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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eaton Vance Senior Income | NYSE:EVF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.03 | -0.47% | 6.30 | 6.34 | 6.28 | 6.34 | 69,030 | 01:00:00 |
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)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
June 30
Date of Fiscal Year End
June 30, 2021
Date of Reporting Period
Item 1. |
Reports to Stockholders |
Eaton Vance
Senior Income Trust (EVF)
Annual Report
June 30, 2021
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (CFTC) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of commodity pool operator under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Funds adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as 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, 2021
Eaton Vance
Senior Income Trust
2 | ||||
3 | ||||
4 | ||||
The Funds Investment Objectives, Principal Strategies and Principal Risks |
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9 | ||||
10 | ||||
43 | ||||
44 | ||||
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53 |
Eaton Vance
Senior Income Trust
June 30, 2021
Managements Discussion of Fund Performance1
Economic and Market Conditions
Amid a global recovery from the pandemic-induced sell-off that had engulfed equity and credit markets in March 2020, senior loans displayed their value as a portfolio diversifier by outperforming the majority of U.S. fixed-income asset classes including government debt and investment-grade corporate bonds for the 12-month period ended June 30, 2021.
As the period opened on July 1, 2020, senior loans were in the midst of a rally that had begun the last week of March, as central banks around the world stepped in to support capital markets. The U.S. Federal Reserve (the Fed) had cut its benchmark federal funds rate to 0.00%-0.25%, initiated a significant bond-buying program, and announced other policy measures to help credit markets worldwide.
The loan rally continued through the summer and fall of 2020, as senior loans offered attractive spreads versus other asset classes in a yield-starved environment. In the closing months of the year, the easing of political uncertainties with the election of Joe Biden as president, coupled with the emergency use approval and initial rollout of two COVID-19 vaccines, added further fuel to the rally.
Except for a pause in March 2021, when returns were flat, the loan rally continued into the new year. A massive fiscal stimulus package passed by the U.S. Congress, a still-accommodative set of monetary policies at the Fed, the ongoing rollout of vaccines, and the re-opening of U.S. businesses all provided tailwinds for the asset class through the end of the period.
Technical factors also bolstered loan performance as demand outpaced supply for much of the period. Contributing factors included an increase in institutional demand for structured loan products and a return to net monthly inflows for retail funds in December 2020, for the first time since the previous January. Retail funds continued to experience monthly net inflows from the beginning of 2021 through the end of the period on June 30.
Issuer fundamentals improved during the period as well, with the trailing 12-month default rate falling from 3.23% at the beginning of the period approximately the markets long-term average to 1.25% at period-end. Reflecting the improved economic environment, the average price of loans rose from $89.90 at the start of the period to $98.37 at period-end on June 30, 2021.
For the period as a whole, lower-quality loans outperformed higher-quality issues, with BBB, BB, B, CCC and D-rated (defaulted) loans in the S&P/LSTA Leveraged Loan Index (the Index), a broad measure of the asset class, returning 6.18%, 7.17%, 11.68%, 30.37% and 8.71%, respectively, and the Index overall returning 11.65% for the one-year period.
Fund Performance
For the 12-month period ended June 30, 2021, Eaton Vance Senior Income Trust (the Fund) shares returned 18.65% at net asset value of its common shares (NAV), outperforming the 11.65% return of the Index.
The Funds employment of investment leverage was the largest contributor to performance versus the Index during the period. The use of leverage has the effect of achieving additional exposure to the loan market, and thus magnifying exposure to the Funds underlying investments in both up and down market environments. The use of leverage helped performance versus the Index, which does not employ leverage, as leverage amplified the price increases and coupon payments of loans in the Funds underlying portfolio during the period.
The Funds out-of-Index allocation to high yield bonds, which generally outperformed the loan market during the period, contributed to performance relative to the Index as well. The Funds out-of-Index allocation to collateralized loan obligation (CLO) debt also contributed to Fund performance versus the Index, as CLO prices benefited from strong demand from institutional investors, particularly in the first quarter of 2021. In addition, loan selections within the cable and satellite television, telecommunications, drugs, and leisure goods/activities/movies sectors helped relative performance during the period.
In contrast, loan selections within the oil and gas, retailers (except food and drug), and business equipment and services sectors detracted from performance versus the Index. Underweight positions, relative to the Index, in the air transport and financial intermediaries sectors detracted from relative Fund returns as well. Both sectors performed strongly in the latter half of the period, as pandemic restrictions eased, business activity picked up, and Americans began to travel again.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Funds Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Funds market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Funds future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2 |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio Managers John Redding, Andrew N. Sveen, CFA, Catherine C. McDermott, William E. Holt, CFA and Daniel P. McElaney, CFA
% Average Annual Total Returns | Inception Date | One Year | Five Years | Ten Years | ||||||||||||
Fund at NAV |
10/30/1998 | 18.65 | % | 7.19 | % | 6.03 | % | |||||||||
Fund at Market Price |
| 36.01 | 9.06 | 5.94 | ||||||||||||
|
|
|||||||||||||||
S&P/LSTA Leveraged Loan Index |
| 11.65 | % | 4.98 | % | 4.38 | % | |||||||||
% Premium/Discount to NAV4 | ||||||||||||||||
1.45 | % | |||||||||||||||
Distributions5 | ||||||||||||||||
Total Distributions per share for the period |
$ | 0.407 | ||||||||||||||
Distribution Rate at NAV |
5.74 | % | ||||||||||||||
Distribution Rate at Market Price |
5.82 | |||||||||||||||
% Total Leverage6 | ||||||||||||||||
Auction Preferred Shares (APS) |
9.35 | % | ||||||||||||||
Borrowings |
25.62 |
Growth of $10,000
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Funds Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Funds market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Funds future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
3 |
Eaton Vance
Senior Income Trust
June 30, 2021
Top 10 Issuers (% of total investments)7
Tibco Software, Inc. |
1.3 | % | ||
Hyland Software, Inc. |
1.2 | |||
Asurion, LLC |
1.1 | |||
Finastra USA, Inc. |
1.0 | |||
athenahealth, Inc. |
1.0 | |||
MPH Acquisition Holdings, LLC |
1.0 | |||
Banff Merger Sub, Inc. |
1.0 | |||
Advisor Group, Inc. |
0.9 | |||
Tenneco, Inc. |
0.9 | |||
Mallinckrodt International Finance S.A. |
0.9 | |||
Total |
10.3 | % |
Credit Quality (% of bonds, loans and asset-backed securities)8
Top 10 Sectors (% of total investments)7
Electronics/Electrical |
18.8 | % | ||
Business Equipment and Services |
10.2 | |||
Health Care |
9.8 | |||
Industrial Equipment |
5.5 | |||
Oil and Gas |
4.2 | |||
Leisure Goods/Activities/Movies |
3.7 | |||
Building and Development |
3.2 | |||
Chemicals and Plastics |
2.9 | |||
Telecommunications |
2.9 | |||
Insurance |
2.7 | |||
Total |
63.9 | % |
See Endnotes and Additional Disclosures in this report.
4 |
Eaton Vance
Senior Income Trust
June 30, 2021
The Funds Investment Objectives, Principal Strategies and Principal Risks9
Investment Objectives. The Trusts investment objective is to provide a high level of current income, consistent with the preservation of capital.
Principal Strategies. The Trust pursues its objective by investing primarily in senior, secured floating-rate loans (Senior Loans). Senior Loans are loans in which the interest rate paid fluctuates based on a reference rate. Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock that is senior to subordinated debtholders and stockholders of the borrower. Senior Loans are made to corporations, partnerships and other business entities (Borrowers) that operate in various industries and geographical regions.
Under normal market conditions, at least 80% of the Trusts total assets will be invested in interests 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 (each an Authorized Foreign Currency) making payments in such Authorized Foreign Currency. The remaining investment assets of the Trust may include, among other types of investments, equity securities that are acquired in connection with an investment in a Senior Loan. For the purpose of the 80% test, total assets is defined as net assets plus any borrowings for investment purposes, including any outstanding preferred shares. The Trust may also invest up to 15% of its net assets in foreign Senior Loans denominated in an Authorized Foreign Currency.
The Trust may invest up to 20% of its total assets in (i) loan interests which have (a) a second lien on collateral (Second Lien), (b) no security interest in the collateral, or (c) lower than a senior claim on collateral (Junior Loans); (ii) other income-producing securities, such as investment and non-investment grade corporate debt securities and U.S. government and U.S. dollar-denominated foreign government or supranational debt securities; and (iii) warrants and equity securities issued by a Borrower or its affiliates as part of a package of investments in the Borrower or its affiliates.
Loans are typically rated below investment grade (i.e., rated lower than BBB- by S&P Global Ratings (S&P). The Funds investments in below investment grade securities are commonly referred to as junk investments and are considered speculative with respect to the issuers capacity to pay interest and repay principal. The Trust may invest in individual Senior Loans and other securities of any credit quality.
The Trust may invest up to 15% of net assets in Senior Loans denominated in Authorized Foreign Currencies and may invest in other securities of non-United States issuers. The Trusts investments may have significant exposure to certain sectors of the economy and thus may react differently to political or economic developments than the market as a whole. The Trust will not invest more than 10% of its assets in securities (including interests in Senior Loans) of any single Borrower.
The Trust may purchase or sell derivative instruments (which derive their value from another instrument, security or index) for risk management purposes, such as hedging against fluctuations in Senior Loans and other securities prices or interest rates. Transactions in derivative instruments may include the purchase or sale of futures contracts on securities, indices and other financial instruments, credit-linked notes, tranches of collateralized loan obligations and/or collateralized debt obligations, options on futures contracts, exchange-traded and over-the-counter options on securities or indices, forward foreign currency exchange contracts, and interest rate, total return and credit default swaps.
The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Funds NAV of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful. The Fund has issued preferred shares and borrowed to establish leverage. Investments in derivative instruments may result in economic leverage for the Fund.
Principal Risks
Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Funds investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.
Credit Risk. Investments in fixed income and other debt obligations, including loans, (referred to below as debt instruments) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuers ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Funds operating expenses and adversely affect net asset value. Due to their lower place in the borrowers capital structure, Junior Loans involve a higher degree of overall risk than Senior Loans to the same borrower.
Additional Risks of Loans. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Funds ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. See also Market Risk above. It also may take longer than seven days for transactions in loans to settle. The types of covenants included in loan agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer
See Endnotes and Additional Disclosures in this report.
5 |
Eaton Vance
Senior Income Trust
June 30, 2021
The Funds Investment Objectives, Principal Strategies and Principal Risks9 continued
investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.
Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as junk) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.
Interest Rate Risk. In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.
LIBOR Risk. The London Interbank Offered Rate or LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, is expected to cease publishing certain LIBOR settings on December 31, 2021, and the remaining LIBOR settings on June 30, 2023. The Fund has exposure to LIBOR-based instruments. Although the transition process away from LIBOR is expected to be defined in advance of the anticipated discontinuation, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate or rates. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. Since the usefulness of LIBOR as a benchmark could
deteriorate during the transition period, these effects may occur prior to the discontinuation date. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could result in losses to the Fund.
Leverage Risk. Leverage, including leverage from the issuance of preferred shares and borrowings, creates risks, including the likelihood of greater volatility of NAV and market price of, and distributions from, the common shares and the risk that fluctuations in dividend rates on preferred shares and in the costs of borrowings may affect the return to common shareholders. To the extent the income derived from investments purchased with funds received from leverage exceeds the cost of leverage, the Funds distributions will be greater than if leverage had not been used. Conversely, if the income from the investments purchased with such funds is not sufficient to cover the cost of leverage, the amount of income available for distribution to common shareholders will be less than if leverage had not been used. In the latter case, the investment adviser, may nevertheless determine to maintain the Funds leveraged position if it deems such action to be appropriate. While the Fund has preferred shares or borrowings outstanding, an increase in short-term rates would also result in an increased cost of leverage, which would adversely affect the Funds income available for distribution. In connection with its borrowings and preferred shares, the Fund will be required to maintain specified asset coverage by applicable federal securities laws and (as applicable) the terms of the preferred shares and its credit facility. The Fund may be required to dispose of portfolio investments on unfavorable terms if market fluctuations or other factors cause the required asset coverage to be less than the prescribed amount. There can be no assurance that a leveraging strategy will be successful.
Foreign Investment Risk. Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which U.S. companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country.
Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.
Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.
Derivatives Risk. The Funds exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security,
See Endnotes and Additional Disclosures in this report.
6 |
Eaton Vance
Senior Income Trust
June 30, 2021
The Funds Investment Objectives, Principal Strategies and Principal Risks9 continued
instrument, index, currency, commodity, economic indicator or event underlying a derivative (reference instrument), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivatives counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Funds use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
U.S. Government Securities Risk. Although certain U.S. Government sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity.
Equity Securities Risk. The value of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer and sector-specific considerations; unexpected trading activity among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Funds equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.
Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Funds performance. These effects may be exacerbated during times of financial or political stress.
Market Discount Risk. The shares of closed-end management investment companies often trade at a discount from their NAV, and the common shares may likewise trade at a discount from NAV. This risk is separate and distinct from the risk that the Funds NAV could decrease as a result of its investment activities. The trading price of the Funds common shares may be less than the public offering price.
Risks Associated with Active Management. The success of the Funds investment strategy depends on portfolio managements successful application of analytical skills and investment judgment. Active management involves subjective decisions.
Recent Market Conditions. An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in a substantial economic downturn, which may continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Funds service providers rely, and could otherwise disrupt the ability of the employees of the Funds service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Funds performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Funds investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with the Funds ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.
Potential Conflicts of Interest. As a diversified global financial services firm, Morgan Stanley, the parent company of the investment adviser, engages in a broad spectrum of activities where Morgan Stanleys interests or the interests of its clients may conflict with the interests of the Fund. Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with any new or successor funds, programs, accounts or
See Endnotes and Additional Disclosures in this report.
7 |
Eaton Vance
Senior Income Trust
June 30, 2021
The Funds Investment Objectives, Principal Strategies and Principal Risks9 continued
businesses, the Affiliated Investment Accounts) with a wide variety of investment objectives that in some instances may overlap or conflict with a Funds investment objectives and present conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist.
Material Non-public Information. If confidential or material non-public information regarding an investment or potential investment opportunity becomes available to the investment adviser, the investment adviser may be precluded from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. Morgan Stanley has established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley.
Investments by Morgan Stanley and its Affiliated Investment Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, as well as the investment adviser and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, as applicable, the fulfillment of which may not be in the best interests of a Fund or its shareholders. Certain Affiliated Investment Accounts may have investment objectives that overlap with those of a Fund and/or may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser to favor such other accounts. To seek to reduce potential conflicts of interest and to attempt to allocate investment opportunities in a fair and equitable manner consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser, the investment adviser has implemented allocation policies and procedures.
Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Funds holdings.
Morgan Stanleys Investment Banking Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may be contrary to the Funds best interests and/or the best interests of any of its investments.
General Process for Potential Conflicts. The Investment Advisers Act of 1940, as amended (the Advisers Act), the Investment Company Act of 1940, as amended (the 1940 Act), and the Employee Retirement Income Security Act, as amended (ERISA) impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In addition, the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law.
General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
See Endnotes and Additional Disclosures in this report.
8 |
Eaton Vance
Senior Income Trust
June 30, 2021
Endnotes and Additional Disclosures
1 |
The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward-looking statements. The Funds actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission. |
2 |
S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (S&P DJI) and have been licensed for use. S&P® is a registered trademark of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
3 |
Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the five- and ten-year periods is the impact of the 2017 and 2019 tender and repurchase of a portion of the Funds APS at 95% and 92% of the Funds APS per share liquidation preference, respectively. 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 to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
5 |
The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV or market price at the end of the period. The Funds distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of |
Distributions on the Funds webpage available at eatonvance. com. The Funds distributions are determined by the investment adviser based on its current assessment of the Funds long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
6 |
Leverage represents the liquidation value of the Funds APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. |
7 |
Excludes cash and cash equivalents. |
8 |
Credit ratings are categorized using S&P Global Ratings (S&P). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuers creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&Ps measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agencys analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition and does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. Holdings designated as Not Rated (if any) are not rated by S&P. |
9 |
The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their NAV. The Fund is not a complete investment program and you may lose money investing in the Fund. |
Fund profile subject to change due to active management.
9 |
Eaton Vance
Senior Income Trust
June 30, 2021
Asset-Backed Securities 7.3% |
|
|||||||||
Security |
Principal
Amount (000s omitted) |
Value | ||||||||
Allegany Park CLO, Ltd., Series 2019-1A, Class E, 6.963%, (3 mo. USD LIBOR + 6.78%), 1/20/33(1)(2) |
$ | 450 | $ | 451,408 | ||||||
Ares LII CLO, Ltd., Series 2019-52A, Class E, 6.734%, (3 mo. USD LIBOR + 6.55%), 4/22/31(1)(2) |
500 | 500,227 | ||||||||
Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class D, 6.006%, (3 mo. USD LIBOR + 5.85%), 5/15/30(1)(2) |
1,000 | 983,785 | ||||||||
Ares XXXIV CLO, Ltd., Series 2015-2A, Class ER, 7.04%, (3 mo. USD LIBOR + 6.85%), 4/17/33(1)(2) |
550 | 545,100 | ||||||||
Bardot CLO, Ltd., Series 2019-2A, Class E, 7.134%, (3 mo. USD LIBOR + 6.95%), 10/22/32(1)(2) |
500 | 500,937 | ||||||||
Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, Class E, 7.204%, (3 mo. USD LIBOR + 7.02%), 1/15/33(1)(2) |
750 | 750,340 | ||||||||
Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class E, 6.784%, (3 mo. USD LIBOR + 6.60%), 7/15/32(1)(2) |
500 | 500,238 | ||||||||
Benefit Street Partners CLO XVIII, Ltd., Series 2019-18A, Class E, 7.084%, (3 mo. USD LIBOR + 6.90%), 10/15/32(1)(2) |
500 | 500,272 | ||||||||
BlueMountain CLO XXV, Ltd., Series 2019-25A, Class E, 6.884%, (3 mo. USD LIBOR + 6.70%), 7/15/32(1)(2) |
500 | 500,250 | ||||||||
BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class E, 7.888%, (3 mo. USD LIBOR + 7.70%), 10/20/32(1)(2) |
1,000 | 1,002,698 | ||||||||
Canyon Capital CLO, Ltd., Series 2019-2A, Class E, 7.334%, (3 mo. USD LIBOR + 7.15%), 10/15/32(1)(2) |
400 | 400,954 | ||||||||
Carlyle Global Market Strategies CLO, Ltd.: |
||||||||||
Series 2012-3A, Class DR2, 6.686%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2) |
600 | 569,720 | ||||||||
Series 2015-5A, Class DR, 6.888%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(2) |
500 | 478,363 | ||||||||
Cedar Funding X CLO, Ltd., Series 2019-10A, Class E, 7.188%, (3 mo. USD LIBOR + 7.00%), 10/20/32(1)(2) |
500 | 500,849 | ||||||||
Fort Washington CLO, Ltd., Series 2019-1A, Class E, 7.438%, (3 mo. USD LIBOR + 7.25%), 10/20/32(1)(2) |
500 | 500,679 | ||||||||
Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 6.829%, (3 mo. USD LIBOR + 6.65%), 10/15/30(1)(2) |
500 | 494,686 | ||||||||
Galaxy XXI CLO, Ltd., Series 2015-21A, Class ER, 5.438%, (3 mo. USD LIBOR + 5.25%), 4/20/31(1)(2) |
500 | 478,340 | ||||||||
Golub Capital Partners CLO 23M, Ltd., Series 2015-23A, Class ER, 5.938%, (3 mo. USD LIBOR + 5.75%), 1/20/31(1)(2) |
600 | 555,380 | ||||||||
Kayne CLO 5, Ltd., Series 2019-5A, Class E, 6.876%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2) |
500 | 500,332 | ||||||||
Kayne CLO 7, Ltd., Series 2020-7A, Class E, 6.69%, (3 mo. USD LIBOR + 6.50%), 4/17/33(1)(2) |
575 | 577,113 |
Security |
Principal
Amount (000s omitted) |
Value | ||||||||
Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class E, 7.434%, (3 mo. USD LIBOR + 7.25%), 1/15/33(1)(2) |
$ | 250 | $ | 250,359 | ||||||
Madison Park Funding XXXVII, Ltd., Series 2019-37A, Class E, 6.734%, (3 mo. USD LIBOR + 6.55%), 7/15/32(1)(2) |
500 | 500,279 | ||||||||
Neuberger Berman Loan Advisers CLO 31, Ltd., Series 2019-31A, Class ER, 6.683%, (3 mo. USD LIBOR + 6.50%), 4/20/31(1)(2) |
500 | 499,978 | ||||||||
Neuberger Berman Loan Advisers CLO 33, Ltd., Series 2019-33A, Class E, 6.984%, (3 mo. USD LIBOR + 6.80%), 10/16/32(1)(2) |
500 | 500,980 | ||||||||
Oaktree CLO, Ltd., Series 2019-3A, Class E, 6.958%, (3 mo. USD LIBOR + 6.77%), 7/20/31(1)(2) |
750 | 730,105 | ||||||||
Palmer Square CLO, Ltd.: |
||||||||||
Series 2013-2A, Class DRR, 6.04%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2) |
450 | 442,687 | ||||||||
Series 2019-1A, Class D, 7.154%, (3 mo. USD LIBOR + 7.00%), 11/14/32(1)(2) |
500 | 501,300 | ||||||||
Regatta XII Funding, Ltd., Series 2019-1A, Class E, 7.034%, (3 mo. USD LIBOR + 6.85%), 10/15/32(1)(2) |
300 | 300,602 | ||||||||
Regatta XIV Funding, Ltd., Series 2018-3A, Class E, 6.126%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) |
300 | 291,495 | ||||||||
Regatta XVI Funding, Ltd., Series 2019-2A, Class E, 7.184%, (3 mo. USD LIBOR + 7.00%), 1/15/33(1)(2) |
500 | 500,774 | ||||||||
Southwick Park CLO, LLC, Series 2019-4A, Class E, 6.888%, (3 mo. USD LIBOR + 6.70%), 7/20/32(1)(2) |
1,000 | 1,000,672 | ||||||||
Vibrant CLO X, Ltd., Series 2018-10A, Class D, 6.378%, (3 mo. USD LIBOR + 6.19%), 10/20/31(1)(2) |
375 | 355,779 | ||||||||
Vibrant CLO XI, Ltd., Series 2019-11A, Class D, 6.958%, (3 mo. USD LIBOR + 6.77%), 7/20/32(1)(2) |
500 | 481,360 | ||||||||
Voya CLO, Ltd., Series 2013-1A, Class DR, 6.664%, (3 mo. USD LIBOR + 6.48%), 10/15/30(1)(2) |
1,000 | 937,988 | ||||||||
Wellfleet CLO, Ltd., Series 2020-1A, Class D, 7.424%, (3 mo. USD LIBOR + 7.24%), 4/15/33(1)(2) |
550 | 551,441 | ||||||||
Total Asset-Backed Securities
|
$ | 19,137,470 | ||||||||
Closed-End Funds 1.8% |
|
|||||||||
Security | Shares | Value | ||||||||
BlackRock Floating Rate Income Strategies Fund, Inc. |
49,400 | $ | 654,550 | |||||||
Invesco Senior Income Trust |
178,510 | 796,155 | ||||||||
Nuveen Credit Strategies Income Fund |
180,539 | 1,218,638 | ||||||||
Nuveen Floating Rate Income Fund |
73,198 | 733,444 | ||||||||
Nuveen Floating Rate Income Opportunity Fund |
51,054 | 498,287 | ||||||||
Saba Capital Income and Opportunities Fund |
148,232 | 698,173 | ||||||||
Total Closed-End Funds
|
$ | 4,599,247 |
10 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Common Stocks 0.8% |
|
|||||||||||
Security | Shares | Value | ||||||||||
Aerospace and Defense 0.1% | ||||||||||||
IAP Global Services, LLC(3)(4)(5) |
29 | $ | 322,202 | |||||||||
$ | 322,202 | |||||||||||
Business Equipment and Services 0.0%(6) | ||||||||||||
Crossmark Holdings, Inc.(4)(5) |
1,731 | $ | 103,860 | |||||||||
$ | 103,860 | |||||||||||
Electronics / Electrical 0.1% | ||||||||||||
Skillsoft Corp.(4)(5) |
|
25,137 | $ | 247,603 | ||||||||
$ | 247,603 | |||||||||||
Oil and Gas 0.0% | ||||||||||||
Fieldwood Energy, Inc.(3)(4)(5) |
9,594 | $ | 0 | |||||||||
Nine Point Energy Holdings, Inc.(3)(4)(7) |
325 | 0 | ||||||||||
$ | 0 | |||||||||||
Radio and Television 0.3% | ||||||||||||
Clear Channel Outdoor Holdings, Inc.(4)(5) |
42,539 | $ | 112,303 | |||||||||
Cumulus Media, Inc., Class A(4)(5) |
18,865 | 276,372 | ||||||||||
iHeartMedia, Inc., Class A(4)(5) |
18,090 | 487,164 | ||||||||||
$ | 875,839 | |||||||||||
Retailers (Except Food and Drug) 0.1% | ||||||||||||
Phillips Pet Holding Corp.(3)(4)(5) |
269 | $ | 105,268 | |||||||||
$ | 105,268 | |||||||||||
Telecommunications 0.2% | ||||||||||||
GEE Acquisition Holdings Corp.(3)(4)(5) |
21,114 | $ | 432,415 | |||||||||
$ | 432,415 | |||||||||||
Total Common Stocks
|
$ | 2,087,187 | ||||||||||
Convertible Preferred Stocks 0.0% |
|
|||||||||||
Security | Shares | Value | ||||||||||
Oil and Gas 0.0% | ||||||||||||
Nine Point Energy Holdings, Inc., Series A, 12.00% (PIK)(3)(4)(7) |
5 | $ | 0 | |||||||||
Total Convertible Preferred Stocks
|
$ | 0 |
Corporate Bonds 6.9% |
|
|||||||||||
Security |
Principal
Amount (000s omitted) |
Value | ||||||||||
Aerospace and Defense 0.3% | ||||||||||||
Rolls-Royce PLC, 5.75%, 10/15/27(1) |
$ | 300 | $ | 330,834 | ||||||||
TransDigm, Inc.: |
||||||||||||
4.625%, 1/15/29(1) |
300 | 300,987 | ||||||||||
7.50%, 3/15/27 |
|
120 | 127,812 | |||||||||
$ | 759,633 | |||||||||||
Automotive 0.3% | ||||||||||||
Clarios Global, L.P./Clarios US Finance Co., 8.50%, 5/15/27(1) |
$ | 368 | $ | 401,654 | ||||||||
Ford Motor Co.: |
||||||||||||
4.75%, 1/15/43 |
107 | 113,821 | ||||||||||
9.00%, 4/22/25 |
|
128 | 157,970 | |||||||||
$ | 673,445 | |||||||||||
Building and Development 0.4% | ||||||||||||
Builders FirstSource, Inc.: |
||||||||||||
5.00%, 3/1/30(1) |
$ | 54 | $ | 56,854 | ||||||||
6.75%, 6/1/27(1) |
400 | 429,612 | ||||||||||
Standard Industries, Inc., 5.00%, 2/15/27(1) |
271 | 280,993 | ||||||||||
White Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(1)(8) |
250 | 259,553 | ||||||||||
$ | 1,027,012 | |||||||||||
Business Equipment and Services 0.4% | ||||||||||||
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC,
|
$ | 200 | $ | 207,350 | ||||||||
Prime Security Services Borrower, LLC/Prime Finance, Inc.: |
||||||||||||
5.25%, 4/15/24(1) |
325 | 348,654 | ||||||||||
5.75%, 4/15/26(1) |
325 | 359,872 | ||||||||||
Terminix Co., LLC (The), 7.45%, 8/15/27 |
187 | 219,675 | ||||||||||
$ | 1,135,551 | |||||||||||
Cable and Satellite Television 0.4% | ||||||||||||
Altice France S.A., 8.125%, 2/1/27(1) |
$ | 212 | $ | 231,239 | ||||||||
CCO Holdings, LLC/CCO Holdings Capital Corp.: |
||||||||||||
4.25%, 2/1/31(1) |
102 | 104,040 | ||||||||||
4.75%, 3/1/30(1) |
133 | 140,814 | ||||||||||
5.75%, 2/15/26(1) |
6 | 6,215 | ||||||||||
CSC Holdings, LLC: |
||||||||||||
4.125%, 12/1/30(1) |
200 | 199,357 | ||||||||||
5.25%, 6/1/24 |
5 | 5,425 | ||||||||||
5.75%, 1/15/30(1) |
254 | 264,160 |
11 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Security |
Principal
Amount (000s omitted) |
Value | ||||||||||
Cable and Satellite Television (continued) | ||||||||||||
Ziggo Bond Co., B.V., 6.00%, 1/15/27(1) |
$ | 156 | $ | 163,598 | ||||||||
$ | 1,114,848 | |||||||||||
Commercial Services 0.1% | ||||||||||||
AMN Healthcare, Inc., 4.625%, 10/1/27(1) |
$ | 130 | $ | 135,356 | ||||||||
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29(1) |
200 | 208,535 | ||||||||||
$ | 343,891 | |||||||||||
Conglomerates 0.0%(6) | ||||||||||||
Spectrum Brands, Inc.: |
||||||||||||
5.00%, 10/1/29(1) |
$ | 9 | $ | 9,567 | ||||||||
5.75%, 7/15/25 |
2 | 2,052 | ||||||||||
$ | 11,619 | |||||||||||
Containers and Glass Products 0.1% | ||||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.125%, 8/15/26(1) |
$ | 200 | $ | 206,767 | ||||||||
$ | 206,767 | |||||||||||
Distribution & Wholesale 0.0%(6) | ||||||||||||
Performance Food Group, Inc., 5.50%, 10/15/27(1) |
$ | 30 | $ | 31,570 | ||||||||
$ | 31,570 | |||||||||||
Drugs 0.2% | ||||||||||||
AdaptHealth, LLC, 6.125%, 8/1/28(1) |
$ | 55 | $ | 58,641 | ||||||||
Bausch Health Americas,
Inc.,
|
59 | 64,274 | ||||||||||
Bausch Health Companies, Inc.,
|
327 | 337,778 | ||||||||||
$ | 460,693 | |||||||||||
Ecological Services and Equipment 0.0%(6) | ||||||||||||
GFL Environmental, Inc., 3.50%, 9/1/28(1) |
$ | 100 | $ | 99,891 | ||||||||
$ | 99,891 | |||||||||||
Electronics / Electrical 0.2% | ||||||||||||
LogMeIn, Inc., 5.50%, 9/1/27(1) |
$ | 400 | $ | 414,820 | ||||||||
Sensata Technologies, Inc.,
|
21 | 22,160 | ||||||||||
$ | 436,980 | |||||||||||
Financial Intermediaries 0.3% | ||||||||||||
Ford Motor Credit Co., LLC, 5.125%, 6/16/25 |
$ | 419 | $ | 461,947 | ||||||||
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26 |
271 | 287,992 |
Security |
Principal
Amount (000s omitted) |
Value | ||||||||||
Financial Intermediaries (continued) | ||||||||||||
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24(9)(10) |
$ | 35 | $ | 38,832 | ||||||||
$ | 788,771 | |||||||||||
Food Products 0.2% | ||||||||||||
Del Monte Foods, Inc., 11.875%, 5/15/25(1) |
$ | 500 | $ | 570,625 | ||||||||
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(1) |
68 | 76,140 | ||||||||||
$ | 646,765 | |||||||||||
Food / Drug Retailers 0.2% | ||||||||||||
Fresh Market, Inc. (The), 9.75%, 5/1/23(1) |
$ | 575 | $ | 591,632 | ||||||||
$ | 591,632 | |||||||||||
Health Care 0.4% | ||||||||||||
Centene Corp.: |
||||||||||||
2.50%, 3/1/31 |
$ | 118 | $ | 116,525 | ||||||||
3.00%, 10/15/30 |
219 | 225,248 | ||||||||||
3.375%, 2/15/30 |
37 | 38,727 | ||||||||||
HCA, Inc.: |
||||||||||||
5.625%, 9/1/28 |
150 | 177,937 | ||||||||||
5.875%, 2/15/26 |
7 | 8,106 | ||||||||||
Molina Healthcare, Inc., 3.875%, 11/15/30(1) |
110 | 114,688 | ||||||||||
MPH Acquisition Holdings,
LLC,
|
108 | 108,673 | ||||||||||
Tenet Healthcare Corp., 6.75%, 6/15/23 |
109 | 119,083 | ||||||||||
$ | 908,987 | |||||||||||
Industrial Equipment 0.0%(6) | ||||||||||||
Hillman Group, Inc. (The), 6.375%, 7/15/22(1) |
$ | 12 | $ | 12,023 | ||||||||
$ | 12,023 | |||||||||||
Internet Software & Services 0.1% | ||||||||||||
Netflix, Inc., 5.375%, 11/15/29(1) |
$ | 205 | $ | 249,269 | ||||||||
$ | 249,269 | |||||||||||
Leisure Goods / Activities / Movies 0.2% | ||||||||||||
Carnival Corp., 6.65%, 1/15/28 |
$ | 51 | $ | 55,303 | ||||||||
Viking Cruises, Ltd.: |
||||||||||||
5.875%, 9/15/27(1) |
423 | 418,537 | ||||||||||
6.25%, 5/15/25(1) |
20 | 19,979 | ||||||||||
$ | 493,819 |
12 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Security |
Principal
Amount (000s omitted) |
Value | ||||||||||
Lodging and Casinos 0.4% | ||||||||||||
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(1) |
$ | 401 | $ | 406,514 | ||||||||
MGM Resorts International, 7.75%, 3/15/22 |
10 | 10,464 | ||||||||||
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26(1) |
417 | 432,145 | ||||||||||
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1) |
109 | 117,388 | ||||||||||
$ | 966,511 | |||||||||||
Metals / Mining 0.2% | ||||||||||||
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(1) |
$ | 243 | $ | 262,440 | ||||||||
Hudbay Minerals, Inc., 6.125%, 4/1/29(1) |
|
250 | 266,562 | |||||||||
$ | 529,002 | |||||||||||
Nonferrous Metals / Minerals 0.0%(6) | ||||||||||||
New Gold, Inc.: |
||||||||||||
6.375%, 5/15/25(1) |
$ | 22 | $ | 22,742 | ||||||||
7.50%, 7/15/27(1) |
80 | 86,900 | ||||||||||
$ | 109,642 | |||||||||||
Oil and Gas 0.8% | ||||||||||||
Centennial Resource Production, LLC, 6.875%, 4/1/27(1) |
$ | 175 | $ | 179,207 | ||||||||
Colgate Energy Partners III,
LLC,
|
150 | 164,959 | ||||||||||
CVR Energy, Inc., 5.75%, 2/15/28(1) |
200 | 202,102 | ||||||||||
Energy Transfer, L.P., 5.875%, 1/15/24 |
15 | 16,627 | ||||||||||
Neptune Energy Bondco
PLC,
|
463 | 476,874 | ||||||||||
Occidental Petroleum Corp., 6.625%, 9/1/30 |
402 | 482,902 | ||||||||||
Ovintiv, Inc., 6.50%, 2/1/38 |
300 | 400,045 | ||||||||||
Tervita Corp., 11.00%, 12/1/25(1) |
|
102 | 114,416 | |||||||||
$ | 2,037,132 | |||||||||||
Packaging & Containers 0.1% | ||||||||||||
ARD Finance S.A., 6.50%, (6.50% cash or 7.25% PIK), 6/30/27(1)(8) |
$ | 200 | $ | 210,416 | ||||||||
$ | 210,416 | |||||||||||
Radio and Television 0.7% | ||||||||||||
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1) |
$ | 1,460 | $ | 947,369 | ||||||||
iHeartCommunications, Inc.: |
||||||||||||
6.375%, 5/1/26 |
102 | 109,033 | ||||||||||
8.375%, 5/1/27 |
435 | 467,000 | ||||||||||
Sirius XM Radio, Inc., 4.125%, 7/1/30(1) |
39 | 39,441 |
Security |
Principal
Amount (000s omitted) |
Value | ||||||||||
Radio and Television (continued) | ||||||||||||
Terrier Media Buyer, Inc., 8.875%, 12/15/27(1) |
|
$ | 144 | $ | 156,069 | |||||||
$ | 1,718,912 | |||||||||||
Real Estate Investment Trusts (REITs) 0.1% | ||||||||||||
Service Properties Trust, 3.95%, 1/15/28 |
|
$ | 400 | $ | 378,196 | |||||||
$ | 378,196 | |||||||||||
Steel 0.3% | ||||||||||||
Allegheny Technologies, Inc., 7.875%, 8/15/23 |
$ | 300 | $ | 329,250 | ||||||||
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(1) |
|
500 | 530,040 | |||||||||
$ | 859,290 | |||||||||||
Telecommunications 0.3% | ||||||||||||
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(1) |
$ | 200 | $ | 211,752 | ||||||||
Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24(1) |
275 | 287,412 | ||||||||||
Lumen Technologies, Inc., Series W, 6.75%, 12/1/23 |
15 | 16,654 | ||||||||||
Sprint Communications, Inc., 6.00%, 11/15/22 |
3 | 3,180 | ||||||||||
Sprint Corp.: |
||||||||||||
7.25%, 9/15/21 |
110 | 111,855 | ||||||||||
7.625%, 2/15/25 |
|
100 | 118,938 | |||||||||
$ | 749,791 | |||||||||||
Utilities 0.2% | ||||||||||||
Calpine Corp., 5.125%, 3/15/28(1) |
$ | 400 | $ | 407,566 | ||||||||
Vistra Operations Co., LLC, 5.00%, 7/31/27(1) |
|
93 | 95,593 | |||||||||
$ | 503,159 | |||||||||||
Total Corporate Bonds
|
$ | 18,055,217 | ||||||||||
Senior Floating-Rate Loans 124.2%(11) |
|
|||||||||||
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Aerospace and Defense 3.0% | ||||||||||||
Aernnova Aerospace S.A.U.: |
||||||||||||
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 2/22/27 |
EUR | 179 | $ | 204,330 | ||||||||
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 2/26/27 |
EUR | 696 | 796,887 | |||||||||
AI Convoy (Luxembourg) S.a.r.l., Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), 1/17/27(12) |
1,797 | 1,798,467 |
13 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Aerospace and Defense (continued) | ||||||||||||
Dynasty Acquisition Co., Inc.: |
||||||||||||
Term Loan, 3.647%, (3 mo. USD LIBOR + 3.50%), 4/6/26 |
785 | $ | 764,946 | |||||||||
Term Loan, 3.647%, (3 mo. USD LIBOR + 3.50%), 4/6/26 |
1,460 | 1,422,800 | ||||||||||
IAP Worldwide Services, Inc.: |
||||||||||||
Revolving Loan, 0.75%, 7/18/23(13) |
161 | 160,887 | ||||||||||
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), 7/18/23(3) |
207 | 169,547 | ||||||||||
Spirit Aerosystems, Inc., Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), 1/15/25 |
199 | 200,866 | ||||||||||
WP CPP Holdings, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 4/30/25 |
2,383 | 2,336,683 | ||||||||||
$ | 7,855,413 | |||||||||||
Air Transport 0.6% | ||||||||||||
Mileage Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27 |
350 | $ | 374,090 | |||||||||
SkyMiles IP, Ltd., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/20/27 |
1,000 | 1,057,375 | ||||||||||
$ | 1,431,465 | |||||||||||
Automotive 3.4% | ||||||||||||
Autokiniton US Holdings, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.50%, Floor 0.50%), 4/6/28 |
625 | $ | 630,078 | |||||||||
Bright Bidco B.V., Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), 6/30/24(12) |
721 | 605,799 | ||||||||||
Chassix, Inc., Term Loan, 6.50%, (USD LIBOR + 5.50%, Floor 1.00%),
|
627 | 624,375 | ||||||||||
Dayco Products, LLC, Term Loan, 4.385%, (3 mo. USD LIBOR + 4.25%), 5/19/23 |
480 | 459,600 | ||||||||||
Garrett LX I S.a.r.l., Term Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 4/30/28 |
350 | 351,969 | ||||||||||
Les Schwab Tire Centers, Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 11/2/27 |
1,294 | 1,296,734 | ||||||||||
MajorDrive Holdings IV, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 4.00%, Floor 0.50%), 5/12/28 |
325 | 325,863 | ||||||||||
Tenneco, Inc., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 10/1/25 |
3,485 | 3,458,070 | ||||||||||
Truck Hero, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/31/28 |
599 | 599,331 | ||||||||||
Wheel Pros, LLC, Term Loan, 5.25%, (1 mo. USD LIBOR + 4.50%, Floor 0.75%), 5/11/28 |
400 | 401,473 | ||||||||||
$ | 8,753,292 | |||||||||||
Beverage and Tobacco 0.6% | ||||||||||||
Arterra Wines Canada, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 11/24/27 |
498 | $ | 499,132 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Beverage and Tobacco (continued) | ||||||||||||
City Brewing Company, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 4/5/28 |
400 | $ | 402,000 | |||||||||
Triton Water Holdings, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 3/31/28 |
650 | 650,349 | ||||||||||
$ | 1,551,481 | |||||||||||
Brokerage / Securities Dealers / Investment Houses 1.7% | ||||||||||||
Advisor Group, Inc., Term Loan, 4.604%, (1 mo. USD LIBOR + 4.50%), 7/31/26 |
3,531 | $ | 3,543,006 | |||||||||
Hudson River Trading, LLC, Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 3/20/28 |
1,022 | 1,020,094 | ||||||||||
$ | 4,563,100 | |||||||||||
Building and Development 4.2% | ||||||||||||
ACProducts, Inc., Term Loan, 4.75%, (6 mo. USD LIBOR + 4.25%, Floor 0.50%), 5/5/28 |
925 | $ | 921,820 | |||||||||
Advanced Drainage Systems, Inc., Term Loan, 2.375%, (1 mo. USD LIBOR + 2.25%), 7/31/26 |
94 | 94,650 | ||||||||||
American Residential Services, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%),
|
274 | 273,796 | ||||||||||
Brookfield Property REIT, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 8/27/25 |
1,425 | 1,393,585 | ||||||||||
Core & Main L.P., Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), 8/1/24(12) |
509 | 509,253 | ||||||||||
Cornerstone Building Brands, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/12/28 |
424 | 424,467 | ||||||||||
CP Atlas Buyer, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 11/23/27 |
574 | 572,846 | ||||||||||
CPG International, Inc., Term Loan, 3.25%, (3 mo. USD LIBOR + 2.50%, Floor 0.75%), 5/5/24 |
525 | 524,630 | ||||||||||
Foundation Building Materials Holding Company, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 2/3/28 |
600 | 596,678 | ||||||||||
MI Windows and Doors, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/18/27 |
224 | 224,761 | ||||||||||
Northstar Group Services, Inc., Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), 11/9/26 |
617 | 621,816 | ||||||||||
Park River Holdings, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 12/28/27 |
325 | 323,748 | ||||||||||
RE/MAX International, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 12/15/23 |
878 | 878,651 | ||||||||||
Werner FinCo L.P., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 7/24/24 |
530 | 531,061 | ||||||||||
White Cap Buyer, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 4.00%, Floor 0.50%), 10/19/27 |
1,070 | 1,072,466 |
14 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Building and Development (continued) | ||||||||||||
WireCo WorldGroup, Inc.: |
||||||||||||
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), 9/30/23 |
1,363 | $ | 1,365,526 | |||||||||
Term Loan - Second Lien, 10.00%, (6 mo. USD LIBOR + 9.00%, Floor 1.00%), 9/30/24 |
532 | 516,435 | ||||||||||
$ | 10,846,189 | |||||||||||
Business Equipment and Services 14.1% | ||||||||||||
Adtalem Global Education, Inc., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 4/11/25 |
170 | $ | 169,043 | |||||||||
AlixPartners, LLP: |
||||||||||||
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 2/4/28 |
773 | 770,593 | ||||||||||
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/4/28 |
EUR | 249 | 295,311 | |||||||||
Allied Universal Holdco, LLC, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 5/12/28 |
667 | 669,365 | ||||||||||
AppLovin Corporation, Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 8/15/25 |
1,906 | 1,905,264 | ||||||||||
Belfor Holdings, Inc., Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 4/6/26 |
245 | 245,306 | ||||||||||
Blitz 20-487 GmbH, Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), 4/28/28 |
EUR | 375 | 444,295 | |||||||||
Bracket Intermediate Holding Corp., Term Loan, 4.444%, (3 mo. USD LIBOR + 4.25%), 9/5/25 |
413 | 413,485 | ||||||||||
Brand Energy & Infrastructure Services, Inc., Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 6/21/24 |
1,721 | 1,694,909 | ||||||||||
Camelot U.S. Acquisition 1 Co., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 10/30/26 |
547 | 548,208 | ||||||||||
CM Acquisition Co., Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 7/26/23 |
91 | 90,121 | ||||||||||
Deerfield Dakota Holding, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 4/9/27 |
1,733 | 1,742,751 | ||||||||||
EAB Global, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 11/15/24 |
605 | 604,876 | ||||||||||
Endure Digital, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/10/28 |
1,500 | 1,495,782 | ||||||||||
First Advantage Holdings, LLC, Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 1/31/27 |
1,302 | 1,297,222 | ||||||||||
Garda World Security Corporation, Term Loan, 4.35%, (1 mo. USD LIBOR + 4.25%), 10/30/26 |
1,495 | 1,503,565 | ||||||||||
Grab Holdings, Inc., Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), 1/29/26 |
1,147 | 1,170,068 | ||||||||||
Greeneden U.S. Holdings II, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/1/27 |
424 | 425,451 | ||||||||||
IG Investment Holdings, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 5/23/25 |
1,839 | 1,845,171 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||
Business Equipment and Services (continued) | ||||||||||
Intrado Corporation: |
||||||||||
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 10/10/24 |
1,890 | $ | 1,836,190 | |||||||
Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 10/10/24 |
452 | 442,600 | ||||||||
IRI Holdings, Inc., Term Loan, 4.354%, (1 mo. USD LIBOR + 4.25%), 12/1/25 |
2,925 | 2,929,878 | ||||||||
Ivanti Software, Inc.: |
||||||||||
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/1/27 |
349 | 348,143 | ||||||||
Term Loan, 5.75%, (3 mo. USD LIBOR + 4.75%, Floor 1.00%), 12/1/27 |
1,322 | 1,324,992 | ||||||||
KUEHG Corp.: |
||||||||||
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 2/21/25 |
1,403 | 1,384,590 | ||||||||
Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), 8/22/25 |
200 | 198,500 | ||||||||
LGC Group Holdings, Ltd., Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), 4/21/27 |
EUR | 225 | 264,237 | |||||||
Loire Finco Luxembourg S.a.r.l., Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 4/21/27 |
149 | 146,340 | ||||||||
MedAssets Software Intermediate Holdings, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/28/28 |
225 | 225,141 | ||||||||
Monitronics International, Inc., Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), 3/29/24 |
359 | 350,600 | ||||||||
Nielsen Consumer, Inc.: |
||||||||||
Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), 3/6/28 |
EUR | 200 | 237,370 | |||||||
Term Loan, 4.08%, (1 mo. USD LIBOR + 4.00%), 3/6/28 |
349 | 350,216 | ||||||||
Packaging Coordinators Midco, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 11/30/27 |
574 | 574,710 | ||||||||
PGX Holdings, Inc., Term Loan, 10.50%, (3 mo. USD LIBOR + 9.50%, Floor 1.00%), 6.25% cash, 4.25% PIK, 9/29/23 |
266 | 254,267 | ||||||||
Pike Corporation, Term Loan, 3.11%, (1 mo. USD LIBOR + 3.00%), 1/21/28 |
240 | 239,593 | ||||||||
Prime Security Services Borrower, LLC, Term Loan, 3.50%, (USD LIBOR + 2.75%, Floor 0.75%), 9/23/26(12) |
1,008 | 1,007,672 | ||||||||
Rockwood Service Corporation, Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 1/23/27 |
1,664 | 1,669,539 | ||||||||
Sabre GLBL, Inc.: |
||||||||||
Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 2/22/24 |
459 | 452,559 | ||||||||
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/17/27 |
199 | 200,679 |
15 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Business Equipment and Services (continued) | ||||||||||||
Skopima Merger Sub, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 4.00%, Floor 0.50%), 4/30/28 |
525 | $ | 525,000 | |||||||||
SMG US Midco 2, Inc., Term Loan, 2.662%, (USD LIBOR + 2.50%), 1/23/25(12) |
121 | 117,442 | ||||||||||
Sothebys, Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), 1/15/27 |
295 | 297,581 | ||||||||||
Spin Holdco, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 3/1/28 |
2,045 | 2,048,709 | ||||||||||
Vestcom Parent Holdings, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), 12/19/23 |
1,600 | 1,602,029 | ||||||||||
Zephyr Bidco Limited, Term Loan, 4.805%, (1 mo. GBP LIBOR + 4.75%), 7/23/25 |
GBP | 350 | 479,465 | |||||||||
$ | 36,838,828 | |||||||||||
Cable and Satellite Television 1.3% | ||||||||||||
Altice France S.A.: |
||||||||||||
Term Loan, 3.871%, (3 mo. USD LIBOR + 3.69%), 1/31/26 |
340 | $ | 338,115 | |||||||||
Term Loan, 4.155%, (3 mo. USD LIBOR + 4.00%), 8/14/26 |
686 | 685,787 | ||||||||||
Numericable Group S.A., Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 7/31/25 |
EUR | 216 | 252,520 | |||||||||
UPC Financing Partnership, Term Loan, 3.073%, (1 mo. USD LIBOR + 3.00%), 1/31/29 |
1,600 | 1,592,333 | ||||||||||
Virgin Media Bristol, LLC, Term Loan, 3.353%, (1 mo. USD LIBOR + 3.25%), 1/31/29 |
575 | 574,775 | ||||||||||
$ | 3,443,530 | |||||||||||
Chemicals and Plastics 4.1% | ||||||||||||
Aruba Investments, Inc.: |
||||||||||||
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), 11/24/27 |
EUR | 249 | $ | 296,805 | ||||||||
Term Loan, 4.75%, (6 mo. USD LIBOR + 4.00%, Floor 0.75%), 11/24/27 |
349 | 350,871 | ||||||||||
Atotech B.V.: |
||||||||||||
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), 3/18/28 |
EUR | 150 | 176,751 | |||||||||
Term Loan, 3.00%, (3 mo. USD LIBOR + 2.50%, Floor 0.50%), 3/18/28 |
500 | 498,047 | ||||||||||
Charter NEX US, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/1/27 |
224 | 225,419 | ||||||||||
Chemours Company (The), Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), 4/3/25 |
EUR | 281 | 332,590 | |||||||||
CPC Acquisition Corp., Term Loan, 3.897%, (3 mo. USD LIBOR + 3.75%), 12/29/27 |
374 | 374,296 | ||||||||||
Emerald Performance Materials, LLC, Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), 8/12/25 |
170 | 171,009 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Chemicals and Plastics (continued) | ||||||||||||
Ferro Corporation: |
||||||||||||
Term Loan, 2.397%, (3 mo. USD LIBOR + 2.25%), 2/14/24 |
70 | $ | 70,182 | |||||||||
Term Loan, 2.397%, (3 mo. USD LIBOR + 2.25%), 2/14/24 |
72 | 71,708 | ||||||||||
Term Loan, 2.397%, (3 mo. USD LIBOR + 2.25%), 2/14/24 |
87 | 86,443 | ||||||||||
Flint Group GmbH, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, 9/21/23 |
70 | 69,796 | ||||||||||
Flint Group US, LLC, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, 9/21/23 |
423 | 422,207 | ||||||||||
Gemini HDPE, LLC, Term Loan, 3.50%, (3 mo. USD LIBOR + 3.00%, Floor 0.50%), 12/31/27 |
370 | 370,057 | ||||||||||
Hexion, Inc., Term Loan, 3.71%, (3 mo. USD LIBOR + 3.50%), 7/1/26 |
343 | 343,572 | ||||||||||
Illuminate Buyer, LLC, Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 6/30/27 |
373 | 371,339 | ||||||||||
INEOS Enterprises Holdings US Finco, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/28/26 |
101 | 101,328 | ||||||||||
INEOS Styrolution US Holding, LLC, Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 1/29/26 |
1,250 | 1,249,024 | ||||||||||
Lonza Group AG, Term Loan, 4/29/28(14) |
650 | 651,137 | ||||||||||
LSF11 Skyscraper Holdco S.a.r.l., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 9/29/27 |
274 | 275,341 | ||||||||||
Momentive Performance Materials, Inc., Term Loan, 3.36%, (1 mo. USD LIBOR + 3.25%), 5/15/24 |
221 | 219,443 | ||||||||||
PMHC II, Inc., Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), 3/31/25(12) |
808 | 802,884 | ||||||||||
Pregis TopCo Corporation, Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 7/31/26 |
296 | 295,639 | ||||||||||
Rohm Holding GmbH, Term Loan, 4.978%, (6 mo. USD LIBOR + 4.75%), 7/31/26 |
1,654 | 1,658,691 | ||||||||||
Solenis Holdings, LLC, Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 6/26/25 |
EUR | 124 | 148,099 | |||||||||
Tronox Finance, LLC, Term Loan, 2.63%, (USD LIBOR + 2.50%), 3/13/28(12) |
953 | 948,535 | ||||||||||
Venator Materials Corporation, Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 8/8/24 |
168 | 167,490 | ||||||||||
$ | 10,748,703 | |||||||||||
Conglomerates 0.3% | ||||||||||||
Conair Holdings, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.75%, Floor 0.50%), 5/17/28 |
800 | $ | 802,700 | |||||||||
Penn Engineering & Manufacturing Corp., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 6/27/24 |
83 | 83,549 | ||||||||||
$ | 886,249 |
16 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Containers and Glass Products 2.8% | ||||||||||||
BWAY Holding Company, Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 4/3/24 |
1,922 | $ | 1,879,075 | |||||||||
Flex Acquisition Company, Inc.: |
||||||||||||
Term Loan, 3.452%, (3 mo. USD LIBOR + 3.25%), 6/29/25 |
1,665 | 1,651,292 | ||||||||||
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 2/23/28 |
1,604 | 1,599,387 | ||||||||||
Libbey Glass, Inc., Term Loan, 9.00%, (6 mo. USD LIBOR + 8.00%, Floor 1.00%), 11/13/25 |
342 | 356,092 | ||||||||||
Proampac PG Borrower, LLC, Term Loan, 4.50%, (USD LIBOR + 3.75%, Floor 0.75%), 11/3/25(12) |
1,240 | 1,243,015 | ||||||||||
TricorBraun Holdings, Inc.: |
||||||||||||
Term Loan, 3.267%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/3/28(13) |
55 | 54,739 | ||||||||||
Term Loan, 3.75%, (6 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/3/28 |
245 | 243,362 | ||||||||||
Trident TPI Holdings, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), 10/17/24 |
362 | 362,023 | ||||||||||
$ | 7,388,985 | |||||||||||
Cosmetics / Toiletries 0.3% | ||||||||||||
Kronos Acquisition Holdings, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.75%, Floor 0.50%), 12/22/26 |
647 | $ | 643,054 | |||||||||
$ | 643,054 | |||||||||||
Drugs 3.6% | ||||||||||||
Aenova Holding GmbH, Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), 3/6/25 |
EUR | 1,400 | $ | 1,670,011 | ||||||||
Akorn, Inc., Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 10/1/25 |
419 | 432,779 | ||||||||||
Albany Molecular Research, Inc.: |
||||||||||||
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 8/30/24 |
313 | 313,497 | ||||||||||
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/30/24 |
124 | 124,748 | ||||||||||
Alkermes, Inc., Term Loan, 3.00%, (3 mo. USD LIBOR + 2.50%, Floor 0.50%), 3/9/26 |
184 | 183,828 | ||||||||||
Amneal Pharmaceuticals, LLC, Term Loan, 3.625%, (1 mo. USD LIBOR + 3.50%), 5/4/25 |
1,616 | 1,592,250 | ||||||||||
Arbor Pharmaceuticals, Inc., Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), 7/5/23 |
376 | 375,042 | ||||||||||
Cambrex Corporation, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 12/4/26 |
149 | 149,872 | ||||||||||
Jazz Financing Lux S.a.r.l., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.50%, Floor 0.50%), 4/21/28 |
850 | 854,174 | ||||||||||
Mallinckrodt International Finance S.A.: | ||||||||||||
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.25%, Floor 0.75%), 9/24/24 |
2,130 | 2,066,991 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Drugs (continued) | ||||||||||||
Mallinckrodt International Finance S.A.: (continued) | ||||||||||||
Term Loan, 6.25%, (6 mo. USD LIBOR + 5.50%, Floor 0.75%), 2/24/25 |
1,350 | $ | 1,314,637 | |||||||||
Nidda Healthcare Holding AG, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 8/21/26 |
EUR | 275 | 324,043 | |||||||||
$ | 9,401,872 | |||||||||||
Ecological Services and Equipment 0.8% | ||||||||||||
EnergySolutions, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 5/9/25 |
1,747 | $ | 1,742,761 | |||||||||
GFL Environmental, Inc., Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 5/30/25 |
25 | 24,925 | ||||||||||
TruGreen Limited Partnership, Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 11/2/27 |
299 | 300,785 | ||||||||||
$ | 2,068,471 | |||||||||||
Electronics / Electrical 26.7% | ||||||||||||
Allegro Microsystems, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.75%, Floor 0.50%), 9/30/27 |
21 | $ | 21,154 | |||||||||
Applied Systems, Inc.: |
||||||||||||
Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 9/19/24 |
950 | 949,322 | ||||||||||
Term Loan - Second Lien, 6.25%, (3 mo. USD LIBOR + 5.50%, Floor 0.75%), 9/19/25 |
1,212 | 1,232,067 | ||||||||||
Aptean, Inc., Term Loan, 4.354%, (1 mo. USD LIBOR + 4.25%), 4/23/26 |
2,323 | 2,320,495 | ||||||||||
AQA Acquisition Holding, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.25%, Floor 0.50%), 3/3/28 |
425 | 426,771 | ||||||||||
Astra Acquisition Corp., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 3/1/27 |
396 | 396,503 | ||||||||||
Banff Merger Sub, Inc.: |
||||||||||||
Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 10/2/25 |
3,575 | 3,557,935 | ||||||||||
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/2/25 |
EUR | 122 | 145,275 | |||||||||
Barracuda Networks, Inc., Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), 10/30/28 |
200 | 204,333 | ||||||||||
Buzz Merger Sub, Ltd.: |
||||||||||||
Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 1/29/27 |
272 | 271,053 | ||||||||||
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 1/29/27 |
27 | 26,806 | ||||||||||
Cambium Learning Group, Inc., Term Loan, 5.25%, (3 mo. USD LIBOR + 4.50%, Floor 0.75%), 12/18/25 |
638 | 642,934 | ||||||||||
Celestica, Inc., Term Loan, 2.595%, (1 mo. USD LIBOR + 2.50%), 6/27/25 |
87 | 86,891 | ||||||||||
CentralSquare Technologies, LLC, Term Loan, 3.897%, (3 mo. USD LIBOR + 3.75%), 8/29/25 |
1,571 | 1,474,431 |
17 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||
Electronics / Electrical (continued) | ||||||||||
Cloudera, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), 12/22/27 |
299 | $ | 299,400 | |||||||
Cohu, Inc., Term Loan, 3.172%, (6 mo. USD LIBOR + 3.00%), 10/1/25 |
116 | 116,108 | ||||||||
Concorde Midco, Ltd., Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), 3/1/28 |
EUR | 250 | 297,030 | |||||||
Constant Contact, Inc.: |
||||||||||
Term Loan, 4.75%, 2/10/28(13) |
196 | 195,454 | ||||||||
Term Loan, 4.75%, (6 mo. USD LIBOR + 4.00%, Floor 0.75%), 2/10/28 |
729 | 727,522 | ||||||||
Cornerstone OnDemand, Inc., Term Loan, 3.341%, (1 mo. USD LIBOR + 3.25%), 4/22/27 |
2,805 | 2,807,183 | ||||||||
CPI International, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 7/26/24 |
1,232 | 1,231,699 | ||||||||
Delta TopCo, Inc.: |
||||||||||
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/1/27 |
725 | 727,493 | ||||||||
Term Loan - Second Lien, 8.00%, (6 mo. USD LIBOR + 7.25%, Floor 0.75%), 12/1/28 |
1,000 | 1,017,500 | ||||||||
E2open, LLC, Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 2/4/28 |
425 | 425,930 | ||||||||
ECI Macola Max Holdings, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 11/9/27 |
547 | 549,302 | ||||||||
Electro Rent Corporation, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 1/31/24 |
2,497 | 2,516,027 | ||||||||
Energizer Holdings, Inc., Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 12/22/27 |
541 | 540,637 | ||||||||
Epicor Software Corporation, Term Loan - Second Lien, 8.75%, (1 mo. USD LIBOR + 7.75%, Floor 1.00%), 7/31/28 |
375 | 388,946 | ||||||||
Finastra USA, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), 6/13/24 |
3,854 | 3,797,761 | ||||||||
Fiserv Investment Solutions, Inc., Term Loan, 4.155%, (3 mo. USD LIBOR + 4.00%), 2/18/27 |
1,262 | 1,266,983 | ||||||||
Gainwell Acquisition Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/1/27 |
2,889 | 2,901,944 | ||||||||
Hyland Software, Inc.: |
||||||||||
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 7/1/24 |
2,791 | 2,800,229 | ||||||||
Term Loan - Second Lien, 7.00%, (1 mo. USD LIBOR + 6.25%, Floor 0.75%), 7/7/25 |
1,787 | 1,796,660 | ||||||||
Imperva, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 1/12/26 |
298 | 299,077 | ||||||||
Imprivata, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 12/1/27 |
599 | 600,246 | ||||||||
Informatica, LLC: |
||||||||||
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/25/27 |
EUR | 123 | 145,323 | |||||||
Term Loan - Second Lien, 7.125%, 2/25/25(15) |
750 | 768,750 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||
Electronics / Electrical (continued) | ||||||||||
Liftoff Mobile, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 3/17/28 |
249 | $ | 248,595 | |||||||
LogMeIn, Inc., Term Loan, 4.827%, (1 mo. USD LIBOR + 4.75%), 8/31/27 |
896 | 894,847 | ||||||||
MA FinanceCo., LLC, Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 6/5/25 |
834 | 846,400 | ||||||||
Magenta Buyer, LLC: |
||||||||||
Term Loan, 5/3/28(14) |
2,075 | 2,077,222 | ||||||||
Term Loan - Second Lien, 5/3/29(14) |
550 | 545,875 | ||||||||
Marcel LUX IV S.a.r.l., Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/31/27 |
50 | 50,307 | ||||||||
Mirion Technologies, Inc., Term Loan, 4.147%, (3 mo. USD LIBOR + 4.00%), 3/6/26 |
1,237 | 1,240,242 | ||||||||
Oravel Stays Singapore Pte., Ltd., Term Loan, 5/21/28(14) |
275 | 280,500 | ||||||||
Panther Commercial Holdings L.P., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.50%, Floor 0.50%), 1/7/28 |
325 | 326,016 | ||||||||
PointClickCare Technologies, Inc., Term Loan, 3.75%, (USD LIBOR + 3.00%, Floor 0.75%), 12/29/27(12) |
299 | 299,437 | ||||||||
Polaris Newco, LLC, Term Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), 6/2/28 |
1,275 | 1,280,071 | ||||||||
ProQuest, LLC, Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 10/23/26 |
897 | 897,497 | ||||||||
Rackspace Technology Global, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 2/15/28 |
723 | 720,363 | ||||||||
RealPage, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/24/28 |
1,150 | 1,148,131 | ||||||||
Recorded Books, Inc., Term Loan, 4.08%, (1 mo. USD LIBOR + 4.00%), 8/29/25 |
1,125 | 1,127,705 | ||||||||
Renaissance Holding Corp.: |
||||||||||
Term Loan, 3.343%, (1 mo. USD LIBOR + 3.25%), 5/30/25 |
557 | 552,368 | ||||||||
Term Loan - Second Lien, 7.104%, (1 mo. USD LIBOR + 7.00%), 5/29/26 |
1,075 | 1,081,047 | ||||||||
Riverbed Technology, Inc., Term Loan - Second Lien, 12.00%, (3 mo. USD LIBOR + 11.00%, Floor 1.00%), 7.50% cash, 4.50% PIK, 12/31/26 |
6 | 4,814 | ||||||||
SkillSoft Corporation: |
||||||||||
Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 12/27/24 |
201 | 202,804 | ||||||||
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 4/27/25 |
663 | 664,225 | ||||||||
Sophia L.P., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 10/7/27 |
199 | 199,415 | ||||||||
SurveyMonkey, Inc., Term Loan, 3.85%, (1 week USD LIBOR + 3.75%), 10/10/25 |
464 | 461,820 | ||||||||
Symplr Software, Inc., Term Loan, 5.25%, (6 mo. USD LIBOR + 4.50%, Floor 0.75%), 12/22/27 |
399 | 399,898 | ||||||||
Tech Data Corporation, Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 6/30/25 |
546 | 547,376 |
18 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Electronics / Electrical (continued) | ||||||||||||
Thoughtworks, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/23/28 |
200 | $ | 199,899 | |||||||||
Tibco Software, Inc.: |
||||||||||||
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.75%), 6/30/26 |
2,463 | 2,457,217 | ||||||||||
Term Loan - Second Lien, 7.36%, (1 mo. USD LIBOR + 7.25%), 3/3/28 |
2,250 | 2,287,501 | ||||||||||
TTM Technologies, Inc., Term Loan, 2.592%, (1 mo. USD LIBOR + 2.50%), 9/28/24 |
64 | 64,124 | ||||||||||
Uber Technologies, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 4/4/25 |
1,858 | 1,858,985 | ||||||||||
Ultimate Software Group, Inc. (The): |
||||||||||||
Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 5/4/26 |
761 | 762,759 | ||||||||||
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 5/4/26 |
2,085 | 2,088,558 | ||||||||||
Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), 5/3/27 |
125 | 127,552 | ||||||||||
Ultra Clean Holdings, Inc., Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 8/27/25 |
622 | 623,976 | ||||||||||
Valkyr Purchaser, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/29/27 |
374 | 375,933 | ||||||||||
Verifone Systems, Inc., Term Loan, 4.147%, (3 mo. USD LIBOR + 4.00%), 8/20/25 |
1,205 | 1,186,784 | ||||||||||
Verisure Holding AB, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 3/27/28 |
EUR | 375 | 444,045 | |||||||||
Veritas US, Inc.: |
||||||||||||
Term Loan, 5.75%, (3 mo. EURIBOR + 4.75%, Floor 1.00%), 9/1/25 |
EUR | 149 | 178,328 | |||||||||
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 9/1/25 |
1,216 | 1,226,770 | ||||||||||
Vungle, Inc., Term Loan, 5.604%, (1 mo. USD LIBOR + 5.50%), 9/30/26 |
1,800 | 1,808,345 | ||||||||||
$ | 69,760,925 | |||||||||||
Equipment Leasing 0.1% | ||||||||||||
Boels Topholding B.V., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/5/27 |
EUR | 275 | $ | 325,394 | ||||||||
$ | 325,394 | |||||||||||
Financial Intermediaries 2.4% | ||||||||||||
Aretec Group, Inc., Term Loan, 4.354%, (1 mo. USD LIBOR + 4.25%), 10/1/25 |
3,310 | $ | 3,312,777 | |||||||||
CoreLogic, Inc., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.50%, Floor 0.50%), 6/2/28 |
2,725 | 2,723,722 | ||||||||||
EIG Management Company, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/22/25 |
121 | 120,786 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Financial Intermediaries (continued) | ||||||||||||
GreenSky Holdings, LLC, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 3/29/25 |
223 | $ | 222,193 | |||||||||
$ | 6,379,478 | |||||||||||
Food Products 1.7% | ||||||||||||
Alphabet Holding Company, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 9/26/24 |
1,107 | $ | 1,106,837 | |||||||||
B&G Foods, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 10/10/26 |
178 | 178,516 | ||||||||||
Badger Buyer Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 9/30/24 |
1,151 | 1,124,072 | ||||||||||
CHG PPC Parent, LLC, Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 3/31/25 |
218 | 216,340 | ||||||||||
H Food Holdings, LLC: |
||||||||||||
Term Loan, 3.792%, (1 mo. USD LIBOR + 3.69%), 5/23/25 |
827 | 822,867 | ||||||||||
Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 5/23/25 |
195 | 194,756 | ||||||||||
Shearers Foods, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 9/23/27 |
199 | 198,999 | ||||||||||
Simply Good Foods USA, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 7/7/24 |
135 | 136,080 | ||||||||||
Wsof I New Finco B.V., Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 4/23/28 |
EUR | 350 | 413,586 | |||||||||
$ | 4,392,053 | |||||||||||
Food Service 0.9% | ||||||||||||
IRB Holding Corp.: |
||||||||||||
Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), 2/5/25 |
996 | $ | 994,872 | |||||||||
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 12/15/27 |
1,095 | 1,095,070 | ||||||||||
Sovos Brands Intermediate, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), 6/8/28 |
325 | 326,219 | ||||||||||
$ | 2,416,161 | |||||||||||
Food / Drug Retailers 0.2% | ||||||||||||
L1R HB Finance Limited: |
||||||||||||
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), 8/9/24 |
EUR | 200 | $ | 231,148 | ||||||||
Term Loan, 5.329%, (3 mo. GBP LIBOR + 5.25%), 9/2/24 |
GBP | 200 | 268,274 | |||||||||
$ | 499,422 | |||||||||||
Forest Products 0.5% | ||||||||||||
Journey Personal Care Corp., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/1/28 |
575 | $ | 576,977 |
19 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Forest Products (continued) | ||||||||||||
Neenah, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 3.00%, Floor 0.50%), 4/6/28 |
647 | $ | 648,241 | |||||||||
$ | 1,225,218 | |||||||||||
Health Care 13.7% | ||||||||||||
Accelerated Health Systems, LLC, Term Loan, 3.591%, (1 mo. USD LIBOR + 3.50%), 10/31/25 |
244 | $ | 243,445 | |||||||||
ADMI Corp., Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 4/30/25 |
1,040 | 1,028,436 | ||||||||||
Alliance Healthcare Services, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 10/24/23 |
347 | 345,882 | ||||||||||
athenahealth, Inc., Term Loan, 4.41%, (3 mo. USD LIBOR + 4.25%), 2/11/26 |
3,656 | 3,680,139 | ||||||||||
Avantor Funding, Inc.: |
||||||||||||
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.00%, Floor 1.00%), 11/21/24 |
110 | 110,034 | ||||||||||
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), 11/8/27 |
199 | 199,348 | ||||||||||
Bayou Intermediate II, LLC, Term Loan, 5/13/28(14) |
400 | 402,000 | ||||||||||
Biogroup-LCD, Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/28/28 |
EUR | 125 | 147,663 | |||||||||
BW NHHC Holdco, Inc., Term Loan, 5.155%, (3 mo. USD LIBOR + 5.00%), 5/15/25 |
1,050 | 968,515 | ||||||||||
Cano Health, LLC, Term Loan, 5.50%, (6 mo. USD LIBOR + 4.75%, Floor 0.75%), 11/19/27 |
251 | 252,018 | ||||||||||
CCRR Parent, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/6/28 |
224 | 226,051 | ||||||||||
Certara L.P., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 8/14/26 |
481 | 482,245 | ||||||||||
CryoLife, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 12/1/24 |
217 | 217,396 | ||||||||||
Dedalus Finance GmbH: |
||||||||||||
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 5/4/27 |
EUR | 350 | 416,115 | |||||||||
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 8/16/27 |
EUR | 525 | 624,172 | |||||||||
Ensemble RCM, LLC, Term Loan, 3.936%, (3 mo. USD LIBOR + 3.75%), 8/3/26 |
693 | 694,502 | ||||||||||
Envision Healthcare Corporation, Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 10/10/25 |
2,366 | 2,031,459 | ||||||||||
eResearchTechnology, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/4/27 |
150 | 150,499 | ||||||||||
GHX Ultimate Parent Corporation, Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), 6/28/24 |
433 | 433,917 | ||||||||||
Hanger, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 3/6/25 |
484 | 483,977 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||
Health Care (continued) | ||||||||||
IQVIA, Inc.: |
||||||||||
Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 3/7/24 |
313 | $ | 312,248 | |||||||
Term Loan, 1.854%, (1 mo. USD LIBOR + 1.75%), 1/17/25 |
457 | 455,378 | ||||||||
Medical Solutions, LLC, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 6/14/24 |
1,793 | 1,799,900 | ||||||||
Midwest Physician Administrative Services, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 3/12/28 |
249 | 249,115 | ||||||||
MPH Acquisition Holdings, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), 6/7/23 |
3,516 | 3,510,288 | ||||||||
National Mentor Holdings, Inc.: |
||||||||||
Term Loan, 3.75%, 3/2/28(13) |
46 | 46,334 | ||||||||
Term Loan, 4.50%, (USD LIBOR + 3.75%, Floor 0.75%), 2/18/28(12) |
995 | 998,066 | ||||||||
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/2/28 |
31 | 31,434 | ||||||||
Navicure, Inc., Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 10/22/26 |
692 | 694,658 | ||||||||
Ortho-Clinical Diagnostics S.A., Term Loan, 3.089%, (1 mo. USD LIBOR + 3.00%), 6/30/25 |
1,333 | 1,333,413 | ||||||||
Pacific Dental Services, LLC, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 5/5/28 |
275 | 276,203 | ||||||||
Phoenix Guarantor, Inc.: |
||||||||||
Term Loan, 3.341%, (1 mo. USD LIBOR + 3.25%), 3/5/26 |
858 | 852,742 | ||||||||
Term Loan, 3.573%, (1 mo. USD LIBOR + 3.50%), 3/5/26 |
673 | 668,783 | ||||||||
Project Ruby Ultimate Parent Corp., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), 3/3/28 |
549 | 548,086 | ||||||||
Radiology Partners, Inc., Term Loan, 4.325%, (1 mo. USD LIBOR + 4.25%), 7/9/25 |
2,245 | 2,247,069 | ||||||||
RadNet, Inc., Term Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 4/22/28 |
550 | 550,000 | ||||||||
Sotera Health Holdings, LLC, Term Loan, 3.25%, (3 mo. USD LIBOR + 2.75%, Floor 0.50%), 12/11/26 |
300 | 299,344 | ||||||||
Sound Inpatient Physicians, Term Loan, 2.854%, (1 mo. USD LIBOR + 2.75%), 6/27/25 |
218 | 217,682 | ||||||||
Sunshine Luxembourg VII S.a.r.l., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 10/1/26 |
549 | 551,029 | ||||||||
Surgery Center Holdings, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 8/31/26 |
2,540 | 2,554,459 | ||||||||
Synlab Bondco PLC, Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), 7/1/27 |
EUR | 150 | 176,741 | |||||||
Team Health Holdings, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 2/6/24 |
1,322 | 1,286,618 | ||||||||
U.S. Anesthesia Partners, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 6/23/24 |
1,957 | 1,945,718 | ||||||||
US Radiology Specialists, Inc., Term Loan, 6.25%, (3 mo. USD LIBOR + 5.50%, Floor 0.75%), 12/10/27 |
398 | 400,985 |
20 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Health Care (continued) | ||||||||||||
Verscend Holding Corp., Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 8/27/25 |
711 | $ | 714,268 | |||||||||
$ | 35,858,374 | |||||||||||
Home Furnishings 1.0% | ||||||||||||
Mattress Firm, Inc., Term Loan, 6.25%, (6 mo. USD LIBOR + 5.25%, Floor 1.00%), 11/26/27 |
404 | $ | 411,068 | |||||||||
Serta Simmons Bedding, LLC: |
||||||||||||
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23 |
522 | 527,928 | ||||||||||
Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23 |
1,727 | 1,653,839 | ||||||||||
$ | 2,592,835 | |||||||||||
Industrial Equipment 7.8% | ||||||||||||
Alliance Laundry Systems, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 10/8/27 |
541 | $ | 542,626 | |||||||||
American Trailer World Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/3/28 |
275 | 274,943 | ||||||||||
Apex Tool Group, LLC, Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), 8/1/24 |
2,043 | 2,054,033 | ||||||||||
CFS Brands, LLC, Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 3/20/25 |
1,356 | 1,335,832 | ||||||||||
CPM Holdings, Inc., Term Loan, 3.592%, (1 mo. USD LIBOR + 3.50%), 11/17/25 |
2,198 | 2,185,286 | ||||||||||
Delachaux Group S.A.: |
||||||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 4/16/26 |
EUR | 172 | 204,505 | |||||||||
Term Loan, 4.686%, (3 mo. USD LIBOR + 4.50%), 4/16/26 |
221 | 219,949 | ||||||||||
DexKo Global, Inc.: |
||||||||||||
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), 7/24/24 |
EUR | 145 | 171,564 | |||||||||
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), 7/24/24 |
EUR | 362 | 428,912 | |||||||||
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 7/24/24 |
1,374 | 1,376,052 | ||||||||||
DXP Enterprises, Inc., Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), 12/16/27 |
249 | 250,149 | ||||||||||
Dynacast International, LLC: |
||||||||||||
Term Loan, 5.75%, (3 mo. USD LIBOR + 4.75%, Floor 1.00%), 7/19/25 |
427 | 428,338 | ||||||||||
Term Loan, 10.25%, (3 mo. USD LIBOR + 9.25%, Floor 1.00%), 10/25/25 |
165 | 171,714 | ||||||||||
Engineered Machinery Holdings, Inc.: |
||||||||||||
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 7/19/24 |
631 | 631,065 | ||||||||||
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 7/19/24 |
146 | 146,981 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Industrial Equipment (continued) | ||||||||||||
Filtration Group Corporation, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/29/25 |
174 | $ | 174,104 | |||||||||
GrafTech Finance, Inc., Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 2/12/25 |
458 | 460,364 | ||||||||||
Granite Holdings US Acquisition Co., Term Loan, 4.147%, (3 mo. USD LIBOR + 4.00%), 9/30/26 |
547 | 547,940 | ||||||||||
Harsco Corporation, Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 3/5/28 |
200 | 198,812 | ||||||||||
Hillman Group, Inc. (The): |
||||||||||||
Term Loan, 2/24/28(14) |
38 | 37,935 | ||||||||||
Term Loan, 2/24/28(14) |
187 | 186,830 | ||||||||||
LTI Holdings, Inc.: |
||||||||||||
Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 9/6/25 |
711 | 702,549 | ||||||||||
Term Loan, 4.854%, (1 mo. USD LIBOR + 4.75%), 7/24/26 |
839 | 839,876 | ||||||||||
Term Loan, 7/24/26(14) |
100 | 100,000 | ||||||||||
Term Loan, 7/24/26(14) |
175 | 175,000 | ||||||||||
Pro Mach Group, Inc., Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), 3/7/25(12) |
396 | 397,115 | ||||||||||
Quimper AB, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 2/16/26 |
EUR | 1,000 | 1,179,007 | |||||||||
Robertshaw US Holding Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 2/28/25 |
1,200 | 1,160,996 | ||||||||||
Thermon Industries, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/30/24 |
104 | 103,577 | ||||||||||
Titan Acquisition Limited, Term Loan, 3.167%, (3 mo. USD LIBOR + 3.00%), 3/28/25 |
2,122 | 2,088,176 | ||||||||||
Vertical Midco GmbH, Term Loan, 4.478%, (6 mo. USD LIBOR + 4.25%), 7/30/27 |
596 | 597,331 | ||||||||||
Welbilt, Inc., Term Loan, 2.604%, (1 mo. USD LIBOR + 2.50%), 10/23/25 |
639 | 634,611 | ||||||||||
Zephyr German BidCo GmbH, Term Loan, 3.75%, (2 mo. EURIBOR + 3.75%), 3/10/28 |
EUR | 300 | 357,603 | |||||||||
$ | 20,363,775 | |||||||||||
Insurance 3.8% | ||||||||||||
Alliant Holdings Intermediate, LLC: |
||||||||||||
Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 5/9/25 |
221 | $ | 218,502 | |||||||||
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 10/8/27 |
570 | 571,689 | ||||||||||
AmWINS Group, Inc., Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 2/19/28 |
2,040 | 2,029,435 | ||||||||||
AssuredPartners Capital, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/12/27 |
222 | 223,067 | ||||||||||
AssuredPartners, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 2/12/27 |
690 | 686,545 |
21 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Insurance (continued) | ||||||||||||
Asurion, LLC: |
||||||||||||
Term Loan, 3.345%, (1 mo. USD LIBOR + 3.25%), 7/31/27 |
1,925 | $ | 1,905,523 | |||||||||
Term Loan - Second Lien, 5.354%, (1 mo. USD LIBOR + 5.25%), 1/31/28 |
2,360 | 2,382,420 | ||||||||||
Ryan Specialty Group, LLC, Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 9/1/27 |
794 | 795,389 | ||||||||||
Sedgwick Claims Management Services, Inc., Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 12/31/25 |
561 | 555,299 | ||||||||||
USI, Inc., Term Loan, 3.397%, (3 mo. USD LIBOR + 3.25%), 12/2/26 |
640 | 635,282 | ||||||||||
$ | 10,003,151 | |||||||||||
Leisure Goods / Activities / Movies 5.1% | ||||||||||||
AMC Entertainment Holdings, Inc., Term Loan, 3.086%, (1 mo. USD LIBOR + 3.00%), 4/22/26 |
831 | $ | 783,792 | |||||||||
Amer Sports Oyj, Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 3/30/26 |
EUR | 800 | 950,181 | |||||||||
Bombardier Recreational Products, Inc., Term Loan, 2.104%, (1 mo. USD LIBOR + 2.00%), 5/24/27 |
234 | 232,001 | ||||||||||
Carnival Corporation, Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 6/30/25 |
619 | 634,412 | ||||||||||
ClubCorp Holdings, Inc., Term Loan, 2.897%, (3 mo. USD LIBOR + 2.75%), 9/18/24 |
1,829 | 1,761,400 | ||||||||||
Crown Finance US, Inc.: |
||||||||||||
Term Loan, 2.625%, (6 mo. EURIBOR + 2.625%), 2/28/25 |
EUR | 793 | 830,836 | |||||||||
Term Loan, 2.897%, (3 mo. USD LIBOR + 2.75%), 9/30/26 |
689 | 603,913 | ||||||||||
Term Loan, 3.50%, (6 mo. USD LIBOR + 2.50%, Floor 1.00%), 2/28/25 |
784 | 692,540 | ||||||||||
Term Loan, 15.25%, (7.00% cash, 8.25% PIK), 5/23/24(15) |
337 | 426,776 | ||||||||||
Delta 2 (LUX) S.a.r.l., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 2/1/24 |
447 | 445,878 | ||||||||||
Lindblad Expeditions, Inc.: |
||||||||||||
Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), 4.75% cash, 1.25% PIK, 3/27/25 |
172 | 168,166 | ||||||||||
Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), 4.75% cash, 1.25% PIK, 3/27/25 |
690 | 672,664 | ||||||||||
SeaWorld Parks & Entertainment, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 3/31/24 |
548 | 544,136 | ||||||||||
Steinway Musical Instruments, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 2/14/25 |
91 | 90,514 | ||||||||||
Travel Leaders Group, LLC, Term Loan, 4.104%, (1 mo. USD LIBOR + 4.00%), 1/25/24 |
1,921 | 1,854,352 | ||||||||||
UFC Holdings, LLC, Term Loan, 3.75%, (6 mo. USD LIBOR + 3.00%, Floor 0.75%), 4/29/26 |
1,026 | 1,026,267 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Leisure Goods / Activities / Movies (continued) | ||||||||||||
Vue International Bidco PLC, Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), 7/3/26 |
EUR | 1,333 | $ | 1,506,066 | ||||||||
$ | 13,223,894 | |||||||||||
Lodging and Casinos 2.8% | ||||||||||||
Boyd Gaming Corporation, Term Loan, 2.338%, (1 week USD LIBOR + 2.25%), 9/15/23 |
299 | $ | 298,993 | |||||||||
CityCenter Holdings, LLC, Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 4/18/24 |
1,524 | 1,514,060 | ||||||||||
Golden Nugget, Inc., Term Loan, 3.25%, (2 mo. USD LIBOR + 2.50%, Floor 0.75%), 10/4/23 |
2,230 | 2,215,368 | ||||||||||
Playa Resorts Holding B.V., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 4/29/24 |
2,041 | 1,964,966 | ||||||||||
Sportradar Capital S.a.r.l., Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), 11/22/27 |
EUR | 250 | 297,549 | |||||||||
Stars Group Holdings B.V. (The): |
||||||||||||
Term Loan, 3.647%, (3 mo. USD LIBOR + 3.50%), 7/10/25 |
775 | 777,351 | ||||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 7/10/25 |
EUR | 269 | 319,469 | |||||||||
$ | 7,387,756 | |||||||||||
Nonferrous Metals / Minerals 0.3% | ||||||||||||
Oxbow Carbon, LLC, Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), 10/13/25 |
337 | $ | 337,717 | |||||||||
Rain Carbon GmbH, Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 1/16/25 |
EUR | 450 | 529,586 | |||||||||
$ | 867,303 | |||||||||||
Oil and Gas 5.2% | ||||||||||||
Ameriforge Group, Inc.: |
||||||||||||
Term Loan, 8.228%, (1 mo. USD LIBOR + 13.00%, Floor 1.00%), 12/31/23(13) |
22 | $ | 12,341 | |||||||||
Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, 12/31/23 |
4 | 2,432 | ||||||||||
Apergy Corporation: |
||||||||||||
Term Loan, 2.625%, (1 mo. USD LIBOR + 2.50%), 5/9/25 |
59 | 58,889 | ||||||||||
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 6/3/27 |
1,995 | 2,038,641 | ||||||||||
Centurion Pipeline Company, LLC: |
||||||||||||
Term Loan, 3.354%, (1 mo. USD LIBOR + 3.25%), 9/29/25 |
122 | 120,504 | ||||||||||
Term Loan, 4.095%, (1 mo. USD LIBOR + 4.00%), 9/28/25 |
100 | 98,132 | ||||||||||
CITGO Holding, Inc., Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), 8/1/23 |
1,110 | 1,104,698 |
22 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Oil and Gas (continued) | ||||||||||||
CITGO Petroleum Corporation, Term Loan, 7.25%, (6 mo. USD LIBOR + 6.25%, Floor 1.00%), 3/28/24 |
2,192 | $ | 2,212,760 | |||||||||
Delek US Holdings, Inc., Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), 3/31/25 |
2,746 | 2,761,949 | ||||||||||
Fieldwood Energy, LLC: |
||||||||||||
DIP Loan, 3.675%, (1 mo. USD LIBOR + 8.75%, Floor 1.00%), 8/4/21(13) |
198 | 200,706 | ||||||||||
Term Loan, 0.00%, 4/11/22(16) |
1,338 | 696,020 | ||||||||||
Matador Bidco S.a.r.l., Term Loan, 4.854%, (1 mo. USD LIBOR + 4.75%), 10/15/26 |
2,660 | 2,667,706 | ||||||||||
PSC Industrial Holdings Corp., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/11/24 |
1,229 | 1,219,818 | ||||||||||
RDV Resources Properties, LLC, Term Loan, 9.50%, (1 mo. USD LIBOR + 8.50%, Floor 1.00%), 3/29/24 |
4 | 1,843 | ||||||||||
UGI Energy Services, LLC, Term Loan, 3.854%, (1 mo. USD LIBOR + 3.75%), 8/13/26 |
466 | 466,809 | ||||||||||
$ | 13,663,248 | |||||||||||
Publishing 1.0% | ||||||||||||
Adevinta ASA: |
||||||||||||
Term Loan, 4/20/28(14) |
150 | $ | 150,305 | |||||||||
Term Loan, 4/20/28(14) |
EUR | 575 | 682,531 | |||||||||
Alchemy Copyrights, LLC, Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 3/10/28 |
223 | 223,595 | ||||||||||
Ascend Learning, LLC: |
||||||||||||
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 7/12/24 |
529 | 529,623 | ||||||||||
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 7/12/24 |
199 | 198,934 | ||||||||||
Getty Images, Inc., Term Loan, 4.625%, (1 mo. USD LIBOR + 4.50%), 2/19/26 |
772 | 772,117 | ||||||||||
$ | 2,557,105 | |||||||||||
Radio and Television 2.6% | ||||||||||||
Cumulus Media New Holdings, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/31/26 |
1,022 | $ | 1,024,007 | |||||||||
Gray Television, Inc.: |
||||||||||||
Term Loan, 2.342%, (1 mo. USD LIBOR + 2.25%), 2/7/24 |
116 | 115,531 | ||||||||||
Term Loan, 2.592%, (1 mo. USD LIBOR + 2.50%), 1/2/26 |
276 | 275,137 | ||||||||||
Hubbard Radio, LLC, Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 3/28/25 |
250 | 248,508 | ||||||||||
iHeartCommunications, Inc.: |
||||||||||||
Term Loan, 3.104%, (1 mo. USD LIBOR + 3.00%), 5/1/26 |
813 | 806,784 | ||||||||||
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 5/1/26 |
173 | 173,358 |
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Radio and Television (continued) | ||||||||||||
Nexstar Broadcasting, Inc., Term Loan, 2.592%, (1 mo. USD LIBOR + 2.50%), 9/18/26 |
216 | $ | 215,417 | |||||||||
Sinclair Television Group, Inc., Term Loan, 2.61%, (1 mo. USD LIBOR + 2.50%), 9/30/26 |
295 | 292,502 | ||||||||||
Terrier Media Buyer, Inc., Term Loan, 3.604%, (1 mo. USD LIBOR + 3.50%), 12/17/26 |
2,156 | 2,148,207 | ||||||||||
Univision Communications, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/15/26 |
1,535 | 1,539,631 | ||||||||||
$ | 6,839,082 | |||||||||||
Retailers (Except Food and Drug) 2.1% | ||||||||||||
CNT Holdings I Corp., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 11/8/27 |
349 | $ | 349,807 | |||||||||
Great Outdoors Group, LLC, Term Loan, 5.00%, (6 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/6/28 |
1,294 | 1,302,855 | ||||||||||
Harbor Freight Tools USA, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 10/19/27 |
721 | 722,359 | ||||||||||
Hoya Midco, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 6/30/24 |
1,953 | 1,945,180 | ||||||||||
PetSmart, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/12/28 |
700 | 701,312 | ||||||||||
Phillips Feed Service, Inc., Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), 11/13/24(3) |
50 | 40,023 | ||||||||||
Pier 1 Imports (U.S.), Inc., Term Loan,
|
41 | 33,152 | ||||||||||
Protective Industrial Products, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 1/20/28 |
275 | 275,602 | ||||||||||
$ | 5,370,290 | |||||||||||
Steel 0.4% | ||||||||||||
Neenah Foundry Company, Term Loan, 10.00%, (2 mo. USD LIBOR + 9.00%, Floor 1.00%), 12/13/22 |
298 | $ | 275,827 | |||||||||
Phoenix Services International, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/1/25 |
387 | 386,516 | ||||||||||
TMS International Corp., Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), 8/14/24(12) |
124 | 124,064 | ||||||||||
Zekelman Industries, Inc., Term Loan, 2.092%, (1 mo. USD LIBOR + 2.00%), 1/24/27 |
291 | 288,532 | ||||||||||
$ | 1,074,939 | |||||||||||
Surface Transport 0.7% | ||||||||||||
Hertz Corporation (The): |
||||||||||||
DIP Loan, 6.477%, (1 mo. USD LIBOR + 7.25%, Floor 1.00%), 12/31/21(13) |
399 | $ | 400,898 | |||||||||
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), 6/30/23 |
271 | 272,944 | ||||||||||
Kenan Advantage Group, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/24/26 |
1,169 | 1,172,340 | ||||||||||
$ | 1,846,182 |
23 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Borrower/Description |
Principal
Amount* (000s omitted) |
Value | ||||||||||
Telecommunications 3.6% | ||||||||||||
Avaya, Inc., Term Loan, 4.073%, (1 mo. USD LIBOR + 4.00%), 12/15/27 |
100 | $ | 100,469 | |||||||||
Cyxtera DC Holdings, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 5/1/24 |
2,112 | 2,063,117 | ||||||||||
Digicel International Finance Limited, Term Loan, 3.43%, (6 mo. USD LIBOR + 3.25%), 5/28/24 |
1,829 | 1,760,776 | ||||||||||
Gamma Infrastructure III B.V., Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/9/25 |
EUR | 150 | 177,473 | |||||||||
GEE Holdings 2, LLC: |
||||||||||||
Term Loan, 9.00%, (3 mo. USD LIBOR + 8.00%, Floor 1.00%), 3/24/25 |
186 | 186,688 | ||||||||||
Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), 3/23/26 |
365 | 337,751 | ||||||||||
Intelsat Jackson Holdings S.A.: |
||||||||||||
DIP Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), 7/13/22 |
444 | 449,948 | ||||||||||
Term Loan, 8.00%, (USD Prime + 4.75%), 11/27/23 |
650 | 660,291 | ||||||||||
Term Loan, 8.75%, (USD Prime + 5.50%), 1/2/24 |
850 | 868,169 | ||||||||||
IPC Corp., Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), 8/6/21(3) |
557 | 463,872 | ||||||||||
Onvoy, LLC, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/10/24 |
1,697 | 1,697,577 | ||||||||||
Syniverse Holdings, Inc., Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 3/9/23 |
460 | 456,020 | ||||||||||
Ziggo Financing Partnership, Term Loan, 2.573%, (1 mo. USD LIBOR + 2.50%), 4/30/28 |
300 | 297,458 | ||||||||||
$ | 9,519,609 | |||||||||||
Utilities 0.8% | ||||||||||||
Brookfield WEC Holdings, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 8/1/25 |
556 | $ | 551,142 | |||||||||
USIC Holdings, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 5/12/28 |
1,483 | 1,482,841 | ||||||||||
$ | 2,033,983 | |||||||||||
Total Senior Floating-Rate Loans
|
|
$ | 324,620,809 | |||||||||
Warrants 0.0%(6) |
|
|||||||||||
Security | Shares | Value | ||||||||||
Health Care 0.0%(6) | ||||||||||||
THAIHOT Investment Company US Limited, Exp. 10/13/27(3)(4)(5) |
11 | $ | 11,088 | |||||||||
THAIHOT Investment Company US Limited,
|
599 | 0 | ||||||||||
$ | 11,088 |
Security | Shares | Value | ||||||||||
Leisure Goods / Activities / Movies 0.0%(6) | ||||||||||||
Cineworld Group PLC, Exp.
|
102,872 | $ | 51,158 | |||||||||
$ | 51,158 | |||||||||||
Total Warrants
|
|
$ | 62,246 | |||||||||
Miscellaneous 0.0% |
|
|||||||||||
Security | Shares | Value | ||||||||||
Cable and Satellite Television 0.0% | ||||||||||||
ACC Claims Holdings, LLC(3) |
200,340 | $ | 0 | |||||||||
$ | 0 | |||||||||||
Oil and Gas 0.0% | ||||||||||||
Paragon Offshore Finance
Company,
|
764 | $ | 0 | |||||||||
Paragon Offshore Finance Company,
|
382 | 0 | ||||||||||
$ | 0 | |||||||||||
Total Miscellaneous
|
|
$ | 0 | |||||||||
Short-Term Investments 1.9% |
|
|||||||||||
Description | Units | Value | ||||||||||
Eaton Vance Cash Reserves Fund, LLC,
|
5,030,292 | $ | 5,030,292 | |||||||||
Total Short-Term Investments
|
|
$ | 5,030,292 | |||||||||
Total Investments 142.9%
|
|
$ | 373,592,468 | |||||||||
Less Unfunded Loan Commitments (0.3)% |
|
$ | (795,923 | ) | ||||||||
Net Investments 142.6%
|
|
$ | 372,796,545 | |||||||||
Other Assets, Less Liabilities (28.2)% |
|
$ | (73,770,975 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (14.4)% |
|
$ | (37,600,368 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 261,425,202 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
24 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
* |
In U.S. dollars unless otherwise indicated. |
(1) |
Security exempt from registration under Rule 144A of 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, 2021, the aggregate value of these securities is $32,592,088 or 12.5% of the Trusts net assets applicable to common shares. |
(2) |
Variable rate security. The stated interest rate represents the rate in effect at June 30, 2021. |
(3) |
For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11). |
(4) |
Non-income producing security. |
(5) |
Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(6) |
Amount is less than 0.05%. |
(7) |
Restricted security (see Note 7). |
(8) |
Represents a payment-in-kind security which may pay interest in additional principal at the issuers discretion. |
(9) |
Security converts to variable rate after the indicated fixed-rate coupon period. |
(10) |
Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(11) |
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 a minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
(12) |
The stated interest rate represents the weighted average interest rate at June 30, 2021 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. |
(13) |
Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At June 30, 2021, the total value of unfunded loan commitments is $796,718. See Note 1F for description. |
(14) |
This Senior Loan will settle after June 30, 2021, at which time the interest rate will be determined. |
(15) |
Fixed-rate loan. |
(16) |
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. |
(17) |
Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2021. |
Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty |
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
|||||||||||||||||||
EUR | 9,051,220 | USD | 10,733,842 | Standard Chartered Bank | 7/2/21 | $ | | $ | (1,357 | ) | ||||||||||||||
USD | 11,031,859 | EUR | 9,051,220 | Standard Chartered Bank | 7/2/21 | 299,374 | | |||||||||||||||||
GBP | 11,137 | USD | 15,495 | State Street Bank and Trust Company | 7/30/21 | | (87 | ) | ||||||||||||||||
USD | 10,147,273 | EUR | 8,355,055 | HSBC Bank USA, N.A. | 7/30/21 | 234,521 | | |||||||||||||||||
USD | 837,390 | GBP | 600,520 | State Street Bank and Trust Company | 7/30/21 | 6,620 | | |||||||||||||||||
USD | 10,740,728 | EUR | 9,051,220 | Standard Chartered Bank | 8/3/21 | 1,154 | | |||||||||||||||||
USD | 6,789,122 | EUR | 5,683,100 | Goldman Sachs International | 8/31/21 | 42,239 | | |||||||||||||||||
USD | 744,137 | EUR | 613,328 | State Street Bank and Trust Company | 8/31/21 | 16,004 | | |||||||||||||||||
$ | 599,912 | $ | (1,444 | ) |
25 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Portfolio of Investments continued
Abbreviations:
DIP | | Debtor In Possession | ||
EURIBOR | | Euro Interbank Offered Rate | ||
LIBOR | | London Interbank Offered Rate | ||
PIK | | Payment In Kind |
Currency Abbreviations:
EUR | | Euro | ||
GBP | | British Pound Sterling | ||
USD | | United States Dollar |
26 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Statement of Assets and Liabilities
Assets | June 30, 2021 | |||
Unaffiliated investments, at value (identified cost, $364,223,645) |
$ | 367,766,253 | ||
Affiliated investment, at value (identified cost, $5,030,220) |
5,030,292 | |||
Cash |
4,493,048 | |||
Cash escrow deposits |
752,452 | |||
Deposits for derivatives collateral forward foreign currency exchange contracts |
300,000 | |||
Foreign currency, at value (identified cost, $1,369,261) |
1,369,099 | |||
Interest and dividends receivable |
1,695,164 | |||
Dividends receivable from affiliated investment |
247 | |||
Receivable for investments sold |
26,840,002 | |||
Receivable for open forward foreign currency exchange contracts |
599,912 | |||
Prepaid upfront fees on notes payable |
130,850 | |||
Prepaid expenses |
9,714 | |||
Total assets |
$ | 408,987,033 | ||
Liabilities |
|
|||
Notes payable |
$ | 103,000,000 | ||
Cash collateral due to broker |
290,000 | |||
Payable for investments purchased |
5,292,908 | |||
Payable for open forward foreign currency exchange contracts |
1,444 | |||
Payable to affiliates: |
||||
Investment adviser fee |
993,393 | |||
Administration fee |
82,514 | |||
Trustees fees |
5,160 | |||
Accrued expenses |
296,044 | |||
Total liabilities |
$ | 109,961,463 | ||
Auction preferred shares (1,504 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$ | 37,600,368 | ||
Net assets applicable to common shares |
$ | 261,425,202 | ||
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 |
277,538,770 | |||
Accumulated loss |
(16,492,234 | ) | ||
Net assets applicable to common shares |
$ | 261,425,202 | ||
Net Asset Value Per Common Share | ||||
($261,425,202 ÷ 37,866,607 common shares issued and outstanding) |
$ | 6.90 |
27 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Statement of Operations
Investment Income |
Year Ended
June 30, 2021 |
|||
Interest and other income |
$ | 21,266,869 | ||
Dividends (net of foreign taxes, $8,881) |
498,312 | |||
Dividends from affiliated investment |
9,005 | |||
Total investment income |
$ | 21,774,186 | ||
Expenses | ||||
Investment adviser fee |
$ | 2,929,024 | ||
Administration fee |
991,798 | |||
Trustees fees and expenses |
25,596 | |||
Custodian fee |
132,643 | |||
Transfer and dividend disbursing agent fees |
21,795 | |||
Legal and accounting services |
567,827 | |||
Printing and postage |
158,178 | |||
Interest expense and fees |
1,442,922 | |||
Preferred shares service fee |
32,343 | |||
Miscellaneous |
94,355 | |||
Total expenses |
$ | 6,396,481 | ||
Net investment income |
$ | 15,377,705 | ||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) |
||||
Investment transactions |
$ | (5,024,663 | ) | |
Investment transactions affiliated investment |
(1,418 | ) | ||
Foreign currency transactions |
204,002 | |||
Forward foreign currency exchange contracts |
(2,032,478 | ) | ||
Net realized loss |
$ | (6,854,557 | ) | |
Change in unrealized appreciation (depreciation) |
||||
Investments |
$ | 32,686,339 | ||
Investments affiliated investment |
72 | |||
Foreign currency |
(69,812 | ) | ||
Forward foreign currency exchange contracts |
1,079,561 | |||
Net change in unrealized appreciation (depreciation) |
$ | 33,696,160 | ||
Net realized and unrealized gain |
$ | 26,841,603 | ||
Distributions to preferred shareholders |
$ | (39,831 | ) | |
Net increase in net assets from operations |
$ | 42,179,477 |
28 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Statements of Changes in Net Assets
Year Ended June 30, | ||||||||
Increase (Decrease) in Net Assets | 2021 | 2020 | ||||||
From operations |
||||||||
Net investment income |
$ | 15,377,705 | $ | 14,901,933 | ||||
Net realized loss |
(6,854,557 | ) | (12,608,398 | ) | ||||
Net change in unrealized appreciation (depreciation) |
33,696,160 | (18,397,484 | ) | |||||
Distributions to preferred shareholders |
(39,831 | ) | (639,137 | ) | ||||
Net increase (decrease) in net assets from operations |
$ | 42,179,477 | $ | (16,743,086 | ) | |||
Distributions to common shareholders |
$ | (15,411,709 | ) | $ | (15,525,309 | ) | ||
Net increase (decrease) in net assets |
$ | 26,767,768 | $ | (32,268,395 | ) | |||
Net Assets Applicable to Common Shares |
|
|||||||
At beginning of year |
$ | 234,657,434 | $ | 266,925,829 | ||||
At end of year |
$ | 261,425,202 | $ | 234,657,434 |
29 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Statement of Cash Flows
Cash Flows From Operating Activities |
Year Ended
June 30, 2021 |
|||
Net increase in net assets from operations |
$ | 42,179,477 | ||
Distributions to preferred shareholders |
39,831 | |||
Net increase in net assets from operations excluding distributions to preferred shareholders |
$ | 42,219,308 | ||
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |
||||
Investments purchased |
(255,023,615 | ) | ||
Investments sold and principal repayments |
236,274,437 | |||
Decrease in short-term investments, net |
9,498,272 | |||
Net amortization/accretion of premium (discount) |
(2,226,779 | ) | ||
Amortization of prepaid upfront fees and other fees on notes payable |
254,198 | |||
Increase in interest and dividends receivable |
(153,868 | ) | ||
Decrease in dividends receivable from affiliated investment |
874 | |||
Increase in receivable for open forward foreign currency exchange contracts |
(590,524 | ) | ||
Decrease in tax reclaims receivable |
211 | |||
Decrease in prepaid expenses |
18,999 | |||
Increase in cash collateral due to broker |
290,000 | |||
Decrease in payable for open forward foreign currency exchange contracts |
(489,037 | ) | ||
Increase in payable to affiliate for investment adviser fee |
773,272 | |||
Increase in payable to affiliate for administration fee |
8,148 | |||
Increase in payable to affiliate for Trustees fees |
5,160 | |||
Decrease in accrued expenses |
(28,396 | ) | ||
Increase in unfunded loan commitments |
378,778 | |||
Net change in unrealized (appreciation) depreciation from investments |
(32,686,411 | ) | ||
Net realized loss from investments |
5,026,081 | |||
Net cash provided by operating activities |
$ | 3,549,108 | ||
Cash Flows From Financing Activities |
|
|||
Cash distributions paid to common shareholders |
$ | (15,411,709 | ) | |
Cash distributions paid to preferred shareholders |
(39,463 | ) | ||
Proceeds from notes payable |
74,000,000 | |||
Repayments of notes payable |
(66,000,000 | ) | ||
Payment of upfront fees on notes payable |
(187,500 | ) | ||
Net cash used in financing activities |
$ | (7,638,672 | ) | |
Net decrease in cash and restricted cash* |
$ | (4,089,564 | ) | |
Cash and restricted cash at beginning of year (including foreign currency) |
$ | 11,004,163 | ||
Cash and restricted cash at end of year (including foreign currency) |
$ | 6,914,599 | ||
Supplemental disclosure of cash flow information: |
|
|||
Cash paid for interest and fees on borrowings |
$ | 1,386,240 |
* |
Includes net change in unrealized appreciation (depreciation) on foreign currency of $(1,744). |
30 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
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, 2021 | ||||
Cash |
$ | 4,493,048 | ||
Cash escrow deposits |
752,452 | |||
Deposits for derivatives collateral forward foreign currency exchange contracts |
300,000 | |||
Foreign currency |
1,369,099 | |||
Total cash and restricted cash as shown on the Statement of Cash Flows |
$ | 6,914,599 |
31 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Financial Highlights
Selected data for a common share outstanding during the periods stated
Year Ended June 30, | ||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||
Net asset value Beginning of year (Common shares) |
$ | 6.200 | $ | 7.050 | $ | 7.180 | $ | 7.150 | $ | 6.650 | ||||||||||
Income (Loss) From Operations | ||||||||||||||||||||
Net investment income(1) |
$ | 0.406 | $ | 0.394 | $ | 0.410 | $ | 0.385 | $ | 0.404 | ||||||||||
Net realized and unrealized gain (loss) |
0.702 | (0.817 | ) | (0.172 | ) | 0.038 | 0.436 | |||||||||||||
Distributions to preferred shareholders |
||||||||||||||||||||
From net investment income(1) |
(0.001 | ) | (0.017 | ) | (0.031 | ) | (0.028 | ) | (0.014 | ) | ||||||||||
Discount on redemption and repurchase of auction preferred shares(1) |
| | 0.051 | | 0.064 | |||||||||||||||
Total income (loss) from operations |
$ | 1.107 | $ | (0.440 | ) | $ | 0.258 | $ | 0.395 | $ | 0.890 | |||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||
From net investment income |
$ | (0.407 | ) | $ | (0.410 | ) | $ | (0.388 | ) | $ | (0.365 | ) | $ | (0.390 | ) | |||||
Total distributions to common shareholders |
$ | (0.407 | ) | $ | (0.410 | ) | $ | (0.388 | ) | $ | (0.365 | ) | $ | (0.390 | ) | |||||
Net asset value End of year (Common shares) |
$ | 6.900 | $ | 6.200 | $ | 7.050 | $ | 7.180 | $ | 7.150 | ||||||||||
Market value End of year (Common shares) |
$ | 6.800 | $ | 5.330 | $ | 6.230 | $ | 6.380 | $ | 6.650 | ||||||||||
Total Investment Return on Net Asset Value(2) |
18.65 | % | (5.64 | )% | 4.46 | %(3) | 6.12 | % | 14.02 | %(4) | ||||||||||
Total Investment Return on Market Value(2) |
36.01 | % | (8.20 | )% | 3.88 | % | 1.39 | % | 17.34 | % |
32 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Financial Highlights continued
Selected data for a common share outstanding during the periods stated
Year Ended June 30, | ||||||||||||||||||||
Ratios/Supplemental Data | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||
Net assets applicable to common shares, end of year (000s omitted) |
$ | 261,425 | $ | 234,657 | $ | 266,926 | $ | 272,016 | $ | 270,810 | ||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5) |
||||||||||||||||||||
Expenses excluding interest and fees |
1.96 | % | 1.73 | % | 1.73 | % | 1.82 | % | 1.87 | % | ||||||||||
Interest and fee expense(6) |
0.57 | % | 1.19 | % | 1.40 | % | 0.83 | % | 0.52 | % | ||||||||||
Total expenses |
2.53 | % | 2.92 | % | 3.13 | % | 2.65 | % | 2.39 | % | ||||||||||
Net investment income |
6.08 | % | 5.93 | % | 5.74 | % | 5.36 | % | 5.75 | % | ||||||||||
Portfolio Turnover |
40 | % | 57 | % | 26 | % | 34 | % | 42 | % | ||||||||||
Senior Securities: |
||||||||||||||||||||
Total notes payable outstanding (in 000s) |
$ | 103,000 | $ | 95,000 | $ | 103,000 | $ | 93,000 | $ | 92,000 | ||||||||||
Asset coverage per $1,000 of notes payable(7) |
$ | 3,903 | $ | 3,866 | $ | 3,957 | $ | 4,587 | $ | 4,613 | ||||||||||
Total preferred shares outstanding |
1,504 | 1,504 | 1,504 | 2,464 | 2,464 | |||||||||||||||
Asset coverage per preferred share(8) |
$ | 71,484 | $ | 69,242 | $ | 72,464 | $ | 68,989 | $ | 69,078 | ||||||||||
Involuntary liquidation preference per preferred share(9) |
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||
Approximate market value per preferred share(9) |
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 |
(1) |
Computed using average common shares outstanding. |
(2) |
Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trusts dividend reinvestment plan. |
(3) |
The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its Auction Preferred Shares at 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) |
Interest and fee expense relates to the notes payable to partially redeem the Trusts Auction Preferred Shares and/or to fund investments (see Note 9). |
(7) |
Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts total assets, and dividing the result by the notes payable balance in thousands. |
(8) |
Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 286%, 277%, 290%, 276% and 276% at June 30, 2021, 2020, 2019, 2018 and 2017, respectively. |
(9) |
Plus accumulated and unpaid dividends. |
|
Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders. |
Year Ended June 30, | ||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||
Expenses excluding interest and fees |
1.25 | % | 1.11 | % | 1.12 | % | 1.17 | % | 1.21 | % | ||||||||||
Interest and fee expense |
0.36 | % | 0.76 | % | 0.91 | % | 0.54 | % | 0.34 | % | ||||||||||
Total expenses |
1.61 | % | 1.87 | % | 2.03 | % | 1.71 | % | 1.55 | % | ||||||||||
Net investment income |
3.87 | % | 3.81 | % | 3.73 | % | 3.46 | % | 3.72 | % |
33 | See Notes to Financial Statements. |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance Senior Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trusts investment objective is to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans.
The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation The following methodologies are used to determine the market value or fair value of investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrowers outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrowers assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment advisers Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trusts forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that most fairly reflects the securitys fair value, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based
34 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys or entitys financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign dividends have been provided for in accordance with the Trusts understanding of the applicable countries tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal Taxes The Trusts policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
As of June 30, 2021, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Unfunded Loan Commitments The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrowers discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At June 30, 2021, the Trust had sufficient cash and/or securities to cover these commitments.
G Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications Under the Trusts organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trusts Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
I Forward Foreign Currency Exchange Contracts The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
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.
35 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
The number of APS issued and outstanding as of June 30, 2021 is as follows:
APS Issued and Outstanding |
||||
Series A |
752 | |||
Series B |
752 |
The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
3 Distributions to Shareholders and Income Tax Information
The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains. 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, 2021, 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:
APS Dividend
Rates at June 30, 2021 |
Dividends
Accrued to APS Shareholders |
Average APS
Dividend Rates |
Dividend
Rate Ranges (%) |
|||||||||||||
Series A |
0.10 | % | $ | 20,973 | 0.11 | % | 0.050.15 | |||||||||
Series B |
0.10 | 18,858 | 0.10 | 0.050.15 |
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of June 30, 2021.
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended June 30, 2021 and June 30, 2020 was as follows:
Year Ended June 30, | ||||||||
2021 | 2020 | |||||||
Ordinary income |
$ | 15,451,540 | $ | 16,164,446 |
During the year ended June 30, 2021, accumulated loss was decreased by $2,451 and paid-in capital was decreased by $2,451 due to differences between book and tax accounting for investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Trust.
36 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
As of June 30, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
Undistributed ordinary income |
$ | 175,557 | ||
Deferred capital losses |
(19,936,705 | ) | ||
Net unrealized appreciation |
3,268,914 | |||
Accumulated loss |
$ | (16,492,234 | ) |
At June 30, 2021, the Trust, for federal income tax purposes, had deferred capital losses of $19,936,705 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Trusts next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at June 30, 2021, $2,021,139 are short-term and $17,915,566 are long-term.
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Trust at June 30, 2021, as determined on a federal income tax basis, were as follows:
Aggregate cost |
$ | 369,431,694 | ||
Gross unrealized appreciation |
$ | 7,063,260 | ||
Gross unrealized depreciation |
(3,698,409 | ) | ||
Net unrealized appreciation |
$ | 3,364,851 |
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Trust. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the Transaction) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the closing of the Transaction, the Trust entered into an interim investment advisory agreement (the Interim Agreement) with EVM, which took effect on March 1, 2021. The Interim Agreement allowed EVM to continue to manage the Trust for up to an additional 150 days following the Transaction to provide more time for further proxy solicitation in connection with shareholder approval of a new investment advisory agreement (the New Agreement). Compensation payable to EVM pursuant to the Interim Agreement was required to be held in an interest-bearing escrow account with the Trusts custodian. The Interim Agreement was terminated on June 24, 2021 upon approval of the New Agreement by the Trusts shareholders.
Pursuant to the New Agreement, the Interim Agreement and the Trusts prior investment advisory agreement and related fee reduction agreement with EVM in effect prior to March 1, 2021, the investment adviser fee was computed at an annual rate of 0.74% of the Trusts average weekly gross assets, as defined below, through April 30, 2021 and beginning May 1, 2021, at 0.73% of the Trusts average weekly gross assets, and is payable monthly. The annual investment adviser fee rate shall be reduced to the following as of the stated date: May 1, 2022: 0.72%, May 1, 2023: 0.71%, May 1, 2024: 0.70%, May 1, 2025: 0.69% and May 1, 2026: 0.55%. Gross assets as referred to herein are calculated by deducting accrued liabilities of the Trust except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Trust. Accrued liabilities are expenses incurred in the normal course of operations.
For the year ended June 30, 2021, the Trusts investment adviser fee amounted to $2,929,024. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.25% of the Trusts average weekly gross assets. For the year ended June 30, 2021, the administration fee amounted to $991,798.
Trustees and officers of the Trust who are members of EVMs organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended June 30, 2021, 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 $159,695,189 and $183,158,169, respectively, for the year ended June 30, 2021.
37 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
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, 2021 and June 30, 2020.
In November 2013, the Board of Trustees initially approved a share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trust for the years ended June 30, 2021 and June 30, 2020.
Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 4,551,438 common shares through an equity shelf offering program (the shelf offering). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trusts net asset value per common share. During the years ended June 30, 2021 and June 30, 2020, there were no shares sold by the Trust pursuant to its shelf offering.
As announced on May 12, 2021, conditioned on shareholder approval of the New Agreement (which occurred on June 24, 2021), the Trusts Board of Trustees authorized an initial conditional cash tender offer (the Initial Cash Tender Offer) by the Trust of up to 60% of its outstanding common shares at a price per share equal to 99% of the Trusts net asset value (NAV) per share as of the close of regular trading on the New York Stock Exchange on the date the Initial Cash Tender Offer expires. On June 29, 2021, the Trust commenced a cash tender offer for up to 22,719,965 of its outstanding shares. The tender offer expired at 5:00 P.M. Eastern Time on July 30, 2021 (see Note 14).
In addition to the Initial Cash Tender Offer, the Trust announced on May 12, 2021 that it will conduct cash tender offers in the fourth quarter of each of 2022, 2023 and 2024 (each, a Conditional Tender Offer) for up to 10% of the Trusts then-outstanding common shares if, from January to August of the relevant year, the Trusts shares trade at an average daily discount to NAV of more than 10%, based upon the Trusts volume-weighted average market price and NAV on each business day during the period. If triggered, common shares tendered and accepted in a Conditional Tender Offer would be repurchased at a price per share equal to 98% of the Trusts NAV as of the close of regular trading on the New York Stock Exchange on the date such Conditional Tender Offer expires.
According to filings made on Schedule 13D and 13G pursuant to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended, two separate entities and one individual affiliated with one such entity collectively owned 31.7% of the Trusts common shares.
7 Restricted Securities
At June 30, 2021, the Trust owned the following securities which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
Description |
Date of
Acquisition |
Shares | Cost | Value | ||||||||||||
Common Stocks |
||||||||||||||||
Nine Point Energy Holdings, Inc. |
7/15/14 | 325 | $ | 15,070 | $ | 0 | ||||||||||
Convertible Preferred Stocks |
||||||||||||||||
Nine Point Energy Holdings, Inc., Series A, 12.00% (PIK) |
5/26/17 | 5 | 5,000 | 0 | ||||||||||||
Total Restricted Securities |
$ | 20,070 | $ | 0 |
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, 2021 is included in the Portfolio of Investments. At June 30, 2021, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
38 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.
The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trusts net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At June 30, 2021, the fair value of derivatives with credit-related contingent features in a net liability position was $1,444. The aggregate fair value of assets pledged as collateral by the Trust for such liability was $10,000 at June 30, 2021.
The over-the-counter (OTC) derivatives in which the Trust invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Trust has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trusts net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trusts custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Trust, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Trust as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to broker at June 30, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at June 30, 2021.
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, 2021 was as follows:
Fair Value | ||||||||
Derivative | Asset Derivative(1) | Liability Derivative(2) | ||||||
Forward foreign currency exchange contracts |
$ | 599,912 | $ | (1,444 | ) |
(1) |
Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. |
(2) |
Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
The Trusts derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Trusts derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Trust for such assets and pledged by the Trust for such liabilities as of June 30, 2021.
Counterparty |
Derivative Assets
Subject to Master Netting Agreement |
Derivatives
Available for Offset |
Non-cash
Collateral Received(a) |
Cash
Collateral Received(a) |
Net Amount
of Derivative Assets(b) |
|||||||||||||||
Goldman Sachs International |
$ | 42,239 | $ | | $ | | $ | | $ | 42,239 | ||||||||||
HSBC Bank USA, N.A. |
234,521 | | (208,202 | ) | | 26,319 | ||||||||||||||
Standard Chartered Bank |
300,528 | (1,357 | ) | | (290,000 | ) | 9,171 | |||||||||||||
State Street Bank and Trust Company |
22,624 | (87 | ) | | | 22,537 | ||||||||||||||
$ | 599,912 | $ | (1,444 | ) | $ | (208,202 | ) | $ | (290,000 | ) | $ | 100,266 |
39 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
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) |
|||||||||||||||
Standard Chartered Bank |
$ | (1,357 | ) | $ | 1,357 | $ | | $ | | $ | | |||||||||
State Street Bank and Trust Company |
(87 | ) | 87 | | | | ||||||||||||||
$ | (1,444 | ) | $ | 1,444 | $ | | $ | | $ | |
(a) |
In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) |
Net amount represents the net amount due from the counterparty in the event of default. |
(c) |
Net amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended June 30, 2021 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 |
$ | (2,032,478 | ) | $ | 1,079,561 |
(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, 2021, which is indicative of the volume of this derivative type, was approximately $34,216,000.
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 to borrow up to $125 million. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through March 7, 2022, the Trust also pays a program fee of 0.90% (0.85% prior to March 8, 2021) per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan amount is less than or equal to 60% of the total facility size) per annum on the unused portion of the total commitment under the Agreement. Program and liquidity fees for the year ended June 30, 2021 totaled $960,163 and are included in interest expense and fees on the Statement of Operations. In connection with the renewal of the Agreement on March 8, 2021, the Trust paid upfront fees of $187,500, which is being amortized to interest expense over a period of one year through March 7, 2022. The unamortized balance at June 30, 2021 is approximately $131,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. At June 30, 2021, the Trust had borrowings outstanding under the Agreement of $103,000,000 at an annual interest rate of 0.14%. 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, 2021 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 11) at June 30, 2021. For the year ended June 30, 2021, the average borrowings under the Agreement and the average interest rate (excluding fees) were $106,720,548 and 0.21%, respectively.
40 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
10 Investments in Affiliated Funds
At June 30, 2021, the value of the Trusts investment in affiliated funds was $5,030,292, which represents 1.9% of the Trusts net assets applicable to common shares. Transactions in affiliated funds by the Trust for the year ended June 30, 2021 were as follows:
Name of affiliated fund |
Value,
beginning of period |
Purchases | Sales proceeds |
Net
realized gain (loss) |
Change in
unrealized appreciation (depreciation) |
Value, end
of period |
Dividend
Income |
Units, end
of period |
||||||||||||||||||||||||
Short-Term Investments |
|
|||||||||||||||||||||||||||||||
Eaton Vance Cash Reserves Fund, LLC |
$ | 14,529,910 | $ | 227,434,475 | $ | (236,932,747 | ) | $ | (1,418 | ) | $ | 72 | $ | 5,030,292 | $ | 9,005 | 5,030,292 |
11 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
|
Level 1 quoted prices in active markets for identical investments |
|
Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
|
Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At June 30, 2021, the hierarchy of inputs used in valuing the Trusts investments and open derivative instruments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3* | Total | ||||||||||||
Asset-Backed Securities |
$ | | $ | 19,137,470 | $ | | $ | 19,137,470 | ||||||||
Closed-End Funds |
4,599,247 | | | 4,599,247 | ||||||||||||
Common Stocks |
875,839 | 351,463 | 859,885 | 2,087,187 | ||||||||||||
Convertible Preferred Stocks |
| | 0 | 0 | ||||||||||||
Corporate Bonds |
| 18,055,217 | | 18,055,217 | ||||||||||||
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) |
| 323,118,292 | 706,594 | 323,824,886 | ||||||||||||
Warrants |
| 51,158 | 11,088 | 62,246 | ||||||||||||
Miscellaneous |
| | 0 | 0 | ||||||||||||
Short-Term Investments |
| 5,030,292 | | 5,030,292 | ||||||||||||
Total Investments |
$ | 5,475,086 | $ | 365,743,892 | $ | 1,577,567 | $ | 372,796,545 | ||||||||
Forward Foreign Currency Exchange Contracts |
$ | | $ | 599,912 | $ | | $ | 599,912 | ||||||||
Total |
$ | 5,475,086 | $ | 366,343,804 | $ | 1,577,567 | $ | 373,396,457 | ||||||||
Liability Description |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | | $ | (1,444 | ) | $ | | $ | (1,444 | ) | ||||||
Total |
$ | | $ | (1,444 | ) | $ | | $ | (1,444 | ) |
* |
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, 2021 is not presented.
41 |
Eaton Vance
Senior Income Trust
June 30, 2021
Notes to Financial Statements continued
12 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Trust may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Credit Risk
The Trust invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loans value.
LIBOR Transition Risk
Certain instruments held by the Trust may pay an interest rate based on the London Interbank Offered Rate (LIBOR), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, is expected to cease publishing certain LIBOR settings on December 31, 2021, and the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR is expected to be defined in advance of the anticipated discontinuation, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate or rates. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Trusts performance, or the performance of the securities in which the Trust invests.
13 Additional Information
On August 27, 2020, Saba Capital Master Fund, Ltd., a hedge fund (Saba), filed claims against the Trust in a lawsuit in Suffolk County Superior Court in Massachusetts asserting breach of contract and fiduciary duty by the Trust and certain of its affiliates, the Trusts adviser, and the Board, following the implementation by the Trust of by-law amendments that (i) require trustee nominees in contested elections to obtain affirmative votes of a majority of eligible shares in order to be elected and (ii) establish certain requirements related to shares obtained in control share acquisitions. With respect to the Trust, Saba seeks rescission of these by-law provisions and certain related relief. On March 31, 2021, the court allowed in part and denied in part a motion to dismiss Sabas claims.
14 Subsequent Event
On August 3, 2021, the Trust announced the final results of the Initial Cash Tender Offer that commenced on June 29, 2021 and expired on July 30, 2021. In accordance with the terms and conditions of the Initial Cash Tender Offer, the Trust purchased 20,330,291.438 shares from tendering shareholders. The purchase price of the properly tendered shares was equal to $6.7897 per share for an aggregate purchase price of $138,036,580.
42 |
Eaton Vance
Senior Income Trust
June 30, 2021
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, 2021, 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, 2021, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Trusts management. Our responsibility is to express an opinion on the Trusts financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of June 30, 2021, 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 18, 2021
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
43 |
Eaton Vance
Senior Income Trust
June 30, 2021
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.
Qualified Dividend Income. For the fiscal year ended June 30, 2021, the Trust designates approximately $158,615, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
163(j) Interest Dividends. For the fiscal year ended June 30, 2021, the Trust designates 97.42% of distributions from net investment income as a 163(j) interest dividend.
44 |
Eaton Vance
Senior Income Trust
June 30, 2021
Joint Special Meeting of Shareholders (Unaudited)
The Fund held a Joint Special Meeting of Shareholders with certain other Eaton Vance closed-end funds on January 12, 2021 for the following purpose: approval of a new investment advisory agreement with EVM (Proposal 1). The shareholder meeting results are as follows:
Number of Shares(1) | ||||||||||||||||
For | Against | Abstain(2) |
Broker
Non-Votes(2) |
|||||||||||||
` | ||||||||||||||||
Proposal 1 |
10,853,648 | 12,575,217 | 195,424 | 0 |
(1) |
Fractional shares were voted proportionately. |
(2) |
All shares that were voted and votes to abstain were counted towards establishing a quorum, as were broker non-votes. (Broker non-votes are shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter.) Abstentions and broker non-votes had the effect of a negative vote on the Proposal. Broker non-votes were not expected with respect to the Proposal because brokers are required to receive instructions from the beneficial owners or persons entitled to vote in order to submit proxies. |
Following the May 12, 2021 announcement of four conditional tender offers, the first of which was conditioned on shareholder approval of a new investment advisory agreement with EVM, the Fund held a Special Meeting of Shareholders on June 24, 2021 for the following purpose: approval of a new investment advisory agreement with EVM (Proposal 1). The shareholder meeting results are as follows:
Number of Shares(1) | ||||||||||||||||
For | Against | Abstain(2) |
Broker
Non-Votes(2) |
|||||||||||||
` | ||||||||||||||||
Proposal 1 |
21,583,712 | 257,457 | 199,676 | 0 |
(1) |
Fractional shares were voted proportionately. |
(2) |
All shares that were voted and votes to abstain were counted towards establishing a quorum, as were broker non-votes. (Broker non-votes are shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter.) Abstentions and broker non-votes had the effect of a negative vote on the Proposal. Broker non-votes were not expected with respect to the Proposal because brokers are required to receive instructions from the beneficial owners or persons entitled to vote in order to submit proxies. |
45 |
Eaton Vance
Senior Income Trust
June 30, 2021
The Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, LLC, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trusts transfer agent re-register your Shares in your name or you will not be able to participate.
The Agents service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
46 |
Eaton Vance
Senior Income Trust
June 30, 2021
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
47 |
Eaton Vance
Senior Income Trust
June 30, 2021
Fund Management. The Trustees of Eaton Vance Senior Income Trust (the Trust) are responsible for the overall management and supervision of the Trusts affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The Noninterested Trustees consist of those Trustees who are not interested persons of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, EVC refers to Eaton Vance Corp., EV refers to EV LLC, EVM refers to Eaton Vance Management, BMR refers to Boston Management and Research and EVD refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 139 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 138 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.
Name and Year of Birth |
Position(s)
with the
|
Term Expiring.
Trustee
|
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 2023. Trustee since 2007. |
Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 138 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (investment management firm (2012-2021). |
|||
Noninterested Trustees | ||||||
Mark R. Fetting 1954 |
Class II Trustee |
Until 2024. 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 2023. 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 |
Chairperson of
Trustee |
Until 2022. Chairperson of the Board since 2021 and 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. None. |
|||
Valerie A. Mosley 1960 |
Class I Trustee(2) |
Until 2023. Trustee since 2014. |
Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, 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. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020). |
48 |
Eaton Vance
Senior Income Trust
June 30, 2021
Management and Organization continued
49 |
Eaton Vance
Senior Income Trust
June 30, 2021
Management and Organization continued
(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. |
(2) |
APS Trustee. |
(3) |
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. Each officer serves until his or her successor is elected. |
50 |
Eaton Vance Funds
Privacy Notice | April 2021 |
FACTS |
WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
|
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
∎ Social Security number and income ∎ investment experience and risk tolerance ∎ checking account number and wire transfer instructions |
|
How? | All financial companies need to share customers personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. | |
Reasons we can share your
personal information |
Does Eaton Vance share? | Can you limit this sharing? | ||
For our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For our marketing purposes to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We dont share | ||
For our investment management affiliates everyday business purposes information about your transactions, experiences, and creditworthiness | Yes | Yes | ||
For our affiliates everyday business purposes information about your transactions and experiences | Yes | No | ||
For our affiliates everyday business purposes information about your creditworthiness | No | We dont share | ||
For our investment management affiliates to market to you | Yes | Yes | ||
For our affiliates to market to you | No | We dont share | ||
For nonaffiliates to market to you | No | We dont share |
To limit our sharing |
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
|
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com | |
51 |
Eaton Vance Funds
Privacy Notice continued | April 2021 |
Page 2 |
52 |
Eaton Vance Funds
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. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SECs website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds and Portfolios Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SECs website at www.sec.gov.
Share Repurchase Program. The Funds Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Funds repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under Individual Investors Closed-End Funds.
53 |
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Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
171 6.30.21
Item 2. |
Code of Ethics |
The registrant (sometimes referred to as the Fund) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. |
Audit Committee Financial Expert |
The registrants Board of Trustees (the Board) has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he
served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).
Item 4. |
Principal Accountant Fees and Services |
(a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrants fiscal years ended June 30, 2020 and June 30, 2021 by the registrants principal accountant, Deloitte & Touche LLP (D&T), for professional services rendered for the audit of the registrants annual financial statements and fees billed for other services rendered by D&T during such periods.
Eaton Vance Senior Income Trust
Fiscal Years Ended |
06/30/20 | 06/30/21 | ||||||
Audit Fees |
$ | 100,100 | $ | 98,575 | ||||
Audit-Related Fees(1) |
$ | 18,000 | $ | 0 | ||||
Tax Fees(2) |
$ | 18,496 | $ | 18,846 | ||||
All Other Fees(3) |
$ | 0 | $ | 0 | ||||
|
|
|
|
|||||
Total |
$ | 136,596 | $ | 117,421 | ||||
|
|
|
|
(1) |
Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrants financial statements and are not reported under the category of audit fees and specifically includes fees for the performance of certain agreed upon procedures relating to the registrants revolving credit agreement. |
(2) |
Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) |
All other fees consist of the aggregate fees billed for products and services provided by the registrants principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrants audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrants principal accountant (the Pre-Approval Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants audit committee pursuant to the de minimis exception set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrants fiscal years ended June 30, 2020 and June 30, 2021; 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 |
06/30/20 | 06/30/21 | ||||||
Registrant |
$ | 36,496 | $ | 18,846 | ||||
Eaton Vance(1) |
$ | 103,703 | $ | 98,500 |
(1) |
The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Morgan Stanley. |
(h) The registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountants independence.
Item 5. |
Audit Committee of Listed registrants |
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George J. Gorman, William H. Park, Helen Frame Peters and Scott E. Wennerholm (Chair) are the members of the registrants audit committee.
Item 6. |
Schedule of Investments |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
The Board of the Fund has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The trustees will review the Policies annually. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board, or any committee, sub-committee or group of independent trustees identified by the Board, which will instruct the investment adviser on the appropriate course of action. If the Board Members are unable to meet and the failure to vote a proxy would have a material adverse impact on the Fund, the investment adviser may vote such proxy, provided that it discloses the existence of the material conflict to the Chairperson of the Funds Board as soon as practicable and to the Board at its next meeting.
The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies in accordance with customized proxy voting guidelines (the Guidelines) and/or refer them back to the investment adviser pursuant to the Policies.
The Agent is required to establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict of interest. The Guidelines include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may cause the Fund to abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or it is unable to access or access timely ballots or other proxy information, among other stated reasons. The Agent will refer Fund proxies to the investment adviser for instructions under circumstances where, among others: (1) the application of the Guidelines is unclear; (2) a particular proxy question is not covered by the Guidelines; or (3) the Guidelines require input from the investment adviser. When a proxy voting issue has been referred to the investment adviser, the analyst (or portfolio manager if applicable) covering the company subject to the proxy proposal determines the final vote (or decision not to vote) and the investment advisers Proxy Administrator (described below) instructs the Agent to vote accordingly for securities held by the Fund. Where more than one analyst covers a particular company and the recommendations of such analysts voting a proposal conflict, the investment advisers Global Proxy Group (described below) will review such recommendations and any other available information related to the proposal and determine the manner in which it should be voted, which may result in different recommendations for the Fund that may differ from other clients of the investment adviser.
The investment adviser has appointed a Proxy Administrator to assist in the coordination of the voting of client proxies (including the Funds) in accordance with the Guidelines and the Policies. The investment adviser and its affiliates have also established a Global Proxy Group. The Global Proxy Group develops the investment advisers positions on all major corporate issues, creates the Guidelines and oversees the proxy voting process. The Proxy Administrator maintains a record of all proxy questions that have been referred by the Agent, all applicable recommendations, analysis and research received and any resolution of the matter. Before instructing the Agent to vote contrary to the Guidelines or the recommendation of the Agent, the Proxy Administrator will provide the Global Proxy Group with the Agents recommendation for the proposal along with any other relevant materials, including the basis for the analysts recommendation. The Proxy Administrator will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. A similar process will be followed if the Agent has a conflict of interest with respect to a proxy. The investment adviser will report to the Funds Board any votes cast contrary to the Guidelines or Agent recommendations, as applicable, no less than annually.
The investment advisers Global Proxy Group is responsible for monitoring and resolving possible material conflicts with respect to proxy voting. Because the Guidelines are predetermined and designed to be in the best interests of shareholders, application of the Guidelines to vote client proxies should, in most cases, adequately address any possible conflict of interest. The investment adviser will monitor situations that may result in a conflict of interest between any of its clients and the investment adviser or any of its affiliates by maintaining a list of significant existing and prospective corporate clients. The Proxy Administrator will compare such list with the names of companies of which he or she has been referred a proxy statement (the Proxy Companies). If a company on the list is also a Proxy Company, the Proxy Administrator will report that fact to the Global Proxy Group. If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy Group will first determine, in consultation with legal counsel if necessary, whether a material conflict exists. If it is determined that a material conflict exists, the investment adviser will
seek instruction on how the proxy should be voted from the Funds Board, or any committee or subcommittee identified by the Board. If a matter is referred to the Global Proxy Group, the decision made and basis for the decision will be documented by the Proxy Administrator and/or Global Proxy Group.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. |
Portfolio Managers of Closed-End Management Investment Companies |
Eaton Vance Management (EVM or Eaton Vance) is the investment adviser of the Trust. William E. Holt, Catherine C. McDermott, Daniel P. McElaney, John P. Redding and Andrew N. Sveen comprise the investment team responsible for the overall and day-to-day management of the Trusts investments.
Messrs. Holt, McElaney and Sveen and Ms. McDermott are Vice Presidents of EVM and have been portfolio managers of the Trust since March 2019. Mr. Redding is a Vice President of EVM and have been a portfolio manager of the Trust since November 2001. Messrs. Redding and Sveen and Ms. McDermott have managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing this report.
The following table shows, as of the Trusts most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.
Number of
All Accounts |
Total Assets of
All Accounts |
Number of
Accounts Paying a Performance Fee |
Total Assets of
Accounts Paying a Performance Fee |
|||||||||||||
William E. Holt |
||||||||||||||||
Registered Investment Companies |
5 | $ | 2,574.3 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Catherine C. McDermott |
||||||||||||||||
Registered Investment Companies |
8 | $ | 5,757.7 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Daniel P. McElaney |
||||||||||||||||
Registered Investment Companies |
5 | $ | 2,574.3 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
John P. Redding |
||||||||||||||||
Registered Investment Companies |
2 | $ | 917.1 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
2 | $ | 137.8 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Andrew N. Sveen |
||||||||||||||||
Registered Investment Companies |
13 | $ | 38,120.4 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 |
The following table shows the dollar range of Trust shares beneficially owned by each portfolio manager as of the Trusts most recent fiscal year end.
Portfolio Manager |
Dollar Range of Equity
Securities Beneficially Owned in the Trust |
|
William E. Holt |
None | |
Catherine C. McDermott |
None | |
Daniel P. McElaney |
None | |
John P. Redding |
$100,001 - $500,000 | |
Andrew N. Sveen |
None |
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio managers management of the Funds investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment advisers trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
Compensation Structure for EVM
Compensation of EVMs portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual non-cash compensation consisting of restricted shares of Morgan Stanley stock that are subject to a fixed vesting and distribution schedule. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the December 31st fiscal year end of Morgan Stanley.
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, which uses standard deviation and excess return to determine reward per unit of risk. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a funds peer group as determined by Lipper or Morningstar is deemed by EVMs management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and
shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.
Item 9. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
No such purchases this period.
Item 10. |
Submission of Matters to a Vote of Security Holders |
No material changes.
Item 11. |
Controls and Procedures |
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
No activity to report for the registrants most recent fiscal year end.
Item 13. |
Exhibits |
(a)(1) | Registrants Code of Ethics Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurers Section 302 certification. | |
(a)(2)(ii) | Presidents Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Senior Income Trust
By: |
/s/ Eric A. Stein |
|
Eric A. Stein | ||
President | ||
Date: |
August 19, 2021 |
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 19, 2021 |
By: |
/s/ Eric A. Stein |
|
Eric A. Stein | ||
President | ||
Date: |
August 19, 2021 |
1 Year Eaton Vance Senior Income Chart |
1 Month Eaton Vance Senior Income Chart |
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