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Eaton Vance Senior Income Trust

Regulatory Filings Aug 27, 2018

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N-CSR 1 d527178dncsr.htm EATON VANCE SENIOR INCOME TRUST Eaton Vance Senior Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09013

Eaton Vance Senior Income Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

June 30

Date of Fiscal Year End

June 30, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Senior Income Trust (EVF)

Annual Report

June 30, 2018

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

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

Annual Report June 30, 2018

Eaton Vance

Senior Income Trust

Table of Contents

Management’s 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 47
Federal Tax Information 48
Dividend Reinvestment Plan 49
Board of Trustees’ Contract Approval 51
Management and Organization 54
Important Notices 57

Eaton Vance

Senior Income Trust

June 30, 2018

Management’s Discussion of Fund Performance 1

Economic and Market Conditions

The U.S. floating-rate loan market experienced a positive return and limited price volatility for the 12-month period ended June 30, 2018, with the S&P/LSTA Leveraged Loan Index (the Index), 2 a broad barometer of the U.S. loan market, returning 4.37%. For the period as a whole, performance was composed almost entirely of coupon generation, with loan prices mostly moving sideways.

The U.S. Federal Reserve Board increased interest rates three times during the period — in December 2017 and in March and June 2018. Unlike fixed-income securities, the impact of interest rate changes on the value of floating-rate loans is typically reduced by periodic interest rate resets. As a result, the loan market was helped by increasing investor demand for floating-rate loans during this rising interest rate environment.

Technical conditions were positive for most of the period, with demand generally outpacing supply. The collateralized loan obligation market was a consistently strong driver of demand, and retail mutual funds saw positive inflows for eight of the period’s 12 months. For the period as a whole, loan prices were relatively stable, beginning the period at an average price of $98.02 and ending it at an average price of $98.05. Approximately 87% of performing loans ended the period bid at 98% of their par value or higher.

With the U.S. economy’s recovery accelerating modestly during the period, health in corporate fundamentals continued to reflect relatively benign conditions. While the high-profile default of iHeart Media, an Index component, pushed up the default rate to 2.12% on a last-twelve-month basis in June 2018, the default rate settled down to close the period at 1.99%, well below its long-term average.

Fund Performance

For the 12-month period ended June 30, 2018, Eaton Vance Senior Income Trust (the Fund) shares at net asset value (NAV) had a total return of 6.12%, outperforming the 4.37% 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 8 loans in the Index returned 3.06%, BB-rated loans in the Index returned 3.75%, B-rated loans in the Index returned 4.48%, CCC-rated loans in the Index returned 9.62%, and D-rated (defaulted) loans in the Index returned –4.19%. Given this performance mix, the Fund’s positioning and resulting underweight, relative to the Index, to defaulted loans helped Fund performance versus the Index. However, the Fund’s underweight to rallying CCC-rated loans detracted from results versus the Index.

Loan selection across the Fund’s portfolio aided performance versus the Index, as loans held by the Fund collectively outperformed those in the Index. Loan selection was particularly evident within the financials and energy sectors, as these represented the main contributors to relative Fund performance versus the Index during the period. At the same time, loan selection within the technology and health care sectors detracted from results relative to the Index.

Additionally, the Fund’s holdings in high-yield bonds detracted from performance versus the Index, as high-yield bonds underperformed the loan market during the period — and high-yield bonds are not included in the Index. However, the Fund’s employment of investment leverage 6 contributed to performance versus the Index (which does not employ leverage). The use of leverage has the effect of achieving additional exposure to the loan market, and thus magnifying exposure to the Fund’s underlying investments in both up and down market environments. The use of leverage amplified the positive total return of the Fund’s underlying portfolio 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, 2018

Performance 2,3

Portfolio Managers Scott H. Page, CFA and John Redding

% Average Annual Total Returns — Fund at NAV 10/30/1998 6.12 % 5.85 % 6.37 %
Fund at Market Price — 1.39 2.91 6.41
S&P/LSTA Leveraged Loan Index — 4.37 % 4.00 % 5.19 %
% Premium/Discount to
NAV 4
–11.14 %
Distributions 5
Total Distributions per share for the period $ 0.365
Distribution Rate at NAV 5.18 %
Distribution Rate at Market Price 5.83 %
% Total
Leverage 6
Auction Preferred Shares (APS) 14.44 %
Borrowings 21.80

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, 2018

Fund Profile

Top 10 Issuers (% of total investments) 7

Reynolds Group Holdings, Inc. 1.2
Valeant Pharmaceuticals International, Inc. 1.1
TransDigm, Inc. 1.0
Asurion, LLC 1.0
Univision Communications, Inc. 1.0
Albertsons, LLC 0.9
Aretec Group, Inc. 0.9
Virgin Media Investment Holdings Limited 0.8
Infor (US), Inc. 0.8
TDC A/S 0.8
Total 9.5 %

Top 10 Sectors (% of total investments) 7

Electronics/Electrical 10.8
Health Care 10.0
Business Equipment and Services 9.2
Chemicals and Plastics 4.3
Telecommunications 4.3
Drugs 4.1
Cable and Satellite Television 3.9
Lodging and Casinos 3.8
Industrial Equipment 3.7
Financial Intermediaries 3.6
Total 57.7 %

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, 2018

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 Fund’s 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 Fund’s 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 Fund’s or oldest share class’ inception, as applicable. Included in the average annual total return at NAV for the five and ten year periods is the impact of the tender and repurchase of a portion of the Fund’s APS at 95% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV for the five and ten years 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 Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

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

7 Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

5

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments

| Senior Floating-Rate Loans —
145.1% (1) — Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value |
| --- | --- | --- |
| Aerospace and Defense — 2.0% | | |
| Accudyne Industries, LLC | | |
| Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2024 | 333 | $ 333,367 |
| IAP Worldwide Services, Inc. | | |
| Revolving Loan, 1.46%, (3 mo. USD LIBOR + 5.50%), Maturing July 18, 2018 (2) | 161 | 160,903 |
| Term Loan - Second Lien, 8.83%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2019 (3) | 214 | 173,454 |
| TransDigm, Inc. | | |
| Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023 | 2,933 | 2,924,819 |
| Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024 | 1,222 | 1,216,864 |
| Wesco Aircraft Hardware Corp. | | |
| Term Loan, 5.10%, (1 mo. USD LIBOR + 3.00%), Maturing October 4, 2021 | 433 | 428,019 |
| WP CPP Holdings, LLC | | |
| Term Loan, 6.28%, (6 mo. USD LIBOR + 3.75%), Maturing April 30, 2025 | 175 | 175,897 |
| | | $ 5,413,323 |
| Automotive — 3.4% | | |
| American Axle and Manufacturing, Inc. | | |
| Term Loan, 4.35%, (1 mo. USD LIBOR + 2.25%), Maturing April 6, 2024 | 1,453 | $ 1,449,606 |
| Apro, LLC | | |
| Term Loan, 6.14%, (2 mo. USD LIBOR + 4.00%), Maturing August 8, 2024 | 122 | 122,608 |
| Belron Finance US, LLC | | |
| Term Loan, 4.86%, (3 mo. USD LIBOR + 2.50%), Maturing November 7, 2024 | 249 | 249,760 |
| Chassix, Inc. | | |
| Term Loan, 7.94%, (USD LIBOR + 5.50%), Maturing November 15, 2023 (4) | 647 | 649,984 |
| CS Intermediate Holdco 2, LLC | | |
| Term Loan, 4.33%, (3 mo. USD LIBOR + 2.00%), Maturing November 2, 2023 | 330 | 330,924 |
| Dayco Products, LLC | | |
| Term Loan, 6.56%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023 | 495 | 496,856 |
| FCA US, LLC | | |
| Term Loan, 4.10%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2018 | 604 | 605,936 |

Borrower/Tranche Description Value
Automotive (continued)
Federal-Mogul Holdings Corporation
Term Loan, 5.82%, (1 mo. USD LIBOR + 3.75%), Maturing April 15, 2021 1,493 $ 1,498,009
Horizon Global Corporation
Term Loan, 6.59%, (1 mo. USD LIBOR + 4.50%), Maturing June 30, 2021 176 163,424
L&W, Inc.
Term Loan, 6.08%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025 375 376,875
Sage Automotive Interiors, Inc.
Term Loan, 7.09%, (1 mo. USD LIBOR + 5.00%), Maturing October 27, 2022 345 347,336
Tenneco, Inc.
Term Loan, Maturing June 14, 2025 (5) 1,700 1,687,463
TI Group Automotive Systems, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022 EUR 365 426,060
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022 459 459,618
Tower Automotive Holdings USA, LLC
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024 315 314,153
$ 9,178,612
Beverage and Tobacco — 0.7%
Arterra Wines Canada, Inc.
Term Loan, 5.07%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 1,209 $ 1,204,274
Flavors Holdings, Inc.
Term Loan, 8.08%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020 297 275,762
Term Loan - Second Lien, 12.33%, (3 mo. USD LIBOR + 10.00%), Maturing October 3,
2021 500 387,500
$ 1,867,536
Brokerage / Securities Dealers / Investment Houses — 0.9%
Aretec Group, Inc.
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.25%), Maturing November 23, 2020 640 $ 643,670
Term Loan - Second Lien, 9.59%, (1 mo. USD LIBOR + 7.50% (2.00% Cash, 7.59% PIK)), Maturing May 23, 2021 898 900,472
OZ Management L.P.
Term Loan, 7.13%, (3 mo. USD LIBOR + 4.75%), Maturing April 11, 2023 260 261,300

6 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Brokerage / Securities Dealers / Investment Houses (continued)
Resolute Investment Managers, Inc.
Term Loan - Second Lien, 9.86%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023 250 $ 254,375
Salient Partners L.P.
Term Loan, 10.59%, (1 mo. USD LIBOR + 8.50%), Maturing May 19, 2021 335 329,483
$ 2,389,300
Building and Development — 3.5%
American Builders & Contractors Supply Co., Inc.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023 1,383 $ 1,373,702
Beacon Roofing Supply, Inc.
Term Loan, 4.28%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025 274 273,327
Core & Main L.P.
Term Loan, 5.25%, (USD LIBOR + 3.00%), Maturing August 1,
2024 (4) 373 374,680
CPG International, Inc.
Term Loan, 6.25%, (6 mo. USD LIBOR + 3.75%), Maturing May 3, 2024 925 926,279
DTZ U.S. Borrower, LLC
Term Loan, 5.57%, (3 mo. USD LIBOR + 3.25%), Maturing November 4, 2021 2,072 2,071,731
GGP, Inc.
Term Loan, Maturing May 4, 2025 (5) 450 443,419
Henry Company, LLC
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023 197 198,238
Quikrete Holdings, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023 1,202 1,198,584
RE/MAX International, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 905 909,153
Summit Materials Companies I, LLC
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024 299 298,276
Werner FinCo L.P.
Term Loan, 5.98%, (1 mo. USD LIBOR + 4.00%), Maturing July 24, 2024 548 548,993
WireCo WorldGroup, Inc.
Term Loan, 7.09%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023 270 272,350
Term Loan - Second Lien, 11.09%, (1 mo. USD LIBOR + 9.00%),
Maturing September 30, 2024 650 656,500
$ 9,545,232
Borrower/Tranche Description Value
Business Equipment and Services — 13.9%
Acosta Holdco, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021 1,470 $ 1,129,555
Adtalem Global Education, Inc.
Term Loan, 5.08%, (1 mo. USD LIBOR + 3.00%), Maturing April 1, 2025 175 175,583
AlixPartners, LLP
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024 1,063 1,063,723
Altran Technologies S.A.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025 EUR 679 788,761
ASGN Incorporated
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025 215 215,258
BMC Software Finance, Inc.
Term Loan, Maturing June 26, 2025 (5) 1,375 1,367,490
Term Loan, Maturing June 27, 2025 (5) EUR 125 145,245
Brand Energy & Infrastructure Services, Inc.
Term Loan, 6.61%, (3 mo. USD LIBOR + 4.25%), Maturing June 21, 2024 248 248,245
Brickman Group Ltd., LLC
Term Loan, 5.46%, (1 mo. USD LIBOR + 3.00%), Maturing December 18, 2020 375 376,068
Camelot UK Holdco Limited
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023 938 937,447
Cast and Crew Payroll, LLC
Term Loan, 4.85%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 198 196,150
Ceridian HCM Holding, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing April 5, 2025 700 700,292
Change Healthcare Holdings, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024 3,111 3,104,208
Corporate Capital Trust, Inc.
Term Loan, 5.38%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2019 455 455,950
CPM Holdings, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing April 11, 2022 121 122,425
Crossmark Holdings, Inc.
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing December 20, 2019 696 388,146

7 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Business Equipment and Services (continued)
Cypress Intermediate Holdings III, Inc.
Term Loan, 5.10%, (1 mo. USD LIBOR + 3.00%), Maturing April 27, 2024 619 $ 618,750
EAB Global, Inc.
Term Loan, 6.25%, (USD LIBOR + 3.75%), Maturing November 15,
2024 (4) 623 617,203
Education Management, LLC
Term Loan, 0.00%,
Maturing July 2, 2020 (3)(6) 114 21,437
Term Loan, 0.00%,
Maturing July 2, 2020 (3)(6) 256 0
EIG Investors Corp.
Term Loan, 6.07%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023 1,558 1,558,897
Element Materials Technology Group US Holdings, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing June 28, 2024 174 174,669
Extreme Reach, Inc.
Term Loan, 8.35%, (1 mo. USD LIBOR + 6.25%), Maturing February 7, 2020 977 975,791
First Data Corporation
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing July 8, 2022 1,165 1,159,963
Garda World Security Corporation
Term Loan, 5.80%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024 933 938,518
Term Loan, 6.01%, (3 mo. USD LIBOR + 4.25%), Maturing May 24, 2024 CAD 421 322,448
Global Payments, Inc.
Term Loan, 3.84%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023 166 165,847
IG Investment Holdings, LLC
Term Loan, 5.69%, (USD LIBOR + 3.50%), Maturing May 18,
2025 (4) 1,131 1,131,753
Information Resources, Inc.
Term Loan, 6.57%, (3 mo. USD LIBOR + 4.25%), Maturing January 18, 2024 395 395,617
ION Trading Technologies S.a.r.l.
Term Loan, 3.75%, (2 mo. EURIBOR + 2.75%, Floor 1.00%), Maturing November 21, 2024 EUR 995 1,151,309
Iron Mountain, Inc.
Term Loan, 3.84%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026 424 415,459
J.D. Power and Associates
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.25%), Maturing September 7, 2023 1,082 1,085,921
Borrower/Tranche Description Value
Business Equipment and Services (continued)
KAR Auction Services, Inc.
Term Loan, 4.38%, (1 mo. USD LIBOR + 2.25%), Maturing March 11, 2021 879 $ 882,897
Kronos Incorporated
Term Loan, 5.36%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023 2,814 2,814,179
LegalZoom.com, Inc.
Term Loan, 6.59%, (1 mo. USD LIBOR + 4.50%), Maturing November 21, 2024 348 352,149
Term Loan - Second Lien, 10.59%, (1 mo. USD LIBOR + 8.50%), Maturing November 21, 2025 250 252,500
Monitronics International, Inc.
Term Loan, 7.83%, (3 mo. USD LIBOR + 5.50%), Maturing September 30, 2022 1,090 1,043,835
PGX Holdings, Inc.
Term Loan, 7.35%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020 591 578,460
Ping Identity Corporation
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing January 22, 2025 175 175,000
Pre-Paid Legal Services, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025 225 226,617
Prime Security Services Borrower, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022 1,306 1,301,696
Red Ventures, LLC
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing November 8, 2024 571 574,407
SMG Holdings, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing January 23, 2025 125 124,921
Solera, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023 373 372,569
Spin Holdco, Inc.
Term Loan, 5.34%, (2 mo. USD LIBOR + 3.25%), Maturing November 14, 2022 1,538 1,533,764
Techem GmbH
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing October 2, 2024 EUR 625 729,590
Tempo Acquisition, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 918 916,228
Trans Union, LLC
Term Loan, Maturing June 8, 2025 (5) 200 199,583

8 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Business Equipment and Services (continued)
Travelport Finance (Luxembourg) S.a.r.l.
Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing March 17, 2025 950 $ 947,921
Vantiv, LLC
Term Loan,
Maturing October 14, 2023 (5) 175 174,863
Term Loan, 3.79%, (1 mo. USD LIBOR + 1.75%), Maturing August 9, 2024 849 847,638
Vestcom Parent Holdings, Inc.
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023 246 245,634
WASH Multifamily Laundry Systems, LLC
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 124 124,126
West Corporation
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing October 10, 2024 150 149,719
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing October 10, 2024 522 521,302
ZPG PLC
Term Loan, Maturing June 30, 2025 (5) GBP 350 460,816
$ 37,698,542
Cable and Satellite Television — 6.1%
Charter Communications Operating, LLC
Term Loan, 4.10%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025 1,692 $ 1,691,884
CSC Holdings, LLC
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025 1,728 1,717,782
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026 600 599,025
Numericable Group S.A.
Term Loan, 3.00%, (2 mo. EURIBOR + 3.00%), Maturing July 31, 2025 EUR 223 254,952
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025 891 876,893
Radiate Holdco, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024 918 903,649
Telenet Financing USD, LLC
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.25%), Maturing August 17, 2026 1,075 1,068,785
Unitymedia Finance, LLC
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 450 448,313
Unitymedia Hessen GmbH & Co. KG
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027 EUR 500 580,616
Borrower/Tranche Description Value
Cable and Satellite Television (continued)
UPC Financing Partnership
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 1,200 $ 1,188,450
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing October 15, 2026 EUR 1,000 1,159,528
Virgin Media Bristol, LLC
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 3,250 3,230,702
Ziggo Secured Finance B.V.
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025 EUR 1,075 1,236,240
Ziggo Secured Finance Partnership
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.50%),
Maturing April 15, 2025 1,700 1,684,595
$ 16,641,414
Chemicals and Plastics — 6.4%
Alpha 3 B.V.
Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024 322 $ 323,332
Aruba Investments, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022 441 441,453
Ashland, Inc.
Term Loan, 3.84%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024 272 272,182
Axalta Coating Systems US Holdings, Inc.
Term Loan, 4.08%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024 1,268 1,263,252
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 21, 2025 EUR 289 338,874
Term Loan, 3.85%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025 156 154,175
Emerald Performance Materials, LLC
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021 239 241,311
Term Loan - Second Lien, 9.84%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022 275 275,516
Ferro Corporation
Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 160 160,217
Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 164 163,700
Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 198 197,340

9 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Chemicals and Plastics (continued)
Flint Group GmbH
Term Loan, 5.36%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 72 $ 67,443
Flint Group US, LLC
Term Loan, 5.36%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 434 407,972
Gemini HDPE, LLC
Term Loan, 4.86%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024 788 787,718
H.B. Fuller Company
Term Loan, 4.08%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024 963 958,281
Ineos US Finance, LLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024 EUR 1,443 1,668,873
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024 498 496,434
Invictus US, LLC
Term Loan, 5.10%, (2 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 224 224,578
Kraton Polymers, LLC
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025 487 487,324
MacDermid, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing June 7, 2020 485 484,862
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023 1,283 1,287,052
Minerals Technologies, Inc.
Term Loan, 4.40%, (USD LIBOR + 2.25%), Maturing February 14,
2024 (4) 424 427,458
Orion Engineered Carbons GmbH
Term Loan, 4.33%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024 484 485,982
Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing July 31, 2024 EUR 367 428,330
PQ Corporation
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing February 8, 2025 1,452 1,450,556
Prince Minerals, Inc.
Term Loan, 5.90%, (USD LIBOR + 3.50%), Maturing March 20,
2025 (4) 175 174,890
Sonneborn Refined Products B.V.
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing December 10, 2020 30 30,128
Borrower/Tranche Description Value
Chemicals and Plastics (continued)
Sonneborn, LLC
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing December 10, 2020 169 $ 170,725
Spectrum Holdings III Corp.
Term Loan, 1.00%, Maturing January 31,
2025 (2) 16 15,730
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025 159 158,653
Tronox Blocked Borrower, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing September 22, 2024 489 489,485
Tronox Finance, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing September 22, 2024 1,128 1,129,580
Unifrax Corporation
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing April 4, 2024 272 273,106
Univar, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing July 1, 2024 1,200 1,199,512
Venator Materials Corporation
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%),
Maturing August 8, 2024 174 175,859
$ 17,311,883
Conglomerates — 0.0% (7)
Penn Engineering & Manufacturing Corp.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%),
Maturing June 27, 2024 124 $ 123,750
$ 123,750
Containers and Glass Products — 4.3%
Berlin Packaging, LLC
Term Loan, 5.04%, (USD LIBOR + 3.00%), Maturing November 7, 2025 (4) 125 $ 124,498
Berry Global, Inc.
Term Loan, 4.08%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022 409 409,173
BWAY Holding Company
Term Loan, 5.59%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024 1,220 1,222,920
Consolidated Container Company, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 174 174,314
Crown Americas, LLC
Term Loan, 2.38%, (3 mo. EURIBOR + 2.38%), Maturing January 29, 2025 EUR 275 320,744

10 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Containers and Glass Products (continued)
Flex Acquisition Company, Inc.
Term Loan, 5.31%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023 1,609 $ 1,606,021
Term Loan, 5.75%, (3 mo. USD LIBOR + 3.25%), Maturing June 22, 2025 700 701,750
Horizon Holdings III SAS
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing October 29, 2022 EUR 742 850,052
Libbey Glass, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021 463 457,144
Pelican Products, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025 300 300,469
Reynolds Group Holdings, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023 2,503 2,502,946
Ring Container Technologies Group, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024 348 346,944
SIG Combibloc PurchaseCo S.a.r.l.
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing March 13, 2022 EUR 943 1,097,332
SIG Combibloc US Acquisition, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing March 13, 2022 536 537,172
Trident TPI Holdings, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024 374 371,818
Verallia Packaging S.A.S.
Term Loan, Maturing August 29, 2025 (5) EUR 675 777,328
$ 11,800,625
Cosmetics / Toiletries — 0.3%
KIK Custom Products, Inc.
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%),
Maturing May 15, 2023 876 $ 873,675
$ 873,675
Drugs — 5.8%
Albany Molecular Research, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024 323 $ 321,907
Alkermes, Inc.
Term Loan, 4.26%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023 190 189,855
Borrower/Tranche Description Value
Drugs (continued)
Amneal Pharmaceuticals, LLC
Term Loan, 5.63%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025 1,675 $ 1,674,613
Arbor Pharmaceuticals, Inc.
Term Loan, 7.49%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023 1,415 1,422,930
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 6.38%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024 2,252 2,241,691
Horizon Pharma, Inc.
Term Loan, 5.38%, (1 mo. USD LIBOR + 3.25%), Maturing March 29, 2024 1,584 1,583,423
Jaguar Holding Company II
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022 3,261 3,244,962
Mallinckrodt International Finance S.A.
Term Loan, 5.09%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024 1,218 1,195,407
Term Loan, 5.52%, (6 mo. USD LIBOR + 3.00%), Maturing February 24, 2025 399 393,431
PharMerica Corporation
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.50%), Maturing December 6, 2024 374 373,985
Term Loan - Second Lien, 9.80%, (1 mo. USD LIBOR + 7.75%), Maturing December 7, 2025 200 199,750
Valeant Pharmaceuticals International, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 3.00%), Maturing June 1, 2025 3,048 3,041,486
$ 15,883,440
Ecological Services and Equipment — 1.2%
Advanced Disposal Services, Inc.
Term Loan, 4.23%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023 977 $ 976,021
Charah, LLC
Term Loan, 8.55%, (USD LIBOR + 6.25%), Maturing October 25,
2024 (4) 246 249,917
EnergySolutions, LLC
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025 575 577,696
GFL Environmental, Inc.
Term Loan,
0.00%, Maturing May 30, 2025 (2) 127 126,436
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing May 30, 2025 1,023 1,017,814
Wrangler Buyer Corp.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 324 323,360
$ 3,271,244

11 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Electronics / Electrical — 17.2%
AI Ladder (Luxembourg) Subco S.a r.l
Term Loan, Maturing May 1, 2025 (5) 175 $ 175,000
Almonde, Inc.
Term Loan, 5.81%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024 1,265 1,245,032
Answers Finance, LLC
Term Loan - Second Lien, 12.90%, (3 mo. USD Prime + 7.90%), Maturing September 15, 2021 241 236,086
Applied Systems, Inc.
Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing September 19, 2024 1,067 1,069,688
Aptean, Inc.
Term Loan, 6.59%, (3 mo. USD LIBOR + 4.25%), Maturing December 20, 2022 1,185 1,186,296
Avast Software B.V.
Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing September 30, 2023 678 678,963
Barracuda Networks, Inc.
Term Loan, 5.31%, (1 mo. USD LIBOR + 3.25%), Maturing February 12, 2025 575 573,562
Blackhawk Network Holdings, Inc.
Term Loan, 5.07%, (1 mo. USD LIBOR + 3.00%), Maturing June 15, 2025 375 374,590
Campaign Monitor Finance Pty. Limited
Term Loan, 7.58%, (3 mo. USD LIBOR + 5.25%), Maturing March 18, 2021 328 328,818
CommScope, Inc.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing December 29, 2022 319 320,645
CPI International, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024 323 322,966
Cypress Semiconductor Corporation
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.25%), Maturing July 5, 2021 484 486,328
DigiCert, Inc.
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.75%), Maturing October 31, 2024 949 949,081
Electro Rent Corporation
Term Loan, 7.33%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024 591 595,432
Energizer Holdings, Inc.
Term Loan, Maturing June 30, 2025 (5) 250 250,729
Entegris, Inc.
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2021 59 59,453
Borrower/Tranche Description Value
Electronics / Electrical (continued)
Epicor Software Corporation
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022 1,397 $ 1,396,050
Exact Merger Sub, LLC
Term Loan, 6.58%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024 298 299,239
EXC Holdings III Corp.
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024 224 226,394
Eze Castle Software, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing April 6, 2020 1,327 1,332,688
Flexera Software, LLC
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.25%), Maturing February 26, 2025 125 124,869
Go Daddy Operating Company, LLC
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing February 15, 2024 2,546 2,537,466
GTCR Valor Companies, Inc.
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing June 16, 2023 811 811,450
Hyland Software, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2022 1,224 1,230,572
Infoblox, Inc.
Term Loan, 6.59%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023 896 901,349
Infor (US), Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing February 1, 2022 3,327 3,315,823
Informatica, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022 EUR 149 174,453
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022 1,802 1,807,882
Lattice Semiconductor Corporation
Term Loan, 6.27%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021 232 232,484
MA FinanceCo., LLC
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing November 19, 2021 1,416 1,408,697
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing June 21, 2024 232 230,205
MACOM Technology Solutions Holdings, Inc.
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024 586 578,976

12 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Electronics / Electrical (continued)
Microchip Technology Incorporated
Term Loan, 4.10%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025 1,225 $ 1,228,062
MTS Systems Corporation
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023 533 538,045
Plantronics, Inc.
Term Loan, Maturing May 30, 2025 (5) 650 649,390
Prometric Holdings, Inc.
Term Loan, 5.10%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025 150 149,531
Renaissance Holding Corp.
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing May 30, 2025 575 573,210
Term Loan - Second Lien, 9.33%, (3 mo. USD LIBOR + 7.00%), Maturing May 29, 2026 75 74,813
Rocket Software, Inc.
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing October 14, 2023 640 644,250
Seattle Spinco, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing June 21, 2024 1,564 1,562,617
SGS Cayman L.P.
Term Loan, 7.71%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 190 182,947
SkillSoft Corporation
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021 2,258 2,140,441
SolarWinds Holdings, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing February 5, 2024 920 922,548
Southwire Company
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing May 15, 2025 275 275,430
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing April 16, 2025 665 666,539
SS&C Technologies, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing April 16, 2025 1,758 1,761,872
SurveyMonkey, Inc.
Term Loan, 6.60%, (1 mo. USD LIBOR + 4.50%), Maturing April 13, 2024 644 642,696
Sutherland Global Services, Inc.
Term Loan, 7.71%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 814 785,930
Borrower/Tranche Description Value
Electronics / Electrical (continued)
Switch, Ltd.
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing June 27, 2024 124 $ 124,008
Tibco Software, Inc.
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020 247 248,648
TTM Technologies, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024 150 150,563
Uber Technologies
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023 2,041 2,058,389
Term Loan, 6.00%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025 725 729,350
Veritas Bermuda Ltd.
Term Loan, 6.65%, (USD LIBOR + 4.50%), Maturing January 27, 2023 (4) 1,047 962,455
Vero Parent, Inc.
Term Loan, 7.09%, (1 mo. USD LIBOR + 5.00%), Maturing August 16, 2024 1,216 1,219,156
VF Holding Corp.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2023 1,574 1,578,405
Wall Street Systems Delaware, Inc.
Term Loan, 4.00%, (3 mo. EURIBOR + 3.00%, Floor 1.00%), Maturing November 21, 2024 EUR 274 320,338
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing November 21, 2024 348 348,032
Western Digital Corporation
Term Loan, 3.84%, (1 mo. USD LIBOR + 1.75%),
Maturing April 29, 2023 800 800,946
$ 46,799,877
Equipment Leasing — 0.8%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025 1,985 $ 1,964,257
IBC Capital Limited
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%),
Maturing September 11, 2023 274 274,998
$ 2,239,255
Financial Intermediaries — 5.8%
Armor Holding II, LLC
Term Loan - Second Lien, 8.50%, (3 mo. USD Prime + 3.50%), Maturing June 26, 2020 963 $ 967,476
Term Loan - Second Lien, 11.10%, (1 mo. USD LIBOR + 9.00%), Maturing December 26, 2020 725 728,625

13 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Financial Intermediaries (continued)
Citco Funding, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2022 1,920 $ 1,922,221
Clipper Acquisitions Corp.
Term Loan, 3.75%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024 572 572,597
Ditech Holding Corporation
Term Loan, 8.09%, (1 mo. USD LIBOR + 6.00%), Maturing June 30, 2022 1,535 1,476,770
Donnelley Financial Solutions, Inc.
Term Loan, 4.98%, (1 week USD LIBOR + 3.00%), Maturing October 2, 2023 134 133,905
EIG Management Company, LLC
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing February 22, 2025 125 126,354
FinCo I, LLC
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022 492 492,898
Focus Financial Partners, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing July 3, 2024 671 671,524
Freedom Mortgage Corporation
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.75%), Maturing February 23, 2022 922 928,480
Greenhill & Co., Inc.
Term Loan, 5.83%, (USD LIBOR + 3.75%), Maturing October 12,
2022 (4) 488 491,766
GreenSky Holdings, LLC
Term Loan, 5.38%, (1 mo. USD LIBOR + 3.25%), Maturing March 29, 2025 648 654,048
Guggenheim Partners, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023 511 512,533
Harbourvest Partners, LLC
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing February 20, 2025 556 554,195
LPL Holdings, Inc.
Term Loan, 4.49%, (USD LIBOR + 2.25%), Maturing September 23, 2024 (4) 644 644,517
NXT Capital, Inc.
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.50%), Maturing November 22, 2022 1,256 1,261,080
Ocwen Financial Corporation
Term Loan, 7.09%, (1 mo. USD LIBOR + 5.00%), Maturing December 5, 2020 143 144,015
Borrower/Tranche Description Value
Financial Intermediaries (continued)
Quality Care Properties, Inc.
Term Loan, 7.34%, (1 mo. USD LIBOR + 5.25%), Maturing October 31, 2022 1,256 $ 1,268,434
Sesac Holdco II, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024 272 269,865
StepStone Group L.P.
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025 299 301,120
Victory Capital Holdings, Inc.
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing February 12, 2025 146 145,651
Virtus Investment Partners, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing June 1, 2024 248 247,195
Term Loan, 2.50%,
Maturing June 3, 2024 (2) 75 74,719
Walker & Dunlop, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%),
Maturing December 11, 2020 1,048 1,055,671
$ 15,645,659
Food Products — 4.2%
Alphabet Holding Company, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024 1,141 $ 1,073,368
American Seafoods Group, LLC
Term Loan, 4.85%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2023 170 170,851
Badger Buyer Corp.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024 174 173,470
CHG PPC Parent, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025 225 223,875
Del Monte Foods, Inc.
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021 330 277,990
Term Loan - Second Lien, 9.75%, (6 mo. USD LIBOR + 7.25%), Maturing August 18, 2021 268 191,717
Dole Food Company, Inc.
Term Loan, 4.83%, (USD LIBOR + 2.75%), Maturing April 6,
2024 (4) 804 801,799
Froneri International PLC
Term Loan, 2.63%, (3 mo. EURIBOR + 2.63%), Maturing January 22, 2025 EUR 1,200 1,389,682

14 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Food Products (continued)
Hearthside Food Solutions, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing May 23, 2025 350 $ 347,448
High Liner Foods Incorporated
Term Loan, 5.56%, (3 mo. USD LIBOR + 3.25%), Maturing April 24, 2021 380 369,124
HLF Financing S.a.r.l.
Term Loan, 7.59%, (1 mo. USD LIBOR + 5.50%), Maturing February 15, 2023 680 687,051
Jacobs Douwe Egberts International B.V.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing July 2, 2022 EUR 117 137,128
Term Loan, 4.63%, (3 mo. USD LIBOR + 2.25%), Maturing July 2, 2022 783 783,626
JBS USA, LLC
Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing October 30, 2022 3,311 3,296,976
Nomad Foods Europe Midco Limited
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024 300 298,688
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024 272 271,059
Post Holdings, Inc.
Term Loan, 4.10%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024 792 790,308
$ 11,284,160
Food Service — 2.3%
1011778 B.C. Unlimited Liability Company
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024 2,546 $ 2,534,968
Aramark Services, Inc.
Term Loan, 4.08%, (3 mo. USD LIBOR + 1.75%), Maturing March 11, 2025 424 424,202
Dhanani Group, Inc.
Term Loan, Maturing June 27, 2025 (5) 275 273,969
IRB Holding Corp.
Term Loan, 5.27%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025 399 400,097
KFC Holding Co.
Term Loan, 3.84%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025 467 464,685
NPC International, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024 421 422,328
Seminole Hard Rock Entertainment, Inc.
Term Loan, 5.06%, (3 mo. USD LIBOR + 2.75%), Maturing May 14, 2020 119 119,658
Borrower/Tranche Description Value
Food Service (continued)
TKC Holdings, Inc.
Term Loan, 5.85%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2023 494 $ 494,676
US Foods, Inc.
Term Loan, Maturing June 27, 2023 (5) 400 400,125
Welbilt, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023 673 673,460
$ 6,208,168
Food / Drug Retailers — 1.7%
Albertsons, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing August 25, 2021 576 $ 570,742
Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022 788 782,417
Term Loan, Maturing May 2, 2023 (5) 550 547,441
Term Loan, 5.32%, (3 mo. USD LIBOR + 3.00%), Maturing June 22, 2023 1,731 1,715,384
Diplomat Pharmacy, Inc.
Term Loan, 6.60%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024 223 225,674
Holland & Barrett International
Term Loan, 5.89%, (3 mo. GBP LIBOR + 5.25%), Maturing August 4, 2024 GBP 200 255,372
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024 EUR 200 227,307
Supervalu, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing June 8, 2024 93 93,599
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing June 8, 2024 156 155,998
$ 4,573,934
Forest Products — 0.2%
Expera Specialty Solutions, LLC
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.25%), Maturing November 3, 2023 490 $ 494,531
$ 494,531
Health Care — 15.3%
Acadia Healthcare Company, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022 118 $ 118,157

15 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Health Care (continued)
ADMI Corp.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2025 823 $ 822,423
Akorn, Inc.
Term Loan, 6.38%, (1 mo. USD LIBOR + 4.25%), Maturing April 16, 2021 938 922,035
Alliance Healthcare Services, Inc.
Term Loan, 6.59%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023 495 498,713
Term Loan - Second Lien, 12.09%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024 225 226,125
Argon Medical Devices, Inc.
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025 424 425,704
Auris Luxembourg III S.a.r.l.
Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing January 17, 2022 363 364,882
Avantor, Inc.
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing November 21, 2024 597 601,691
Beaver-Visitec International, Inc.
Term Loan, 7.09%, (1 mo. USD LIBOR + 5.00%), Maturing August 21, 2023 368 368,898
BioClinica, Inc.
Term Loan, 6.63%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023 715 682,932
BW NHHC Holdco, Inc.
Term Loan, 7.07%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025 475 470,250
Carestream Dental Equipment, Inc.
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing September 1, 2024 670 668,263
Certara L.P.
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024 496 498,731
CHG Healthcare Services, Inc.
Term Loan, 5.36%, (3 mo. USD LIBOR + 3.00%), Maturing June 7, 2023 1,529 1,532,995
Community Health Systems, Inc.
Term Loan, 5.31%, (3 mo. USD LIBOR + 3.00%), Maturing December 31, 2019 864 862,366
Term Loan, 5.56%, (3 mo. USD LIBOR + 3.25%), Maturing January 27, 2021 1,245 1,216,677
Concentra, Inc.
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022 388 389,013
Borrower/Tranche Description Value
Health Care (continued)
Convatec, Inc.
Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing October 31, 2023 271 $ 273,414
CPI Holdco, LLC
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2024 321 323,346
CryoLife, Inc.
Term Loan, 6.33%, (3 mo. USD LIBOR + 4.00%), Maturing November 14, 2024 224 225,647
CTC AcquiCo GmbH
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing March 7, 2025 EUR 400 462,449
DaVita, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing June 24, 2021 766 768,824
DJO Finance, LLC
Term Loan, 5.45%, (USD LIBOR + 3.25%), Maturing June 8,
2020 (4) 1,021 1,019,210
Envision Healthcare Corporation
Term Loan, 5.10%, (1 mo. USD LIBOR + 3.00%), Maturing December 1, 2023 1,954 1,955,522
Equian, LLC
Term Loan, 5.33%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024 297 297,002
Genoa, a QoL Healthcare Company, LLC
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing October 28, 2023 983 984,827
Gentiva Health Services, Inc.
Term Loan, Maturing June 2, 2025 (5) 385 385,577
Term Loan, Maturing June 2, 2025 (5) 615 616,923
GHX Ultimate Parent Corporation
Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing June 28, 2024 447 447,308
Greatbatch Ltd.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.25%), Maturing October 27, 2022 994 997,878
Grifols Worldwide Operations USA, Inc.
Term Loan, 4.24%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025 1,629 1,631,242
Hanger, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing February 26, 2025 499 498,127
Indivior Finance S.a.r.l.
Term Loan, 6.86%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2022 1,443 1,440,947
Inovalon Holdings, Inc.
Term Loan, 5.56%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025 575 560,984

16 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Health Care (continued)
IQVIA, Inc.
Term Loan, 4.33%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024 313 $ 313,489
Term Loan, 4.33%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025 471 470,613
Kindred Healthcare, Inc.
Term Loan, 5.88%, (3 mo. USD LIBOR + 3.50%), Maturing April 9, 2021 696 696,440
Kinetic Concepts, Inc.
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024 1,287 1,291,022
KUEHG Corp.
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing August 13, 2022 1,447 1,449,867
Term Loan - Second Lien, 10.58%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025 200 204,000
Medical Depot Holdings, Inc.
Term Loan, 7.83%, (3 mo. USD LIBOR + 5.50%), Maturing January 3, 2023 188 172,346
Medical Solutions, LLC
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024 373 373,173
MedPlast Holdings, Inc.
Term Loan, Maturing June 1, 2025 (5) 225 224,578
MPH Acquisition Holdings, LLC
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023 1,692 1,685,897
National Mentor Holdings, Inc.
Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2021 508 509,574
Navicure, Inc.
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024 299 298,500
New Millennium Holdco, Inc.
Term Loan, 8.59%, (1 mo. USD LIBOR + 6.50%), Maturing December 21, 2020 294 163,637
One Call Corporation
Term Loan, 7.32%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022 1,226 1,179,983
Ortho-Clinical Diagnostics S.A.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025 1,636 1,631,026
Parexel International Corporation
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 1,265 1,260,164
Press Ganey Holdings, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing October 21, 2023 369 368,836
Borrower/Tranche Description Value
Health Care (continued)
Prospect Medical Holdings, Inc.
Term Loan, 7.50%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024 574 $ 574,996
R1 RCM, Inc.
Term Loan, 7.62%, (3 mo. USD LIBOR + 5.25%), Maturing April 27, 2025 275 275,000
RadNet, Inc.
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.75%), Maturing June 30, 2023 711 720,071
Select Medical Corporation
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2021 790 789,013
Sotera Health Holdings, LLC
Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing May 15, 2022 415 417,036
Sound Inpatient Physicians
Term Loan, Maturing June 5, 2025 (5) 225 225,563
Surgery Center Holdings, Inc.
Term Loan, 5.35%, (2 mo. USD LIBOR + 3.25%), Maturing September 2, 2024 471 471,290
Syneos Health, Inc.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing August 1, 2024 206 205,445
Team Health Holdings, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024 988 955,818
Tecomet, Inc.
Term Loan, 5.51%, (1 week USD LIBOR + 3.50%), Maturing May 1, 2024 371 372,874
U.S. Anesthesia Partners, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024 545 544,192
Wink Holdco, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024 224 223,385
$ 41,626,910
Home Furnishings — 0.9%
Bright Bidco B.V.
Term Loan, 5.76%, (USD LIBOR + 3.50%), Maturing June 30,
2024 (4) 743 $ 743,075
Serta Simmons Bedding, LLC
Term Loan, 5.75%, (USD LIBOR + 3.50%), Maturing November 8, 2023 (4) 2,148 1,834,365
$ 2,577,440

17 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Industrial Equipment — 5.9%
Apex Tool Group, LLC
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022 1,160 $ 1,163,317
CFSP Acquisition Corp.
Term Loan, 1.00%, Maturing March 6,
2025 (2) 23 22,834
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing March 21, 2025 102 100,976
Clark Equipment Company
Term Loan, 4.33%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024 902 897,062
Coherent Holding GmbH
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing November 7, 2023 EUR 334 392,319
Delachaux S.A.
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 28, 2021 184 184,495
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024 EUR 15 17,356
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024 EUR 37 43,391
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24,
2024 (2) EUR 135 156,933
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24,
2024 (2) EUR 337 392,333
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024 398 399,992
DXP Enterprises, Inc.
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023 248 249,521
Engineered Machinery Holdings, Inc.
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024 149 149,250
EWT Holdings III Corp.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024 940 941,525
Filtration Group Corporation
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025 EUR 175 203,854
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025 773 774,592
Gardner Denver, Inc.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 30, 2024 EUR 191 222,000
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024 572 573,266
Borrower/Tranche Description Value
Industrial Equipment (continued)
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024 EUR 420 $ 489,149
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing April 1, 2024 2,134 2,135,856
Hayward Industries, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024 223 224,010
Milacron, LLC
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 1,289 1,286,236
Paladin Brands Holding, Inc.
Term Loan, 7.83%, (3 mo. USD LIBOR + 5.50%), Maturing August 15, 2022 581 584,385
Pro Mach Group, Inc.
Term Loan, 5.02%, (1 mo. USD LIBOR + 3.00%), Maturing March 7, 2025 125 123,394
Reece, Ltd.
Term Loan, Maturing May 30, 2025 (5) 400 401,250
Rexnord, LLC
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing August 21, 2024 933 933,771
Robertshaw US Holding Corp.
Term Loan, 5.63%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025 474 473,812
Tank Holding Corp.
Term Loan, 5.75%, (USD LIBOR + 3.50%), Maturing March 17,
2022 (4) 327 328,322
Thermon Industries, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024 157 158,437
Titan Acquisition Limited
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 1,421 1,403,670
Waterjet Holdings, Inc.
Term Loan, 5.15%, (USD LIBOR + 3.00%), Maturing April 3,
2025 (4) 125 124,687
Wittur GmbH
Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31,
2022 EUR 450 527,612
$ 16,079,607
Insurance — 4.6%
Alliant Holdings I, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025 1,145 $ 1,139,389

18 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Insurance (continued)
AmWINS Group, Inc.
Term Loan, 4.82%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024 1,359 $ 1,355,958
Asurion, LLC
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing August 4, 2022 2,362 2,360,405
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing November 3, 2023 999 998,838
Term Loan - Second Lien, 8.09%, (1 mo. USD LIBOR + 6.00%), Maturing August 4, 2025 1,200 1,212,937
Financiere CEP
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing December 13, 2024 EUR 250 286,841
Hub International Limited
Term Loan, 5.36%, (2 mo. USD LIBOR + 3.00%), Maturing April 25, 2025 2,350 2,337,674
NFP Corp.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024 941 936,006
Sedgwick Claims Management Services, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2021 524 521,607
USI, Inc.
Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024 1,340 1,333,678
$ 12,483,333
Leisure Goods / Activities / Movies — 5.5%
AMC Entertainment Holdings, Inc.
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2022 1,024 $ 1,023,659
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2023 247 246,528
Ancestry.com Operations, Inc.
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023 1,397 1,396,058
Bombardier Recreational Products, Inc.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025 2,093 2,080,056
CDS U.S. Intermediate Holdings, Inc.
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing July 8, 2022 541 537,122
ClubCorp Holdings, Inc.
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024 857 851,504
Borrower/Tranche Description Value
Leisure Goods / Activities / Movies (continued)
Crown Finance US, Inc.
Term Loan, 2.63%, (1 mo. EURIBOR + 2.63%), Maturing February 28, 2025 EUR 399 $ 462,108
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing February 28, 2025 973 967,639
Delta 2 (LUX) S.a.r.l.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024 747 738,471
Emerald Expositions Holding, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 525 524,375
Etraveli Holding AB
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing August 2, 2024 EUR 375 438,473
Lindblad Expeditions, Inc.
Term Loan, 5.95%, (6 mo. USD LIBOR + 3.50%), Maturing March 21, 2025 100 101,458
Term Loan, 5.95%, (6 mo. USD LIBOR + 3.50%), Maturing March 21, 2025 779 786,301
Live Nation Entertainment, Inc.
Term Loan, 3.88%, (1 mo. USD LIBOR + 1.75%), Maturing October 31, 2023 1,226 1,224,011
Match Group, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing November 16, 2022 241 242,129
Sabre GLBL, Inc.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024 473 472,740
SeaWorld Parks & Entertainment, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024 819 814,475
SRAM, LLC
Term Loan, 4.92%, (USD LIBOR + 2.75%), Maturing March 15,
2024 (4) 825 823,211
Steinway Musical Instruments, Inc.
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025 424 426,587
UFC Holdings, LLC
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2023 690 691,152
$ 14,848,057
Lodging and Casinos — 6.0%
Aristocrat Technologies, Inc.
Term Loan, 4.11%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024 572 $ 569,374

19 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Lodging and Casinos (continued)
Boyd Gaming Corporation
Term Loan, 4.49%, (1 week USD LIBOR + 2.50%), Maturing September 15, 2023 458 $ 460,208
CityCenter Holdings, LLC
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024 1,190 1,185,532
Cyan Blue Holdco 3 Limited
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing August 23, 2024 124 123,939
Eldorado Resorts, LLC
Term Loan, 4.38%, (USD LIBOR + 2.25%), Maturing April 17,
2024 (4) 396 397,010
ESH Hospitality, Inc.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023 585 583,723
Four Seasons Hotels Limited
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023 443 442,696
Golden Nugget, Inc.
Term Loan, 4.82%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023 2,085 2,089,649
GVC Holdings PLC
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 29, 2024 EUR 600 698,303
Term Loan, 4.17%, (3 mo. GBP LIBOR + 3.50%), Maturing March 29, 2024 GBP 300 394,935
Term Loan, 4.60%, (1 mo. USD LIBOR + 2.50%), Maturing March 29, 2024 524 524,124
Hanjin International Corp.
Term Loan, 4.86%, (3 mo. USD LIBOR + 2.50%), Maturing October 18, 2020 250 250,312
Hilton Worldwide Finance, LLC
Term Loan, 3.84%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023 1,799 1,800,101
Las Vegas Sands, LLC
Term Loan, 3.84%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025 499 495,975
MGM Growth Properties Operating Partnership L.P.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing April 25, 2023 904 904,376
Playa Resorts Holding B.V.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024 1,141 1,128,447
Stars Group Holdings B.V. (The)
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing April 6, 2025 2,107 2,111,122
Term Loan, Maturing July 28, 2025 (5) EUR 450 522,882
Borrower/Tranche Description Value
Lodging and Casinos (continued)
Tropicana Entertainment, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing November 27, 2020 51 $ 51,526
VICI Properties 1, LLC
Term Loan, 4.08%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024 1,026 1,021,219
Wyndham Hotels & Resorts, Inc.
Term Loan, 3.73%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025 625 625,456
$ 16,380,909
Nonferrous Metals / Minerals — 1.2%
Dynacast International, LLC
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022 586 $ 588,372
Global Brass & Copper, Inc.
Term Loan, 4.63%, (1 mo. USD LIBOR + 2.50%), Maturing May 24, 2025 393 393,983
Murray Energy Corporation
Term Loan, 9.34%, (1 mo. USD LIBOR + 7.25%), Maturing April 16, 2020 931 882,295
New Day Aluminum, LLC
Term Loan, 10.00%, (4.00% Cash, 6.00% PIK), Maturing October 28, 2020 (3)(8) 32 19,006
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28,
2019 (3)(6) 449 34,653
Oxbow Carbon, LLC
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023 293 295,791
Term Loan - Second Lien, 9.59%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024 350 355,250
Rain Carbon GmbH
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing January 16, 2025 EUR 450 525,291
United Central Industrial Supply Company, LLC
Term Loan - Second Lien, 15.00%, (0.00% Cash, 15.00% PIK), Maturing April 9, 2019 (3)(8) 346 219,414
$ 3,314,055
Oil and Gas — 2.6%
Ameriforge Group, Inc.
Term Loan, 11.30%, (3 mo. USD LIBOR + 9.00% (10.30% Cash, 1.00% PIK)), Maturing June 8, 2022 337 $ 339,752
Apergy Corporation
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025 175 174,781

20 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Oil and Gas (continued)
BCP Raptor, LLC
Term Loan, 6.42%, (2 mo. USD LIBOR + 4.25%), Maturing June 24, 2024 347 $ 340,328
CITGO Petroleum Corporation
Term Loan, 5.81%, (3 mo. USD LIBOR + 3.50%), Maturing July 29, 2021 458 460,524
Delek US Holdings, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing March 13, 2025 175 174,126
Fieldwood Energy, LLC
Term Loan, 7.34%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022 1,188 1,192,461
Term Loan - Second Lien, 9.34%, (1 mo. USD LIBOR + 7.25%), Maturing April 11, 2023 113 111,088
Green Plains Renewable Energy, Inc.
Term Loan, 7.60%, (1 mo. USD LIBOR + 5.50%), Maturing August 18, 2023 496 503,694
McDermott Technology Americas, Inc.
Term Loan, 7.09%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025 599 602,390
Medallion Midland Acquisition, LLC
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing October 30, 2024 299 295,142
MEG Energy Corp.
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023 608 609,035
PSC Industrial Holdings Corp.
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024 348 348,250
Term Loan - Second Lien, 10.59%, (1 mo. USD LIBOR + 8.50%), Maturing October 3, 2025 200 199,000
Sheridan Investment Partners II L.P.
Term Loan, 5.81%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 17 15,018
Term Loan, 5.81%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 45 40,267
Term Loan, 5.81%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 321 289,470
Sheridan Production Partners I, LLC
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 57 50,711
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 94 83,022
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 707 626,542
Borrower/Tranche Description Value
Oil and Gas (continued)
Ultra Resources, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing April 12, 2024 700 $ 647,150
$ 7,102,751
Publishing — 1.7%
Ascend Learning, LLC
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024 546 $ 546,080
Getty Images, Inc.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing October 18, 2019 1,701 1,647,795
Harland Clarke Holdings Corp.
Term Loan, 7.08%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023 405 396,434
Lamar Media Corporation
Term Loan, 3.88%, (1 mo. USD LIBOR + 1.75%), Maturing March 14, 2025 249 249,375
LSC Communications, Inc.
Term Loan, 7.59%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2022 498 499,579
Merrill Communications, LLC
Term Loan, 7.61%, (3 mo. USD LIBOR + 5.25%), Maturing June 1, 2022 262 264,466
Multi Color Corporation
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2024 149 149,437
ProQuest, LLC
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2021 798 804,029
Tweddle Group, Inc.
Term Loan, 8.36%, (3 mo. USD LIBOR + 6.00%), Maturing October 24, 2022 (3) 366 176,619
$ 4,733,814
Radio and Television — 4.4%
ALM Media Holdings, Inc.
Term Loan, 6.83%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020 201 $ 179,073
CBS Radio, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing November 17, 2024 755 751,549
Cumulus Media New Holdings, Inc.
Term Loan, 6.60%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022 1,468 1,462,074

21 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Radio and Television (continued)
Entravision Communications Corporation
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024 521 $ 515,526
Gray Television, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024 123 122,894
Hubbard Radio, LLC
Term Loan, 5.10%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 311 312,011
iHeartCommunications, Inc.
Term Loan, 0.00%, Maturing January 30,
2019 (6) 1,066 817,036
Term Loan, 0.00%, Maturing July 30,
2019 (6) 182 139,212
Mission Broadcasting, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.50%), Maturing January 17, 2024 161 160,836
Nexstar Broadcasting, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.50%), Maturing January 17, 2024 1,238 1,238,442
Raycom TV Broadcasting, LLC
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.25%), Maturing August 23, 2024 521 521,551
Sinclair Television Group, Inc.
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024 261 260,702
Term Loan, Maturing December 12, 2024 (5) 1,425 1,424,637
Univision Communications, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024 4,105 3,974,373
$ 11,879,916
Retailers (Except Food and Drug) — 5.2%
Ascena Retail Group, Inc.
Term Loan, 6.63%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022 847 $ 758,687
Bass Pro Group, LLC
Term Loan, 7.09%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024 620 622,832
BJ’s Wholesale Club, Inc.
Term Loan, 5.53%, (1 mo. USD LIBOR + 3.50%), Maturing February 3, 2024 470 470,771
CDW, LLC
Term Loan, 3.85%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023 2,108 2,108,748
Coinamatic Canada, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 22 21,738
Borrower/Tranche Description Value
Retailers (Except Food and Drug) (continued)
David’s Bridal, Inc.
Term Loan, 6.10%, (1 mo. USD LIBOR + 4.00%), Maturing October 11, 2019 985 $ 874,556
Evergreen Acqco 1 L.P.
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.75%), Maturing July 9, 2019 1,063 1,039,548
Global Appliance, Inc.
Term Loan, 6.10%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024 471 476,152
Go Wireless, Inc.
Term Loan, 8.59%, (1 mo. USD LIBOR + 6.50%), Maturing December 22, 2024 341 339,686
Harbor Freight Tools USA, Inc.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2023 199 198,360
J. Crew Group, Inc.
Term Loan, 5.22%, (USD LIBOR + 3.00%), Maturing March 5,
2021 (3)(4) 1,413 1,057,992
LSF9 Atlantis Holdings, LLC
Term Loan, 8.00%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023 463 457,722
Neiman Marcus Group Ltd., LLC
Term Loan, 5.26%, (1 mo. USD LIBOR + 3.25%), Maturing October 25, 2020 1,020 906,659
Party City Holdings, Inc.
Term Loan, 4.99%, (USD LIBOR + 2.75%), Maturing August 19,
2022 (4) 572 572,580
PetSmart, Inc.
Term Loan, 5.01%, (1 mo. USD LIBOR + 3.00%), Maturing March 11, 2022 1,983 1,647,641
PFS Holding Corporation
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021 1,040 597,744
Pier 1 Imports (U.S.), Inc.
Term Loan, 5.95%, (6 mo. USD LIBOR + 3.50%), Maturing April 30, 2021 240 220,200
Radio Systems Corporation
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024 198 197,753
Shutterfly, Inc.
Term Loan, 4.85%, (1 mo. USD LIBOR + 2.75%), Maturing August 17, 2024 250 250,750
Staples, Inc.
Term Loan, 6.36%, (3 mo. USD LIBOR + 4.00%), Maturing September 12, 2024 299 294,665
Vivid Seats Ltd.
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024 991 985,665
$ 14,100,449

22 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Steel — 1.1%
Atkore International, Inc.
Term Loan, 5.09%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023 672 $ 672,213
GrafTech Finance, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025 1,325 1,320,031
Neenah Foundry Company
Term Loan, 8.63%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022 390 388,050
Phoenix Services International, LLC
Term Loan, 5.75%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025 399 401,743
Zekelman Industries, Inc.
Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing June 14, 2021 343 341,135
$ 3,123,172
Surface Transport — 0.8%
Agro Merchants NAI Holdings, LLC
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024 174 $ 174,802
Hertz Corporation (The)
Term Loan, 4.85%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023 486 484,781
Kenan Advantage Group, Inc.
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 54 54,376
Term Loan, 5.09%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 178 178,811
PODS, LLC
Term Loan, 4.78%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024 273 272,469
Stena International S.a.r.l.
Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021 718 703,762
XPO Logistics, Inc.
Term Loan, 4.09%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025 275 273,436
$ 2,142,437
Telecommunications — 6.5%
CenturyLink, Inc.
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025 2,463 $ 2,416,010
Borrower/Tranche Description Value
Telecommunications (continued)
Colorado Buyer, Inc.
Term Loan, 5.36%, (3 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 396 $ 396,413
Digicel International Finance Limited
Term Loan, 5.61%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024 868 836,958
eircom Finco S.a.r.l.
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 19, 2024 EUR 1,000 1,156,998
Frontier Communications Corp.
Term Loan, 5.85%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024 916 912,030
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing January 9, 2025 EUR 750 875,850
Global Eagle Entertainment, Inc.
Term Loan, 9.36%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023 998 1,019,705
Intelsat Jackson Holdings S.A.
Term Loan, 6.60%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024 850 887,187
IPC Corp.
Term Loan, 6.86%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021 557 544,339
Mitel Networks Corporation
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing September 25, 2023 210 210,750
Onvoy, LLC
Term Loan, 6.83%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024 839 812,095
Sprint Communications, Inc.
Term Loan, 4.63%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024 1,654 1,647,344
Syniverse Holdings, Inc.
Term Loan, 7.05%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023 474 474,109
TDC A/S
Term Loan, Maturing May 31, 2025 (5) 900 899,156
Term Loan, Maturing May 31, 2025 (5) EUR 2,100 2,428,879
Telesat Canada
Term Loan, 4.84%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023 2,209 2,211,038
$ 17,728,861

23 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Borrower/Tranche Description Value
Utilities — 2.7%
Calpine Construction Finance Company L.P.
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025 443 $ 442,131
Calpine Corporation
Term Loan, 4.84%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024 1,504 1,502,738
Dayton Power & Light Company (The)
Term Loan, 4.10%, (1 mo. USD LIBOR + 2.00%), Maturing August 24, 2022 271 272,060
Granite Acquisition, Inc.
Term Loan, 5.81%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 1,184 1,190,304
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 54 54,043
Invenergy Thermal Operating I, LLC
Term Loan, 7.83%, (3 mo. USD LIBOR + 5.50%), Maturing October 19, 2022 488 488,074
Lightstone Generation, LLC
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 45 45,192
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 702 705,847
Longview Power, LLC
Term Loan, 8.36%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021 1,334 1,169,255
Talen Energy Supply, LLC
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023 544 547,753
Term Loan, 6.09%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024 345 346,154
USIC Holdings, Inc.
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.25%), Maturing December 8, 2023 100 100,531
Vistra Energy Corp.
Term Loan, 4.07%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025 500 497,070
$ 7,361,152
Total Senior Floating-Rate Loans (identified cost
$400,397,754) $ 394,727,023
Corporate Bonds & Notes — 5.2% — Security Principal Amount* (000’s omitted) Value
Aerospace and Defense —
0.0% (7)
Huntington Ingalls Industries, Inc.
5.00%, 11/15/25 (9) 5 $ 5,184
Orbital ATK, Inc.
5.25%, 10/1/21 20 20,565
TransDigm, Inc.
6.00%, 7/15/22 30 30,234
6.50%, 7/15/24 30 30,600
$ 86,583
Building and Development — 0.1%
Builders FirstSource, Inc.
5.625%, 9/1/24 (9) 5 $ 4,894
Hillman Group, Inc. (The)
6.375%, 7/15/22 (9) 20 19,250
Reliance Intermediate Holdings, L.P.
6.50%, 4/1/23 (9) 50 52,119
Standard Industries, Inc.
6.00%, 10/15/25 (9) 30 30,225
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
4.375%, 6/15/19 20 20,204
5.875%, 6/15/24 25 24,937
$ 151,629
Business Equipment and Services — 0.3%
First Data Corp.
7.00%, 12/1/23 (9) 65 $ 67,865
5.00%, 1/15/24 (9) 10 9,963
FTI Consulting, Inc.
6.00%, 11/15/22 20 20,575
ServiceMaster Co., LLC (The)
7.45%, 8/15/27 20 21,350
Solera, LLC/Solera Finance, Inc.
10.50%, 3/1/24 (9) 10 11,156
Travelport Corporate Finance PLC
6.00%,
3/15/26 (9) 650 656,500
$ 787,409
Cable and Satellite Television — 0.2%
Cablevision Systems Corp.
5.875%, 9/15/22 5 $ 4,975

24 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Security Value
Cable and Satellite Television (continued)
CCO Holdings, LLC/CCO Holdings Capital Corp.
5.25%, 9/30/22 80 $ 80,550
5.75%, 1/15/24 5 5,025
5.375%, 5/1/25 (9) 40 38,800
5.75%, 2/15/26 (9) 20 19,700
CSC Holdings, LLC
5.25%, 6/1/24 5 4,738
DISH DBS Corp.
6.75%, 6/1/21 5 5,019
5.875%, 7/15/22 10 9,437
Virgin Media Secured Finance PLC
5.50%,
1/15/25 (9) 275 270,231
$ 438,475
Chemicals and Plastics — 0.3%
Hexion, Inc.
6.625%, 4/15/20 900 $ 845,010
Platform Specialty Products Corp.
6.50%, 2/1/22 (9) 20 20,400
W.R. Grace & Co.
5.125%, 10/1/21 (9) 15 15,375
5.625%,
10/1/24 (9) 5 5,231
$ 886,016
Conglomerates — 0.0% (7)
Spectrum Brands, Inc.
6.625%, 11/15/22 20 $ 20,700
5.75%, 7/15/25 30 29,775
$ 50,475
Consumer Products — 0.0% (7)
Central Garden & Pet Co.
6.125%, 11/15/23 15 $ 15,581
$ 15,581
Containers and Glass Products — 0.9%
Berry Global, Inc.
6.00%, 10/15/22 10 $ 10,330
Owens-Brockway Glass Container, Inc.
5.875%, 8/15/23 (9) 15 15,225
6.375%, 8/15/25 (9) 5 5,150
Security Value
Containers and Glass Products (continued)
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
5.75%, 10/15/20 1,914 $ 1,923,558
5.848%, (3 mo. USD LIBOR + 3.50%), 7/15/21 (9)(10) 450 455,310
$ 2,409,573
Distribution & Wholesale —
0.0% (7)
American Tire Distributors, Inc.
10.25%,
3/1/22 (9) 30 $ 6,750
$ 6,750
Drugs — 0.7%
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC
6.375%, 8/1/23 (9) 30 $ 29,931
Valeant Pharmaceuticals International, Inc.
7.50%, 7/15/21 (9) 25 25,438
5.625%, 12/1/21 (9) 10 9,875
6.50%, 3/15/22 (9) 404 419,655
7.00%, 3/15/24 (9) 525 551,087
5.50%,
11/1/25 (9) 850 840,862
$ 1,876,848
Ecological Services and Equipment —
0.0% (7)
Clean Harbors, Inc.
5.125%, 6/1/21 30 $ 30,187
Covanta Holding Corp.
5.875%, 3/1/24 10 9,875
$ 40,062
Electric Utilities —
0.0% (7)
NRG Yield Operating, LLC
5.375%, 8/15/24 10 $ 10,050
5.00%, 9/15/26 10 9,575
$ 19,625
Electronics / Electrical —
0.0% (7)
Infor (US), Inc.
6.50%, 5/15/22 25 $ 25,219
$ 25,219

25 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Security Value
Equipment Leasing — 0.1%
International Lease Finance Corp.
7.125%,
9/1/18 (9) 175 $ 176,149
$ 176,149
Financial Intermediaries —
0.0% (7)
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.
6.25%, 2/1/22 15 $ 15,338
JPMorgan Chase & Co.
Series S, 6.75% to 2/1/24 (11)(12) 35 38,106
Navient Corp.
5.50%, 1/15/19 45 45,416
5.00%, 10/26/20 10 10,000
$ 108,860
Food Products — 0.1%
Dean Foods Co.
6.50%, 3/15/23 (9) 10 $ 9,687
Iceland Bondco PLC
5.036%, (3 mo. GBP LIBOR + 4.25%),
7/15/20 (9)(10) GBP 127 167,610
Post Holdings, Inc.
8.00%,
7/15/25 (9) 5 5,569
$ 182,866
Food Service — 0.0% (7)
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.
4.625%,
1/15/22 (9) 25 $ 25,063
$ 25,063
Health Care — 1.0%
Avantor, Inc.
6.00%, 10/1/24 (9) 675 $ 669,397
Centene Corp.
4.75%, 5/15/22 10 10,112
CHS/Community Health Systems, Inc.
6.25%, 3/31/23 725 667,000
Envision Healthcare Corp.
5.625%, 7/15/22 10 10,219
6.25%, 12/1/24 (9) 10 10,700
HCA Healthcare, Inc.
6.25%, 2/15/21 40 41,600
Security Value
Health Care (continued)
HCA, Inc.
6.50%, 2/15/20 10 $ 10,437
5.875%, 2/15/26 10 10,113
Hologic, Inc.
4.375%, 10/15/25 (9) 10 9,575
inVentiv Group Holdings, Inc./inVentiv Health, Inc./ inVentiv Health Clinical, Inc.
7.50%, 10/1/24 (9) 9 9,473
RegionalCare Hospital Partners Holdings, Inc.
8.25%, 5/1/23 (9) 850 898,344
Teleflex, Inc.
5.25%, 6/15/24 10 10,350
Tenet Healthcare Corp.
6.00%, 10/1/20 20 20,625
4.375%, 10/1/21 300 296,625
8.125%, 4/1/22 20 20,950
6.75%, 6/15/23 5 4,994
$ 2,700,514
Insurance — 0.0% (7)
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer
8.25%,
8/1/23 (9) 20 $ 20,698
$ 20,698
Internet Software & Services —
0.0% (7)
Netflix, Inc.
5.50%, 2/15/22 20 $ 20,675
5.875%, 2/15/25 20 20,566
Riverbed Technology, Inc.
8.875%,
3/1/23 (9) 15 14,276
$ 55,517
Leisure Goods / Activities / Movies — 0.2%
National CineMedia, LLC
6.00%, 4/15/22 350 $ 357,437
Sabre GLBL, Inc.
5.375%, 4/15/23 (9) 10 10,150
5.25%, 11/15/23 (9) 20 20,225
Viking Cruises, Ltd.
6.25%,
5/15/25 (9) 20 19,700
$ 407,512

26 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Security Value
Lodging and Casinos — 0.1%
ESH Hospitality, Inc.
5.25%, 5/1/25 (9) 15 $ 14,513
GLP Capital, L.P./GLP Financing II, Inc.
4.875%, 11/1/20 35 35,481
MGM Growth Properties Operating Partnership, L.P./ MGP Finance Co-Issuer, Inc.
5.625%, 5/1/24 5 5,088
MGM Resorts International
6.625%, 12/15/21 40 42,200
7.75%, 3/15/22 15 16,387
RHP Hotel Properties, L.P./RHP Finance Corp.
5.00%, 4/15/23 15 14,963
Tunica-Biloxi Gaming Authority
3.78%,
12/15/20 (9) 218 54,077
$ 182,709
Nonferrous Metals / Minerals —
0.0% (7)
Eldorado Gold Corp.
6.125%, 12/15/20 (9) 55 $ 53,212
Imperial Metals Corp.
7.00%, 3/15/19 (9) 10 8,950
New Gold, Inc.
6.25%,
11/15/22 (9) 35 35,438
$ 97,600
Oil and Gas — 0.3%
Antero Resources Corp.
5.375%, 11/1/21 40 $ 40,650
5.625%, 6/1/23 5 5,088
Canbriam Energy, Inc.
9.75%, 11/15/19 (9) 10 10,150
CITGO Petroleum Corp.
6.25%, 8/15/22 (9) 325 325,097
CVR Refining, LLC/Coffeyville Finance, Inc.
6.50%, 11/1/22 60 61,500
Energy Transfer Equity, L.P.
5.875%, 1/15/24 15 15,412
Gulfport Energy Corp.
6.625%, 5/1/23 15 15,187
Matador Resources Co.
6.875%, 4/15/23 20 21,000
Newfield Exploration Co.
5.625%, 7/1/24 65 68,819
Security Value
Oil and Gas (continued)
Parsley Energy, LLC/Parsley Finance Corp.
5.25%, 8/15/25 (9) 5 $ 4,938
PBF Logistics, L.P./PBF Logistics Finance Corp.
6.875%, 5/15/23 20 20,275
RSP Permian, Inc.
6.625%, 10/1/22 40 42,128
Seven Generations Energy, Ltd.
6.75%, 5/1/23 (9) 25 26,000
6.875%, 6/30/23 (9) 15 15,544
SM Energy Co.
6.50%, 1/1/23 45 45,675
Williams Cos., Inc. (The)
4.55%, 6/24/24 5 5,025
$ 722,488
Publishing — 0.0% (7)
Tribune Media Co.
5.875%, 7/15/22 20 $ 20,285
$ 20,285
Radio and Television — 0.2%
Clear Channel Worldwide Holdings, Inc.
Series A, 6.50%, 11/15/22 25 $ 25,500
Series B, 6.50%, 11/15/22 50 51,250
iHeartCommunications, Inc.
9.00%, 12/15/19 (6) 451 343,887
Nielsen Co. Luxembourg S.a.r.l. (The)
5.50%, 10/1/21 (9) 15 15,113
Sirius XM Radio, Inc.
6.00%, 7/15/24 (9) 40 40,850
Univision Communications, Inc.
6.75%,
9/15/22 (9) 124 127,249
$ 603,849
Retailers (Except Food and Drug) — 0.2%
Fresh Market, Inc. (The)
9.75%, 5/1/23 (9) 575 $ 368,000
L Brands, Inc.
6.875%, 11/1/35 5 4,475
Murphy Oil USA, Inc.
6.00%, 8/15/23 60 61,650
Party City Holdings, Inc.
6.125%,
8/15/23 (9) 25 25,250
$ 459,375

27 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Security Value
Road & Rail —
0.0% (7)
Watco Cos., LLC/Watco Finance Corp.
6.375%,
4/1/23 (9) 20 $ 20,400
$ 20,400
Software and Services —
0.0% (7)
IHS Markit, Ltd.
5.00%, 11/1/22 (9) 25 $ 25,344
Infor Software Parent, LLC/Infor Software Parent, Inc.
7.125%, (7.125% cash or 7.875% PIK), 5/1/21 (9)(13) 25 25,156
$ 50,500
Surface Transport — 0.0% (7)
XPO Logistics, Inc.
6.50%,
6/15/22 (9) 30 $ 30,862
$ 30,862
Telecommunications — 0.3%
CenturyLink, Inc.
6.75%, 12/1/23 15 $ 15,112
CommScope Technologies, LLC
6.00%, 6/15/25 (9) 20 20,525
Frontier Communications Corp.
10.50%, 9/15/22 10 9,125
7.625%, 4/15/24 10 6,950
6.875%, 1/15/25 20 12,975
Intelsat Jackson Holdings S.A.
7.50%, 4/1/21 5 4,988
5.50%, 8/1/23 15 13,496
Level 3 Financing, Inc.
5.375%, 1/15/24 10 9,825
Sprint Communications, Inc.
7.00%, 8/15/20 260 269,750
6.00%, 11/15/22 5 4,969
Sprint Corp.
7.25%, 9/15/21 110 114,675
7.875%, 9/15/23 110 114,331
7.625%, 2/15/25 15 15,412
T-Mobile USA, Inc.
6.375%, 3/1/25 15 15,600
6.50%, 1/15/26 45 46,449
Wind Tre SpA
2.75%, (3 mo. EURIBOR + 2.75%) 1/20/24 (9)(10) EUR 275 268,164
$ 942,346
Security Principal Amount* (000’s omitted) Value
Utilities — 0.2%
Calpine Corp.
5.25%, 6/1/26 (9) 500 $ 473,125
Vistra Energy Corp.
7.375%, 11/1/22 15 15,712
7.625%, 11/1/24 20 21,425
8.125%,
1/30/26 (9) 10 10,900
$ 521,162
Total Corporate Bonds & Notes (identified cost
$14,687,547) $ 14,123,000
Asset-Backed Securities — 3.4%
Security Principal Amount (000’s omitted) Value
Apidos CLO XVII
Series 2014-17A, Class C, 5.653%, (3 mo. USD LIBOR + 3.30%), 4/17/26 (9)(10) $ 500 $ 502,494
Apidos CLO XXI
Series 2015-21A, Class D, 7.905%, (3 mo. USD LIBOR + 5.55%), 7/18/27 (9)(10) 500 504,385
Ares CLO, Ltd.
Series 2014-32RA, Class D, 8.212%, (3 mo. USD LIBOR + 5.85%), 5/15/30 (9)(10) 1,000 1,007,343
Series 2015-2A, Class E2, 7.559%, (3 mo. USD LIBOR + 5.20%), 7/29/26 (9)(10) 500 504,077
Birchwood Park CLO, Ltd.
Series 2014-1A, Class E1, 7.448%, (3 mo. USD LIBOR + 5.10%), 7/15/26 (9)(10) 300 302,306
Carlyle Global Market Strategies CLO, Ltd.
Series 2012-3A, Class DR, 9.798%, (3 mo. USD LIBOR + 7.45%), 10/14/28 (9)(10) 600 611,200
Series 2015-5A, Class D, 8.459%, (3 mo. USD LIBOR + 6.10%), 1/20/28 (9)(10) 500 510,453
Dryden XL Senior Loan Fund
Series 2015-40A, Class E, 8.293%, (3 mo. USD LIBOR + 5.95%), 8/15/28 (9)(10) 500 504,904
Galaxy CLO, Ltd.
Series 2015-21A, Class ER, 7.609%, (3 mo. USD LIBOR + 5.25%), 4/20/31 (9)(10) 500 491,709
Golub Capital Partners CLO, Ltd.
Series 2015-23A, Class ER, 8.109%, (3 mo. USD LIBOR + 5.75%), 1/20/31 (9)(10) 600 600,425
Oak Hill Credit Partners VIII, Ltd.
Series 2013-8A, Class D, 5.859%, (3 mo. USD LIBOR + 3.50%), 4/20/25 (9)(10) 200 201,027

28 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Security Principal Amount (000’s omitted) Value
Oak Hill Credit Partners XI, Ltd.
Series 2015-11A, Class E, 9.059%, (3 mo. USD LIBOR + 6.70%), 10/20/28 (9)(10) $ 500 $ 508,591
Palmer Square CLO, Ltd.
Series 2015-2A, Class DR, 8.859%, (3 mo. USD LIBOR + 6.50%), 7/20/30 (9)(10) 600 616,689
Recette CLO, LLC
Series 2015-1A, Class E, 8.059%, (3 mo. USD LIBOR + 5.70%), 10/20/27 (9)(10) 500 505,905
Voya CLO, Ltd.
Series 2013-1A, Class DR, 8.828%, (3 mo. USD LIBOR + 6.48%), 10/15/30 (9)(10) 1,000 1,027,672
Westcott Park CLO, Ltd.
Series 2016-1A, Class E, 9.559%, (3 mo. USD LIBOR + 7.20%), 7/20/28 (9)(10) 800 827,332
Total Asset-Backed Securities (identified cost $8,829,001) $ 9,226,512
Common Stocks — 2.4%
Security Shares Value
Aerospace and Defense — 0.1%
IAP Global Services, LLC (3)(14)(15) 29 $ 333,263
$ 333,263
Automotive — 0.1%
Dayco Products, LLC (14)(15) 10,159 $ 365,724
$ 365,724
Business Equipment and Services — 0.7%
Education Management
Corp. (3)(14)(15) 1,612,262 $ 0
RCS Capital
Corp. (14)(15) 27,470 1,909,165
$ 1,909,165
Electronics / Electrical — 0.1%
Answers
Corp. (3)(14)(15) 46,839 $ 341,456
$ 341,456
Health Care — 0.0% (7)
New Millennium Holdco, Inc. (14)(15) 35,156 $ 2,637
$ 2,637
Nonferrous Metals / Minerals — 0.0%
ASP United/GHX Holding, LLC (3)(14)(15) 38,082 $ 0
$ 0
Security Shares Value
Oil and Gas — 0.7%
AFG Holdings, Inc. (3)(14)(15) 13,348 $ 907,664
Fieldwood Energy, Inc. (14)(15) 9,594 441,324
Nine Point Energy Holdings,
Inc. (3)(14)(16) 276 306
Paragon Offshore Finance Company, Class
A (14)(15) 764 931
Paragon Offshore Finance Company, Class
B (14)(15) 382 11,938
Samson Resources II, LLC, Class
A (14)(15) 22,051 518,199
Southcross Holdings Group,
LLC (3)(14)(15) 30 0
Southcross Holdings L.P., Class A (14)(15) 30 7,950
$ 1,888,312
Publishing — 0.7%
Cumulus Media, Inc. (14)(15) 18,865 $ 315,990
ION Media Networks, Inc. (3)(14)(15) 2,155 1,543,174
$ 1,859,164
Total Common Stocks (identified cost $2,374,403) $ 6,699,721
Convertible Preferred Stocks — 0.0% (7)
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% (7)
Nine Point Energy Holdings, Inc., Series A, 12.00% (3)(14)(16) 5 $ 7,340
$ 7,340
Total Convertible Preferred Stocks (identified cost $131,544) $ 7,340
Closed-End Funds — 2.0%
Security Shares Value
BlackRock Floating Rate Income Strategies Fund, Inc. 49,400 $ 686,660
Invesco Senior Income Trust 238,872 1,022,372
Nuveen Credit Strategies Income Fund 180,539 1,435,285
Nuveen Floating Rate Income Fund 73,198 764,919
Nuveen Floating Rate Income Opportunity Fund 51,054 531,472
Voya Prime Rate Trust 196,084 986,303
Total Closed-End Funds (identified cost $6,015,229) $ 5,427,011

29 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Miscellaneous — 0.0% — Security Principal Amount/ Shares Value
Cable and Satellite Television — 0.0%
ACC Claims Holdings,
LLC (3)(14) 200,340 $ 0
$ 0
Telecommunications — 0.0%
Avaya, Inc., Escrow Certificates (3)(14) $ 10,000 $ 0
$ 0
Total Miscellaneous (identified cost $0) $ 0
Short-Term Investments — 2.5%
Description Units Value
Eaton Vance Cash Reserves Fund, LLC, 2.09% (17) 6,799,543 $ 6,799,543
Total Short-Term Investments (identified cost $6,799,543) $ 6,799,543
Total Investments — 160.6% (identified cost
$439,235,021) $ 437,010,150
Less Unfunded Loan Commitments — (0.2)% $ (661,565 )
Net Investments — 160.4% (identified cost $438,573,456) $ 436,348,585
Other Assets, Less Liabilities — (37.8)% $ (102,722,464 )
Auction Preferred Shares Plus Cumulative Unpaid Dividends —
(22.6)% $ (61,610,389 )
Net Assets Applicable to Common Shares — 100.0% $ 272,015,732

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

  • In U.S. dollars unless otherwise indicated.

(1) Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

(2) Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description.

(3) For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12).

(4) The stated interest rate represents the weighted average interest rate at June 30, 2018 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

(5) This Senior Loan will settle after June 30, 2018, at which time the interest rate will be determined.

(6) Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

(7) Amount is less than 0.05%.

(8) Fixed-rate loan.

(9) 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, 2018, the aggregate value of these securities is $16,878,161 or 6.2% of the Trust’s net assets applicable to common shares.

(10) Variable rate security. The stated interest rate represents the rate in effect at June 30, 2018.

(11) Security converts to floating rate after the indicated fixed-rate coupon period.

(12) Perpetual security with no stated maturity date but may be subject to calls by the issuer.

(13) Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

(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) Restricted security (see Note 7).

(17) 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, 2018.

30 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts — Currency Purchased Currency Sold Counterparty Settlement Date Unrealized Appreciation Unrealized (Depreciation)
USD 7,846,865 EUR 6,436,895 Goldman Sachs International 7/31/18 $ 314,646 $ —
USD 728,139 EUR 597,000 State Street Bank and Trust Company 7/31/18 29,551 —
USD 417,329 GBP 298,500 HSBC Bank USA, N.A. 7/31/18 22,883 —
USD 871,008 GBP 622,776 State Street Bank and Trust Company 7/31/18 48,055 —
USD 890,411 CAD 1,141,601 HSBC Bank USA, N.A. 8/31/18 21,174 —
USD 5,037,390 EUR 4,338,574 State Street Bank and Trust Company 8/31/18 — (51,190 )
USD 7,778,496 EUR 6,678,712 Goldman Sachs International 9/28/18 — (72,021 )
$ 436,309 $ (123,211 )

Abbreviations:

EURIBOR – Euro Interbank Offered Rate
LIBOR – London Interbank Offered Rate
PIK – Payment In Kind

Currency Abbreviations:

CAD – Canadian Dollar
EUR – Euro
GBP – British Pound Sterling
USD – United States Dollar

31 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Statement of Assets and Liabilities

Assets June 30, 2018
Unaffiliated investments, at value (identified cost, $431,773,913) $ 429,549,042
Affiliated investment, at value (identified cost, $6,799,543) 6,799,543
Cash 4,537,683
Deposits for derivatives collateral — forward foreign currency exchange contracts 850,000
Foreign currency, at value (identified cost, $1,603,998) 1,577,630
Interest and dividends receivable 1,234,762
Dividends receivable from affiliated investment 5,763
Receivable for investments sold 2,295,596
Receivable for open forward foreign currency exchange contracts 436,309
Prepaid upfront fees on notes payable 69,936
Prepaid expenses 27,987
Total assets $ 447,384,251
Liabilities
Notes payable $ 93,000,000
Cash collateral due to brokers 850,000
Payable for investments purchased 18,830,347
Payable for open forward foreign currency exchange contracts 123,211
Payable to affiliates:
Investment adviser fee 265,515
Administration fee 87,340
Accrued expenses 601,717
Total liabilities $ 113,758,130
Commitments and contingencies (Note 13)
Auction preferred shares (2,464 shares outstanding) at liquidation value plus cumulative
unpaid dividends $ 61,610,389
Net assets applicable to common shares $ 272,015,732
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 280,719,338
Accumulated undistributed net investment income 349,767
Accumulated net realized loss (7,500,304 )
Net unrealized depreciation (1,931,735 )
Net assets applicable to common shares $ 272,015,732
Net Asset Value Per Common Share
($272,015,732 ÷ 37,866,607 common shares issued and outstanding) $ 7.18

32 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Statement of Operations

Investment Income Year Ended June 30, 2018
Interest and other income $ 21,341,741
Dividends 345,705
Dividends from affiliated investment 99,260
Total investment income $ 21,786,706
Expenses
Investment adviser fee $ 3,232,473
Administration fee 1,051,810
Trustees’ fees and expenses 14,437
Custodian fee 202,661
Transfer and dividend disbursing agent fees 20,103
Legal and accounting services 237,398
Printing and postage 47,322
Interest expense and fees 2,260,561
Preferred shares service fee 82,129
Miscellaneous 59,661
Total expenses $ 7,208,555
Net investment income $ 14,578,151
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions $ 1,459,982
Investment transactions — affiliated investment (359 )
Foreign currency transactions (37,645 )
Forward foreign currency exchange contracts (136,688 )
Net realized gain $ 1,285,290
Change in unrealized appreciation (depreciation) —
Investments $ (379,760 )
Foreign currency 18,036
Forward foreign currency exchange contracts 603,552
Net change in unrealized appreciation (depreciation) $ 241,828
Net realized and unrealized gain $ 1,527,118
Distributions to preferred shareholders
From net investment income $ (1,078,450 )
Net increase in net assets from operations $ 15,026,819

33 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets Year Ended June 30, — 2018 2017
From operations —
Net investment income $ 14,578,151 $ 15,297,205
Net realized gain (loss) 1,285,290 (1,074,549 )
Net change in unrealized appreciation (depreciation) 241,828 17,684,830
Distributions to preferred shareholders —
From net investment income (1,078,450 ) (538,638 )
Discount on redemption and repurchase of auction preferred shares — 2,420,000
Net increase in net assets from operations $ 15,026,819 $ 33,788,848
Distributions to common shareholders —
From net investment income $ (13,821,312 ) $ (14,767,977 )
Total distributions to common shareholders $ (13,821,312 ) $ (14,767,977 )
Net increase in net assets $ 1,205,507 $ 19,020,871
Net Assets Applicable to Common Shares
At beginning of year $ 270,810,225 $ 251,789,354
At end of year $ 272,015,732 $ 270,810,225
Accumulated undistributed net investment income included in net assets applicable to common shares
At end of year $ 349,767 $ 531,838

34 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Statement of Cash Flows

Cash Flows From Operating Activities Year Ended June 30, 2018
Net increase in net assets from operations $ 15,026,819
Distributions to preferred shareholders 1,078,450
Net increase in net assets from operations excluding distributions to preferred shareholders $ 16,105,269
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased (136,913,891 )
Investments sold and principal repayments 141,251,690
Increase in short-term investments, net (4,250,464 )
Net amortization/accretion of premium (discount) (452,667 )
Amortization of prepaid upfront fees on notes payable 96,492
Increase in deposits for derivatives collateral — forward foreign currency exchange contracts (850,000 )
Increase in interest and dividends receivable (55,321 )
Increase in dividends receivable from affiliated investment (2,279 )
Increase in receivable for open forward foreign currency exchange contracts (436,309 )
Increase in prepaid expenses (11,771 )
Increase in cash collateral due to brokers 850,000
Decrease in payable for open forward foreign currency exchange contracts (167,243 )
Decrease in payable to affiliate for investment adviser fee (45 )
Increase in payable to affiliate for administration fee 1,119
Decrease in payable to affiliate for Trustees’ fees (6,250 )
Increase in accrued expenses 190,826
Increase in unfunded loan commitments 363,840
Net change in unrealized (appreciation) depreciation from investments 379,760
Net realized gain from investments (1,459,623 )
Net cash provided by operating activities $ 14,633,133
Cash Flows From Financing Activities
Cash distributions paid to common shareholders $ (13,821,312 )
Cash distributions paid to preferred shareholders (1,071,532 )
Proceeds from notes payable 10,000,000
Repayments of notes payable (9,000,000 )
Payment of prepaid upfront fees on notes payable (100,000 )
Net cash used in financing activities $ (13,992,844 )
Net increase in cash* $ 640,289
Cash at beginning of
year (1) $ 5,475,024
Cash at end of year (1) $ 6,115,313
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings $ 2,177,481
  • Includes net change in unrealized appreciation (depreciation) on foreign currency of $(26,627).

(1) Balance includes foreign currency, at value.

35 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Financial Highlights

Selected data for a common share outstanding during the periods stated

Year Ended June 30, — 2018 2017 2016 2015 2014
Net asset value — Beginning of year (Common shares) $ 7.150 $ 6.650 $ 7.020 $ 7.340 $ 7.350
Income (Loss) From Operations
Net investment income (1) $ 0.385 $ 0.404 $ 0.422 $ 0.401 $ 0.406
Net realized and unrealized gain (loss) 0.038 0.436 (0.371 ) (0.316 ) 0.029
Distributions to preferred shareholders —
From net investment income (1) (0.028 ) (0.014 ) (0.009 ) (0.003 ) (0.002 )
Discount on redemption and repurchase of auction preferred shares (1) — 0.064 — — —
Total income from operations $ 0.395 $ 0.890 $ 0.042 $ 0.082 $ 0.433
Less Distributions to Common Shareholders
From net investment income $ (0.365 ) $ (0.390 ) $ (0.412 ) $ (0.402 ) $ (0.443 )
Total distributions to common shareholders $ (0.365 ) $ (0.390 ) $ (0.412 ) $ (0.402 ) $ (0.443 )
Net asset value — End of year (Common shares) $ 7.180 $ 7.150 $ 6.650 $ 7.020 $ 7.340
Market value — End of year (Common shares) $ 6.380 $ 6.650 $ 6.010 $ 6.210 $ 6.810
Total Investment Return on Net Asset Value (2) 6.12 % 14.02 % (3) 1.57 % 1.71 % 6.34 %
Total Investment Return on Market Value (2) 1.39 % 17.34 % 3.77 % (3.02 )% (3.57 )%

36 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Ratios/Supplemental Data Year Ended June 30, — 2018 2017 2016 2015 2014
Net assets applicable to common shares, end of year (000’s omitted) $ 272,016 $ 270,810 $ 251,789 $ 266,009 $ 278,045
Ratios (as a percentage of average daily net assets applicable to common shares): (4)†
Expenses excluding interest and fees (5) 1.82 % 1.87 % 1.96 % 1.99 % 1.98 %
Interest and fee expense (6) 0.83 % 0.52 % 0.28 % 0.28 % 0.27 %
Total expenses (5) 2.65 % 2.39 % 2.24 % 2.27 % 2.25 %
Net investment income 5.36 % 5.75 % 6.38 % 5.61 % 5.51 %
Portfolio Turnover 34 % 42 % 31 % 33 % 33 %
Senior Securities:
Total notes payable outstanding (in 000’s) $ 93,000 $ 92,000 $ 25,000 $ 60,000 $ 65,000
Asset coverage per $1,000 of notes payable (7) $ 4,587 $ 4,613 $ 15,472 $ 7,267 $ 6,970
Total preferred shares outstanding 2,464 2,464 4,400 4,400 4,400
Asset coverage per preferred share (8) $ 68,989 $ 69,078 $ 71,629 $ 64,119 $ 64,721
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 Trust’s 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 Trust’s Auction Preferred Shares (see Note 2) and/or to fund investments (see Note 9).

(7) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.

(8) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 276%, 276%, 287%, 256% and 259% at June 30, 2018, 2017, 2016, 2015 and 2014, 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.

2018 2017 2016 2015 2014
Expenses excluding interest and fees 1.17 % 1.21 % 1.21 % 1.21 % 1.22 %
Interest and fee expense 0.54 % 0.34 % 0.17 % 0.17 % 0.17 %
Total expenses 1.71 % 1.55 % 1.38 % 1.38 % 1.39 %
Net investment income 3.46 % 3.72 % 3.93 % 3.42 % 3.39 %

37 See Notes to Financial Statements.

Eaton Vance

Senior Income Trust

June 30, 2018

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 Trust’s investment objective is to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and 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 Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a

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consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial 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 Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of June 30, 2018, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments — The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At June 30, 2018, the Trust had sufficient cash and/or securities to cover these commitments.

G Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

I Forward Foreign Currency Exchange Contracts — The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trust’s 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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Notes to Financial Statements — continued

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.

The number of APS issued and outstanding as of June 30, 2018 are as follows:

Series A 1,232
Series B 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 Trust’s By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

On 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 number of APS redeemed during the year ended June 30, 2017 pursuant to the tender offer and the redemption amount (excluding the final dividend payment) were as follows:

Series A 968 Redemption Amount — $ 22,990,000
Series B 968 22,990,000

On June 29, 2018, the Trust announced that its Board of Trustees authorized a tender offer to purchase up to 39% of its outstanding APS at a price per share equal to 92% of the APS liquidation preference of $25,000 per share (or $23,000 per share), plus any unpaid APS dividends accrued through the tender date. The tender offer is conditional upon the Trust increasing its credit facility and the availability of sufficient funds thereunder to finance the purchase of the APS in the tender offer and certain other conditions.

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, 2018, 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 2.31 % Dividends Accrued to APS Shareholders — $ 538,308 1.75 % 1.29–2.39
Series B 2.31 540,142 1.75 1.41–2.39

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Notes to Financial Statements — continued

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust’s APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of June 30, 2018.

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.

The tax character of distributions declared for the years ended June 30, 2018 and June 30, 2017 was as follows:

Year Ended June 30, — 2018 2017
Distributions declared from:
Ordinary income $ 14,899,762 $ 15,306,615

During the year ended June 30, 2018, accumulated net realized loss was decreased by $29,288,553, accumulated undistributed net investment income was increased by $139,540 and paid-in capital was decreased by $29,428,093 due to expired capital loss carryforwards and differences between book and tax accounting, primarily for foreign currency gain (loss), paydown 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, 2018, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income $
Capital loss carryforwards and post October capital losses $ (7,521,263 )
Net unrealized depreciation $ (2,026,511 )

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, foreign currency transactions and investments in partnerships.

At June 30, 2018, the Trust, for federal income tax purposes, had capital loss carryforwards of $7,079,934 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. The capital loss carryforwards will expire on June 30, 2019 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 Trust’s 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.

During the year ended June 30, 2018, capital loss carryforwards of $282,685 were utilized to offset net realized gains by the Trust.

Additionally, at June 30, 2018, the Trust had a net capital loss of $441,329 attributable to security transactions incurred after October 31, 2017 that it has elected to defer. This net capital loss is treated as arising on the first day of the Trust’s taxable year ending June 30, 2019.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Trust at June 30, 2018, as determined on a federal income tax basis, were as follows:

Aggregate cost $
Gross unrealized appreciation $ 6,830,742
Gross unrealized depreciation (8,837,291 )
Net unrealized depreciation $ (2,006,549 )

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Notes to Financial Statements — continued

4 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. Pursuant to the investment advisory agreement between the Trust and EVM, the investment advisory fee payable by the Trust is 0.85% of the Trust’s average weekly gross assets and is payable monthly. Pursuant to a fee reduction agreement between the Trust and EVM that commenced on May 1, 2010, the annual investment adviser fee is reduced by 0.01% every May 1 thereafter for the next twenty-nine years. The Trust’s advisory fee is currently computed at an annual rate of 0.76% (0.77% prior to May 1, 2018) of its average weekly gross assets and is payable monthly. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the year ended June 30, 2018, the Trust’s investment adviser fee totaled $3,232,473. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.25% of the Trust’s average weekly gross assets. For the year ended June 30, 2018, the administration fee amounted to $1,051,810.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended June 30, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $147,860,176 and $141,951,283, respectively, for the year ended June 30, 2018.

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, 2018 and June 30, 2017.

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, 2018 and June 30, 2017.

Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 4,551,438 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share. During the years ended June 30, 2018 and June 30, 2017, there were no shares sold by the Trust pursuant to its shelf offering.

7 Restricted Securities

At June 30, 2018, the Trust owned the following securities (representing less than 0.01% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description Cost Value
Common Stocks
Nine Point Energy Holdings, Inc. 7/15/14 276 $ 15,070 $ 306
Convertible Preferred Stocks
Nine Point Energy Holdings, Inc., Series A, 12.00% 5/26/17 5 5,000 7,340
Total Restricted Securities $ 20,070 $ 7,646

8 Financial Instruments

The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these

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Notes to Financial Statements — continued

instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2018 is included in the Portfolio of Investments. At June 30, 2018, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.

The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trust’s net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At June 30, 2018, the fair value of derivatives with credit-related contingent features in a net liability position was $123,211. At June 30, 2018, 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 Trust’s net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trust’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Trust, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Trust as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at June 30, 2018 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at June 30, 2018.

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, 2018 was as follows:

Derivative Fair Value — Asset Derivative (1) Liability Derivative (2)
Forward foreign currency exchange contracts $ 436,309 $ (123,211 )

(1) Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized depreciation.

(2) Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized depreciation.

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Notes to Financial Statements — continued

The Trust’s 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 tables present the Trust’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Trust for such assets and pledged by the Trust for such liabilities as of June 30, 2018.

Counterparty Derivative Assets Subject to Master Netting Agreement Derivatives Available for Offset Non-cash Collateral Received (a) Cash Collateral Received (a) Net Amount of Derivative Assets (b)
Goldman Sachs International $ 314,646 $ (72,021 ) $ (124,881 ) $ (117,744 ) $ —
HSBC Bank USA, N.A. 44,057 — — — 44,057
State Street Bank and Trust Company 77,606 (51,190 ) — — 26,416
$ 436,309 $ (123,211 ) $ (124,881 ) $ (117,744 ) $ 70,473
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 (c)
Goldman Sachs International $ (72,021 ) $ 72,021 $ — $ — $ —
State Street Bank and Trust Company (51,190 ) 51,190 — — —
$ (123,211 ) $ 123,211 $ — $ — $ —

(a) In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Net amount represents the net amount due from the counterparty in the event of default.

(c) 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, 2018 was as follows:

| Derivative | Realized Gain (Loss) on Derivatives Recognized in Income (1) | | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in
Income (2) |
| --- | --- | --- | --- |
| Forward foreign currency exchange contracts | $ (136,688 | ) | $ 603,552 |

(1) Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

(2) Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the year ended June 30, 2018, which is indicative of the volume of this derivative type, was approximately $18,952,000.

9 Revolving Credit and Security Agreement

The Trust has entered into a Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank that allows it to borrow up to $100 million ($95 million prior to March 12, 2018) 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 11, 2019, 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, 2018 totaled $739,164 and are included in interest expense and fees on the Statement of Operations. In connection with the renewal of the Agreement in March 2018, the Trust paid an upfront fee of $100,000 that is being amortized to interest expense over a period of one year through March 2019. The unamortized amount as of June 30, 2018 is approximately $70,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. The Trust is

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required to maintain certain net asset levels during the term of the Agreement. At June 30, 2018, the Trust had borrowings outstanding under the Agreement of $93,000,000 at an interest rate of 2.22%. 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, 2018 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 12) at June 30, 2018. For the year ended June 30, 2018, the average borrowings under the Agreement and the average interest rate (excluding fees) were $87,202,740 and 1.63%, respectively.

10 Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Trust, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

11 Credit Risk

The Trust invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

12 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

45

Eaton Vance

Senior Income Trust

June 30, 2018

Notes to Financial Statements — continued

At June 30, 2018, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3* Total
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) $ — $ 392,362,883 $ 1,702,575 $ 394,065,458
Corporate Bonds & Notes — 14,123,000 — 14,123,000
Asset-Backed Securities — 9,226,512 — 9,226,512
Common Stocks — 3,573,858 3,125,863 6,699,721
Convertible Preferred Stocks — — 7,340 7,340
Closed-End Funds 5,427,011 — — 5,427,011
Miscellaneous — — 0 0
Short-Term Investments — 6,799,543 — 6,799,543
Total Investments $ 5,427,011 $ 426,085,796 $ 4,835,778 $ 436,348,585
Forward Foreign Currency Exchange Contracts $ — $ 436,309 $ — $ 436,309
Total $ 5,427,011 $ 426,522,105 $ 4,835,778 $ 436,784,894
Liability Description
Forward Foreign Currency Exchange Contracts $ — $ (123,211 ) $ — $ (123,211 )
Total $ — $ (123,211 ) $ — $ (123,211 )
  • None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended June 30, 2018 is not presented.

At June 30, 2018, there were no investments transferred between Level 1 and Level 2 during the year then ended.

13 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 GM’s 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 GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s 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, 2018). The Trust cannot predict the outcome of these proceedings or the effect, if any, on the Trust’s net asset value. The attorneys’ fees and costs related to these actions are expensed by the Trust as incurred.

46

Eaton Vance

Senior Income Trust

June 30, 2018

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Eaton Vance Senior Income Trust:

Opinion on the Financial Statements and Financial Highlights

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, 2018, 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, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Trust as of June 30, 2018, and 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of June 30, 2018, by correspondence with the custodian, brokers and selling or agent banks; when 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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 17, 2018

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Senior Income Trust

June 30, 2018

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2019 will show the tax status of all distributions paid to your account in calendar year 2018. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust.

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Eaton Vance

Senior Income Trust

June 30, 2018

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 Trust’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s 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.

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Eaton Vance

Senior Income Trust

June 30, 2018

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

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Eaton Vance

Senior Income Trust

June 30, 2018

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 fund’s 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 24, 2018, 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 2018. 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 fund’s 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 fund’s investment strategies and policies;

• 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 adviser’s policies and practices with respect to trading, including each adviser’s 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 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 Management’s 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

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June 30, 2018

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, 2018, with respect to one or more funds, the Board met seven 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 nine 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 fund’s 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 fund’s 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 Adviser’s 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 Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. Specifically, the Board noted the experience of the Adviser’s 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

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Eaton Vance

Senior Income Trust

June 30, 2018

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 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 Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2017 for the Fund. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index for the three-year period. 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 Fund’s management fees and total expense ratio for the one year period ended September 30, 2017, 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 Fund’s 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, 2018.

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 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 in the same manner as an open-end fund and that, notwithstanding that the Fund is authorized to issue additional common shares through a shelf offering, the Fund’s assets are not expected to increase materially in the foreseeable future. The Board concluded that, in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not warranted at this time.

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Eaton Vance

Senior Income Trust

June 30, 2018

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 Trust’s 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 and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Trust’s 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 173 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 2020. 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. Trustee and/or officer of 173 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, 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 | | | |
| Mark R. Fetting 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. None. |
| Cynthia E. Frost 1961 | Class I Trustee | Until 2020. Trustee since 2014. | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for
Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, 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). |
| Valerie A. Mosley 1960 | Class I Trustee (3) | Until 2020. 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). |

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Eaton Vance

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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) | | | |
| William H. Park 1947 | Chairperson of the Board and Class III Trustee (3) | 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) None. |
| Susan J. Sutherland 1957 | Class I Trustee | Until 2020. 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). Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance Funds effective December 31, 2018. 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). |
| Scott E. Wennerholm 1959 | Class II Trustee | Until 2018. Trustee since 2016. | Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm)
(2016-2017). 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. |

Name and Year of Birth Position(s) with the Trust Officer Since (4) Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956 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.

55

Eaton Vance

Senior Income Trust

June 30, 2018

Management and Organization — continued

Name and Year of Birth Position(s) with the Trust Officer Since (4) Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968 Chief Compliance Officer 2017 Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

(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 Mr. Gorman) 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) APS Trustee

(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.

56

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 customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our 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 Advisers International Ltd., Eaton Vance Management’s 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 customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (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 SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its 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 Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 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 6.30.18

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 not amended the code of ethics as described in Form N-CSR during the period covered by this report. 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 registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. 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) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended June 30, 2017 and June 30, 2018 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance Senior Income Trust

Fiscal Years Ended 06/30/17 06/30/18
Audit Fees $ 101,850 $ 100,750
Audit-Related Fees (1) $ 18,000 $ 0
Tax Fees (2) $ 20,400 $ 21,900
All Other Fees (3) $ 0 $ 0
Total $ 140,250 $ 122,650

(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 registrant’s 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 registrant’s 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 registrant’s principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s 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 registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s 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 registrant’s fiscal years ended June 30, 2017 and June 30, 2018; 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 06/30/17 06/30/18
Registrant $ 38,400 $ 21,900
Eaton Vance (1) $ 148,018 $ 51,855

(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 registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s 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 accountant’s 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 J. Gorman (Chair), Valerie A. Mosley, William H. Park and Scott E. Wennerholm are the members of the registrant’s 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 Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s 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 Fund’s 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 Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s 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 Fund’s 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 adviser’s 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 Commission’s 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 Trust’s 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 EVM’s 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 Trust’s 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 13 $ 32,896.7 0 $ 0
Other Pooled Investment Vehicles 13 $ 8,755.4 1 $ 2.4
Other Accounts 6 $ 6,426.5 0 $ 0
John P. Redding
Registered Investment Companies 1 $ 469.0 0 $ 0
Other Pooled Investment Vehicles 2 $ 49.4 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 Trust’s 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 manager’s management of the Trust’s 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 adviser’s 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 EVM’s 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. (“EVC”) nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject to a vesting schedule, and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s 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 fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s 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. 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 fund’s 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. 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 award 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.

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 EVM’s 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 registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

The registrant does not engage in securities lending.

Item 13. Exhibits

(a)(1) Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i) Treasurer’s Section 302 certification.
(a)(2)(ii) President’s Section 302 certification.
(b) Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Senior Income Trust
By: /s/ Payson F. Swaffield
Payson F. Swaffield
President
Date: August 21, 2018

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 21, 2018
By: /s/ Payson F. Swaffield
Payson F. Swaffield
President
Date: August 21, 2018

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