Regulatory Filings • Aug 25, 2017
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Download Source FileN-CSR 1 d443700dncsr.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
(Registrants Telephone Number)
June 30
Date of Fiscal Year End
June 30, 2017
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Senior Income Trust (EVF)
Annual Report
June 30, 2017
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 Funds 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.
Annual Report June 30, 2017
Eaton Vance
Senior Income Trust
Table of Contents
| Managements Discussion of Fund Performance | 2 |
|---|---|
| Performance | 3 |
| Fund Profile | 4 |
| Endnotes and Additional Disclosures | 5 |
| Financial Statements | 6 |
| Report of Independent Registered Public Accounting Firm | 41 |
| Federal Tax Information | 42 |
| Dividend Reinvestment Plan | 43 |
| Board of Trustees Contract Approval | 45 |
| Management and Organization | 49 |
| Important Notices | 52 |
Eaton Vance
Senior Income Trust
June 30, 2017
Managements Discussion of Fund Performance 1
Economic and Market Conditions
The U.S. floating-rate loan market rose during the fiscal year ended June 30, 2017, with the S&P/LSTA Leveraged Loan Index (the Index), 2 a broad barometer of the loan market, returning 7.42% for the 12-month period. Positive returns were driven by coupon income as well as price appreciation.
As the period opened on July 1, 2016, the loan market was several months into a rally that would continue through most of the period. Increasing anticipation of higher interest rates, culminating in rate hikes by the Federal Reserve Board in December 2016 and in March and June 2017, made loans an appealing asset class. Lower-quality credit 8 tiers in the Index outperformed higher quality tiers, as investors appeared to display an increased appetite for risk.
Technical factors contributed to the rally as well. Loan mutual funds experienced net inflows, and loan demand outstripped supply for most of the period. Significant inflows into high yield bond funds, which have also tended to own floating-rate loans, added to loan demand. Loan prices in the Index appreciated in most months of the period through February 2017, except for modest declines in June and November 2016, after the U.K.s Brexit vote and the U.S. presidential election.
In the closing months of the period, however, price appreciation slowed as the overall asset class approached full valuation. As of period-end, more than half of the performing loans in the Index were trading at par value or higher. During the last month of the period, the Index declined 0.04%, snapping a 15-month string of positive returns. Technical factors contributed to the loss, with a combination of increased supply and lower demand growth dealing the loan market its first supply surplus in more than two years.
With the U.S. economy continuing its low-growth recovery during the period, continued health in corporate fundamentals kept the default rate fairly benign. The trailing 12-month loan default rate, a measure of corporate health and credit risk in the overall market, was 1.54% at the end of the 12-month period, well below the markets long-term average of 3.05%, according to Standard & Poors Leveraged Commentary & Data.
Fund Performance
For the fiscal year ended June 30, 2017, Eaton Vance Senior Income Trust (the Fund) shares at net asset value (NAV) had a total return of 14.02%, outperforming the 7.42% return of the Index.
Under normal market conditions, the Fund invests at least 80% of its total assets in senior loans of domestic and foreign borrowers that are denominated in U.S. dollars, euros,
British pounds, Swiss francs, Canadian dollars and Australian dollars. In keeping with its objective to provide a high level of current income, consistent with the preservation of capital, the Fund has historically tended to overweight higher-rated loans relative to the Index. This strategy may help the Fund experience limited credit losses over time, but may detract from relative results versus the Index in times when lower-rated loans perform well.
For the 12-month period, BBB-rated loans in the Index returned 3.92%, BB-rated loans in the Index returned 5.01%, B-rated loans in the Index returned 7.90%, CCC-rated loans in the Index returned 24.38%, and D-rated (defaulted) loans in the Index returned 18.89%. The Funds underweight to loans rated CCC and below, relative to the Index, detracted from relative results versus the Index. In contrast, security selection overall aided Fund performance versus the Index.
On a sector-level basis, the Funds overweight, relative to the Index, in the nonferrous metals/minerals sector contributed to relative performance versus the Index, as that sector outperformed the overall loan market during the period. An underweight in the utilities sector also aided relative results versus the Index. In addition, credit selection in the financial intermediaries, retailers (except food and drug), food service, publishing and telecommunications sectors contributed to Fund performance versus the Index. Detractors from performance versus the Index included an underweight in the oil & gas sector and security selection in the electronics/ electrical sector.
The Funds employment of investment leverage contributed to performance versus the Index. The use of leverage has the effect of achieving additional exposure to the loan market, and thus magnifying a funds exposure to its underlying investments in both up and down market environments. The use of leverage helped performance versus the Index, which does not employ leverage, as leverage amplified both coupon yield and price appreciation in the Funds loan portfolio during the period.
The Funds out-of-Index holdings in high-yield debt also contributed to Fund performance versus the Index, as high-yield bonds in general outperformed the loan market during the period.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance 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
June 30, 2017
Performance 2,3
Portfolio Managers Scott H. Page, CFA and John Redding
| % Average Annual Total Returns — Fund at NAV | 10/30/1998 | 14.02 % | 6.52 % | 4.91 % |
|---|---|---|---|---|
| Fund at Market Price | | 17.34 | 5.40 | 4.42 |
| S&P/LSTA Leveraged Loan Index | | 7.42 % | 4.58 % | 4.48 % |
| % Premium/Discount to NAV 4 | ||||
| 6.99 % | ||||
| Distributions 5 | ||||
| Total Distributions per share for the period | $ | 0.390 | ||
| Distribution Rate at NAV | 5.20 % | |||
| Distribution Rate at Market Price | 5.59 % | |||
| % Total Leverage 6 | ||||
| Auction Preferred Shares (APS) | 14.51 % | |||
| Borrowings | 21.68 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance 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.
3
Eaton Vance
Senior Income Trust
June 30, 2017
Fund Profile
Top 10 Issuers (% of total investments) 7
| Valeant Pharmaceuticals International, Inc. | 1.4 |
|---|---|
| Reynolds Group Holdings, Inc. | 1.2 |
| Asurion, LLC | 1.1 |
| TransDigm, Inc. | 1.0 |
| Univision Communications Inc. | 1.0 |
| Infor (US), Inc. | 0.9 |
| Intelsat Jackson Holdings S.A. | 0.9 |
| Envision Healthcare Corporation | 0.8 |
| Community Health Systems, Inc. | 0.8 |
| Jaguar Holding Company II | 0.8 |
| Total | 9.9 % |
Top 10 Sectors (% of total investments) 7
| Health Care | 9.6 |
|---|---|
| Electronics/Electrical | 9.3 |
| Business Equipment and Services | 6.9 |
| Chemicals and Plastics | 4.9 |
| Drugs | 4.7 |
| Telecommunications | 4.6 |
| Retailers (Except Food and Drug) | 4.5 |
| Industrial Equipment | 4.0 |
| Leisure Goods/Activities/Movies | 3.7 |
| Lodging and Casinos | 3.6 |
| Total | 55.8 % |
Credit Quality (% of bonds, loans and asset-backed securities) 8
See Endnotes and Additional Disclosures in this report.
4
Eaton Vance
Senior Income Trust
June 30, 2017
Endnotes and Additional Disclosures
1 The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Funds actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission.
2 S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. 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.
3 Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Funds or oldest share class inception, as applicable. Included in the average annual total return at NAV is the impact of the tender and repurchase of a portion of the Funds APS at 95% of the Funds APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund.
4 The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund 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 http://eatonvance.com/closedend.
5 The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV or market price at the end of the period. The Funds 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 Funds webpage available at eatonvance.com. The Funds distributions are determined by the investment adviser based on its current assessment of the Funds 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.
6 Leverage represents the liquidation value of the Funds 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.
7 Excludes cash and cash equivalents.
8 Credit ratings are categorized using 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 issuers creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&Ps measures. Ratings of BBB or higher by S&P are considered to be investment- grade quality. Credit ratings are based largely on the ratings agencys analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition and does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. Holdings designated as Not Rated are not rated by S&P.
Fund profile subject to change due to active management.
5
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments
| Senior Floating-Rate
Loans 138.9% (1) — Borrower/Tranche Description | Principal Amount* (000s omitted) | | Value |
| --- | --- | --- | --- |
| Aerospace and Defense 2.4% | | | |
| IAP Worldwide Services, Inc. | | | |
| Revolving Loan, 1.38%, Maturing July 18,
2018 (2) | | 161 | $ 159,198 |
| Term Loan - Second Lien, 8.00%, Maturing July 18,
2019 (3) | | 216 | 172,778 |
| Silver II US Holdings, LLC | | | |
| Term Loan, 4.23%, Maturing December 13, 2019 | | 1,594 | 1,584,512 |
| TransDigm, Inc. | | | |
| Term Loan, 4.28%, Maturing February 28, 2020 | | 1,235 | 1,236,754 |
| Term Loan, 4.29%, Maturing June 4, 2021 | | 873 | 874,091 |
| Term Loan, 4.23%, Maturing June 9, 2023 | | 2,090 | 2,090,047 |
| Wesco Aircraft Hardware Corp. | | | |
| Term Loan, 4.23%, Maturing October 4, 2021 | | 457 | 457,902 |
| | | | $ 6,575,282 |
| Automotive 2.4% | | | |
| Allison Transmission, Inc. | | | |
| Term Loan, 3.22%, Maturing September 23, 2022 | | 1 | $ 723 |
| American Axle and Manufacturing, Inc. | | | |
| Term Loan, 3.47%, Maturing April 6, 2024 | | 1,460 | 1,454,592 |
| CS Intermediate Holdco 2, LLC | | | |
| Term Loan, 3.55%, Maturing October 26, 2023 | | 334 | 334,301 |
| Dayco Products, LLC | | | |
| Term Loan, 6.18%, Maturing May 19, 2023 | | 500 | 499,375 |
| FCA US, LLC | | | |
| Term Loan, 3.16%, Maturing December 31, 2018 | | 604 | 608,014 |
| Federal-Mogul Holdings Corporation | | | |
| Term Loan, 4.93%, Maturing April 15, 2021 | | 1,493 | 1,499,099 |
| Horizon Global Corporation | | | |
| Term Loan, 5.73%, Maturing June 30, 2021 | | 185 | 186,485 |
| Sage Automotive Holdings, Inc. | | | |
| Term Loan, 6.23%, Maturing October 27, 2022 | | 348 | 350,862 |
| TI Group Automotive Systems, LLC | | | |
| Term Loan, 3.75%, Maturing June 30, 2022 | EUR | 368 | 425,019 |
| Term Loan, 3.98%, Maturing June 30, 2022 | | 565 | 565,644 |
| Tower Automotive Holdings USA, LLC | | | |
| Term Loan, 3.88%, Maturing March 7, 2024 | | 318 | 318,726 |
| Visteon Corporation | | | |
| Term Loan, 3.55%, Maturing March 24, 2024 | | 306 | 307,877 |
| | | | $ 6,550,717 |
| Beverage and Tobacco 0.6% | | | |
| 9941762 Canada, Inc. | | | |
| Term Loan, 5.00%, Maturing December 15, 2023 | | 1,045 | $ 1,053,891 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Beverage and Tobacco (continued) | ||
| Flavors Holdings, Inc. | ||
| Term Loan, 7.05%, Maturing April 3, 2020 | 323 | $ 307,266 |
| Term Loan -Second Lien, 11.30%, Maturing October 3, 2021 | 500 | 375,000 |
| $ 1,736,157 | ||
| Brokerage / Securities Dealers / Investment | ||
| Houses 0.8% | ||
| Aretec Group, Inc. | ||
| Term Loan, 8.00%, Maturing November 23, 2020 | 474 | $ 481,209 |
| Term Loan - Second Lien, 6.50%, (2.00% Cash, 4.50% PIK), Maturing May 23, 2021 | 1,213 | 1,200,494 |
| Resolute Investment Managers, Inc. | ||
| Term Loan - Second Lien, 9.92%, Maturing March 3, 2023 | 125 | 125,625 |
| Salient Partners L.P. | ||
| Term Loan, 9.66%, Maturing May 19, 2021 | 360 | 348,715 |
| $ 2,156,043 | ||
| Building and Development 3.2% | ||
| American Builders & Contractors Supply Co., Inc. | ||
| Term Loan, 3.73%, Maturing October 31, 2023 | 1,397 | $ 1,401,252 |
| Auction.com, LLC | ||
| Term Loan, 6.23%, Maturing May 12, 2019 | 489 | 493,027 |
| CPG International, Inc. | ||
| Term Loan, 5.05%, Maturing May 3, 2024 | 933 | 933,507 |
| DTZ U.S. Borrower, LLC | ||
| Term Loan, 4.45%, Maturing November 4, 2021 | 1,892 | 1,894,665 |
| Henry Company, LLC | ||
| Term Loan, 5.73%, Maturing October 5, 2023 | 149 | 151,769 |
| Quikrete Holdings, Inc. | ||
| Term Loan, 3.98%, Maturing November 15, 2023 | 1,244 | 1,242,887 |
| RE/MAX International, Inc. | ||
| Term Loan, 4.05%, Maturing December 15, 2023 | 914 | 920,121 |
| Summit Materials Companies I, LLC | ||
| Term Loan, 3.98%, Maturing July 17, 2022 | 294 | 296,802 |
| Werner Co. | ||
| Term Loan, Maturing June 23, 2024 (4) | 275 | 274,312 |
| WireCo WorldGroup, Inc. | ||
| Term Loan, 6.70%, Maturing September 30, 2023 | 273 | 275,553 |
| Term Loan - Second Lien, 10.20%, Maturing September 30, 2024 | 650 | 654,469 |
| $ 8,538,364 |
6 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Business Equipment and | |||
| Services 10.6% | |||
| Acosta Holdco, Inc. | |||
| Term Loan, 4.48%, Maturing September 26, 2021 | 1,477 | $ 1,337,865 | |
| AlixPartners, LLP | |||
| Term Loan, 4.30%, Maturing April 4, 2024 | 923 | 928,108 | |
| Altisource Solutions S.a.r.l. | |||
| Term Loan, 4.73%, Maturing December 9, 2020 | 605 | 526,288 | |
| Brand Energy & Infrastructure Services, Inc. | |||
| Term Loan, 5.49%, Maturing June 21, 2024 | 250 | 249,563 | |
| Brickman Group Ltd., LLC | |||
| Term Loan, 4.22%, Maturing December 18, 2020 | 379 | 380,412 | |
| Camelot UK Holdco Limited | |||
| Term Loan, 4.73%, Maturing October 3, 2023 | 546 | 549,748 | |
| Cast and Crew Payroll, LLC | |||
| Term Loan, 4.80%, Maturing August 12, 2022 | 199 | 199,746 | |
| CCC Information Services, Inc. | |||
| Term Loan, 4.23%, Maturing April 27, 2024 | 625 | 624,219 | |
| Change Healthcare Holdings, Inc. | |||
| Term Loan, 3.98%, Maturing March 1, 2024 | 3,142 | 3,146,543 | |
| Commerce Merger Sub, Inc. | |||
| Term Loan, Maturing May 31, 2024 (4) | 325 | 325,406 | |
| Corporate Capital Trust, Inc. | |||
| Term Loan, 4.56%, Maturing May 20, 2019 | 460 | 464,434 | |
| CPM Holdings, Inc. | |||
| Term Loan, 5.48%, Maturing April 11, 2022 | 123 | 124,586 | |
| Crossmark Holdings, Inc. | |||
| Term Loan, 4.80%, Maturing December 20, 2019 | 703 | 500,444 | |
| Education Management, LLC | |||
| Term Loan, 5.66%, Maturing July 2, | |||
| 2020 (3) | 135 | 95,523 | |
| Term Loan, 8.66%, Maturing July 2, | |||
| 2020 (3) | 256 | 0 | |
| EIG Investors Corp. | |||
| Term Loan, 5.24%, Maturing February 9, 2023 | 1,692 | 1,699,606 | |
| Extreme Reach, Inc. | |||
| Term Loan, 7.55%, Maturing February 7, 2020 | 1,123 | 1,125,233 | |
| First Data Corporation | |||
| Term Loan, 3.47%, Maturing July 8, 2022 | 1,214 | 1,213,617 | |
| Garda World Security Corporation | |||
| Term Loan, 5.23%, Maturing May 24, 2024 | 942 | 947,998 | |
| Term Loan, 5.75%, Maturing May 24, 2024 | CAD | 425 | 327,320 |
| Global Payments, Inc. | |||
| Term Loan, 3.23%, Maturing April 22, 2023 | 167 | 168,349 | |
| IG Investment Holdings, LLC | |||
| Term Loan, 5.30%, Maturing October 31, 2021 | 935 | 945,319 | |
| Information Resources, Inc. | |||
| Term Loan, 5.47%, Maturing January 18, 2024 | 399 | 401,057 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Business Equipment and Services (continued) | |||
| ION Trading Finance Limited | |||
| Term Loan, 3.75%, Maturing August 11, 2023 | EUR | 504 | $ 583,814 |
| Term Loan, 4.05%, Maturing August 11, 2023 | 999 | 993,643 | |
| J.D. Power and Associates | |||
| Term Loan, 5.55%, Maturing September 7, 2023 | 943 | 948,768 | |
| KAR Auction Services, Inc. | |||
| Term Loan, 3.56%, Maturing March 11, 2021 | 888 | 894,590 | |
| Kronos Incorporated | |||
| Term Loan, 4.68%, Maturing November 1, 2023 | 2,836 | 2,858,629 | |
| Monitronics International, Inc. | |||
| Term Loan, 6.80%, Maturing September 30, 2022 | 1,101 | 1,112,739 | |
| PGX Holdings, Inc. | |||
| Term Loan, 6.48%, Maturing September 29, 2020 | 621 | 623,027 | |
| Prime Security Services Borrower, LLC | |||
| Term Loan, 3.97%, Maturing May 2, 2022 | 1,319 | 1,322,484 | |
| Spin Holdco, Inc. | |||
| Term Loan, 4.97%, Maturing November 14, 2022 | 1,553 | 1,547,696 | |
| Tempo Acquisition, LLC | |||
| Term Loan, 4.06%, Maturing May 1, 2024 | 425 | 426,372 | |
| TNS, Inc. | |||
| Term Loan, 5.23%, Maturing February 14, 2020 | 255 | 256,772 | |
| Travelport Finance (Luxembourg) S.a.r.l. | |||
| Term Loan, 4.43%, Maturing September 2, 2021 | 548 | 550,603 | |
| Vestcom Parent Holdings, Inc. | |||
| Term Loan, 5.22%, Maturing December 19, 2023 | 249 | 249,994 | |
| WASH Multifamily Laundry Systems, LLC | |||
| Term Loan, 4.48%, Maturing May 14, 2022 | 125 | 125,405 | |
| $ 28,775,920 | |||
| Cable and Satellite | |||
| Television 4.9% | |||
| Charter Communications Operating, LLC | |||
| Term Loan, 3.48%, Maturing January 15, 2024 | 988 | $ 992,369 | |
| CSC Holdings, LLC | |||
| Term Loan, 3.46%, Maturing July 17, 2025 | 1,746 | 1,742,898 | |
| Numericable Group S.A. | |||
| Term Loan, 3.00%, Maturing July 31, 2025 | EUR | 225 | 258,291 |
| Term Loan, 3.94%, Maturing July 31, 2025 | 900 | 893,974 | |
| Radiate Holdco, LLC | |||
| Term Loan, 4.23%, Maturing February 1, 2024 | 349 | 345,088 | |
| Telenet Financing USD, LLC | |||
| Term Loan, 3.91%, Maturing June 30, 2025 | 1,450 | 1,453,485 | |
| UPC Financing Partnership | |||
| Term Loan, 3.91%, Maturing April 15, 2025 | 1,275 | 1,278,028 | |
| Virgin Media Bristol, LLC | |||
| Term Loan, 3.91%, Maturing January 31, 2025 | 3,250 | 3,255,756 |
7 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Cable and Satellite Television (continued) | |||
| Ziggo Secured Finance B.V. | |||
| Term Loan, 3.00%, Maturing April 15, 2025 | EUR | 1,075 | $ 1,237,020 |
| Ziggo Secured Finance Partnership | |||
| Term Loan, 3.66%, Maturing April 15, 2025 | 1,700 | 1,697,875 | |
| $ 13,154,784 | |||
| Chemicals and Plastics 7.0% | |||
| Alpha 3 B.V. | |||
| Term Loan, 4.30%, Maturing January 31, 2024 | 275 | $ 276,169 | |
| Aruba Investments, Inc. | |||
| Term Loan, 4.80%, Maturing February 2, 2022 | 445 | 447,216 | |
| Ashland, Inc. | |||
| Term Loan, 3.21%, Maturing May 24, 2024 | 275 | 276,547 | |
| Axalta Coating Systems US Holdings, Inc. | |||
| Term Loan, 3.30%, Maturing June 1, 2024 | 1,300 | 1,305,769 | |
| Chemours Company (The) | |||
| Term Loan, 3.00%, Maturing May 12, 2022 | EUR | 317 | 366,085 |
| Term Loan, 3.57%, Maturing May 12, 2022 | 157 | 157,893 | |
| Emerald Performance Materials, LLC | |||
| Term Loan, 4.73%, Maturing August 1, 2021 | 240 | 242,266 | |
| Term Loan - Second Lien, 8.98%, Maturing August 1, 2022 | 275 | 275,458 | |
| Ferro Corporation | |||
| Term Loan, 3.73%, Maturing February 14, 2024 | 200 | 200,747 | |
| Flint Group GmbH | |||
| Term Loan, 4.15%, Maturing September 7, 2021 | 72 | 72,021 | |
| Flint Group US, LLC | |||
| Term Loan, 4.15%, Maturing September 7, 2021 | 438 | 435,669 | |
| GCP Applied Technologies, Inc. | |||
| Term Loan, 4.48%, Maturing February 3, 2022 | 272 | 273,260 | |
| Gemini HDPE, LLC | |||
| Term Loan, 4.17%, Maturing August 7, 2021 | 802 | 807,349 | |
| Huntsman International, LLC | |||
| Term Loan, 3.87%, Maturing October 1, 2021 | 397 | 399,543 | |
| Term Loan, 4.12%, Maturing April 1, 2023 | 918 | 922,934 | |
| Ineos Finance PLC | |||
| Term Loan, 3.25%, Maturing March 31, 2022 | EUR | 220 | 253,625 |
| Ineos US Finance, LLC | |||
| Term Loan, 3.98%, Maturing March 31, 2022 | 342 | 343,596 | |
| Term Loan, 3.98%, Maturing April 1, 2024 | 323 | 325,194 | |
| Kraton Polymers, LLC | |||
| Term Loan, 5.23%, Maturing January 6, 2022 | 1,144 | 1,156,641 | |
| Kronos Worldwide, Inc. | |||
| Term Loan, 4.30%, Maturing February 18, 2020 | 145 | 145,790 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Chemicals and Plastics (continued) | |||
| MacDermid, Inc. | |||
| Term Loan, 4.73%, Maturing June 7, 2020 | 524 | $ 528,039 | |
| Term Loan, 4.23%, Maturing June 7, 2023 | 1,388 | 1,393,073 | |
| Minerals Technologies, Inc. | |||
| Term Loan, 3.52%, Maturing February 14, 2024 | 461 | 465,863 | |
| Orion Engineered Carbons GmbH | |||
| Term Loan, 2.75%, Maturing July 25, 2021 | EUR | 395 | 457,271 |
| Term Loan, 3.80%, Maturing July 25, 2021 | 490 | 492,053 | |
| OXEA Finance, LLC | |||
| Term Loan, 4.40%, Maturing January 15, 2020 | 338 | 333,739 | |
| PolyOne Corporation | |||
| Term Loan, 3.38%, Maturing November 12, 2022 | 246 | 248,457 | |
| PQ Corporation | |||
| Term Loan, 5.48%, Maturing November 4, 2022 | 1,064 | 1,076,061 | |
| Solenis International L.P. | |||
| Term Loan, 4.45%, Maturing July 31, 2021 | 145 | 145,578 | |
| Term Loan, 4.50%, Maturing July 31, 2021 | EUR | 462 | 535,186 |
| Sonneborn Refined Products B.V. | |||
| Term Loan, 4.98%, Maturing December 10, 2020 | 31 | 31,310 | |
| Sonneborn, LLC | |||
| Term Loan, 4.98%, Maturing December 10, 2020 | 176 | 177,421 | |
| Trinseo Materials Operating S.C.A. | |||
| Term Loan, 4.48%, Maturing November 5, 2021 | 147 | 148,577 | |
| Tronox Pigments (Netherlands) B.V. | |||
| Term Loan, 4.80%, Maturing March 19, 2020 | 1,462 | 1,473,347 | |
| Unifrax Corporation | |||
| Term Loan, 5.05%, Maturing April 4, 2024 | 275 | 278,094 | |
| Univar, Inc. | |||
| Term Loan, 3.98%, Maturing July 1, 2022 | 1,572 | 1,575,211 | |
| Venator Materials Corporation | |||
| Term Loan, Maturing June 20, 2024 (4) | 175 | 174,563 | |
| Zep, Inc. | |||
| Term Loan, 5.23%, Maturing June 27, 2022 | 662 | 663,981 | |
| $ 18,881,596 | |||
| Conglomerates 0.3% | |||
| Bestway UK Holdco Limited | |||
| Term Loan, 4.75%, Maturing October 6, 2021 | GBP | 551 | $ 723,039 |
| Penn Engineering & Manufacturing Corp. | |||
| Term Loan, 3.97%, Maturing May 30, 2024 | 125 | 125,625 | |
| $ 848,664 |
8 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Containers and Glass Products 3.1% | |||
| Berry Plastics Group, Inc. | |||
| Term Loan, 3.68%, Maturing October 1, 2022 | 422 | $ 422,587 | |
| BWAY Holding Company | |||
| Term Loan, 4.33%, Maturing April 3, 2024 | 475 | 475,170 | |
| Consolidated Container Company, LLC | |||
| Term Loan, 4.73%, Maturing May 22, 2024 | 175 | 176,340 | |
| Flex Acquisition Company, Inc. | |||
| Term Loan, 4.40%, Maturing December 29, 2023 | 1,625 | 1,633,531 | |
| Horizon Holdings III SAS | |||
| Term Loan, 3.75%, Maturing December 22, 2022 | EUR | 800 | 920,478 |
| Libbey Glass, Inc. | |||
| Term Loan, 4.10%, Maturing April 9, 2021 | 180 | 165,934 | |
| Pelican Products, Inc. | |||
| Term Loan, 5.55%, Maturing April 11, 2020 | 419 | 420,894 | |
| Reynolds Group Holdings, Inc. | |||
| Term Loan, 4.23%, Maturing February 5, 2023 | 2,529 | 2,537,005 | |
| SIG Combibloc Purchase Co. S.a.r.l. | |||
| Term Loan, 3.75%, Maturing March 13, 2022 | EUR | 953 | 1,105,038 |
| SIG Combibloc US Acquisition, Inc. | |||
| Term Loan, 4.23%, Maturing March 13, 2022 | 569 | 573,192 | |
| $ 8,430,169 | |||
| Cosmetics / Toiletries 0.7% | |||
| Coty, Inc. | |||
| Term Loan, 3.58%, Maturing October 27, 2022 | 420 | $ 422,327 | |
| Galleria Co. | |||
| Term Loan, 4.13%, Maturing September 29, 2023 | 825 | 831,316 | |
| KIK Custom Products, Inc. | |||
| Term Loan, 5.79%, Maturing August 26, 2022 | 701 | 706,656 | |
| $ 1,960,299 | |||
| Drugs 6.9% | |||
| Albany Molecular Research, Inc. | |||
| Term Loan, 5.91%, Maturing July 16, 2021 | 715 | $ 719,417 | |
| Alkermes, Inc. | |||
| Term Loan, 3.97%, Maturing September 25, 2021 | 191 | 192,410 | |
| Amneal Pharmaceuticals, LLC | |||
| Term Loan, 4.80%, Maturing November 1, 2019 | 1,490 | 1,500,786 | |
| Arbor Pharmaceuticals, Inc. | |||
| Term Loan, 6.30%, Maturing July 5, 2023 | 1,452 | 1,472,531 | |
| Endo Luxembourg Finance Company I S.a.r.l. | |||
| Term Loan, 5.50%, Maturing April 29, 2024 | 2,275 | 2,296,861 | |
| Horizon Pharma, Inc. | |||
| Term Loan, 4.88%, Maturing March 29, 2024 | 1,642 | 1,651,121 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Drugs (continued) | |||
| Jaguar Holding Company II | |||
| Term Loan, 4.01%, Maturing August 18, 2022 | 3,294 | $ 3,298,576 | |
| Mallinckrodt International Finance S.A. | |||
| Term Loan, 4.05%, Maturing September 24, 2024 | 1,401 | 1,398,763 | |
| Patheon Holdings I B.V. | |||
| Term Loan, 4.50%, Maturing April 20, 2024 | 1,300 | 1,304,605 | |
| Valeant Pharmaceuticals International, Inc. | |||
| Term Loan, 5.83%, Maturing April 1, 2022 | 4,880 | 4,951,918 | |
| $ 18,786,988 | |||
| Ecological Services and | |||
| Equipment 1.3% | |||
| Advanced Disposal Services, Inc. | |||
| Term Loan, 3.94%, Maturing November 10, 2023 | 1,003 | $ 1,009,059 | |
| EnergySolutions, LLC | |||
| Term Loan, 6.98%, Maturing May 29, 2020 | 1,581 | 1,595,085 | |
| GFL Environmental, Inc. | |||
| Term Loan, 4.77%, Maturing September 27, 2023 | CAD | 720 | 555,569 |
| Term Loan, 4.05%, Maturing September 29, 2023 | 447 | 448,207 | |
| $ 3,607,920 | |||
| Electronics / Electrical 14.0% | |||
| Almonde, Inc. | |||
| Term Loan, 4.74%, Maturing June 13, 2024 | 1,275 | $ 1,276,840 | |
| Answers Finance, LLC | |||
| Term Loan - Second Lien, 9.00%, Maturing September 15, 2021 | 243 | 238,477 | |
| Applied Systems, Inc. | |||
| Term Loan, 4.55%, Maturing January 25, 2021 | 545 | 548,756 | |
| Aptean, Inc. | |||
| Term Loan, 5.55%, Maturing December 20, 2022 | 1,197 | 1,201,277 | |
| Avast Software B.V. | |||
| Term Loan, 4.55%, Maturing September 30, 2023 | 951 | 960,682 | |
| Campaign Monitor Finance Pty. Limited | |||
| Term Loan, 6.55%, Maturing March 18, 2021 | 331 | 314,114 | |
| CommScope, Inc. | |||
| Term Loan, 3.30%, Maturing December 29, 2022 | 395 | 395,883 | |
| Cypress Semiconductor Corporation | |||
| Term Loan, 4.84%, Maturing July 5, 2021 | 505 | 510,934 | |
| Electrical Components International, Inc. | |||
| Term Loan, 6.05%, Maturing May 28, 2021 | 1,045 | 1,051,928 | |
| Electro Rent Corporation | |||
| Term Loan, 6.23%, Maturing January 19, 2024 | 597 | 602,970 | |
| Entegris, Inc. | |||
| Term Loan, 3.48%, Maturing April 30, 2021 | 100 | 100,762 |
9 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Electronics / Electrical (continued) | |||
| Excelitas Technologies Corp. | |||
| Term Loan, 6.30%, Maturing October 31, 2020 | 403 | $ 403,547 | |
| Eze Castle Software, Inc. | |||
| Term Loan, 4.30%, Maturing April 6, 2020 | 1,340 | 1,350,530 | |
| Go Daddy Operating Company, LLC | |||
| Term Loan, 3.73%, Maturing February 15, 2024 | 2,572 | 2,580,917 | |
| Hyland Software, Inc. | |||
| Term Loan, 4.48%, Maturing July 1, 2022 | 861 | 866,714 | |
| Term Loan, Maturing July 1, 2022 (4) | 275 | 276,919 | |
| Infoblox, Inc. | |||
| Term Loan, 6.23%, Maturing November 7, 2023 | 925 | 932,516 | |
| Infor (US), Inc. | |||
| Term Loan, 3.75%, Maturing February 1, 2022 | EUR | 399 | 460,489 |
| Term Loan, 4.05%, Maturing February 1, 2022 | 3,361 | 3,345,140 | |
| Informatica Corporation | |||
| Term Loan, 4.80%, Maturing August 5, 2022 | 1,628 | 1,628,098 | |
| Lattice Semiconductor Corporation | |||
| Term Loan, 5.33%, Maturing March 10, 2021 | 242 | 242,123 | |
| M/A-COM Technology Solutions Holdings, Inc. | |||
| Term Loan, 3.46%, Maturing May 17, 2024 | 592 | 590,682 | |
| MA FinanceCo., LLC | |||
| Term Loan, 3.67%, Maturing November 19, 2021 | 1,420 | 1,419,947 | |
| Term Loan, 3.96%, Maturing April 26, 2024 | 232 | 232,422 | |
| MH Sub I, LLC | |||
| Term Loan, 4.75%, Maturing July 8, | |||
| 2021 (2) | 106 | 106,858 | |
| Term Loan, 4.98%, Maturing July 8, 2021 | 193 | 194,903 | |
| Term Loan, 4.98%, Maturing July 8, 2021 | 608 | 614,738 | |
| Microsemi Corporation | |||
| Term Loan, 3.33%, Maturing January 15, 2023 | 249 | 249,712 | |
| MTS Systems Corporation | |||
| Term Loan, 5.33%, Maturing July 5, 2023 | 620 | 622,825 | |
| Renaissance Learning, Inc. | |||
| Term Loan, 5.05%, Maturing April 9, 2021 | 1,074 | 1,079,888 | |
| Term Loan - Second Lien, 8.30%, Maturing April 11, 2022 | 125 | 125,052 | |
| Rocket Software, Inc. | |||
| Term Loan, 5.55%, Maturing October 14, 2023 | 571 | 576,537 | |
| Seattle Spinco, Inc. | |||
| Term Loan, 4.03%, Maturing March 14, 2018 | 1,568 | 1,569,603 | |
| SGS Cayman L.P. | |||
| Term Loan, 6.67%, Maturing April 23, 2021 | 96 | 92,551 | |
| SkillSoft Corporation | |||
| Term Loan, 5.98%, Maturing April 28, 2021 | 2,008 | 1,901,369 | |
| SS&C Technologies, Inc. | |||
| Term Loan, 3.48%, Maturing July 8, 2022 | 49 | 49,089 | |
| Term Loan, 3.48%, Maturing July 8, 2022 | 805 | 809,316 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Electronics / Electrical (continued) | ||
| SurveyMonkey, Inc. | ||
| Term Loan, 5.80%, Maturing April 13, 2024 | 650 | $ 654,062 |
| Sutherland Global Services, Inc. | ||
| Term Loan, 6.67%, Maturing April 23, 2021 | 414 | 397,593 |
| Synchronoss Technologies, Inc. | ||
| Term Loan, 4.08%, Maturing January 19, 2024 | 374 | 368,732 |
| Syncsort Incorporated | ||
| Term Loan, 6.55%, Maturing December 9, 2022 | 348 | 349,883 |
| Uber Technologies | ||
| Term Loan, 5.22%, Maturing July 13, 2023 | 2,061 | 2,063,880 |
| Veritas Bermuda Ltd. | ||
| Term Loan, 5.80%, Maturing January 27, 2023 | 1,058 | 1,060,716 |
| VF Holding Corp. | ||
| Term Loan, 4.55%, Maturing June 30, 2023 | 1,590 | 1,592,234 |
| Wall Street Systems Delaware, Inc. | ||
| Term Loan, 4.79%, Maturing August 26, 2023 | 348 | 349,883 |
| Western Digital Corporation | ||
| Term Loan, 3.98%, Maturing April 29, 2023 | 970 | 977,577 |
| Zebra Technologies Corporation | ||
| Term Loan, 3.72%, Maturing October 27, 2021 | 674 | 678,183 |
| $ 38,017,851 | ||
| Equipment Leasing 0.8% | ||
| Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. | ||
| Term Loan, 3.46%, Maturing September 20, 2020 | 125 | $ 126,138 |
| Term Loan, 3.96%, Maturing March 20, 2022 | 2,000 | 2,020,012 |
| $ 2,146,150 | ||
| Financial Intermediaries 5.1% | ||
| Americold Realty Operating Partnership L.P. | ||
| Term Loan, 4.98%, Maturing December 1, 2022 | 193 | $ 195,262 |
| Armor Holding II, LLC | ||
| Term Loan, 5.80%, Maturing June 26, 2020 | 973 | 977,430 |
| Term Loan - Second Lien, 10.30%, Maturing December 26, 2020 | 725 | 727,719 |
| Citco Funding, LLC | ||
| Term Loan, 4.23%, Maturing March 31, 2022 | 1,939 | 1,962,898 |
| Donnelley Financial Solutions, Inc. | ||
| Term Loan, 5.08%, Maturing September 30, 2023 | 182 | 184,297 |
| Focus Financial Partners, LLC | ||
| Term Loan, Maturing May 22, 2024 (4) | 525 | 529,922 |
| Fortress Investment Group, LLC | ||
| Term Loan, Maturing June 2, 2022 (4) | 575 | 579,073 |
10 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Financial Intermediaries (continued) | |||
| Freedom Mortgage Corporation | |||
| Term Loan, 6.86%, Maturing February 23, 2022 | 946 | $ 956,579 | |
| Guggenheim Partners, LLC | |||
| Term Loan, 3.97%, Maturing July 21, 2023 | 570 | 575,041 | |
| Harbourvest Partners, LLC | |||
| Term Loan, 3.66%, Maturing February 4, 2021 | 330 | 330,257 | |
| LPL Holdings, Inc. | |||
| Term Loan, 3.82%, Maturing March 11, 2024 | 648 | 652,528 | |
| NXT Capital, Inc. | |||
| Term Loan, 5.73%, Maturing November 22, 2022 | 1,269 | 1,289,747 | |
| Ocwen Financial Corporation | |||
| Term Loan, 6.08%, Maturing December 5, 2020 | 195 | 194,086 | |
| Quality Care Properties, Inc. | |||
| Term Loan, 6.48%, Maturing October 31, 2022 | 1,269 | 1,280,254 | |
| Sesac Holdco II, LLC | |||
| Term Loan, 4.46%, Maturing February 23, 2024 | 274 | 273,970 | |
| Virtus Investment Partners, Inc. | |||
| Term Loan, 4.95%, Maturing June 1, 2024 | 250 | 253,750 | |
| Walker & Dunlop, Inc. | |||
| Term Loan, 5.48%, Maturing December 11, 2020 | 1,055 | 1,065,341 | |
| Walter Investment Management Corp. | |||
| Term Loan, 4.98%, Maturing December 18, 2020 | 2,027 | 1,863,324 | |
| $ 13,891,478 | |||
| Food Products 4.5% | |||
| Blue Buffalo Company Ltd. | |||
| Term Loan, 3.22%, Maturing May 18, 2024 | 475 | $ 479,750 | |
| Del Monte Foods, Inc. | |||
| Term Loan, 4.44%, Maturing February 18, 2021 | 334 | 271,092 | |
| Term Loan - Second Lien, 8.69%, Maturing August 18, 2021 | 763 | 520,406 | |
| Dole Food Company, Inc. | |||
| Term Loan, 4.15%, Maturing April 6, 2024 | 825 | 827,873 | |
| High Liner Foods Incorporated | |||
| Term Loan, 4.38%, Maturing April 24, 2021 | 380 | 380,985 | |
| HLF Financing S.a.r.l. | |||
| Term Loan, 6.73%, Maturing February 13, 2023 | 736 | 743,297 | |
| Jacobs Douwe Egberts International B.V. | |||
| Term Loan, 2.75%, Maturing July 2, 2022 | EUR | 146 | 169,588 |
| Term Loan, 3.44%, Maturing July 2, 2022 | 935 | 941,315 | |
| JBS USA, LLC | |||
| Term Loan, 5.75%, Maturing October 30, 2022 | 3,042 | 2,969,644 | |
| Meldrew Participations B.V. | |||
| Term Loan, 8.50%, (5.00% Cash, 3.50% PIK), Maturing October 31, 2019 | EUR | 355 | 331,851 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Food Products (continued) | |||
| Meldrew Participations B.V. (continued) | |||
| Term Loan, 4.50%, (0.00% Cash, 4.50% PIK), Maturing December 19, 2022 (5) | EUR | 229 | $ 17,501 |
| Natures Bounty Co. (The) | |||
| Term Loan, 4.80%, Maturing May 5, 2023 | 1,782 | 1,786,277 | |
| Term Loan, 5.25%, Maturing May 5, 2023 | GBP | 495 | 650,773 |
| Nomad Foods Europe Midco Limited | |||
| Term Loan, 3.91%, Maturing April 18, 2024 | 275 | 276,160 | |
| Pinnacle Foods Finance, LLC | |||
| Term Loan, 3.08%, Maturing February 2, 2024 | 373 | 374,758 | |
| Post Holdings, Inc. | |||
| Term Loan, 3.47%, Maturing May 24, 2024 | 800 | 802,000 | |
| R&R Ice Cream PLC | |||
| Term Loan, 3.00%, Maturing September 29, 2023 | EUR | 500 | 579,373 |
| $ 12,122,643 | |||
| Food Service 3.2% | |||
| 1011778 B.C. Unlimited Liability Company | |||
| Term Loan, 3.50%, Maturing February 16, 2024 | 2,570 | $ 2,569,771 | |
| Centerplate, Inc. | |||
| Term Loan, 4.98%, Maturing November 26, 2019 | 244 | 243,703 | |
| Landrys, Inc. | |||
| Term Loan, 3.91%, Maturing October 4, 2023 | 1,231 | 1,229,309 | |
| Manitowoc Foodservice, Inc. | |||
| Term Loan, 4.23%, Maturing March 3, 2023 | 673 | 678,942 | |
| NPC International, Inc. | |||
| Term Loan, 4.72%, Maturing April 19, 2024 | 425 | 427,390 | |
| Seminole Hard Rock Entertainment, Inc. | |||
| Term Loan, 4.05%, Maturing May 14, 2020 | 120 | 120,625 | |
| TKC Holdings, Inc. | |||
| Term Loan, 5.38%, Maturing February 1, 2023 | 499 | 498,438 | |
| Weight Watchers International, Inc. | |||
| Term Loan, 4.38%, Maturing April 2, 2020 | 2,555 | 2,469,794 | |
| Yum! Brands, Inc. | |||
| Term Loan, 3.21%, Maturing June 16, 2023 | 471 | 473,899 | |
| $ 8,711,871 | |||
| Food / Drug | |||
| Retailers 1.8% | |||
| Albertsons, LLC | |||
| Term Loan, 3.98%, Maturing August 25, 2021 | 582 | $ 575,234 | |
| Term Loan, 4.29%, Maturing December 21, 2022 | 796 | 788,231 | |
| Term Loan, 4.25%, Maturing June 22, 2023 | 1,748 | 1,730,845 | |
| Rite Aid Corporation | |||
| Term Loan - Second Lien, 5.98%, Maturing August 21, 2020 | 725 | 729,984 |
11 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Food / Drug Retailers (continued) | ||
| Rite Aid Corporation (continued) | ||
| Term Loan - Second Lien, 5.11%, Maturing June 21, 2021 | 750 | $ 754,219 |
| Supervalu, Inc. | ||
| Term Loan, 4.73%, Maturing June 8, 2024 | 112 | 108,992 |
| Term Loan, 4.73%, Maturing June 8, 2024 | 187 | 181,654 |
| $ 4,869,159 | ||
| Forest Products 0.2% | ||
| Expera Specialty Solutions, LLC | ||
| Term Loan, 5.98%, Maturing November 3, 2023 | 496 | $ 499,041 |
| $ 499,041 | ||
| Health Care 14.2% | ||
| Acadia Healthcare Company, Inc. | ||
| Term Loan, 3.98%, Maturing February 11, 2022 | 122 | $ 123,037 |
| ADMI Corp. | ||
| Term Loan, 4.95%, Maturing April 30, 2022 | 246 | 248,352 |
| Akorn, Inc. | ||
| Term Loan, 5.50%, Maturing April 16, 2021 | 438 | 442,777 |
| Alere, Inc. | ||
| Term Loan, 4.48%, Maturing June 18, 2022 | 776 | 778,780 |
| Alliance Healthcare Services, Inc. | ||
| Term Loan, 4.44%, Maturing June 3, 2019 | 593 | 594,398 |
| Auris Luxembourg III S.a.r.l. | ||
| Term Loan, 4.30%, Maturing January 17, 2022 | 367 | 369,101 |
| Beaver-Visitec International, Inc. | ||
| Term Loan, 6.30%, Maturing August 21, 2023 | 372 | 372,188 |
| BioClinica, Inc. | ||
| Term Loan, 5.38%, Maturing October 20, 2023 | 722 | 708,226 |
| CareCore National, LLC | ||
| Term Loan, 5.23%, Maturing March 5, 2021 | 1,632 | 1,654,202 |
| CeramTec Acquisition Corporation | ||
| Term Loan, 3.95%, Maturing August 30, 2020 | 15 | 15,357 |
| CHG Healthcare Services, Inc. | ||
| Term Loan, 4.42%, Maturing June 7, 2023 | 1,037 | 1,047,745 |
| Community Health Systems, Inc. | ||
| Term Loan, 3.96%, Maturing December 31, 2019 | 1,074 | 1,074,044 |
| Term Loan, 4.21%, Maturing January 27, 2021 | 1,539 | 1,538,689 |
| Concentra, Inc. | ||
| Term Loan, 4.21%, Maturing June 1, 2022 | 238 | 238,848 |
| Convatec, Inc. | ||
| Term Loan, 3.80%, Maturing October 31, 2023 | 274 | 275,335 |
| CPI Holdco, LLC | ||
| Term Loan, 5.30%, Maturing March 21, 2024 | 324 | 325,403 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Health Care (continued) | ||
| DaVita HealthCare Partners, Inc. | ||
| Term Loan, 3.98%, Maturing June 24, 2021 | 1,528 | $ 1,538,527 |
| DJO Finance, LLC | ||
| Term Loan, 4.39%, Maturing June 8, 2020 | 1,032 | 1,022,211 |
| Envision Healthcare Corporation | ||
| Term Loan, 4.30%, Maturing December 1, 2023 | 3,460 | 3,479,156 |
| Equian, LLC | ||
| Term Loan, 4.93%, Maturing May 20, 2024 | 153 | 154,327 |
| Term Loan, 5.01%, Maturing May 20, | ||
| 2024 (2) | 47 | 47,485 |
| Faenza Acquisition GmbH | ||
| Term Loan, 3.95%, Maturing August 30, 2020 | 39 | 38,837 |
| Term Loan, 3.95%, Maturing August 30, 2020 | 127 | 127,629 |
| Genoa, a QoL Healthcare Company, LLC | ||
| Term Loan, 4.98%, Maturing October 28, 2023 | 993 | 998,083 |
| Greatbatch Ltd. | ||
| Term Loan, 4.71%, Maturing October 27, 2022 | 1,117 | 1,122,932 |
| Grifols Worldwide Operations USA, Inc. | ||
| Term Loan, 3.44%, Maturing January 31, 2025 | 1,646 | 1,650,404 |
| Iasis Healthcare, LLC | ||
| Term Loan, 5.30%, Maturing February 16, 2021 | 715 | 720,097 |
| Indivior Finance S.a.r.l. | ||
| Term Loan, 7.25%, Maturing December 19, 2019 | 394 | 397,825 |
| inVentiv Health, Inc. | ||
| Term Loan, 4.95%, Maturing November 9, 2023 | 1,617 | 1,624,382 |
| Kindred Healthcare, Inc. | ||
| Term Loan, 4.69%, Maturing April 9, 2021 | 703 | 707,507 |
| Kinetic Concepts, Inc. | ||
| Term Loan, 4.55%, Maturing February 2, 2024 | 1,300 | 1,295,395 |
| KUEHG Corp. | ||
| Term Loan, 5.05%, Maturing August 13, 2022 | 1,135 | 1,142,865 |
| Medical Depot Holdings, Inc. | ||
| Term Loan, 6.80%, Maturing January 3, 2023 | 346 | 317,759 |
| Medical Solutions, LLC | ||
| Term Loan, 5.49%, Maturing June 9, 2024 | 225 | 226,266 |
| MPH Acquisition Holdings, LLC | ||
| Term Loan, 4.30%, Maturing June 7, 2023 | 1,829 | 1,830,634 |
| National Mentor Holdings, Inc. | ||
| Term Loan, 4.30%, Maturing January 31, 2021 | 514 | 516,714 |
| National Surgical Hospitals, Inc. | ||
| Term Loan, 4.73%, Maturing June 1, 2022 | 494 | 494,151 |
| New Millennium Holdco, Inc. | ||
| Term Loan, 7.73%, Maturing December 21, 2020 | 298 | 180,833 |
| Onex Carestream Finance L.P. | ||
| Term Loan, 5.28%, Maturing June 7, 2019 | 445 | 442,499 |
12 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Health Care (continued) | |||
| Opal Acquisition, Inc. | |||
| Term Loan, 5.24%, Maturing November 27, 2020 | 1,562 | $ 1,450,351 | |
| Ortho-Clinical Diagnostics, Inc. | |||
| Term Loan, 5.05%, Maturing June 30, 2021 | 1,653 | 1,647,058 | |
| Press Ganey Holdings, Inc. | |||
| Term Loan, 4.48%, Maturing October 21, 2023 | 373 | 374,641 | |
| Quintiles IMS Incorporated | |||
| Term Loan, 3.23%, Maturing March 7, 2024 | 850 | 856,452 | |
| RadNet, Inc. | |||
| Term Loan, 4.41%, Maturing June 30, 2023 | 650 | 652,631 | |
| Select Medical Corporation | |||
| Term Loan, 4.65%, Maturing March 6, 2024 | 798 | 805,477 | |
| Sterigenics-Nordion Holdings, LLC | |||
| Term Loan, 4.15%, Maturing May 15, 2022 | 344 | 343,243 | |
| Surgery Center Holdings, Inc. | |||
| Term Loan, Maturing June 6, 2024 (4) | 475 | 476,781 | |
| Team Health Holdings, Inc. | |||
| Term Loan, 3.98%, Maturing February 6, 2024 | 998 | 993,385 | |
| Tecomet, Inc. | |||
| Term Loan, 4.92%, Maturing May 2, 2024 | 375 | 375,234 | |
| U.S. Anesthesia Partners, Inc. | |||
| Term Loan, 4.47%, Maturing June 23, 2024 | 475 | 476,187 | |
| $ 38,334,440 | |||
| Home Furnishings 1.0% | |||
| Bright Bidco B.V. | |||
| Term Loan, Maturing February 27, 2024 (4) | 525 | $ 533,203 | |
| Serta Simmons Bedding, LLC | |||
| Term Loan, 4.59%, Maturing November 8, 2023 | 2,170 | 2,169,111 | |
| $ 2,702,314 | |||
| Industrial Equipment 6.3% | |||
| Apex Tool Group, LLC | |||
| Term Loan, 4.50%, Maturing January 31, 2020 | 1,137 | $ 1,108,104 | |
| Blount International, Inc. | |||
| Term Loan, 6.22%, Maturing April 12, 2023 | 645 | 656,011 | |
| Clark Equipment Company | |||
| Term Loan, 3.93%, Maturing May 18, 2024 | 1,072 | 1,075,831 | |
| Coherent Holding GmbH | |||
| Term Loan, 3.00%, Maturing November 7, 2023 | EUR | 528 | 613,622 |
| Delachaux S.A. | |||
| Term Loan, 4.80%, Maturing October 28, 2021 | 199 | 200,474 | |
| Element Materials Technology Group US Holdings, Inc. | |||
| Term Loan, Maturing June 1, 2024 (4) | 175 | 176,607 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Industrial Equipment (continued) | |||
| EWT Holdings III Corp. | |||
| Term Loan, 5.05%, Maturing January 15, 2021 | 441 | $ 443,829 | |
| Term Loan, 5.80%, Maturing January 15, 2021 | 272 | 273,260 | |
| Filtration Group Corporation | |||
| Term Loan, 4.48%, Maturing November 21, 2020 | 298 | 300,670 | |
| Gardner Denver, Inc. | |||
| Term Loan, 4.55%, Maturing July 30, 2020 | 2,605 | 2,614,411 | |
| Term Loan, 4.75%, Maturing July 30, 2020 | EUR | 193 | 221,591 |
| Gates Global, LLC | |||
| Term Loan, 3.50%, Maturing April 1, 2024 | EUR | 424 | 489,163 |
| Term Loan, 4.55%, Maturing April 1, 2024 | 2,155 | 2,160,097 | |
| Husky Injection Molding Systems Ltd. | |||
| Term Loan, 4.48%, Maturing June 30, 2021 | 1,318 | 1,325,931 | |
| Milacron, LLC | |||
| Term Loan, 4.23%, Maturing September 28, 2023 | 1,368 | 1,373,255 | |
| Paladin Brands Holding, Inc. | |||
| Term Loan, 7.30%, Maturing August 16, 2019 | 717 | 704,072 | |
| Paternoster Holding IV GmbH | |||
| Term Loan, 6.00%, Maturing March 31, 2022 | EUR | 450 | 522,480 |
| Rexnord, LLC | |||
| Term Loan, 3.97%, Maturing August 21, 2023 | 1,865 | 1,867,764 | |
| Signode Industrial Group US, Inc. | |||
| Term Loan, 4.01%, Maturing May 4, 2021 | 458 | 458,333 | |
| STS Operating, Inc. | |||
| Term Loan, 4.96%, Maturing February 12, 2021 | 140 | 140,324 | |
| Tank Holding Corp. | |||
| Term Loan, 5.54%, Maturing March 16, 2022 | 336 | 336,865 | |
| $ 17,062,694 | |||
| Insurance 4.5% | |||
| Alliant Holdings I, Inc. | |||
| Term Loan, 4.42%, Maturing August 12, 2022 | 1,154 | $ 1,157,694 | |
| AmWINS Group, Inc. | |||
| Term Loan, 4.13%, Maturing January 25, 2024 | 1,045 | 1,046,383 | |
| AssuredPartners, Inc. | |||
| Term Loan, 4.73%, Maturing October 21, 2022 | 469 | 469,146 | |
| Term Loan - Second Lien, 10.23%, Maturing October 20, 2023 | 550 | 561,688 | |
| Asurion, LLC | |||
| Term Loan, 4.48%, Maturing August 4, 2022 | 2,457 | 2,472,616 | |
| Term Loan, 4.23%, Maturing November 3, 2023 | 1,039 | 1,046,324 | |
| Term Loan - Second Lien, 8.73%, Maturing March 3, 2021 | 1,100 | 1,106,416 | |
| Cunningham Lindsey U.S., Inc. | |||
| Term Loan, 5.05%, Maturing December 10, 2019 | 1,193 | 1,077,434 |
13 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Insurance (continued) | ||
| Hub International Limited | ||
| Term Loan, 4.42%, Maturing October 2, 2020 | 1,596 | $ 1,604,185 |
| NFP Corp. | ||
| Term Loan, 4.80%, Maturing January 8, 2024 | 449 | 451,638 |
| USI, Inc. | ||
| Term Loan, 4.18%, Maturing May 16, 2024 | 1,075 | 1,069,759 |
| $ 12,063,283 | ||
| Leisure | ||
| Goods / Activities / Movies 5.6% | ||
| AMC Entertainment, Inc. | ||
| Term Loan, 3.46%, Maturing December 15, 2022 | 1,034 | $ 1,038,452 |
| Term Loan, 3.47%, Maturing December 15, 2023 | 249 | 250,154 |
| Ancestry.com Operations, Inc. | ||
| Term Loan, 4.34%, Maturing October 19, 2023 | 1,040 | 1,050,383 |
| Bombardier Recreational Products, Inc. | ||
| Term Loan, 4.23%, Maturing June 30, 2023 | 2,114 | 2,129,290 |
| Bright Horizons Family Solutions, Inc. | ||
| Term Loan, 3.48%, Maturing November 7, 2023 | 706 | 711,358 |
| CDS U.S. Intermediate Holdings, Inc. | ||
| Term Loan, 5.30%, Maturing July 8, 2022 | 197 | 197,851 |
| ClubCorp Club Operations, Inc. | ||
| Term Loan, 4.05%, Maturing December 15, 2022 | 892 | 898,616 |
| Delta 2 (LUX) S.a.r.l. | ||
| Term Loan, 4.50%, Maturing February 1, 2024 | 825 | 826,676 |
| Emerald Expositions Holding, Inc. | ||
| Term Loan, 4.30%, Maturing May 22, 2024 | 550 | 556,875 |
| Lindblad Expeditions, Inc. | ||
| Term Loan, 5.95%, Maturing May 8, 2021 | 101 | 101,726 |
| Term Loan, 5.95%, Maturing May 8, 2021 | 783 | 788,377 |
| Live Nation Entertainment, Inc. | ||
| Term Loan, 3.50%, Maturing October 31, 2023 | 1,238 | 1,242,596 |
| Match Group, Inc. | ||
| Term Loan, 4.37%, Maturing November 16, 2022 | 241 | 241,828 |
| Nord Anglia Education Finance, LLC | ||
| Term Loan, 4.70%, Maturing March 31, 2021 | 802 | 804,225 |
| Sabre GLBL, Inc. | ||
| Term Loan, 3.98%, Maturing February 22, 2024 | 478 | 481,870 |
| SeaWorld Parks & Entertainment, Inc. | ||
| Term Loan, 4.30%, Maturing March 31, 2024 | 827 | 826,673 |
| SRAM, LLC | ||
| Term Loan, 4.61%, Maturing March 15, 2024 | 947 | 950,439 |
| Steinway Musical Instruments, Inc. | ||
| Term Loan, 4.92%, Maturing September 19, 2019 | 995 | 962,395 |
| UFC Holdings, LLC | ||
| Term Loan, 4.47%, Maturing August 18, 2023 | 695 | 697,542 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Leisure | ||
| Goods / Activities / Movies (continued) | ||
| WMG Acquisition Corp. | ||
| Term Loan, 3.72%, Maturing November 1, 2023 | 464 | $ 465,097 |
| $ 15,222,423 | ||
| Lodging and Casinos 4.2% | ||
| Amaya Holdings B.V. | ||
| Term Loan, 4.80%, Maturing August 1, 2021 | 2,129 | $ 2,135,546 |
| Term Loan - Second Lien, 8.30%, Maturing August 1, 2022 | 998 | 1,005,770 |
| Boyd Gaming Corporation | ||
| Term Loan, 3.69%, Maturing September 15, 2023 | 497 | 498,148 |
| Caesars Entertainment Operating Company | ||
| Term Loan, 0.00%, Maturing March 1, | ||
| 2017 (6) | 563 | 671,036 |
| CityCenter Holdings, LLC | ||
| Term Loan, 3.72%, Maturing April 18, 2024 | 950 | 952,714 |
| Eldorado Resorts, LLC | ||
| Term Loan, 3.38%, Maturing April 17, 2024 | 599 | 595,040 |
| ESH Hospitality, Inc. | ||
| Term Loan, 3.73%, Maturing August 30, 2023 | 620 | 623,367 |
| Four Seasons Hotels Limited | ||
| Term Loan, 3.73%, Maturing November 30, 2023 | 448 | 450,689 |
| Gateway Casinos & Entertainment Limited | ||
| Term Loan, 5.05%, Maturing February 22, 2023 | 200 | 202,000 |
| Golden Nugget, Inc. | ||
| Term Loan, 4.68%, Maturing November 21, 2019 | 58 | 59,226 |
| Term Loan, 4.71%, Maturing November 21, 2019 | 136 | 138,195 |
| Hilton Worldwide Finance, LLC | ||
| Term Loan, 3.22%, Maturing October 25, 2023 | 2,078 | 2,086,282 |
| La Quinta Intermediate Holdings, LLC | ||
| Term Loan, 3.91%, Maturing April 14, 2021 | 470 | 472,532 |
| MGM Growth Properties Operating Partnership L.P. | ||
| Term Loan, 3.48%, Maturing April 25, 2023 | 913 | 915,949 |
| Playa Resorts Holding B.V. | ||
| Term Loan, 4.17%, Maturing April 5, 2024 | 500 | 501,313 |
| Tropicana Entertainment, Inc. | ||
| Term Loan, 4.30%, Maturing November 27, 2020 | 168 | 169,280 |
| $ 11,477,087 | ||
| Nonferrous | ||
| Metals / Minerals 1.7% | ||
| Dynacast International, LLC | ||
| Term Loan, 4.55%, Maturing January 28, 2022 | 592 | $ 596,675 |
| Fairmount Santrol, Inc. | ||
| Term Loan, 4.80%, Maturing September 5, 2019 | 1,135 | 1,081,179 |
14 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Nonferrous | ||
| Metals / Minerals (continued) | ||
| Global Brass & Copper, Inc. | ||
| Term Loan, 5.50%, Maturing July 18, 2023 | 397 | $ 398,479 |
| Murray Energy Corporation | ||
| Term Loan, 8.55%, Maturing April 16, 2020 | 941 | 921,795 |
| New Day Aluminum, LLC | ||
| Term Loan, 10.00%, (4.00% Cash, 6.00% PIK), Maturing October 28, 2020 (3) | 30 | 0 |
| Noranda Aluminum Acquisition Corporation | ||
| Term Loan, 0.00%, Maturing February 28, | ||
| 2019 (3)(6) | 503 | 82,848 |
| Oxbow Carbon, LLC | ||
| Term Loan, 4.73%, Maturing January 19, 2020 | 321 | 323,746 |
| Term Loan - Second Lien, 8.23%, Maturing January 17, 2020 | 1,025 | 1,031,406 |
| United Central Industrial Supply Company, LLC | ||
| Term Loan - Second Lien, 15.00%, (0.00% Cash, 15.00% PIK), Maturing April 9, 2019 (3) | 298 | 115,911 |
| $ 4,552,039 | ||
| Oil and Gas 3.9% | ||
| Ameriforge Group, Inc. | ||
| Term Loan, 14.30%, (9.30% Cash, 5.00% PIK), Maturing May 12, 2024 | 331 | $ 348,490 |
| BCP Raptor, LLC | ||
| Term Loan, 5.47%, Maturing June 6, 2024 | 350 | 346,500 |
| Bronco Midstream Funding, LLC | ||
| Term Loan, 5.17%, Maturing August 15, 2020 | 830 | 840,597 |
| CITGO Holding, Inc. | ||
| Term Loan, 9.80%, Maturing May 12, 2018 | 367 | 370,458 |
| CITGO Petroleum Corporation | ||
| Term Loan, 4.80%, Maturing July 29, 2021 | 462 | 463,862 |
| Crestwood Holdings, LLC | ||
| Term Loan, 9.21%, Maturing June 19, 2019 | 647 | 633,622 |
| Fieldwood Energy, LLC | ||
| Term Loan, 4.17%, Maturing September 28, 2018 | 513 | 495,099 |
| Term Loan, 8.30%, Maturing August 31, 2020 | 675 | 637,875 |
| Term Loan, 8.42%, Maturing September 30, 2020 | 363 | 289,853 |
| Term Loan - Second Lien, 8.42%, Maturing September 30, 2020 | 487 | 274,900 |
| MEG Energy Corp. | ||
| Term Loan, 4.70%, Maturing December 31, 2023 | 3,232 | 3,151,860 |
| Paragon Offshore Finance Company | ||
| Term Loan, 6.00%, Maturing July 18, 2021 | 420 | 162,367 |
| Seadrill Partners Finco, LLC | ||
| Term Loan, 4.30%, Maturing February 21, 2021 | 1,534 | 976,300 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Oil and Gas (continued) | ||
| Sheridan Investment Partners II L.P. | ||
| Term Loan, 4.71%, Maturing December 16, 2020 | 17 | $ 14,208 |
| Term Loan, 4.71%, Maturing December 16, 2020 | 45 | 38,097 |
| Term Loan, 4.71%, Maturing December 16, 2020 | 324 | 273,865 |
| Sheridan Production Partners I, LLC | ||
| Term Loan, 4.73%, Maturing October 1, 2019 | 58 | 49,924 |
| Term Loan, 4.73%, Maturing October 1, 2019 | 95 | 81,734 |
| Term Loan, 4.73%, Maturing October 1, 2019 | 714 | 616,824 |
| Southcross Holdings Borrower L.P. | ||
| Term Loan, 9.00%, (3.50% Cash, 5.50% PIK), Maturing April 13, 2023 | 28 | 24,909 |
| Ultra Resources, Inc. | ||
| Term Loan, 4.12%, Maturing April 12, 2024 | 575 | 571,946 |
| $ 10,663,290 | ||
| Publishing 2.3% | ||
| 682534 N.B., Inc. | ||
| Term Loan, 12.00%, (8.00% Cash, 4.00% PIK), Maturing October 1, 2020 (3) | 171 | $ 89,541 |
| Ascend Learning, LLC | ||
| Term Loan, 5.73%, Maturing July 31, 2019 | 846 | 847,653 |
| Getty Images, Inc. | ||
| Term Loan, 4.80%, Maturing October 18, 2019 | 2,524 | 2,333,311 |
| Harland Clarke Holdings Corp. | ||
| Term Loan, 6.80%, Maturing February 9, 2022 | 199 | 199,289 |
| LSC Communications, Inc. | ||
| Term Loan, 7.23%, Maturing September 30, 2022 | 542 | 547,083 |
| Merrill Communications, LLC | ||
| Term Loan, 6.42%, Maturing June 1, 2022 | 295 | 295,452 |
| ProQuest, LLC | ||
| Term Loan, 5.48%, Maturing October 24, 2021 | 807 | 813,402 |
| Springer Science+Business Media Deutschland GmbH | ||
| Term Loan, 4.80%, Maturing August 14, 2020 | 613 | 614,898 |
| Tweddle Group, Inc. | ||
| Term Loan, 7.17%, Maturing October 24, 2022 | 390 | 392,925 |
| $ 6,133,554 | ||
| Radio and Television 4.5% | ||
| ALM Media Holdings, Inc. | ||
| Term Loan, 5.80%, Maturing July 31, 2020 | 210 | $ 194,864 |
| AP NMT Acquisition B.V. | ||
| Term Loan, 6.90%, Maturing August 13, 2021 | 1,002 | 933,382 |
15 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Radio and Television (continued) | ||
| CBS Radio, Inc. | ||
| Term Loan, Maturing October 17, 2023 (4) | 250 | $ 251,354 |
| Term Loan, 4.72%, Maturing October 17, 2023 | 585 | 590,091 |
| Cumulus Media Holdings, Inc. | ||
| Term Loan, 4.48%, Maturing December 23, 2020 | 2,045 | 1,653,815 |
| Entercom Radio, LLC | ||
| Term Loan, 4.70%, Maturing November 1, 2023 | 453 | 455,835 |
| Gray Television, Inc. | ||
| Term Loan, 3.55%, Maturing February 7, 2024 | 124 | 125,339 |
| Hubbard Radio, LLC | ||
| Term Loan, 4.48%, Maturing May 27, 2022 | 275 | 275,311 |
| iHeartCommunications, Inc. | ||
| Term Loan, 7.98%, Maturing January 30, 2019 | 1,066 | 874,349 |
| Term Loan, 8.73%, Maturing July 30, 2019 | 182 | 149,343 |
| Mission Broadcasting, Inc. | ||
| Term Loan, 4.25%, Maturing January 17, 2024 | 162 | 163,060 |
| Nexstar Broadcasting, Inc. | ||
| Term Loan, 4.24%, Maturing January 17, 2024 | 1,644 | 1,650,278 |
| Radio Systems Corporation | ||
| Term Loan, 4.73%, Maturing May 2, 2024 | 200 | 201,250 |
| Raycom TV Broadcasting, LLC | ||
| Term Loan, 4.23%, Maturing August 4, 2021 | 424 | 423,966 |
| Sinclair Television Group, Inc. | ||
| Term Loan, 3.48%, Maturing January 3, 2024 | 263 | 264,011 |
| Univision Communications, Inc. | ||
| Term Loan, 3.98%, Maturing March 15, 2024 | 4,150 | 4,080,877 |
| $ 12,287,125 | ||
| Retailers (Except Food and | ||
| Drug) 6.8% | ||
| Ascena Retail Group, Inc. | ||
| Term Loan, 5.63%, Maturing August 21, 2022 | 986 | $ 839,455 |
| Bass Pro Group, LLC | ||
| Term Loan, 4.37%, Maturing June 5, 2020 | 1,131 | 1,130,269 |
| Term Loan, 6.30%, Maturing December 16, 2023 | 625 | 608,761 |
| BJs Wholesale Club, Inc. | ||
| Term Loan, 4.97%, Maturing February 3, 2024 | 475 | 461,591 |
| CDW, LLC | ||
| Term Loan, 3.30%, Maturing August 17, 2023 | 2,635 | 2,648,365 |
| Coinamatic Canada, Inc. | ||
| Term Loan, 4.48%, Maturing May 14, 2022 | 22 | 21,962 |
| Davids Bridal, Inc. | ||
| Term Loan, 5.30%, Maturing October 11, 2019 | 1,006 | 779,580 |
| Evergreen Acqco 1 L.P. | ||
| Term Loan, 5.00%, Maturing July 9, 2019 | 1,075 | 1,023,708 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Retailers (Except Food and Drug) (continued) | ||
| Harbor Freight Tools USA, Inc. | ||
| Term Loan, 4.48%, Maturing August 18, 2023 | 792 | $ 792,691 |
| J. Crew Group, Inc. | ||
| Term Loan, 4.25%, Maturing March 5, 2021 | 1,432 | 864,337 |
| LSF9 Atlantis Holdings, LLC | ||
| Term Loan, 7.06%, Maturing May 1, 2023 | 475 | 479,899 |
| Mens Wearhouse, Inc. (The) | ||
| Term Loan, 4.61%, Maturing June 18, 2021 | 684 | 657,035 |
| Michaels Stores, Inc. | ||
| Term Loan, 3.94%, Maturing January 30, 2023 | 1,373 | 1,371,213 |
| Neiman Marcus Group Ltd., LLC | ||
| Term Loan, 4.34%, Maturing October 25, 2020 | 1,031 | 780,191 |
| Party City Holdings, Inc. | ||
| Term Loan, 4.19%, Maturing August 19, 2022 | 1,204 | 1,205,963 |
| PetSmart, Inc. | ||
| Term Loan, 4.22%, Maturing March 11, 2022 | 2,004 | 1,865,848 |
| PFS Holding Corporation | ||
| Term Loan, 4.73%, Maturing January 31, 2021 | 1,050 | 996,578 |
| Pier 1 Imports (U.S.), Inc. | ||
| Term Loan, 4.80%, Maturing April 30, 2021 | 243 | 234,316 |
| Toys R Us Property Company I, LLC | ||
| Term Loan, 6.23%, Maturing August 21, 2019 | 1,151 | 1,109,574 |
| Vivid Seats Ltd. | ||
| Term Loan, Maturing June 21, 2024 (4) | 500 | 501,250 |
| $ 18,372,586 | ||
| Steel 0.2% | ||
| Neenah Foundry Company | ||
| Term Loan, 7.75%, Maturing April 26, 2019 | 163 | $ 161,835 |
| Zekelman Industries, Inc. | ||
| Term Loan, 4.79%, Maturing June 14, 2021 | 346 | 349,504 |
| $ 511,339 | ||
| Surface Transport 0.6% | ||
| Hertz Corporation (The) | ||
| Term Loan, 3.98%, Maturing June 30, 2023 | 495 | $ 494,342 |
| Kenan Advantage Group, Inc. | ||
| Term Loan, 4.23%, Maturing July 31, 2022 | 55 | 54,901 |
| Term Loan, 4.23%, Maturing July 31, 2022 | 180 | 180,535 |
| PODS, LLC | ||
| Term Loan, 4.34%, Maturing February 2, 2022 | 174 | 175,195 |
| Stena International S.a.r.l. | ||
| Term Loan, 4.30%, Maturing March 3, 2021 | 726 | 633,108 |
| $ 1,538,081 |
16 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Telecommunications 6.6% | |||
| CenturyLink, Inc. | |||
| Term Loan, 1.38%, Maturing January 31, 2025 | 2,475 | $ 2,451,134 | |
| Colorado Buyer, Inc. | |||
| Term Loan, 4.17%, Maturing May 1, 2024 | 400 | 402,900 | |
| Consolidated Communications, Inc. | |||
| Term Loan, 4.23%, Maturing October 4, 2023 | 199 | 199,840 | |
| Term Loan, Maturing October 5, 2023 (4) | 325 | 326,706 | |
| Digicel International Finance Limited | |||
| Term Loan, 4.94%, Maturing May 28, 2024 | 375 | 377,969 | |
| eircom Finco S.a.r.l. | |||
| Term Loan, 3.25%, Maturing April 19, 2024 | EUR | 1,000 | 1,150,930 |
| Frontier Communications Corp. | |||
| Term Loan, 4.91%, Maturing June 15, 2024 | 925 | 912,281 | |
| Global Eagle Entertainment, Inc. | |||
| Term Loan, 8.32%, Maturing January 6, 2023 | 571 | 507,123 | |
| Intelsat Jackson Holdings S.A. | |||
| Term Loan, 4.00%, Maturing June 30, 2019 | 3,700 | 3,673,793 | |
| IPC Corp. | |||
| Term Loan, 5.68%, Maturing August 6, 2021 | 1,051 | 998,272 | |
| Onvoy, LLC | |||
| Term Loan, 5.80%, Maturing February 10, 2024 | 848 | 850,348 | |
| Sprint Communications, Inc. | |||
| Term Loan, 3.75%, Maturing February 2, 2024 | 1,671 | 1,672,602 | |
| Switch, Ltd. | |||
| Term Loan, Maturing June 20, 2024 (4) | 125 | 125,625 | |
| Syniverse Holdings, Inc. | |||
| Term Loan, 4.17%, Maturing April 23, 2019 | 890 | 834,353 | |
| Term Loan, 4.30%, Maturing April 23, 2019 | 982 | 920,471 | |
| Telesat Canada | |||
| Term Loan, 4.30%, Maturing November 17, 2023 | 2,332 | 2,348,925 | |
| $ 17,753,272 | |||
| Utilities 2.7% | |||
| Calpine Construction Finance Company L.P. | |||
| Term Loan, 3.48%, Maturing May 3, 2020 | 504 | $ 503,921 | |
| Term Loan, 3.73%, Maturing January 31, 2022 | 192 | 191,580 | |
| Calpine Corporation | |||
| Term Loan, 4.05%, Maturing January 15, 2024 | 1,519 | 1,519,000 | |
| Dayton Power & Light Company (The) | |||
| Term Loan, 4.48%, Maturing August 24, 2022 | 274 | 278,153 | |
| Granite Acquisition, Inc. | |||
| Term Loan, 5.30%, Maturing December 19, 2021 | 54 | 54,009 | |
| Term Loan, 5.30%, Maturing December 19, 2021 | 1,191 | 1,197,287 |
| Borrower/Tranche Description | Principal Amount* (000s omitted) | Value |
|---|---|---|
| Utilities (continued) | ||
| Helix Gen Funding, LLC | ||
| Term Loan, 4.96%, Maturing June 2, 2024 | 425 | $ 428,605 |
| Invenergy Thermal Operating I, LLC | ||
| Term Loan, 6.80%, Maturing October 19, 2022 | 96 | 92,542 |
| Lightstone Generation, LLC | ||
| Term Loan, 5.72%, Maturing January 30, 2024 | 726 | 711,087 |
| Term Loan, 5.73%, Maturing January 30, 2024 | 45 | 43,979 |
| Lonestar Generation, LLC | ||
| Term Loan, 5.45%, Maturing February 22, 2021 | 561 | 459,691 |
| Longview Power, LLC | ||
| Term Loan, 7.23%, Maturing April 13, 2021 | 1,348 | 919,669 |
| Talen Energy Supply, LLC | ||
| Term Loan, 5.23%, Maturing April 15, 2024 | 349 | 325,250 |
| TPF II Power, LLC | ||
| Term Loan, 5.23%, Maturing October 2, 2023 | 625 | 625,606 |
| $ 7,350,379 | ||
| Total Senior Floating-Rate Loans (identified cost $381,574,937) | $ 376,285,002 | |
| Corporate Bonds & Notes 7.6% | ||
| Security | Principal Amount* (000s omitted) | Value |
| Aerospace and Defense 0.1% | ||
| CBC Ammo, LLC/CBC FinCo, Inc. | ||
| 7.25%, 11/15/21 (7) | 30 | $ 30,375 |
| Huntington Ingalls Industries, Inc. | ||
| 5.00%, 11/15/25 (7) | 5 | 5,381 |
| Orbital ATK, Inc. | ||
| 5.25%, 10/1/21 | 20 | 20,700 |
| TransDigm, Inc. | ||
| 6.00%, 7/15/22 | 30 | 30,975 |
| 6.50%, 7/15/24 | 30 | 31,050 |
| $ 118,481 | ||
| Automotive 0.0% (8) | ||
| American Axle & Manufacturing, Inc. | ||
| 5.125%, 2/15/19 | 10 | $ 10,111 |
| General Motors Financial Co., Inc. | ||
| 4.75%, 8/15/17 | 40 | 40,137 |
| 3.25%, 5/15/18 | 5 | 5,060 |
| $ 55,308 |
17 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Brokerage / Securities Dealers / Investment | ||
| Houses 0.0% (8) | ||
| Alliance Data Systems Corp. | ||
| 6.375%, 4/1/20 (7) | 30 | $ 30,488 |
| $ 30,488 | ||
| Building and Development 0.1% | ||
| Builders FirstSource, Inc. | ||
| 10.75%, 8/15/23 (7) | 8 | $ 9,260 |
| Greystar Real Estate Partners, LLC | ||
| 8.25%, 12/1/22 (7) | 20 | 21,650 |
| HD Supply, Inc. | ||
| 5.25%, 12/15/21 (7) | 10 | 10,531 |
| 5.75%, 4/15/24 (7) | 5 | 5,325 |
| Hillman Group, Inc. (The) | ||
| 6.375%, 7/15/22 (7) | 30 | 28,950 |
| Reliance Intermediate Holdings, L.P. | ||
| 6.50%, 4/1/23 (7) | 50 | 53,750 |
| Standard Industries, Inc. | ||
| 6.00%, 10/15/25 (7) | 30 | 32,250 |
| TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | ||
| 4.375%, 6/15/19 | 20 | 20,584 |
| 5.875%, 6/15/24 | 25 | 26,500 |
| USG Corp. | ||
| 5.50%, 3/1/25 (7) | 5 | 5,331 |
| $ 214,131 | ||
| Business Equipment and | ||
| Services 0.1% | ||
| First Data Corp. | ||
| 7.00%, 12/1/23 (7) | 65 | $ 69,550 |
| 5.00%, 1/15/24 (7) | 10 | 10,322 |
| FTI Consulting, Inc. | ||
| 6.00%, 11/15/22 | 20 | 20,825 |
| ServiceMaster Co., LLC (The) | ||
| 7.45%, 8/15/27 | 20 | 21,950 |
| United Rentals North America, Inc. | ||
| 7.625%, 4/15/22 | 2 | 2,095 |
| 6.125%, 6/15/23 | 5 | 5,219 |
| $ 129,961 | ||
| Cable and Satellite | ||
| Television 0.2% | ||
| CCO Holdings, LLC/CCO Holdings Capital Corp. | ||
| 5.25%, 9/30/22 | 80 | $ 82,552 |
| 5.75%, 1/15/24 | 5 | 5,281 |
| 5.375%, 5/1/25 (7) | 40 | 42,700 |
| 5.75%, 2/15/26 (7) | 20 | 21,450 |
| Security | Value | |
|---|---|---|
| Cable and Satellite Television (continued) | ||
| CSC Holdings, LLC | ||
| 8.625%, 2/15/19 | 5 | $ 5,492 |
| 5.25%, 6/1/24 | 5 | 5,113 |
| DISH DBS Corp. | ||
| 6.75%, 6/1/21 | 50 | 55,625 |
| 5.875%, 7/15/22 | 15 | 16,163 |
| IAC/InterActiveCorp | ||
| 4.875%, 11/30/18 | 16 | 16,152 |
| Virgin Media Secured Finance PLC | ||
| 5.50%, 1/15/25 (7) | 275 | 287,031 |
| $ 537,559 | ||
| Chemicals and Plastics 0.8% | ||
| Hexion, Inc. | ||
| 6.625%, 4/15/20 | 2,225 | $ 2,041,437 |
| Platform Specialty Products Corp. | ||
| 10.375%, 5/1/21 (7) | 5 | 5,544 |
| 6.50%, 2/1/22 (7) | 25 | 25,937 |
| Scotts Miracle-Gro Co. (The) | ||
| 6.00%, 10/15/23 | 5 | 5,393 |
| Tronox Finance, LLC | ||
| 6.375%, 8/15/20 | 50 | 50,250 |
| 7.50%, 3/15/22 (7) | 10 | 10,350 |
| W.R. Grace & Co. | ||
| 5.125%, 10/1/21 (7) | 15 | 16,125 |
| 5.625%, 10/1/24 (7) | 5 | 5,363 |
| $ 2,160,399 | ||
| Conglomerates 0.0% (8) | ||
| Spectrum Brands, Inc. | ||
| 6.625%, 11/15/22 | 20 | $ 21,050 |
| 5.75%, 7/15/25 | 30 | 32,328 |
| TMS International Corp. | ||
| 7.625%, 10/15/21 (7) | 25 | 25,437 |
| $ 78,815 | ||
| Consumer Products 0.0% (8) | ||
| Central Garden & Pet Co. | ||
| 6.125%, 11/15/23 | 25 | $ 26,750 |
| HRG Group, Inc. | ||
| 7.875%, 7/15/19 | 55 | 56,389 |
| $ 83,139 |
18 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Containers and Glass Products 0.9% | ||
| Berry Plastics Corp. | ||
| 6.00%, 10/15/22 | 10 | $ 10,700 |
| Owens-Brockway Glass Container, Inc. | ||
| 5.875%, 8/15/23 (7) | 15 | 16,566 |
| 6.375%, 8/15/25 (7) | 5 | 5,622 |
| Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC | ||
| 5.75%, 10/15/20 | 1,975 | 2,023,565 |
| 4.658%, 7/15/21 (7)(9) | 450 | 458,437 |
| $ 2,514,890 | ||
| Distribution & Wholesale 0.0% (8) | ||
| American Tire Distributors, Inc. | ||
| 10.25%, 3/1/22 (7) | 30 | $ 31,200 |
| $ 31,200 | ||
| Drugs 0.4% | ||
| Jaguar Holding Co. II/Pharmaceutical Product Development, LLC | ||
| 6.375%, 8/1/23 (7) | 45 | $ 47,531 |
| Valeant Pharmaceuticals International, Inc. | ||
| 6.375%, 10/15/20 (7) | 25 | 24,344 |
| 7.50%, 7/15/21 (7) | 25 | 24,312 |
| 5.625%, 12/1/21 (7) | 10 | 9,075 |
| 6.50%, 3/15/22 (7) | 404 | 424,705 |
| 7.00%, 3/15/24 (7) | 525 | 553,219 |
| $ 1,083,186 | ||
| Ecological Services and Equipment 0.0% (8) | ||
| Clean Harbors, Inc. | ||
| 5.125%, 6/1/21 | 30 | $ 30,712 |
| Covanta Holding Corp. | ||
| 5.875%, 3/1/24 | 10 | 9,775 |
| $ 40,487 | ||
| Electric Utilities 0.0% (8) | ||
| NRG Yield Operating, LLC | ||
| 5.375%, 8/15/24 | 10 | $ 10,538 |
| 5.00%, 9/15/26 | 15 | 15,337 |
| $ 25,875 | ||
| Electronics / Electrical 0.3% | ||
| Anixter, Inc. | ||
| 5.50%, 3/1/23 | 20 | $ 21,450 |
| Security | Value | ||
|---|---|---|---|
| Electronics / Electrical (continued) | |||
| Infor (US), Inc. | |||
| 5.75%, 8/15/20 (7) | 10 | $ 10,337 | |
| 6.50%, 5/15/22 | 25 | 26,000 | |
| Nuance Communications, Inc. | |||
| 5.375%, 8/15/20 (7) | 8 | 8,150 | |
| SS&C Technologies Holdings, Inc. | |||
| 5.875%, 7/15/23 | 25 | 26,755 | |
| Western Digital Corp. | |||
| 7.375%, 4/1/23 (7) | 675 | 743,344 | |
| Zebra Technologies Corp. | |||
| 7.25%, 10/15/22 | 45 | 47,897 | |
| $ 883,933 | |||
| Equipment Leasing 0.1% | |||
| International Lease Finance Corp. | |||
| 7.125%, 9/1/18 (7) | 175 | $ 185,267 | |
| $ 185,267 | |||
| Financial Intermediaries 0.1% | |||
| CIT Group, Inc. | |||
| 5.50%, 2/15/19 (7) | 9 | $ 9,472 | |
| 5.375%, 5/15/20 | 5 | 5,394 | |
| Icahn Enterprises, L.P./Icahn Enterprises Finance Corp. | |||
| 6.00%, 8/1/20 | 15 | 15,469 | |
| JPMorgan Chase & Co. | |||
| Series S, 6.75% to 2/1/24 (10)(11) | 35 | 39,812 | |
| Navient Corp. | |||
| 5.50%, 1/15/19 | 45 | 46,969 | |
| 5.00%, 10/26/20 | 10 | 10,400 | |
| $ 127,516 | |||
| Financial Services 0.0% (8) | |||
| Solera, LLC/Solera Finance, Inc. | |||
| 10.50%, 3/1/24 (7) | 10 | $ 11,538 | |
| $ 11,538 | |||
| Food Products 0.3% | |||
| Dean Foods Co. | |||
| 6.50%, 3/15/23 (7) | 20 | $ 21,150 | |
| Iceland Bondco PLC | |||
| 4.586%, 7/15/20 (7)(9) | GBP | 633 | 828,456 |
19 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Food Products (continued) | ||
| Post Holdings, Inc. | ||
| 6.00%, 12/15/22 (7) | 15 | $ 15,956 |
| 8.00%, 7/15/25 (7) | 5 | 5,700 |
| WhiteWave Foods Co. (The) | ||
| 5.375%, 10/1/22 | 10 | 11,292 |
| $ 882,554 | ||
| Food Service 0.0% (8) | ||
| 1011778 B.C. Unlimited Liability Company/New Red Finance, Inc. | ||
| 4.625%, 1/15/22 (7) | 25 | $ 25,687 |
| 6.00%, 4/1/22 (7) | 50 | 51,937 |
| Yum! Brands, Inc. | ||
| 5.30%, 9/15/19 | 5 | 5,294 |
| 3.75%, 11/1/21 | 10 | 10,213 |
| $ 93,131 | ||
| Food / Drug Retailers 0.0% (8) | ||
| Rite Aid Corp. | ||
| 6.125%, 4/1/23 (7) | 30 | $ 29,625 |
| $ 29,625 | ||
| Health Care 1.0% | ||
| Alere, Inc. | ||
| 7.25%, 7/1/18 | 5 | $ 5,008 |
| 6.50%, 6/15/20 | 15 | 15,281 |
| 6.375%, 7/1/23 (7) | 10 | 10,788 |
| Centene Corp. | ||
| 4.75%, 5/15/22 | 10 | 10,488 |
| CHS/Community Health Systems, Inc. | ||
| 7.125%, 7/15/20 | 15 | 14,662 |
| 6.25%, 3/31/23 | 725 | 751,172 |
| Envision Healthcare Corp. | ||
| 5.625%, 7/15/22 | 10 | 10,375 |
| 6.25%, 12/1/24 (7) | 10 | 10,700 |
| HCA Healthcare, Inc. | ||
| 6.25%, 2/15/21 | 40 | 43,800 |
| HCA, Inc. | ||
| 6.50%, 2/15/20 | 10 | 10,938 |
| 5.875%, 2/15/26 | 10 | 10,825 |
| Hologic, Inc. | ||
| 5.25%, 7/15/22 (7) | 30 | 31,612 |
| Security | Value | |
|---|---|---|
| Health Care (continued) | ||
| inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc. | ||
| 7.50%, 10/1/24 (7) | 15 | $ 16,350 |
| RegionalCare Hospital Partners Holdings, Inc. | ||
| 8.25%, 5/1/23 (7) | 1,125 | 1,212,187 |
| Teleflex, Inc. | ||
| 5.25%, 6/15/24 | 10 | 10,400 |
| Tenet Healthcare Corp. | ||
| 6.00%, 10/1/20 | 20 | 21,475 |
| 4.375%, 10/1/21 | 300 | 306,000 |
| 8.125%, 4/1/22 | 40 | 42,600 |
| 6.75%, 6/15/23 | 5 | 5,013 |
| $ 2,539,674 | ||
| Home Furnishings 0.0% (8) | ||
| Tempur Sealy International, Inc. | ||
| 5.625%, 10/15/23 | 15 | $ 15,638 |
| $ 15,638 | ||
| Insurance 0.0% (8) | ||
| Alliant Holdings Intermediate, LLC | ||
| 8.25%, 8/1/23 (7) | 20 | $ 21,300 |
| Hub Holdings, LLC/Hub Holdings Finance, Inc. | ||
| 8.125%, 7/15/19 (7)(12) | 20 | 20,075 |
| Hub International, Ltd. | ||
| 7.875%, 10/1/21 (7) | 25 | 26,125 |
| $ 67,500 | ||
| Internet Software & Services 0.0% (8) | ||
| Netflix, Inc. | ||
| 5.50%, 2/15/22 | 20 | $ 21,819 |
| 5.875%, 2/15/25 | 20 | 22,200 |
| Riverbed Technology, Inc. | ||
| 8.875%, 3/1/23 (7) | 15 | 15,300 |
| $ 59,319 | ||
| Leisure | ||
| Goods / Activities / Movies 0.2% | ||
| National CineMedia, LLC | ||
| 6.00%, 4/15/22 | 380 | $ 390,450 |
| NCL Corp., Ltd. | ||
| 4.625%, 11/15/20 (7) | 20 | 20,631 |
| Regal Entertainment Group | ||
| 5.75%, 3/15/22 | 15 | 15,713 |
20 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Leisure | ||
| Goods / Activities / Movies (continued) | ||
| Royal Caribbean Cruises, Ltd. | ||
| 7.25%, 3/15/18 | 20 | $ 20,780 |
| Sabre GLBL, Inc. | ||
| 5.375%, 4/15/23 (7) | 10 | 10,475 |
| 5.25%, 11/15/23 (7) | 20 | 20,950 |
| Viking Cruises, Ltd. | ||
| 8.50%, 10/15/22 (7) | 35 | 36,881 |
| 6.25%, 5/15/25 (7) | 20 | 20,250 |
| $ 536,130 | ||
| Lodging and Casinos 1.0% | ||
| Buffalo Thunder Development Authority | ||
| 11.00%, 12/9/22 (7) | 124 | $ 48,525 |
| Caesars Entertainment Operating Co., Inc. | ||
| 8.50%, 2/15/20 (6) | 1,057 | 1,363,994 |
| 9.00%, 2/15/20 (6) | 811 | 1,047,980 |
| ESH Hospitality, Inc. | ||
| 5.25%, 5/1/25 (7) | 15 | 15,581 |
| GLP Capital, L.P./GLP Financing II, Inc. | ||
| 4.875%, 11/1/20 | 35 | 37,494 |
| MGM Resorts International | ||
| 6.625%, 12/15/21 | 40 | 45,000 |
| 7.75%, 3/15/22 | 15 | 17,644 |
| 6.00%, 3/15/23 | 25 | 27,625 |
| RHP Hotel Properties, L.P./RHP Finance Corp. | ||
| 5.00%, 4/15/23 | 15 | 15,412 |
| Station Casinos, LLC | ||
| 7.50%, 3/1/21 | 10 | 10,425 |
| Tunica-Biloxi Gaming Authority | ||
| 9.00%, 11/15/15 (6)(7) | 165 | 65,794 |
| $ 2,695,474 | ||
| Nonferrous | ||
| Metals / Minerals 0.1% | ||
| Eldorado Gold Corp. | ||
| 6.125%, 12/15/20 (7) | 55 | $ 56,581 |
| Imperial Metals Corp. | ||
| 7.00%, 3/15/19 (7) | 10 | 9,072 |
| New Gold, Inc. | ||
| 6.25%, 11/15/22 (7) | 35 | 36,138 |
| $ 101,791 |
| Security | Value | |
|---|---|---|
| Oil and Gas 0.4% | ||
| Antero Resources Corp. | ||
| 5.375%, 11/1/21 | 40 | $ 40,550 |
| 5.625%, 6/1/23 | 15 | 15,263 |
| Blue Racer Midstream, LLC/Blue Racer Finance Corp. | ||
| 6.125%, 11/15/22 (7) | 10 | 10,125 |
| Canbriam Energy, Inc. | ||
| 9.75%, 11/15/19 (7) | 10 | 10,450 |
| CITGO Petroleum Corp. | ||
| 6.25%, 8/15/22 (7) | 325 | 331,500 |
| Concho Resources, Inc. | ||
| 5.50%, 4/1/23 | 105 | 108,412 |
| CrownRock, L.P./CrownRock Finance, Inc. | ||
| 7.125%, 4/15/21 (7) | 35 | 36,094 |
| 7.75%, 2/15/23 (7) | 30 | 31,800 |
| CVR Refining, LLC/Coffeyville Finance, Inc. | ||
| 6.50%, 11/1/22 | 65 | 65,812 |
| Denbury Resources, Inc. | ||
| 5.50%, 5/1/22 | 5 | 2,825 |
| Endeavor Energy Resources, L.P./EER Finance, Inc. | ||
| 7.00%, 8/15/21 (7) | 40 | 41,550 |
| 8.125%, 9/15/23 (7) | 10 | 10,613 |
| Energy Transfer Equity, L.P. | ||
| 5.875%, 1/15/24 | 25 | 26,625 |
| Gulfport Energy Corp. | ||
| 6.625%, 5/1/23 | 30 | 30,225 |
| Matador Resources Co. | ||
| 6.875%, 4/15/23 | 20 | 20,850 |
| Newfield Exploration Co. | ||
| 5.625%, 7/1/24 | 65 | 68,087 |
| PBF Logistics, L.P./PBF Logistics Finance Corp. | ||
| 6.875%, 5/15/23 | 20 | 20,400 |
| RSP Permian, Inc. | ||
| 6.625%, 10/1/22 | 40 | 41,700 |
| Seven Generations Energy, Ltd. | ||
| 8.25%, 5/15/20 (7) | 65 | 68,087 |
| 6.75%, 5/1/23 (7) | 25 | 26,062 |
| 6.875%, 6/30/23 (7) | 15 | 15,713 |
| SM Energy Co. | ||
| 6.50%, 1/1/23 | 45 | 43,087 |
| Sunoco, L.P./Sunoco Finance Corp. | ||
| 6.375%, 4/1/23 | 15 | 15,924 |
| Tesoro Corp. | ||
| 5.375%, 10/1/22 | 50 | 52,000 |
21 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Oil and Gas (continued) | ||
| Tesoro Logistics, L.P./Tesoro Logistics Finance Corp. | ||
| 5.50%, 10/15/19 | 5 | $ 5,300 |
| 6.25%, 10/15/22 | 15 | 16,013 |
| Williams Cos., Inc. (The) | ||
| 4.55%, 6/24/24 | 5 | 5,163 |
| Williams Partners, L.P./ACMP Finance Corp. | ||
| 4.875%, 3/15/24 | 5 | 5,252 |
| $ 1,165,482 | ||
| Publishing 0.0% (8) | ||
| MHGE Parent, LLC/MHGE Parent Finance, Inc. | ||
| 8.50%, 8/1/19 (7)(12) | 5 | $ 5,025 |
| Tribune Media Co. | ||
| 5.875%, 7/15/22 | 20 | 21,050 |
| $ 26,075 | ||
| Radio and Television 0.4% | ||
| Clear Channel Worldwide Holdings, Inc. | ||
| Series A, 6.50%, 11/15/22 | 25 | $ 25,625 |
| Series B, 6.50%, 11/15/22 | 50 | 51,635 |
| iHeartCommunications, Inc. | ||
| 9.00%, 12/15/19 | 451 | 355,726 |
| 11.25%, 3/1/21 | 20 | 15,175 |
| Nielsen Co. Luxembourg S.a.r.l. (The) | ||
| 5.50%, 10/1/21 (7) | 15 | 15,562 |
| Sirius XM Radio, Inc. | ||
| 6.00%, 7/15/24 (7) | 40 | 42,600 |
| Univision Communications, Inc. | ||
| 6.75%, 9/15/22 (7) | 384 | 400,320 |
| 5.125%, 5/15/23 (7) | 15 | 15,183 |
| $ 921,826 | ||
| Real Estate Investment Trusts (REITs) 0.0% (8) | ||
| Uniti Group, Inc./CSL Capital, LLC | ||
| 8.25%, 10/15/23 | 5 | $ 5,175 |
| $ 5,175 | ||
| Retailers (Except Food and | ||
| Drug) 0.3% | ||
| Dollar Tree, Inc. | ||
| 5.25%, 3/1/20 | 20 | $ 20,563 |
| 5.75%, 3/1/23 | 50 | 52,937 |
| Fresh Market, Inc. (The) | ||
| 9.75%, 5/1/23 (7) | 575 | 483,719 |
| Security | Value | |
|---|---|---|
| Retailers (Except Food and Drug) (continued) | ||
| Hot Topic, Inc. | ||
| 9.25%, 6/15/21 (7) | 15 | $ 14,475 |
| L Brands, Inc. | ||
| 6.875%, 11/1/35 | 20 | 19,400 |
| Michaels Stores, Inc. | ||
| 5.875%, 12/15/20 (7) | 20 | 20,500 |
| Murphy Oil USA, Inc. | ||
| 6.00%, 8/15/23 | 60 | 63,600 |
| Party City Holdings, Inc. | ||
| 6.125%, 8/15/23 (7) | 25 | 26,000 |
| Sally Holdings, LLC/Sally Capital, Inc. | ||
| 5.75%, 6/1/22 | 30 | 30,862 |
| Vista Outdoor, Inc. | ||
| 5.875%, 10/1/23 | 15 | 15,488 |
| $ 747,544 | ||
| Road & Rail 0.0% (8) | ||
| Watco Cos., LLC/Watco Finance Corp. | ||
| 6.375%, 4/1/23 (7) | 20 | $ 20,950 |
| $ 20,950 | ||
| Software and Services 0.0% (8) | ||
| IHS Markit, Ltd. | ||
| 5.00%, 11/1/22 (7) | 25 | $ 27,109 |
| Infor Software Parent, LLC/Infor Software Parent, Inc. | ||
| 7.125%, 5/1/21 (7)(12) | 25 | 25,875 |
| $ 52,984 | ||
| Steel 0.0% (8) | ||
| ArcelorMittal | ||
| 6.75%, 2/25/22 | 10 | $ 11,300 |
| $ 11,300 | ||
| Surface Transport 0.0% (8) | ||
| Hertz Corp. (The) | ||
| 6.25%, 10/15/22 | 20 | $ 17,550 |
| XPO Logistics, Inc. | ||
| 6.50%, 6/15/22 (7) | 30 | 31,650 |
| $ 49,200 | ||
| Technology 0.0% (8) | ||
| Micron Technology, Inc. | ||
| 5.25%, 8/1/23 (7) | 5 | $ 5,218 |
| $ 5,218 |
22 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Security | Value | ||
|---|---|---|---|
| Telecommunications 0.6% | |||
| Avaya, Inc. | |||
| 9.00%, 4/1/19 (6)(7) | 20 | $ 16,150 | |
| CenturyLink, Inc. | |||
| 6.75%, 12/1/23 | 15 | 16,209 | |
| CommScope Technologies, LLC | |||
| 6.00%, 6/15/25 (7) | 20 | 21,450 | |
| Frontier Communications Corp. | |||
| 6.25%, 9/15/21 | 10 | 8,950 | |
| 10.50%, 9/15/22 | 15 | 14,344 | |
| 7.625%, 4/15/24 | 10 | 8,288 | |
| 6.875%, 1/15/25 | 20 | 15,850 | |
| 11.00%, 9/15/25 | 10 | 9,325 | |
| Intelsat Jackson Holdings S.A. | |||
| 7.25%, 10/15/20 | 45 | 42,750 | |
| 7.50%, 4/1/21 | 5 | 4,638 | |
| 5.50%, 8/1/23 | 15 | 12,487 | |
| Level 3 Financing, Inc. | |||
| 5.375%, 1/15/24 | 10 | 10,463 | |
| Sprint Communications, Inc. | |||
| 7.00%, 8/15/20 | 345 | 380,362 | |
| 6.00%, 11/15/22 | 5 | 5,313 | |
| Sprint Corp. | |||
| 7.25%, 9/15/21 | 25 | 27,844 | |
| 7.875%, 9/15/23 | 110 | 126,775 | |
| 7.625%, 2/15/25 | 15 | 17,306 | |
| T-Mobile USA, Inc. | |||
| 6.625%, 4/1/23 | 20 | 21,214 | |
| 6.375%, 3/1/25 | 15 | 16,256 | |
| 6.50%, 1/15/26 | 45 | 49,781 | |
| Wind Acquisition Finance S.A. | |||
| 4.921%, 4/30/19 (7)(9) | EUR | 250 | 289,301 |
| 6.50%, 4/30/20 (7) | 225 | 233,156 | |
| 3.668%, 7/15/20 (7)(9) | EUR | 225 | 258,307 |
| $ 1,606,519 | |||
| Utilities 0.2% | |||
| AES Corp. (The) | |||
| 5.50%, 3/15/24 | 10 | $ 10,462 | |
| Calpine Corp. | |||
| 5.25%, 6/1/26 (7) | 500 | 492,500 | |
| Dynegy, Inc. | |||
| 6.75%, 11/1/19 | 15 | 15,544 | |
| 7.375%, 11/1/22 | 15 | 14,850 |
| Security | Principal Amount* (000s omitted) | Value |
|---|---|---|
| Utilities (continued) | ||
| Dynegy, Inc. (continued) | ||
| 7.625%, 11/1/24 | 20 | $ 19,500 |
| $ 552,856 | ||
| Total Corporate Bonds & Notes (identified cost $20,236,340) | $ 20,498,138 | |
| Asset-Backed Securities 5.3% | ||
| Security | Principal Amount (000s omitted) | Value |
| ALM Loan Funding, Ltd. | ||
| Series 2015-16A, Class D, | ||
| 6.508%, 7/15/27 (7)(9) | $ 500 | $ 495,448 |
| Apidos CLO XIX | ||
| Series 2014-19A, Class E, | ||
| 6.608%, 10/17/26 (7)(9) | 1,000 | 1,000,961 |
| Apidos CLO XVII | ||
| Series 2014-17A, Class C, | ||
| 4.458%, 4/17/26 (7)(9) | 500 | 498,711 |
| Series 2014-17A, Class D, | ||
| 5.908%, 4/17/26 (7)(9) | 500 | 498,255 |
| Apidos CLO XXI | ||
| Series 2015-21A, Class D, | ||
| 6.708%, 7/18/27 (7)(9) | 500 | 500,917 |
| Ares CLO, Ltd. | ||
| Series 2014-32A, Class D, | ||
| 6.882%, 11/15/25 (7)(9) | 1,000 | 1,000,250 |
| Series 2015-2A, Class E2, | ||
| 6.37%, 7/29/26 (7)(9) | 500 | 491,089 |
| Birchwood Park CLO, Ltd. | ||
| Series 2014-1A, Class E1, | ||
| 6.258%, 7/15/26 (7)(9) | 300 | 284,846 |
| Carlyle Global Market Strategies CLO, Ltd. | ||
| Series 2012-3A, Class DR, | ||
| 8.608%, 10/14/28 (7)(9) | 600 | 612,427 |
| Series 2014-4A, Class E, | ||
| 6.358%, 10/15/26 (7)(9) | 1,000 | 1,001,212 |
| Series 2015-5A, Class D, | ||
| 7.256%, 1/20/28 (7)(9) | 500 | 505,840 |
| Cumberland Park CLO, Ltd. | ||
| Series 2015-2A, Class E, | ||
| 6.156%, 7/20/26 (7)(9) | 1,000 | 975,539 |
| Dryden XL Senior Loan Fund | ||
| Series 2015-40A, Class E, | ||
| 7.132%, 8/15/28 (7)(9) | 500 | 500,261 |
| Dryden XXVIII Senior Loan Fund | ||
| Series 2013-28A, Class B2L, | ||
| 5.082%, 8/15/25 (7)(9) | 215 | 201,578 |
| Galaxy CLO, Ltd. | ||
| Series 2015-21A, Class E1, | ||
| 6.756%, 1/20/28 (7)(9) | 500 | 498,067 |
| Golub Capital Partners CLO, Ltd. | ||
| Series 2015-23A, Class E, | ||
| 6.921%, 5/5/27 (7)(9) | 1,000 | 965,146 |
| Oak Hill Credit Partners VIII, Ltd. | ||
| Series 2013-8A, Class D, | ||
| 4.656%, 4/20/25 (7)(9) | 200 | 200,053 |
| Oak Hill Credit Partners XI, Ltd. | ||
| Series 2015-11A, Class E, | ||
| 7.856%, 10/20/28 (7)(9) | 500 | 507,723 |
| Octagon Investment Partners XXIII, Ltd. | ||
| Series 2015-1A, Class E2, | ||
| 7.658%, 7/15/27 (7)(9) | 1,000 | 1,002,869 |
23 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Security | Principal Amount (000s omitted) | Value |
|---|---|---|
| Palmer Square CLO, Ltd. | ||
| Series 2015-2A, Class D, | ||
| 6.606%, 7/20/27 (7)(9) | $ 600 | $ 600,023 |
| Series 2015-2A, Class DR, | ||
| 7/20/30 (7)(9)(13) | 600 | 600,000 |
| Recette CLO, LLC | ||
| Series 2015-1A, Class E, | ||
| 6.856%, 10/20/27 (7)(9) | 500 | 501,043 |
| Westcott Park CLO, Ltd. | ||
| Series 2016-1A, Class E, | ||
| 8.356%, 7/20/28 (7)(9) | 800 | 817,417 |
| Total Asset-Backed Securities (identified cost $13,534,982) | $ 14,259,675 | |
| Common Stocks 2.2% | ||
| Security | Shares | Value |
| Aerospace and Defense 0.2% | ||
| IAP Global Services, LLC (3)(14)(15) | 29 | $ 466,370 |
| $ 466,370 | ||
| Automotive 0.1% | ||
| Dayco Products, LLC (3)(14)(15) | 10,159 | $ 320,008 |
| $ 320,008 | ||
| Business Equipment and | ||
| Services 0.2% | ||
| Education Management Corp. (3)(14)(15) | 1,612,262 | $ 0 |
| RCS Capital Corp. (14)(15) | 27,470 | 446,387 |
| $ 446,387 | ||
| Electronics / Electrical 0.3% | ||
| Answers Corp. (14)(15) | 46,839 | $ 708,440 |
| $ 708,440 | ||
| Health Care 0.0% (8) | ||
| New Millennium Holdco, Inc. (14)(15) | 35,156 | $ 65,918 |
| $ 65,918 | ||
| Lodging and Casinos 0.4% | ||
| Tropicana Entertainment, Inc. (14)(15) | 25,430 | $ 1,083,318 |
| $ 1,083,318 | ||
| Nonferrous | ||
| Metals / Minerals 0.0% | ||
| ASP United/GHX Holding, LLC (3)(14)(15) | 354 | $ 0 |
| $ 0 |
| Security | Shares | Value |
|---|---|---|
| Oil and Gas 0.5% | ||
| Ameriforge Group, Inc. (3)(14)(15) | 26,206 | $ 917,210 |
| Bonanza Creek Energy, Inc. (14) | 589 | 18,677 |
| Nine Point Energy Holdings, Inc. (3)(7)(14) | 269 | 3,956 |
| Patterson-UTI Energy, Inc. (14) | 96 | 1,938 |
| Samson Resources II, LLC, | ||
| Class A (14)(15) | 22,051 | 521,875 |
| Southcross Holdings Group, LLC (3)(14)(15) | 30 | 0 |
| Southcross Holdings L.P., | ||
| Class A (14)(15) | 30 | 17,175 |
| $ 1,480,831 | ||
| Publishing 0.5% | ||
| ION Media Networks, Inc. (3)(15) | 2,155 | $ 1,089,072 |
| MediaNews Group, Inc. (3)(14)(15) | 5,771 | 203,261 |
| Nelson Education, Ltd. (3)(14)(15) | 27,293 | 0 |
| $ 1,292,333 | ||
| Total Common Stocks (identified cost $3,120,905) | $ 5,863,605 | |
| Convertible Preferred | ||
| Stocks 0.0% (8) | ||
| Security | Shares | Value |
| Business Equipment and | ||
| Services 0.0% | ||
| Education Management Corp., Series A-1, | ||
| 7.50% (3)(14)(15) | 1,793 | $ 0 |
| $ 0 | ||
| Oil and Gas 0.0% (8) | ||
| Nine Point Energy Holdings, Inc., | ||
| Series A, 12.00% (3)(7)(12) | 5 | $ 5,000 |
| $ 5,000 | ||
| Total Convertible Preferred Stocks (identified cost $131,544) | $ 5,000 | |
| Closed-End Funds 2.2% | ||
| Security | Shares | Value |
| BlackRock Floating Rate Income Strategies Fund, Inc. | 49,400 | $ 695,552 |
| Invesco Senior Income Trust | 238,872 | 1,089,257 |
| Nuveen Credit Strategies Income Fund | 180,539 | 1,554,441 |
| Nuveen Floating Rate Income Fund | 73,198 | 867,396 |
| Nuveen Floating Rate Income Opportunity Fund | 51,054 | 595,800 |
| Voya Prime Rate Trust | 196,084 | 1,054,932 |
| Total Closed-End Funds (identified cost $6,015,228) | $ 5,857,378 |
24 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Miscellaneous 0.0% (8) — Security | Principal Amount/ Shares | Value | |
|---|---|---|---|
| Cable and Satellite | |||
| Television 0.0% | |||
| ACC Claims Holdings, LLC (3)(14) | 200,340 | $ 0 | |
| $ 0 | |||
| Lodging and Casinos 0.0% (8) | |||
| Buffalo Thunder Development Authority, Residual Claim Certificates, Expires 11/15/29 (7)(14) | $ 54,825 | $ 27 | |
| $ 27 | |||
| Manufacturing 0.0% | |||
| Bonal International, Inc., Escrow | |||
| Certificate (3)(14) | $ 25,000 | $ 0 | |
| $ 0 | |||
| Total Miscellaneous (identified cost $0) | $ 27 | ||
| Short-Term Investments 0.9% | |||
| Description | Units | Value | |
| Eaton Vance Cash Reserves Fund, LLC, | |||
| 1.20% (16) | 2,548,928 | $ 2,549,438 | |
| Total Short-Term Investments (identified cost $2,549,438) | $ 2,549,438 | ||
| Total Investments 157.1% (identified cost $427,163,374) | $ 425,318,263 | ||
| Less Unfunded Loan Commitments (0.1)% | $ (297,725 | ) | |
| Net Investments 156.9% (identified cost $426,865,649) | $ 425,020,538 | ||
| Other Assets, Less Liabilities (34.2)% | $ (92,606,842 | ) | |
| Auction Preferred Shares Plus Cumulative Unpaid Dividends (22.7)% | $ (61,603,471 | ) | |
| Net Assets Applicable to Common Shares 100.0% | $ 270,810,225 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
(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. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (LIBOR) and secondarily, the prime rate offered by one or more major United States banks (the Prime Rate) and the certificate of deposit (CD) rate or other base lending rates used by commercial lenders.
(2) Unfunded or partially unfunded loan commitments. See Note 1F for description.
(3) For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).
(4) This Senior Loan will settle after June 30, 2017, at which time the interest rate will be determined.
(5) Includes Staunton Luxco S.C.A. ordinary shares and Staunton Topco, Ltd. ordinary shares that trade with the loan.
(6) Currently the 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) 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 June 30, 2017, the aggregate value of these securities is $23,295,747 or 8.6% of the Trusts net assets applicable to common shares.
(8) Amount is less than 0.05%.
(9) Variable rate security. The stated interest rate represents the rate in effect at June 30, 2017.
(10) Security converts to floating rate after the indicated fixed-rate coupon period.
(11) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
(12) Represents a payment-in-kind security which may pay interest in additional principal at the issuers discretion. For corporate bonds, the interest rate paid in additional principal is generally higher than the indicated cash rate.
(13) When-issued security. For a variable rate security, interest rate will be determined after June 30, 2017.
(14) Non-income producing security.
(15) Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.
(16) 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 June 30, 2017.
25 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Portfolio of Investments continued
| Forward Foreign Currency Exchange Contracts — Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
|---|---|---|---|---|---|---|---|---|
| USD | 3,747,345 | EUR | 3,424,422 | Goldman Sachs International | 7/31/17 | $ | $ (169,064 | ) |
| USD | 585,587 | GBP | 454,613 | State Street Bank and Trust Company | 7/31/17 | | (7,012 | ) |
| USD | 852,967 | CAD | 1,146,745 | HSBC Bank USA, N.A. | 8/31/17 | | (32,154 | ) |
| USD | 3,417,429 | EUR | 3,033,535 | State Street Bank and Trust Company | 8/31/17 | | (57,469 | ) |
| USD | 3,938,878 | EUR | 3,443,256 | HSBC Bank USA, N.A. | 9/29/17 | | (11,656 | ) |
| USD | 1,756,388 | GBP | 1,354,997 | Goldman Sachs International | 9/29/17 | | (13,099 | ) |
| $ | $ (290,454 | ) |
Abbreviations:
PIK Payment In Kind
Currency Abbreviations:
| CAD | | Canadian Dollar |
|---|---|---|
| EUR | | Euro |
| GBP | | British Pound Sterling |
| USD | | United States Dollar |
26 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Statement of Assets and Liabilities
| Assets | June 30, 2017 | |
|---|---|---|
| Unaffiliated investments, at value (identified cost, $424,316,211) | $ 422,471,100 | |
| Affiliated investment, at value (identified cost, $2,549,438) | 2,549,438 | |
| Cash | 5,209,509 | |
| Foreign currency, at value (identified cost, $265,256) | 265,515 | |
| Interest and dividends receivable | 1,179,441 | |
| Dividends receivable from affiliated investment | 3,484 | |
| Receivable for investments sold | 793,784 | |
| Prepaid upfront fees on notes payable | 66,428 | |
| Prepaid expenses | 16,216 | |
| Total assets | $ 432,554,915 | |
| Liabilities | ||
| Notes payable | $ 92,000,000 | |
| Payable for investments purchased | 6,481,843 | |
| Payable for when-issued securities | 600,000 | |
| Payable for open forward foreign currency exchange contracts | 290,454 | |
| Payable to affiliates: | ||
| Investment adviser fee | 265,560 | |
| Administration fee | 86,221 | |
| Trustees fees | 6,250 | |
| Accrued expenses | 410,891 | |
| Total liabilities | $ 100,141,219 | |
| Auction preferred shares (2,464 shares outstanding) at liquidation value plus cumulative unpaid | ||
| dividends | $ 61,603,471 | |
| Net assets applicable to common shares | $ 270,810,225 | |
| 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 | 310,147,431 | |
| Accumulated net realized loss | (38,074,147 | ) |
| Accumulated undistributed net investment income | 531,838 | |
| Net unrealized depreciation | (2,173,563 | ) |
| Net assets applicable to common shares | $ 270,810,225 | |
| Net Asset Value Per Common Share | ||
| ($270,810,225 ÷ 37,866,607 common shares issued and outstanding) | $ 7.15 |
27 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Statement of Operations
| Investment Income | Year Ended June 30, 2017 | |
|---|---|---|
| Interest and other income | $ 20,941,915 | |
| Dividends | 676,340 | |
| Interest allocated from/dividends from affiliated investment | 42,645 | |
| Expenses allocated from affiliated investment | (132 | ) |
| Total investment income | $ 21,660,768 | |
| Expenses | ||
| Investment adviser fee | $ 3,185,811 | |
| Administration fee | 1,023,334 | |
| Trustees fees and expenses | 23,606 | |
| Custodian fee | 196,373 | |
| Transfer and dividend disbursing agent fees | 19,549 | |
| Legal and accounting services | 250,893 | |
| Printing and postage | 45,643 | |
| Interest expense and fees | 1,383,041 | |
| Preferred shares service fee | 127,885 | |
| Miscellaneous | 107,428 | |
| Total expenses | $ 6,363,563 | |
| Net investment income | $ 15,297,205 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) | ||
| Investment transactions | $ (1,780,178 | ) |
| Investment transactions in/allocated from affiliated investment | 1,071 | |
| Foreign currency and forward foreign currency exchange contract transactions | 704,558 | |
| Net realized loss | $ (1,074,549 | ) |
| Change in unrealized appreciation (depreciation) | ||
| Investments | $ 18,290,381 | |
| Foreign currency and forward foreign currency exchange contracts | (605,551 | ) |
| Net change in unrealized appreciation (depreciation) | $ 17,684,830 | |
| Net realized and unrealized gain | $ 16,610,281 | |
| Distributions to preferred shareholders | ||
| From net investment income | $ (538,638 | ) |
| Discount on redemption and repurchase of auction preferred shares | $ 2,420,000 | |
| Net increase in net assets from operations | $ 33,788,848 |
28 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Statements of Changes in Net Assets
| Increase (Decrease) in Net Assets | Year Ended June 30, — 2017 | 2016 | ||
|---|---|---|---|---|
| From operations | ||||
| Net investment income | $ 15,297,205 | $ 15,985,346 | ||
| Net realized loss from investment, foreign currency and forward foreign currency exchange contract transactions | (1,074,549 | ) | (5,964,960 | ) |
| Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange | ||||
| contracts | 17,684,830 | (8,306,950 | ) | |
| Distributions to preferred shareholders | ||||
| From net investment income | (538,638 | ) | (331,972 | ) |
| Discount on redemption and repurchase of auction preferred shares | 2,420,000 | | ||
| Net increase in net assets from operations | $ 33,788,848 | $ 1,381,464 | ||
| Distributions to common shareholders | ||||
| From net investment income | $ (14,767,977 | ) | $ (15,601,042 | ) |
| Total distributions to common shareholders | $ (14,767,977 | ) | $ (15,601,042 | ) |
| Net increase (decrease) in net assets | $ 19,020,871 | $ (14,219,578 | ) | |
| Net Assets Applicable to Common Shares | ||||
| At beginning of year | $ 251,789,354 | $ 266,008,932 | ||
| At end of year | $ 270,810,225 | $ 251,789,354 | ||
| Accumulated undistributed net investment income included in net assets applicable to common shares | ||||
| At end of year | $ 531,838 | $ 249,832 |
29 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Statement of Cash Flows
| Cash Flows From Operating Activities | Year Ended June 30, 2017 | |
|---|---|---|
| Net increase in net assets from operations | $ 33,788,848 | |
| Distributions to preferred shareholders | 538,638 | |
| Discount on redemption and repurchase of auction preferred shares | (2,420,000 | ) |
| Net increase in net assets from operations excluding distributions to preferred shareholders and discount on redemption and repurchase of | ||
| auction preferred shares | $ 31,907,486 | |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | ||
| Investments purchased | (197,867,151 | ) |
| Investments sold and principal repayments | 174,424,232 | |
| Decrease in short-term investments, net | 139,784 | |
| Net amortization/accretion of premium (discount) | (863,202 | ) |
| Amortization of prepaid upfront fees on notes payable | 88,459 | |
| Decrease in restricted cash | 290,000 | |
| Decrease in interest and dividends receivable | 467,296 | |
| Increase in dividends/interest receivable from affiliated investment | (1,534 | ) |
| Decrease in receivable for open forward foreign currency exchange contracts | 333,139 | |
| Increase in prepaid expenses | (3,871 | ) |
| Decrease in cash collateral due to broker | (280,000 | ) |
| Increase in payable for open forward foreign currency exchange contracts | 274,206 | |
| Increase in payable to affiliate for investment adviser fee | 17,270 | |
| Increase in payable to affiliate for administration fee | 6,641 | |
| Increase in payable to affiliate for Trustees fees | 807 | |
| Increase in accrued expenses | 133,925 | |
| Decrease in unfunded loan commitments | (50,094 | ) |
| Net change in unrealized (appreciation) depreciation from investments | (18,290,381 | ) |
| Net realized loss from investments | 1,779,107 | |
| Net cash used in operating activities | $ (7,493,881 | ) |
| Cash Flows From Financing Activities | ||
| Distributions paid to common shareholders, net of reinvestments | $ (14,767,977 | ) |
| Cash distributions paid to preferred shareholders | (542,144 | ) |
| Liquidation of auction preferred shares | (45,980,000 | ) |
| Proceeds from notes payable | 85,000,000 | |
| Repayments of notes payable | (18,000,000 | ) |
| Payment of prepaid upfront fees on notes payable | (109,219 | ) |
| Net cash provided by financing activities | $ 5,600,660 | |
| Net decrease in cash* | $ (1,893,221 | ) |
| Cash at beginning of year (1) | $ 7,368,245 | |
| Cash at end of year (1) | $ 5,475,024 | |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest and fees on borrowings | $ 1,299,143 |
(1) Balance includes foreign currency, at value.
30 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Financial Highlights
Selected data for a common share outstanding during the periods stated
| Year Ended June 30, — 2017 | 2016 | 2015 | 2014 | 2013 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net asset value Beginning of year (Common | ||||||||||
| shares) | $ 6.650 | $ 7.020 | $ 7.340 | $ 7.350 | $ 7.160 | |||||
| Income (Loss) From Operations | ||||||||||
| Net investment income (1) | $ 0.404 | $ 0.422 | $ 0.401 | $ 0.406 | $ 0.468 | |||||
| Net realized and unrealized gain (loss) | 0.436 | (0.371 | ) | (0.316 | ) | 0.029 | 0.194 | |||
| Distributions to preferred shareholders | ||||||||||
| From net investment income (1) | (0.014 | ) | (0.009 | ) | (0.003 | ) | (0.002 | ) | (0.003 | ) |
| Discount on redemption and repurchase of auction preferred shares (1) | 0.064 | | | | | |||||
| Total income from operations | $ 0.890 | $ 0.042 | $ 0.082 | $ 0.433 | $ 0.659 | |||||
| Less Distributions to Common Shareholders | ||||||||||
| From net investment income | $ (0.390 | ) | $ (0.412 | ) | $ (0.402 | ) | $ (0.443 | ) | $ (0.476 | ) |
| Total distributions to common shareholders | $ (0.390 | ) | $ (0.412 | ) | $ (0.402 | ) | $ (0.443 | ) | $ (0.476 | ) |
| Premium from common shares sold through shelf offering (see Note 6) (1) | $ | $ | $ | $ | $ 0.007 | |||||
| Net asset value End of year (Common shares) | $ 7.150 | $ 6.650 | $ 7.020 | $ 7.340 | $ 7.350 | |||||
| Market value End of year (Common shares) | $ 6.650 | $ 6.010 | $ 6.210 | $ 6.810 | $ 7.520 | |||||
| Total Investment Return on Net Asset Value (2) | 14.02 | % (3) | 1.57 | % | 1.71 | % | 6.34 | % | 9.49 | % |
| Total Investment Return on Market Value (2) | 17.34 | % | 3.77 | % | (3.02 | )% | (3.57 | )% | 14.26 | % |
31 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Financial Highlights continued
Selected data for a common share outstanding during the periods stated
| Ratios/Supplemental Data | Year Ended June 30, — 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Net assets applicable to common shares, end of year (000s omitted) | $ 270,810 | $ 251,789 | $ 266,009 | $ 278,045 | $ 278,364 |
| Ratios (as a percentage of average daily net assets applicable to common shares): (4) | |||||
| Expenses excluding interest and fees (5) | 1.87 % | 1.96 % | 1.99 % | 1.98 % | 1.98 % |
| Interest and fee expense (6) | 0.52 % | 0.28 % | 0.28 % | 0.27 % | 0.23 % |
| Total expenses (5) | 2.39 % | 2.24 % | 2.27 % | 2.25 % | 2.21 % |
| Net investment income | 5.75 % | 6.38 % | 5.61 % | 5.51 % | 6.35 % |
| Portfolio Turnover | 42 % | 31 % | 33 % | 33 % | 52 % |
| Senior Securities: | |||||
| Total notes payable outstanding (in 000s) | $ 92,000 | $ 25,000 | $ 60,000 | $ 65,000 | $ 65,000 |
| Asset coverage per $1,000 of notes payable (7) | $ 4,613 | $ 15,472 | $ 7,267 | $ 6,970 | $ 6,975 |
| Total preferred shares outstanding | 2,464 | 4,400 | 4,400 | 4,400 | 4,400 |
| Asset coverage per preferred share (8) | $ 69,078 | $ 71,629 | $ 64,119 | $ 64,721 | $ 64,766 |
| Involuntary liquidation preference per preferred | |||||
| share (9) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred share (9) | $ 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 Trusts dividend reinvestment plan.
(3) 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%.
(4) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(5) 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.
(6) Interest and fee expense relates to the notes payable to partially redeem the Trusts Auction Preferred Shares (see Note 2) and/or to fund investments (see Note 8).
(7) Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts total assets, and dividing the result by the notes payable balance in thousands.
(8) Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts 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 276%, 287%, 256%, 259% and 259% at June 30, 2017, 2016, 2015, 2014 and 2013, respectively.
(9) 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.
| 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|
| Expenses excluding interest and fees | 1.21 % | 1.21 % | 1.21 % | 1.22 % | 1.25 % |
| Interest and fee expense | 0.34 % | 0.17 % | 0.17 % | 0.17 % | 0.15 % |
| Total expenses | 1.55 % | 1.38 % | 1.38 % | 1.39 % | 1.40 % |
| Net investment income | 3.72 % | 3.93 % | 3.42 % | 3.39 % | 4.03 % |
32 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2017
Notes to Financial Statements
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 Trusts 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 borrowers 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 borrowers 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 advisers 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 asked 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 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 asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by 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 asked 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 Trusts 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. Prior to Cash Reserves Funds issuance of units in October 2016, the value of the Trusts investment in Cash Reserves Fund reflected the Trusts proportionate interest in its net assets and the Trust recorded its pro-rata share of Cash Reserves Funds income, expenses and realized gain or loss.
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 fairly reflects the securitys value, or the amount that
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the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based 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 securitys 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 companys or entitys financial condition, 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 Trusts 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 June 30, 2017, 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 borrowers discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At June 30, 2017, 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 Trusts 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 Trusts 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 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 Trusts 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 Statement of Cash Flows The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trusts Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.
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2 Auction Preferred Shares
The Trust issued Auction Preferred Shares (APS) on June 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.
On August 25, 2016, the Trust announced a tender offer to purchase up to 44% of its outstanding APS at a price per share equal to 95% of the APS liquidation preference of $25,000 per share (or $23,750 per share), plus any accrued but unpaid APS dividends. The tender offer expired on September 23, 2016. The financing for the partial redemption of the Trusts APS was provided by a committed financing arrangement (see Note 8). The number of APS redeemed pursuant to the tender offer and the redemption amount (excluding the final dividend payment) during the year ended June 30, 2017 and the number of APS issued and outstanding as of June 30, 2017 are as follows:
| Series A | 968 | Redemption Amount — $ 22,990,000 | 1,232 |
|---|---|---|---|
| Series B | 968 | 22,990,000 | 1,232 |
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 Trusts 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%.
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 (reduced by available capital loss carryforwards from prior years). 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 June 30, 2017, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:
| Series A | 1.45 % | Dividends Accrued to APS Shareholders — $ 269,376 | 0.74 % | 0.451.45 |
|---|---|---|---|---|
| Series B | 1.45 | 269,262 | 0.74 | 0.431.45 |
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts 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 June 30, 2017.
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.
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Notes to Financial Statements continued
The tax character of distributions declared for the years ended June 30, 2017 and June 30, 2016 was as follows:
| Year Ended June 30, — 2017 | 2016 | |
|---|---|---|
| Distributions declared from: | ||
| Ordinary income | $ 15,306,615 | $ 15,933,014 |
During the year ended June 30, 2017, accumulated net realized loss was decreased by $17,205,794, accumulated undistributed net investment income was increased by $291,416 and paid-in capital was decreased by $17,497,210 due to expired capital loss carryforwards and differences between book and tax accounting, primarily for foreign currency gain (loss), tax straddle transactions, defaulted bond interest and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Trust.
As of June 30, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:
| Undistributed ordinary income | $ | |
|---|---|---|
| Capital loss carryforwards and deferred capital losses | $ (37,938,969 | ) |
| Net unrealized depreciation | $ (2,318,443 | ) |
The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales and investments in partnerships.
At June 30, 2017, the Trust, for federal income tax purposes, had capital loss carryforwards of $29,578,344 and deferred capital losses of $8,360,625 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. Such capital loss carryforwards will expire on June 30, 2018 ($22,498,410) and June 30, 2019 ($7,079,934) and their character is short-term. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of the Trusts next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. Of the deferred capital losses at June 30, 2017, $8,360,625 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Trust at June 30, 2017, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ | |
|---|---|---|
| Gross unrealized appreciation | $ 7,501,462 | |
| Gross unrealized depreciation | (9,491,453 | ) |
| Net unrealized depreciation | $ (1,989,991 | ) |
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.77% (0.78% prior to May 1, 2017) of the Trusts average weekly gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. Pursuant to a fee reduction agreement between the Trust and EVM that commenced on May 1, 2010, the annual adviser fee rate is reduced by 0.01% every May 1 thereafter for the next twenty-nine years. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the year ended June 30, 2017, the Trusts investment adviser fee totaled $3,185,811. 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 Trusts average weekly gross assets. For the year ended June 30, 2017, the administration fee amounted to $1,023,334.
Trustees and officers of the Trust who are members of EVMs 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
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Notes to Financial Statements continued
of the Trustees Deferred Compensation Plan. For the year ended June 30, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $190,826,052 and $174,742,464, respectively, for the year ended June 30, 2017.
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 years ended June 30, 2017 and June 30, 2016.
On November 11, 2013, the Board of Trustees of the Trust authorized the repurchase by the Trust of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The 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 years ended June 30, 2017 and June 30, 2016.
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 Trusts net asset value per common share. During the years ended June 30, 2017 and June 30, 2016, there were no shares sold by the Trust pursuant to its shelf offering.
7 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 June 30, 2017 is included in the Portfolio of Investments. At June 30, 2017, 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 Trusts 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 June 30, 2017, the fair value of derivatives with credit-related contingent features in a net liability position was $290,454. At June 30, 2017, there were no assets pledged by the Trust for such liability.
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 Trusts 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 Trusts 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 restricted cash 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.
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June 30, 2017
Notes to Financial Statements 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 June 30, 2017 was as follows:
| Derivative | Fair Value — Asset Derivative | Liability Derivative | |
|---|---|---|---|
| Forward foreign currency exchange contracts | $ | $ (290,454 | ) (1) |
(1) Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized depreciation.
The Trusts derivative assets and 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 Trusts 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 June 30, 2017.
| 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) | ||
|---|---|---|---|---|---|---|---|
| Goldman Sachs International | $ (182,163 | ) | $ | $ | $ | $ (182,163 | ) |
| HSBC Bank USA, N.A. | (43,810 | ) | | | | (43,810 | ) |
| State Street Bank and Trust Company | (64,481 | ) | | | | (64,481 | ) |
| $ (290,454 | ) | $ | $ | $ | $ (290,454 | ) |
(a) In some instances, the actual collateral received and/or 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 year ended June 30, 2017 was as follows:
| Derivative — Forward foreign currency exchange contracts | Realized Gain (Loss) on Derivatives Recognized in Income — $ 739,910 | (1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income — $ (607,345 | ) (2) |
|---|---|---|---|---|
(1) Statement of Operations location: Net realized gain (loss) Foreign currency and forward foreign currency exchange contract transactions.
(2) Statement of Operations location: Change in unrealized appreciation (depreciation) Foreign currency and forward foreign currency exchange contracts.
The average notional amount of forward foreign currency exchange contracts outstanding (based on the absolute value of notional amounts of currency purchased and currency sold) during the year ended June 30, 2017, which is indicative of the volume of this derivative type, was approximately $15,640,000.
8 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 $95 million ($65 million prior to September 23, 2016) 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 12, 2018, the Trust also pays a program fee of 0.67% 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 borrowing limit under the Agreement. Program and liquidity fees for the year ended June 30, 2017 totaled $636,180 and are included in interest expense and fees on the Statement of Operations. In connection with the increase in the borrowing limit on September 23, 2016, the Trust paid an upfront fee of $14,219, which was amortized over the remaining term of the Agreement through March 2017. In connection with the renewal of the Agreement in March 2017, the Trust paid an upfront fee of $95,000 that is being amortized to interest expense over a period of one year through March 2018. The unamortized amount as of June 30, 2017 is approximately $66,000 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 June 30,
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Notes to Financial Statements continued
2017, the Trust had borrowings outstanding under the Agreement of $92,000,000 at an interest rate of 1.13%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at June 30, 2017 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 11) at June 30, 2017. For the year ended June 30, 2017, the average borrowings under the Agreement and the average interest rate (excluding fees) were $71,852,055 and 0.91%, respectively.
9 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.
10 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 loans value.
11 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 funds 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.
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June 30, 2017
Notes to Financial Statements continued
At June 30, 2017, the hierarchy of inputs used in valuing the Trusts 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) | $ | $ 375,430,676 | $ 556,601 | $ 375,987,277 | ||
| Corporate Bonds & Notes | | 20,498,138 | | 20,498,138 | ||
| Asset-Backed Securities | | 14,259,675 | | 14,259,675 | ||
| Common Stocks | 1,103,933 | 1,759,795 | 2,999,877 | 5,863,605 | ||
| Convertible Preferred Stocks | | | 5,000 | 5,000 | ||
| Closed-End Funds | 5,857,378 | | | 5,857,378 | ||
| Miscellaneous | | 27 | 0 | 27 | ||
| Short-Term Investments | | 2,549,438 | | 2,549,438 | ||
| Total Investments | $ 6,961,311 | $ 414,497,749 | $ 3,561,478 | $ 425,020,538 | ||
| Liability Description | ||||||
| Forward Foreign Currency Exchange Contracts | $ | $ (290,454 | ) | $ | $ (290,454 | ) |
| Total | $ | $ (290,454 | ) | $ | $ (290,454 | ) |
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 year ended June 30, 2017 is not presented.
At June 30, 2017, there were no investments transferred between Level 1 and Level 2 during the year then ended.
12 Legal Proceedings
In May 2015, the Trust was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (AAT) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (GM) in 2006 (the Term Loan Lenders) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GMs bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GMs unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GMs filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Trust is approximately $1,787,000 (equal to 0.66% of net assets applicable to common shares at June 30, 2017). The Trust cannot predict the outcome of these proceedings or the effect, if any, on the Trusts net asset value. The attorneys fees and costs related to these actions are expensed by the Trust as incurred.
40
Eaton Vance
Senior Income Trust
June 30, 2017
Report of Independent Registered Public Accounting Firm
To the Trustees and Shareholders of Eaton Vance Senior Income Trust:
We have audited the accompanying statement of assets and liabilities of Eaton Vance Senior Income Trust (the Trust), including the portfolio of investments, as of June 30, 2017, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trusts management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and senior loans owned as of June 30, 2017, by correspondence with the custodian, brokers, and selling or agent banks; where replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Senior Income Trust as of June 30, 2017, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 18, 2017
41
Eaton Vance
Senior Income Trust
June 30, 2017
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2018 will show the tax status of all distributions paid to your account in calendar year 2017. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and dividends received deduction for corporations.
Qualified Dividend Income. For the fiscal year ended 2017, the Trust designates approximately $676,340, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Trusts dividend distribution that qualifies under tax law. For the Trusts fiscal 2017 ordinary income dividends, 1.85% qualifies for the corporate dividends received deduction.
42
Eaton Vance
Senior Income Trust
June 30, 2017
Dividend Reinvestment Plan
The Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, LLC, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trusts transfer agent re-register your Shares in your name or you will not be able to participate.
The Agents service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
43
Eaton Vance
Senior Income Trust
June 30, 2017
Application for Participation in Dividend Reinvestment Plan
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the following address:
Eaton Vance Senior Income Trust
c/o American Stock Transfer & Trust Company, LLC
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Number of Employees
The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company, and has no employees.
Number of Shareholders
As of June 30, 2017, Trust records indicate that there are 90 registered shareholders and approximately 8,179 shareholders owning the Trust shares in street name, such as through brokers, banks and financial intermediaries.
If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about the Trust, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
New York Stock Exchange symbol
The New York Stock Exchange symbol is EVF.
44
Eaton Vance
Senior Income Trust
June 30, 2017
Board of Trustees Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the 1940 Act), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the funds board of trustees, including by a vote of a majority of the trustees who are not interested persons of the fund (Independent Trustees), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a Board) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the Eaton Vance Funds) held on April 25, 2017, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2017. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.
The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to each fund in this section may include information that was considered at the portfolio-level):
Information about Fees, Performance and Expenses
A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (comparable funds);
A report from an independent data provider comparing each funds total expense ratio and its components to comparable funds;
A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;
For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;
Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management and Trading
Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;
The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
Information about each advisers policies and practices with respect to trading, including each advisers processes for monitoring best execution of portfolio transactions;
Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to soft dollars;
Data relating to portfolio turnover rates of each fund;
Information about each Adviser
Reports detailing the financial results and condition of each adviser;
Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;
Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;
Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;
A description of Eaton Vance Managements procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
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Eaton Vance
Senior Income Trust
June 30, 2017
Board of Trustees Contract Approval continued
Other Relevant Information
Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds administrator; and
The terms of each investment advisory agreement.
Over the course of the twelve-month period ended April 30, 2017, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and ten times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each funds investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the funds investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds advisers and sub-advisers.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Senior Income Trust (the Fund) with Eaton Vance Management (the Adviser), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Advisers management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of the Advisers investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. Specifically, the Board noted the experience of the Advisers large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio
46
Eaton Vance
Senior Income Trust
June 30, 2017
Board of Trustees Contract Approval continued
valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board was aware that on April 24, 2017 a former employee of the Adviser agreed to plead guilty to fraud charges arising from the individuals prior activities as an equity options trader for certain Eaton Vance Funds. The Board was informed that the Adviser became aware of the matter on April 18, 2017, at which time management contacted federal authorities, alerted the Board and began an internal investigation. The Adviser represented to the Board that, based on information available as of April 25, 2017, management had no reason to believe that any other employee of the Adviser or its affiliates was involved in any wrongful activities or that any fund had been materially harmed. The Adviser agreed to keep the Board fully apprised as additional information is learned, and assured the Board that any fund harmed by the former employees wrongful activities will be made whole, as determined in consultation with the Board. The Board concluded that the Advisers actions in response to these events are appropriate and consistent with the Advisers commitment to protect and provide quality services to the Eaton Vance Funds.
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Funds investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Boards review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2016 for the Fund. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as management fees). As part of its review, the Board considered the Funds management fees and total expense ratio for the one year period ended September 30, 2016, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of clients with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Fund as compared to other types of clients and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Fund and other types of clients. The Board also considered certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. Additionally, the Board took into account the financial resources committed by the Adviser in structuring the Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of the Funds life. The Board also considered that, at the request of the Contract Review Committee, the Adviser had implemented a series of permanent reductions in management fees beginning in May 2010, which include a further fee reduction effective May 1, 2017.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and Other Fall-Out Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time
47
Eaton Vance
Senior Income Trust
June 30, 2017
Board of Trustees Contract Approval continued
periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also considered the fact that the Fund is not continuously offered and that the Funds assets are not expected to increase materially in the foreseeable future. The Board concluded that, in light of the level of the Advisers profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not warranted at this time.
48
Eaton Vance
Senior Income Trust
June 30, 2017
Management and Organization
Fund Management. The Trustees of Eaton Vance Senior Income Trust (the Trust) are responsible for the overall management and supervision of the Trusts affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The Noninterested Trustees consist of those Trustees who are not interested persons of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, EVC refers to Eaton Vance Corp., EV refers to Eaton Vance, Inc., EVM refers to Eaton Vance Management, BMR refers to Boston Management and Research, EVMI refers to Eaton Vance Management (International) Limited and EVD refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVMI is an indirect, wholly-owned subsidiary of EVC. EVD is the Trusts principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.
| Name and Year of Birth | Position(s) with the Trust | Term Expiring; Trustee
Since (1) | Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience |
| --- | --- | --- | --- |
| Interested Trustee | | | |
| Thomas E. Faust Jr. 1958 | Class I Trustee | Until 2017. Trustee since 2007. | Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and
Director of EVD and EVMI. Trustee and/or officer of 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years. (2) Director of EVC and Hexavest Inc.
(investment management firm). |
| Noninterested Trustees | | | |
| Scott E. Eston 1956 | Class II Trustee | Until 2018. Trustee since 2011. | Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009),
including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former
Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (a registered public accounting firm) (1987-1997). Mr. Eston has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance funds effective
September 30, 2017. Directorships in the Last Five Years. (2) None. |
| Mark R. Fetting (3) 1954 | Class II Trustee | Until 2018. Trustee since 2016. | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief
Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior
Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason
family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012). |
| Cynthia E. Frost 1961 | Class I Trustee | Until 2017. Trustee since 2014. | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke
Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA
Investment Management Company (1983-1985). Directorships in the Last Five Years. None. |
| George J. Gorman 1952 | Class III Trustee | Until 2019. Trustee since 2014. | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm)
(1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore
Funds (9 funds) (2010-2014). |
49
Eaton Vance
Senior Income Trust
June 30, 2017
Management and Organization continued
| Name and Year of Birth | Position(s) with the Trust | Term Expiring; Trustee
Since (1) | Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience |
| --- | --- | --- | --- |
| Noninterested Trustees (continued) | | | |
| Valerie A. Mosley (A) 1960 | Class I Trustee | Until 2017. Trustee since 2014. | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio
Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at
Kidder Peabody (1986-1990). Directorships in the Last Five Years. (2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013). |
| William H. Park (A) 1947 | Chairperson of the Board and Class III Trustee | Until 2019. Chairperson of the Board since 2016 and Trustee since 2003. | Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief
Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital
Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years. (2) None. |
| Helen Frame Peters 1948 | Class II Trustee | Until 2018. Trustee since 2008. | Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002).
Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm)
(1991-1998). Directorships in the Last Five Years. (2) Formerly,
Director of BJs Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a
bank for banks) (2007-2009). |
| Susan J. Sutherland 1957 | Class I Trustee | Until 2017. Trustee since 2015. | Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015). |
| Harriett Tee Taggart 1948 | Class III Trustee | Until 2019. Trustee since 2011. | Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company,
LLP (investment management firm) (1983-2006). Directorships in the Last Five
Years. (2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009).
Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011). |
| Scott E. Wennerholm (3) 1959 | Class II Trustee | Until 2018. Trustee since 2016. | Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon
Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments
Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None. |
50
Eaton Vance
Senior Income Trust
June 30, 2017
Management and Organization continued
| Principal Officers who are not Trustees — Name and Year of Birth | Position(s) with the Trust | Officer Since (4) | Principal Occupation(s) During Past Five Years |
|---|---|---|---|
| Payson F. Swaffield 1956 | Vice President | 2003 | Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (CRM). |
| Maureen A. Gemma 1960 | Vice President, Secretary and Chief Legal Officer | 2005 | Vice President of EVM and BMR. Also Vice President of CRM. |
| James F. Kirchner 1967 | Treasurer | 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
| Paul M. ONeil 1953 | Chief Compliance Officer | 2004 | Vice President of EVM and BMR. |
(1) Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.
(2) During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).
(3) Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.
(4) Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.
(A) APS Trustee
51
Eaton Vance Funds
IMPORTANT NOTICES
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Managements Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customers account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisors privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vances Privacy Policy, 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 advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. 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 advisor.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SECs website at www.sec.gov. Form N-Q may also be reviewed and copied at the SECs public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds and Portfolios Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SECs website at www.sec.gov.
Share Repurchase Program. The Funds Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its outstanding common shares as of the approved date 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 Funds repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds 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.
52
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 15 th Avenue
Brooklyn, NY 11219
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
171 6.30.17
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by this report to make clarifying changes consistent with Rule 21F-17 of the Securities Exchange Act of 1934, as amended. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).
Item 4. Principal Accountant Fees and Services
Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the Loan Rule) prohibits an accounting firm, such as the Trusts principal accountant, Deloitte & Touche LLP (D&T), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a covered person of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a record or beneficial owner of more than ten percent of the audit clients equity securities. Based on information provided to the Audit Committee of the Board of Trustees (the Audit Committee) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (Deloitte Entities) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the Funds) implicate the Loan Rule, calling into question D&Ts independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&Ts conclusions concerning D&Ts objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.
On June 20, 2016, the U.S. Securities and Exchange Commission (the SEC) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the No-Action Letter)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditors non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The SEC has indicated that the no-action relief will expire 18 months from its issuance.
Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&Ts lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&Ts objectivity and impartiality in the planning and conduct of the audits of the Funds financial statements has not been compromised and that, notwithstanding the breach, D&T is in a
position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.
(a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrants fiscal years ended June 30, 2016 and June 30, 2017 by the registrants principal accountant, Deloitte & Touche LLP (D&T), for professional services rendered for the audit of the registrants annual financial statements and fees billed for other services rendered by D&T during such periods.
Eaton Vance Senior Income Trust
| Fiscal Years Ended | 06/30/16 | 06/30/17 |
|---|---|---|
| Audit Fees | $ 95,625 | $ 101,850 |
| Audit-Related Fees (1) | $ 18,000 | $ 18,000 |
| Tax Fees (2) | $ 20,099 | $ 20,400 |
| All Other Fees (3) | $ 0 | $ 0 |
| Total | $ 133,724 | $ 140,250 |
(1) Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrants financial statements and are not reported under the category of audit fees and specifically includes fees for the performance of certain agreed upon procedures relating to the registrants revolving credit agreement.
(2) Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3) All other fees consist of the aggregate fees billed for products and services provided by the registrants principal accountant other than audit, audit-related, and tax services.
(e)(1) The registrants audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrants principal accountant (the Pre-Approval Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants audit committee pursuant to the de minimis exception set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrants fiscal years ended June 30, 2016 and June 30, 2017; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
| Fiscal Years Ended | 06/30/16 | 06/30/17 |
|---|---|---|
| Registrant | $ 38,099 | $ 38,400 |
| Eaton Vance (1) | $ 56,434 | $ 148,018 |
(1) The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.
(h) The registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountants independence.
Item 5. Audit Committee of Listed registrants
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George Gorman (Chair), Scott E. Eston, Valerie A. Mosley, William H. Park and Scott E. Wennerholm are the members of the registrants audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the
provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov .
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Eaton Vance Management (EVM or Eaton Vance) is the investment adviser of the Trust. Scott H. Page and John P. Redding comprise the investment team responsible for the overall management of the Trusts investments.
Mr. Page is a Vice President of EVM, has been a portfolio manager of the Trust since October 1998 and is Co-Director of EVMs Floating-Rate Loan Group. Mr. Redding is a Vice President of EVM and has been a portfolio manager of the Trust since November 2001. Messrs. Page and Redding have managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing this report.
The following table shows, as of the Trusts most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.
| Total Assets of All Accounts | Total Assets of Accounts Paying a Performance Fee | |||
|---|---|---|---|---|
| Scott H. Page | ||||
| Registered Investment Companies | 12 | $ 28,063.6 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 12 | $ 8,674.8 | 1 | $ 2.4 |
| Other Accounts | 8 | $ 4,716.3 | 0 | $ 0 |
| John P. Redding | ||||
| Registered Investment Companies | 1 | $ 447.1 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 6 | $ 1,542.0 | 0 | $ 0 |
| Other Accounts | 0 | $ 0 | 0 | $ 0 |
The following table shows the dollar range of Trust shares beneficially owned by each portfolio manager as of the Trusts most recent fiscal year end.
| Portfolio Manager | Dollar Range of
Equity Securities Beneficially Owned in the Trust |
| --- | --- |
| Scott H. Page | $100,001 - $500,000 |
| John P. Redding | $100,001 - $500,000 |
Potential for Conflicts of Interest . It is possible that conflicts of interest may arise in connection with a portfolio managers management of the Trusts investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Trust and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between the Trust and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Trust. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment advisers trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
Compensation Structure for EVM
Compensation of EVMs portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual non-cash compensation consisting of options to purchase shares of Eaton Vance Corp.s (EVCs) nonvoting common stock, restricted shares of EVCs nonvoting common stock and a Deferred Alpha Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation . EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe ratio (Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a funds peer group as determined by Lipper or Morningstar is deemed by EVMs management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. A portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash bonus to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Exhibits
| (a)(1) | Registrants Code of Ethics Not applicable (please see Item 2). |
|---|---|
| (a)(2)(i) | Treasurers Section 302 certification. |
| (a)(2)(ii) | Presidents Section 302 certification. |
| (b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Eaton Vance Senior Income Trust | |
|---|---|
| By: | /s/ Payson F. Swaffield |
| Payson F. Swaffield | |
| President | |
| Date: | August 24, 2017 |
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: | August 24, 2017 |
| By: | /s/ Payson F. Swaffield |
| Payson F. Swaffield | |
| President | |
| Date: | August 24, 2017 |
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