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Eaton Vance Senior Income Trust

Regulatory Filings Aug 26, 2019

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N-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

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

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

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

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

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

Annual Report June 30, 2019

Eaton Vance

Senior Income Trust

Table of Contents

Management’s Discussion of Fund Performance 2
Performance 3
Fund Profile 4
Endnotes and Additional Disclosures 5
Financial Statements 6
Report of Independent Registered Public Accounting Firm 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

Management’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s underlying investments in both up and down market environments. The use of leverage amplified the positive total return of the Fund’s underlying portfolio during the period. Additionally, the repurchase of a portion of the Fund’s 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 Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

2 S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. 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 Fund’s 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 Fund’s APS at 95% and 92% of the Fund’s 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 Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

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

7 Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

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* (000’s 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 Frisco’s 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
BJ’s 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
David’s 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* (000’s 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* (000’s 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 (000’s 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 (000’s 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)
David’s 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.

  • In U.S. dollars unless otherwise indicated.

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

(2) Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. 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 Trust’s 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 issuer’s 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
  • Includes net change in unrealized appreciation (depreciation) on foreign currency of $26,379.

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 (000’s 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 000’s) $ 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 Trust’s dividend reinvestment plan.

(3) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its Auction Preferred Shares at 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 Trust’s Auction Preferred Shares (see Note 2) and/or to fund investments (see Note 9).

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

(9) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 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 Trust’s investment objective is to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans.

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

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

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

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

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

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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 security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

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

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

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

K New Accounting Pronouncement — During the year ended June 30, 2019, the Trust adopted the FASB’s 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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Notes to Financial Statements — continued

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

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 % 2.31–3.12
Series B 2.99 588,029 2.75 2.31–3.12

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust’s APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of June 30, 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 Trust’s 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 Trust’s average weekly gross assets and is payable monthly. Pursuant to a fee reduction agreement between the Trust and EVM that commenced on May 1, 2010, the annual investment adviser fee is reduced by 0.01% every May 1 thereafter for the next twenty-nine years. The Trust’s advisory fee is currently computed at an annual rate of 0.75% (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 Trust’s 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 Trust’s 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 EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended June 30, 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 Trust’s 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 Trust’s net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At June 30, 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 Trust’s net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.

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

The 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 Trust’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Trust’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Trust for such assets and pledged by the Trust for such liabilities as of June 30, 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 loan’s value.

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Notes to Financial Statements — continued

12 Fair Value Measurements

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

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

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

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

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

At June 30, 2019, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3* Total
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) $ — $ 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 )
  • None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended June 30, 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 GM’s 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 GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Trust 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 Trust’s 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 Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of June 30, 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 Trust’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

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 fund’s 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 Committee’s 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 fund’s 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 fund’s 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 Management’s and Boston Management and Research’s 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 Adviser’s 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 Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. Specifically, the Board noted the experience of the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, 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 Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data 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 Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 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 Fund’s 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 Fund’s 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 Fund’s 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 Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Trust’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 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.

54

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.

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Eaton Vance Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

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

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

Share Repurchase Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

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

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

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 registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief

Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended June 30, 2018 and June 30, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance Senior Income Trust

Fiscal Years Ended 06/30/18 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 registrant’s financial statements and are not reported under the category of audit fees and specifically includes fees for the performance of certain agreed upon procedures relating to the registrant’s revolving credit agreement.

(2) Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

(3) All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended June 30, 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 registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George J. Gorman (Chair), Valerie A. Mosley, William H. Park and Scott E. Wennerholm are the members of the registrant’s audit committee.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov .

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Trust. 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 Trust’s 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 Trust’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

Total Assets of All Accounts Total Assets of Accounts Paying a Performance Fee
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 Trust’s 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 manager’s management of the Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the 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 adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

Compensation Structure for EVM

Compensation of EVM’s portfolio managers and other investment professionals has 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. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio (Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year

end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. A portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

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

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

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

No activity to report for the registrant’s most recent fiscal year end.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Senior Income Trust
By: /s/ Payson F. Swaffield
Payson F. Swaffield
President
Date: 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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