Regulatory Filings • Aug 26, 2019
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Download Source FileN-CSR 1 d784765dncsr.htm EATON VANCE SENIOR INCOME TRUST Eaton Vance Senior Income Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09013
Eaton Vance Senior Income Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
June 30
Date of Fiscal Year End
June 30, 2019
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Senior Income Trust (EVF)
Annual Report
June 30, 2019
Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Funds transfer agent, American Stock Transfer & Trust Company, LLC (AST), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.
You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.
Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (CFTC) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term commodity pool operator under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Funds adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Annual Report June 30, 2019
Eaton Vance
Senior Income Trust
Table of Contents
| Managements Discussion of Fund Performance | 2 |
|---|---|
| Performance | 3 |
| Fund Profile | 4 |
| Endnotes and Additional Disclosures | 5 |
| Financial Statements | 6 |
| Report of Independent Registered Public Accounting Firm | 46 |
| Federal Tax Information | 47 |
| Dividend Reinvestment Plan | 48 |
| Board of Trustees Contract Approval | 50 |
| Management and Organization | 53 |
| Important Notices | 56 |
Eaton Vance
Senior Income Trust
June 30, 2019
Managements Discussion of Fund Performance 1
Economic and Market Conditions
The U.S. floating-rate loan market experienced a positive return for the 12-month period ended June 30, 2019, with the S&P/ LSTA Leveraged Loan Index (the Index), 2 a broad barometer of the U.S. loan market, returning 3.97%. Coupon income represented the majority of performance, as loan prices eased over the period amid weakening technical conditions. The average loan price within the Index softened to $96.80 at the end of June 2019, down from $98.10 as the period commenced but up from a monthly low of $93.80 in December 2018.
In the opening months of the period, the U.S. fixed income market was still in a rising-rate environment, with the U.S. Federal Reserve Board (the Fed) announcing a rate hike in September 2018 its third of the year and investors generally expecting incremental hikes to continue. While rising rates were a negative for most fixed income asset classes, they helped demand for floating-rate investments.
But as 2018 came to a close, a return of marked volatility in equities and a subsequent pivot to dovish comments by the Fed led investors to reduce exposure in corporate asset classes, including loans, as they feared weakness in the U.S. economy. As market participants increasingly anticipated falling interest rates, demand for floating-rate investments weakened, leading to market value declines in the final quarter of 2018. In January and February of 2019, however, the floating-rate market experienced a recovery, erasing a large portion of the losses in the previous quarter. Price performance was mixed in the final months of the period, down in March before rallying in April, then easing again in May and June.
The par amount of loan outstandings grew during the period to a record $1.2 trillion, up approximately $150 billion as the supply of new loans within the Index expanded. On the demand side, institutional investors represented the vast majority of loan market demand, with investor interest throughout the period. However, a key offset proved to be retail mutual fund redemptions despite otherwise sound loan market fundamentals and strong buying activity among institutional investors.
Corporate fundamentals continued to reflect the relatively benign economic environment, as the U.S. recovery held steady during the period. On a last-12-months basis, the loan default rate closed the period at 1.34% on a par-weighted basis, down from almost 2% at the start of the period and well below its long-term average of approximately 3%.
Fund Performance
For the 12-month period ended June 30, 2019, Eaton Vance Senior Income Trust (the Fund) shares returned 4.46% at net asset value (NAV), outperforming the 3.97% 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 it 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 4.38%, BB-rated loans in the Index returned 4.08%, B-rated loans in the Index returned 4.22%, CCC-rated loans in the Index returned 2.39%, and D-rated (defaulted) loans in the Index returned 10.72%. Given this performance mix, the Funds positioning and resulting underweight, relative to the Index, to CCC-rated loans and defaulted loans helped performance versus the Index.
Performance was also helped by the Funds holdings in high-yield bonds, as the high-yield asset class outperformed the loan market during the period and high-yield bonds are not included in the Index. The Funds employment of investment leverage 6 also 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 the Funds underlying investments in both up and down market environments. The use of leverage amplified the positive total return of the Funds underlying portfolio during the period. Additionally, the repurchase of a portion of the Funds auction preferred shares at a discount to their par value contributed to performance versus the Index.
Credit selection detracted from performance versus the Index for the period. Examples include loan picks within the financial intermediaries, retailers (except food and drug), and oil and gas sectors.
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, 2019
Performance 2,3
Portfolio Managers Scott H. Page, CFA, John Redding, Andrew N. Sveen, CFA, Catherine C. McDermott, William E. Holt, CFA and Daniel P. McElaney, CFA
| % Average Annual Total Returns — Fund at NAV | 10/30/1998 | 4.46 % | 5.48 % | 9.10 % |
|---|---|---|---|---|
| Fund at Market Price | | 3.88 | 4.46 | 9.45 |
| S&P/LSTA Leveraged Loan Index | | 3.97 % | 3.68 % | 6.17 % |
| % Premium/Discount to | ||||
| NAV 4 | ||||
| 11.63 % | ||||
| Distributions 5 | ||||
| Total Distributions per share for the period | $ | 0.388 | ||
| Distribution Rate at NAV | 5.79 % | |||
| Distribution Rate at Market Price | 6.55 % | |||
| % Total Leverage 6 | ||||
| Auction Preferred Shares (APS) | 9.23 % | |||
| Borrowings | 25.27 |
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, 2019
Fund Profile
Top 10 Issuers (% of total investments) 7
| Reynolds Group Holdings, Inc. | 1.3 |
|---|---|
| TransDigm, Inc. | 1.2 |
| Bausch Health Companies, Inc. | 1.2 |
| Asurion, LLC | 1.2 |
| Jaguar Holding Company II | 0.9 |
| Infor (US), Inc. | 0.8 |
| Virgin Media Investment Holdings Limited | 0.8 |
| Uber Technologies | 0.8 |
| MA FinanceCo., LLC | 0.7 |
| Hyland Software, Inc. | 0.7 |
| Total | 9.6 % |
Top 10 Sectors (% of total investments) 7
| Electronics/Electrical | 11.6 |
|---|---|
| Health Care | 9.2 |
| Business Equipment and Services | 8.5 |
| Chemicals and Plastics | 4.7 |
| Telecommunications | 4.7 |
| Drugs | 4.1 |
| Cable and Satellite Television | 4.1 |
| Leisure Goods/Activities/Movies | 4.0 |
| Industrial Equipment | 3.8 |
| Lodging and Casinos | 3.6 |
| Total | 58.3 % |
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, 2019
Endnotes and Additional Disclosures
1 The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Funds actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission.
2 S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (S&P DJI) and have been licensed for use. S&P ® is a registered trademark of S&P DJI; Dow Jones ® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
3 Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Funds or oldest share class inception, as applicable. Included in the average annual total return at NAV is the impact of the tender and repurchase of a portion of the Funds APS at 95% and 92% of the Funds APS per share liquidation preference. Had these transactions not occurred, the total return at NAV would be lower for the Fund.
4 The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.
5 The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV or market price at the end of the period. The Funds distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Funds webpage available at eatonvance.com. The Funds distributions are determined by the investment adviser based on its current assessment of the Funds long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.
6 Leverage represents the liquidation value of the Funds APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.
7 Excludes cash and cash equivalents.
8 Credit ratings are categorized using S&P 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 issuers creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&Ps measures. Ratings of BBB or higher by S&P are considered to be investment- grade quality. Credit ratings are based largely on the ratings agencys analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition and does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. Holdings designated as Not Rated (if any) are not rated by S&P.
Fund profile subject to change due to active management.
Important Notice to Shareholders
Effective March 1, 2019, the Fund is managed by Scott H. Page, John Redding, Andrew N. Sveen, Catherine C. McDermott, William E. Holt and Daniel P. McElaney. Mr. Page will serve as a member of the portfolio management team of the Fund through October 31, 2019.
5
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments
| Senior Floating-Rate
Loans 134.7% (1) — Borrower/Tranche Description | Principal Amount* (000s omitted) | | Value |
| --- | --- | --- | --- |
| Aerospace and Defense 2.2% | | | |
| Dynasty Acquisition Co., Inc. | | | |
| Term Loan, 6.33%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | | 244 | $ 245,215 |
| IAP Worldwide Services, Inc. | | | |
| Revolving Loan, 1.46%, (3 mo. USD LIBOR + 5.50%), Maturing July 18, 2019 (2) | | 161 | 160,790 |
| Term Loan - Second Lien, 8.83%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2020 (3) | | 211 | 169,384 |
| TransDigm, Inc. | | | |
| Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing June 9, 2023 | | 2,904 | 2,855,343 |
| Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing August 22, 2024 | | 1,210 | 1,186,416 |
| Wesco Aircraft Hardware Corp. | | | |
| Term Loan, 5.41%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020 | | 410 | 407,639 |
| WP CPP Holdings, LLC | | | |
| Term Loan, 6.34%, (3 mo. USD LIBOR + 3.75%), Maturing April 30, 2025 | | 744 | 744,685 |
| | | | $ 5,769,472 |
| Automotive 3.6% | | | |
| Adient US, LLC | | | |
| Term Loan, 6.87%, (USD LIBOR + 4.25%), Maturing May 6,
2024 (4) | | 675 | $ 659,672 |
| American Axle and Manufacturing, Inc. | | | |
| Term Loan, 4.72%, (USD LIBOR + 2.25%), Maturing April 6, 2024 (4) | | 1,434 | 1,406,287 |
| Apro, LLC | | | |
| Term Loan, 6.41%, (1 mo. USD LIBOR + 4.00%), Maturing August 8, 2024 | | 121 | 120,671 |
| Belron Finance US, LLC | | | |
| Term Loan, 5.07%, (3 mo. USD LIBOR + 2.50%), Maturing November 7, 2024 | | 246 | 246,401 |
| Chassix, Inc. | | | |
| Term Loan, 8.06%, (USD LIBOR + 5.50%), Maturing November 15, 2023 (4) | | 640 | 641,050 |
| Dayco Products, LLC | | | |
| Term Loan, 6.77%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023 | | 490 | 476,881 |
| Garrett LX III S.a.r.l. | | | |
| Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025 | EUR | 225 | 255,741 |
| Term Loan, 4.82%, (3 mo. USD LIBOR + 2.50%), Maturing September 27, 2025 | | 124 | 122,278 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Automotive (continued) | |||
| IAA Spinco, Inc. | |||
| Term Loan, Maturing May 22, 2026 (5) | 275 | $ 276,375 | |
| L&W, Inc. | |||
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025 | 371 | 363,825 | |
| Panther BF Aggregator 2 L.P. | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026 | 1,675 | 1,663,275 | |
| Tenneco, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025 | 1,692 | 1,564,637 | |
| Thor Industries, Inc. | |||
| Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026 | 617 | 609,703 | |
| TI Group Automotive Systems, LLC | |||
| Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022 | EUR | 361 | 410,166 |
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022 | 430 | 426,554 | |
| Tower Automotive Holdings USA, LLC | |||
| Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024 | 224 | 218,918 | |
| $ 9,462,434 | |||
| Beverage and Tobacco 0.7% | |||
| Arterra Wines Canada, Inc. | |||
| Term Loan, 5.17%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 | 1,197 | $ 1,187,561 | |
| Flavors Holdings, Inc. | |||
| Term Loan, 8.08%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020 | 271 | 255,059 | |
| Term Loan - Second Lien, 12.33%, (3 mo. USD | |||
| LIBOR + 10.00%), Maturing October 3, 2021 | 500 | 412,500 | |
| $ 1,855,120 | |||
| Brokerage / Securities Dealers / Investment Houses 0.2% | |||
| Advisor Group, Inc. | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025 | 273 | $ 273,194 | |
| OZ Management L.P. | |||
| Term Loan, 7.19%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023 | 72 | 71,500 | |
| Resolute Investment Managers, Inc. | |||
| Term Loan - Second Lien, 10.08%, (3 mo. | |||
| USD LIBOR + 7.50%), Maturing April 30, 2023 | 250 | 251,250 | |
| $ 595,944 |
6 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Building and Development 3.9% | ||
| American Builders & Contractors Supply Co., Inc. | ||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023 | 1,369 | $ 1,350,645 |
| Beacon Roofing Supply, Inc. | ||
| Term Loan, 4.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025 | 272 | 268,770 |
| Brookfield Property REIT, Inc. | ||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025 | 447 | 437,010 |
| Core & Main L.P. | ||
| Term Loan, 5.52%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024 | 519 | 518,834 |
| CPG International, Inc. | ||
| Term Loan, 5.93%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024 | 915 | 900,883 |
| DTZ U.S. Borrower, LLC | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025 | 2,605 | 2,601,066 |
| Henry Company, LLC | ||
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023 | 195 | 195,444 |
| NCI Building Systems, Inc. | ||
| Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing April 12, 2025 | 347 | 338,684 |
| Quikrete Holdings, Inc. | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023 | 1,202 | 1,183,049 |
| RE/MAX International, Inc. | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 | 896 | 894,860 |
| Summit Materials Companies I, LLC | ||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024 | 296 | 294,392 |
| Werner FinCo L.P. | ||
| Term Loan, 6.33%, (3 mo. USD LIBOR + 4.00%), Maturing July 24, 2024 | 541 | 519,790 |
| WireCo WorldGroup, Inc. | ||
| Term Loan, 7.40%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023 | 267 | 268,189 |
| Term Loan - Second Lien, 11.40%, (1 mo. USD LIBOR + 9.00%), | ||
| Maturing September 30, 2024 | 575 | 574,641 |
| $ 10,346,257 | ||
| Business Equipment and Services 12.6% | ||
| Acosta Holdco, Inc. | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021 | 1,032 | $ 384,876 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Business Equipment and Services (continued) | |||
| Adtalem Global Education, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025 | 173 | $ 173,304 | |
| AlixPartners, LLP | |||
| Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 4, 2024 | EUR | 350 | 398,731 |
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024 | 1,052 | 1,051,354 | |
| Allied Universal Holdco, LLC | |||
| Term Loan, Maturing June 26, | |||
| 2026 (5) | 61 | 60,747 | |
| Term Loan, Maturing June 26, | |||
| 2026 (5) | 614 | 613,549 | |
| Altran Technologies S.A. | |||
| Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing March 20, 2025 | EUR | 679 | 775,008 |
| AppLovin Corporation | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025 | 1,643 | 1,640,507 | |
| Belfor Holdings, Inc. | |||
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | 225 | 226,688 | |
| Blitz F18-675 GmbH | |||
| Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025 | EUR | 725 | 831,508 |
| Bracket Intermediate Holding Corp. | |||
| Term Loan, 6.82%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025 | 422 | 420,758 | |
| Brand Energy & Infrastructure Services, Inc. | |||
| Term Loan, 6.79%, (USD LIBOR + 4.25%), Maturing June 21, 2024 (4) | 245 | 238,140 | |
| Camelot UK Holdco Limited | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023 | 521 | 523,226 | |
| Ceridian HCM Holding, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025 | 695 | 696,917 | |
| Change Healthcare Holdings, LLC | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024 | 3,016 | 2,996,647 | |
| Crossmark Holdings, Inc. | |||
| DIP Loan, 9.90%, (1 mo. USD LIBOR + 7.50%), Maturing July 15, 2019 | 59 | 59,054 | |
| Term Loan, 0.00%, Maturing December 20, | |||
| 2019 (6) | 694 | 246,368 | |
| Cypress Intermediate Holdings III, Inc. | |||
| Term Loan, 5.16%, (1 mo. USD LIBOR + 2.75%), Maturing April 26, 2024 | 1,208 | 1,194,958 | |
| Deerfield Dakota Holding, LLC | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025 | 748 | 727,845 |
7 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Business Equipment and Services (continued) | |||
| EAB Global, Inc. | |||
| Term Loan, 6.38%, (USD LIBOR + 3.75%), Maturing November 15, 2024 (4) | 617 | $ 613,716 | |
| Education Management, LLC | |||
| Term Loan, 0.00%, Maturing July 2, | |||
| 2020 (3)(6) | 162 | 0 | |
| Term Loan, 0.00%, Maturing July 2, | |||
| 2020 (3)(6) | 207 | 38,729 | |
| EIG Investors Corp. | |||
| Term Loan, 6.27%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023 | 1,457 | 1,449,465 | |
| Element Materials Technology Group US Holdings, Inc. | |||
| Term Loan, 6.15%, (3 mo. USD LIBOR + 3.50%), Maturing June 28, 2024 | 172 | 172,016 | |
| Garda World Security Corporation | |||
| Term Loan, 6.03%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024 | 923 | 918,305 | |
| Term Loan, 6.26%, (CIDOR + 4.25%), Maturing May 24, 2024 | CAD | 417 | 314,868 |
| IG Investment Holdings, LLC | |||
| Term Loan, 6.37%, (USD LIBOR + 4.00%), Maturing May 23, | |||
| 2025 (4) | 1,119 | 1,111,223 | |
| IRI Holdings, Inc. | |||
| Term Loan, 7.02%, (3 mo. USD LIBOR + 4.50%), Maturing December 1, 2025 | 970 | 969,519 | |
| Iron Mountain, Inc. | |||
| Term Loan, 4.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026 | 420 | 408,408 | |
| J.D. Power and Associates | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023 | 1,071 | 1,068,184 | |
| KAR Auction Services, Inc. | |||
| Term Loan, 4.63%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021 | 229 | 229,065 | |
| Kronos Incorporated | |||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023 | 2,773 | 2,769,781 | |
| KUEHG Corp. | |||
| Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025 | 1,432 | 1,429,728 | |
| Term Loan - Second Lien, 10.58%, (3 mo. USD LIBOR + 8.25%), | |||
| Maturing August 18, 2025 | 200 | 199,750 | |
| Monitronics International, Inc. | |||
| Term Loan, 10.00%, (USD Prime + 4.50%), Maturing September 30, 2022 | 883 | 843,352 | |
| PGX Holdings, Inc. | |||
| Term Loan, 7.66%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020 | 573 | 544,602 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Business Equipment and Services (continued) | |||
| Ping Identity Corporation | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025 | 173 | $ 173,033 | |
| Pre-Paid Legal Services, Inc. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025 | 206 | 205,875 | |
| Prime Security Services Borrower, LLC | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022 | 1,130 | 1,124,276 | |
| Red Ventures, LLC | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024 | 667 | 665,882 | |
| SMG US Midco 2, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025 | 123 | 122,859 | |
| Solera, LLC | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023 | 1,112 | 1,106,816 | |
| Spin Holdco, Inc. | |||
| Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022 | 1,696 | 1,666,055 | |
| Tempo Acquisition, LLC | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 | 909 | 906,122 | |
| Vestcom Parent Holdings, Inc. | |||
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023 | 241 | 230,177 | |
| WASH Multifamily Laundry Systems, LLC | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | 123 | 122,157 | |
| West Corporation | |||
| Term Loan, 6.02%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024 | 149 | 137,084 | |
| Term Loan, 6.52%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024 | 517 | 483,404 | |
| ZPG PLC | |||
| Term Loan, 5.22%, (1 mo. GBP LIBOR + 4.50%), Maturing June 30, 2025 | GBP | 350 | 437,746 |
| $ 33,722,382 | |||
| Cable and Satellite Television 5.8% | |||
| Altice France S.A. | |||
| Term Loan, 6.08%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026 | 347 | $ 337,803 | |
| Term Loan, 6.39%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026 | 700 | 686,980 |
8 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Cable and Satellite Television (continued) | |||
| CSC Holdings, LLC | |||
| Term Loan, 4.64%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025 | 1,711 | $ 1,686,923 | |
| Term Loan, 4.64%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 | 474 | 467,495 | |
| Term Loan, 4.89%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026 | 594 | 588,131 | |
| Numericable Group S.A. | |||
| Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025 | EUR | 221 | 243,078 |
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025 | 882 | 842,310 | |
| Radiate Holdco, LLC | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024 | 908 | 889,383 | |
| Telenet Financing USD, LLC | |||
| Term Loan, 4.64%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026 | 1,225 | 1,213,643 | |
| Unitymedia Finance, LLC | |||
| Term Loan, 4.64%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 | 450 | 449,241 | |
| Unitymedia Hessen GmbH & Co. KG | |||
| Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027 | EUR | 500 | 569,261 |
| UPC Financing Partnership | |||
| Term Loan, 4.89%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | 1,488 | 1,487,997 | |
| Virgin Media Bristol, LLC | |||
| Term Loan, 4.89%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | 3,250 | 3,242,327 | |
| Ziggo Secured Finance B.V. | |||
| Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025 | EUR | 1,075 | 1,221,827 |
| Ziggo Secured Finance Partnership | |||
| Term Loan, 4.89%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025 | 1,700 | 1,668,242 | |
| $ 15,594,641 | |||
| Chemicals and Plastics 6.9% | |||
| Alpha 3 B.V. | |||
| Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024 | 646 | $ 633,934 | |
| Aruba Investments, Inc. | |||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2022 | 436 | 434,180 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Chemicals and Plastics (continued) | |||
| Axalta Coating Systems US Holdings, Inc. | |||
| Term Loan, 4.08%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024 | 1,255 | $ 1,242,317 | |
| Chemours Company (The) | |||
| Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025 | EUR | 287 | 327,024 |
| Emerald Performance Materials, LLC | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021 | 236 | 236,041 | |
| Term Loan - Second Lien, 10.15%, (1 mo. USD LIBOR + 7.75%), | |||
| Maturing August 1, 2022 | 275 | 270,417 | |
| Ferro Corporation | |||
| Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | 159 | 157,652 | |
| Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | 162 | 161,079 | |
| Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | 196 | 194,181 | |
| Flint Group GmbH | |||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | 71 | 59,411 | |
| Flint Group US, LLC | |||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | 429 | 359,391 | |
| Gemini HDPE, LLC | |||
| Term Loan, 5.09%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024 | 757 | 754,960 | |
| H.B. Fuller Company | |||
| Term Loan, 4.38%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024 | 859 | 846,135 | |
| Hexion, Inc. | |||
| DIP Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing October 1, 2020 | 125 | 125,155 | |
| Term Loan, Maturing June 25, | |||
| 2026 (5) | 350 | 346,500 | |
| Term Loan, Maturing June 25, | |||
| 2026 (5) | EUR | 700 | 796,468 |
| Ineos Finance PLC | |||
| Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024 | EUR | 1,428 | 1,618,988 |
| Ineos US Finance, LLC | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024 | 493 | 487,062 | |
| Invictus U.S., LLC | |||
| Term Loan, 5.52%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | 222 | 220,799 | |
| Kraton Polymers, LLC | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025 | 452 | 451,715 |
9 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Chemicals and Plastics (continued) | |||
| Messer Industries GmbH | |||
| Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026 | 698 | $ 689,085 | |
| Minerals Technologies, Inc. | |||
| Term Loan, 4.65%, (USD LIBOR + 2.25%), Maturing February 14, 2024 (4) | 411 | 411,250 | |
| Momentive Performance Materials, Inc. | |||
| Term Loan, 5.59%, (3 mo. USD LIBOR + 3.25%), Maturing April 16, 2024 | 225 | 223,734 | |
| Orion Engineered Carbons GmbH | |||
| Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing July 25, 2024 | EUR | 363 | 412,770 |
| Term Loan, 4.33%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024 | 478 | 475,728 | |
| Platform Specialty Products Corporation | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 30, 2026 | 299 | 298,065 | |
| PMHC II, Inc. | |||
| Term Loan, 6.10%, (USD LIBOR + 3.50%), Maturing March 31, 2025 (4) | 173 | 158,123 | |
| Polar US Borrower, LLC | |||
| Term Loan, 7.34%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025 | 448 | 442,702 | |
| PQ Corporation | |||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025 | 1,333 | 1,328,759 | |
| Spectrum Holdings III Corp. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025 | 157 | 148,217 | |
| Starfruit Finco B.V. | |||
| Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing October 1, 2025 | EUR | 200 | 228,642 |
| Term Loan, 5.67%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | 1,347 | 1,328,664 | |
| Tronox Finance, LLC | |||
| Term Loan, 5.37%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024 | 1,453 | 1,440,451 | |
| Univar, Inc. | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024 | 988 | 986,007 | |
| Venator Materials Corporation | |||
| Term Loan, 5.52%, (3 mo. USD LIBOR + 3.00%), Maturing August 8, 2024 | 172 | 170,003 | |
| $ 18,465,609 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Conglomerates 0.3% | |||
| Kronos Acquisition Holdings, Inc. | |||
| Term Loan, 9.40%, (1 mo. USD LIBOR + 7.00%), Maturing May 15, 2023 | 748 | $ 744,385 | |
| Penn Engineering & Manufacturing Corp. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024 | 119 | 118,961 | |
| $ 863,346 | |||
| Containers and Glass Products 3.7% | |||
| Berlin Packaging, LLC | |||
| Term Loan, 5.43%, (USD LIBOR + 3.00%), Maturing November 7, 2025 (4) | 124 | $ 120,463 | |
| Berry Global, Inc. | |||
| Term Loan, 4.41%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022 | 384 | 382,170 | |
| Term Loan, Maturing May 15, 2026 (5) | EUR | 150 | 171,116 |
| Term Loan, Maturing May 15, 2026 (5) | 450 | 447,648 | |
| BWAY Holding Company | |||
| Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024 | 1,206 | 1,167,234 | |
| Consolidated Container Company, LLC | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | 172 | 169,795 | |
| Flex Acquisition Company, Inc. | |||
| Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing December 29, 2023 | 1,579 | 1,503,958 | |
| Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing June 29, 2025 | 689 | 655,876 | |
| Libbey Glass, Inc. | |||
| Term Loan, 5.41%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021 | 458 | 364,177 | |
| Pelican Products, Inc. | |||
| Term Loan, 5.91%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025 | 297 | 292,545 | |
| Reynolds Group Holdings, Inc. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023 | 2,478 | 2,462,815 | |
| Ring Container Technologies Group, LLC | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024 | 391 | 386,761 | |
| Trident TPI Holdings, Inc. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024 | 370 | 350,971 | |
| Verallia Packaging S.A.S. | |||
| Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022 | EUR | 655 | 744,815 |
10 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Containers and Glass Products (continued) | |||
| Verallia Packaging S.A.S. (continued) | |||
| Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing August 1, 2025 | EUR | 675 | $ 768,405 |
| $ 9,988,749 | |||
| Cosmetics / Toiletries 0.3% | |||
| KIK Custom Products, Inc. | |||
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023 | 876 | $ 829,836 | |
| $ 829,836 | |||
| Drugs 5.6% | |||
| Albany Molecular Research, Inc. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024 | 319 | $ 314,124 | |
| Alkermes, Inc. | |||
| Term Loan, 4.67%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023 | 188 | 187,014 | |
| Amneal Pharmaceuticals, LLC | |||
| Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025 | 1,658 | 1,650,250 | |
| Arbor Pharmaceuticals, Inc. | |||
| Term Loan, 7.33%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023 | 1,034 | 967,297 | |
| Bausch Health Companies, Inc. | |||
| Term Loan, 5.41%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025 | 2,765 | 2,766,485 | |
| Catalent Pharma Solutions, Inc. | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 18, 2026 | 374 | 374,527 | |
| Endo Luxembourg Finance Company I S.a.r.l. | |||
| Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024 | 2,875 | 2,703,886 | |
| Horizon Pharma, Inc. | |||
| Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 22, 2026 | 1,209 | 1,209,708 | |
| Jaguar Holding Company II | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022 | 3,227 | 3,211,415 | |
| Mallinckrodt International Finance S.A. | |||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024 | 1,298 | 1,169,979 | |
| Term Loan, 5.53%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, | |||
| 2025 | 270 | 243,104 | |
| $ 14,797,789 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Ecological Services and Equipment 1.1% | |||
| Advanced Disposal Services, Inc. | |||
| Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023 | 943 | $ 943,065 | |
| EnergySolutions, LLC | |||
| Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025 | 868 | 829,412 | |
| GFL Environmental, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025 | 1,139 | 1,121,449 | |
| $ 2,893,926 | |||
| Electronics / Electrical 17.9% | |||
| Almonde, Inc. | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing June 13, 2024 | 1,686 | $ 1,646,689 | |
| Applied Systems, Inc. | |||
| Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing September 19, 2024 | 1,354 | 1,345,030 | |
| Term Loan - Second Lien, 9.33%, (3 mo. USD LIBOR + 7.00%), | |||
| Maturing September 19, 2025 | 1,000 | 1,014,500 | |
| Aptean, Inc. | |||
| Term Loan, 6.58%, (3 mo. USD LIBOR + 4.25%), Maturing April 23, 2026 | 249 | 249,219 | |
| Term Loan - Second Lien, 10.83%, (3 mo. USD LIBOR + 8.50%), | |||
| Maturing April 23, 2027 | 650 | 643,500 | |
| Avast Software B.V. | |||
| Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing September 30, 2023 | 342 | 341,882 | |
| Banff Merger Sub, Inc. | |||
| Term Loan, 6.58%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025 | 1,517 | 1,442,455 | |
| Barracuda Networks, Inc. | |||
| Term Loan, 5.77%, (3 mo. USD LIBOR + 3.25%), Maturing February 12, 2025 | 1,141 | 1,142,015 | |
| Blackhawk Network Holdings, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing June 15, 2025 | 371 | 369,095 | |
| BMC Software Finance, Inc. | |||
| Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025 | EUR | 124 | 138,819 |
| Canyon Valor Companies, Inc. | |||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023 | 794 | 788,934 | |
| Carbonite, Inc. | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing March 26, 2026 | 203 | 203,302 |
11 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Electronics / Electrical (continued) | ||
| Celestica, Inc. | ||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025 | 149 | $ 146,265 |
| Cohu, Inc. | ||
| Term Loan, 5.20%, (6 mo. USD LIBOR + 3.00%), Maturing September 20, 2025 | 347 | 336,085 |
| CommScope, Inc. | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026 | 825 | 825,103 |
| CPI International, Inc. | ||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024 | 319 | 316,918 |
| Datto, Inc. | ||
| Term Loan, 6.58%, (3 mo. USD LIBOR + 4.25%), Maturing April 2, 2026 | 175 | 176,750 |
| DigiCert, Inc. | ||
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024 | 2,032 | 2,028,457 |
| Electro Rent Corporation | ||
| Term Loan, 7.58%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024 | 585 | 587,559 |
| Energizer Holdings, Inc. | ||
| Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025 | 249 | 248,907 |
| Epicor Software Corporation | ||
| Term Loan, 5.66%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022 | 2,129 | 2,117,301 |
| Exact Merger Sub, LLC | ||
| Term Loan, 6.58%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024 | 295 | 294,750 |
| EXC Holdings III Corp. | ||
| Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024 | 222 | 221,481 |
| Financial & Risk US Holdings, Inc. | ||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing October 1, 2025 | 572 | 555,779 |
| Flexera Software, LLC | ||
| Term Loan, 5.91%, (1 mo. USD LIBOR + 3.50%), Maturing February 26, 2025 | 148 | 147,816 |
| GlobalLogic Holdings, Inc. | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025 | 195 | 195,276 |
| Hyland Software, Inc. | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2024 | 1,534 | 1,531,307 |
| Term Loan - Second Lien, 9.40%, (1 mo. USD LIBOR + 7.00%), | ||
| Maturing July 7, 2025 | 1,456 | 1,467,245 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Electronics / Electrical (continued) | |||
| Infoblox, Inc. | |||
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023 | 887 | $ 888,575 | |
| Infor (US), Inc. | |||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing February 1, 2022 | 3,289 | 3,282,227 | |
| Informatica, LLC | |||
| Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022 | EUR | 148 | 169,043 |
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022 | 2,083 | 2,087,390 | |
| MA FinanceCo., LLC | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021 | 1,323 | 1,311,828 | |
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | 222 | 218,092 | |
| MACOM Technology Solutions Holdings, Inc. | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024 | 580 | 522,486 | |
| Microchip Technology Incorporated | |||
| Term Loan, 4.41%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025 | 704 | 701,950 | |
| MKS Instruments, Inc. | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing February 2, 2026 | 175 | 174,934 | |
| MTS Systems Corporation | |||
| Term Loan, 5.66%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023 | 527 | 527,128 | |
| Prometric Holdings, Inc. | |||
| Term Loan, 5.41%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025 | 148 | 147,203 | |
| Renaissance Holding Corp. | |||
| Term Loan, 5.73%, (2 mo. USD LIBOR + 3.25%), Maturing May 30, 2025 | 569 | 553,596 | |
| Term Loan - Second Lien, 9.48%, (2 mo. USD LIBOR + 7.00%), | |||
| Maturing May 29, 2026 | 75 | 71,813 | |
| Seattle Spinco, Inc. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | 1,499 | 1,472,832 | |
| SGS Cayman L.P. | |||
| Term Loan, 7.70%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | 188 | 185,854 | |
| SkillSoft Corporation | |||
| Term Loan, 7.15%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021 | 2,235 | 1,938,542 | |
| SolarWinds Holdings, Inc. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024 | 911 | 907,328 |
12 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Electronics / Electrical (continued) | ||
| SS&C Technologies Holdings Europe S.a.r.l. | ||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | 571 | $ 569,155 |
| SS&C Technologies, Inc. | ||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | 832 | 829,926 |
| SurveyMonkey, Inc. | ||
| Term Loan, 6.14%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025 | 473 | 471,318 |
| Sutherland Global Services, Inc. | ||
| Term Loan, 7.70%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | 806 | 798,417 |
| Switch, Ltd. | ||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing June 27, 2024 | 123 | 122,002 |
| Tibco Software, Inc. | ||
| Term Loan, 5.91%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020 | 245 | 245,330 |
| Term Loan, Maturing June 11, | ||
| 2026 (5) | 325 | 325,880 |
| TriTech Software Systems | ||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025 | 398 | 393,896 |
| TTM Technologies, Inc. | ||
| Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024 | 127 | 126,282 |
| Uber Technologies | ||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023 | 2,020 | 2,019,556 |
| Term Loan, 6.41%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025 | 1,214 | 1,216,267 |
| Ultimate Software Group, Inc. (The) | ||
| Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing May 4, 2026 | 775 | 777,228 |
| Ultra Clean Holdings, Inc. | ||
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | 405 | 384,644 |
| Verifone Systems, Inc. | ||
| Term Loan, 6.45%, (2 mo. USD LIBOR + 4.00%), Maturing August 20, 2025 | 125 | 122,500 |
| Term Loan, 6.52%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025 | 448 | 435,437 |
| Veritas Bermuda, Ltd. | ||
| Term Loan, 6.89%, (USD LIBOR + 4.50%), Maturing January 27, 2023 (4) | 1,037 | 943,422 |
| Vero Parent, Inc. | ||
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024 | 1,204 | 1,201,147 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Electronics / Electrical (continued) | |||
| Wall Street Systems Delaware, Inc. | |||
| Term Loan, 5.65%, (6 mo. USD LIBOR + 3.00%), Maturing November 21, 2024 | 318 | $ 308,991 | |
| Western Digital Corporation | |||
| Term Loan, 4.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023 | 792 | 776,366 | |
| $ 47,751,024 | |||
| Equipment Leasing 0.1% | |||
| IBC Capital Limited | |||
| Term Loan, 6.15%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, | |||
| 2023 | 272 | $ 271,336 | |
| $ 271,336 | |||
| Financial Intermediaries 4.4% | |||
| Apollo Commercial Real Estate Finance, Inc. | |||
| Term Loan, 5.14%, (1 mo. USD LIBOR + 2.75%), Maturing May 15, 2026 | 200 | $ 198,745 | |
| Aretec Group, Inc. | |||
| Term Loan, 6.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025 | 1,619 | 1,588,272 | |
| Blackstone Mortgage Trust, Inc. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing April 23, 2026 | 175 | 175,875 | |
| Citco Funding, LLC | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 | 1,900 | 1,899,192 | |
| Ditech Holding Corporation | |||
| Term Loan, 0.00%, Maturing June 30, | |||
| 2022 (6) | 1,397 | 509,789 | |
| Donnelley Financial Solutions, Inc. | |||
| Term Loan, 5.41%, (1 mo. USD LIBOR + 3.00%), Maturing October 2, 2023 | 57 | 56,786 | |
| EIG Management Company, LLC | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025 | 123 | 123,900 | |
| Evergood 4 ApS | |||
| Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025 | EUR | 325 | 371,608 |
| Focus Financial Partners, LLC | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024 | 866 | 866,385 | |
| Franklin Square Holdings L.P. | |||
| Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025 | 248 | 248,745 | |
| Greenhill & Co., Inc. | |||
| Term Loan, 5.66%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024 | 525 | 524,125 |
13 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Financial Intermediaries (continued) | |||
| GreenSky Holdings, LLC | |||
| Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025 | 642 | $ 641,073 | |
| Guggenheim Partners, LLC | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023 | 506 | 506,930 | |
| Harbourvest Partners, LLC | |||
| Term Loan, 4.75%, (2 mo. USD LIBOR + 2.25%), Maturing March 1, 2025 | 506 | 503,687 | |
| LPL Holdings, Inc. | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024 | 637 | 636,431 | |
| Ocwen Loan Servicing, LLC | |||
| Term Loan, 7.40%, (1 mo. USD LIBOR + 5.00%), Maturing December 4, 2020 | 133 | 133,126 | |
| Sesac Holdco II, LLC | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024 | 269 | 263,884 | |
| StepStone Group L.P. | |||
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025 | 296 | 297,361 | |
| Victory Capital Holdings, Inc. | |||
| Term Loan, 7.25%, (USD Prime + 1.75%), Maturing February 12, 2025 | 136 | 136,196 | |
| Term Loan, Maturing July 1, 2026 (5) | 650 | 651,625 | |
| Virtus Investment Partners, Inc. | |||
| Term Loan, 4.75%, (3 mo. USD LIBOR + 2.25%), Maturing June 1, 2024 | 281 | 280,546 | |
| Walker & Dunlop, Inc. | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing November 7, 2025 | 1,119 | 1,119,375 | |
| $ 11,733,656 | |||
| Food Products 4.3% | |||
| Alphabet Holding Company, Inc. | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024 | 1,130 | $ 1,069,497 | |
| Badger Buyer Corp. | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024 | 172 | 165,060 | |
| CHG PPC Parent, LLC | |||
| Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing March 30, 2025 | EUR | 1,375 | 1,581,102 |
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025 | 223 | 221,494 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Food Products (continued) | |||
| Del Monte Foods, Inc. | |||
| Term Loan, 5.78%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021 | 823 | $ 585,750 | |
| Dole Food Company, Inc. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing April 6, 2024 | 784 | 766,703 | |
| Froneri International, Ltd. | |||
| Term Loan, 2.38%, (6 mo. EURIBOR + 2.38%), Maturing January 31, 2025 | EUR | 1,200 | 1,363,156 |
| Hearthside Food Solutions, LLC | |||
| Term Loan, 6.09%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025 | 844 | 825,789 | |
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025 | 199 | 197,259 | |
| High Liner Foods Incorporated | |||
| Term Loan, 5.82%, (3 mo. USD LIBOR + 3.25%), Maturing April 24, 2021 | 364 | 344,150 | |
| HLF Financing S.a.r.l. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025 | 496 | 496,560 | |
| Jacobs Douwe Egberts International B.V. | |||
| Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing November 1, 2025 | EUR | 117 | 134,112 |
| Term Loan, 4.50%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025 | 681 | 680,906 | |
| JBS USA Lux S.A. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing May 1, 2026 | 1,945 | 1,944,180 | |
| Nomad Foods Europe Midco Limited | |||
| Term Loan, 4.64%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024 | 566 | 560,773 | |
| Post Holdings, Inc. | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024 | 476 | 474,609 | |
| Restaurant Technologies, Inc. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | 100 | 99,438 | |
| $ 11,510,538 | |||
| Food Service 2.1% | |||
| 1011778 B.C. Unlimited Liability Company | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024 | 2,525 | $ 2,511,454 | |
| Del Friscos Restaurant Group, Inc. | |||
| Term Loan, 8.44%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025 | 272 | 272,931 |
14 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Food Service (continued) | |||
| Dhanani Group, Inc. | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing July 20, 2025 | 571 | $ 552,193 | |
| IRB Holding Corp. | |||
| Term Loan, 5.64%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025 | 891 | 882,411 | |
| NPC International, Inc. | |||
| Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024 | 418 | 338,226 | |
| US Foods, Inc. | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023 | 395 | 392,866 | |
| Welbilt, Inc. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025 | 639 | 631,017 | |
| $ 5,581,098 | |||
| Food / Drug Retailers 1.3% | |||
| Albertsons, LLC | |||
| Term Loan, 5.31%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022 | 780 | $ 781,277 | |
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing June 22, 2023 | 1,713 | 1,714,179 | |
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 17, 2025 | 484 | 481,955 | |
| Diplomat Pharmacy, Inc. | |||
| Term Loan, 6.91%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024 | 220 | 202,400 | |
| Holland & Barrett International | |||
| Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024 | EUR | 200 | 189,551 |
| Term Loan, 6.02%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, | |||
| 2024 | GBP | 200 | 209,928 |
| $ 3,579,290 | |||
| Health Care 12.8% | |||
| Acadia Healthcare Company, Inc. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022 | 117 | $ 116,267 | |
| Accelerated Health Systems, LLC | |||
| Term Loan, 5.92%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025 | 249 | 250,305 | |
| ADMI Corp. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025 | 817 | 805,520 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Health Care (continued) | |||
| Akorn, Inc. | |||
| Term Loan, 9.44%, (1 mo. USD LIBOR + 7.00%), Maturing April 16, 2021 | 955 | $ 900,378 | |
| Alliance Healthcare Services, Inc. | |||
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023 | 385 | 371,525 | |
| Term Loan - Second Lien, 12.40%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024 | 225 | 223,312 | |
| Argon Medical Devices, Inc. | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025 | 420 | 419,818 | |
| athenahealth, Inc. | |||
| Term Loan, 7.05%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026 | 898 | 897,470 | |
| Avantor, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 21, 2024 | 229 | 229,488 | |
| BioClinica, Inc. | |||
| Term Loan, 6.81%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023 | 708 | 668,921 | |
| BW NHHC Holdco, Inc. | |||
| Term Loan, 7.40%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025 | 470 | 438,802 | |
| Carestream Dental Equipment, Inc. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024 | 663 | 653,792 | |
| Certara L.P. | |||
| Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024 | 491 | 488,794 | |
| CHG Healthcare Services, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023 | 1,507 | 1,502,276 | |
| Concentra, Inc. | |||
| Term Loan, 5.21%, (3 mo. USD LIBOR + 2.75%), Maturing June 1, 2022 | 377 | 377,964 | |
| Convatec, Inc. | |||
| Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing October 31, 2023 | 268 | 268,125 | |
| CPI Holdco, LLC | |||
| Term Loan, 6.08%, (3 mo. USD LIBOR + 3.50%), Maturing March 21, 2024 | 367 | 367,182 | |
| CryoLife, Inc. | |||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024 | 222 | 222,364 | |
| CTC AcquiCo GmbH | |||
| Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025 | EUR | 390 | 436,796 |
15 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Health Care (continued) | ||
| DaVita, Inc. | ||
| Term Loan, 5.14%, (1 week USD LIBOR + 2.75%), Maturing June 24, 2021 | 758 | $ 758,382 |
| Envision Healthcare Corporation | ||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025 | 2,164 | 1,884,141 |
| Equian, LLC | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024 | 294 | 293,624 |
| Gentiva Health Services, Inc. | ||
| Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | 1,145 | 1,147,164 |
| GHX Ultimate Parent Corporation | ||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing June 28, 2024 | 442 | 436,157 |
| Greatbatch Ltd. | ||
| Term Loan, 5.42%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022 | 710 | 712,050 |
| Grifols Worldwide Operations USA, Inc. | ||
| Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025 | 1,613 | 1,610,125 |
| Hanger, Inc. | ||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025 | 494 | 494,367 |
| Inovalon Holdings, Inc. | ||
| Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025 | 571 | 571,163 |
| 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 | 467 | 466,604 |
| Kinetic Concepts, Inc. | ||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024 | 1,274 | 1,277,185 |
| Medical Solutions, LLC | ||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024 | 369 | 369,202 |
| MPH Acquisition Holdings, LLC | ||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023 | 1,571 | 1,505,547 |
| National Mentor Holdings, Inc. | ||
| Term Loan, 6.66%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026 | 13 | 13,237 |
| Term Loan, 6.66%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026 | 211 | 212,589 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Health Care (continued) | ||
| Navicure, Inc. | ||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024 | 370 | $ 367,666 |
| One Call Corporation | ||
| Term Loan, 7.64%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022 | 1,013 | 820,922 |
| Ortho-Clinical Diagnostics S.A. | ||
| Term Loan, 5.68%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025 | 2,337 | 2,252,204 |
| Parexel International Corporation | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 | 1,191 | 1,142,562 |
| Phoenix Guarantor, Inc. | ||
| Term Loan, 6.92%, (1 mo. USD LIBOR + 4.50%), Maturing March 5, 2026 | 875 | 871,901 |
| Press Ganey Holdings, Inc. | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023 | 366 | 365,568 |
| Prospect Medical Holdings, Inc. | ||
| Term Loan, 7.94%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024 | 443 | 419,310 |
| Radiology Partners Holdings, LLC | ||
| Term Loan, 7.36%, (USD LIBOR + 4.75%), Maturing July 9, | ||
| 2025 (4) | 274 | 274,665 |
| RadNet, Inc. | ||
| Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing June 30, 2023 | 746 | 744,095 |
| Select Medical Corporation | ||
| Term Loan, 4.85%, (3 mo. USD LIBOR + 2.50%), Maturing March 6, 2025 | 717 | 715,857 |
| Sotera Health Holdings, LLC | ||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022 | 411 | 406,396 |
| Sound Inpatient Physicians | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2025 | 223 | 222,889 |
| Surgery Center Holdings, Inc. | ||
| Term Loan, 5.66%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024 | 467 | 451,909 |
| Team Health Holdings, Inc. | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024 | 1,350 | 1,189,374 |
| Tecomet, Inc. | ||
| Term Loan, 5.91%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024 | 367 | 367,155 |
| U.S. Anesthesia Partners, Inc. | ||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024 | 738 | 727,244 |
16 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Health Care (continued) | |||
| Verscend Holding Corp. | |||
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | 720 | $ 721,469 | |
| Viant Medical Holdings, Inc. | |||
| Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | 223 | 222,824 | |
| Wink Holdco, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024 | 222 | 217,470 | |
| $ 34,205,605 | |||
| Home Furnishings 0.8% | |||
| Bright Bidco B.V. | |||
| Term Loan, 5.85%, (USD LIBOR + 3.50%), Maturing June 30, 2024 (4) | 736 | $ 522,253 | |
| Serta Simmons Bedding, LLC | |||
| Term Loan, 5.91%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023 | 2,376 | 1,535,531 | |
| $ 2,057,784 | |||
| Industrial Equipment 5.9% | |||
| AI Alpine AT Bidco GmbH | |||
| Term Loan, 5.64%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2025 | 100 | $ 98,132 | |
| Altra Industrial Motion Corp. | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025 | 332 | 326,119 | |
| Apex Tool Group, LLC | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022 | 1,131 | 1,091,355 | |
| Carlisle Foodservice Products, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025 | 124 | 119,286 | |
| Clark Equipment Company | |||
| Term Loan, 4.33%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024 | 651 | 647,114 | |
| Coherent Holding GmbH | |||
| Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing November 7, 2023 | EUR | 328 | 375,460 |
| CPM Holdings, Inc. | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing November 15, 2025 | 149 | 147,758 | |
| Delachaux Group S.A. | |||
| Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing March 28, 2026 | EUR | 175 | 201,018 |
| Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing March 28, 2026 | 225 | 223,875 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Industrial Equipment (continued) | |||
| DexKo Global, Inc. | |||
| Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024 | EUR | 148 | $ 167,862 |
| Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024 | EUR | 369 | 419,657 |
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024 | 392 | 390,848 | |
| DXP Enterprises, Inc. | |||
| Term Loan, 7.15%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023 | 246 | 246,239 | |
| Engineered Machinery Holdings, Inc. | |||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024 | 644 | 628,677 | |
| Term Loan, 6.58%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024 | 149 | 149,374 | |
| EWT Holdings III Corp. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024 | 930 | 927,387 | |
| Filtration Group Corporation | |||
| Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025 | EUR | 173 | 197,979 |
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025 | 765 | 764,629 | |
| Gardner Denver, Inc. | |||
| Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024 | EUR | 189 | 216,029 |
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024 | 451 | 452,114 | |
| Gates Global, LLC | |||
| Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024 | EUR | 415 | 469,956 |
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024 | 2,112 | 2,103,775 | |
| Hayward Industries, Inc. | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024 | 221 | 217,056 | |
| LTI Holdings, Inc. | |||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025 | 223 | 211,449 | |
| Milacron, LLC | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 | 1,209 | 1,178,575 | |
| Pro Mach Group, Inc. | |||
| Term Loan, 5.14%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2025 | 123 | 119,040 |
17 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Industrial Equipment (continued) | |||
| Quimper AB | |||
| Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026 | EUR | 39 | $ 44,902 |
| Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026 | EUR | 811 | 927,372 |
| Robertshaw US Holding Corp. | |||
| Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025 | 469 | 433,883 | |
| Shape Technologies Group, Inc. | |||
| Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing April 21, 2025 | 124 | 119,032 | |
| Tank Holding Corp. | |||
| Term Loan, 6.63%, (USD LIBOR + 4.00%), Maturing March 26, 2026 (4) | 225 | 225,387 | |
| Thermon Industries, Inc. | |||
| Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024 | 144 | 144,293 | |
| Titan Acquisition Limited | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | 1,407 | 1,345,623 | |
| Wittur GmbH | |||
| Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, | |||
| 2022 | EUR | 450 | 515,746 |
| $ 15,847,001 | |||
| Insurance 5.3% | |||
| Alliant Holdings Intermediate, LLC | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025 | 1,134 | $ 1,103,969 | |
| Term Loan, 5.66%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025 | 225 | 222,413 | |
| AmWINS Group, Inc. | |||
| Term Loan, 5.16%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024 | 1,345 | 1,337,882 | |
| Asurion, LLC | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022 | 2,135 | 2,132,108 | |
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023 | 988 | 987,529 | |
| Term Loan - Second Lien, 8.90%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025 | 1,800 | 1,827,751 | |
| Financiere CEP S.A.S. | |||
| Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025 | EUR | 250 | 284,808 |
| FrontDoor, Inc. | |||
| Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 14, 2025 | 223 | 223,313 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Insurance (continued) | |||
| Hub International Limited | |||
| Term Loan, 5.59%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025 | 2,327 | $ 2,272,337 | |
| NFP Corp. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024 | 1,627 | 1,583,912 | |
| Sedgwick Claims Management Services, Inc. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025 | 572 | 565,331 | |
| USI, Inc. | |||
| Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024 | 1,625 | 1,587,281 | |
| $ 14,128,634 | |||
| Leisure Goods / Activities / Movies 5.8% | |||
| AMC Entertainment Holdings, Inc. | |||
| Term Loan, 5.23%, (6 mo. USD LIBOR + 3.00%), Maturing April 22, 2026 | 848 | $ 847,411 | |
| Amer Sports Oyj | |||
| Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing February 26, 2026 | EUR | 1,600 | 1,825,235 |
| Ancestry.com Operations, Inc. | |||
| Term Loan, 5.66%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023 | 1,389 | 1,387,752 | |
| Bombardier Recreational Products, Inc. | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025 | 2,077 | 2,051,472 | |
| CDS U.S. Intermediate Holdings, Inc. | |||
| Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing July 8, 2022 | 461 | 448,458 | |
| ClubCorp Holdings, Inc. | |||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024 | 857 | 794,737 | |
| Crown Finance US, Inc. | |||
| Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing February 28, 2025 | EUR | 395 | 448,593 |
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025 | 802 | 789,361 | |
| Delta 2 (LUX) S.a.r.l. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024 | 747 | 731,468 | |
| Emerald Expositions Holding, Inc. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | 520 | 512,388 | |
| Etraveli Holding AB | |||
| Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 2, 2024 | EUR | 375 | 427,692 |
18 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Leisure Goods / Activities / Movies (continued) | |||
| Lindblad Expeditions, Inc. | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025 | 174 | $ 174,906 | |
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025 | 696 | 699,625 | |
| Match Group, Inc. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 16, 2022 | 241 | 241,227 | |
| Sabre GLBL, Inc. | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024 | 468 | 467,710 | |
| SeaWorld Parks & Entertainment, Inc. | |||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024 | 811 | 809,938 | |
| SRAM, LLC | |||
| Term Loan, 5.23%, (2 mo. USD LIBOR + 2.75%), Maturing March 15, 2024 | 651 | 650,961 | |
| Steinway Musical Instruments, Inc. | |||
| Term Loan, 6.14%, (1 mo. USD LIBOR + 3.75%), Maturing February 14, 2025 | 420 | 411,294 | |
| Travel Leaders Group, LLC | |||
| Term Loan, 6.38%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024 | 446 | 446,614 | |
| UFC Holdings, LLC | |||
| Term Loan, 5.66%, (1 mo. USD LIBOR + 3.25%), Maturing April 29, 2026 | 833 | 832,871 | |
| Vue International Bidco PLC | |||
| Term Loan, | |||
| Maturing June 14, 2026 (5) | EUR | 297 | 338,946 |
| Term Loan, Maturing June 18, 2026 (5) | EUR | 53 | 60,352 |
| $ 15,399,011 | |||
| Lodging and Casinos 5.0% | |||
| Aimbridge Acquisition Co., Inc. | |||
| Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing February 2, 2026 | 125 | $ 125,311 | |
| Aristocrat Technologies, Inc. | |||
| Term Loan, 4.34%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024 | 507 | 503,389 | |
| Azelis Finance S.A. | |||
| Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing November 7, 2025 | EUR | 900 | 1,033,112 |
| Boyd Gaming Corporation | |||
| Term Loan, 4.62%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023 | 434 | 431,943 | |
| CityCenter Holdings, LLC | |||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024 | 1,178 | 1,175,327 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Lodging and Casinos (continued) | |||
| Eldorado Resorts, LLC | |||
| Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing April 17, 2024 | 396 | $ 395,481 | |
| ESH Hospitality, Inc. | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023 | 544 | 542,743 | |
| Golden Nugget, Inc. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023 | 1,964 | 1,950,600 | |
| GVC Holdings PLC | |||
| Term Loan, 2.50%, (1 mo. EURIBOR + 2.50%), Maturing March 29, 2024 | EUR | 600 | 682,473 |
| Term Loan, 3.97%, (1 mo. GBP LIBOR + 3.25%), Maturing March 29, 2024 | GBP | 300 | 380,092 |
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 29, 2024 | 518 | 517,358 | |
| Hanjin International Corp. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020 | 250 | 248,125 | |
| MGM Growth Properties Operating Partnership L.P. | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025 | 895 | 891,022 | |
| Playa Resorts Holding B.V. | |||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024 | 1,129 | 1,084,543 | |
| Stars Group Holdings B.V. (The) | |||
| Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025 | EUR | 450 | 516,236 |
| Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025 | 1,717 | 1,719,435 | |
| VICI Properties 1, LLC | |||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, | |||
| 2024 | 1,026 | 1,016,410 | |
| $ 13,213,600 | |||
| Nonferrous Metals / Minerals 1.1% | |||
| CD&R Hydra Buyer, Inc. | |||
| Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021 (3)(7) | 74 | $ 60,677 | |
| Dynacast International, LLC | |||
| Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022 | 580 | 561,987 | |
| Global Brass & Copper, Inc. | |||
| Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 29, 2025 | 389 | 388,990 |
19 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Nonferrous Metals / Minerals (continued) | |||
| Murray Energy Corporation | |||
| Term Loan, 9.77%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022 | 922 | $ 638,392 | |
| Noranda Aluminum Acquisition Corporation | |||
| Term Loan, 0.00%, Maturing February 28, | |||
| 2020 (6) | 449 | 1,966 | |
| Oxbow Carbon, LLC | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023 | 662 | 665,225 | |
| Term Loan - Second Lien, 9.90%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024 | 210 | 210,525 | |
| Rain Carbon GmbH | |||
| Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025 | EUR | 450 | 499,223 |
| $ 3,026,985 | |||
| Oil and Gas 3.6% | |||
| Ameriforge Group, Inc. | |||
| Term Loan, 9.33%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022 | 333 | $ 331,495 | |
| Apergy Corporation | |||
| Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025 | 135 | 134,687 | |
| Blackstone CQP Holdco L.P. | |||
| Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024 | 475 | 476,187 | |
| Centurion Pipeline Company, LLC | |||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025 | 124 | 124,686 | |
| CITGO Petroleum Corporation | |||
| Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing July 29, 2021 | 454 | 453,909 | |
| Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing March 22, 2024 | 1,450 | 1,452,719 | |
| Delek US Holdings, Inc. | |||
| Term Loan, 4.58%, (3 mo. USD LIBOR + 2.25%), Maturing March 31, 2025 | 273 | 269,836 | |
| Equitrans Midstream Corporation | |||
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing January 31, 2024 | 896 | 903,895 | |
| Fieldwood Energy, LLC | |||
| Term Loan, 7.65%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022 | 1,338 | 1,247,036 | |
| Matador Bidco S.a.r.l. | |||
| Term Loan, Maturing June 12, | |||
| 2026 (5) | 275 | 274,914 | |
| McDermott Technology Americas, Inc. | |||
| Term Loan, 7.40%, (1 mo. USD LIBOR + 5.00%), Maturing May 9, 2025 | 593 | 583,551 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Oil and Gas (continued) | ||
| MEG Energy Corp. | ||
| Term Loan, 5.91%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023 | 575 | $ 575,475 |
| Prairie ECI Acquiror L.P. | ||
| Term Loan, 7.08%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026 | 1,147 | 1,149,993 |
| PSC Industrial Holdings Corp. | ||
| Term Loan, 6.14%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024 | 345 | 344,247 |
| Sheridan Investment Partners II, L.P. | ||
| Term Loan, 0.00%, Maturing December 16, | ||
| 2020 (6) | 17 | 10,401 |
| Term Loan, 0.00%, Maturing December 16, | ||
| 2020 (6) | 44 | 27,888 |
| Term Loan, 0.00%, Maturing December 16, | ||
| 2020 (6) | 318 | 200,481 |
| Sheridan Production Partners I, LLC | ||
| Term Loan, 5.98%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | 57 | 40,458 |
| Term Loan, 5.98%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | 93 | 66,238 |
| Term Loan, 5.98%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | 699 | 499,877 |
| Ultra Resources, Inc. | ||
| Term Loan, 6.40%, (6.15% cash (1 mo. USD LIBOR + 3.75%), 0.25% PIK), | ||
| Maturing April 12, 2024 | 699 | 541,498 |
| $ 9,709,471 | ||
| Publishing 1.2% | ||
| Ascend Learning, LLC | ||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024 | 540 | $ 532,607 |
| Getty Images, Inc. | ||
| Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026 | 796 | 794,010 |
| Harland Clarke Holdings Corp. | ||
| Term Loan, 7.08%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023 | 382 | 323,493 |
| LSC Communications, Inc. | ||
| Term Loan, 7.87%, (1 week USD LIBOR + 5.50%), Maturing September 30, 2022 | 421 | 414,042 |
| Multi Color Corporation | ||
| Term Loan, 6.50%, (USD Prime + 1.00%), Maturing October 31, 2024 | 148 | 147,996 |
| ProQuest, LLC | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 24, 2021 | 790 | 789,201 |
| Tweddle Group, Inc. | ||
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, | ||
| 2023 | 107 | 101,381 |
| $ 3,102,730 |
20 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Radio and Television 2.6% | ||
| ALM Media Holdings, Inc. | ||
| Term Loan, 6.83%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020 | 196 | $ 180,566 |
| Cumulus Media New Holdings, Inc. | ||
| Term Loan, 6.91%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022 | 724 | 721,743 |
| E.W. Scripps Company (The) | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 1, 2026 | 150 | 149,531 |
| Entercom Media Corp. | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024 | 495 | 495,199 |
| Entravision Communications Corporation | ||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing November 29, 2024 | 428 | 413,322 |
| Gray Television, Inc. | ||
| Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024 | 116 | 115,576 |
| Term Loan, 4.93%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026 | 323 | 323,202 |
| Hubbard Radio, LLC | ||
| Term Loan, 5.91%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025 | 291 | 290,701 |
| iHeartCommunications, Inc. | ||
| Term Loan, 6.58%, (3 mo. USD LIBOR + 4.00%), Maturing May 1, 2026 | 1,273 | 1,275,767 |
| Mission Broadcasting, Inc. | ||
| Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | 158 | 157,061 |
| Nexstar Broadcasting, Inc. | ||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | 790 | 786,448 |
| Term Loan, Maturing June 20, | ||
| 2026 (5) | 250 | 249,427 |
| Sinclair Television Group, Inc. | ||
| Term Loan, 4.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024 | 258 | 255,506 |
| Univision Communications, Inc. | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024 | 1,698 | 1,619,282 |
| $ 7,033,331 | ||
| Retailers (Except Food and Drug) 2.8% | ||
| Ascena Retail Group, Inc. | ||
| Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022 | 1,047 | $ 690,200 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Retailers (Except Food and Drug) (continued) | ||
| Bass Pro Group, LLC | ||
| Term Loan, 7.40%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024 | 614 | $ 587,769 |
| BJs Wholesale Club, Inc. | ||
| Term Loan, 5.16%, (1 mo. USD LIBOR + 2.75%), Maturing February 3, 2024 | 437 | 438,169 |
| Coinamatic Canada, Inc. | ||
| Term Loan, 5.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | 21 | 21,393 |
| Davids Bridal, Inc. | ||
| Term Loan, 9.89%, (1 mo. USD LIBOR + 7.50%), Maturing July 17, 2023 | 128 | 129,318 |
| Term Loan, 10.39%, (1 mo. USD LIBOR + 8.00%), Maturing January 18, 2024 | 487 | 384,355 |
| Global Appliance, Inc. | ||
| Term Loan, 6.41%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024 | 451 | 448,347 |
| Hoya Midco, LLC | ||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024 | 975 | 965,458 |
| J. Crew Group, Inc. | ||
| Term Loan, 5.42%, (USD LIBOR + 3.00%), Maturing March 5, 2021 (3)(4) | 1,394 | 1,070,622 |
| LSF9 Atlantis Holdings, LLC | ||
| Term Loan, 8.42%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023 | 451 | 421,919 |
| PetSmart, Inc. | ||
| Term Loan, 6.67%, (1 mo. USD LIBOR + 4.25%), Maturing March 11, 2022 | 1,644 | 1,599,521 |
| PFS Holding Corporation | ||
| Term Loan, 5.92%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021 | 1,029 | 401,192 |
| Pier 1 Imports (U.S.), Inc. | ||
| Term Loan, 5.70%, (6 mo. USD LIBOR + 3.50%), Maturing April 30, 2021 | 238 | 97,375 |
| Radio Systems Corporation | ||
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing May 2, 2024 | 196 | 194,285 |
| $ 7,449,923 | ||
| Steel 1.1% | ||
| Atkore International, Inc. | ||
| Term Loan, 5.07%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023 | 655 | $ 652,894 |
| GrafTech Finance, Inc. | ||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025 | 1,218 | 1,198,847 |
21 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Steel (continued) | ||
| Neenah Foundry Company | ||
| Term Loan, 8.91%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022 | 346 | $ 342,644 |
| Phoenix Services International, LLC | ||
| Term Loan, 6.16%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025 | 395 | 395,095 |
| Zekelman Industries, Inc. | ||
| Term Loan, 4.65%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021 | 336 | 335,656 |
| $ 2,925,136 | ||
| Surface Transport 0.8% | ||
| 1199169 B.C. Unlimited Liability Company | ||
| Term Loan, 6.33%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | 131 | $ 131,836 |
| Agro Merchants NAI Holdings, LLC | ||
| Term Loan, 6.08%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024 | 172 | 171,801 |
| Hertz Corporation (The) | ||
| Term Loan, 5.16%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023 | 476 | 475,258 |
| Kenan Advantage Group, Inc. | ||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | 54 | 51,955 |
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | 177 | 170,848 |
| PODS, LLC | ||
| Term Loan, 5.16%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024 | 270 | 266,699 |
| Stena International S.a.r.l. | ||
| Term Loan, 5.33%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021 | 711 | 696,413 |
| XPO Logistics, Inc. | ||
| Term Loan, 4.40%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, | ||
| 2025 | 275 | 273,187 |
| $ 2,237,997 | ||
| Telecommunications 6.0% | ||
| CenturyLink, Inc. | ||
| Term Loan, 5.15%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025 | 2,438 | $ 2,383,783 |
| Colorado Buyer, Inc. | ||
| Term Loan, 5.42%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 | 392 | 366,275 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Telecommunications (continued) | |||
| Digicel International Finance Limited | |||
| Term Loan, 5.78%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024 | 860 | $ 752,229 | |
| eircom Finco S.a.r.l. | |||
| Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing April 19, 2024 | EUR | 695 | 791,628 |
| Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 23, 2026 | EUR | 250 | 284,697 |
| Term Loan, Maturing May 15, 2026 (5) | EUR | 350 | 398,625 |
| Frontier Communications Corp. | |||
| Term Loan, 6.16%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024 | 907 | 891,014 | |
| Gamma Infrastructure III B.V. | |||
| Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025 | EUR | 750 | 843,941 |
| Global Eagle Entertainment, Inc. | |||
| Term Loan, 10.35%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023 | 966 | 925,211 | |
| Intelsat Jackson Holdings S.A. | |||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing November 27, 2023 | 1,150 | 1,138,859 | |
| Term Loan, 6.90%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024 | 850 | 854,887 | |
| IPC Corp. | |||
| Term Loan, 7.09%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021 | 557 | 481,691 | |
| Onvoy, LLC | |||
| Term Loan, 6.83%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024 | 831 | 693,781 | |
| Plantronics, Inc. | |||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025 | 597 | 594,781 | |
| Sprint Communications, Inc. | |||
| Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024 | 1,637 | 1,615,482 | |
| Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024 | 373 | 370,324 | |
| Syniverse Holdings, Inc. | |||
| Term Loan, 7.40%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023 | 469 | 434,860 | |
| Telesat Canada | |||
| Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, | |||
| 2023 | 2,187 | 2,165,640 | |
| $ 15,987,708 |
22 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Borrower/Tranche Description | Principal Amount* (000s omitted) | Value |
|---|---|---|
| Utilities 2.9% | ||
| Brookfield WEC Holdings, Inc. | ||
| Term Loan, 5.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025 | 1,070 | $ 1,070,294 |
| Calpine Construction Finance Company L.P. | ||
| Term Loan, 4.90%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025 | 439 | 436,224 |
| Calpine Corporation | ||
| Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024 | 1,488 | 1,482,512 |
| Term Loan, 5.08%, (3 mo. USD LIBOR + 2.75%), Maturing April 5, 2026 | 425 | 424,734 |
| Granite Acquisition, Inc. | ||
| Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | 53 | 53,146 |
| Term Loan, 6.09%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | 1,172 | 1,174,038 |
| Lightstone Holdco, LLC | ||
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | 38 | 37,637 |
| Term Loan, 6.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | 675 | 667,308 |
| Longview Power, LLC | ||
| Term Loan, 8.59%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021 | 1,320 | 1,158,300 |
| Talen Energy Supply, LLC | ||
| Term Loan, Maturing June 28, | ||
| 2026 (5) | 350 | 346,500 |
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024 | 448 | 448,785 |
| Term Loan, 6.40%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024 | 340 | 339,712 |
| USIC Holdings, Inc. | ||
| Term Loan, 5.40%, (1 mo. USD LIBOR + 3.00%), Maturing December 8, 2023 | 99 | 98,004 |
| $ 7,737,194 | ||
| Total Senior Floating-Rate Loans (identified cost | ||
| $371,795,292) | $ 359,674,557 | |
| Corporate Bonds & Notes 11.8% | ||
| Security | Principal Amount* (000s omitted) | Value |
| Aerospace and Defense 0.4% | ||
| Huntington Ingalls Industries, Inc. | ||
| 5.00%, 11/15/25 (8) | 5 | $ 5,187 |
| Security | Value | |
|---|---|---|
| Aerospace and Defense (continued) | ||
| TransDigm, Inc. | ||
| 6.50%, 7/15/24 | 447 | $ 454,264 |
| 6.25%, 3/15/26 (8) | 175 | 183,531 |
| 7.50%, | ||
| 3/15/27 (8) | 447 | 467,674 |
| $ 1,110,656 | ||
| Automotive 0.3% | ||
| Navistar International Corp. | ||
| 6.625%, 11/1/25 (8) | 269 | $ 283,123 |
| Panther BF Aggregator 2 L.P./Panther Finance Co., Inc. | ||
| 8.50%, | ||
| 5/15/27 (8) | 417 | 430,552 |
| $ 713,675 | ||
| Building and Development | ||
| 0.0% (9) | ||
| Builders FirstSource, Inc. | ||
| 5.625%, 9/1/24 (8) | 3 | $ 3,103 |
| Hillman Group, Inc. (The) | ||
| 6.375%, 7/15/22 (8) | 18 | 16,020 |
| Reliance Intermediate Holdings, L.P. | ||
| 6.50%, 4/1/23 (8) | 50 | 51,750 |
| Standard Industries, Inc. | ||
| 6.00%, | ||
| 10/15/25 (8) | 30 | 31,988 |
| $ 102,861 | ||
| Business Equipment and Services 0.5% | ||
| EIG Investors Corp. | ||
| 10.875%, 2/1/24 | 417 | $ 444,105 |
| First Data Corp. | ||
| 5.00%, 1/15/24 (8) | 10 | 10,251 |
| Prime Security Services Borrower, LLC/Prime Finance, Inc. | ||
| 5.25%, 4/15/24 (8) | 325 | 331,500 |
| 5.75%, 4/15/26 (8) | 325 | 336,375 |
| ServiceMaster Co., LLC (The) | ||
| 7.45%, 8/15/27 | 187 | 201,259 |
| Solera, LLC/Solera Finance, Inc. | ||
| 10.50%, | ||
| 3/1/24 (8) | 10 | 10,862 |
| $ 1,334,352 | ||
| Cable and Satellite Television 0.5% | ||
| Altice France S.A. | ||
| 8.125%, 2/1/27 (8) | 417 | $ 438,893 |
| Cablevision Systems Corp. | ||
| 5.875%, 9/15/22 | 5 | 5,306 |
23 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Cable and Satellite Television (continued) | ||
| CCO Holdings, LLC/CCO Holdings Capital Corp. | ||
| 5.25%, 9/30/22 | 13 | $ 13,221 |
| 5.75%, 1/15/24 | 5 | 5,124 |
| 5.375%, 5/1/25 (8) | 40 | 41,450 |
| 5.75%, 2/15/26 (8) | 20 | 21,025 |
| 5.50%, 5/1/26 (8) | 417 | 437,454 |
| CSC Holdings, LLC | ||
| 5.25%, 6/1/24 | 5 | 5,206 |
| DISH DBS Corp. | ||
| 6.75%, 6/1/21 | 5 | 5,263 |
| 5.875%, 7/15/22 | 427 | 435,006 |
| $ 1,407,948 | ||
| Chemicals and Plastics 0.4% | ||
| Chemours Co. (The) | ||
| 7.00%, 5/15/25 | 417 | $ 436,807 |
| Hexion, Inc. | ||
| 6.625%, 4/15/20 (6) | 900 | 702,000 |
| W.R. Grace & Co. | ||
| 5.125%, 10/1/21 (8) | 15 | 15,637 |
| 5.625%, | ||
| 10/1/24 (8) | 5 | 5,413 |
| $ 1,159,857 | ||
| Commercial Services 0.2% | ||
| Allied Universal Holdco, LLC | ||
| 6.625%, | ||
| 7/15/26 (8)(10) | 417 | $ 424,819 |
| $ 424,819 | ||
| Conglomerates 0.0% (9) | ||
| Spectrum Brands, Inc. | ||
| 6.625%, 11/15/22 | 10 | $ 10,265 |
| 5.75%, 7/15/25 | 30 | 31,312 |
| $ 41,577 | ||
| Consumer Products 0.0% (9) | ||
| Central Garden & Pet Co. | ||
| 6.125%, 11/15/23 | 15 | $ 15,638 |
| $ 15,638 | ||
| Containers and Glass Products 1.1% | ||
| Berry Global, Inc. | ||
| 6.00%, 10/15/22 | 10 | $ 10,225 |
| Security | Value | |
|---|---|---|
| Containers and Glass Products (continued) | ||
| Owens-Brockway Glass Container, Inc. | ||
| 5.875%, 8/15/23 (8) | 15 | $ 16,235 |
| 6.375%, 8/15/25 (8) | 5 | 5,475 |
| Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC | ||
| 5.75%, 10/15/20 | 1,914 | 1,921,165 |
| 6.097%, (3 mo. USD LIBOR + 3.50%) | ||
| 7/15/21 (8)(11) | 450 | 451,125 |
| 7.00%, | ||
| 7/15/24 (8) | 417 | 431,968 |
| $ 2,836,193 | ||
| Drugs 0.9% | ||
| Bausch Health Companies, Inc. | ||
| 6.50%, 3/15/22 (8) | 404 | $ 419,150 |
| 7.00%, 3/15/24 (8) | 525 | 559,178 |
| 5.50%, 11/1/25 (8) | 850 | 889,312 |
| 7.00%, 1/15/28 (8) | 417 | 433,159 |
| Jaguar Holding Co. II/Pharmaceutical Product Development, LLC | ||
| 6.375%, | ||
| 8/1/23 (8) | 30 | 31,125 |
| $ 2,331,924 | ||
| Ecological Services and Equipment 0.2% | ||
| Clean Harbors, Inc. | ||
| 5.125%, 6/1/21 | 30 | $ 30,075 |
| Covanta Holding Corp. | ||
| 5.875%, 3/1/24 | 10 | 10,325 |
| GFL Environmental, Inc. | ||
| 8.50%, | ||
| 5/1/27 (8) | 417 | 449,839 |
| $ 490,239 | ||
| Electronics / Electrical 0.2% | ||
| CommScope, Inc. | ||
| 6.00%, 3/1/26 (8) | 450 | $ 463,500 |
| Infor (US), Inc. | ||
| 6.50%, 5/15/22 | 25 | 25,534 |
| $ 489,034 | ||
| Entertainment 0.2% | ||
| Merlin Entertainments PLC | ||
| 5.75%, | ||
| 6/15/26 (8) | 417 | $ 440,456 |
| $ 440,456 |
24 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Security | Value | ||
|---|---|---|---|
| Financial Intermediaries 0.2% | |||
| Icahn Enterprises, L.P./Icahn Enterprises Finance Corp. | |||
| 6.25%, 2/1/22 | 15 | $ 15,450 | |
| 6.25%, 5/15/26 (8) | 417 | 422,734 | |
| JPMorgan Chase & Co. | |||
| Series S, 6.75% to 2/1/24 (12)(13) | 35 | 38,708 | |
| Navient Corp. | |||
| 5.00%, 10/26/20 | 10 | 10,225 | |
| $ 487,117 | |||
| Food Products 0.4% | |||
| Dole Food Co., Inc. | |||
| 7.25%, 6/15/25 (8) | 417 | $ 405,533 | |
| Iceland Bondco PLC | |||
| 5.071%, (3 mo. GBP LIBOR + 4.25%), 7/15/20 (8)(11) | GBP | 105 | 133,511 |
| Post Holdings, Inc. | |||
| 8.00%, 7/15/25 (8) | 5 | 5,375 | |
| 5.625%, | |||
| 1/15/28 (8) | 417 | 430,031 | |
| $ 974,450 | |||
| Food Service 0.0% (9) | |||
| 1011778 B.C. Unlimited Liability Company/New Red Finance, Inc. | |||
| 4.625%, | |||
| 1/15/22 (8) | 25 | $ 25,062 | |
| $ 25,062 | |||
| Food / Drug Retailers 0.1% | |||
| Fresh Market, Inc. (The) | |||
| 9.75%, | |||
| 5/1/23 (8) | 575 | $ 393,875 | |
| $ 393,875 | |||
| Health Care 1.5% | |||
| Avantor, Inc. | |||
| 6.00%, 10/1/24 (8) | 675 | $ 719,887 | |
| Centene Corp. | |||
| 4.75%, 5/15/22 | 10 | 10,250 | |
| CHS/Community Health Systems, Inc. | |||
| 6.25%, 3/31/23 | 725 | 700,531 | |
| Eagle Holding Co. II, LLC | |||
| 7.75%, (7.75% cash or 8.50% PIK), | |||
| 5/15/22 (8)(14) | 417 | 421,170 | |
| HCA Healthcare, Inc. | |||
| 6.25%, 2/15/21 | 40 | 42,000 | |
| HCA, Inc. | |||
| 6.50%, 2/15/20 | 10 | 10,231 | |
| 5.875%, 2/15/26 | 10 | 11,075 | |
| 5.375%, 9/1/26 | 417 | 450,360 |
| Security | Value | |
|---|---|---|
| Health Care (continued) | ||
| Hologic, Inc. | ||
| 4.375%, 10/15/25 (8) | 10 | $ 10,188 |
| Polaris Intermediate Corp. | ||
| 8.50%, (8.50% cash or 9.25% PIK), | ||
| 12/1/22 (8)(14) | 417 | 370,087 |
| RegionalCare Hospital Partners Holdings, Inc. | ||
| 8.25%, 5/1/23 (8) | 850 | 905,250 |
| Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc. | ||
| 7.50%, 10/1/24 (8) | 9 | 9,450 |
| Teleflex, Inc. | ||
| 5.25%, 6/15/24 | 10 | 10,284 |
| Tenet Healthcare Corp. | ||
| 6.00%, 10/1/20 | 20 | 20,700 |
| 4.375%, 10/1/21 | 300 | 306,000 |
| 8.125%, 4/1/22 | 20 | 21,075 |
| 6.75%, 6/15/23 | 5 | 5,038 |
| $ 4,023,576 | ||
| Insurance 0.2% | ||
| Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer | ||
| 8.25%, 8/1/23 (8) | 20 | $ 20,594 |
| AssuredPartners, Inc. | ||
| 7.00%, | ||
| 8/15/25 (8) | 417 | 416,479 |
| $ 437,073 | ||
| Internet Software & Services | ||
| 0.0% (9) | ||
| Netflix, Inc. | ||
| 5.50%, 2/15/22 | 20 | $ 21,100 |
| 5.875%, 2/15/25 | 20 | 22,100 |
| Riverbed Technology, Inc. | ||
| 8.875%, | ||
| 3/1/23 (8) | 11 | 7,397 |
| $ 50,597 | ||
| Leisure Goods / Activities / Movies 0.5% | ||
| Mattel, Inc. | ||
| 6.75%, 12/31/25 (8) | 417 | $ 430,031 |
| National CineMedia, LLC | ||
| 6.00%, 4/15/22 | 350 | 354,375 |
| Sabre GLBL, Inc. | ||
| 5.375%, 4/15/23 (8) | 10 | 10,275 |
| 5.25%, 11/15/23 (8) | 20 | 20,700 |
25 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Leisure Goods / Activities / Movies (continued) | ||
| Viking Cruises, Ltd. | ||
| 6.25%, 5/15/25 (8) | 20 | $ 20,700 |
| 5.875%, | ||
| 9/15/27 (8) | 417 | 423,255 |
| $ 1,259,336 | ||
| Lodging and Casinos 0.7% | ||
| Caesars Resort Collection, LLC/CRC Finco, Inc. | ||
| 5.25%, 10/15/25 (8) | 417 | $ 418,043 |
| ESH Hospitality, Inc. | ||
| 5.25%, 5/1/25 (8) | 15 | 15,413 |
| GLP Capital, L.P./GLP Financing II, Inc. | ||
| 4.875%, 11/1/20 | 35 | 35,695 |
| Golden Nugget, Inc. | ||
| 8.75%, 10/1/25 (8) | 417 | 438,892 |
| MGM Growth Properties Operating Partnership, L.P./ MGP Finance Co-Issuer, Inc. | ||
| 5.625%, 5/1/24 | 5 | 5,406 |
| MGM Resorts International | ||
| 6.625%, 12/15/21 | 40 | 43,300 |
| 7.75%, 3/15/22 | 15 | 16,763 |
| RHP Hotel Properties, L.P./RHP Finance Corp. | ||
| 5.00%, 4/15/23 | 15 | 15,281 |
| Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC | ||
| 7.00%, 7/15/26 (8) | 417 | 442,020 |
| Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. | ||
| 5.25%, | ||
| 5/15/27 (8) | 417 | 419,085 |
| $ 1,849,898 | ||
| Nonferrous Metals / Minerals | ||
| 0.0% (9) | ||
| New Gold, Inc. | ||
| 6.25%, | ||
| 11/15/22 (8) | 5 | $ 4,688 |
| $ 4,688 | ||
| Oil and Gas 1.2% | ||
| Antero Resources Corp. | ||
| 5.375%, 11/1/21 | 40 | $ 39,650 |
| 5.625%, 6/1/23 | 5 | 4,850 |
| Ascent Resources Utica Holdings, LLC/ARU Finance Corp. | ||
| 10.00%, 4/1/22 (8) | 417 | 443,542 |
| Centennial Resource Production, LLC | ||
| 6.875%, 4/1/27 (8) | 417 | 423,255 |
| CITGO Petroleum Corp. | ||
| 6.25%, 8/15/22 (8) | 325 | 326,219 |
| Security | Value | |
|---|---|---|
| Oil and Gas (continued) | ||
| CVR Refining, LLC/Coffeyville Finance, Inc. | ||
| 6.50%, 11/1/22 | 60 | $ 61,245 |
| Energy Transfer Operating, L.P. | ||
| 5.875%, 1/15/24 | 15 | 16,683 |
| Gulfport Energy Corp. | ||
| 6.625%, 5/1/23 | 15 | 12,975 |
| Hilcorp Energy I, L.P./Hilcorp Finance Co. | ||
| 6.25%, 11/1/28 (8) | 417 | 421,691 |
| Neptune Energy Bondco PLC | ||
| 6.625%, 5/15/25 (8) | 463 | 472,260 |
| Newfield Exploration Co. | ||
| 5.625%, 7/1/24 | 65 | 72,074 |
| Parsley Energy, LLC/Parsley Finance Corp. | ||
| 5.25%, 8/15/25 (8) | 5 | 5,100 |
| PBF Logistics, L.P./PBF Logistics Finance Corp. | ||
| 6.875%, 5/15/23 | 20 | 20,725 |
| Precision Drilling Corp. | ||
| 6.50%, 12/15/21 | 568 | 572,305 |
| Seven Generations Energy, Ltd. | ||
| 6.75%, 5/1/23 (8) | 25 | 25,563 |
| 6.875%, 6/30/23 (8) | 15 | 15,281 |
| Tervita Escrow Corp. | ||
| 7.625%, 12/1/21 (8) | 240 | 245,330 |
| Williams Cos., Inc. (The) | ||
| 4.55%, 6/24/24 | 5 | 5,388 |
| $ 3,184,136 | ||
| Publishing 0.0% (9) | ||
| Tribune Media Co. | ||
| 5.875%, 7/15/22 | 20 | $ 20,448 |
| $ 20,448 | ||
| Radio and Television 0.2% | ||
| Clear Channel Worldwide Holdings, Inc. | ||
| Series A, 6.50%, 11/15/22 | 25 | $ 25,687 |
| Series B, 6.50%, 11/15/22 | 50 | 51,125 |
| iHeartCommunications, Inc. | ||
| 6.375%, 5/1/26 | 102 | 109,084 |
| 8.375%, 5/1/27 | 185 | 195,166 |
| Nielsen Co. Luxembourg S.a.r.l. (The) | ||
| 5.50%, 10/1/21 (8) | 15 | 15,094 |
| Sirius XM Radio, Inc. | ||
| 6.00%, 7/15/24 (8) | 40 | 41,260 |
26 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Security | Value | |
|---|---|---|
| Radio and Television (continued) | ||
| Univision Communications, Inc. | ||
| 6.75%, | ||
| 9/15/22 (8) | 124 | $ 126,558 |
| $ 563,974 | ||
| Retailers (Except Food and Drug) 0.2% | ||
| Murphy Oil USA, Inc. | ||
| 6.00%, 8/15/23 | 60 | $ 61,875 |
| Party City Holdings, Inc. | ||
| 6.125%, 8/15/23 (8) | 25 | 25,250 |
| 6.625%, | ||
| 8/1/26 (8) | 417 | 405,532 |
| $ 492,657 | ||
| Road & Rail | ||
| 0.0% (9) | ||
| Watco Cos., LLC/Watco Finance Corp. | ||
| 6.375%, | ||
| 4/1/23 (8) | 20 | $ 20,400 |
| $ 20,400 | ||
| Software and Services | ||
| 0.0% (9) | ||
| IHS Markit, Ltd. | ||
| 5.00%, | ||
| 11/1/22 (8) | 25 | $ 26,612 |
| $ 26,612 | ||
| Steel 0.2% | ||
| Allegheny Technologies, Inc. | ||
| 7.875%, 8/15/23 | 463 | $ 497,864 |
| $ 497,864 | ||
| Surface Transport 0.2% | ||
| DAE Funding, LLC | ||
| 5.00%, 8/1/24 (8) | 417 | $ 435,244 |
| XPO Logistics, Inc. | ||
| 6.50%, | ||
| 6/15/22 (8) | 22 | 22,495 |
| $ 457,739 | ||
| Telecommunications 1.0% | ||
| CenturyLink, Inc. | ||
| 6.75%, 12/1/23 | 15 | $ 16,219 |
| CommScope Technologies, LLC | ||
| 6.00%, 6/15/25 (8) | 20 | 18,844 |
| 5.00%, 3/15/27 (8) | 417 | 364,875 |
| Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd. | ||
| 8.75%, 5/25/24 (8) | 275 | 262,625 |
| Security | Value | ||
|---|---|---|---|
| Telecommunications (continued) | |||
| Frontier Communications Corp. | |||
| 7.625%, 4/15/24 | 10 | $ 5,725 | |
| 6.875%, 1/15/25 | 20 | 11,300 | |
| Hughes Satellite Systems Corp. | |||
| 6.625%, 8/1/26 | 417 | 439,414 | |
| Intelsat Jackson Holdings S.A. | |||
| 5.50%, 8/1/23 | 10 | 9,175 | |
| 8.50%, 10/15/24 (8) | 213 | 211,935 | |
| Level 3 Financing, Inc. | |||
| 5.375%, 1/15/24 | 10 | 10,238 | |
| Sprint Communications, Inc. | |||
| 7.00%, 8/15/20 | 76 | 78,945 | |
| 6.00%, 11/15/22 | 5 | 5,225 | |
| Sprint Corp. | |||
| 7.25%, 9/15/21 | 110 | 117,150 | |
| 7.875%, 9/15/23 | 644 | 701,960 | |
| 7.625%, 2/15/25 | 154 | 164,202 | |
| T-Mobile USA, Inc. | |||
| 6.375%, 3/1/25 | 15 | 15,615 | |
| 6.50%, 1/15/26 | 45 | 48,760 | |
| Wind Tre SpA | |||
| 2.75%, (3 mo. EURIBOR + 2.75%) 1/20/24 (8)(11) | EUR | 275 | 309,204 |
| $ 2,791,411 | |||
| Utilities 0.3% | |||
| Calpine Corp. | |||
| 5.25%, 6/1/26 (8) | 917 | $ 936,486 | |
| Vistra Energy Corp. | |||
| 8.125%, | |||
| 1/30/26 (8) | 10 | 10,800 | |
| $ 947,286 | |||
| Total Corporate Bonds & Notes (identified cost | |||
| $31,516,974) | $ 31,407,428 | ||
| Asset-Backed Securities 3.4% | |||
| Security | Principal Amount (000s omitted) | Value | |
| Ares XXXIIR CLO, Ltd. | |||
| Series 2014-32RA, Class D, 8.368%, (3 mo. USD LIBOR + 5.85%), 5/15/30 (8)(11) | $ | 1,000 | $ 941,917 |
| Benefit Street Partners CLO XVII, Ltd. | |||
| Series 2019-17A, Class E, 8.93%, (3 mo. USD LIBOR + 6.60%), 7/15/32 (8)(11) | 500 | 496,358 |
27 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Security | Principal Amount (000s omitted) | Value |
|---|---|---|
| BlueMountain CLO XXV, Ltd. | ||
| Series 2019-25A, Class E, 8.986%, (3 mo. USD LIBOR + 6.70%), 7/15/32 (8)(11) | $ 500 | $ 500,625 |
| Carlyle Global Market Strategies CLO, Ltd. | ||
| Series 2012-3A, Class DR2, 9.097%, (3 mo. USD LIBOR + 6.50%), 1/14/32 (8)(11) | 600 | 586,046 |
| Series 2015-5A, Class DR, 9.292%, (3 mo. USD LIBOR + 6.70%), 1/20/32 (8)(11) | 500 | 494,826 |
| Dryden 40 Senior Loan Fund | ||
| Series 2015-40A, Class ER, 8.268%, (3 mo. USD LIBOR + 5.75%), 8/15/31 (8)(11) | 500 | 476,941 |
| Galaxy XV CLO, Ltd. | ||
| Series 2013-15A, Class ER, 9.242%, (3 mo. USD LIBOR + 6.65%), 10/15/30 (8)(11) | 500 | 481,470 |
| Galaxy XXI CLO, Ltd. | ||
| Series 2015-21A, Class ER, 7.842%, (3 mo. USD LIBOR + 5.25%), 4/20/31 (8)(11) | 500 | 449,423 |
| Golub Capital Partners CLO, Ltd. | ||
| Series 2015-23A, Class ER, 8.342%, (3 mo. USD LIBOR + 5.75%), 1/20/31 (8)(11) | 600 | 556,654 |
| Kayne CLO, Ltd. | ||
| Series 2019-5A, Class E, (3 mo. USD LIBOR + 6.70%), 7/24/32 (8)(10) | 500 | 492,500 |
| Madison Park Funding XXXVII, Ltd. | ||
| Series 2019-37A, Class E, (3 mo. USD LIBOR + 6.55%), 7/15/32 (8)(10) | 500 | 500,625 |
| Neuberger Berman Loan Adviser CLO, Ltd. | ||
| Series 2019-31A, Class E, 9.274%, (3 mo. USD LIBOR + 6.75%), 4/20/31 (8)(11) | 500 | 495,310 |
| Palmer Square CLO, Ltd. | ||
| Series 2013-2A, Class DRR, 8.438%, (3 mo. USD LIBOR + 5.85%), 10/17/31 (8)(11) | 450 | 425,982 |
| Series 2015-2A, Class DR, 9.092%, (3 mo. USD LIBOR + 6.50%), 7/20/30 (8)(11) | 600 | 597,990 |
| Vibrant CLO XI, Ltd. | ||
| Series 2019-11A, Class D, (3 mo. USD LIBOR + 6.77%), 7/20/32 (8)(10) | 500 | 492,500 |
| Voya CLO, Ltd. | ||
| Series 2013-1A, Class DR, 9.077%, (3 | ||
| mo. USD LIBOR + 6.48%), 10/15/30 (8)(11) | 1,000 | 954,419 |
| Total Asset-Backed Securities (identified cost | ||
| $9,153,898) | $ 8,943,586 | |
| Common Stocks 1.9% | ||
| Security | Shares | Value |
| Aerospace and Defense 0.2% | ||
| IAP Global Services, LLC (3)(15)(16) | 29 | $ 372,386 |
| $ 372,386 |
| Security | Value | |
|---|---|---|
| Automotive 0.1% | ||
| Dayco Products, LLC (15)(16) | 10,159 | $ 325,088 |
| $ 325,088 | ||
| Electronics / Electrical | ||
| 0.0% (9) | ||
| Answers | ||
| Corp. (3)(15)(16) | 46,839 | $ 93,678 |
| $ 93,678 | ||
| Health Care 0.0% (9) | ||
| New Millennium Holdco, Inc. (15)(16) | 35,156 | $ 2,813 |
| $ 2,813 | ||
| Nonferrous Metals/Minerals 0.0% | ||
| ASP United/GHX Holding, LLC (3)(15)(16) | 38,082 | $ 0 |
| $ 0 | ||
| Oil and Gas 0.7% | ||
| AFG Holdings, Inc. (3)(15)(16) | 13,348 | $ 857,876 |
| Fieldwood Energy, Inc. (15)(16) | 9,594 | 301,012 |
| Nine Point Energy Holdings, | ||
| Inc. (3)(16)(17) | 325 | 3 |
| Samson Resources II, LLC, | ||
| Class A (15)(16) | 22,051 | 529,224 |
| Southcross Holdings Group, | ||
| LLC (3)(15)(16) | 30 | 0 |
| Southcross Holdings L.P., Class A (15)(16) | 30 | 16,125 |
| $ 1,704,240 | ||
| Publishing 0.6% | ||
| ION Media Networks, Inc. (3)(15) | 2,155 | $ 1,609,720 |
| Tweddle Group, | ||
| Inc. (3)(15)(16) | 889 | 1,965 |
| $ 1,611,685 | ||
| Radio and Television 0.3% | ||
| Clear Channel Outdoor Holdings, Inc. (15)(16) | 42,539 | $ 200,784 |
| Cumulus Media, Inc. (15)(16) | 18,865 | 349,946 |
| iHeartMedia, Inc., Class A (15)(16) | 18,090 | 284,917 |
| $ 835,647 | ||
| Retailers (Except Food and Drug) | ||
| 0.0% (9) | ||
| Davids Bridal, | ||
| Inc. (15)(16) | 9,424 | $ 47,120 |
| $ 47,120 | ||
| Total Common | ||
| Stocks (identified cost $2,813,381) | $ 4,992,657 |
28 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
| Convertible Preferred Stocks
0.0% (9) — Security | Shares | Value |
| --- | --- | --- |
| Oil and Gas 0.0% (9) | | |
| Nine Point Energy Holdings, Inc., Series A, 12.00% (3)(16)(17) | 5 | $ 4,052 |
| Total Convertible Preferred
Stocks (identified cost $5,000) | | $ 4,052 |
| Closed-End Funds 2.0% | | |
| Security | Shares | Value |
| BlackRock Floating Rate Income Strategies Fund, Inc. | 49,400 | $ 633,802 |
| Invesco Senior Income Trust | 238,872 | 1,031,927 |
| Nuveen Credit Strategies Income Fund | 180,539 | 1,429,869 |
| Nuveen Floating Rate Income Fund | 73,198 | 721,000 |
| Nuveen Floating Rate Income Opportunity Fund | 51,054 | 497,266 |
| Voya Prime Rate Trust | 196,084 | 933,360 |
| Total Closed-End Funds (identified cost $6,015,229) | | $ 5,247,224 |
| Miscellaneous 0.0% (9) | | |
| Security | Principal Amount/ Shares | Value |
| Cable and Satellite Television 0.0% | | |
| ACC Claims Holdings,
LLC (3)(16) | 200,340 | $ 0 |
| | | $ 0 |
| Oil and Gas 0.0% (9) | | |
| Paragon Offshore Finance Company,
Class A (15)(16) | 764 | $ 716 |
| Paragon Offshore Finance Company, Class B (15)(16) | 382 | 13,370 |
| | | $ 14,086 |
| Telecommunications 0.0% | | |
| Avaya, Inc., Escrow Certificates (3)(16) | $ 10,000 | $ 0 |
| | | $ 0 |
| Total
Miscellaneous (identified cost $8,309) | | $ 14,086 |
| Short-Term Investments 1.2% — Description | Units | Value | |
|---|---|---|---|
| Eaton Vance Cash Reserves Fund, LLC, 2.40% (18) | 3,194,436 | $ 3,194,436 | |
| Total Short-Term | |||
| Investments (identified cost $3,194,436) | $ 3,194,436 | ||
| Total Investments | |||
| 155.0% (identified cost $424,502,519) | $ 413,478,026 | ||
| Less Unfunded Loan Commitments (0.1)% | $ (144,784 | ) | |
| Net Investments | |||
| 154.9% (identified cost $424,357,735) | $ 413,333,242 | ||
| Other Assets, Less Liabilities (40.8)% | $ (108,798,204 | ) | |
| Auction Preferred Shares Plus Cumulative Unpaid Dividends | |||
| (14.1)% | $ (37,609,209 | ) | |
| Net Assets Applicable to Common Shares 100.0% | $ 266,925,829 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
(1) Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (LIBOR) and secondarily, the prime rate offered by one or more major United States banks (the Prime Rate). Base lending rates may be subject to a floor, or minimum rate.
(2) Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. 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, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.
(5) This Senior Loan will settle after June 30, 2019, at which time the interest rate will be determined.
(6) Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.
(7) Fixed-rate loan.
29 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Portfolio of Investments continued
(8) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2019, the aggregate value of these securities is $30,031,895 or 11.3% of the Trusts net assets applicable to common shares.
(9) Amount is less than 0.05%.
(10) When-issued security. For a variable rate security, interest rate will be determined after June 30, 2019.
(11) Variable rate security. The stated interest rate represents the rate in effect at June 30, 2019.
(12) Security converts to floating rate after the indicated fixed-rate coupon period.
(13) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
(14) Represents a payment-in-kind security which may pay interest in additional principal at the issuers discretion.
(15) Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.
(16) Non-income producing security.
(17) Restricted security (see Note 7).
(18) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2019.
| Forward Foreign Currency Exchange Contracts — Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
|---|---|---|---|---|---|---|---|---|
| USD | 5,000,830 | EUR | 4,449,117 | Goldman Sachs International | 7/31/19 | $ | $ (70,420 | ) |
| USD | 955,917 | EUR | 845,750 | HSBC Bank USA, N.A. | 7/31/19 | | (8,097 | ) |
| USD | 762,550 | EUR | 676,688 | State Street Bank and Trust Company | 7/31/19 | | (8,761 | ) |
| USD | 196,476 | EUR | 175,000 | State Street Bank and Trust Company | 7/31/19 | | (2,995 | ) |
| USD | 428,730 | GBP | 339,643 | State Street Bank and Trust Company | 7/31/19 | | (3,229 | ) |
| USD | 750,033 | GBP | 577,766 | State Street Bank and Trust Company | 7/31/19 | 15,228 | | |
| USD | 305,789 | CAD | 412,335 | HSBC Bank USA, N.A. | 8/30/19 | | (9,438 | ) |
| USD | 4,551,470 | EUR | 4,057,664 | State Street Bank and Trust Company | 8/30/19 | | (84,075 | ) |
| USD | 396,769 | EUR | 350,000 | State Street Bank and Trust Company | 8/30/19 | | (3,077 | ) |
| USD | 285,077 | EUR | 249,375 | State Street Bank and Trust Company | 8/30/19 | 187 | | |
| USD | 522,974 | EUR | 456,809 | Deutsche Bank AG | 9/30/19 | | (113 | ) |
| USD | 11,981,213 | EUR | 10,465,907 | HSBC Bank USA, N.A. | 9/30/19 | | (3,165 | ) |
| $ 15,415 | $ (193,370 | ) |
Abbreviations:
| CIDOR | | Canada Three Month Interbank Rate |
|---|---|---|
| DIP | | Debtor In Possession |
| 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 |
30 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Statement of Assets and Liabilities
| Assets | June 30, 2019 | |
|---|---|---|
| Unaffiliated investments, at value (identified cost, $421,163,299) | $ 410,138,806 | |
| Affiliated investment, at value (identified cost, $3,194,436) | 3,194,436 | |
| Cash | 4,697,460 | |
| Foreign currency, at value (identified cost, $85,816) | 85,827 | |
| Interest and dividends receivable | 1,614,964 | |
| Dividends receivable from affiliated investment | 8,686 | |
| Receivable for investments sold | 4,986,700 | |
| Receivable for open forward foreign currency exchange contracts | 15,415 | |
| Prepaid upfront fees on notes payable | 86,816 | |
| Prepaid expenses | 33,413 | |
| Total assets | $ 424,862,523 | |
| Liabilities | ||
| Notes payable | $ 103,000,000 | |
| Payable for investments purchased | 14,351,882 | |
| Payable for when-issued securities | 1,904,298 | |
| Payable for open forward foreign currency exchange contracts | 193,370 | |
| Payable to affiliates: | ||
| Investment adviser fee | 255,133 | |
| Administration fee | 85,044 | |
| Trustees fees | 5,755 | |
| Accrued expenses | 532,003 | |
| Total liabilities | $ 120,327,485 | |
| Commitments and contingencies (Note 13) | ||
| Auction preferred shares (1,504 shares outstanding) at liquidation value plus cumulative unpaid | ||
| dividends | $ 37,609,209 | |
| Net assets applicable to common shares | $ 266,925,829 | |
| Sources of Net Assets | ||
| Common shares, $0.01 par value, unlimited number of shares authorized, 37,866,607 shares issued and outstanding | $ 378,666 | |
| Additional paid-in capital | 277,568,442 | |
| Accumulated loss | (11,021,279 | ) |
| Net assets applicable to common shares | $ 266,925,829 | |
| Net Asset Value Per Common Share | ||
| ($266,925,829 ÷ 37,866,607 common shares issued and outstanding) | $ 7.05 |
31 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Statement of Operations
| Investment Income | Year Ended June 30, 2019 | |
|---|---|---|
| Interest and other income | $ 23,219,516 | |
| Dividends | 641,479 | |
| Dividends from affiliated investment | 127,270 | |
| Total investment income | $ 23,988,265 | |
| Expenses | ||
| Investment adviser fee | $ 3,155,995 | |
| Administration fee | 1,040,435 | |
| Trustees fees and expenses | 26,740 | |
| Custodian fee | 185,137 | |
| Transfer and dividend disbursing agent fees | 20,245 | |
| Legal and accounting services | 122,895 | |
| Printing and postage | 44,880 | |
| Interest expense and fees | 3,797,347 | |
| Preferred shares service fee | 42,078 | |
| Miscellaneous | 32,050 | |
| Total expenses | $ 8,467,802 | |
| Net investment income | $ 15,520,463 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) | ||
| Investment transactions | $ 778,323 | |
| Investment transactions affiliated investment | 753 | |
| Foreign currency transactions | 34,146 | |
| Forward foreign currency exchange contracts | 1,844,970 | |
| Net realized gain | $ 2,658,192 | |
| Change in unrealized appreciation (depreciation) | ||
| Investments | $ (8,799,622 | ) |
| Foreign currency | (29,699 | ) |
| Forward foreign currency exchange contracts | (491,053 | ) |
| Net change in unrealized appreciation (depreciation) | $ (9,320,374 | ) |
| Net realized and unrealized loss | $ (6,662,182 | ) |
| Distributions to preferred shareholders | $ (1,175,940 | ) |
| Discount on redemption and repurchase of auction preferred shares | $ 1,920,000 | |
| Net increase in net assets from operations | $ 9,602,341 |
32 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Statements of Changes in Net Assets
| Increase (Decrease) in Net Assets | Year Ended June 30, — 2019 | 2018 | ||
|---|---|---|---|---|
| From operations | ||||
| Net investment income | $ 15,520,463 | $ 14,578,151 | ||
| Net realized gain | 2,658,192 | 1,285,290 | ||
| Net change in unrealized appreciation (depreciation) | (9,320,374 | ) | 241,828 | |
| Distributions to preferred shareholders (1) | (1,175,940 | ) | (1,078,450 | ) |
| Discount on redemption and repurchase of auction preferred shares | 1,920,000 | | ||
| Net increase in net assets from operations | $ 9,602,341 | $ 15,026,819 | ||
| Distributions to common shareholders (1) | $ (14,692,244 | ) | $ (13,821,312 | ) |
| Net increase (decrease) in net assets | $ (5,089,903 | ) | $ 1,205,507 | |
| Net Assets Applicable to Common Shares | ||||
| At beginning of year | $ 272,015,732 | $ 270,810,225 | ||
| At end of year | $ 266,925,829 | $ 272,015,732 | (2) |
(1) For the year ended June 30, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange commission, effective November 5, 2018.
(2) Includes accumulated undistributed net investment income of $349,767 at June 30, 2018. The requirement to disclose the corresponding amount as of June 30, 2019 was eliminated.
33 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Statement of Cash Flows
| Cash Flows From Operating Activities | Year Ended June 30, 2019 | |
|---|---|---|
| Net increase in net assets from operations | $ 9,602,341 | |
| Distributions to preferred shareholders | 1,175,940 | |
| Discount on redemption and repurchase of auction preferred shares | (1,920,000 | ) |
| Net increase in net assets from operations excluding distributions to preferred shareholders and discount on redemption and repurchase of | ||
| auction preferred shares | $ 8,858,281 | |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | ||
| Investments purchased | (110,215,062 | ) |
| Investments sold and principal repayments | 116,972,982 | |
| Decrease in short-term investments, net | 3,605,860 | |
| Net amortization/accretion of premium (discount) | (117,473 | ) |
| Amortization of prepaid upfront fees on notes payable | 120,449 | |
| Increase in interest and dividends receivable | (380,202 | ) |
| Increase in dividends receivable from affiliated investment | (2,923 | ) |
| Decrease in receivable for open forward foreign currency exchange contracts | 420,894 | |
| Increase in prepaid expenses | (5,426 | ) |
| Decrease in cash collateral due to brokers | (850,000 | ) |
| Increase in payable for open forward foreign currency exchange contracts | 70,159 | |
| Decrease in payable to affiliate for investment adviser fee | (10,382 | ) |
| Decrease in payable to affiliate for administration fee | (2,296 | ) |
| Increase in payable to affiliate for Trustees fees | 5,755 | |
| Decrease in accrued expenses | (69,714 | ) |
| Decrease in unfunded loan commitments | (516,781 | ) |
| Net change in unrealized (appreciation) depreciation from investments | 8,799,622 | |
| Net realized gain from investments | (779,076 | ) |
| Net cash provided by operating activities | $ 25,904,667 | |
| Cash Flows From Financing Activities | ||
| Cash distributions paid to common shareholders | $ (14,692,244 | ) |
| Cash distributions paid to preferred shareholders | (1,177,120 | ) |
| Liquidation of auction preferred shares | (22,080,000 | ) |
| Proceeds from notes payable | 35,000,000 | |
| Repayments of notes payable | (25,000,000 | ) |
| Payment of upfront fees on notes payable | (137,329 | ) |
| Net cash used in financing activities | $ (28,086,693 | ) |
| Net decrease in cash and restricted cash* | $ (2,182,026 | ) |
| Cash and restricted cash at beginning of year (including foreign currency) | $ 6,965,313 | |
| Cash and restricted cash at end of year (including foreign currency) | $ 4,783,287 | |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest and fees on borrowings | $ 3,534,553 |
34 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Statement of Cash Flows continued
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.
| June 30, — 2019 | 2018 | |
|---|---|---|
| Cash | $ 4,697,460 | $ 4,537,683 |
| Deposit for derivatives collateral forward foreign currency exchange contracts | | 850,000 |
| Foreign currency | 85,827 | 1,577,630 |
| Total cash and restricted cash as shown on the Statement of Cash Flows | $ 4,783,287 | $ 6,965,313 |
35 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Financial Highlights
Selected data for a common share outstanding during the periods stated
| Year Ended June 30, — 2019 | 2018 | 2017 | 2016 | 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net asset value Beginning of year (Common shares) | $ 7.180 | $ 7.150 | $ 6.650 | $ 7.020 | $ 7.340 | |||||
| Income (Loss) From Operations | ||||||||||
| Net investment income (1) | $ 0.410 | $ 0.385 | $ 0.404 | $ 0.422 | $ 0.401 | |||||
| Net realized and unrealized gain (loss) | (0.172 | ) | 0.038 | 0.436 | (0.371 | ) | (0.316 | ) | ||
| Distributions to preferred shareholders | ||||||||||
| From net investment income (1) | (0.031 | ) | (0.028 | ) | (0.014 | ) | (0.009 | ) | (0.003 | ) |
| Discount on redemption and repurchase of auction preferred shares (1) | 0.051 | | 0.064 | | | |||||
| Total income from operations | $ 0.258 | $ 0.395 | $ 0.890 | $ 0.042 | $ 0.082 | |||||
| Less Distributions to Common Shareholders | ||||||||||
| From net investment income | $ (0.388 | ) | $ (0.365 | ) | $ (0.390 | ) | $ (0.412 | ) | $ (0.402 | ) |
| Total distributions to common shareholders | $ (0.388 | ) | $ (0.365 | ) | $ (0.390 | ) | $ (0.412 | ) | $ (0.402 | ) |
| Net asset value End of year (Common shares) | $ 7.050 | $ 7.180 | $ 7.150 | $ 6.650 | $ 7.020 | |||||
| Market value End of year (Common shares) | $ 6.230 | $ 6.380 | $ 6.650 | $ 6.010 | $ 6.210 | |||||
| Total Investment Return on Net Asset Value (2) | 4.46 | % (3) | 6.12 | % | 14.02 | % (4) | 1.57 | % | 1.71 | % |
| Total Investment Return on Market Value (2) | 3.88 | % | 1.39 | % | 17.34 | % | 3.77 | % | (3.02 | )% |
36 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Financial Highlights continued
Selected data for a common share outstanding during the periods stated
| Ratios/Supplemental Data | Year Ended June 30, — 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Net assets applicable to common shares, end of year (000s omitted) | $ 266,926 | $ 272,016 | $ 270,810 | $ 251,789 | $ 266,009 |
| Ratios (as a percentage of average daily net assets applicable to common shares): (5) | |||||
| Expenses excluding interest and fees (6) | 1.73 % | 1.82 % | 1.87 % | 1.96 % | 1.99 % |
| Interest and fee expense (7) | 1.40 % | 0.83 % | 0.52 % | 0.28 % | 0.28 % |
| Total expenses (6) | 3.13 % | 2.65 % | 2.39 % | 2.24 % | 2.27 % |
| Net investment income | 5.74 % | 5.36 % | 5.75 % | 6.38 % | 5.61 % |
| Portfolio Turnover | 26 % | 34 % | 42 % | 31 % | 33 % |
| Senior Securities: | |||||
| Total notes payable outstanding (in 000s) | $ 103,000 | $ 93,000 | $ 92,000 | $ 25,000 | $ 60,000 |
| Asset coverage per $1,000 of notes payable (8) | $ 3,957 | $ 4,587 | $ 4,613 | $ 15,472 | $ 7,267 |
| Total preferred shares outstanding | 1,504 | 2,464 | 2,464 | 4,400 | 4,400 |
| Asset coverage per preferred share (9) | $ 72,464 | $ 68,989 | $ 69,078 | $ 71,629 | $ 64,119 |
| Involuntary liquidation preference per preferred | |||||
| share (10) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred share (10) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trusts dividend reinvestment plan.
(3) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its Auction Preferred Shares at 92% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 3.71%.
(4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its Auction Preferred Shares at 95% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 13.00%.
(5) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(6) 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.
(7) Interest and fee expense relates to the notes payable to partially redeem the Trusts Auction Preferred Shares (see Note 2) and/or to fund investments (see Note 9).
(8) Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts total assets, and dividing the result by the notes payable balance in thousands.
(9) Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 290%, 276%, 276%, 287% and 256% at June 30, 2019, 2018, 2017, 2016 and 2015, respectively.
(10) 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.
| 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|
| Expenses excluding interest and fees | 1.12 % | 1.17 % | 1.21 % | 1.21 % | 1.21 % |
| Interest and fee expense | 0.91 % | 0.54 % | 0.34 % | 0.17 % | 0.17 % |
| Total expenses | 2.03 % | 1.71 % | 1.55 % | 1.38 % | 1.38 % |
| Net investment income | 3.73 % | 3.46 % | 3.72 % | 3.93 % | 3.42 % |
37 See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2019
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance Senior Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trusts investment objective is to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans.
The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation The following methodologies are used to determine the market value or fair value of investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrowers outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrowers assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment advisers Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trusts forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that most fairly reflects the securitys fair value, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based
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on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys or entitys financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal Taxes The Trusts policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
As of June 30, 2019, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Unfunded Loan Commitments The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrowers discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At June 30, 2019, the Trust had sufficient cash and/or securities to cover these commitments.
G Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications Under the Trusts organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trusts Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
I Forward Foreign Currency Exchange Contracts The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
J When-Issued Securities and Delayed Delivery Transactions The Trust may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
K New Accounting Pronouncement During the year ended June 30, 2019, the Trust adopted the FASBs Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash (ASU 2016-18), which became effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Pursuant to the new standard, the Trust is required to include amounts described as restricted cash and
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restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-year and end-of-year total amounts shown on the Statement of Cash Flows. Prior to the change, such amounts were disclosed separately within the Statement of Cash Flows. This change in accounting had no impact on the Trusts net assets.
2 Auction Preferred Shares
The Trust issued Auction Preferred Shares (APS) on July 27, 2001 in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 125% of the AA Financial Composite Commercial Paper Rate at the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.
On June 29, 2018, the Trust announced a tender offer to purchase up to 39% of its outstanding APS at a price per share equal to 92% of the APS liquidation preference of $25,000 per share (or $23,000 per share), plus any accrued but unpaid APS dividends. The tender offer expired on September 14, 2018. The number of APS redeemed pursuant to the tender offer and the redemption amount (excluding the final dividend payment) during the year ended June 30, 2019 and the number of APS issued and outstanding at June 30, 2019 are as follows:
| Series A | 480 | Redemption Amount — $ 11,040,000 | 752 |
|---|---|---|---|
| Series B | 480 | 11,040,000 | 752 |
The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
3 Distributions to Shareholders and Income Tax Information
The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at June 30, 2019, 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 | 2.92 % | Dividends Accrued to APS Shareholders — $ 587,911 | 2.75 % | 2.313.12 |
|---|---|---|---|---|
| Series B | 2.99 | 588,029 | 2.75 | 2.313.12 |
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of June 30, 2019.
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
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The tax character of distributions declared for the years ended June 30, 2019 and June 30, 2018 was as follows:
| Year Ended June 30, — 2019 | 2018 | |
|---|---|---|
| Ordinary income | $ 15,868,184 | $ 14,899,762 |
During the year ended June 30, 2019, accumulated loss was decreased by $5,070,896 and paid-in capital was decreased by $5,070,896 due to expired capital loss carryforwards. These reclassifications had no effect on the net assets or net asset value per share of the Trust.
As of June 30, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed ordinary income | $ | |
|---|---|---|
| Post October capital losses | $ (1,431,100 | ) |
| Net unrealized depreciation | $ (10,551,441 | ) |
During the year ended June 30, 2019, capital loss carryforwards of $2,009,025 were utilized to offset net realized gains by the Trust.
At June 30, 2019, the Trust had a net capital loss of $1,431,100 attributable to security transactions incurred after October 31, 2018 that it has elected to defer. This net capital loss is treated as arising on the first day of the Trusts taxable year ending June 30, 2020.
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Trust at June 30, 2019, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ | |
|---|---|---|
| Gross unrealized appreciation | $ 5,058,351 | |
| Gross unrealized depreciation | (15,560,131 | ) |
| Net unrealized depreciation | $ (10,501,780 | ) |
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 Trusts 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 Trusts advisory fee is currently computed at an annual rate of 0.75% (0.76% prior to May 1, 2019) 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, 2019, the Trusts investment adviser fee totaled $3,155,995. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.25% of the Trusts average weekly gross assets. For the year ended June 30, 2019, the administration fee amounted to $1,040,435.
Trustees and officers of the Trust who are members of EVMs organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended June 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $107,640,895 and $119,664,086, respectively, for the year ended June 30, 2019.
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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, 2019 and June 30, 2018.
In November 2013, the Board of Trustees initially approved a share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The 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, 2019 and June 30, 2018.
Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 4,551,438 common shares through an equity shelf offering program (the shelf offering). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trusts net asset value per common share. During the years ended June 30, 2019 and June 30, 2018, there were no shares sold by the Trust pursuant to its shelf offering.
7 Restricted Securities
At June 30, 2019, the Trust owned the following securities (representing less than 0.01% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
| Description | Cost | Value | ||
|---|---|---|---|---|
| Common Stocks | ||||
| Nine Point Energy Holdings, Inc. | 7/15/14 | 325 | $ 15,070 | $ 3 |
| Convertible Preferred Stocks | ||||
| Nine Point Energy Holdings, Inc., Series A, 12.00% | 5/26/17 | 5 | 5,000 | 4,052 |
| Total Restricted Securities | $ 20,070 | $ 4,055 |
8 Financial Instruments
The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2019 is included in the Portfolio of Investments. At June 30, 2019, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.
The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trusts net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At June 30, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $193,370. At June 30, 2019, 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
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bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trusts net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trusts custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as 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 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, 2019 was as follows:
| Derivative | Fair Value — Asset Derivative (1) | Liability Derivative (2) | |
|---|---|---|---|
| Forward foreign currency exchange contracts | $ 15,415 | $ (193,370 | ) |
(1) Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.
(2) Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.
The Trusts derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Trusts 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, 2019.
| 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) | |||
|---|---|---|---|---|---|---|---|---|
| State Street Bank and Trust Company | $ 15,415 | $ (15,415 | ) | $ | $ | $ | ||
| 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) | |||
| Deutsche Bank AG | $ (113 | ) | $ | $ | $ | $ (113 | ) | |
| Goldman Sachs International | (70,420 | ) | | | | (70,420 | ) | |
| HSBC Bank USA, N.A. | (20,700 | ) | | | | (20,700 | ) | |
| State Street Bank and Trust Company | (102,137 | ) | 15,415 | | | (86,722 | ) | |
| $ (193,370 | ) | $ 15,415 | $ | $ | $ (177,955 | ) |
(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.
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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, 2019 was as follows:
| Derivative | Realized Gain (Loss) on Derivatives Recognized in Income (1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in
Income (2) | |
| --- | --- | --- | --- |
| Forward foreign currency exchange contracts | $ 1,844,970 | $ (491,053 | ) |
(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, 2019, which is indicative of the volume of this derivative type, was approximately $24,898,000.
9 Revolving Credit and Security Agreement
The Trust has entered into a Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank that allows it to borrow up to $125 million ($100 million prior to September 13, 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 generally charged at a rate above the conduits commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through March 9, 2020, the Trust also pays a program fee of 0.85% (0.67% prior to March 11, 2019) per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan amount is less than or equal to 60% of the total facility size) per annum on the unused portion of the total commitment under the Agreement. Prior to March 11, 2019, the liquidity fee was 0.15% on the total commitment (used or unused) or 0.25% if the outstanding loan amount was less than or equal to 60% of the total commitment. Program and liquidity fees for the year ended June 30, 2019 totaled $891,960 and are included in interest expense and fees on the Statement of Operations. In connection with the increase in the facility size in September 2018, the Trust paid an upfront fee of $12,329, which was amortized to interest expense through March 2019. The Trust paid an additional upfront fee of $125,000 in connection with the renewal of the Agreement in March 2019, which is being amortized to interest expense over a period of one year. The unamortized balance as of June 30, 2019 is approximately $87,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. The Trust is required to maintain certain net asset levels during the term of the Agreement. At June 30, 2019, the Trust had borrowings outstanding under the Agreement of $103,000,000 at an interest rate of 2.51%. 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, 2019 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 12) at June 30, 2019. For the year ended June 30, 2019, the average borrowings under the Agreement and the average interest rate (excluding fees) were $103,016,438 and 2.50%, 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 loans value.
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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 funds own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At June 30, 2019, the hierarchy of inputs used in valuing the Trusts investments and open derivative instruments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3* | Total | ||
|---|---|---|---|---|---|---|
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | $ | $ 358,190,361 | $ 1,339,412 | $ 359,529,773 | ||
| Corporate Bonds & Notes | | 31,407,428 | | 31,407,428 | ||
| Asset-Backed Securities | | 8,943,586 | | 8,943,586 | ||
| Common Stocks | 550,730 | 1,506,299 | 2,935,628 | 4,992,657 | ||
| Convertible Preferred Stocks | | | 4,052 | 4,052 | ||
| Closed-End Funds | 5,247,224 | | | 5,247,224 | ||
| Miscellaneous | | 14,086 | 0 | 14,086 | ||
| Short-Term Investments | | 3,194,436 | | 3,194,436 | ||
| Total Investments | $ 5,797,954 | $ 403,256,196 | $ 4,279,092 | $ 413,333,242 | ||
| Forward Foreign Currency Exchange Contracts | $ | $ 15,415 | $ | $ 15,415 | ||
| Total | $ 5,797,954 | $ 403,271,611 | $ 4,279,092 | $ 413,348,657 | ||
| Liability Description | ||||||
| Forward Foreign Currency Exchange Contracts | $ | $ (193,370 | ) | $ | $ (193,370 | ) |
| Total | $ | $ (193,370 | ) | $ | $ (193,370 | ) |
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, 2019 is not presented.
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 GMs bankruptcy filing in June 2009. The AAT sought (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GMs unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GMs filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Trust was approximately $1,787,000 (equal to 0.67% of net assets applicable to common shares at June 30, 2019). In April 2019, the parties to the litigation reached a settlement agreement in principle, subject to Court approval. On June 12, 2019, the Court approved the settlement, and all claims and cross claims in the litigation were dismissed on July 2, 2019. The Trust did not suffer any loss to the Trusts net asset value as a result of the settlement. The attorneys fees and costs related to these actions were expensed by the Trust as incurred.
45
Eaton Vance
Senior Income Trust
June 30, 2019
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, 2019, 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, 2019, 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 Trusts management. Our responsibility is to express an opinion on the Trusts 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 Trusts 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, 2019, 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 19, 2019
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
46
Eaton Vance
Senior Income Trust
June 30, 2019
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust.
47
Eaton Vance
Senior Income Trust
June 30, 2019
Dividend Reinvestment Plan
The Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, LLC, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trusts transfer agent re-register your Shares in your name or you will not be able to participate.
The Agents service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
48
Eaton Vance
Senior Income Trust
June 30, 2019
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
49
Eaton Vance
Senior Income Trust
June 30, 2019
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 the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the funds board of trustees, including 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 held on April 24, 2019, the Boards of Trustees/Directors (collectively, the Board) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the Eaton Vance Funds), including a majority of the independent trustees (the Independent Trustees), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of 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 exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committees annual evaluation of the investment advisory and sub-advisory agreements.
Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, 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 advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (comparable funds);
A report from an independent data provider comparing each funds total expense ratio (and its components) to those of 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 relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;
Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund 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(s), if any;
Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;
Information about Portfolio Management and Trading
Descriptions of the investment management services provided to each fund, as well as each of the funds investment strategies and policies;
The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;
Information about the policies and practices of each funds adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;
Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund 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 the portfolio turnover rate of each fund;
Information about each Adviser and Sub-adviser
Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;
Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;
The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, 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 the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;
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Eaton Vance
Senior Income Trust
June 30, 2019
Board of Trustees Contract Approval continued
A description of Eaton Vance Managements and Boston Management and Researchs oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
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 the adviser or administrator to each of the funds; and
The terms of each investment advisory agreement.
During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees 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, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised 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 fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.
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 between Eaton Vance Senior Income Trust (the Fund) and Eaton Vance Management (the Adviser), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, 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 for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Advisers management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Advisers investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. Specifically, the Board noted the experience of the Advisers large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including 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. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio 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.
51
Eaton Vance
Senior Income Trust
June 30, 2019
Board of Trustees Contract Approval continued
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Funds investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Boards review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Funds 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 Funds management fees and total expense ratio for the one-year period ended September 30, 2018, 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 accounts 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 accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Fund and other types of accounts. The Board also considered certain Fund specific factors that had an impact on the Funds total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. Additionally, the Board took into account the financial resources committed by the Adviser in structuring the Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of the Funds life. The Board also considered that, following discussions with the Contract Review Committee, the Adviser had implemented a series of permanent reductions in management fees beginning in May 2010, which included a further fee reduction effective May 1, 2019.
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 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 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.
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective 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.
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 the benefits from economies of scale, if any, when they are realized by the Adviser. 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 Funds assets are not expected to increase materially in the foreseeable future. The Board concluded that the implementation of breakpoints in the advisory fee schedule is not warranted at this time.
52
Eaton Vance
Senior Income Trust
June 30, 2019
Management and Organization
Fund Management. The Trustees of Eaton Vance Senior Income Trust (the Trust) are responsible for the overall management and supervision of the Trusts affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The Noninterested Trustees consist of those Trustees who are not interested persons of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, EVC refers to Eaton Vance Corp., EV refers to Eaton Vance, Inc., EVM refers to Eaton Vance Management, BMR refers to Boston Management and Research 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 Trusts principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 168 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 Other 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 168 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. Other 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 2021. 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). Other 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). Other 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). Other 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). Other Directorships in the Last Five | |||
| Years. (2) Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. | |||
| (mortgage REIT) (since 2013). |
53
Eaton Vance
Senior Income Trust
June 30, 2019
Management and Organization continued
| Name and Year of Birth | Position(s) with the Trust | Term Expiring. Trustee Since (1) | Principal Occupation(s) and Other 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). Other Directorships in the Last Five Years. (2) None. | |||
| Helen Frame Peters 1948 | Class II Trustee | Until 2021. 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). Other Directorships in the Last Five Years. (2) None. | |||
| Keith Quinton (4) 1958 | Class II Trustee | Until 2021. Trustee since 2018. | Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information |
| Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016). | |||
| Marcus L. Smith (4) 1966 | Class III Trustee | Until 2019. Trustee since 2018. | Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at |
| MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global | |||
| provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). | |||
| 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). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance |
| products) (2013-2015). | |||
| Scott E. Wennerholm 1959 | Class II Trustee | Until 2021. 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). Other Directorships in the Last Five Years. None. |
| Name and Year of Birth | Position(s) with the Trust | Officer Since (5) | 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) since 2016. |
| Maureen A. Gemma 1960 | Vice President, Secretary and Chief Legal Officer | 2005 | Vice President of EVM and BMR. Also Vice President of CRM since 2016. |
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Eaton Vance
Senior Income Trust
June 30, 2019
Management and Organization continued
| Name and Year of Birth | Position(s) with the Trust | Officer Since (5) | Principal Occupation(s) During Past Five Years |
|---|---|---|---|
| Principal Officers who are not Trustees (continued) | |||
| James F. Kirchner 1967 | Treasurer | 2007 | Vice President of EVM and BMR. Also Vice President of CRM since 2016. |
| 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 Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnits TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). 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) Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.
(5) 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.
55
Eaton Vance Funds
IMPORTANT NOTICES
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Managements Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customers account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisors privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vances Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called householding and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (AST), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SECs website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds and Portfolios Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SECs website at www.sec.gov.
Share Repurchase Program. The Funds Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Funds repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under Individual Investors Closed-End Funds.
56
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 6.30.19
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 registrants 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 registrants fiscal years ended June 30, 2018 and June 30, 2019 by the registrants principal accountant, Deloitte & Touche LLP (D&T), for professional services rendered for the audit of the registrants annual financial statements and fees billed for other services rendered by D&T during such periods.
Eaton Vance Senior Income Trust
| Fiscal Years Ended | 06/30/18 | 06/30/19 |
|---|---|---|
| Audit Fees | $ 100,750 | $ 100,000 |
| Audit-Related Fees (1) | $ 0 | $ 0 |
| Tax Fees (2) | $ 21,900 | $ 21,306 |
| All Other Fees (3) | $ 0 | $ 0 |
| Total | $ 122,650 | $ 121,306 |
(1) Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrants financial statements and are not reported under the category of audit fees and specifically includes fees for the performance of certain agreed upon procedures relating to the registrants revolving credit agreement.
(2) Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3) All other fees consist of the aggregate fees billed for products and services provided by the registrants principal accountant other than audit, audit-related, and tax services.
(e)(1) The registrants audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrants principal accountant (the Pre-Approval Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants audit committee pursuant to the de minimis exception set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrants fiscal years ended June 30, 2018 and June 30, 2019; 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 | 06/30/18 | 06/30/19 |
|---|---|---|
| Registrant | $ 21,900 | $ 21,306 |
| Eaton Vance (1) | $ 51,855 | $ 60,130 |
(1) The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.
(h) The registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountants independence.
Item 5. Audit Committee of Listed registrants
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George J. Gorman (Chair), Valerie A. Mosley, William H. Park and Scott E. Wennerholm are the members of the registrants audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov .
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Eaton Vance Management (EVM or Eaton Vance) is the investment adviser of the Trust. William E. Holt, Catherine C. McDermott, Daniel P. McElaney, Scott H. Page, John P. Redding and Andrew N. Sveen comprise the investment team responsible for the overall and day-to-day management of the Trusts investments.
Messrs. Holt, McElaney and Sveen and Ms. McDermott are Vice Presidents of EVM and have been portfolio managers of the Trust since March 2019. Mr. Page is a Vice President of EVM and have been a portfolio manager of the Trust since October 1998. Mr. Redding is a Vice President of EVM and have been a portfolio manager of the Trust since November 2001. Messrs. Page, Redding and Sveen and Ms. McDermott have managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing this report.
The following table shows, as of the Trusts most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.
| Total Assets of All Accounts | Total Assets of Accounts Paying a Performance Fee | |||
|---|---|---|---|---|
| William E. Holt | ||||
| Registered Investment Companies | 5 | $ 2,813.8 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 0 | $ 0 | 0 | $ 0 |
| Other Accounts | 0 | $ 0 | 0 | $ 0 |
| Catherine C. McDermott | ||||
| Registered Investment Companies | 8 | $ 5,771.2 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 0 | $ 0 | 0 | $ 0 |
| Other Accounts | 0 | $ 0 | 0 | $ 0 |
| Daniel P. McElaney | ||||
| Registered Investment Companies | 5 | $ 2,813.8 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 0 | $ 0 | 0 | $ 0 |
| Other Accounts | 0 | $ 0 | 0 | $ 0 |
| Scott H. Page | ||||
| Registered Investment Companies | 14 | $ 28,836.2 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 10 | $ 8,350.8 | 0 | $ 0 |
| Other Accounts | 5 | $ 4,933.4 | 0 | $ 0 |
| John P. Redding | ||||
| Registered Investment Companies | 3 | $ 851.6 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 2 | $ 77.1 | 0 | $ 0 |
| Other Accounts | 0 | $ 0 | 0 | $ 0 |
| Andrew N. Sveen | ||||
| Registered Investment Companies | 11 | $ 25,878.8 | 0 | $ 0 |
| Other Pooled Investment Vehicles | 0 | $ 0 | 0 | $ 0 |
| Other Accounts | 0 | $ 0 | 0 | $ 0 |
The following table shows the dollar range of Trust shares beneficially owned by each portfolio manager as of the Trusts most recent fiscal year end.
| Portfolio Manager | Dollar Range of Equity Securities Beneficially Owned in the Trust |
|---|---|
| William E. Holt | None |
| Catherine C. McDermott | None |
| Daniel P. McElaney | None |
| Scott H. Page | $100,001 - $500,000 |
| John P. Redding | $100,001 - $500,000 |
| Andrew N. Sveen | None |
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio managers management of the Funds 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 Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund 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 Fund. 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 or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment advisers trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
Compensation Structure for EVM
Compensation of EVMs portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options to purchase shares of 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. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio (Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year
end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a funds peer group as determined by Lipper or Morningstar is deemed by EVMs management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. 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 EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrants most recent fiscal year end.
Item 13. Exhibits
| (a)(1) | Registrants Code of Ethics Not applicable (please see Item 2). |
|---|---|
| (a)(2)(i) | Treasurers Section 302 certification. |
| (a)(2)(ii) | Presidents Section 302 certification. |
| (b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Eaton Vance Senior Income Trust | |
|---|---|
| By: | /s/ Payson F. Swaffield |
| Payson F. Swaffield | |
| President | |
| Date: | August 26, 2019 |
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 26, 2019 |
| By: | /s/ Payson F. Swaffield |
| Payson F. Swaffield | |
| President | |
| Date: | August 26, 2019 |
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