Term Loan, 6.05%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025

      2,358     $ 2,334,827  
Citco Funding, LLC                

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023

      1,891       1,891,841  
Claros Mortgage Trust, Inc.                

Term Loan, 4.96%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026

      349       351,743  
Ditech Holding Corporation                

Term Loan, 0.00%, Maturing June 30, 2022(6)

      1,397       578,968  
EIG Management Company, LLC                

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025

      123       123,043  
Evergood 4 ApS                

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025

  EUR     325       366,994  
Focus Financial Partners, LLC                

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024

      1,334       1,345,319  
Franklin Square Holdings L.P.                

Term Loan, 4.06%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025

      247       247,801  
Greenhill & Co., Inc.                

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024

      512       506,116  
GreenSky Holdings, LLC                

Term Loan, 5.06%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025

      639       640,222  
Guggenheim Partners, LLC                

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023

      503       503,813  
Harbourvest Partners, LLC                

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.25%), Maturing March 3, 2025

      475       477,244  
LPL Holdings, Inc.                

Term Loan, 3.54%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026

      600       604,625  
Ocwen Loan Servicing, LLC                

Term Loan, 6.80%, (1 mo. USD LIBOR + 5.00%), Maturing December 7, 2020

      128       127,541  
Starwood Property Trust, Inc.                

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing July 27, 2026

      249       251,398  
StepStone Group L.P.                

Term Loan, 5.84%, (2 mo. USD LIBOR + 4.00%), Maturing March 27, 2025

      295       294,382  
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Financial Intermediaries (continued)  
Victory Capital Holdings, Inc.                  

Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing July 1, 2026

      563     $ 567,292  
Virtus Investment Partners, Inc.                  

Term Loan, 3.94%, (1 mo. USD LIBOR + 2.25%), Maturing June 1, 2024

            254       255,536  
                    $ 11,668,700  
Food Products — 4.2%  
Alphabet Holding Company, Inc.                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024

      1,124     $ 1,086,655  
Atkins Nutritionals Holdings II, Inc.                  

Term Loan, 5.73%, (3 mo. USD LIBOR + 3.75%), Maturing July 7, 2024

      175       177,188  
B&G Foods, Inc.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026

      125       125,934  
Badger Buyer Corp.                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024

      171       153,101  
CHG PPC Parent, LLC                  

Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing March 31, 2025

    EUR       1,375       1,554,869  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025

      222       222,733  
Del Monte Foods, Inc.                  

Term Loan, 5.16%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021

      818       730,908  
Dole Food Company, Inc.                  

Term Loan, 4.53%, (1 mo. USD LIBOR + 2.75%), Maturing April 6, 2024

      773       772,954  
Froneri International PLC                  

Term Loan, 2.13%, (1 mo. EURIBOR + 2.13%), Maturing January 31, 2025

    EUR       1,200       1,351,241  
Hearthside Food Solutions, LLC                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025

      840       833,952  

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025

      198       198,000  
HLF Financing S.a.r.l.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025

      494       496,527  
Jacobs Douwe Egberts International B.V.                  

Term Loan, 2.25%, (3 mo. EURIBOR + 1.75%, Floor 0.50%), Maturing November 1, 2025

    EUR       117       132,745  

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025

      681       684,897  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Food Products (continued)  
JBS USA Lux S.A.                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing May 1, 2026

      1,935     $ 1,951,446  
Nomad Foods Europe Midco Limited                  

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024

            566       568,562  
                    $ 11,041,712  
Food Service — 1.9%  
1011778 B.C. Unlimited Liability Company                  

Term Loan, 3.55%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026

      2,675     $ 2,681,671  
IRB Holding Corp.                  

Term Loan, 5.22%, (3 mo. USD LIBOR + 3.25%), Maturing February 5, 2025

      887       892,322  
NPC International, Inc.                  

Term Loan, 5.43%, (3 mo. USD LIBOR + 3.50%), Maturing April 19, 2024

      414       193,099  
Restaurant Technologies, Inc.                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025

      99       99,743  
US Foods, Inc.                  

Term Loan, 3.55%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023

      393       394,699  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing September 13, 2026

            773       777,323  
                    $ 5,038,857  
Food / Drug Retailers — 0.9%  
Albertsons, LLC                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing November 17, 2025

      183     $ 185,087  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing August 17, 2026

      1,485       1,500,189  
Allsup’s Convenience Stores, Inc.                  

Term Loan, 8.00%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024

      300       299,250  
Diplomat Pharmacy, Inc.                  

Term Loan, 6.41%, (3 mo. USD LIBOR + 4.50%), Maturing December 20, 2024

      218       212,386  
L1R HB Finance Limited                  

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024

    EUR       200       135,869  

Term Loan, 6.04%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024

    GBP       200       160,446  
                    $ 2,493,227  
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Health Care — 12.4%  
Acadia Healthcare Company, Inc.                

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022

      114     $ 114,669  
ADMI Corp.                

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025

      813       815,164  
Alliance Healthcare Services, Inc.                

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023

      380       347,700  

Term Loan - Second Lien, 11.80%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024

      225       192,375  
athenahealth, Inc.                

Term Loan, 6.40%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026

      893       899,197  
Athletico Management, LLC                

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025

      248       248,119  
Avantor, Inc.                

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing November 21, 2024

      208       209,343  
BioClinica, Inc.                

Term Loan, 6.06%, (1 mo. USD LIBOR + 4.25%), Maturing October 20, 2023

      704       686,323  
BW NHHC Holdco, Inc.                

Term Loan, 6.91%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025

      1,068       880,997  
Carestream Dental Equipment, Inc.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024

      435       425,590  
Certara L.P.                

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024

      489       488,750  
Change Healthcare Holdings, LLC                

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing March 1, 2024

      2,374       2,385,394  
CHG Healthcare Services, Inc.                

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023

      1,507       1,518,466  
CryoLife, Inc.                

Term Loan, 5.19%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024

      221       221,694  
CTC AcquiCo GmbH                

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025

  EUR     390       435,235  
Da Vinci Purchaser Corp.                

Term Loan, Maturing December 3, 2026(5)

      175       175,219  
Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Health Care (continued)  
Ensemble RCM, LLC                

Term Loan, 5.66%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026

      249     $ 251,401  
Envision Healthcare Corporation                

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025

      2,402       2,057,709  
Gentiva Health Services, Inc.                

Term Loan, 5.56%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025

      1,139       1,146,753  
GHX Ultimate Parent Corporation                

Term Loan, 5.21%, (3 mo. USD LIBOR + 3.25%), Maturing June 28, 2024

      440       440,806  
Greatbatch Ltd.                

Term Loan, 4.22%, (1 mo. USD LIBOR + 2.50%), Maturing October 27, 2022

      683       684,734  
Grifols Worldwide Operations USA, Inc.                

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.00%), Maturing November 15, 2027

      2,009       2,027,707  
Hanger, Inc.                

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025

      491       493,859  
Inovalon Holdings, Inc.                

Term Loan, 5.25%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025

      538       542,066  
IQVIA, Inc.                

Term Loan, 3.69%, (3 mo. USD LIBOR + 1.75%), Maturing March 7, 2024

      313       315,154  

Term Loan, 3.69%, (3 mo. USD LIBOR + 1.75%), Maturing January 17, 2025

      464       466,779  
Medical Solutions, LLC                

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing June 14, 2024

      567       565,961  
MPH Acquisition Holdings, LLC                

Term Loan, 4.69%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023

      1,571       1,553,648  
National Mentor Holdings, Inc.                

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing March 9, 2026

      13       13,289  

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing March 9, 2026

      235       237,542  
Navicure, Inc.                

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026

      450       451,969  
One Call Corporation                

Term Loan, 7.16%, (3 mo. USD LIBOR + 5.25%), Maturing November 25, 2022

      1,007       936,422  
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Health Care (continued)  
Ortho-Clinical Diagnostics S.A.                  

Term Loan, 5.31%, (3 mo. USD LIBOR + 3.25%), Maturing June 30, 2025

      2,313     $ 2,290,314  
Parexel International Corporation                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024

      1,123       1,102,475  
Phoenix Guarantor, Inc.                  

Term Loan, 6.21%, (1 mo. USD LIBOR + 4.50%), Maturing March 5, 2026

      871       876,611  
Radiology Partners Holdings, LLC                  

Term Loan, 6.66%, (USD LIBOR + 4.75%), Maturing July 9, 2025(4)

      272       273,729  
RadNet, Inc.                  

Term Loan, 5.51%, (3 mo. USD LIBOR + 3.50%), Maturing June 30, 2023

      724       729,542  
Select Medical Corporation                  

Term Loan, 4.58%, (3 mo. USD LIBOR + 2.50%), Maturing March 6, 2025

      1,265       1,269,459  
Sound Inpatient Physicians                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2025

      222       222,825  
Surgery Center Holdings, Inc.                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024

      464       463,500  
Team Health Holdings, Inc.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024

      1,343       1,092,415  
Tecomet, Inc.                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2024

      366       366,825  
U.S. Anesthesia Partners, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024

      734       730,690  
Verscend Holding Corp.                  

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025

      716       721,754  
Viant Medical Holdings, Inc.                  

Term Loan, 5.69%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025

      222       218,392  
Wink Holdco, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024

            221       220,638  
                    $ 32,809,203  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Home Furnishings — 0.6%  
Serta Simmons Bedding, LLC                  

Term Loan, 5.25%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023

            2,364     $ 1,537,723  
                    $ 1,537,723  
Industrial Equipment — 5.4%  
AI Alpine AT Bidco GmbH                  

Term Loan, 4.60%, (2 mo. USD LIBOR + 2.75%), Maturing October 31, 2025

      99     $ 97,515  
Altra Industrial Motion Corp.                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025

      311       312,243  
Apex Tool Group, LLC                  

Term Loan, 7.30%, (1 mo. USD LIBOR + 5.50%), Maturing August 1, 2024

      1,117       1,102,562  
Carlisle Foodservice Products, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025

      123       121,452  
Coherent Holding GmbH                  

Term Loan, 3.00%, (3 mo. EURIBOR + 2.25%, Floor 0.75%), Maturing November 7, 2023

    EUR       325       369,081  
CPM Holdings, Inc.                  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing November 17, 2025

      149       147,634  
Delachaux Group S.A.                  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing April 16, 2026

    EUR       175       197,559  

Term Loan, 6.50%, (3 mo. USD LIBOR + 4.50%), Maturing April 16, 2026

      225       223,101  
DexKo Global, Inc.                  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024

    EUR       147       162,210  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024

    EUR       367       405,528  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024

      390       389,662  
DXP Enterprises, Inc.                  

Term Loan, 6.54%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023

      244       244,986  
Dynacast International, LLC                  

Term Loan, 5.19%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022

      577       562,659  
Engineered Machinery Holdings, Inc.                  

Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing July 19, 2024

      641       636,165  

Term Loan, 6.19%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024

      149       148,748  
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Industrial Equipment (continued)  
EWT Holdings III Corp.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024

      926     $ 931,056  
Filtration Group Corporation                  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025

    EUR       172       194,429  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025

      733       736,543  
Gardner Denver, Inc.                  

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024

    EUR       188       213,180  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024

      451       454,322  
Gates Global, LLC                  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024

    EUR       413       464,052  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024

      2,101       2,106,639  
Hayward Industries, Inc.                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024

      216       214,927  
LTI Holdings, Inc.                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025

      222       201,357  

Term Loan, 6.55%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026

      100       91,521  
Pro Mach Group, Inc.                  

Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2025

      123       121,930  
Quimper AB                  

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026

    EUR       850       956,822  
Robertshaw US Holding Corp.                  

Term Loan, 5.06%, (1 mo. USD LIBOR + 3.25%), Maturing February 28, 2025

      467       427,019  
Shape Technologies Group, Inc.                  

Term Loan, 4.93%, (3 mo. USD LIBOR + 3.00%), Maturing April 21, 2025

      73       66,110  
Thermon Industries, Inc.                  

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024

      125       125,819  
Titan Acquisition Limited                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025

      1,400       1,379,412  
Welbilt, Inc.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025

            639       642,199  
                    $ 14,448,442  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Insurance — 6.2%  
Alliant Holdings Intermediate, LLC                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025

      1,128     $ 1,129,766  

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025

      224       224,575  
AmWINS Group, Inc.                  

Term Loan, 4.53%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024

      2,061       2,079,709  
Asurion, LLC                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022

      1,933       1,947,248  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023

      983       990,496  

Term Loan - Second Lien, 8.30%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025

      1,800       1,826,550  
Financiere CEP S.A.S.                  

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025

    EUR       250       283,667  
FrontDoor, Inc.                  

Term Loan, 4.31%, (1 mo. USD LIBOR + 2.50%), Maturing August 16, 2025

      222       223,018  
Hub International Limited                  

Term Loan, 4.69%, (3 mo. USD LIBOR + 2.75%), Maturing April 25, 2025

      2,315       2,316,738  

Term Loan, 5.90%, (3 mo. USD LIBOR + 4.00%), Maturing April 25, 2025

      850       859,297  
NFP Corp.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024

      1,619       1,614,960  
Sedgwick Claims Management Services, Inc.                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025

      569       570,531  
USI, Inc.                  

Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024

      1,617       1,618,406  

Term Loan, 5.94%, (3 mo. USD LIBOR + 4.00%), Maturing December 2, 2026

            650       653,250  
                    $ 16,338,211  
Leisure Goods / Activities / Movies — 6.8%  
AMC Entertainment Holdings, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing April 22, 2026

      844     $ 850,796  
Amer Sports Oyj                  

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing March 30, 2026

    EUR       1,600       1,794,336  
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Leisure Goods / Activities / Movies (continued)  
Ancestry.com Operations, Inc.                

Term Loan, 6.05%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026

      1,393     $ 1,372,976  
Bombardier Recreational Products, Inc.                

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025

      2,067       2,076,201  
ClubCorp Holdings, Inc.                

Term Loan, 4.69%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024

      855       812,190  
Crown Finance US, Inc.                

Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing February 28, 2025

  EUR     126       142,480  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025

      797       796,770  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026

      698       699,996  
Delta 2 (LUX) S.a.r.l.                

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024

      747       751,816  
Emerald Expositions Holding, Inc.                

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024

      517       493,526  
Etraveli Holding AB                

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 2, 2024

  EUR     425       479,901  
Lindblad Expeditions, Inc.                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025

      173       174,889  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025

      693       699,554  
Match Group, Inc.                

Term Loan, 4.44%, (3 mo. USD LIBOR + 2.50%), Maturing November 16, 2022

      241       241,076  
Motion Finco S.a.r.l.                

Term Loan, 0.50%, Maturing November 4, 2026(2)

      32       32,344  

Term Loan, 5.15%, (2 mo. USD LIBOR + 3.25%), Maturing November 13, 2026

      243       246,094  

Term Loan, Maturing November 13, 2026(5)

  EUR     625       707,909  
NASCAR Holdings, Inc.                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026

      331       334,993  
Playtika Holding Corp.                

Term Loan, 7.80%, (1 mo. USD LIBOR + 6.00%), Maturing December 10, 2024

      1,575       1,594,687  
SeaWorld Parks & Entertainment, Inc.                

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024

      806       810,544  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Leisure Goods / Activities / Movies (continued)  
SRAM, LLC                  

Term Loan, 4.59%, (USD LIBOR + 2.75%), Maturing March 15,
2024(4)

      573     $ 577,933  
Steinway Musical Instruments, Inc.                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.75%), Maturing February 14, 2025

      418       417,040  
Travel Leaders Group, LLC                  

Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024

      443       445,743  
UFC Holdings, LLC                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing April 29, 2026

      1,025       1,033,268  
Vue International Bidco PLC                  

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing July 3, 2026

    EUR       297       335,702  

Term Loan, Maturing July 3, 2026(5)

    EUR       53       60,363  
                    $ 17,983,127  
Lodging and Casinos — 4.8%  
Aimbridge Acquisition Co., Inc.                  

Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing February 2, 2026

      124     $ 125,305  
Aristocrat Technologies, Inc.                  

Term Loan, 3.72%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024

      469       471,926  
Azelis Finance S.A.                  

Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing November 7, 2025

    EUR       900       1,014,788  
Boyd Gaming Corporation                  

Term Loan, 3.85%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023

      314       316,953  
CityCenter Holdings, LLC                  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024

      1,172       1,178,325  
Eldorado Resorts, LLC                  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing April 17, 2024

      206       206,540  
ESH Hospitality, Inc.                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026

      314       316,984  
Golden Nugget, Inc.                  

Term Loan, 4.69%, (USD LIBOR + 2.75%), Maturing October 4,
2023(4)

      2,268       2,278,691  
GVC Holdings PLC                  

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing March 29, 2024

    EUR       825       932,343  
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Lodging and Casinos (continued)  
GVC Holdings PLC (continued)                  

Term Loan, 4.45%, (6 mo. USD LIBOR + 2.25%), Maturing March 29, 2024

      516     $ 519,251  
Hanjin International Corp.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020

      250       249,687  
MGM Growth Properties Operating Partnership L.P.                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025

      652       656,331  
Playa Resorts Holding B.V.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024

      1,123       1,122,555  
Stars Group Holdings B.V. (The)                  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025

    EUR       450       510,128  

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025

      1,654       1,670,479  
VICI Properties 1, LLC                  

Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024

            1,026       1,032,051  
                    $ 12,602,337  
Nonferrous Metals / Minerals — 0.6%  
CD&R Hydra Buyer, Inc.                  

Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021(3)(7)

      77     $ 61,602  
Murray Energy Corporation                  

DIP Loan, 13.00%, (1 mo. USD LIBOR + 11.00%, Floor 2.00%), Maturing July 31, 2020

      257       262,584  

Term Loan, 0.00%, Maturing October 17, 2022(6)

      922       204,347  
Noranda Aluminum Acquisition Corporation                  

Term Loan, 0.00%, Maturing February 28, 2020(6)

      449       26,968  
Oxbow Carbon, LLC                  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023

      644       645,636  
Rain Carbon GmbH                  

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025

    EUR       450       479,527  
                    $ 1,680,664  
Oil and Gas — 4.5%  
Ameriforge Group, Inc.                  

Term Loan, 8.94%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022

      332     $ 330,680  
Borrower/Tranche Description       

Principal

Amount*

(000’s omitted)

    Value  
Oil and Gas (continued)  
Apergy Corporation                

Term Loan, 4.42%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025

      112     $ 112,119  
Blackstone CQP Holdco L.P.                

Term Loan, 5.41%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024

      473       475,948  
Buckeye Partners L.P.                

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026

      1,250       1,262,240  
Centurion Pipeline Company, LLC                

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025

      124       123,905  
CITGO Holding, Inc.                

Term Loan, 8.80%, (1 mo. USD LIBOR + 7.00%), Maturing August 1, 2023

      125       127,337  
CITGO Petroleum Corporation                

Term Loan, 6.44%, (3 mo. USD LIBOR + 4.50%), Maturing July 29, 2021

      450       452,453  

Term Loan, 6.94%, (3 mo. USD LIBOR + 5.00%), Maturing March 28, 2024

      1,439       1,448,120  
Delek US Holdings, Inc.                

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025

      620       620,173  
Equitrans Midstream Corporation                

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing January 31, 2024

      891       888,494  
Fieldwood Energy, LLC                

Term Loan, 7.18%, (3 mo. USD LIBOR + 5.25%), Maturing April 11, 2022

      1,338       1,125,455  
Matador Bidco S.a.r.l.                

Term Loan, 6.55%, (1 mo. USD LIBOR + 4.75%), Maturing June 12, 2026

      1,450       1,456,798  
McDermott Technology Americas, Inc.                

Term Loan, 7.56%, (USD LIBOR + 10.00%), Maturing October 21, 2021(2)(4)

      325       332,719  

Term Loan, 6.94%, (3 mo. USD LIBOR + 5.00%), Maturing May 9, 2025

      987       580,964  
Prairie ECI Acquiror L.P.                

Term Loan, 6.69%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026

      1,121       1,115,294  
PSC Industrial Holdings Corp.                

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.75%), Maturing October 11, 2024

      343       341,285  
Sheridan Investment Partners II L.P.                

DIP Loan, 8.76%, (1 mo. USD LIBOR + 7.00%), Maturing March 19, 2020

      39       38,885  

DIP Loan, 8.76%, (1 mo. USD LIBOR + 7.00%), Maturing March 19, 2020

      39       38,885  
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Oil and Gas (continued)  
Sheridan Investment Partners II L.P. (continued)  

Term Loan, 0.00%, Maturing December 16, 2020(6)

      15     $ 4,371  

Term Loan, 0.00%, Maturing December 16, 2020(6)

      40       11,719  

Term Loan, 0.00%, Maturing December 16, 2020(6)

      286       84,245  
Sheridan Production Partners I, LLC                  

Term Loan, 0.00%, Maturing January 17, 2020(6)

      57       33,385  

Term Loan, 0.00%, Maturing January 17, 2020(6)

      93       54,658  

Term Loan, 0.00%, Maturing January 17, 2020(6)

      699       412,486  
UGI Energy Services, LLC                  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026

            473       475,579  
                    $ 11,948,197  
Publishing — 1.3%  
Ascend Learning, LLC                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024

      538     $ 541,433  
Getty Images, Inc.                  

Term Loan, 6.31%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026

      792       795,465  
Harland Clarke Holdings Corp.                  

Term Loan, 6.69%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023

      370       289,121  
LSC Communications, Inc.                  

Term Loan, 7.12%, (1 week USD LIBOR + 5.50%), Maturing September 30, 2022

      385       247,919  
ProQuest, LLC                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026

      700       701,313  
Terrier Media Buyer, Inc.                  

Term Loan, 6.15%, (3 mo. USD LIBOR + 4.25%), Maturing December 17, 2026

      825       834,281  
Tweddle Group, Inc.                  

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023

            99       91,288  
                    $ 3,500,820  
Radio and Television — 2.8%  
Cumulus Media New Holdings, Inc.  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing March 31, 2026

      249     $ 252,388  
Diamond Sports Group, LLC                  

Term Loan, 5.03%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026

      1,421       1,421,437  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Radio and Television (continued)  
Entercom Media Corp.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024

      439     $ 443,793  
Entravision Communications Corporation                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024

      382       372,071  
Gray Television, Inc.                  

Term Loan, 3.95%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024

      116       116,361  

Term Loan, 4.20%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026

      276       277,894  
Hubbard Radio, LLC                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025

      270       270,075  
iHeartCommunications, Inc.                  

Term Loan, 5.69%, (1 mo. USD LIBOR + 4.00%), Maturing May 1, 2026

      821       830,375  
Mission Broadcasting, Inc.                  

Term Loan, 3.94%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024

      157       157,711  
Nexstar Broadcasting, Inc.                  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024

      790       793,691  

Term Loan, 4.45%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026

      250       251,667  
Sinclair Television Group, Inc.                  

Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024

      257       257,296  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026

      299       300,700  
Univision Communications, Inc.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024

            1,698       1,679,155  
                    $ 7,424,614  
Retailers (Except Food and Drug) — 2.8%  
Apro, LLC                  

Term Loan, 2.00%, Maturing November 14, 2026(2)

      61     $ 61,646  

Term Loan, 5.84%, (2 mo. USD LIBOR + 4.00%), Maturing November 14, 2026

      214       215,760  
Ascena Retail Group, Inc.                  

Term Loan, 6.31%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022

      1,047       718,070  
Bass Pro Group, LLC                  

Term Loan, 6.80%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024

      611       609,563  
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Retailers (Except Food and Drug) (continued)  
BJ’s Wholesale Club, Inc.                  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.75%), Maturing February 3, 2024

      378     $ 380,637  
Coinamatic Canada, Inc.                  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022

      21       20,921  
David’s Bridal, Inc.                  

Term Loan, 4.10%, (3 mo. USD LIBOR + 2.00%), Maturing October 3, 2020

      16       16,226  

Term Loan, 7.92%, (3 mo. USD LIBOR + 6.00%), Maturing June 30, 2023

      156       151,811  
Global Appliance, Inc.                  

Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024

      451       451,169  
Hoya Midco, LLC                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024

      975       973,179  
J. Crew Group, Inc.                  

Term Loan, 4.87%, (USD LIBOR + 3.00%), Maturing March 5, 2021(3)(4)

      1,385       1,130,194  
LSF9 Atlantis Holdings, LLC                  

Term Loan, 7.74%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023

      445       413,862  
PetSmart, Inc.                  

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.00%), Maturing March 11, 2022

      1,644       1,630,626  
PFS Holding Corporation                  

Term Loan, 5.41%, (3 mo. USD LIBOR + 3.50%), Maturing January 31, 2021

      1,023       393,959  
Pier 1 Imports (U.S.), Inc.                  

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021

      236       63,787  
Radio Systems Corporation                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024

            195       193,294  
                    $ 7,424,704  
Steel — 1.0%  
Atkore International, Inc.                  

Term Loan, 4.70%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023

      625     $ 628,960  
GrafTech Finance, Inc.                  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025

      1,086       1,084,380  
Neenah Foundry Company                  

Term Loan, 8.35%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022

      337       330,016  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Steel (continued)  
Phoenix Services International, LLC                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025

      393     $ 372,368  
Zekelman Industries, Inc.                  

Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021

            334       334,583  
                    $ 2,750,307  
Surface Transport — 0.9%  
1199169 B.C. Unlimited Liability Company                  

Term Loan, 5.94%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026

      131     $ 131,959  
Agro Merchants NAI Holdings, LLC                  

Term Loan, 5.69%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024

      172       169,881  
Hertz Corporation (The)                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023

      471       474,048  
Kenan Advantage Group, Inc.                  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022

      53       53,176  

Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022

      176       174,866  
PODS, LLC                  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024

      269       270,536  
Stena International S.a.r.l.                  

Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021

      707       701,574  
XPO Logistics, Inc.                  

Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025

            275       276,490  
                    $ 2,252,530  
Telecommunications — 5.1%  
CenturyLink, Inc.                  

Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025

      2,426     $ 2,438,302  
Colorado Buyer, Inc.                  

Term Loan, 4.74%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024

      391       347,338  
Digicel International Finance Limited                  

Term Loan, 5.34%, (6 mo. USD LIBOR + 3.25%), Maturing May 28, 2024

      855       768,716  
eircom Holdings (Ireland) Limited                  

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing May 15, 2026

    EUR       791       894,577  
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Telecommunications (continued)  
Gamma Infrastructure III B.V.                  

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025

    EUR       750     $ 838,383  
Global Eagle Entertainment, Inc.                  

Term Loan, 9.71%, (USD LIBOR + 7.50%), Maturing January 6, 2023(4)

      1,235       1,120,452  
Intelsat Jackson Holdings S.A.                  

Term Loan, 5.68%, (6 mo. USD LIBOR + 3.75%), Maturing November 27, 2023

      1,150       1,153,737  

Term Loan, 6.43%, (6 mo. USD LIBOR + 4.50%), Maturing January 2, 2024

      850       859,297  
IPC Corp.                  

Term Loan, 6.43%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021

      557       470,554  
Matterhorn Telecom S.A.                  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing September 30, 2026

    EUR       225       254,690  
Onvoy, LLC                  

Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing February 10, 2024

      827       750,162  
Plantronics, Inc.                  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025

      585       572,957  
Sprint Communications, Inc.                  

Term Loan, 4.31%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024

      1,629       1,618,237  

Term Loan, 4.81%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024

      371       370,781  
Syniverse Holdings, Inc.                  

Term Loan, 6.85%, (2 mo. USD LIBOR + 5.00%), Maturing March 9, 2023

      467       434,797  
Telesat Canada                  

Term Loan, 4.63%, (3 mo. USD LIBOR + 2.75%), Maturing December 7, 2026

            625       629,688  
                    $ 13,522,668  
Utilities — 2.4%  
Brookfield WEC Holdings, Inc.  

Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025

      1,064     $ 1,072,676  
Calpine Construction Finance Company L.P.  

Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025

      437       439,104  
Calpine Corporation  

Term Loan, 4.20%, (3 mo. USD LIBOR + 2.25%), Maturing January 15, 2024

      1,480       1,490,427  

Term Loan, 4.20%, (3 mo. USD LIBOR + 2.25%), Maturing April 5, 2026

      423       425,896  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

    Value  
Utilities (continued)  
Granite Acquisition, Inc.  

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021

      1,165     $ 1,171,598  
Lightstone Holdco, LLC  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024

      38       35,076  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024

      675       621,903  
Longview Power, LLC  

Term Loan, 7.93%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021

      1,313       718,115  
Talen Energy Supply, LLC  

Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing July 8, 2026

      349       350,425  
USIC Holdings, Inc.  

Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), Maturing December 8, 2023

            98       97,917  
                    $ 6,423,137  

Total Senior Floating-Rate Loans
(identified cost $357,556,880)

 

  $ 348,020,703  
Corporate Bonds & Notes — 11.3%

 

Security         

Principal

Amount*

(000’s omitted)

    Value  
Aerospace and Defense — 0.3%  
TransDigm, Inc.                  

6.50%, 7/15/24

      447     $ 461,945  

6.25%, 3/15/26(8)

      175       189,785  

7.50%, 3/15/27

            241       264,052  
                    $ 915,782  
Automotive — 0.3%  
Navistar International Corp.,                  

6.625%, 11/1/25(8)

      260     $ 265,417  
Panther BF Aggregator 2 L.P./Panther
Finance Co., Inc.
                 

8.50%, 5/15/27(8)

            417       443,834  
                    $ 709,251  
Building and Development — 0.2%  
Builders FirstSource, Inc.                  

5.625%, 9/1/24(8)

      3     $ 3,126  
Core & Main Holdings, L.P.                  

8.625%, (8.625% cash or 9.375% PIK), 9/15/24(8)(9)

      29       30,244  
 

 

  21   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security         

Principal

Amount*

(000’s omitted)

    Value  
Building and Development (continued)  
Hillman Group, Inc. (The)                  

6.375%, 7/15/22(8)

      18     $ 16,791  
Reliance Intermediate Holdings, L.P.  

6.50%, 4/1/23(8)

      50       51,396  
Standard Industries, Inc.  

6.00%, 10/15/25(8)

      30       31,612  

5.00%, 2/15/27(8)

            417       435,691  
                    $ 568,860  
Business Equipment and Services — 0.7%  
Allied Universal Holdco, LLC/Allied Universal Finance Corp.  

6.625%, 7/15/26(8)

      417     $ 448,931  
EIG Investors Corp.  

10.875%, 2/1/24

      417       417,173  
Prime Security Services Borrower, LLC/Prime Finance, Inc.  

5.25%, 4/15/24(8)

      325       344,528  

5.75%, 4/15/26(8)

      325       353,845  
ServiceMaster Co., LLC (The)  

7.45%, 8/15/27

            187       211,843  
                    $ 1,776,320  
Cable and Satellite Television — 0.6%  
Altice France S.A.  

8.125%, 2/1/27(8)

      417     $ 470,418  
Altice Luxembourg S.A.  

10.50%, 5/15/27(8)

      207       236,373  
Cablevision Systems Corp.  

5.875%, 9/15/22

      5       5,396  
CCO Holdings, LLC/CCO Holdings Capital Corp.  

5.25%, 9/30/22

      13       13,169  

5.75%, 1/15/24

      2       2,041  

5.375%, 5/1/25(8)

      40       41,384  

5.75%, 2/15/26(8)

      20       21,137  

5.50%, 5/1/26(8)

      417       440,382  
CSC Holdings, LLC  

5.25%, 6/1/24

      5       5,398  
DISH DBS Corp.  

6.75%, 6/1/21

      5       5,266  

5.875%, 7/15/22

      427       453,380  
TEGNA, Inc.  

5.00%, 9/15/29(8)

            32       32,600  
                    $ 1,726,944  
Security         

Principal

Amount*

(000’s omitted)

    Value  
Chemicals and Plastics — 0.0%(10)  
W.R. Grace & Co.  

5.125%, 10/1/21(8)

      15     $ 15,666  

5.625%, 10/1/24(8)

            5       5,540  
                    $ 21,206  
Conglomerates — 0.0%(10)  
Spectrum Brands, Inc.  

5.75%, 7/15/25

      30     $ 31,388  

5.00%, 10/1/29(8)

            13       13,459  
                    $ 44,847  
Consumer Products — 0.0%(10)  
Central Garden & Pet Co.  

6.125%, 11/15/23

            15     $ 15,531  
                    $ 15,531  
Containers and Glass Products — 1.2%  
ARD Finance SA,  

6.50%, (6.50% cash or 7.25% PIK),
6/30/27(8)(9)

      292     $ 302,453  
Berry Global, Inc.  

6.00%, 10/15/22

      4       4,086  
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC  

5.75%, 10/15/20

      1,914       1,918,773  

5.501%, (3 mo. USD LIBOR + 3.50%), 7/15/21(8)(11)

      450       451,575  

7.00%, 7/15/24(8)

            417       431,856  
                    $ 3,108,743  
Distribution & Wholesale — 0.0%(10)  
Performance Food Group, Inc.  

5.50%, 10/15/27(8)

            30     $ 32,138  
                    $ 32,138  
Diversified Financial Services — 0.1%  
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC  

7.125%, 7/31/26(8)

            200     $ 210,867  
                    $ 210,867  
Drugs — 0.9%  
Bausch Health Americas, Inc.  

8.50%, 1/31/27(8)

      90     $ 102,659  
Bausch Health Companies, Inc.  

6.50%, 3/15/22(8)

      404       413,595  
 

 

  22   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security         

Principal

Amount*

(000’s omitted)

    Value  
Drugs (continued)  
Bausch Health Companies, Inc. (continued)  

7.00%, 3/15/24(8)

      525     $ 547,095  

5.50%, 11/1/25(8)

      850       890,022  

7.00%, 1/15/28(8)

      327       360,305  
Jaguar Holding Co. II/Pharmaceutical
Product Development, LLC
                 

6.375%, 8/1/23(8)

            30       31,040  
                    $ 2,344,716  
Ecological Services and Equipment — 0.2%  
Covanta Holding Corp.  

5.875%, 3/1/24

      10     $ 10,317  
GFL Environmental, Inc.  

8.50%, 5/1/27(8)

            417       459,471  
                    $ 469,788  
Electronics / Electrical — 0.2%  
CommScope, Inc.  

6.00%, 3/1/26(8)

      450     $ 479,531  
Infor (US), Inc.  

6.50%, 5/15/22

      25       25,419  
Sensata Technologies, Inc.  

4.375%, 2/15/30(8)

            21       21,461  
                    $ 526,411  
Entertainment — 0.2%  
Merlin Entertainments PLC  

5.75%, 6/15/26(8)

            417     $ 457,802  
                    $ 457,802  
Financial Intermediaries — 0.2%  
Icahn Enterprises, L.P./Icahn
Enterprises Finance Corp.
                 

6.25%, 2/1/22

      10     $ 10,208  

6.25%, 5/15/26

      417       444,886  
JPMorgan Chase & Co.  

Series S, 6.75% to 2/1/24(12)(13)

      35       39,549  
Navient Corp.  

5.00%, 10/26/20

            10       10,159  
                    $ 504,802  
Food Products — 0.2%  
Iceland Bondco PLC  

5.035%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(8)(11)

    GBP       93     $ 123,829  
Security         

Principal

Amount*

(000’s omitted)

    Value  
Food Products (continued)  
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.  

5.50%, 1/15/30(8)

      103     $ 110,823  
Post Holdings, Inc.  

8.00%, 7/15/25(8)

      5       5,370  

5.625%, 1/15/28(8)

            417       450,089  
                    $ 690,111  
Food Service — 0.0%(10)  
Yum! Brands, Inc.  

4.75%, 1/15/30(8)

            62     $ 65,060  
                    $ 65,060  
Food / Drug Retailers — 0.1%  
Fresh Market, Inc. (The)  

9.75%, 5/1/23(8)

            575     $ 293,250  
                    $ 293,250  
Health Care — 1.1%  
Avantor, Inc.  

6.00%, 10/1/24(8)

      675     $ 721,113  
Centene Corp.  

4.75%, 5/15/22

      10       10,218  
Eagle Holding Co. II, LLC  

7.75%, (7.75% cash or 8.50% PIK),
5/15/22(8)(9)

      417       424,156  
HCA Healthcare, Inc.  

6.25%, 2/15/21

      40       41,790  
HCA, Inc.  

5.875%, 2/15/26

      10       11,390  

5.375%, 9/1/26

      417       465,487  
Hologic, Inc.  

4.375%, 10/15/25(8)

      10       10,346  
MPH Acquisition Holdings, LLC  

7.125%, 6/1/24(8)

      250       242,497  
RegionalCare Hospital Partners Holdings, Inc.  

8.25%, 5/1/23(8)

      850       899,406  
Tenet Healthcare Corp.  

8.125%, 4/1/22

      20       22,160  

6.75%, 6/15/23

            5       5,504  
                    $ 2,854,067  
Insurance — 0.2%  
AssuredPartners, Inc.  

7.00%, 8/15/25(8)

            417     $ 425,211  
                    $ 425,211  
 

 

  23   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security         

Principal

Amount*

(000’s omitted)

    Value  
Internet Software & Services — 0.1%  
Netflix, Inc.  

5.50%, 2/15/22

      20     $ 21,225  

5.875%, 2/15/25

      20       22,342  

5.375%, 11/15/29(8)

      105       112,017  
Riverbed Technology, Inc.  

8.875%, 3/1/23(8)

            11       6,380  
                    $ 161,964  
Leisure Goods / Activities / Movies — 0.2%  
Mattel, Inc.  

6.75%, 12/31/25(8)

      40     $ 43,076  
Sabre GLBL, Inc.  

5.375%, 4/15/23(8)

      10       10,266  

5.25%, 11/15/23(8)

      20       20,575  
Viking Cruises, Ltd.  

6.25%, 5/15/25(8)

      20       20,883  

5.875%, 9/15/27(8)

            417       446,440  
                    $ 541,240  
Lodging and Casinos — 0.6%  
Caesars Resort Collection, LLC/CRC Finco, Inc.  

5.25%, 10/15/25(8)

      417     $ 432,116  
ESH Hospitality, Inc.  

5.25%, 5/1/25(8)

      15       15,537  

4.625%, 10/1/27(8)

      40       40,574  
Golden Nugget, Inc.  

8.75%, 10/1/25(8)

      221       236,882  
MGM Growth Properties Operating
Partnership, L.P./MGP Finance Co-Issuer, Inc.
                 

5.625%, 5/1/24

      5       5,460  
MGM Resorts International  

7.75%, 3/15/22

      15       16,752  
RHP Hotel Properties, L.P./RHP Finance Corp.  

5.00%, 4/15/23

      15       15,344  
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC  

7.00%, 7/15/26(8)

      417       452,695  
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp.  

5.25%, 5/15/27(8)

      417       443,584  
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp.  

5.125%, 10/1/29(8)

            38       40,874  
                    $ 1,699,818  
Security         

Principal

Amount*

(000’s omitted)

    Value  
Nonferrous Metals / Minerals — 0.0%(10)  
New Gold, Inc.  

6.25%, 11/15/22(8)

            5     $ 4,989  
                    $ 4,989  
Oil and Gas — 1.3%  
Antero Resources Corp.  

5.375%, 11/1/21

      40     $ 38,160  

5.625%, 6/1/23

      5       4,025  
Ascent Resources Utica Holdings, LLC/ARU
Finance Corp.
                 

10.00%, 4/1/22(8)

      417       415,801  
Centennial Resource Production, LLC  

6.875%, 4/1/27(8)

      417       434,649  
CITGO Holding, Inc.  

9.25%, 8/1/24(8)

      250       268,750  
CITGO Petroleum Corp.  

6.25%, 8/15/22(8)

      325       330,279  
CVR Refining, LLC/Coffeyville Finance, Inc.  

6.50%, 11/1/22

      60       60,900  
Energy Transfer Operating, L.P.  

5.875%, 1/15/24

      15       16,606  
Hilcorp Energy I, L.P./Hilcorp Finance Co.  

6.25%, 11/1/28(8)

      417       397,337  
Neptune Energy Bondco PLC  

6.625%, 5/15/25(8)

      463       463,866  
Newfield Exploration Co.  

5.625%, 7/1/24

      65       71,468  
Parsley Energy, LLC/Parsley Finance Corp.  

5.25%, 8/15/25(8)

      5       5,152  

5.625%, 10/15/27(8)

      125       132,419  
PBF Logistics, L.P./PBF Logistics Finance Corp.  

6.875%, 5/15/23

      3       3,097  
Precision Drilling Corp.  

6.50%, 12/15/21

      445       445,402  
Seven Generations Energy, Ltd.  

6.75%, 5/1/23(8)

      25       25,698  

6.875%, 6/30/23(8)

      15       15,475  
Tervita Escrow Corp.  

7.625%, 12/1/21(8)

      425       428,613  
Williams Cos., Inc. (The)  

4.55%, 6/24/24

            5       5,397  
                    $ 3,563,094  
 

 

  24   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security         

Principal

Amount*

(000’s omitted)

    Value  
Radio and Television — 0.5%  
Diamond Sports Group, LLC/Diamond
Sports Finance Co.
                 

6.625%, 8/15/27(8)

      250     $ 243,587  
iHeartCommunications, Inc.  

6.375%, 5/1/26

      102       111,194  

8.375%, 5/1/27

      185       205,240  
Nielsen Co. Luxembourg S.a.r.l. (The)  

5.50%, 10/1/21(8)

      15       15,090  
Sirius XM Radio, Inc.  

5.00%, 8/1/27(8)

      417       440,706  
Terrier Media Buyer, Inc.  

8.875%, 12/15/27(8)

      250       265,000  
Univision Communications, Inc.  

6.75%, 9/15/22(8)

            124       126,209  
                    $ 1,407,026  
Road & Rail — 0.0%(10)  
Watco Cos., LLC/Watco Finance Corp.  

6.375%, 4/1/23(8)

            20     $ 20,358  
                    $ 20,358  
Software and Services — 0.0%(10)  
IHS Markit, Ltd.  

5.00%, 11/1/22(8)

            25     $ 26,668  
                    $ 26,668  
Steel — 0.2%  
Allegheny Technologies, Inc.  

7.875%, 8/15/23

            463     $ 519,910  
                    $ 519,910  
Surface Transport — 0.2%  
DAE Funding, LLC  

5.00%, 8/1/24(8)

      417     $ 438,864  
XPO Logistics, Inc.  

6.50%, 6/15/22(8)

            22       22,457  
                    $ 461,321  
Telecommunications — 1.0%  
CenturyLink, Inc.  

6.75%, 12/1/23

      15     $ 16,775  
CommScope Technologies, LLC  

6.00%, 6/15/25(8)

      12       12,044  

5.00%, 3/15/27(8)

      349       328,941  
Security         

Principal

Amount*

(000’s omitted)

    Value  
Telecommunications (continued)  
Connect Finco S.a.r.l./Connect US Finco, LLC  

6.75%, 10/1/26(8)

      200     $ 213,250  
Digicel International Finance, Ltd./Digicel
Holdings Bermuda, Ltd.
                 

8.75%, 5/25/24(8)

      275       268,927  
Hughes Satellite Systems Corp.  

6.625%, 8/1/26

      417       464,057  
Intelsat Jackson Holdings S.A.  

5.50%, 8/1/23

      10       8,611  

8.50%, 10/15/24(8)

      213       194,451  
Level 3 Financing, Inc.  

5.375%, 1/15/24

      10       10,192  
Sprint Communications, Inc.  

7.00%, 8/15/20

      76       77,702  

6.00%, 11/15/22

      5       5,253  
Sprint Corp.              

7.25%, 9/15/21

      110       116,525  

7.875%, 9/15/23

      644       711,887  

7.625%, 2/15/25

      154       169,377  
T-Mobile USA, Inc.              

6.375%, 3/1/25

      15       15,531  

6.50%, 1/15/26

            45       48,333  
                    $ 2,661,856  
Utilities — 0.5%  
Calpine Corp.  

5.25%, 6/1/26(8)

      917     $ 956,956  
Vistra Energy Corp.  

8.125%, 1/30/26(8)

      10       10,725  
Vistra Operations Co., LLC  

5.00%, 7/31/27(8)

            250       261,707  
                    $ 1,229,388  

Total Corporate Bonds & Notes
(identified cost $29,523,446)

 

  $ 30,059,339  
Asset-Backed Securities — 6.6%

 

Security         

Principal

Amount

(000’s omitted)

    Value  
Allegany Park CLO, Ltd.  

Series 2019-1A, Class E, (3 mo. USD LIBOR + 6.77%), 1/20/33(8)(14)

    $ 450     $ 449,438  
 

 

  25   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security       

Principal

Amount

(000’s omitted)

    Value  
Ares LII CLO, Ltd.  

Series 2019-52A, Class E, 8.503%, (3 mo. USD LIBOR + 6.55%), 4/22/31(8)(11)

    $ 500     $ 492,799  
Ares XXXIIR CLO, Ltd.  

Series 2014-32RA, Class D, 7.76%, (3 mo. USD LIBOR + 5.85%), 5/15/30(8)(11)

      1,000       957,592  
Bardot CLO, Ltd.  

Series 2019-2A, Class E, 8.816%, (3 mo. USD LIBOR + 6.95%), 10/22/32(8)(11)

      500       503,564  
Benefit Street Partners CLO XIX, Ltd.  

Series 2019-19A, Class E, (3 mo. USD LIBOR + 7.02%), 1/15/33(8)(14)

      750       738,959  
Benefit Street Partners CLO XVII, Ltd.  

Series 2019-17A, Class E, 8.601%, (3 mo. USD LIBOR + 6.60%), 7/15/32(8)(11)

      500       482,228  
Benefit Street Partners CLO XVIII, Ltd.  

Series 2019-18A, Class E, 8.809%, (3 mo. USD LIBOR + 6.90%), 10/15/32(8)(11)

      500       500,217  
BlueMountain CLO XXV, Ltd.  

Series 2019-25A, Class E, 8.531%, (3 mo. USD LIBOR + 6.70%), 7/15/32(8)(11)

      500       496,345  
BlueMountain CLO XXVI, Ltd.  

Series 2019-26A, Class E, 9.526%, (3 mo. USD LIBOR + 7.70%), 10/20/32(8)(11)

      1,000       1,008,487  
Canyon Capital CLO, Ltd.  

Series 2019-2A, Class E, 9.238%, (3 mo. USD LIBOR + 7.15%), 10/15/32(8)(11)

      400       400,071  
Carlyle Global Market Strategies CLO, Ltd.  

Series 2012-3A, Class DR2, 8.486%, (3 mo. USD LIBOR + 6.50%),
1/14/32(8)(11)

      600       541,567  

Series 2015-5A, Class DR, 8.666%, (3 mo. USD LIBOR + 6.70%), 1/20/32(8)(11)

      500       466,647  
Cedar Funding X CLO, Ltd.                

Series 2019-10A, Class E, 9.131%, (3 mo. USD LIBOR + 7.00%), 10/20/32(8)(11)

      500       496,643  
Dryden 40 Senior Loan Fund                

Series 2015-40A, Class ER, 7.66%, (3 mo. USD LIBOR + 5.75%), 8/15/31(8)(11)

      500       474,927  
Fort Washington CLO, Ltd.                

Series 2019-1A, Class E, 9.158%, (3 mo. USD LIBOR + 7.25%), 10/20/32(8)(11)

      500       497,726  
Galaxy XV CLO, Ltd.                

Series 2013-15A, Class ER, 8.646%, (3 mo. USD LIBOR + 6.65%),
10/15/30(8)(11)

      500       472,496  
Galaxy XXI CLO, Ltd.                

Series 2015-21A, Class ER, 7.216%, (3 mo. USD LIBOR + 5.25%),
4/20/31(8)(11)

      500       465,568  
Golub Capital Partners CLO, Ltd.                

Series 2015-23A, Class ER, 7.716%, (3 mo. USD LIBOR + 5.75%),
1/20/31(8)(11)

      600       533,137  
Security       

Principal

Amount

(000’s omitted)

    Value  
Kayne CLO, Ltd.                

Series 2019-5A, Class E, 8.881%, (3 mo. USD LIBOR + 6.70%), 7/24/32(8)(11)

    $ 500     $ 480,653  
Madison Park Funding XXXVI, Ltd.                

Series 2019-36A, Class E, 9.20%, (3 mo. USD LIBOR + 7.25%), 1/15/33(8)(11)

      250       251,863  
Madison Park Funding XXXVII, Ltd.                

Series 2019-37A, Class E, 8.381%, (3 mo. USD LIBOR + 6.55%), 7/15/32(8)(11)

      500       501,977  
Neuberger Berman Loan Advisers CLO 31, Ltd.                

Series 2019-31A, Class E, 8.716%, (3 mo. USD LIBOR + 6.75%), 4/20/31(8)(11)

      500       498,054  
Neuberger Berman Loan Advisers CLO 33, Ltd.                

Series 2019-33A, Class E, 8.94%, (3 mo. USD LIBOR + 6.80%), 10/16/32(8)(11)

      500       492,557  
Palmer Square CLO, Ltd.  

Series 2013-2A, Class DRR, 7.852%, (3 mo. USD LIBOR + 5.85%),
10/17/31(8)(11)

      450       435,049  

Series 2015-2A, Class DR, 8.466%, (3 mo. USD LIBOR + 6.50%), 7/20/30(8)(11)

      600       600,008  

Series 2019-1A, Class D, 8.935%, (3 mo. USD LIBOR + 7.00%), 11/14/32(8)(11)

      500       502,739  
Regatta XII Funding, Ltd.                

Series 2019-1A, Class E, 8.851%, (3 mo. USD LIBOR + 6.85%), 10/15/32(8)(11)

      300       294,832  
Regatta XIV Funding, Ltd.                

Series 2018-3A, Class E, 7.89%, (3 mo. USD LIBOR + 5.95%), 10/25/31(8)(11)

      300       283,146  
Regatta XVI Funding, Ltd.                

Series 2019-2A, Class E, 8.903%, (3 mo. USD LIBOR + 7.00%), 1/15/33(8)(11)

      500       496,864  
Southwick Park CLO, LLC                

Series 2019-4A, Class E, 8.866%, (3 mo. USD LIBOR + 6.70%), 7/20/32(8)(11)

      1,000       974,118  
Vibrant CLO X, Ltd.                

Series 2018-10A, Class D, 8.156%, (3 mo. USD LIBOR + 6.19%), 10/20/31(8)(11)

      375       335,458  
Vibrant CLO XI, Ltd.                

Series 2019-11A, Class D, 8.869%, (3 mo. USD LIBOR + 6.77%), 7/20/32(8)(11)

      500       474,121  
Voya CLO, Ltd.                

Series 2013-1A, Class DR, 8.481%, (3 mo. USD LIBOR + 6.48%), 10/15/30(8)(11)

        1,000       950,041  

Total Asset-Backed Securities
(identified cost $17,814,998)

 

  $ 17,549,891  
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Common Stocks — 1.6%

 

Security          Shares     Value  
Aerospace and Defense — 0.1%  

IAP Global Services, LLC(3)(15)(16)

            29     $ 371,526  
                    $ 371,526  
Automotive — 0.1%  

Dayco Products, LLC(15)(16)

            10,159     $ 213,339  
      $ 213,339  
Business Equipment and Services — 0.0%(10)  

Crossmark Holdings, Inc.(15)(16)

            1,731     $ 87,415  
      $ 87,415  
Chemicals and Plastics — 0.1%  

Hexion Holdings Corp., Class B(15)(16)

            18,444     $ 222,250  
      $ 222,250  
Electronics / Electrical — 0.0%(10)  

Answers Corp.(3)(15)

            46,839     $ 91,336  
      $ 91,336  
Health Care — 0.0%  

New Millennium Holdco, Inc.(3)(15)(16)

            35,156     $ 0  
      $ 0  
Oil and Gas — 0.5%  

AFG Holdings, Inc.(3)(15)(16)

      13,348     $ 604,932  

Fieldwood Energy, Inc.(15)(16)

      9,594       201,474  

Nine Point Energy Holdings, Inc.(3)(16)(17)

      325       3  

Samson Resources II, LLC, Class A(15)

      22,051       463,071  

Southcross Holdings Group, LLC(3)(15)(16)

      30       0  

Southcross Holdings L.P., Class A(15)(16)

            30       2,190  
      $ 1,271,670  
Publishing — 0.4%  

ION Media Networks, Inc.(3)(15)

      2,155     $ 999,812  

Tweddle Group, Inc.(3)(15)(16)

            889       125  
      $ 999,937  
Radio and Television — 0.3%  

Clear Channel Outdoor Holdings, Inc.(15)(16)

      42,539     $ 121,662  

Cumulus Media, Inc., Class A(15)(16)

      18,865       331,458  

iHeartMedia, Inc., Class A(15)(16)

            18,090       305,721  
      $ 758,841  
Security        Shares     Value  
Retailers (Except Food and Drug) — 0.1%  

David’s Bridal, LLC(3)(15)(16)

        11,238     $ 243,415  
      $ 243,415  

Total Common Stocks
(identified cost $3,565,753)

 

  $ 4,259,729  
Convertible Preferred Stocks — 0.0%(10)

 

Security        Shares     Value  
Oil and Gas — 0.0%(10)  

Nine Point Energy Holdings, Inc., Series A,
12.00%(3)(16)(17)

        5     $ 2,889  

Total Convertible Preferred Stocks
(identified cost $5,000)

 

  $ 2,889  
Preferred Stocks — 0.0%(10)

 

Security        Shares     Value  
Retailers (Except Food and Drug) — 0.0%(10)  

David’s Bridal, LLC, Series A(3)(15)(16)

      313     $ 25,040  

David’s Bridal, LLC, Series B(3)(15)(16)

        1,274       103,143  

Total Preferred Stocks
(identified cost $103,143)

 

  $ 128,183  
Closed-End Funds — 1.9%

 

Security        Shares     Value  

BlackRock Floating Rate Income Strategies Fund, Inc.

      49,400     $ 663,936  

Invesco Senior Income Trust

      178,510       765,808  

Nuveen Credit Strategies Income Fund

      180,539       1,384,734  

Nuveen Floating Rate Income Fund

      73,198       749,548  

Nuveen Floating Rate Income Opportunity Fund

      51,054       510,029  

Voya Prime Rate Trust

        196,084       982,381  

Total Closed-End Funds
(identified cost $5,726,072)

 

  $ 5,056,436  
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Warrants — 0.0%

 

Security          Shares     Value  
Retailers (Except Food and Drug) — 0.0%                     

David’s Bridal, LLC, Exp. 11/26/22(3)(15)(16)

            2,169     $ 0  

Total Warrants
(identified cost $0)

 

  $ 0  
Miscellaneous — 0.0%(10)

 

Security          Shares     Value  
Cable and Satellite Television — 0.0%                     

ACC Claims Holdings, LLC(3)(16)

            200,340     $ 0  
                    $ 0  
Oil and Gas — 0.0%(10)  

Paragon Offshore Finance Company,
Class A(15)(16)

      764     $ 229  

Paragon Offshore Finance Company,
Class B(15)(16)

            382       7,640  
                    $ 7,869  

Total Miscellaneous
(identified cost $8,309)

 

  $ 7,869  
Short-Term Investments — 2.1%

 

Description          Units     Value  

Eaton Vance Cash Reserves Fund, LLC, 1.78%(18)

            5,500,458     $ 5,500,458  

Total Short-Term Investments
(identified cost $5,500,456)

 

  $ 5,500,458  

Total Investments — 154.7%
(identified cost $419,804,057)

 

  $ 410,585,497  

Less Unfunded Loan Commitments — (0.1)%

 

  $ (362,839

Net Investments — 154.6%
(identified cost $419,441,218)

 

  $ 410,222,658  

Other Assets, Less Liabilities — (40.4)%

 

  $ (107,269,709

Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (14.2)%

 

  $ (37,608,279

Net Assets Applicable to Common Shares — 100.0%

 

  $ 265,344,670  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

  *

In U.S. dollars unless otherwise indicated.

 

  (1)

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

 

  (2)

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At December 31, 2019, the total value of unfunded loan commitments is $363,470. See Note 1F for description.

 

  (3)

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 13).

 

  (4)

The stated interest rate represents the weighted average interest rate at December 31, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

 

  (5)

This Senior Loan will settle after December 31, 2019, at which time the interest rate will be determined.

 

  (6)

Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

 

  (7)

Fixed-rate loan.

 

  (8)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2019, the aggregate value of these securities is $39,495,937 or 14.9% of the Trust’s net assets applicable to common shares.

 

  (9)

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(10)

Amount is less than 0.05%.

 

(11)

Variable rate security. The stated interest rate represents the rate in effect at December 31, 2019.

 

(12)

Security converts to variable rate after the indicated fixed-rate coupon period.

 

(13)

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

 

(14)

When-issued, variable rate security whose interest rate will be determined after December 31, 2019.

 

(15)

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

 

(16)

Non-income producing security.

 

(17)

Restricted security (see Note 7).

 

(18)

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of December 31, 2019.

 

 

  28   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Forward Foreign Currency Exchange Contracts  
Currency Purchased     Currency Sold     Counterparty  

Settlement

Date

   

Unrealized

Appreciation

   

Unrealized

(Depreciation)

 
USD     7,249,609     EUR     6,483,082     Goldman Sachs International     1/31/20     $         —     $ (35,112
USD     733,474     GBP     568,368     State Street Bank and Trust Company     1/31/20             (19,992
USD     7,425,430     EUR     6,694,280     State Street Bank and Trust Company     2/28/20             (109,774
USD     8,754,289     EUR     7,844,521     HSBC Bank USA, N.A.     3/31/20             (93,512
                                    $     $ (258,390

Abbreviations:

 

DIP     Debtor In Possession
EURIBOR     Euro Interbank Offered Rate
LIBOR     London Interbank Offered Rate
PIK     Payment In Kind

Currency Abbreviations:

 

EUR     Euro
GBP              British Pound Sterling
USD     United States Dollar

 

  29   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets    December 31, 2019  

Unaffiliated investments, at value (identified cost, $413,940,762)

   $ 404,722,200  

Affiliated investment, at value (identified cost, $5,500,456)

     5,500,458  

Cash

     4,239,138  

Deposits for derivatives collateral — forward foreign currency exchange contracts

     150,000  

Foreign currency, at value (identified cost, $238,927)

     239,649  

Interest and dividends receivable

     1,739,673  

Dividends receivable from affiliated investment

     6,411  

Receivable for investments sold

     514,617  

Prepaid upfront fees on notes payable

     23,520  

Prepaid expenses

     38,018  

Total assets

   $ 417,173,684  
Liabilities

 

Notes payable

   $ 108,000,000  

Payable for investments purchased

     2,532,979  

Payable for when-issued securities

     1,182,081  

Payable for open forward foreign currency exchange contracts

     258,390  

Distributions payable

     1,438,931  

Payable to affiliates:

  

Investment adviser fee

     258,595  

Administration fee

     86,198  

Trustees’ fees

     5,133  

Accrued expenses

     458,428  

Total liabilities

   $ 114,220,735  

Auction preferred shares (1,504 shares outstanding) at liquidation value plus cumulative unpaid dividends

   $ 37,608,279  

Net assets applicable to common shares

   $ 265,344,670  
Sources of Net Assets

 

Common shares, $0.01 par value, unlimited number of shares authorized, 37,866,607 shares issued and outstanding

   $ 378,666  

Additional paid-in capital

     277,568,442  

Accumulated loss

     (12,602,438

Net assets applicable to common shares

   $ 265,344,670  
Net Asset Value Per Common Share

 

($265,344,670 ÷ 37,866,607 common shares issued and outstanding)

   $ 7.01  

 

  30   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Statement of Operations (Unaudited)

 

 

Investment Income   

Six Months Ended

December 31, 2019

 

Interest and other income

   $ 11,462,320  

Dividends

     1,033,088  

Dividends from affiliated investment

     73,372  

Total investment income

   $ 12,568,780  
Expenses

 

Investment adviser fee

   $ 1,550,492  

Administration fee

     516,831  

Trustees’ fees and expenses

     9,641  

Custodian fee

     72,482  

Transfer and dividend disbursing agent fees

     9,214  

Legal and accounting services

     28,066  

Printing and postage

     17,540  

Interest expense and fees

     1,750,723  

Preferred shares service fee

     16,304  

Miscellaneous

     24,987  

Total expenses

   $ 3,996,280  

Net investment income

   $ 8,572,500  
Realized and Unrealized Gain (Loss)

 

Net realized gain (loss) —

 

Investment transactions

   $ (2,560,511

Investment transactions — affiliated investment

     (879

Foreign currency transactions

     72,989  

Forward foreign currency exchange contracts

     730,851  

Net realized loss

   $ (1,757,550

Change in unrealized appreciation (depreciation) —

 

Investments

   $ 1,805,931  

Investments — affiliated investment

     2  

Foreign currency

     (1,079

Forward foreign currency exchange contracts

     (80,435

Net change in unrealized appreciation (depreciation)

   $ 1,724,419  

Net realized and unrealized gain

   $ 33,131  

Distributions to preferred shareholders

   $ (464,543

Net increase in net assets from operations

   $ 8,074,826  

 

  31   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets   

Six Months Ended

December 31, 2019

(Unaudited)

    

Year Ended

June 30, 2019

 

From operations —

 

Net investment income

   $ 8,572,500      $ 15,520,463  

Net realized gain (loss)

     (1,757,550      2,658,192  

Net change in unrealized appreciation (depreciation)

     1,724,419        (9,320,374

Distributions to preferred shareholders

     (464,543      (1,175,940

Discount on redemption and repurchase of auction preferred shares

            1,920,000  

Net increase in net assets from operations

   $ 8,074,826      $ 9,602,341  

Distributions to common shareholders

   $ (9,655,985    $ (14,692,244

Net decrease in net assets

   $ (1,581,159    $ (5,089,903
Net Assets Applicable to Common Shares                  

At beginning of period

   $ 266,925,829      $ 272,015,732  

At end of period

   $ 265,344,670      $ 266,925,829  

 

  32   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Statement of Cash Flows (Unaudited)

 

 

Cash Flows From Operating Activities   

Six Months Ended

December 31, 2019

 

Net increase in net assets from operations

   $ 8,074,826  

Distributions to preferred shareholders

     464,543  

Net increase in net assets from operations excluding distributions to preferred shareholders

   $ 8,539,369  

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

  

Investments purchased

     (67,055,484

Investments sold and principal repayments

     63,499,045  

Increase in short-term investments, net

     (2,306,899

Net amortization/accretion of premium (discount)

     (68,627

Amortization of prepaid upfront fees on notes payable

     63,296  

Increase in interest and dividends receivable

     (124,709

Decrease in dividends receivable from affiliated investment

     2,275  

Decrease in receivable for open forward foreign currency exchange contracts

     15,415  

Increase in prepaid expenses

     (4,605

Increase in payable for open forward foreign currency exchange contracts

     65,020  

Increase in payable to affiliate for investment adviser fee

     3,462  

Increase in payable to affiliate for administration fee

     1,154  

Decrease in payable to affiliate for Trustees’ fees

     (622

Decrease in accrued expenses

     (73,575

Increase in unfunded loan commitments

     218,055  

Net change in unrealized (appreciation) depreciation from investments

     (1,805,933

Net realized loss from investments

     2,561,390  

Net cash provided by operating activities

   $ 3,528,027  
Cash Flows From Financing Activities

 

Cash distributions paid to common shareholders

   $ (8,217,054

Cash distributions paid to preferred shareholders

     (465,473

Proceeds from notes payable

     12,000,000  

Repayments of notes payable

     (7,000,000

Net cash used in financing activities

   $ (3,682,527

Net decrease in cash and restricted cash*

   $ (154,500

Cash and restricted cash at beginning of period (including foreign currency)

   $ 4,783,287  

Cash and restricted cash at end of period (including foreign currency)

   $ 4,628,787  
Supplemental disclosure of cash flow information:

 

Cash paid for interest and fees on borrowings

   $ 1,748,621  

 

*

Includes net change in unrealized appreciation (depreciation) on foreign currency of $711.

 

  33   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Statement of Cash Flows (Unaudited) — continued

 

 

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

 

      December 31, 2019  

Cash

   $ 4,239,138  

Deposits for derivatives collateral — forward foreign currency exchange contracts

     150,000  

Foreign currency

     239,649  

Total cash and restricted cash as shown in the Statement of Cash Flows

   $ 4,628,787  

 

  34   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    Six Months Ended
December 31, 2019
(Unaudited)
    Year Ended June 30,  
    2019     2018     2017     2016     2015  
             

Net asset value — Beginning of period (Common shares)

  $ 7.050     $ 7.180     $ 7.150     $ 6.650     $ 7.020     $ 7.340  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.226     $ 0.410     $ 0.385     $ 0.404     $ 0.422     $ 0.401  

Net realized and unrealized gain (loss)

    0.001       (0.172     0.038       0.436       (0.371     (0.316

Distributions to preferred shareholders —

           

From net investment income(1)

    (0.012     (0.031     (0.028     (0.014     (0.009     (0.003

Discount on redemption and repurchase of auction preferred
shares(1)

          0.051             0.064              

Total income from operations

  $ 0.215     $ 0.258     $ 0.395     $ 0.890     $ 0.042     $ 0.082  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.255   $ (0.388   $ (0.365   $ (0.390   $ (0.412   $ (0.402

Total distributions to common shareholders

  $ (0.255   $ (0.388   $ (0.365   $ (0.390   $ (0.412   $ (0.402

Net asset value — End of period (Common shares)

  $ 7.010     $ 7.050     $ 7.180     $ 7.150     $ 6.650     $ 7.020  

Market value — End of period (Common shares)

  $ 6.410     $ 6.230     $ 6.380     $ 6.650     $ 6.010     $ 6.210  

Total Investment Return on Net Asset Value(2)

    3.52 %(3)      4.46 %(4)      6.12     14.02 %(5)      1.57     1.71

Total Investment Return on Market Value(2)

    7.12 %(3)      3.88     1.39     17.34     3.77     (3.02 )% 

 

  35   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Six Months Ended
December 31, 2019
(Unaudited)
    Year Ended June 30,  
Ratios/Supplemental Data   2019     2018     2017     2016     2015  
             

Net assets applicable to common shares, end of period (000’s omitted)

  $ 265,345     $ 266,926     $ 272,016     $ 270,810     $ 251,789     $ 266,009  

Ratios (as a percentage of average daily net assets applicable to common shares):(6)

           

Expenses excluding interest and fees(7)

    1.69 %(8)      1.73     1.82     1.87     1.96     1.99

Interest and fee expense(9)

    1.32 %(8)      1.40     0.83     0.52     0.28     0.28

Total expenses(7)

    3.01 %(8)      3.13     2.65     2.39     2.24     2.27

Net investment income

    6.45 %(8)      5.74     5.36     5.75     6.38     5.61

Portfolio Turnover

    13 %(3)      26     34     42     31     33

Senior Securities:

           

Total notes payable outstanding (in 000’s)

  $ 108,000     $ 103,000     $ 93,000     $ 92,000     $ 25,000     $ 60,000  

Asset coverage per $1,000 of notes payable(10)

  $ 3,805     $ 3,957     $ 4,587     $ 4,613     $ 15,472     $ 7,267  

Total preferred shares outstanding

    1,504       1,504       2,464       2,464       4,400       4,400  

Asset coverage per preferred share(11)

  $ 70,562     $ 72,464     $ 68,989     $ 69,078     $ 71,629     $ 64,119  

Involuntary liquidation preference per preferred share(12)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred share(12)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) 

Computed using average common shares outstanding.

 

   (2)

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

  (3)

Not annualized.

 

   (4)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its Auction Preferred Shares at 92% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 3.71%.

 

   (5)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its Auction Preferred Shares at 95% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 13.00%.

 

   (6)

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

 

   (7)

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (8)

Annualized.

 

   (9)

Interest and fee expense relates to the notes payable to partially redeem the Trust’s Auction Preferred Shares (see Note 2) and/or to fund investments (see Note 9).

 

(10)

Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.

 

(11)

Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 282%, 290%, 276%, 276%, 287% and 256% at December 31, 2019 and June 30, 2019, 2018, 2017, 2016 and 2015, respectively.

 

(12)

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

     Six Months Ended
December 31, 2019
(Unaudited)
     Year Ended June 30,  
     2019      2018      2017     2016     2015  
             

Expenses excluding interest and fees

              1.09               1.12              1.17              1.21               1.21               1.21

Interest and fee expense

     0.85      0.91      0.54      0.34     0.17     0.17

Total expenses

     1.94      2.03      1.71      1.55     1.38     1.38

Net investment income

     4.16      3.73      3.46      3.72     3.93     3.42

 

  36   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance Senior Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s investment objective is to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based

 

  37  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of December 31, 2019, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At December 31, 2019, the Trust had sufficient cash and/or securities to cover these commitments.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J  When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K  Interim Financial Statements — The interim financial statements relating to December 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

 

  38  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

2  Auction Preferred Shares

The Trust issued Auction Preferred Shares (APS) on July 27, 2001 in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 125% of the “AA” Financial Composite Commercial Paper Rate at the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The number of APS issued and outstanding as of December 31, 2019 is as follows:

 

     

APS Issued and

Outstanding

 

Series A

     752  

Series B

     752  

The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust’s By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

On June 29, 2018, the Trust announced a tender offer to purchase up to 39% of its outstanding APS at a price per share equal to 92% of the APS liquidation preference of $25,000 per share (or $23,000 per share), plus any accrued but unpaid APS dividends. The tender offer expired on September 14, 2018. The number of APS redeemed during the year ended June 30, 2019 pursuant to the tender offer and the redemption amount (excluding the final dividend payment) were as follows:

 

     

APS Redeemed

During the Year

     Redemption
Amount
 

Series A

     480      $ 11,040,000  

Series B

     480        11,040,000  

3  Distributions to Shareholders and Income Tax Information

The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at December 31, 2019, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:

 

     

APS Dividend

Rates at

December 31, 2019

    

Dividends

Accrued to APS

Shareholders

    

Average APS

Dividend

Rates

     Dividend
Rate
Ranges (%)
 

Series A

     2.00    $ 234,089        2.48      1.93–2.99  

Series B

     1.95        230,454        2.44        1.93–2.99  

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust’s APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of December 31, 2019.

 

  39  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At June 30, 2019, the Trust had a net capital loss of $1,431,100 attributable to security transactions incurred after October 31, 2018 that it has elected to defer. This net capital loss is treated as arising on the first day of the Trust’s taxable year ending June 30, 2020.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Trust at December 31, 2019, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 419,541,337  

Gross unrealized appreciation

   $ 4,946,594  

Gross unrealized depreciation

     (14,523,663

Net unrealized depreciation

   $ (9,577,069

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. Pursuant to the investment advisory agreement between the Trust and EVM, the investment advisory fee payable by the Trust is 0.85% of the Trust’s average weekly gross assets and is payable monthly. Pursuant to a fee reduction agreement between the Trust and EVM that commenced on May 1, 2010, the annual investment adviser fee is reduced by 0.01% every May 1 thereafter for the next twenty-nine years. The Trust’s advisory fee is currently computed at an annual rate of 0.75% of its average weekly gross assets and is payable monthly. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the six months ended December 31, 2019, the Trust’s investment adviser fee totaled $1,550,492. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.25% of the Trust’s average weekly gross assets. For the six months ended December 31, 2019, the administration fee amounted to $516,831.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended December 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $54,514,364 and $59,026,962, respectively, for the six months ended December 31, 2019.

6  Common Shares of Beneficial Interest and Shelf Offering

The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the six months ended December 31, 2019 and the year ended June 30, 2019.

In November 2013, the Board of Trustees initially approved a share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trust for the six months ended December 31, 2019 and the year ended June 30, 2019.

Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 4,551,438 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share. During the six months ended December 31, 2019 and the year ended June 30, 2019, there were no shares sold by the Trust pursuant to its shelf offering.

 

  40  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

7  Restricted Securities

At December 31, 2019, the Trust owned the following securities (representing less than 0.01% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

 

Description    Date of
Acquisition
     Shares      Cost      Value  

Common Stocks

           

Nine Point Energy Holdings, Inc.

     7/15/14        325      $ 15,070      $ 3  

Convertible Preferred Stocks

           

Nine Point Energy Holdings, Inc., Series A, 12.00%

     5/26/17        5        5,000        2,889  

Total Restricted Securities

                     $ 20,070      $ 2,892  

8  Financial Instruments

The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at December 31, 2019 is included in the Portfolio of Investments. At December 31, 2019, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.

The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trust’s net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At December 31, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $258,390. The aggregate fair value of assets pledged as collateral by the Trust for such liability was $150,000 at December 31, 2019.

The over-the-counter (OTC) derivatives in which the Trust invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Trust has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trust’s net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trust’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Trust, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Trust as collateral, if any, are identified as such in the Portfolio of Investments.

 

  41  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at December 31, 2019 was as follows:

 

     Fair Value  
Derivative    Asset Derivative      Liability Derivative(1)  

Forward foreign currency exchange contracts

   $         —      $ (258,390

 

(1) 

Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Trust’s derivative liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Trust’s derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Trust for such liabilities as of December 31, 2019.

 

Counterparty   

Derivative

Liabilities Subject to

Master Netting

Agreement

    

Derivatives

Available

for Offset

    

Non-cash

Collateral

Pledged(a)

    

Cash

Collateral

Pledged(a)

    

Net Amount

of Derivative

Liabilities(b)

     Total Cash
Collateral
Pledged
 

Goldman Sachs International

   $ (35,112    $         —      $         —      $      $ (35,112    $  

HSBC Bank USA, N.A.

     (93,512                    93,512               150,000  

State Street Bank and Trust Company

     (129,766                           (129,766       
     $ (258,390    $      $      $ 93,512      $ (164,878    $ 150,000  

 

(a)  

In some instances, the total collateral pledged may be more than the amount shown due to overcollateralization.

 

(b) 

Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended December 31, 2019 was as follows:

 

Derivative    Realized Gain (Loss)
on Derivatives Recognized
in Income
(1)
     Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in  Income
(2)
 

Forward foreign currency exchange contracts

   $ 730,851      $ (80,435

 

(1) 

Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended December 31, 2019, which is indicative of the volume of this derivative type, was approximately $26,113,000.

9  Revolving Credit and Security Agreement

The Trust has entered into a Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank that allows it to borrow up to $125 million and to invest the borrowings in accordance with its investment practices. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits’ commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through March 9, 2020, the Trust also pays a program fee of 0.85% per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan amount is less than or equal to 60% of the total facility size) per annum on the unused portion of the total commitment under the Agreement. Program and liquidity fees for the six months ended December 31, 2019 totaled $482,759 and are included in interest expense and fees on the Statement of Operations. The Trust paid an upfront fee of $125,000 in connection with the renewal of the Agreement in March 2019, which is being amortized to interest expense over a period of one year. The unamortized balance as of December 31, 2019 is approximately $24,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. The Trust is required to maintain certain net asset levels during the term of the Agreement. At December 31, 2019, the Trust had borrowings outstanding under the Agreement of

 

  42  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

$108,000,000 at an annual interest rate of 1.83%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at December 31, 2019 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 13) at December 31, 2019. For the six months ended December 31, 2019, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $108,146,739 and 2.21%, respectively.

10  Risks Associated with Foreign Investments

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

11  Credit Risk

The Trust invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

12  Investments in Affiliated Funds

At December 31, 2019, the value of the Trust’s investment in affiliated funds was $5,500,458, which represents 2.1% of the Trust’s net assets applicable to common shares. Transactions in affiliated funds by the Trust for the six months ended December 31, 2019 were as follows:

 

Name of affiliated fund   Value,
beginning
of period
    Purchases    

Sales

proceeds

    Net
realized
gain (loss)
    Change in
unrealized
appreciation
(depreciation)
   

Value,

end of

period

    Dividend
income
   

Units, end

of period

 

Short-Term Investments

 

Eaton Vance Cash Reserves Fund, LLC, 1.78%

  $ 3,194,436     $ 61,627,037     $ (59,320,138   $ (879   $ 2     $ 5,500,458     $ 73,372       5,500,458  

13  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

Level 1 – quoted prices in active markets for identical investments

 

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

  43  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

At December 31, 2019, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3*      Total  

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)

   $      $ 345,565,489      $ 2,092,375      $ 347,657,864  

Corporate Bonds & Notes

            30,059,339               30,059,339  

Asset-Backed Securities

            17,549,891               17,549,891  

Common Stocks

     981,091        967,489        2,311,149        4,259,729  

Convertible Preferred Stocks

                   2,889        2,889  

Preferred Stocks

                   128,183        128,183  

Closed-End Funds

     5,056,436                      5,056,436  

Warrants

                   0        0  

Miscellaneous

            7,869        0        7,869  

Short-Term Investments

            5,500,458               5,500,458  

Total Investments

   $ 6,037,527      $ 399,650,535      $ 4,534,596      $ 410,222,658  

Liability Description

 

                          

Forward Foreign Currency Exchange Contracts

   $      $ (258,390    $      $ (258,390

Total

   $      $ (258,390    $      $ (258,390

 

*

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended December 31, 2019 is not presented.

 

  44  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Annual Meeting of Shareholders (Unaudited)

 

 

The Fund held its Annual Meeting of Shareholders on October 17, 2019. The following action was taken by the shareholders:

Item 1:  The election of George J. Gorman, William H. Park and Marcus L. Smith as Class III Trustees of the Fund for a three-year term expiring in 2022. Mr. Park was elected solely by APS shareholders.

 

Nominee for Trustee

Elected by All Shareholders

   Number of Shares  
   For      Withheld  

George J. Gorman

     25,992,213        6,661,348  

Marcus L. Smith

     26,087,256        6,566,305  

Nominee for Trustee

Elected by APS Shareholders

   Number of Shares  
   For      Withheld  

William H. Park

     1,282        4  

 

  45  


Eaton Vance

Senior Income Trust

December 31, 2019

 

Officers and Trustees

 

 

Officers

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

 

 

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

 

 

*

Interested Trustee

 

  46  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

 

 

At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

 

 

On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

 

 

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

 

 

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

Share Repurchase Program.  The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

LOGO

7700    12.31.19


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

No such purchases this period.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

No activity to report for the registrant’s most recent fiscal year end.

Item 13. Exhibits

 

(a)(1)

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

(a)(2)(i)

   Treasurer’s Section 302 certification.

(a)(2)(ii)

   President’s Section 302 certification.

(b)

   Combined Section 906 certification.


Signatures

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

Eaton Vance Senior Income Trust

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President

Date:    February 24, 2020

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

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer

Date:    February 24, 2020

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President

Date:    February 24, 2020