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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One
Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
June 30
Date of
Fiscal Year End
June 30, 2026
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Senior Income Trust (EVF)
Annual Report
June 30, 2026
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 Fund's 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, 2026
Eaton Vance
Senior Income Trust
Eaton Vance
Senior Income Trust
June 30, 2026
Management’s Discussion of Fund Performance†
Economic and Market Conditions
The senior floating-rate corporate loan market registered a
positive performance for the 12-month period ended June 30, 2026, as the Morningstar® LSTA® US Leveraged Loan IndexSM (the Index) returned 4.36%. High interest
income was partially offset by a decline in market value, as late-period weakness related to software concerns weighed on the market.
Key Drivers
• Income-led returns: Elevated base rates drove
high coupon income, which accounted for the majority of total returns across the period.
•
Shifting sentiment results in bifurcated market: Strong risk appetite in mid-2025 gave way to a more cautious tone in late 2025, followed by volatile swings in the second half of the period.
•
Software drives 2026 drawdown: Weakness in January, February, and June 2026 — led by investor concerns over AI’s impact on the software sector — weighed on loan prices and performance.
Credit Quality & Performance
•
BB-rated loans outperformed: Single-B loans (62% of the Index) returned 4.37% for the period, while BB-rated loans (23% of the market) returned 5.71%. Loans rated CCC (4.50% of the market) posted an annual return of -3.35%.
•
Market bifurcation: The average bid price of the Index fell to $94.96 from $97.07 a year ago. Beneath the surface, the share of loans priced below $90 came to 13% at period end, while 22% of the market was priced at par or higher, a sign of the
growing split between stronger and weaker credits.
•
Auto components, building products lag: Following the First Brands bankruptcy in September, the auto components segment returned -12.30% for the 12-month period. Building products also struggled due to persistently high mortgage rates and tariffs,
returning -3.20%.
Market Technicals
•
Repricings and refinancings lead issuance volume: Total institutional loan market activity for the 12-month period was over $425 billion, although repricing and refinancing activity accounted for a majority of issuance.
•
Institutional demand remains strong: Collateralized Loan Obligation (CLO) issuance totaled $189 billion over the period, with calendar year 2025 marking the strongest year of CLO formation on record.
•
Fund outflows persist: Leveraged loan retail funds saw total net outflows of $11 billion, with sustained redemptions amid volatile markets, software worries and falling interest rates.
Fundamental Factors
• Default
rates: At period-end, the trailing 12-month default rate stood at 0.97% by par amount (down from 1.11% a year ago) and 1.34% by issuer count (up from 1.25%). Including liability management exercises, the default rate by issuer count fell to 2.95%,
down 151 basis points year-over-year.
•
Stress indicators remained low but worsened during the period: Loans trading under $80 climbed to 6.90% of the market, compared with 3.10% at the start of the 12-month period. The end-of-period reading is slightly above long-term distress rate
averages.
Fund Performance
For the 12-month period ended June 30, 2026, Eaton Vance Senior
Income Trust (the Fund) returned 2.86% at net asset value of its common shares (NAV), underperforming its benchmark, the Morningstar® LSTA® US Leveraged Loan IndexSM
(the Index), which returned 4.36%.
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 Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s 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 Fund’s 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.
Eaton Vance
Senior Income Trust
June 30, 2026
Management’s
Discussion of Fund Performance† — continued
The Fund’s use of investment leverage during the period
detracted from relative performance versus the Index, which does not employ leverage. The Fund’s use of leverage has the effect of achieving additional exposure to the loan market, magnifying exposure to the Fund’s underlying investments
in both up-and-down market environments. As loan prices generally declined during the period, this hurt relative performance.
Selection was also a detractor from relative performance
results during the period. Loan selection within the household durables, chemicals, food products, and professional services industries detracted the most. Selection within the BB-rating tier also dragged on relative results. Elsewhere, a Fund
overweight exposure to the automobile components segment detracted from performance relative to the Index.
On the other hand, the Fund’s selection within the same
automobile components industry added the most to relative performance during the period, as the Fund had an underweight exposure to a large auto parts supplier included in the Index that unexpectedly filed for bankruptcy at the end of September
2025.
Elsewhere, the Fund’s underweight allocation
to the software sector also added to relative performance. An out-of-Index allocation to Collateralized Loan Obligation (CLO) debt contributed to relative results. Additionally, the repurchase of a portion of the Fund’s auction preferred
shares at a discount to their par value contributed to performance versus the Index.
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 Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s 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 Fund’s 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.
Eaton Vance
Senior Income Trust
June 30, 2026
Performance
Portfolio Manager(s) Daniel P.
McElaney, CFA and Peter M. Campo, CFA
| %
Average Annual Total Returns1,2 |
Inception
Date |
One
Year |
Five
Years |
Ten
Years |
| Fund
at NAV |
10/30/1998
|
2.86%
|
5.32%
|
6.25%
|
| Fund
at Market Price |
—
|
(4.71)
|
3.03
|
6.00
|
|
| Morningstar®
LSTA® US Leveraged Loan IndexSM |
—
|
4.36%
|
6.01%
|
5.50%
|
| %
Premium/Discount to NAV3 |
|
| As
of period end |
(11.70)%
|
| Distributions
4 |
|
| Total
Distributions per share for the period |
$0.45
|
| Distribution
Rate at NAV |
6.60%
|
| Distribution
Rate at Market Price |
7.47
|
| %
Total Leverage5 |
|
| Auction
Preferred Shares (APS) |
4.89%
|
| Borrowings
|
23.74
|
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 Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s 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 Fund’s 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.
Eaton Vance
Senior Income Trust
June 30, 2026
| Top
10 Issuers (% of total investments)1 |
|
| Eaton
Vance Floating-Rate ETF |
1.1%
|
| Allied
Universal Holdco LLC |
0.9
|
| Asurion
LLC |
0.8
|
| Benefit
Street Partners CLO 48 Ltd. |
0.7
|
| Ballyrock
CLO Ltd. |
0.7
|
| Ballyrock
CLO 31 Ltd. |
0.7
|
| EOC
Borrower LLC |
0.7
|
| TransDigm,
Inc. |
0.7
|
| RR
27 Ltd. |
0.7
|
| Bryant
Park Funding Ltd. |
0.7
|
| Total
|
7.7%
|
| Top
10 Industries (% of total investments)1 |
| Software
|
8.6%
|
| Health
Care Providers & Services |
6.9
|
| Machinery
|
5.1
|
| Commercial
Services & Supplies |
4.4
|
| Capital
Markets |
4.4
|
| Professional
Services |
4.3
|
| Hotels,
Restaurants & Leisure |
3.8
|
| Insurance
|
3.1
|
| Trading
Companies & Distributors |
2.7
|
| Entertainment
|
2.6
|
| Total
|
45.9%
|
| Credit
Quality (% of net assets plus APS and borrowings) 2,3 |
Footnotes:
|
1 |
Excludes
cash and cash equivalents. |
|
2 |
Excludes
equities, ETFs and cash and cash equivalents. |
|
3 |
Credit
ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure
the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade
quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not
necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P. |
Eaton Vance
Senior Income Trust
June 30, 2026
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡
Investment Objectives. The
Fund’s investment objective is to provide a high level of current income, consistent with the preservation of capital.
Principal Strategies. The
Fund pursues its objective by investing primarily in senior, secured floating-rate loans (“Senior Loans”). 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. The Senior Loans are
loans in which the interest rate paid fluctuates based on a reference rate. The interest rates for the Senior Loans are reset periodically on the basis of a floating base lending rate plus a premium. Senior Loans typically are of below investment
grade quality and have below investment grade credit ratings, which are associated with securities having high risk, speculative characteristics.
Under normal market conditions, at least 80% of the
Fund’s total assets will be invested in interests in Senior Loans of domestic and foreign borrowers that are denominated in U.S. dollars or in euros, British pounds, Swiss francs, Canadian dollars and/or Australian dollars (each an
“Authorized Foreign Currency”) making payments in such Authorized Foreign Currency. The remaining investment assets of the Fund 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 Fund may invest up to 15% of its net assets in foreign
Senior Loans denominated in an Authorized Foreign Currency.
The Fund 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; (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. In respect of (ii) above, the Fund may invest in corporate bonds of below investment grade quality (“Non-Investment Grade Bonds”), commonly referred to as “junk bonds,” which
are bonds that are rated below investment grade by each of the nationally recognized statistical rating agencies who cover the security, or, if unrated, are determined to be of comparable quality by the Adviser. S&P Global Ratings and Fitch
Ratings consider securities rated below BBB- to be below investment grade and Moody’s Investors Service, Inc. considers securities rated below Baa3 to be below investment grade. The Fund’s credit quality policies apply only at the time a
security is purchased, and the Fund is not required to dispose of a security in the event of a downgrade of an assessment of credit quality or the withdrawal of a rating. Securities rated in the lowest investment grade rating (BBB- or Baa3) may have
certain speculative characteristics. Below investment grade quality securities are considered to be predominantly speculative because of the credit risk of the issuers.
The Fund may invest in individual Senior Loans and other
securities of any credit quality.
The Fund may invest up
to 15% of its net assets in foreign Senior Loans denominated in Authorized Foreign Currencies and may invest in other securities of non-United States issuers. The Fund’s 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 Fund will not invest more than 10% of its assets in securities (including interests in Senior Loans) of any single Borrower.
The Fund 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, credit spreads or interest rates; to seek return; and/or as a substitute
for the purchase or sale of securities. 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 (including credit default swap indices). Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to
one or more of the market risk factors associated with investments included in that policy.
The Fund employs leverage to seek opportunities for additional
income. Leverage may amplify the effect on the Fund’s net asset value (“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, at
times, issued preferred shares and borrowed to establish leverage. In addition, investments in derivative instruments may result in economic leverage for the Fund.
Principal Risks
Income Risk. The income
investors receive from the Fund is based primarily on the interest it earns from its investments, which can vary widely over the short and long-term. If prevailing market interest rates drop, investors’ income from the Fund could drop as well.
The Fund’s income could also be affected adversely when prevailing short-term interest rates increase and the Fund is utilizing leverage, although this risk is mitigated by the Fund’s investment in Senior Loans, which pay floating-rates
of interest.
Market Risk. The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S.
and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. 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 Fund’s 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
See Endnotes and Additional Disclosures in this report.
6
Eaton Vance
Senior Income Trust
June 30, 2026
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
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 higher 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.
Senior Loans Risk. The risks
associated with Senior Loans are similar to the risks of Non-Investment Grade Bonds (discussed below), although Senior Loans are typically senior and secured in contrast to Non-Investment Grade Bonds, which are often subordinated and unsecured.
Senior Loans’ higher standing has historically resulted in generally higher recoveries in the event of a corporate reorganization or other restructuring. In addition, because their interest rates are adjusted for changes in short-term interest
rates, Senior Loans generally have less interest rate risk than Non-Investment Grade Bonds, which are typically fixed rate. The Fund’s investments in Senior Loans are typically below investment grade and are considered speculative because of
the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally
leads to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or lose all its value or become illiquid, which would
adversely affect the loan’s value. “Junior Loans” are secured and unsecured subordinated loans, Second Lien loans and subordinate bridge loans. Senior Loans and Junior Loans are referred to together herein as
“loans.”
Loans and other debt
securities are also subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments are less exposed to this risk than fixed-rate debt instruments. Interest rate changes may also increase
prepayments of debt obligations and require the Fund to invest assets at lower yields.
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 Fund’s 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 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.
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 issuer’s 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. 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 Fund’s operating expenses and adversely affect NAV. Due to their
lower place in the borrower’s capital structure, Junior Loans involve a higher degree of overall risk than Senior Loans to the same borrower.
Counterparty Risk. A financial
institution or other counterparty with whom the Fund does business trading, securities lending or as a derivatives counterparty, or that underwrites, distributes or guarantees any instruments that the Fund owns or is otherwise exposed to, may
decline in financial condition and become unable to honor its commitments. This could cause the value of Fund shares to decline or could delay the return or delivery of collateral or other assets to the Fund. Counterparty risk is increased for
contracts with longer maturities.
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 Fund’s 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 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
See Endnotes and
Additional Disclosures in this report.
7
Eaton Vance
Senior Income Trust
June 30, 2026
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
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”) are speculative because of increased credit risk relative to other fixed income investments. 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 income securities 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.
Non-Investment Grade Bonds
Risk. The Fund’s investments in Non-Investment Grade Bonds, commonly referred to as “junk bonds,” are predominantly speculative because of the credit risk of their issuers. While offering a greater
potential opportunity for capital appreciation and higher yields, Non-Investment Grade Bonds typically entail greater potential price volatility and may be less liquid than higher-rated securities. Issuers of Non-Investment Grade Bonds are more
likely to default on their payments of interest and principal owed to the Fund, and such defaults will reduce the Fund’s NAV and income distributions. The prices of these lower rated obligations are more sensitive to negative developments than
higher rated securities. Adverse business conditions, such as a decline in the issuer’s revenues or an economic downturn, generally lead to a higher non-payment rate. In addition, a security may lose significant value before a default occurs
as the market adjusts to expected higher non-payment rates.
Prepayment Risk. During periods
of declining interest rates or for other purposes, Borrowers may exercise their option to prepay principal earlier than scheduled. For fixed-income securities, such payments often occur during periods of declining interest rates, forcing the Fund to
reinvest in lower yielding securities. This is known as call or prepayment risk. Non-Investment Grade Bonds frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price
(typically greater than par) only if certain prescribed conditions are met (“call protection”). An issuer may redeem a Non-Investment Grade Bond if, for example, the issuer can refinance the debt at a lower cost due to declining interest
rates or an improvement in the credit standing of the issuer. Senior Loans typically have no such call protection. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be
enhanced.
Issuer Risk. The value of corporate income-producing securities held by the Fund may decline for a number of reasons, which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the
issuer’s goods and services.
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 Fund’s 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 Fund’s 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 Fund’s 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 against a particular
country or countries, organizations, entities and/or individuals. 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. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. 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.
See Endnotes and Additional Disclosures in this report.
8
Eaton Vance
Senior Income Trust
June 30, 2026
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
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
Fund’s 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, 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 derivative’s counterparty is unable to
honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially
exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
U.S. Government Securities
Risk. Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security.
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. With respect to U.S. government securities that are not backed by the full faith and credit of the United States, there is a risk that the U.S. Government will not provide financial support to such U.S. government
agencies, instrumentalities or sponsored enterprises if not obligated to do so by law. U.S. Treasury and U.S. Government agency securities generally have a lower return than other obligations because of their higher credit quality and market
liquidity.
Pooled Investment Vehicles Risk. Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or
other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to NAV and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a
pooled investment vehicle in which it invests.
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 Fund’s 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 Fund’s performance. These effects may be exacerbated during times of financial or political stress.
Market Discount Risk. As with
any security, the market value of the Fund’s common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The
shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.
Money Market Instrument Risk.
Money market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many money market instruments;
adverse economic, political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default by a counterparty.
Reinvestment Risk. Income from
the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations into lower yielding instruments.
See Endnotes and Additional Disclosures in this report.
9
Eaton Vance
Senior Income Trust
June 30, 2026
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Inflation Risk. Inflation risk
is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions thereon can decline. In
addition, during any periods of rising inflation, dividend rates of any preferred shares would likely increase, which would tend to further reduce returns to common shareholders. This risk is mitigated to some degree by the Fund’s investments
in Senior Loans.
Risks Associated with Active
Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective
decisions and there is no guarantee that such decisions will produce the desired results or expected returns.
Focused Investment Risk. To the
extent the Fund has substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, currency, country, region, group of countries, asset class, or sector, the Fund’s net
asset value may be more volatile and the Fund will be subject to greater risk than a fund that invests in a more diverse investment portfolio. Similarly, to the extent the Fund holds investments with closely correlated market prices, it will be
subject to greater risk than a fund with investments that are not as closely correlated. Changes in the value of a single security or issuer or the impact of a single economic, political, or regulatory occurrence may have a greater adverse impact on
the Fund’s net asset value.
A fund that
invests in the securities of a small number of issuers has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers’ securities as compared to a fund that invests in the
securities of a larger number of issuers. Companies that share common characteristics are often subject to similar business risks and regulatory burdens and often react similarly to specific economic, market, political or other developments.
Similarly, funds having a significant portion of their assets
in investments tied economically to a particular geographic region, country, or market (e.g., emerging markets) or to sectors within a region, country, or market have more exposure to regional and country economic risks than do funds whose
investments are more geographically diverse. The political and economic prospects of one country or group of countries within the same geographic region may affect other countries in that region, and a recession, debt crisis or decline in the value
of the currency of one country can spread to other countries. Furthermore, companies in a particular geographic region or country are vulnerable to events affecting other companies in that region or country because they often share common
characteristics, are exposed to similar business risks and regulatory burdens, and react similarly to specific economic, market, political, or other developments.
Recent Market Conditions. Both
U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. National economies are substantially interconnected, as are global
financial markets, which creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may be diminishing, which may
impact such economies and markets in ways that cannot be foreseen at this time.
The U.S. government and the U.S. Federal Reserve, as well as
certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended
to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this
regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.
Some countries, including the United States, have adopted more
protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, changes to some major international trade agreements, risks associated with the trade agreement between the United Kingdom and the European
Union, and the risks associated with trade negotiations between the United States and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, the current strength of the U.S.
dollar may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.
Regulators in the United States have proposed and adopted a
number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Additionally, it is not currently known whether any of the proposed
regulations will be adopted. However, due to the scope of regulations being proposed and adopted, certain of these changes to regulation could limit the Fund’s ability to pursue its investment strategies or make certain investments, may make
it more costly for it to operate, or adversely impact performance.
Tensions, war, or open conflict between nations, such as
between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events
present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.
There is widespread concern about the potential effects of
global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impact of climate change in ways that cannot be foreseen. The impact of legislation, regulation and international accords
related to climate change may negatively impact certain issuers and/or industries.
See Endnotes and Additional Disclosures in this report.
10
Eaton Vance
Senior Income Trust
June 30, 2026
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
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. The Fund relies on communications technology, systems, and networks to
engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit the Fund’s ability to use these technologies. In general, cyber incidents can result from deliberate attacks or unintentional
events. Cybersecurity failures by or breaches of the Fund’s 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, may disrupt and otherwise adversely affect their business operations. This may result in financial losses of the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its NAV, limit a Fund shareholders’
ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, litigation costs, or additional compliance costs.
Geopolitical Risk. The
increasing interconnectivity between global economies and markets increases the likelihood that events or conditions in one country, region, sector, industry or market or, with respect to one company, may adversely impact issuers in a different
country, region, sector, industry or market. For example, adverse developments in the banking or financial services sector could impact companies operating in various sectors or industries and adversely impact the Fund’s investments.
Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics),
terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political
discord, war, banking or debt crises and downgrades, among others, may result in market volatility and may have short and/or long term effects on both the U.S. and global financial markets. Other financial, economic and other global market and
social developments or disruptions may result in similar adverse circumstances, and it is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of
those effects (which may last for extended periods).
Such global events may negatively impact broad segments of
businesses and populations, cause a significant negative impact on the performance of the Fund’s investments, adversely affect and increase the volatility of the Fund’s share price, and/or exacerbate pre-existing political, social and
economic risks to the Fund. The Fund’s operations may be interrupted and any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. There is a risk that you may lose money by
investing in the Fund.
Regulatory Risk. To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans,
particularly in connection with highly leveraged transactions, the availability of Senior Loans for investment may be adversely affected. Further, such legislation or regulation could depress the market value of Senior Loans.
Market Disruption. Global
instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may in the future result in market volatility and may have long-term effects on the United States and worldwide
financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial
markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the common shares. In particular, Non-Investment Grade Bonds and Senior Loans tend to be more volatile than higher rated
fixed-income securities so that these events and any actions resulting from them may have a greater impact on the prices and volatility of Non-Investment Grade Bonds and Senior Loans than on higher rated fixed-income securities.
Anti-Takeover Provisions. The
Fund’s Agreement and Declaration of Trust and Amended and Restated By-Laws include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board.
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.
Important Notices to Shareholders
The following information in this annual report is a summary of
certain changes since June 30, 2025. This information may not reflect all of the changes that have occurred since you purchased this Fund.
Effective December 31, 2025, Catherine C. McDermott retired as
a portfolio manager of the Fund. Accordingly, all references to Ms. McDermott have been removed and Peter Campo and Daniel P. McElaney will continue to serve as portfolio managers of the Fund.
Effective immediately, the Fund is permitted to, as a principal
investment strategy, use credit default swap indices for risk management purposes, to seek return, and/or as a substitute for the purchase or sale of securities. This annual report reflects this change to the Fund’s principal investment
strategies.
On August 14, 2026, the Fund announced that
it will redeem, at liquidation preference plus any accumulated but unpaid dividends, all remaining auction preferred shares (“APS”), pursuant to the terms of the Fund’s By-Laws classifying and designating the APS. The redemption of
each series of APS is expected to take place on September 15, 2026.
See Endnotes and Additional Disclosures in this report.
11
Eaton Vance
Senior Income Trust
June 30, 2026
Endnotes and
Additional Disclosures
| †
|
The views expressed in this
report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any
responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund.
This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement,
depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks
discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
|
‡ |
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. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market
trading. |
| |
|
| 1 |
Morningstar®
LSTA® US Leveraged Loan IndexSM is an unmanaged index of the institutional leveraged loan market. Morningstar® LSTA® Leveraged Loan indices are a product of
Morningstar, Inc. (“Morningstar”) and have been licensed for use. Morningstar® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association® and LSTA® are trademarks of
the LSTA licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar® LSTA® US Leveraged Loan IndexSM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. 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. |
|
2 |
Performance
results reflect the effects of leverage. Included in the average annual total return at NAV for the ten-year period is the impact of the 2017 and 2019 tender and repurchase of a portion of the Fund’s APS at 95% and 92% of the Fund’s APS
per share liquidation preference, respectively. Had these transactions not occurred, the total return at NAV would be lower for the Fund.Included in the average annual total return at NAV for the five- and ten-year
periods is the impact of the 2021 tender offer by the Fund for a portion of its common shares at 99% of the Fund’s NAV. Had this tender offer not occurred, the total return at NAV would be lower for the
Fund.Included in the average annual total return at NAV is the impact of the 2026 tender and repurchase of a portion of the Fund's APS at 98% of the Fund’s APS per share liquidation preference. Had this
transaction not occurred, the total return at NAV would be lower for the Fund. |
|
3 |
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. |
|
4 |
The
Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts
characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer
to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on
the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Pricing and Performance - Distributions on the
Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous
factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could
change. |
|
5 |
Leverage
represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates
risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at
an inopportune time. |
| |
Fund profile subject to
change due to active management. |
Eaton Vance
Senior Income Trust
June 30, 2026
| Asset-Backed
Securities — 10.3% |
Security |
Principal
Amount
(000's omitted) |
Value
|
| ARES
Loan Funding IX Ltd., Series 2025-ALF9A, Class E, 8.673%, (3 mo. SOFR + 5.00%), 3/31/38(1)(2) |
$
|
950
|
$
939,407 |
| ARES
LXXII CLO Ltd., Series 2024-72A, Class E, 9.673%, (3 mo. SOFR + 6.00%), 7/15/36(1)(2) |
|
500
|
474,901
|
| Ballyrock
CLO 31 Ltd., Series 2026-31A, Class D, 8.658%, (3 mo. SOFR + 4.95%), 4/20/39(1)(2) |
|
1,000
|
1,004,945
|
| Ballyrock
CLO Ltd., Series 2019-2A, Class DR3, 9.817%, (3 mo. SOFR + 6.15%), 10/25/38(1)(2) |
|
1,000
|
1,002,947
|
| Benefit
Street Partners CLO 48 Ltd., Series 2026-48A, Class E, 8.359%, (3 mo. SOFR + 4.65%), 4/20/39(1)(2) |
|
1,000
|
1,006,484
|
| Benefit
Street Partners CLO XVIII Ltd., Series 2019-18A, Class ER2, 8.372%, (3 mo. SOFR + 4.70%), 10/15/38(1)(2) |
|
500
|
494,039
|
| BlueMountain
CLO XXVI Ltd., Series 2019-26A, Class ER, 11.067%, (3 mo. SOFR + 7.392%), 10/20/34(1)(2) |
|
1,000
|
972,250
|
| Bryant
Park Funding Ltd., Series 2026-29A, Class E, 8.562%, (3 mo. SOFR + 4.80%), 4/22/39(1)(2) |
|
1,000
|
986,455
|
| Octagon
70 Alto Ltd., Series 2023-1A, Class E, 10.335%, (3 mo. SOFR + 6.66%), 10/20/36(1)(2) |
|
500
|
464,718
|
| Palmer
Square CLO Ltd., Series 2019-1A, Class ER2, 8.546%, (3 mo. SOFR + 4.90%), 8/14/38(1)(2) |
|
500
|
484,609
|
| RR
27 Ltd., Series 2023-27A, Class DR, 8.523%, (3 mo. SOFR + 4.85%), 10/15/40(1)(2) |
|
1,000
|
984,532
|
| RR
29 Ltd., Series 2024-29RA, Class DR, 9.523%, (3 mo. SOFR + 5.85%), 7/15/39(1)(2) |
|
250
|
244,940
|
| Trestles
CLO Ltd., Series 2017-1A, Class ERR, 9.617%, (3 mo. SOFR + 5.95%), 7/25/37(1)(2) |
|
500
|
502,080
|
| Voya
CLO Ltd., Series 2013-1A, Class DR, 10.415%, (3 mo. SOFR + 6.742%), 10/15/30(1)(2) |
|
1,000
|
974,037
|
Total
Asset-Backed Securities
(identified cost $10,689,682) |
|
|
$ 10,536,344
|
| Security
|
Shares
|
Value
|
| Commercial
Services & Supplies — 0.0%† |
| Monitronics
International, Inc.(3)(4) |
|
4,716
|
$
42,298 |
| |
|
|
$ 42,298
|
| Electronic
Equipment, Instruments & Components — 0.0%† |
| Luxco
Co. Ltd.(3)(4) |
|
1,968
|
$
39,307 |
| |
|
|
$ 39,307
|
| Security
|
Shares
|
Value
|
| Electronics/Electrical
— 0.0%† |
| Skillsoft
Corp.(3)(4) |
|
1,256
|
$
6,506 |
| |
|
|
$ 6,506
|
| Health
Care — 0.4% |
| Cano
Health, Inc.(3)(4)(5) |
|
42,627
|
$
0 |
| Envision
Parent, Inc.(3)(4) |
|
19,128
|
358,650
|
| |
|
|
$ 358,650
|
| Household
Durables — 0.3% |
| Serta
Simmons Bedding, Inc.(3)(4) |
|
35,996
|
$
310,466 |
| Serta
SSB Equipment Co.(3)(4)(5) |
|
35,996
|
0
|
| |
|
|
$ 310,466
|
| Investment
Companies — 0.0% |
| Aegletes
BV(3)(4)(5) |
|
6,311
|
$
0 |
| |
|
|
$ 0
|
| Machinery
— 0.0% |
| Apex
Tool Ultimate Holdings LLC(3)(4)(5) |
|
1,922
|
$
0 |
| |
|
|
$ 0
|
| Pharmaceuticals
— 0.9% |
| Mallinckrodt
International Finance SA(3)(4) |
|
8,609
|
$
846,553 |
| Par
Health, Inc.(3)(4) |
|
8,609
|
59,458
|
| |
|
|
$ 906,011
|
| Retailers
(Except Food and Drug) — 0.0% |
| Phillips
Pet Holding Corp.(3)(4)(5) |
|
269
|
$
0 |
| |
|
|
$ 0
|
| Software
and Services — 0.0% |
| Blackboard
LLC(3)(4)(5) |
|
3,132
|
$
0 |
| |
|
|
$ 0
|
| Telecommunications
— 0.0% |
| Anuvu
(3)(4)(5) |
|
21,114
|
$
0 |
| |
|
|
$ 0
|
Total
Common Stocks
(identified cost $2,459,791) |
|
|
$ 1,663,238
|
13
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Security |
Principal
Amount
(000's omitted) |
Value
|
| Airlines
— 0.1% |
| VistaJet
Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30(1) |
$
|
135
|
$
128,589 |
| |
|
|
$ 128,589
|
| Automotive
— 0.3% |
| Clarios
Global LP/Clarios U.S. Finance Co., 6.75%, 9/15/32(1) |
$
|
260
|
$
265,700 |
| |
|
|
$ 265,700
|
| Commercial
Services — 0.6% |
| Allied
Universal Holdco LLC/Allied Universal Finance Corp., 6.875%, 6/15/30(1) |
$
|
260
|
$
267,355 |
| Mavis
Tire Express Services Topco Corp., 6.50%, 5/15/29(1) |
|
130
|
129,548
|
| NESCO
Holdings II, Inc., 5.50%, 4/15/29(1) |
|
260
|
258,816
|
| |
|
|
$ 655,719
|
| Computers
— 0.3% |
| Amentum
Holdings, Inc., 7.25%, 8/1/32(1) |
$
|
260
|
$
267,966 |
| |
|
|
$ 267,966
|
| Electric
— 0.3% |
| VoltaGrid
LLC, 7.375%, 11/1/30(1) |
$
|
260
|
$
270,051 |
| |
|
|
$ 270,051
|
| Entertainment
— 0.3% |
| Mohegan
Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30(1) |
$
|
260
|
$
271,007 |
| |
|
|
$ 271,007
|
| Health
Care — 0.6% |
| LifePoint
Health, Inc., 5.375%, 1/15/29(1) |
$
|
135
|
$
129,614 |
| Surgery
Center Holdings, Inc., 7.25%, 4/15/32(1) |
|
260
|
263,534
|
| Team
Health Holdings, Inc., 8.375%, 6/30/28(1) |
|
260
|
260,867
|
| |
|
|
$ 654,015
|
| Health
Care Technology — 0.1% |
| athenahealth
Group, Inc., 6.50%, 2/15/30(1) |
$
|
135
|
$
129,526 |
| |
|
|
$ 129,526
|
Security |
Principal
Amount
(000's omitted) |
Value
|
| Media
— 0.5% |
| Sinclair
Television Group, Inc., 8.125%, 2/15/33(1) |
$
|
260
|
$
267,388 |
| Univision
Communications, Inc., 9.375%, 8/1/32(1) |
|
260
|
264,382
|
| |
|
|
$ 531,770
|
| Metals/Mining
— 0.3% |
| Compass
Minerals International, Inc., 8.00%, 7/1/30(1) |
$
|
260
|
$
274,369 |
| |
|
|
$ 274,369
|
| Packaging
& Containers — 0.5% |
| Clydesdale
Acquisition Holdings, Inc., 8.75%, 4/15/30(1) |
$
|
260
|
$
256,676 |
| Toucan
FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30(1) |
|
260
|
245,332
|
| |
|
|
$ 502,008
|
| Pharmaceuticals
— 0.3% |
| 1261229
BC Ltd., 10.00%, 4/15/32(1) |
$
|
260
|
$
263,512 |
| |
|
|
$ 263,512
|
| Pipelines
— 0.6% |
| Global
Partners LP/GLP Finance Corp., 8.25%, 1/15/32(1) |
$
|
260
|
$
272,431 |
| NGL
Energy Operating LLC/NGL Energy Finance Corp., 8.375%, 2/15/32(1) |
|
260
|
270,788
|
| Venture
Global LNG, Inc., 8.375%, 6/1/31(1) |
|
119
|
123,915
|
| |
|
|
$ 667,134
|
| Software
— 0.4% |
| Clarivate
Science Holdings Corp., 4.875%, 7/1/29(1) |
$
|
216
|
$
193,497 |
| Cloud
Software Group, Inc., 9.00%, 9/30/29(1) |
|
260
|
252,562
|
| |
|
|
$ 446,059
|
| Telecommunications
— 0.3% |
| Uniti
Services LLC, 7.50%, 10/15/33(1) |
$
|
260
|
$
273,794 |
| |
|
|
$ 273,794
|
Total
Corporate Bonds
(identified cost $5,648,168) |
|
|
$ 5,601,219
|
14
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
| Exchange-Traded
Funds — 1.6% |
| Security
|
Shares
|
Value
|
| Fixed-Income
Funds — 1.6% |
| Eaton
Vance Floating-Rate ETF(6) |
|
32,200
|
$
1,561,864 |
Total
Exchange-Traded Funds
(identified cost $1,584,936) |
|
|
$ 1,561,864
|
| Security
|
Shares
|
Value
|
| Beverages
— 0.1% |
| City
Brewing Topco LLC(3)(4)(5) |
|
18,535
|
$
97,309 |
| |
|
|
$ 97,309
|
| Software
and Services — 0.1% |
| Blackboard
LLC, Series A(3)(4)(5) |
|
3,648
|
$
66,868 |
| |
|
|
$ 66,868
|
| Technology
— 0.0%† |
| Cohesity
Global, Inc.: |
|
|
|
| Series
G(3) |
|
1,574
|
$
33,841 |
| Series
G1(3) |
|
1,088
|
22,168
|
| |
|
|
$ 56,009
|
Total
Preferred Stocks
(identified cost $285,466) |
|
|
$ 220,186
|
| Senior
Floating-Rate Loans — 117.5%(7) |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Aerospace
and Defense — 2.3% |
| Air
Comm Corporation LLC: |
|
|
|
| Term
Loan, 6.196%, (3 mo. USD Term SOFR + 2.50%), 12/11/31 |
|
430
|
$ 430,481
|
| Term
Loan, 12/11/31(8) |
|
15
|
15,028
|
| HDI
Aerospace Intermediate Holding III Corp., Term Loan, 6.924%, (3 mo. USD Term SOFR + 3.25%), 2/11/32 |
|
173
|
173,462
|
| Kaman
Corp.: |
|
|
|
| Term
Loan, 5.671%, (3 mo. USD Term SOFR + 2.00%), 2/26/32 |
|
299
|
298,643
|
| Term
Loan, 2/26/32(8) |
|
35
|
34,640 |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Aerospace
and Defense (continued) |
| TransDigm,
Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 2/28/31 |
|
984
|
$
985,007 |
| VistaJet
Malta Finance PLC, Term Loan, 7.442%, (3 mo. USD Term SOFR + 3.75%), 4/1/31 |
|
419
|
421,237
|
| |
|
|
$ 2,358,498
|
| Airlines
— 0.6% |
| American
Airlines, Inc., Term Loan, 5.925%, (3 mo. USD Term SOFR + 2.25%), 4/20/28 |
|
595
|
$
595,377 |
| |
|
|
$ 595,377
|
| Apparel
& Luxury Goods — 0.6% |
| Gloves
Buyer, Inc., Term Loan, 7.644%, (1 mo. USD Term SOFR + 4.00%), 5/21/32 |
|
622
|
$
624,403 |
| |
|
|
$ 624,403
|
| Auto
Components — 2.4% |
| Adient
U.S. LLC, Term Loan, 5.644%, (1 mo. USD Term SOFR + 2.00%), 1/31/31 |
|
315
|
$
314,919 |
| Autokiniton
U.S. Holdings, Inc., Term Loan, 7.758%, (1 mo. USD Term SOFR + 4.00%), 4/6/28 |
|
713
|
711,742
|
| Clarios
Global LP, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 |
|
502
|
503,108
|
| DexKo
Global, Inc.: |
|
|
|
| Term
Loan, 6.90%, (3 mo. EURIBOR + 4.75%), 10/6/31 |
EUR
|
139
|
155,841
|
| Term
Loan, 6.90%, (3 mo. EURIBOR + 4.75%), 10/6/31 |
EUR
|
94
|
106,117
|
| Term
Loan, 8.163%, (3 mo. USD Term SOFR + 4.50%), 10/6/31 |
|
199
|
193,043
|
| First
Brands Group LLC, Term Loan, 0.00%, 3/30/27(9) |
|
271
|
444
|
| RealTruck
Group, Inc.: |
|
|
|
| Term
Loan, 8.648%, (3 mo. USD Term SOFR + 4.75%), 1/31/31 |
|
232
|
144,914
|
| Term
Loan, 9.386%, (3 mo. USD Term SOFR + 5.75%), 1/31/31 |
|
154
|
157,534
|
| Term
Loan, 9.898%, (3 mo. USD Term SOFR + 6.00%), 1/31/31 |
|
196
|
123,604
|
| |
|
|
$ 2,411,266
|
| Automobiles
— 0.2% |
| MajorDrive
Holdings IV LLC, Term Loan, 9.382%, (3 mo. USD Term SOFR + 5.50%), 6/1/29 |
|
249
|
$
239,457 |
| |
|
|
$ 239,457
|
| Beverages
— 0.5% |
| Arterra
Wines Canada, Inc., Term Loan, 7.494%, (3 mo. USD Term SOFR + 3.50%), 11/24/27 |
|
472
|
$
469,842 |
15
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Beverages
(continued) |
| City
Brewing Co. LLC, Term Loan, 10.666%, (3 mo. USD Term SOFR + 7.00%), 9/30/30 |
|
36
|
$
5,351 |
| |
|
|
$ 475,193
|
| Biotechnology
— 1.3% |
| Alkermes,
Inc., Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 8/12/31 |
|
200
|
$
200,497 |
| Alltech,
Inc., Term Loan, 8.008%, (1 mo. USD Term SOFR + 4.25%), 8/13/30 |
|
564
|
564,797
|
| Grifols
Worldwide Operations USA, Inc., Term Loan, 6.187%, (6 mo. USD Term SOFR + 2.50%), 4/14/33 |
|
524
|
525,620
|
| |
|
|
$ 1,290,914
|
| Broadline
Retail — 0.8% |
| Peer
Holding III BV: |
|
|
|
| Term
Loan, 5.041%, (3 mo. EURIBOR + 2.75%), 11/26/31 |
EUR
|
150
|
$
172,122 |
| Term
Loan, 6.232%, (3 mo. USD Term SOFR + 2.50%), 10/28/30 |
|
318
|
318,720
|
| Term
Loan, 6.232%, (3 mo. USD Term SOFR + 2.50%), 7/1/31 |
|
369
|
370,575
|
| |
|
|
$ 861,417
|
| Building
Products — 0.4% |
| Cornerstone
Building Brands, Inc., Term Loan, 7.014%, (3 mo. USD Term SOFR + 3.25%), 4/12/28 |
|
439
|
$
270,237 |
| Gibraltar
Industries, Inc., Term Loan, 5.869% - 5.875%, (1 mo. USD Term SOFR + 2.25%), 2/2/33 |
|
162
|
161,437
|
| |
|
|
$ 431,674
|
| Capital
Markets — 6.1% |
| AllSpring
Buyer LLC, Term Loan, 6.75%, (3 mo. USD Term SOFR + 3.00%), 11/1/30 |
|
384
|
$
385,838 |
| Apex
Group Treasury LLC, Term Loan, 7.153%, (3 mo. USD Term SOFR + 3.50%), 2/27/32 |
|
174
|
165,564
|
| Aretec
Group, Inc., Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 8/9/30 |
|
250
|
249,610
|
| Citco
Funding LLC, Term Loan, 5.663%, (3 mo. USD Term SOFR + 2.00%), 1/30/33 |
|
199
|
198,645
|
| Edelman
Financial Center LLC, Term Loan, 7.644%, (1 mo. USD Term SOFR + 4.00%), 12/1/31 |
|
800
|
803,651
|
| EIG
Management Co. LLC, Term Loan, 8.644%, (1 mo. USD Term SOFR + 5.00%), 5/17/29 |
|
103
|
102,434
|
| Focus
Financial Partners LLC, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 9/15/31 |
|
984
|
962,423
|
| Franklin
Square Holdings LP, Term Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 4/25/31 |
|
270
|
249,793 |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Capital
Markets (continued) |
| HighTower
Holdings LLC, Term Loan, 6.408%, (3 mo. USD Term SOFR + 2.75%), 2/3/32 |
|
801
|
$
796,502 |
| Jupiter
Borrower, Inc., Term Loan, 3/25/33(10) |
|
550
|
550,231
|
| Kestra
Advisor Services Holdings A, Inc., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 3/22/31 |
|
318
|
315,490
|
| Mariner
Wealth Advisors LLC , Term Loan, 5.982%, (3 mo. USD Term SOFR + 2.25%), 12/31/30 |
|
169
|
168,906
|
| NEXUS
Buyer LLC, Term Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 7/31/31 |
|
322
|
310,883
|
| Orion
Advisor Solutions, Inc., Term Loan, 6.413%, (3 mo. USD Term SOFR + 2.75%), 9/24/30 |
|
222
|
220,258
|
| Orion
U.S. Finco, Inc., Term Loan, 7.169%, (3 mo. USD Term SOFR + 3.50%), 10/8/32 |
|
224
|
224,828
|
| Saphilux
SARL, Term Loan, 6.51% - 6.73%, (6 mo. USD Term SOFR + 3.00%), 7/18/28 |
|
569
|
572,573
|
| |
|
|
$ 6,277,629
|
| Chemicals
— 3.7% |
| BASF
Coatings, Term Loan, 5/6/33(10) |
|
250
|
$
251,094 |
| Charter
NEX U.S., Inc., Term Loan, 6.114%, (1 mo. USD Term SOFR + 2.50%), 11/29/30 |
|
801
|
802,434
|
| Chemours
Co., Term Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 10/15/32 |
|
348
|
348,142
|
| CP
Iris HoldCo I, Inc.: |
|
|
|
| Term
Loan, 7.644%, (1 mo. USD Term SOFR + 4.00%), 10/27/32 |
|
194
|
185,409
|
| Term
Loan, 10/27/32(8) |
|
6
|
5,466
|
| Discovery
Purchaser Corp., Term Loan, 7.414%, (3 mo. USD Term SOFR + 3.75%), 10/4/29 |
|
467
|
466,020
|
| INEOS
U.S. Finance LLC, Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 2/18/30 |
|
330
|
305,118
|
| Minerals
Technologies, Inc., Term Loan, 5.644%, (1 mo. USD Term SOFR + 2.00%), 11/26/31 |
|
148
|
148,119
|
| Nouryon
Finance BV, Term Loan, 7/3/31(10) |
|
175
|
175,255
|
| Olympus
Water U.S. Holding Corp., Term Loan, 6.732%, (3 mo. USD Term SOFR + 3.00%), 6/20/31 |
|
622
|
621,764
|
| SCUR-Alpha
1503 GmbH, Term Loan, 9.163%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 |
|
145
|
126,815
|
| Tronox
Finance LLC, Term Loan, 5.982%, (3 mo. USD Term SOFR + 2.25%), 4/4/29 |
|
144
|
121,958
|
| W.R.
Grace & Co.-Conn., Term Loan, 6.732%, (3 mo. USD Term SOFR + 3.00%), 8/19/32 |
|
199
|
198,168
|
| |
|
|
$ 3,755,762
|
| Commercial
Services & Supplies — 5.9% |
| Albion
Financing 3 SARL, Term Loan, 6.632%, (3 mo. USD Term SOFR + 3.00%), 5/21/31 |
|
382
|
$
383,682 |
16
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Commercial
Services & Supplies (continued) |
| Allied
Universal Holdco LLC, Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 8/20/32 |
|
1,044
|
$
1,045,338 |
| Belfor
Holdings, Inc., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 11/1/30 |
|
151
|
150,606
|
| EnergySolutions
LLC, Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 9/20/30 |
|
314
|
315,557
|
| Foundever
Group, Term Loan, 7.744%, (3 mo. USD Term SOFR + 3.75%), 8/28/28 |
|
365
|
185,155
|
| Garda
World Security Corp., Term Loan, 6.419%, (3 mo. USD Term SOFR + 2.75%), 2/1/29 |
|
779
|
778,560
|
| Gategroup
Fin Luxembourg SA, Term Loan, 7.192%, (3 mo. USD Term SOFR + 3.50%), 6/10/32 |
|
174
|
174,667
|
| GFL
Environmental, Inc., Term Loan, 6.156%, (3 mo. USD Term SOFR + 2.50%), 3/3/32 |
|
542
|
542,215
|
| Heritage
Environmental Services, Inc., Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 4/1/33 |
|
450
|
452,812
|
| Heritage-Crystal
Clean, Inc., Term Loan, 6.642%, (3 mo. USD Term SOFR + 3.00%), 10/17/30 |
|
442
|
444,674
|
| LSF12
Crown U.S. Commercial Bidco LLC, Term Loan, 6.621%, (1 mo. USD Term SOFR + 3.00%), 12/2/31 |
|
521
|
522,649
|
| MV
Holding GmbH, Term Loan, 5.644%, (1 mo. USD Term SOFR + 2.00%), 3/17/32 |
|
173
|
173,528
|
| Prime
Security Services Borrower LLC, Term Loan, 5.619%, (1 mo. USD Term SOFR + 2.00%), 10/13/30 |
|
220
|
219,367
|
| Reworld
Holding Corp.: |
|
|
|
| Term
Loan, 5.889%, (1 mo. USD Term SOFR + 2.25%), 1/15/31 |
|
365
|
365,035
|
| Term
Loan, 5.889%, (1 mo. USD Term SOFR + 2.25%), 1/15/31 |
|
59
|
59,467
|
| Tidal
Waste & Recycling Holdings LLC, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 10/24/31 |
|
198
|
197,974
|
| |
|
|
$ 6,011,286
|
| Construction
Materials — 1.1% |
| Quikrete
Holdings, Inc.: |
|
|
|
| Term
Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 3/19/29 |
|
412
|
$
412,791 |
| Term
Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 2/10/32 |
|
395
|
394,667
|
| Smyrna
Ready Mix Concrete LLC, Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 4/2/29 |
|
298
|
299,229
|
| |
|
|
$ 1,106,687
|
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Consumer
Staples Distribution & Retail — 0.6% |
| Boots
Group Bidco Ltd., Term Loan, 6.921%, (3 mo. USD Term SOFR + 3.25%), 8/30/32 |
|
622
|
$
624,854 |
| |
|
|
$ 624,854
|
| Containers
& Packaging — 2.5% |
| Altium
Packaging LLC, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 6/11/31 |
|
123
|
$
119,376 |
| Berlin
Packaging LLC, Term Loan, 6.932% - 6.982%, (3 mo. USD Term SOFR + 3.25%), 6/7/31 |
|
507
|
505,279
|
| Clydesdale
Acquisition Holdings, Inc., Term Loan, 6.819%, (1 mo. USD Term SOFR + 3.18%), 4/13/29 |
|
495
|
486,741
|
| Proampac
PG Borrower LLC, Term Loan, 7.652% - 7.666%, (1 mo. USD Term SOFR + 4.00%, 3 mo. USD Term SOFR + 4.00%), 3/7/33 |
|
600
|
591,000
|
| Sword
Purchaser LLC, Term Loan, 7.644%, (1 mo. USD Term SOFR + 4.00%), 4/11/33 |
|
700
|
683,977
|
| Trivium
Packaging BV, Term Loan, 5.92%, (3 mo. EURIBOR + 3.75%), 5/28/30 |
EUR
|
175
|
201,355
|
| |
|
|
$ 2,587,728
|
| Distributors
— 0.0%† |
| Phillips
Feed Service, Inc., Term Loan, 14.00%, (1 mo. USD Term SOFR + 10.00%), 4/13/33(5) |
|
49
|
$
30,082 |
| |
|
|
$ 30,082
|
| Diversified
Consumer Services — 2.1% |
| Ascend
Learning LLC, Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 12/11/28 |
|
260
|
$
253,685 |
| Fugue
Finance BV, Term Loan, 5.916%, (3 mo. USD Term SOFR + 2.25%), 1/9/32 |
|
590
|
588,858
|
| Lernen
Bidco Ltd., Term Loan, 7.01%, (6 mo. USD Term SOFR + 3.50%), 10/27/31 |
|
148
|
145,732
|
| Spring
Education Group, Inc., Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 10/4/30 |
|
489
|
488,341
|
| Wand
NewCo 3, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 1/30/31 |
|
703
|
702,920
|
| |
|
|
$ 2,179,536
|
| Diversified
Telecommunication Services — 1.3% |
| Altice
France SA, Term Loan, 10.548%, (3 mo. USD Term SOFR + 6.88%), 5/31/31 |
|
329
|
$
336,798 |
| Level
3 Financing, Inc., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 3/29/32 |
|
650
|
651,219
|
| Virgin
Media Bristol LLC, Term Loan, 6.99%, (1 mo. USD Term SOFR + 3.25%), 1/31/29 |
|
375
|
360,257
|
| |
|
|
$ 1,348,274
|
17
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Electric
Utilities — 0.6% |
| MRP
Buyer LLC, Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 6/4/32 |
|
645
|
$
648,094 |
| |
|
|
$ 648,094
|
| Electrical
Equipment — 1.8% |
| Belden,
Inc., Term Loan, 6/10/33(10) |
|
300
|
$
300,750 |
| Finco
Utilitas BV, Term Loan, 5.442%, (6 mo. EURIBOR + 2.95%), 9/27/30 |
EUR
|
175
|
201,330
|
| Kohler
Energy Co. LLC, Term Loan, 6.732%, (3 mo. USD Term SOFR + 3.00%), 5/1/31 |
|
572
|
574,079
|
| Nvent
Electric PLC, Term Loan, 6.371%, (1 mo. USD Term SOFR + 2.75%), 1/30/32 |
|
323
|
323,798
|
| PMI
(U.S) Bidco, Inc.: |
|
|
|
| Term
Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 3/16/33 |
|
194
|
195,300
|
| Term
Loan, 3/16/33(8) |
|
31
|
31,248
|
| SGB-SMIT
Midco GmbH, Term Loan, 5.929%, (1 mo. EURIBOR + 3.75%), 3/10/33 |
EUR
|
150
|
173,238
|
| |
|
|
$ 1,799,743
|
| Electronic
Equipment, Instruments & Components — 1.5% |
| Chamberlain
Group, Inc., Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 9/8/32 |
|
749
|
$
750,624 |
| Creation
Technologies, Inc., Term Loan, 9.439%, (3 mo. USD Term SOFR + 5.50%), 10/5/28 |
|
385
|
383,523
|
| Ingram
Micro, Inc., Term Loan, 5.927%, (3 mo. USD Term SOFR + 2.25%), 9/22/31 |
|
183
|
184,015
|
| Verifone
Systems, Inc., Term Loan, 9.425%, (3 mo. USD Term SOFR + 5.50%), 8/18/28 |
|
223
|
211,792
|
| |
|
|
$ 1,529,954
|
| Energy
Equipment & Services — 0.5% |
| PG
Investment Co. 59 SARL, Term Loan, 5.732%, (3 mo. USD Term SOFR + 2.00%), 3/26/31 |
|
496
|
$
495,927 |
| |
|
|
$ 495,927
|
| Engineering
& Construction — 3.2% |
| American
Residential Services LLC, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 2/2/32 |
|
286
|
$
287,603 |
| Artera
Services LLC, Term Loan, 8.144%, (1 mo. USD Term SOFR + 4.50%), 2/15/31 |
|
122
|
108,406
|
| Azuria
Water Solutions, Inc.: |
|
|
|
| Term
Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 4/25/33 |
|
521
|
520,513
|
| Term
Loan, 4/25/33(8) |
|
54
|
54,079
|
| Brand
Industrial Services, Inc., Term Loan, 8/1/30(10) |
|
200
|
157,571 |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Engineering
& Construction (continued) |
| Construction
Partners, Inc., Term Loan, 5.637%, (1 mo. USD Term SOFR + 2.00%), 11/3/31 |
|
198
|
$
197,945 |
| Crown
Subsea Communications Holding, Inc., Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 1/30/31 |
|
600
|
602,601
|
| Green
Infrastructure Partners, Inc., Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 9/24/32 |
|
274
|
274,655
|
| New
Arclin U.S. Holding Corp., Term Loan, 8.12%, (1 mo. USD Term SOFR + 4.50%), 4/1/33 |
|
150
|
137,920
|
| Northstar
Group Services, Inc., Term Loan, 8.413%, (3 mo. USD Term SOFR + 4.75%), 5/31/30 |
|
662
|
665,141
|
| Trilon
Group LLC: |
|
|
|
| Term
Loan, 7.124%, (1 mo. USD Term SOFR + 3.50%), 6/10/33 |
|
276
|
275,855
|
| Term
Loan, 6/10/33(8) |
|
24
|
24,520
|
| |
|
|
$ 3,306,809
|
| Entertainment
— 3.7% |
| Creative
Artists Agency LLC, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 10/1/31 |
|
717
|
$
717,875 |
| Discovery
Global Holdings, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 6/3/33 |
|
858
|
859,478
|
| Electronic
Arts, Inc., Term Loan, 3/24/33(10) |
|
500
|
501,795
|
| EOC
Borrower LLC, Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 3/24/32 |
|
990
|
992,351
|
| Pretzel
Parent, Inc., Term Loan, 8.144%, (1 mo. USD Term SOFR + 4.50%), 10/1/31 |
|
242
|
231,199
|
| Varsity
Brands, Inc., Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 8/26/31 |
|
495
|
496,291
|
| |
|
|
$ 3,798,989
|
| Financial
Services — 1.4% |
| CPI
Holdco B LLC, Term Loan, 5.644%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 |
|
319
|
$
318,447 |
| NCR
Atleos LLC, Term Loan, 6.668%, (3 mo. USD Term SOFR + 3.00%), 4/16/29 |
|
156
|
156,217
|
| Nuvei
Corp., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 11/17/31 |
|
148
|
144,661
|
| Planet
U.S. Buyer LLC, Term Loan, 6.608%, (3 mo. USD Term SOFR + 3.00%), 2/7/31 |
|
319
|
320,069
|
| Synechron,
Inc., Term Loan, 7.482%, (3 mo. USD Term SOFR + 3.75%), 10/3/31 |
|
321
|
301,496
|
| Walker
& Dunlop, Inc., Term Loan, 5.652%, (1 mo. USD Term SOFR + 2.00%), 3/14/32 |
|
198
|
197,006
|
| |
|
|
$ 1,437,896
|
18
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Food
Products — 2.5% |
| CHG
PPC Parent LLC, Term Loan, 6.758%, (1 mo. USD Term SOFR + 3.00%), 12/8/28 |
|
120
|
$
120,083 |
| Del
Monte Foods, Inc.: |
|
|
|
| Term
Loan, 0.00%, 8/2/28(5)(9) |
|
42
|
0
|
| Term
Loan, 0.00%, 8/2/28(5)(9) |
|
37
|
22,458
|
| Term
Loan, 13.244%, (1 mo. USD Term SOFR + 9.50%), 6/30/26(5) |
|
136
|
82,424
|
| Term
Loan - Second Lien, 0.00%, 8/2/28(5)(9) |
|
294
|
0
|
| Froneri
Lux Finco SARL, Term Loan, 6.127%, (6 mo. USD Term SOFR + 2.50%), 9/30/32 |
|
249
|
247,330
|
| Golden
State Food LLC, Term Loan, 7.232%, (3 mo. USD Term SOFR + 3.50%), 12/4/31 |
|
216
|
217,078
|
| Newly
Weds Foods, Inc., Term Loan, 5.902%, (1 mo. USD Term SOFR + 2.25%), 3/15/32 |
|
347
|
347,221
|
| Nomad
Foods Europe Midco Ltd., Term Loan, 6.158%, (6 mo. USD Term SOFR + 2.50%), 10/29/32 |
|
582
|
576,389
|
| PFI
Lower Midco LLC, Term Loan, 7.644%, (1 mo. USD Term SOFR + 4.00%), 12/1/32 |
|
199
|
200,617
|
| Treehouse
Foods, Inc., Term Loan, 7.894%, (1 mo. USD Term SOFR + 4.25%), 2/11/33 |
|
300
|
301,261
|
| United
Petfood Finance BV, Term Loan, 4.399%, (6 mo. EURIBOR + 2.25%), 2/26/32 |
EUR
|
350
|
402,715
|
| |
|
|
$ 2,517,576
|
| Ground
Transportation — 0.3% |
| Student
Transportation of America Holdings, Inc., Term Loan, 6.424% - 6.482%, (3 mo. USD Term SOFR + 2.75%), 6/24/32 |
|
272
|
$
273,586 |
| |
|
|
$ 273,586
|
| Health
Care Equipment & Supplies — 2.0% |
| Bausch
& Lomb Corp., Term Loan, 7.394%, (1 mo. USD Term SOFR + 3.75%), 1/15/31 |
|
655
|
$
657,832 |
| Hologic,
Inc., Term Loan, 5.995%, (3 mo. USD Term SOFR + 2.25%), 4/7/33 |
|
400
|
391,918
|
| Journey
Personal Care Corp., Term Loan, 7.394%, (1 mo. USD Term SOFR + 3.75%), 3/1/28 |
|
341
|
340,643
|
| Mckesson
Medical-Surgical Top Holdings, Inc., Term Loan, 5.982%, (3 mo. USD Term SOFR + 2.25%), 6/9/32 |
|
625
|
625,912
|
| |
|
|
$ 2,016,305
|
| Health
Care Providers & Services — 8.5% |
| AEA
International Holdings (Lux) SARL, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 9/7/28 |
|
552
|
$
553,745 |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care Providers & Services (continued) |
| Cano
Health LLC: |
|
|
|
| Term
Loan, 11.509% - 11.865%, (3 mo. USD Term SOFR + 8.00%, 6 mo. USD Term SOFR + 8.00%), 6/28/29(5)(8) |
|
57
|
$ 57,410
|
| Term
Loan, 13.732%, (3 mo. USD Term SOFR + 10.00%), 6/28/29(5) |
|
222
|
0
|
| CNT
Holdings I Corp., Term Loan, 6.163%, (3 mo. USD Term SOFR + 2.50%), 11/8/32 |
|
667
|
668,538
|
| Ensemble
RCM LLC, Term Loan, 6.663%, (3 mo. USD Term SOFR + 3.00%), 2/9/33 |
|
350
|
349,038
|
| ExamWorks
BidCo, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 2/6/33 |
|
194
|
193,968
|
| Global
Medical Response, Inc., Term Loan, 6.889%, (1 mo. USD Term SOFR + 3.25%), 10/1/32 |
|
825
|
827,947
|
| Hanger,
Inc.: |
|
|
|
| Term
Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 10/23/31 |
|
328
|
329,654
|
| Term
Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 10/23/31(8) |
|
43
|
42,747
|
| Heartland
Dental LLC, Term Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 8/25/32 |
|
347
|
347,150
|
| IVC
Acquisition Ltd.: |
|
|
|
| Term
Loan, 6.386%, (3 mo. EURIBOR + 4.00%), 12/12/28 |
EUR
|
400
|
459,871
|
| Term
Loan, 7.482%, (3 mo. USD Term SOFR + 3.75%), 12/12/28 |
|
268
|
266,576
|
| MDVIP,
Inc., Term Loan, 6.402%, (1 mo. USD Term SOFR + 2.75%), 10/14/31 |
|
149
|
148,818
|
| MED
ParentCo LP, Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 4/15/31 |
|
347
|
347,304
|
| Medical
Solutions Holdings, Inc.: |
|
|
|
| Term
Loan, 7.296%, (3 mo. USD Term SOFR + 3.50%), 11/1/30 |
|
267
|
0
|
| Term
Loan, 9.046%, (3 mo. USD Term SOFR + 5.25%), 11/1/30 |
|
333
|
254,193
|
| Term
Loan, 11/1/30(10) |
|
115
|
87,346
|
| Midwest
Physician Administrative Services LLC, Term Loan, 6.758%, (1 mo. USD Term SOFR + 3.00%), 3/12/28 |
|
247
|
245,681
|
| National
Mentor Holdings, Inc., Term Loan, 9.644%, (1 mo. USD Term SOFR + 6.00%), 12/12/30 |
|
550
|
554,582
|
| Pacific
Dental Services LLC, Term Loan, 5.889%, (1 mo. USD Term SOFR + 2.25%), 3/15/31 |
|
318
|
318,903
|
| Phoenix
Guarantor, Inc., Term Loan, 5.644%, (1 mo. USD Term SOFR + 2.00%), 2/21/31 |
|
400
|
400,209
|
| Radnet
Management, Inc., Term Loan, 5.661%, (3 mo. USD Term SOFR + 2.00%), 4/18/31 |
|
271
|
270,873
|
| Raven
Acquisition Holdings LLC: |
|
|
|
| Term
Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 |
|
415
|
409,790 |
19
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care Providers & Services (continued) |
| Raven
Acquisition Holdings LLC: (continued) |
|
|
|
| Term
Loan, 11/19/31(8) |
|
30
|
$
29,641 |
| Select
Medical Corp.: |
|
|
|
| Term
Loan, 5.644%, (1 mo. USD Term SOFR + 2.00%), 12/3/31 |
|
271
|
270,987
|
| Term
Loan, 12/31/31(10) |
|
275
|
276,375
|
| Surgery
Center Holdings, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 12/19/30 |
|
631
|
632,192
|
| U.S.
Anesthesia Partners, Inc., Term Loan, 7.735%, (1 mo. USD Term SOFR + 4.00%), 10/2/28 |
|
394
|
394,840
|
| |
|
|
$ 8,738,378
|
| Health
Care Technology — 2.8% |
| athenahealth
Group, Inc., Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 2/16/32 |
|
769
|
$
761,956 |
| Cotiviti
Corp., Term Loan - Second Lien, 6.371%, (1 mo. USD Term SOFR + 2.75%), 3/26/32 |
|
990
|
901,212
|
| Imprivata,
Inc., Term Loan, 12/3/29(10) |
|
100
|
100,111
|
| PointClickCare
Technologies, Inc., Term Loan, 6.413%, (3 mo. USD Term SOFR + 2.75%), 11/3/31 |
|
559
|
557,311
|
| Project
Ruby Ultimate Parent Corp., Term Loan, 6.508%, (1 mo. USD Term SOFR + 2.75%), 3/10/28 |
|
524
|
524,088
|
| |
|
|
$ 2,844,678
|
| Hotels,
Restaurants & Leisure — 5.0% |
| Betclic
Everest Group: |
|
|
|
| Term
Loan, 4.734%, (3 mo. EURIBOR + 2.50%), 12/10/31 |
EUR
|
125
|
$
143,495 |
| Term
Loan, 12/10/31(10) |
|
200
|
200,562
|
| Caesars
Entertainment, Inc., Term Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 2/6/31 |
|
236
|
228,048
|
| Delivery
Hero SE, Term Loan, 8.643%, (3 mo. USD Term SOFR + 5.00%), 12/12/29 |
|
448
|
451,032
|
| Fertitta
Entertainment LLC, Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 1/27/29 |
|
475
|
475,259
|
| Gaia
Purchaser, Inc., Term Loan, 6/25/33(10) |
|
550
|
550,688
|
| Herschend
Entertainment Co. LLC, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 5/27/32 |
|
149
|
148,927
|
| Horizon
U.S. Finco LP, Term Loan, 8.413%, (3 mo. USD Term SOFR + 4.75%), 10/31/31 |
|
332
|
312,603
|
| IRB
Holding Corp., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 12/16/30 |
|
298
|
298,811
|
| Ontario
Gaming GTA LP, Term Loan, 7.982%, (3 mo. USD Term SOFR + 4.25%), 8/1/30 |
|
415
|
396,700
|
| Pioneer
Opco LLC, Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 5/16/33 |
|
250
|
251,273 |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Hotels,
Restaurants & Leisure (continued) |
| Scientific
Games Holdings LP, Term Loan, 6.674%, (3 mo. USD Term SOFR + 3.00%), 4/4/29 |
|
590
|
$
582,161 |
| Turquoise
Topco Ltd., Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 12/30/32 |
|
324
|
318,514
|
| Voyager
Parent LLC, Term Loan, 7.982%, (3 mo. USD Term SOFR + 4.25%), 7/1/32 |
|
769
|
770,628
|
| |
|
|
$ 5,128,701
|
| Household
Durables — 1.3% |
| Libbey
Glass, Inc., Term Loan, 10.32%, (3 mo. USD Term SOFR + 6.50%), 11/22/27 |
|
279
|
$
217,779 |
| Madison
Safety & Flow LLC, Term Loan, 8.25%, (U.S. (Fed) Prime Rate + 1.50%), 9/26/31 |
|
173
|
173,075
|
| PHRG
Intermediate LLC, Term Loan, 7.732%, (3 mo. USD Term SOFR + 4.00%), 2/20/32 |
|
272
|
270,889
|
| Serta
Simmons Bedding LLC: |
|
|
|
| Term
Loan, 11.287%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |
|
75
|
74,883
|
| Term
Loan, 11.347%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 |
|
219
|
206,295
|
| Somnigroup
International, Inc., Term Loan, 5.87%, (1 mo. USD Term SOFR + 2.25%), 10/24/31 |
|
364
|
366,495
|
| |
|
|
$ 1,309,416
|
| Independent
Power and Renewable Electricity Producers — 0.9% |
| Cogentrix
Finance Holdco I LLC, Term Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 2/26/32 |
|
567
|
$
567,401 |
| Invenergy
Thermal Operating I LLC: |
|
|
|
| Term
Loan, 6.37%, (3 mo. USD Term SOFR + 2.75%), 5/17/32 |
|
285
|
286,058
|
| Term
Loan, 6.37%, (3 mo. USD Term SOFR + 2.75%), 5/17/32 |
|
19
|
18,923
|
| |
|
|
$ 872,382
|
| Insurance
— 4.3% |
| Acrisure
LLC, Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 11/6/30 |
|
792
|
$
718,375 |
| Alera
Group, Inc., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 5/30/32 |
|
471
|
448,754
|
| Alliant
Holdings Intermediate LLC, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 |
|
610
|
602,505
|
| Broadstreet
Partners, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 6/13/31 |
|
589
|
569,782
|
| IMA
Financial Group, Inc., Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 11/1/28 |
|
398
|
397,384
|
| Siaci
Saint Honore, Term Loan, 5.541%, (3 mo. EURIBOR + 3.25%), 7/26/32 |
EUR
|
325
|
371,113 |
20
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Insurance
(continued) |
| Trucordia
Insurance Holdings LLC, Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 6/17/32 |
|
497
|
$
444,590 |
| Truist
Insurance Holdings LLC: |
|
|
|
| Term
Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 5/6/31 |
|
230
|
224,955
|
| Term
Loan - Second Lien, 8.482%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 |
|
132
|
127,961
|
| USI,
Inc., Term Loan, 5.982%, (3 mo. USD Term SOFR + 2.25%), 9/29/30 |
|
490
|
488,671
|
| |
|
|
$ 4,394,090
|
| Interactive
Media & Services — 0.8% |
| Arches
Buyer, Inc., Term Loan, 6.994%, (1 mo. USD Term SOFR + 3.25%), 12/6/27 |
|
771
|
$
770,464 |
| |
|
|
$ 770,464
|
| IT
Services — 3.4% |
| Ahead
DB Holdings LLC, Term Loan, 6.232%, (3 mo. USD Term SOFR + 2.50%), 2/3/31 |
|
224
|
$
221,181 |
| Asurion
LLC: |
|
|
|
| Term
Loan, 7.413%, (3 mo. USD Term SOFR + 3.75%), 2/23/33 |
|
1,164
|
1,104,147
|
| Term
Loan - Second Lien, 9.028%, (3 mo. USD Term SOFR + 5.25%), 1/20/29 |
|
128
|
126,422
|
| Aurora
Lux Finco SARL, Term Loan, 8.982%, (3 mo. USD Term SOFR + 5.25%), 10/1/32 |
|
199
|
178,105
|
| Gainwell
Acquisition Corp., Term Loan, 7.832%, (3 mo. USD Term SOFR + 4.00%), 10/1/27 |
|
418
|
412,653
|
| NAB
Holdings LLC, Term Loan, 6.232%, (3 mo. USD Term SOFR + 2.50%), 11/23/28 |
|
414
|
387,065
|
| Newfold
Digital Holdings Group, Inc., Term Loan, 7.214%, (1 mo. USD Term SOFR + 3.60%), 4/30/29 |
|
145
|
117,301
|
| Nielsen
Consumer, Inc., Term Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 10/31/30 |
|
347
|
343,035
|
| Plano
HoldCo, Inc., Term Loan, 7.232%, (3 mo. USD Term SOFR + 3.50%), 10/2/31 |
|
148
|
117,019
|
| Sedgwick
Claims Management Services, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 |
|
493
|
487,163
|
| |
|
|
$ 3,494,091
|
| Leisure
Products — 0.6% |
| Recess
Holdings, Inc., Term Loan, 7.417%, (3 mo. USD Term SOFR + 3.75%), 2/20/30 |
|
661
|
$
661,311 |
| |
|
|
$ 661,311
|
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Life
Sciences Tools & Services — 1.8% |
| Loire
Finco Luxembourg SARL: |
|
|
|
| Term
Loan, 5.929%, (1 mo. EURIBOR + 3.75%), 1/21/30 |
EUR
|
282
|
$
325,261 |
| Term
Loan, 7.644%, (1 mo. USD Term SOFR + 4.00%), 1/21/30 |
|
142
|
142,139
|
| Parexel
International Corp., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 12/12/31 |
|
596
|
596,307
|
| Sotera
Health Holdings LLC, Term Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 5/30/31 |
|
799
|
800,178
|
| |
|
|
$ 1,863,885
|
| Machinery
— 6.9% |
| AAG
U.S. GSI Bidco, Inc., Term Loan, 8.732%, (3 mo. USD Term SOFR + 5.00%), 10/31/31 |
|
198
|
$
198,497 |
| AI
Aqua Merger Sub, Inc., Term Loan, 6.119% - 6.164%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 7/31/28 |
|
581
|
580,808
|
| Apex
Tool Group LLC, Term Loan, 9.644%, (1 mo. USD Term SOFR + 6.00%), 2/8/29 |
|
7
|
2,706
|
| Astro
Acquisition LLC, Term Loan, 6.232%, (3 mo. USD Term SOFR + 2.50%), 8/30/32 |
|
200
|
200,082
|
| Barnes
Group, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 1/27/32 |
|
361
|
361,620
|
| BG
MS U.S. Holding LLC, Term Loan, 8.482%, (3 mo. USD Term SOFR + 4.75%), 10/22/32 |
|
249
|
247,816
|
| Cleanova
U.S. Holdings LLC, Term Loan, 8.414%, (3 mo. USD Term SOFR + 4.75%), 6/14/32 |
|
298
|
294,153
|
| Columbus
McKinnon Corp., Term Loan, 7.232%, (3 mo. USD Term SOFR + 3.50%), 2/3/33 |
|
242
|
241,993
|
| Conair
Holdings LLC, Term Loan, 7.508%, (1 mo. USD Term SOFR + 3.75%), 5/17/28 |
|
348
|
302,735
|
| Cube
Industrials Buyer, Inc., Term Loan, 6.669%, (3 mo. USD Term SOFR + 3.00%), 10/17/31 |
|
420
|
421,367
|
| EMRLD
Borrower LP: |
|
|
|
| Term
Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 8/4/31 |
|
270
|
270,304
|
| Term
Loan, 5.916%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 |
|
212
|
211,736
|
| Engineered
Machinery Holdings, Inc., Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 11/26/32 |
|
927
|
932,567
|
| Filtration
Group Corp., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 10/21/28 |
|
97
|
96,766
|
| Icebox
Holdco III, Inc., Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 12/22/31 |
|
585
|
588,301
|
| Jennmar
Inter III LLC, Term Loan, 8.732%, (3 mo. USD Term SOFR + 5.00%), 12/16/30 |
|
294
|
291,776
|
| LSF12
Helix Parent LLC, Term Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 2/10/33 |
|
350
|
344,094 |
21
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Machinery
(continued) |
| Resilience
Parent LLC, Term Loan, 6.232%, (3 mo. USD Term SOFR + 2.50%), 2/28/33 |
|
525
|
$
524,436 |
| Roper
Industrial Products Investment Co. LLC, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 11/22/29 |
|
537
|
537,536
|
| TK
Elevator Midco GmbH, Term Loan, 5.149%, (3 mo. EURIBOR + 3.00%), 4/30/30 |
EUR
|
400
|
459,896
|
| |
|
|
$ 7,109,189
|
| Media
— 1.5% |
| ABG
Intermediate Holdings 2 LLC: |
|
|
|
| Term
Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 12/21/28 |
|
562
|
$
562,527 |
| Term
Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 2/13/32 |
|
173
|
172,866
|
| Charter
Communications Operating LLC, Term Loan, 5.942%, (3 mo. USD Term SOFR + 2.25%), 12/15/31 |
|
172
|
170,210
|
| Fleet
Midco I Ltd., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 2/21/31 |
|
180
|
180,096
|
| Gray
Television, Inc., Term Loan, 6.735%, (1 mo. USD Term SOFR + 3.00%), 12/1/28 |
|
129
|
129,659
|
| Nexstar
Broadcasting, Inc., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 3/18/33 |
|
305
|
302,359
|
| |
|
|
$ 1,517,717
|
| Metals/Mining
— 0.5% |
| Arsenal
AIC Parent LLC, Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 8/19/30 |
|
416
|
$
418,457 |
| Wireco
Worldgroup, Inc., Term Loan, 7.414%, (3 mo. USD Term SOFR + 3.75%), 11/13/28 |
|
107
|
106,483
|
| |
|
|
$ 524,940
|
| Oil,
Gas & Consumable Fuels — 2.0% |
| Freeport
LNG Investments LLLP, Term Loan, 6.925%, (3 mo. USD Term SOFR + 3.25%), 2/11/33 |
|
675
|
$
677,109 |
| Matador
Bidco SARL, Term Loan, 7.994%, (1 mo. USD Term SOFR + 4.25%), 7/30/29 |
|
552
|
550,674
|
| Natgasoline
LLC, Term Loan, 9.144%, (1 mo. USD Term SOFR + 5.50%), 3/29/30 |
|
145
|
145,676
|
| Oxbow
Carbon LLC, Term Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 5/10/30 |
|
137
|
138,141
|
| Traverse
Midstream Partners LLC, Term Loan, 4/21/33(10) |
|
250
|
250,156
|
| Venture
Global Calcasieu Pass LLC, Term Loan, 6.937%, (6 mo. USD Term SOFR + 3.25%), 4/11/33 |
|
275
|
276,128
|
| |
|
|
$ 2,037,884
|
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Passenger
Airlines — 0.2% |
| WestJet
Loyalty LP, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 2/14/31 |
|
244
|
$
237,524 |
| |
|
|
$ 237,524
|
| Pharmaceuticals
— 1.4% |
| Amneal
Pharmaceuticals LLC, Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 8/1/32 |
|
594
|
$
596,936 |
| Bausch
Health Cos., Inc., Term Loan, 9.894%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 |
|
248
|
240,578
|
| Jazz
Financing Lux SARL, Term Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 5/5/28 |
|
458
|
460,249
|
| Padagis
LLC, Term Loan, 8.689%, (3 mo. USD Term SOFR + 4.75%), 7/6/28 |
|
148
|
141,022
|
| |
|
|
$ 1,438,785
|
| Professional
Services — 5.9% |
| AAL
Delaware Holdco, Inc., Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 7/30/31 |
|
420
|
$
421,187 |
| Amspec
Parent LLC, Term Loan, 6.732%, (3 mo. USD Term SOFR + 3.00%), 12/22/31 |
|
569
|
571,998
|
| Citrin
Cooperman Advisors LLC, Term Loan, 6.732%, (3 mo. USD Term SOFR + 3.00%), 4/1/32 |
|
397
|
386,934
|
| CohnReznick
LLP: |
|
|
|
| Term
Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 3/31/32 |
|
211
|
206,614
|
| Term
Loan, 3/31/32(8) |
|
12
|
11,994
|
| CoreLogic,
Inc., Term Loan, 7.258%, (1 mo. USD Term SOFR + 3.50%), 6/2/28 |
|
481
|
476,250
|
| EAB
Global, Inc., Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 8/16/30 |
|
779
|
704,047
|
| First
Advantage Holdings LLC, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 10/31/31 |
|
187
|
184,560
|
| Galaxy
Bidco Ltd., Term Loan, 6.242%, (6 mo. EURIBOR + 3.75%), 12/19/29 |
EUR
|
200
|
231,472
|
| Grant
Thornton Advisors LLC, Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 6/2/31 |
|
503
|
479,941
|
| Heron
Bidco, Term Loan, 7.732%, (3 mo. USD Term SOFR + 4.00%), 12/10/32 |
|
225
|
226,688
|
| Highspring
Holdings LLC, Term Loan, 8.882%, (3 mo. USD Term SOFR + 5.00%), 1/22/29 |
|
340
|
280,204
|
| iSolved,
Inc., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 10/15/30 |
|
172
|
161,555
|
| Mermaid
Bidco, Inc., Term Loan, 6.908%, (3 mo. USD Term SOFR + 3.25%), 7/3/31 |
|
594
|
576,385 |
22
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Professional
Services (continued) |
| Neptune
Bidco U.S., Inc., Term Loan, 8.769%, (3 mo. USD Term SOFR + 5.00%), 2/3/33 |
|
584
|
$
579,567 |
| Techem
Verwaltungsgesellschaft 675 mbH, Term Loan, 4.984%, (3 mo. EURIBOR + 2.75%), 7/15/32 |
EUR
|
425
|
487,647
|
| |
|
|
$ 5,987,043
|
| Real
Estate Management & Development — 0.8% |
| Greystar
Real Estate Partners LLC, Term Loan, 5.917%, (3 mo. USD Term SOFR + 2.25%), 8/21/30 |
|
453
|
$
453,181 |
| Metropolis
Technologies, Inc., Term Loan, 8.916%, (3 mo. USD Term SOFR + 5.25%), 11/3/32 |
|
323
|
318,928
|
| |
|
|
$ 772,109
|
| Road
& Rail — 0.4% |
| First
Student Bidco, Inc., Term Loan, 5.982%, (3 mo. USD Term SOFR + 2.25%), 8/15/30 |
|
236
|
$
236,629 |
| Hertz
Corp., Term Loan, 7.413%, (3 mo. USD Term SOFR + 3.75%), 6/30/28 |
|
195
|
137,577
|
| |
|
|
$ 374,206
|
| Semiconductors
& Semiconductor Equipment — 0.0%† |
| Bright
Bidco BV: |
|
|
|
| Term
Loan, 0.00%, 10/31/27(9) |
|
199
|
$
22,061 |
| Term
Loan, 13.732%, (3 mo. USD Term SOFR + 10.00%), 6/30/26 |
|
9
|
8,742
|
| Term
Loan, 6/30/26(8) |
|
6
|
6,312
|
| |
|
|
$ 37,115
|
| Software
— 11.4% |
| Applied
Systems, Inc., Term Loan, 5.982%, (3 mo. USD Term SOFR + 2.25%), 2/24/31 |
|
195
|
$
191,515 |
| Bending
Spoons U.S., Inc., Term Loan, 3/7/31(10) |
|
25
|
24,675
|
| Boxer
Parent Co., Inc., Term Loan, 6.416%, (3 mo. USD Term SOFR + 2.75%), 7/30/31 |
|
597
|
540,039
|
| Calabrio,
Inc., Term Loan, 7.666%, (3 mo. USD Term SOFR + 4.00%), 11/26/32 |
|
324
|
252,655
|
| Cloud
Software Group, Inc., Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 3/21/31 |
|
794
|
698,720
|
| Cloudera,
Inc.: |
|
|
|
| Term
Loan, 7.494%, (1 mo. USD Term SOFR + 3.75%), 10/8/28 |
|
492
|
383,969
|
| Term
Loan - Second Lien, 9.744%, (1 mo. USD Term SOFR + 6.00%), 10/8/29 |
|
200
|
137,800
|
| Constant
Contact, Inc., Term Loan, 7.935%, (3 mo. USD Term SOFR + 4.00%), 2/10/28 |
|
193
|
187,582
|
| Cvent,
Inc., Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 6/17/30 |
|
324
|
311,763 |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Software
(continued) |
| Dayforce,
Inc., Term Loan, 6.663%, (3 mo. USD Term SOFR + 3.00%), 2/4/33 |
|
650
|
$
594,568 |
| Drake
Software LLC, Term Loan, 7.982%, (3 mo. USD Term SOFR + 4.25%), 6/26/31 |
|
156
|
149,415
|
| ECI
Macola Max Holding LLC, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 5/9/30 |
|
617
|
587,863
|
| Epicor
Software Corp., Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 5/30/31 |
|
962
|
921,231
|
| Marcel
LUX IV SARL, Term Loan, 6.55%, (1 mo. USD Term SOFR + 3.00%), 11/12/30 |
|
548
|
535,009
|
| McAfee
LLC, Term Loan, 6.644%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 |
|
676
|
602,422
|
| OceanKey
(U.S.) II Corp., Term Loan, 7.244%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 |
|
414
|
398,171
|
| OID-OL
Intermediate I LLC, Term Loan, 9.663%, (3 mo. USD Term SOFR + 6.00%), 2/1/29 |
|
88
|
85,377
|
| Project
Alpha Intermediate Holding, Inc., Term Loan, 6.982%, (3 mo. USD Term SOFR + 3.25%), 10/26/30 |
|
693
|
506,563
|
| Project
Boost Purchaser LLC, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 7/16/31 |
|
468
|
456,468
|
| Proofpoint,
Inc., Term Loan, 6.732%, (3 mo. USD Term SOFR + 3.00%), 8/31/28 |
|
457
|
441,841
|
| Quartz
Acquireco LLC, Term Loan, 5.982%, (3 mo. USD Term SOFR + 2.25%), 6/28/30 |
|
708
|
593,421
|
| RealPage,
Inc.: |
|
|
|
| Term
Loan, 6.994%, (3 mo. USD Term SOFR + 3.00%), 4/24/28 |
|
463
|
434,198
|
| Term
Loan, 7.482%, (3 mo. USD Term SOFR + 3.75%), 4/24/28 |
|
123
|
116,384
|
| Rocket
Software, Inc., Term Loan, 7.394%, (1 mo. USD Term SOFR + 3.75%), 11/28/28 |
|
229
|
218,545
|
| Sabre
GLBL, Inc.: |
|
|
|
| Term
Loan, 9.744%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 |
|
482
|
431,913
|
| Term
Loan, 9.994%, (1 mo. USD Term SOFR + 6.25%), 7/30/29 |
|
91
|
82,011
|
| SkillSoft
Corp., Term Loan, 9.008%, (1 mo. USD Term SOFR + 5.25%), 7/14/28 |
|
290
|
149,756
|
| SolarWinds
Holdings, Inc., Term Loan, 7.671%, (3 mo. USD Term SOFR + 4.00%), 4/16/32 |
|
596
|
500,220
|
| UKG,
Inc., Term Loan, 5.913%, (3 mo. USD Term SOFR + 2.25%), 2/10/31 |
|
797
|
752,385
|
| Vision
Solutions, Inc., Term Loan, 7.925%, (3 mo. USD Term SOFR + 4.00%), 4/24/28 |
|
461
|
354,553
|
| |
|
|
$ 11,641,032
|
23
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Specialty
Retail — 2.3% |
| Apro
LLC, Term Loan, 7.374%, (1 mo. USD Term SOFR + 3.75%), 7/9/31 |
|
369
|
$
370,005 |
| Boels
Topholding BV, Term Loan, 4.629%, (1 mo. EURIBOR + 2.50%), 5/23/31 |
EUR
|
237
|
271,982
|
| Great
Outdoors Group LLC, Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 1/23/32 |
|
631
|
633,872
|
| Harbor
Freight Tools USA, Inc., Term Loan, 5.894%, (1 mo. USD Term SOFR + 2.25%), 6/11/31 |
|
279
|
278,529
|
| Les
Schwab Tire Centers, Term Loan, 6.166%, (3 mo. USD Term SOFR + 2.50%), 4/23/31 |
|
278
|
277,679
|
| Mavis
Tire Express Services Corp., Term Loan, 6.669%, (6 mo. USD Term SOFR + 3.00%), 5/4/28 |
|
395
|
394,876
|
| Speedster
Bidco GmbH, Term Loan, 6.482%, (3 mo. USD Term SOFR + 2.75%), 12/11/31 |
|
147
|
146,346
|
| |
|
|
$ 2,373,289
|
| Trading
Companies & Distributors — 3.8% |
| BCPE
Empire Holdings, Inc., Term Loan, 7.144%, (1 mo. USD Term SOFR + 3.50%), 12/29/32 |
|
349
|
$
345,489 |
| CD&R
Hydra Buyer, Inc., Term Loan, 7.744%, (1 mo. USD Term SOFR + 4.00%), 3/25/31 |
|
491
|
491,898
|
| DXP
Enterprises, Inc., Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 10/11/30 |
|
393
|
395,302
|
| Paint
Intermediate III LLC, Term Loan, 6.653%, (3 mo. USD Term SOFR + 3.00%), 10/9/31 |
|
148
|
148,681
|
| Quimper
AB, Term Loan, 5.097%, (3 mo. EURIBOR + 2.98%), 3/31/30 |
EUR
|
125
|
143,522
|
| Ramudden
Global Group GmbH, Term Loan, 5.429%, (1 mo. EURIBOR + 3.25%), 2/21/33 |
EUR
|
675
|
776,901
|
| Spin
Holdco, Inc.: |
|
|
|
| Term
Loan, 9.096%, (3 mo. USD Term SOFR + 5.43%), 9/4/30 |
|
140
|
143,763
|
| Term
Loan - Second Lien, 7.928%, (3 mo. USD Term SOFR + 4.00%), 9/4/30 |
|
326
|
247,254
|
| White
Cap Buyer LLC, Term Loan, 6.894%, (1 mo. USD Term SOFR + 3.25%), 10/19/29 |
|
854
|
854,150
|
| Windsor
Holdings III LLC, Term Loan, 6.394%, (1 mo. USD Term SOFR + 2.75%), 8/1/30 |
|
316
|
316,596
|
| |
|
|
$ 3,863,556
|
| Transportation
Infrastructure — 1.1% |
| Brown
Group Holding LLC, Term Loan, 6.144% - 6.166%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 7/1/31 |
|
616
|
$
618,494 |
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value
|
| Transportation
Infrastructure (continued) |
| KKR
Apple Bidco LLC, Term Loan, 6.144%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 |
|
489
|
$
489,809 |
| |
|
|
$ 1,108,303
|
Total
Senior Floating-Rate Loans
(identified cost $123,668,248) |
|
|
$120,135,004
|
| Security
|
Shares
|
Value
|
| Health
Care — 0.0% |
| Cano
Health, Inc., Exp. 6/28/29(3)(5) |
|
1,346
|
$
0 |
Total
Warrants
(identified cost $0) |
|
|
$ 0
|
| Security
|
Shares
|
Value
|
| Cable
and Satellite Television — 0.0% |
| ACC
Claims Holdings LLC(5) |
|
200,340
|
$
0 |
Total
Miscellaneous
(identified cost $0) |
|
|
$ 0
|
| Short-Term
Investments — 4.1% |
| Security
|
Shares
|
Value
|
| Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.56%(11) |
|
4,222,025
|
$
4,222,025 |
Total
Short-Term Investments
(identified cost $4,222,025) |
|
|
$ 4,222,025
|
Total
Investments — 140.8%
(identified cost $148,558,316) |
|
|
$143,939,880
|
| Less
Unfunded Loan Commitments — (0.2)% |
|
|
$
(232,958) |
Net
Investments — 140.6%
(identified cost $148,325,358) |
|
|
$143,706,922
|
| Other
Assets, Less Liabilities — (40.6)% |
|
|
$
(41,462,195) |
| Net
Assets Applicable to Common Shares — 100.0% |
|
|
$102,244,727
|
24
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Portfolio of
Investments — continued
| The
percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares. |
|
† |
Amount
is less than 0.05% or (0.05)%, as applicable. |
| *
|
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, 2026,
the aggregate value of these securities is $16,137,563 or 15.8% of the Trust's net assets applicable to common shares. |
|
(2) |
Variable
rate security. The stated interest rate represents the rate in effect at June 30, 2026. |
|
(3) |
Non-income
producing security. |
|
(4) |
Security
was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
|
(5) |
Security
is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
|
(6) |
Affiliated
fund (see Note 9). |
|
(7) |
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 Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate
offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment.
Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
|
(8) |
Unfunded
or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At June 30, 2026, the total value of unfunded loan commitments is $232,315. See Note 1F for description.
|
|
(9) |
Issuer
is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
|
(10) |
This
Senior Loan will settle after June 30, 2026, at which time the interest rate will be determined. |
|
(11) |
May
be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of June 30, 2026. |
| Forward
Foreign Currency Exchange Contracts (OTC) |
| Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
| USD
|
3,648,581
|
EUR
|
3,122,552
|
Standard
Chartered Bank |
7/2/26
|
$
80,754 |
$
— |
| USD
|
3,574,742
|
EUR
|
3,122,552
|
Standard
Chartered Bank |
8/4/26
|
2,130
|
—
|
| USD
|
671,557
|
GBP
|
501,286
|
Standard
Chartered Bank |
8/28/26
|
6,640
|
—
|
| USD
|
2,919,427
|
EUR
|
2,504,868
|
Deutsche
Bank AG |
8/31/26
|
50,253
|
—
|
| USD
|
1,242,820
|
EUR
|
1,087,741
|
State
Street Bank and Trust Company |
9/30/26
|
—
|
(4,702)
|
| |
|
|
|
|
|
$139,777
|
$(4,702)
|
| Abbreviations:
|
| EURIBOR
|
– Euro
Interbank Offered Rate |
| OTC
|
– Over-the-counter
|
| SOFR
|
– Secured
Overnight Financing Rate |
| Currency
Abbreviations: |
| EUR
|
– Euro
|
| GBP
|
– British
Pound Sterling |
| USD
|
– United
States Dollar |
25
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Statement of Assets
and Liabilities
| |
June
30, 2026 |
| Assets
|
|
| Unaffiliated
investments, at value (identified cost $142,518,397) |
$
137,923,033 |
| Affiliated
investments, at value (identified cost $5,806,961) |
5,783,889
|
| Cash
|
499,370
|
| Foreign
currency, at value (identified cost $1,066,043) |
1,055,305
|
| Interest
receivable |
835,408
|
| Dividends
receivable from affiliated investments |
22,862
|
| Receivable
for investments sold |
2,383,653
|
| Receivable
for open forward foreign currency exchange contracts |
139,777
|
| Receivable
from affiliates |
770
|
| Trustees'
deferred compensation plan |
102,908
|
| Prepaid
upfront fees on notes payable |
19,554
|
| Prepaid
expenses |
13,867
|
| Total
assets |
$148,780,396
|
| Liabilities
|
|
| Notes
payable |
$
34,000,000 |
| Payable
for investments purchased |
4,581,484
|
| Payable
for open forward foreign currency exchange contracts |
4,702
|
| Payable
to affiliates: |
|
| Investment
adviser fee |
65,047
|
| Administration
fee |
29,844
|
| Trustees'
deferred compensation plan |
102,908
|
| Accrued expenses and other liabilities
|
746,520
|
| Total
liabilities |
$
39,530,505 |
| Auction
preferred shares (280 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$
7,005,164 |
| Commitments
and contingencies (see Note 12) |
|
| Net
assets applicable to common shares |
$102,244,727
|
| Sources
of Net Assets |
|
| Common
shares, $0.01 par value, unlimited number of shares authorized |
$
181,703 |
| Additional
paid-in capital |
143,111,612
|
| Accumulated
loss |
(41,048,588)
|
| Net
assets applicable to common shares |
$102,244,727
|
| Common
Shares Issued and Outstanding |
18,170,289
|
| Net
Asset Value Per Common Share |
|
| Net
assets ÷ common shares issued and outstanding |
$
5.63 |
26
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
| |
Year
Ended |
| |
June
30, 2026 |
| Investment
Income |
|
| Dividend
income |
$
767 |
| Dividend
income from affiliated investments |
166,372
|
| Interest
income |
11,971,975
|
| Other
income |
38,838
|
| Total
investment income |
$12,177,952
|
| Expenses
|
|
| Investment
adviser fee |
$
1,066,263 |
| Administration
fee |
399,020
|
| Trustees’
fees and expenses |
5,745
|
| Custodian
fee |
87,625
|
| Transfer
and dividend disbursing agent fees |
16,650
|
| Legal
and accounting services |
147,184
|
| Printing
and postage |
44,511
|
| Interest
expense and fees |
986,776
|
| Preferred
shares service fee |
32,431
|
| Miscellaneous
|
130,872
|
| Total
expenses |
$
2,917,077 |
| Deduct:
|
|
| Waiver
and/or reimbursement of expenses by affiliates |
$
7,539 |
| Total
expense reductions |
$
7,539 |
| Net
expenses |
$
2,909,538 |
| Net
investment income |
$
9,268,414 |
| Realized
and Unrealized Gain (Loss) |
|
| Net
realized gain (loss): |
|
| Investment
transactions |
$
(6,770,802) |
| Foreign
currency transactions |
(9,621)
|
| Forward
foreign currency exchange contracts |
33,028
|
| Net
realized loss |
$
(6,747,395) |
| Change
in unrealized appreciation (depreciation): |
|
| Investments
|
$
119,497 |
| Investments
- affiliated investments |
(23,072)
|
| Foreign
currency |
(50,185)
|
| Forward
foreign currency exchange contracts |
437,707
|
| Net
change in unrealized appreciation (depreciation) |
$
483,947 |
| Net
realized and unrealized loss |
$
(6,263,448) |
| Distributions
to preferred shareholders |
$
(1,723,701) |
| Discount
on redemption and repurchase of auction preferred shares |
$
612,000 |
| Net
increase in net assets from operations |
$
1,893,265 |
27
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Statements of Changes
in Net Assets
| |
Year
Ended June 30, |
| |
2026
|
2025
|
| Increase
(Decrease) in Net Assets |
|
|
| From
operations: |
|
|
| Net
investment income |
$
9,268,414 |
$
12,028,343 |
| Net
realized loss |
(6,747,395)
|
(1,311,662)
|
| Net
change in unrealized appreciation (depreciation) |
483,947
|
(1,407,192)
|
| Distributions
to preferred shareholders |
(1,723,701)
|
(2,225,912)
|
| Discount
on redemption and repurchase of auction preferred shares |
612,000
|
—
|
| Net
increase in net assets from operations |
$
1,893,265 |
$
7,083,577 |
| Distributions
to common shareholders |
$
(7,689,502) |
$
(9,942,253) |
| Tax
return of capital to common shareholders |
$
(523,469) |
$
(568,405) |
| Capital
share transactions: |
|
|
| Proceeds
from shelf offering, net of offering costs (see Note 6) |
$
— |
$
4,721,030 |
| Reinvestment
of distributions to common shareholders |
—
|
134,698
|
| Net
increase in net assets from capital share transactions |
$
— |
$
4,855,728 |
| Net
increase (decrease) in net assets |
$
(6,319,706) |
$
1,428,647 |
| Net
Assets Applicable to Common Shares |
|
|
| At
beginning of year |
$
108,564,433 |
$
107,135,786 |
| At
end of year |
$102,244,727
|
$108,564,433
|
28
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
| |
Year
Ended |
| |
June
30, 2026 |
| Cash
Flows From Operating Activities |
|
| Net
increase in net assets from operations |
$
1,893,265 |
| Distributions
to preferred shareholders |
1,723,701
|
| Discount
on redemption and repurchase of auction preferred shares |
(612,000)
|
| Net increase in net assets from operations excluding distributions to preferred
shareholders and discount on redemption and repurchase of auction preferred shares |
$
3,004,966 |
| Adjustments
to reconcile net increase in net assets from operations to net cash provided by operating activities: |
|
| Investments
purchased |
(58,474,226)
|
| Investments
sold and principal repayments |
79,509,765
|
| Increase
in short-term investments, net |
(2,517,276)
|
| Net
amortization/accretion of premium (discount) |
(840,553)
|
| Amortization
of prepaid upfront fees on notes payable |
17,520
|
| Decrease
in interest receivable |
238,468
|
| Increase
in dividends receivable from affiliated investments |
(13,872)
|
| Increase
in Trustees’ deferred compensation plan |
(8,461)
|
| Increase
in prepaid expenses |
(11,195)
|
| Increase
in receivable from affiliates |
(770)
|
| Decrease
in payable to affiliates for investment adviser fee |
(30,990)
|
| Decrease
in payable to affiliates for administration fee |
(5,063)
|
| Decrease
in payable to affiliates for Trustees' fees |
(2,835)
|
| Increase
in payable to affiliates for Trustees' deferred compensation plan |
8,461
|
| Increase
in accrued expenses and other liabilities |
426,234
|
| Decrease
in unfunded loan commitments |
(222,111)
|
| Net
change in unrealized (appreciation) depreciation from investments |
(96,425)
|
| Net
change in unrealized (appreciation) depreciation from forward foreign currency exchange contracts (OTC) |
(437,707)
|
| Net
realized loss from investments |
6,770,802
|
| Net
cash provided by operating activities |
$
27,314,732 |
| Cash
Flows From Financing Activities |
|
| Cash distributions paid to common shareholders
|
$
(8,212,971) |
| Cash
distributions paid to preferred shareholders |
(1,746,758)
|
| Liquidation
of auction preferred shares |
(29,988,000)
|
| Proceeds
from notes payable |
29,000,000
|
| Repayments
of notes payable |
(18,000,000)
|
| Payment
of upfront fees on notes payable |
(22,500)
|
| Net
cash used in financing activities |
$(28,970,229)
|
| Net
decrease in cash* |
$
(1,655,497) |
| Cash
at beginning of year (including foreign currency) |
$
3,210,172 |
| Cash
at end of year (including foreign currency) |
$
1,554,675 |
| Supplemental
disclosure of cash flow information: |
|
| Cash
paid for interest and fees on borrowings |
$
962,068 |
| *
|
Includes
net change in unrealized (appreciation) depreciation on foreign currency of $16,148. |
29
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Selected data for a
common share outstanding during the periods stated
| |
Year
Ended June 30, |
| |
2026
|
2025
|
2024
|
2023
|
2022
|
| Net
asset value — Beginning of year (Common shares) |
$
5.97 |
$
6.16 |
$
6.11 |
$
6.06 |
$
6.90 |
| Income
(Loss) From Operations |
|
|
|
|
|
| Net
investment income(1) |
$
0.51 |
$
0.67 |
$
0.79 |
$
0.67 |
$
0.36 |
| Net
realized and unrealized gain (loss) |
(0.34)
|
(0.17)
|
0.09
|
0.04
|
(0.87)
|
Distributions
to preferred shareholders:
From net investment income(1) |
(0.09)
|
(0.12)
|
(0.15)
|
(0.10)
|
(0.01)
|
| Discount
on redemption and repurchase of auction preferred shares(1) |
0.03
|
—
|
—
|
—
|
—
|
| Total
income (loss) from operations |
$
0.11 |
$
0.38 |
$
0.73 |
$
0.61 |
$
(0.52) |
| Less
Distributions to Common Shareholders |
|
|
|
|
|
| From
net investment income |
$
(0.42) |
$
(0.56) |
$
(0.68) |
$
(0.56) |
$
(0.37) |
| Tax
return of capital |
(0.03)
|
(0.02)
|
(0.02)
|
—
|
(0.02)
|
| Total
distributions to common shareholders |
$(0.45)
|
$(0.58)
|
$
(0.70) |
$
(0.56) |
$
(0.39) |
| Premium
from common shares sold through shelf offering (see Note 6)(1) |
$
— |
$
0.01 |
$
0.01 |
$
— |
$
— |
| Discount
on tender offer (see Note 6)(1) |
$
— |
$
— |
$
0.01 |
$
— |
$
0.07 |
| Net
asset value — End of year (Common shares) |
$
5.63 |
$
5.97 |
$
6.16 |
$
6.11 |
$
6.06 |
| Market
value — End of year (Common shares) |
$
4.98 |
$
5.69 |
$
6.34 |
$
5.46 |
$
5.46 |
| Total
Investment Return on Net Asset Value(2) |
2.86%
(3) |
6.76%
|
13.22%
|
11.71%
|
(6.68)%
(4) |
| Total
Investment Return on Market Value(2) |
(4.71)%
|
(1.13)%
|
30.40%
|
10.80%
|
(14.68)%
|
30
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Financial
Highlights — continued
Selected data for a
common share outstanding during the periods stated
| |
Year
Ended June 30, |
| |
2026
|
2025
|
2024
|
2023
|
2022
|
| Ratios/Supplemental
Data |
|
|
|
|
|
| Net
assets applicable to common shares, end of year (000’s omitted) |
$102,245
|
$108,564
|
$107,136
|
$107,079
|
$106,208
|
| Ratios
(as a percentage of average daily net assets applicable to common shares):(5)(6)† |
|
|
|
|
|
| Expenses
excluding interest and fees |
1.83%
|
1.85%
|
2.00%
|
1.99%
|
1.91%
|
| Interest
and fee expense(7) |
0.94%
|
1.04%
|
1.21%
|
1.05%
|
0.47%
|
| Total
expenses |
2.77%
|
2.89%
|
3.21%
|
3.04%
|
2.38%
|
| Net
expenses |
2.76%
(8) |
2.89%
(8) |
3.21%
(8) |
3.04%
(8) |
2.38%
|
| Net
investment income |
8.79%
|
10.99%
|
12.72%
|
11.15%
|
5.31%
|
| Portfolio
Turnover |
39%
|
24%
|
34%
|
27%
|
43%
|
| Senior
Securities: |
|
|
|
|
|
| Total
notes payable outstanding (in 000’s) |
$
34,000 |
$
23,000 |
$
12,000 |
$
20,000 |
$
26,000 |
| Asset
coverage per $1,000 of notes payable(9) |
$
4,213 |
$
7,356 |
$
13,064 |
$
8,235 |
$
6,531 |
| Total
preferred shares outstanding |
280
|
1,504
|
1,504
|
1,504
|
1,504
|
| Asset
coverage per preferred share(10) |
$
87,347 |
$
69,799 |
$
79,014 |
$
71,481 |
$
66,752 |
| Involuntary
liquidation preference per preferred share(11) |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
| Approximate
market value per preferred share(11) |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
|
(1) |
Computed
using average common shares outstanding. |
|
(2) |
Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment
plan. |
|
(3) |
The
total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its auction preferred shares at 98% of the per share liquidation preference. Absent this transaction, the total return based on
net asset value would have been 2.13%. |
|
(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 common shares at 99% of the Trust’s net asset value per common share. Absent this transaction, the total return based
on net asset value would have been (7.90)%. |
|
(5) |
Total
expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Trust. |
|
(6) |
Ratios
do not reflect the effect of dividend payments to preferred shareholders. |
|
(7) |
Interest
and fee expense relates to the notes payable to partially redeem the Trust’s auction preferred shares and/or to fund investments (see Note 8). |
|
(8) |
Includes
a reduction by the investment adviser of a portion of its adviser fee due to the Trust’s investment in the Liquidity Fund and in other affiliated funds (equal to less than 0.01% of average daily net assets for the years ended June 30,
2026, 2025 and 2024 and less than 0.005% of average daily net assets for the year ended June 30, 2023). |
|
(9) |
Calculated
by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands. |
|
(10) |
Calculated
by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred
shares, and multiplying the result by the liquidation value of one preferred share. |
|
(11) |
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, |
| |
2026
|
2025
|
2024
|
2023
|
2022
|
| Expenses
excluding interest and fees |
1.21%
|
1.22%
|
1.30%
|
1.29%
|
1.28%
|
| Interest
and fee expense |
0.62%
|
0.68%
|
0.78%
|
0.68%
|
0.32%
|
| Total
expenses |
1.83%
|
1.90%
|
2.08%
|
1.97%
|
1.60%
|
| Net
expenses |
1.83%
|
1.90%
|
2.08%
|
1.97%
|
1.60%
|
| Net
investment income |
5.82%
|
7.22%
|
8.23%
|
7.23%
|
3.57%
|
31
See Notes to Financial Statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements
1 Significant Accounting Policies
Eaton Vance Senior Income Trust (the Trust) is a Massachusetts
business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s investment objective is to provide a high level of current income,
consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans.
The following is a summary of significant accounting policies
of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting
Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available
or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. 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 relative to yields on other Senior
Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to:
(i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be
liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are
likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. 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 National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available
are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that
consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic
events.
Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such
third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period
reported by the third party pricing service.
Foreign
Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a
proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an
independent pricing service on the primary market or exchange on which they are traded.
Fair Valuation. In connection
with Rule 2a-5 of the 1940 Act, the Trustees have designated the Trust’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the
investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current
sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the
existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from
broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
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 in connection
with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the
ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal and Other Taxes—The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is
necessary.
As of June 30, 2026, 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.
During this reporting period, the Trust adopted FASB Accounting
Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received)
disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.
The adoption of ASU 2023-09 did not result in any changes to the Trust's
financial statement presentation or disclosure.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized
gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Unfunded Loan Commitments—The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is
obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At June 30, 2026, the Trust had sufficient cash and/or securities to cover these
commitments.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
H Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against
certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal
liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the
shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss
or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
I Forward Foreign Currency Exchange Contracts—The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the
contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S.
dollar.
J Segment Reporting—The Trust operates as a single reportable segment, an investment company whose investment objective(s) is
included in Note 1. The Trust’s President acts as the Trust's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Trust's single segment and deciding how to allocate the segment’s
resources. To perform this function, the CODM reviews the information in the Trust’s financial statements.
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
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.
The number of APS issued and outstanding as of June 30, 2026
are as follows:
| |
APS
Issued and
Outstanding |
| Series
A |
112
|
| Series
B |
168
|
The APS are redeemable at the option
of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated
and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of
the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have
the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as
defined in the Trust's By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
As announced on April 17, 2026, the Trust's Board of Trustees
authorized a voluntary tender offer (“Tender Offer”) for up to 100% of its outstanding APS at a price per share equal to 98% of the APS liquidation preference of $25,000 per share (or $24,500 per share), plus any unpaid APS dividends.
The tender offer expired on May 29, 2026. The number of APS accepted for repurchase pursuant to the tender offer was 640 and 584 for Series A and Series B, respectively, and their liquidation preference was 15,680,000 and 14,308,000 respectively.
There were no transactions in APS during the year ended June 30, 2025.
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, 2026, 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, 2026 |
Dividends
Accrued to
APS
Shareholders |
Average
APS
Dividend
Rates |
Dividend
Rate
Ranges
(%) |
| Series
A |
4.58%
|
$859,441
|
4.91%
|
4.53-5.46
|
| Series
B |
4.58
|
864,260
|
4.88
|
4.52-5.46
|
Beginning February 13, 2008 and
consistent with the patterns in the broader market for auction-rate securities, the Trust's APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset
to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of June 30, 2026.
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.
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
The
tax character of distributions declared for the years ended June 30, 2026 and June 30, 2025 was as follows:
| |
Year
Ended June 30, |
| |
2026
|
2025
|
| Ordinary
income |
$9,413,203
|
$12,168,165
|
| Tax
return of capital |
$
523,469 |
$
568,405 |
As of June 30, 2026, the components of distributable earnings
(accumulated loss) on a tax basis were as follows:
| Deferred
capital losses |
$
(36,386,882) |
| Net
unrealized depreciation |
(4,661,706)
|
| Accumulated
loss |
$(41,048,588)
|
At June 30, 2026, the Trust, for
federal income tax purposes, had deferred capital losses of $36,386,882 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
Trust’s 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, 2026, $2,756,814 are short-term and $33,630,068 are long-term.
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts, of the Trust at June 30, 2026, as determined on a federal income tax basis, were as follows:
| Aggregate
cost |
$148,348,528
|
| Gross
unrealized appreciation |
$
1,370,378 |
| Gross
unrealized depreciation |
(6,011,984)
|
| Net
unrealized depreciation |
$
(4,641,606) |
4 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Trust. The investment adviser fee is computed at an annual rate of 0.55% (0.69% prior to May 1,
2026) of the Trust’s average weekly gross assets and is payable monthly. 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. For the year ended June 30, 2026, the Trust’s investment adviser fee amounted to $1,066,263.
The Trust may invest in a money market fund, the Institutional
Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan
Stanley, and in other affiliated funds. The investment adviser fee paid by the Trust is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Trust due to its investment in the Liquidity Fund and
in other affiliated funds. For the year ended June 30, 2026, the investment adviser fee paid was reduced by $7,539 relating to the Trust’s investment in the Liquidity Fund and in other affiliated funds. The administration fee is earned by
EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.25% of the Trust’s average weekly gross assets. For the year ended June 30, 2026, the administration fee amounted to $399,020.
Trustees and officers of the Trust who are members of
EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Trust are officers of EVM.
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
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 $60,637,303 and $79,396,974, respectively, for the year ended June 30, 2026.
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 year ended June 30, 2026. Common shares issued by the Trust pursuant to its dividend reinvestment plan were 22,018 for the year ended June 30, 2025.
On May 12, 2021, the Trust announced that it will conduct cash
tender offers in the fourth calendar quarter of each of 2022, 2023 and 2024 (each, a “Conditional Tender Offer”) for up to 10% of the Trust’s then-outstanding common shares if, from January to August of the relevant year, the
Trust’s shares trade at an average daily discount to net asset value (“NAV”) of more than 10%, based upon the Trust’s 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 Trust’s NAV as of the close of regular trading on the New York Stock Exchange on the date such Conditional Tender Offer
expires. The condition to trigger a tender offer by the Trust in the fourth calendar quarter of 2024 was not met.
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 pursuant to the share repurchase program for the years ended June 30, 2026 and June 30, 2025.
In August 2022, the Trust filed an automatically effective
shelf registration statement (the “2022 Registration Statement”) and a prospectus supplement, pursuant to the 2022 Registration Statement, relating to the offer and sale of up to an additional 4,551,438 common shares of the Trust under
the Trust’s then current equity shelf offering program. As of August 2025, the offering of unsold shares pursuant to the 2022 Registration Statement has been terminated.
During the year ended June 30, 2026, there were no shares sold
by the Trust pursuant to its then current shelf offering. During the year ended June 30, 2025, the Trust sold 752,798 common shares and received proceeds (net of offering costs) of $4,721,030 through its then current shelf offering. The net proceeds
in excess of the net asset value of the shares sold were $97,698 for the year ended June 30, 2025. Offering costs (other than the applicable sales commissions) incurred in connection with the then current shelf offering were borne directly by EVM.
Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Trust’s shares and was entitled to receive a sales commission from the Trust of 1.00% of the gross sales price per share, a portion of which was re-allowed to
sales agents. The Trust was informed that the sales commissions retained by EVD during the year ended June 30, 2025 were $9,538.
7 Financial Instruments
The Trust may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial
statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2026 is included in the Portfolio of
Investments. At June 30, 2026, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The Trust is subject to foreign exchange risk in the normal
course of pursuing its investment objective. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates.
To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.
The Trust enters into forward foreign currency exchange
contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trust’s net assets below a certain level over a certain period of time, which
would trigger a payment by the Trust for those derivatives in a liability position. At June 30, 2026, the fair value of derivatives with credit-related contingent features in a net liability position was $4,702. At June 30, 2026, there were no
assets pledged as collateral by the Trust for such liability.
The over-the-counter (OTC) derivatives in which the Trust
invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Trust has entered into an International Swaps and Derivatives Association, Inc. Master Agreement
(“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Trust and a counterparty that governs certain OTC derivatives and
typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Trust may, under certain circumstances, offset
with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
create one single net
payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may
impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trust’s
net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.
The collateral requirements for derivatives traded under an
ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an
ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty.
Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trust’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing
cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Trust, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Trust
as collateral, if any, are identified as such in the Portfolio of Investments.
The 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, 2026 was as follows:
| |
Fair
Value |
| Derivative
|
Asset
Derivative(1) |
Liability
Derivative(2) |
| Forward
foreign currency exchange contracts |
$
139,777 |
$
(4,702) |
| Total
Derivatives subject to master netting or similar agreements |
$139,777
|
$(4,702)
|
|
(1) |
Statement
of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. |
|
(2) |
Statement
of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
The Trust's derivative assets and liabilities at fair value by
type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Trust's derivative assets and liabilities by counterparty, net of amounts available for offset under a
master netting agreement and net of the related collateral received by the Trust for such assets and pledged by the Trust for such liabilities as of June 30, 2026.
| 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) |
| Deutsche
Bank AG |
$
50,253 |
$
— |
$
— |
$
— |
$
50,253 |
| Standard
Chartered Bank |
89,524
|
—
|
—
|
—
|
89,524
|
| |
$139,777
|
$
— |
$
— |
$
— |
$139,777
|
| 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) |
| State
Street Bank and Trust Company |
$(4,702)
|
$ —
|
$ —
|
$ —
|
$(4,702)
|
|
(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. |
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
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, 2026 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 |
$33,028
|
$437,707
|
|
(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, 2026, which is indicative of the volume of this derivative type, was approximately
$13,471,000.
8 Revolving Credit and Security
Agreement
The Trust has entered into a Credit Agreement,
as amended, (the Agreement) with a bank to borrow up to a limit of $45 million ($35 million prior to April 30, 2026). Pursuant to an amendment to the Agreement dated April 30, 2026, the Agreement is structured as an evergreen credit agreement that
automatically renews on an annual basis. The Trust may terminate the Agreement at any time with three business days’ written notice. The Agreement may be terminated by the lender with 180 days’ written notice (or sooner if mutually
agreed upon) provided that no termination event occur before April 29, 2027. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the Secured Overnight Financing Rate (SOFR) or the Federal
Funds rate and is payable monthly. Under the terms of the Agreement, the Trust pays a facility fee of 0.15% per annum on the borrowing limit and an annual upfront fee. In April 2026, the Trust paid an upfront fee of $22,500, which is being
amortized to interest expense through April 29, 2027. The unamortized balance at June 30, 2026 is approximately $20,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. The Trust is required to
maintain certain net asset levels during the term of the Agreement. At June 30, 2026, the Trust had borrowings outstanding under the Agreement of $34,000,000 at an annual interest rate of 4.65%. 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, 2026 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 10) at June 30, 2026. For the year ended June 30, 2026, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $18,909,589 and 4.88%, respectively.
9 Affiliated Investments
At June 30, 2026, the value of the Trust's investment in
affiliated funds and funds that may be deemed to be affiliated was $5,783,889, which represents 5.7% of the Trust's net assets applicable to common shares. Transactions in such investments by the Trust for the year ended June 30, 2026 were as
follows:
| Name
|
Value,
beginning
of period |
Purchases
|
Sales
proceeds |
Net
realized
gain (loss) |
Change
in
unrealized
appreciation
(depreciation) |
Value,
end
of period |
Dividend
income |
Shares,
end of period |
| Exchange-Traded
Funds |
|
|
|
|
|
|
|
|
| Eaton
Vance Floating-Rate ETF |
$
— |
$ 1,584,936
|
$
— |
$
— |
$
(23,072) |
$
1,561,864 |
$
34,373 |
32,200
|
| Short-Term
Investments |
|
|
|
|
|
|
|
|
| Liquidity
Fund |
1,704,749
|
64,736,261
|
(62,218,985)
|
—
|
—
|
4,222,025
|
131,999
|
4,222,025
|
| Total
|
|
|
|
$ —
|
$(23,072)
|
$5,783,889
|
$166,372
|
|
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
10 Fair Value Measurements
Under generally accepted accounting principles for fair value
measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| •
|
Level 1 – quoted prices
in active markets for identical investments |
| •
|
Level 2 – other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| •
|
Level 3
– significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities.
At June 30, 2026, the hierarchy of inputs used in valuing the
Trust’s investments and open derivative instruments, which are carried at fair value, were as follows:
| Asset
Description |
Level
1 |
Level
2 |
Level
3* |
Total
|
| Asset-Backed
Securities |
$
— |
$
10,536,344 |
$
— |
$
10,536,344 |
| Common
Stocks |
6,506
|
1,656,732
|
0
|
1,663,238
|
| Corporate
Bonds |
—
|
5,601,219
|
—
|
5,601,219
|
| Exchange-Traded
Funds |
1,561,864
|
—
|
—
|
1,561,864
|
| Preferred
Stocks |
—
|
56,009
|
164,177
|
220,186
|
| Senior
Floating-Rate Loans (Less Unfunded Loan Commitments) |
—
|
119,709,672
|
192,374
|
119,902,046
|
| Warrants
|
—
|
—
|
0
|
0
|
| Miscellaneous
|
—
|
—
|
0
|
0
|
| Short-Term
Investments |
4,222,025
|
—
|
—
|
4,222,025
|
| Total
Investments |
$
5,790,395 |
$
137,559,976 |
$
356,551 |
$
143,706,922 |
| Forward
Foreign Currency Exchange Contracts |
$
— |
$
139,777 |
$
— |
$
139,777 |
| Total
|
$
5,790,395 |
$
137,699,753 |
$
356,551 |
$
143,846,699 |
| Liability
Description |
|
|
|
|
| Forward
Foreign Currency Exchange Contracts |
$
— |
$
(4,702) |
$
— |
$
(4,702) |
| Total
|
$ —
|
$
(4,702) |
$ —
|
$
(4,702) |
| *
|
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, 2026 is not presented.
11 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, and by acts of terrorism and war. 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.
Eaton Vance
Senior Income Trust
June 30, 2026
Notes to Financial
Statements — continued
Credit
Risk
The Trust invests primarily in below investment
grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal
and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt
obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or
become illiquid, which would adversely affect the loan’s value.
12 Commitments and Contingencies
In connection with the Serta Chapter 11 bankruptcy proceeding,
on December 31, 2024, the U.S. Fifth Circuit Court of Appeals reversed a bankruptcy court’s ruling that held permissible an “uptier” agreement (the “2020 Agreement”) entered into by Serta with certain participating
lenders, including the Trust. The 2020 Agreement had the effect of subordinating the existing debt of certain non-participating lenders to that of the participating lenders. The non-participating lenders brought claims for breach of contract,
arguing that the participating lenders had breached an earlier agreement by entering into the 2020 Agreement. The appellate court found that the bankruptcy court had erred in determining that the 2020 Agreement was permitted by the terms of the
earlier agreement and remanded the breach of contract claims for further consideration by the bankruptcy court. The appellate court further held that indemnification of the participating lenders in the 2020 Agreement was impermissible under the U.S.
Bankruptcy Code.
A request by the Trust and the other
participating lenders for a rehearing of this matter before the Fifth Circuit en banc was denied. A bench trial took place on the breach of contract claim in March 2026. Subsequent to June 30, 2026, Eaton Vance Management reached an agreement to
settle the proceedings with the non-participating lenders. On July 6, 2026, the parties filed a stipulated order of settlement and dismissal with the court. The Trust’s allocated share of the settlement is approximately $391,000. The
attorneys’ fees and costs related to these actions are expensed by the Trust as incurred.
13 Subsequent Event
On August 14, 2026, the Trust announced that it will redeem, at
liquidation preference plus any accumulated but unpaid dividends, all remaining APS, pursuant to the terms of the Trust’s By-Laws classifying and designating the APS. The redemption of each series of APS is expected to take place on September
15, 2026.
Eaton Vance
Senior Income Trust
June 30, 2026
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, 2026, 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 (collectively referred to as the "financial statements and
financial highlights"). 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, 2026, and the results of its operations and its cash flows for the
year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the
United States of America.
Basis for
Opinion
These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due
to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial
reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of June 30, 2026, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and 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 21, 2026
We have served as the auditor of one or
more Eaton Vance investment companies since 1959.
Eaton Vance
Senior Income Trust
June 30, 2026
Federal Tax
Information (Unaudited)
The
Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. 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 163(j) interest dividends.
163(j) Interest Dividends. For
the fiscal year ended June 30, 2026, the Trust designates 6.87% of distributions from net investment income as a 163(j) interest dividend.
Eaton Vance
Senior Income Trust
June 30, 2026
Dividend Reinvestment
Plan
The Trust offers a dividend reinvestment plan (Plan) pursuant
to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the
market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on
the open market by Equiniti Trust Company, LLC, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trust's transfer agent re-register your Shares in your name or you will not be able
to participate.
The Agent’s service fee for
handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all
of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held
in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
Eaton Vance
Senior Income Trust
June 30, 2026
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
Equiniti Trust Company, LLC (“EQ”)
P.O. Box 10027
Newark, NJ 07101
Eaton Vance
Senior Income Trust
June 30, 2026
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 11, 2026, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is
a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information
specifically requested by the Board) for a series of meetings held between April and June 2026, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review
Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the
investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds,
which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a “fund”). (For funds that invest through one or more underlying
portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or
substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;
• Profitability analyses on a
fund-by-fund basis for the adviser and its affiliates and the cost allocation methodology used to determine such analyses;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each fund’s valuation designee and actions taken to monitor and test the
effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio
turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-Adviser
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,
references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and
Research are referred to collectively as the “adviser.”
Eaton Vance
Senior Income Trust
June 30, 2026
Board of
Trustees’ Contract Approval — continued
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;
• Information regarding the
adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;
• The personal trading codes of
ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;
• A description of the
adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the
nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule),
and Rule 2a-5 (the Fair Valuation Rule);
• For each Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;
• The risks that the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such
risks, if any); and
• The
terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees
over the course of the year leading up to the June 11, 2026 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and
performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection
with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in
reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive
sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
Each of the Contract Review Committee and the Board was advised
throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their
own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each
investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying
emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other
terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Eaton Vance
Senior Income Trust
June 30, 2026
Board of
Trustees’ Contract Approval — continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Senior Income Trust (the
“Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the
Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management
capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund, including recent changes to such personnel. In
particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. Specifically, the Board noted the experience of
the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management
and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the
Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and
operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep
experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’
experience with implementing leverage arrangements, monitoring and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.
The Board considered the compliance programs of the Adviser and
relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio
valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the
Financial Industry Regulatory Authority.
The Board
considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of
a large fund complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to
that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with
respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2025. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer
group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was
satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund
for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31,
2025, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to
comparable funds. Additionally, the Board took into account the financial resources committed by the Adviser in structuring the Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years
of the Fund’s life. The Board also considered that, following discussions with the Contract Review Committee, the Adviser had implemented a series of permanent reductions in management fees beginning in May 2010, which included a further fee
reduction effective May 1, 2026.
After considering
the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Eaton Vance
Senior Income Trust
June 30, 2026
Board of
Trustees’ Contract Approval — continued
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the
Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other
payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.
The Board also considered direct and indirect fall-out benefits
received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the other Eaton Vance Funds, including, among other things, fees for trading, distribution and/or shareholder servicing and for
transaction processing and reporting platforms used by securities lending agent(s), and research received by the Adviser generated from commission dollars spent on funds’ portfolio trading.
Economies of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for
recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser.
The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board did not find that the implementation of
breakpoints in the advisory fee schedule is warranted at this time.
Eaton Vance
Senior Income Trust
June 30, 2026
Management and
Organization
Fund
Management. The Board of Trustees of the Fund (the “Board”) is responsible for the overall management and supervision of the affairs of the Fund. The Board members and officers of the Fund 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. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her
successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on
the earlier of: (i) the first day of July following his or her 76th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the
Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the Securities and Exchange Commission, then such retirement and resignation will not become effective until such time as action has been taken for
the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Board
member and officer is One Post Office Square, Boston, Massachusetts 02109. As used below, “BMR” refers to Boston Management and Research, “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management,
“MSIM” refers to Morgan Stanley Investment Management Inc. and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. 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 123 funds in the Eaton Vance fund complex
(including both funds and portfolios in a hub and spoke structure).
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees
|
Alan
C. Bowser
1962 |
Class
III
Trustee |
Until
2028.
3 years.
Since 2023. |
Private investor.
Formerly, Co-Head of the Americas Region, Chief Diversity Officer, Partner and a Member of the Operating Committee, at Bridgewater Associates, an asset management firm (2011-2023). Formerly, Managing Director and Head of Investment Services at UBS
Wealth Management Americas (2007-2010). Formerly, Managing Director and Head of Client Solutions, Citibank Private Bank (1999-2007).
Other Directorships. Independent Director of Stout Risius Ross (a middle
market professional services advisory firm) (since 2021). |
Cynthia
E. Frost
1961 |
Class
I
Trustee |
Until
2026.
3 years.
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. None. |
George
J. Gorman
1952 |
Class
III
Trustee |
Until
2028.
3 years. 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. None. |
Valerie
A. Mosley(1)
1960 |
Class
I
Trustee |
Until
2026.
3 years.
Since 2014. |
Private investor.
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. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020), Groupon, Inc.
(e-commerce provider) (2020-2022), and Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (2018-2024). |
Keith
Quinton
1958 |
Class
II
Trustee |
Until
2027.
3 years.
Since 2018. |
Private
investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)
(2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Eaton Vance
Senior Income Trust
June 30, 2026
Management and
Organization — continued
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees
(continued) |
Marcus
L. Smith
1966 |
Class
III
Trustee |
Until
2028.
3 years.
Since 2018. |
Private investor
and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management
(investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support
tools) (since 2017). |
Nancy
Wiser Stefani(1)
1967 |
Class
II
Trustee |
Until
2027.
3 years.
Since 2022. |
Private investor.
Formerly, Executive Vice President, Global Head of Operations, Wells Fargo Asset Management (2011-2021) and Treasurer of Wells Fargo open-end and closed-end funds (2012-2021); Chief Operating Officer and Chief Compliance Officer at LightBox Capital
Management (2008-2011) and GMN Capital Management (2006-2007).
Other Directorships. None. |
Susan
J. Sutherland
1957 |
Class
I
Trustee |
Until
2026.
3 years.
Since 2015. |
Private investor.
Formerly, Director of Ascot Group Limited (2017-2025) and Ascot Underwriting Limited (2023-2025), a UK based subsidiary of Ascot Group Limited (insurance and reinsurance). Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re
Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Formerly,
Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott
E. Wennerholm
1959 |
Chairperson
of the Board
and Class II
Trustee |
Until
2027.
3 years.
Chairperson of
the Board since
2025 and
Trustee since
2016. |
Private
investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon
Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments
Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s)
During Past Five Years |
| Principal
Officers who are not Trustees |
Kenneth
A. Topping
1966 |
President
|
Since
2023 |
Vice
President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman
Sachs Asset Management ‘Classic’ (2009-2020). |
Deidre
E. Walsh
1971 |
Vice
President and
Chief
Legal Officer |
Since
2009 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
James
F. Kirchner
1967 |
Treasurer
|
Since
2007 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
Nicholas
S. Di Lorenzo
1987 |
Secretary
|
Since
2022 |
Formerly,
associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura
T. Donovan
1976 |
Chief
Compliance
Officer |
Since
2024 |
Vice
President of EVM and BMR. |
(1) Preferred shares Trustee.
| U.S.
Customer Privacy Notice |
March 2026
|
| FACTS
|
WHAT
DOES MORGAN STANLEY INVESTMENT MANAGEMENT, INC. (“MSIM”) 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 information 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 MSIM chooses to
share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does
MSIM
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
don’t share |
| For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No*
|
| For
our affiliates’ everyday business purposes — information about your creditworthiness |
Yes
|
Yes*
|
| For
our affiliates to market to you |
Yes
|
Yes*
|
| For
non-affiliates to market to you |
No
|
We
don’t share |
To
limit our
sharing |
To
limit sharing, call toll-free: (844) 312-6327 or email: msimprivacy@morganstanley.com. Please include your name, address, and first three digits (and only the first three digits) of your
account number in the email. If we serve you through an investment professional, please contact them directly. Specific Internet addresses, mailing addresses, and telephone numbers are listed on your statements and other
correspondence.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.*MSIM
does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does MSIM enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent MSIM from sharing
your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you. |
| Questions?
|
Call
toll-free: (844) 312-6327 or email: msimprivacy@morganstanley.com |
| U.S.
Customer Privacy Notice — continued |
March 2026
|
| Who
we are |
| Who
is providing this notice? |
Morgan
Stanley Investment Management Inc. and its investment management affiliates (“MSIM”) (See Affiliates definition below.) |
| What
we Do |
How
does MSIM
protect my personal
information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does MSIM
collect my personal
information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information
to market to you
■ sharing for non-affiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
|
What
happens when I limit
sharing for an account I hold
jointly with someone else? |
Your
choices will apply to everyone on your account. |
| Definitions
|
| Affiliates
|
Companies
related by common ownership or control. They can be financial and non-financial companies.■ Our affiliates include registered investment advisers such as Eaton Vance
Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Atlanta Capital Management Company, LLC, Parametric Portfolio Associates LLC, Morgan Stanley Investment Management Co., Morgan
Stanley Investment Management Ltd; registered broker-dealers such as Morgan Stanley Distribution, Inc. and Eaton Vance Distributors, Inc. (collectively, the “Investment Management Affiliates”); and registered and unregistered funds
sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| Non-affiliates
|
Companies
not related by common ownership or control. They can be financial and non-financial companies.■ MSIM does not share with non-affiliates so they can market to
you. |
| Joint
marketing |
A
formal agreement between non-affiliated financial companies that together market financial products or services to you.■ MSIM does not jointly market.
|
| U.S.
Customer Privacy Notice — continued |
March 2026
|
| Other
important information |
| Vermont:
Except as permitted by law, we will not share personal information we collect about Vermont residents with non-affiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with non-affiliates and we will limit
sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Eaton Vance
Senior Income Trust
June 30, 2026
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, including financial advisory services, investment management activities, lending, commercial
banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its
business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of a Fund or
Portfolio, if applicable, (collectively for the purposes of this section, “Fund” or “Funds”). 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 businesses sponsored, managed, or advised by the investment adviser or one of its investment adviser affiliates, the “Affiliated Investment
Accounts”) with a wide variety of investment objectives that in some instances may overlap or conflict with a Fund’s investment objectives and present conflicts of interest. In addition, Morgan Stanley, the investment adviser and/or the
investment adviser’s investment adviser affiliates may also from time to time create new or successor Affiliated Investment Accounts that may compete with a Fund and present similar conflicts of interest. The discussion below enumerates
certain actual, apparent and potential 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. The conflicts herein do not purport to be a complete list or
explanation of the conflicts associated with the financial or other interests the investment adviser or its affiliates may have now or in the future. Conflicts of interest not described below may also exist. References to the investment adviser in
this section include a Fund’s affiliated sub-adviser (if any) unless otherwise noted.
The discussions below with respect to actual, apparent and
potential conflicts of interest may be applicable to or arise from the Affiliated Investment Accounts managed by the investment adviser’s investment adviser affiliates whether or not specifically identified.
Material Non-Public and Other Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the
investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or disposition opportunity including for an extended period
of time. The investment adviser may also from time to time be subject to contractual “stand-still” obligations and/or confidentiality obligations that may restrict its ability to transact in certain investments on the Fund’s
behalf. In addition, the investment adviser may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided
access to material non-public information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of the Fund, and the investment team may initiate a transaction or sell an investment that, if such
information had been known to it, may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their
ability to perform functions of their employment with the investment adviser or its affiliates unrelated to that of the Fund. Furthermore, access to information held by certain parts of Morgan Stanley may be subject to third party confidentiality
obligations and to information barriers established by Morgan Stanley designed to manage potential conflicts of interest and regulatory restrictions, including, without limitation, joint transaction restrictions pursuant to the 1940 Act.
Accordingly, the investment adviser’s ability to source investments from, or invest alongside, other business units within Morgan Stanley may be limited and there can be no assurance that the investment adviser will be able to source any
investments from any one or more parts of the Morgan Stanley network.
The investment adviser may restrict its investment decisions
and activities on behalf of the Fund in various circumstances, including because of applicable regulatory requirements or information held by the investment adviser, the investment adviser’s investment adviser affiliates or Morgan Stanley. The
investment adviser might not engage in transactions or other activities for, or enforce certain rights in favor of, the Fund due to Morgan Stanley’s activities outside the Fund. Furthermore, Morgan Stanley could have an interest that is
different from, and potentially adverse to, that of the Fund, which may impede the Fund from participating in certain opportunities. In instances where trading of an investment is restricted, the investment adviser may not be able to purchase or
sell such investment on behalf of the Fund including for an extended period of time, resulting in the Fund’s inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect
on the Fund’s portfolio due to, among other things, changes in an investment’s value during the period its trading is restricted.
Morgan Stanley has established certain information barriers and
other policies designed to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, the investment adviser, in certain instances, will not have access, or will have limited access,
to certain information and personnel in other areas of Morgan Stanley and, in such instances, will not manage the Fund with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets
and securities based on its various businesses, may make decisions based on information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by the Fund in a manner that may be
adverse to the Fund, and will not have any obligation or other duty to share information with the investment adviser.
In other instances, Morgan Stanley personnel, including
personnel of the investment adviser, will have access to information and personnel of its affiliates. For example, the investment adviser may, in certain instances, share information with its affiliates regarding due diligence of companies and other
investment-related due diligence. The investment adviser may face conflicts of interest in determining whether to engage in the sharing of information with its affiliates. Information sharing may limit or restrict the ability of the investment
adviser to engage in or otherwise effect transactions on behalf of the Fund (including purchasing or selling securities that the investment adviser may otherwise have purchased or sold for the Fund in the absence of the sharing of
information). Also, it may adversely affect the Fund's investments, ability to invest in, or divest from, a company or engage in transactions or otherwise disadvantage the Fund. In managing conflicts of interest that arise because of the
foregoing, the investment adviser generally will be subject to fiduciary requirements. The investment adviser may also implement internal information barriers or ethical walls or other internal information sharing protocols, and the conflicts
described herein with respect to information barriers and otherwise with respect to Morgan Stanley and the investment adviser will also apply
Eaton Vance
Senior Income Trust
June 30, 2026
Potential Conflicts of
Interest — continued
internally within the
investment adviser. As a result, the Fund may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been desirable and able to do so, which could adversely affect the Fund.
Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio management teams in
the investment adviser, the investment adviser limits an activity or transaction for the Fund, including if the Fund is managed by a portfolio management team other than the team holding such information.
Morgan Stanley and its personnel will not be under any
obligation or other duty to share certain information with the investment adviser or personnel involved in decision-making for Affiliated Investment Accounts (including the Fund), as applicable, and the investment adviser may make investment
decisions for the Fund that differ from those the investment adviser would have made if Morgan Stanley, or other parts, of the investment adviser had provided such information, and the Fund be disadvantaged as a result thereof. Additionally,
different portfolio management teams within the investment adviser may make decisions based on information or take (or refrain from taking) actions with respect to Affiliated Investment Accounts they advise in a manner different than or adverse to
the Fund.
Investments by Morgan Stanley and its Affiliated
Investment Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors
in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of the Fund or its shareholders. An investment team may have obligations to Affiliated Investment Accounts managed by both the investment adviser and one or
more of the investment adviser’s investment adviser affiliates. The Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may
face conflicts in the allocation of investment opportunities among the Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser or its investment adviser affiliates. Certain Affiliated
Investment Accounts 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.
Morgan Stanley currently
invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent consistent
with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to the Fund. Subject to the foregoing, Morgan Stanley may offer investments that fall into the
investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within the Fund’s investment objectives. The Fund may invest in opportunities
that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to the Fund and may create conflicts of interest in allocating
investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the Fund’s advantage. There can be no assurance that the Fund will have an opportunity to participate
in certain opportunities that fall within their investment objectives. The interests of Morgan Stanley in an investment or a company may present certain conflicts of interest with respect to an investment by the Fund in the same investment or the
Fund's participation in a transaction with such company.
To the extent the investment adviser utilizes quantitative
models or risk management or optimization investment techniques, the decision on when to initiate a purchase or sale transaction may differ, and be done for different reasons, than the investment adviser or its affiliates take on Affiliated
Investment Accounts on the same securities when not utilizing such techniques. This could create conflicts of interest, and it is possible that one or more accounts managed by the investment adviser will achieve investment results that are
substantially more or less favorable than those results achieved by the Fund.
To seek to reduce potential conflicts of interest and to
attempt to allocate such investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser,
including the Fund, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser. Each client of the
investment adviser that is subject to the allocation policies and procedures, including the Fund, is assigned an investment team and portfolio manager(s) by the investment adviser. The investment team and portfolio managers review investment
opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors
should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of the Fund.
It is possible that Morgan Stanley or an Affiliated Investment
Account, including another Eaton Vance Fund, will invest in or advise (in the case of Morgan Stanley) a company that is or becomes a competitor of a company of which the Fund holds an investment. Such investment could create a conflict between the
Fund, on the one hand, and Morgan Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain
Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with the Fund.
In addition, certain investment professionals who are involved
in the Fund’s activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by the investment adviser and its affiliates, and they will devote time to the management of such investments and other
newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In
Eaton Vance
Senior Income Trust
June 30, 2026
Potential Conflicts of
Interest — continued
addition, in
connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with the Fund’s portfolio
investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley and its affiliates may pursue investment opportunities that may also be suitable for the Fund.
It should be noted that Morgan Stanley may, directly or
indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley’s investment in the Fund may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein
restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of
Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law.
Different clients of the investment adviser and its affiliates,
including the Fund, may invest in (1) different classes of securities of the same issuer (including, without limitation, different parts of an issuer's capital structure), depending on the respective clients’ investment objectives and policies
and/or (2) the same class of securities of the same issuer while seeking different investment objectives or executing different investment strategies (such as long-term v. short-term investment horizons), and the investment adviser may face
conflicts with respect to the interests involved. As a result, the investment adviser and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one / the same class of securities of a particular issuer by
pursuing or enforcing rights on behalf of those clients with respect to such (class of) securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one
client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, the investment adviser and its affiliates may seek a liquidation of the issuer on
behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by the investment adviser or its affiliates on behalf
of one client can negatively impact securities held by another client. Alternatively, for example, if a client owns a security while seeking short-term capital appreciation that investment adviser may vote proxies or engage with the issuer (as
applicable) in pursuit of that goal – which could negatively impact clients who hold the same security but are seeking long-term capital appreciation. These conflicts also exist as between the investment adviser’s clients, including the
Fund, and the Affiliated Investment Accounts managed by the investment adviser’s investment adviser affiliates.
In addition, in certain circumstances, the investment adviser
restricts, limits or reduces the amount of the Fund’s investment, or restricts the type of governance or voting rights it acquires or exercises, where the Fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or
possesses certain degrees of voting or control or has other interests.
The investment adviser and its affiliates may give advice and
recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, the Fund even though such other clients’ investment objectives may be similar to those of the Fund and the investment adviser
may make decisions for the Fund that may be more beneficial to one type of shareholder than another.
The investment adviser and its affiliates manage long and short
portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the
same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving
opposing orders in the same security simultaneously. The investment adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, the investment adviser invests on
behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including the Fund. At times, the investment adviser may give advice or take action for its own
accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client.
From time to time, conflicts also arise due to the fact that
certain securities or instruments may be held in some client accounts, including the Fund, but not in others, or that client accounts may have different amounts of holdings in certain securities or instruments. In addition, due to differences in the
investment strategies or restrictions among client accounts, the investment adviser may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate the
investment adviser based on the performance of the securities held by that account or pay a higher overall fee rate. The existence of such a performance based fee or higher fee rates may create additional conflicts of interest for the investment
adviser in the allocation of management time, resources and investment opportunities. The investment adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that
govern the investment adviser’s trading practices, including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
In addition, at times an investment team will give advice or
take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar strategies will not always
hold the same securities or instruments or achieve the same performance. The investment adviser’s investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist as between the investment
adviser’s clients, including the Fund, and the Affiliated Investment Accounts managed by the investment adviser’s investment adviser affiliates.
Eaton Vance
Senior Income Trust
June 30, 2026
Potential Conflicts of
Interest — continued
From
time to time, the investment adviser or its affiliates may provide opportunities to Affiliated Investment Accounts (including potentially the Fund) or other clients to make investments in companies (such as in equity, debt or other securities issued
by companies) or to engage in transactions involving companies (such as refinancing, restructuring or other transactions) in which certain Affiliated Investment Accounts (including potentially the Fund) or other clients have already invested. These
investments can create conflicts of interest, including those associated with the assets of the Fund potentially providing value to, or otherwise supporting the investments of, other Affiliated Investment Accounts or other clients and potentially
diluting or otherwise adversely affecting the Fund previously invested in the company.
Morgan Stanley and its affiliates maintain separate trading
desks that operate independently of each other and do not share information with the investment adviser. The Morgan Stanley and affiliate trading desks may compete against the investment adviser trading desks when implementing buy and sell
transactions, possibly causing certain Affiliated Investment Accounts to pay more or receive less for a security than other Affiliated Investment Accounts.
Investments by Separate Investment Departments. For the investment adviser and certain of its investment adviser affiliates, the entities and individuals that provide investment-related services can differ by client, investment function, or business line (each, an
“Investment Department” and collectively, the “Investment Departments”). Nonetheless, Investment Departments (with certain exceptions) can engage in discussions and share information and resources with another Investment
Department (or a team within the other Investment Department) regarding investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each
Investment Department. However, an investment team’s decisions as to the use of shared research and participation in discussions with another Investment Department could adversely impact a client. Certain investment teams within one Investment
Department could make investment decisions and execute trades together with investment teams within other Investment Departments. Other investment teams make investment decisions and execute trades independently. This could cause the quality and
price of execution, and the performance of investments and accounts, to vary. Internal policies and procedures set forth the guidelines under which securities and securities trades can be crossed, aggregated, and coordinated between accounts
serviced by different Investment Departments. Internal policies and procedures take into consideration a variety of factors, including the primary market in which such security trades. If a security or securities trade is ineligible for crossing,
aggregation, or other coordinated trading, then each Investment Department will execute such trades independently of the other.
Payments to Broker-Dealers and Other Financial Intermediaries. The investment adviser, Eaton Vance Distributors, Inc. (the “Distributor”) and/or their affiliates may pay compensation, out of their own funds and not as an expense of the Fund, to certain Financial
Intermediaries (which may include affiliates of the investment adviser and the Distributor), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of
shares of the Fund and/or shareholder servicing. For example, the investment adviser or the Distributor may pay additional compensation to a Financial Intermediary for, among other things, promoting the sale and distribution of Fund shares,
providing access to various programs, mutual fund platforms or preferred or recommended mutual fund lists that may be offered by a Financial Intermediary, granting the Distributor access to a Financial Intermediary’s financial advisors and
consultants, providing assistance in the ongoing education and training of a Financial Intermediary’s financial personnel, furnishing marketing support, maintaining share balances and/or for sub-accounting, recordkeeping, administrative,
shareholder or transaction processing services. Such payments are in addition to any distribution fees, shareholder servicing fees and/or transfer agency fees that may be payable by the Fund. The additional payments may be based on various factors,
including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the Fund and/or some or all other Morgan Stanley Funds), amount of assets invested by the Financial
Intermediary’s customers (which could include current or aged assets of the Fund and/or some or all other Morgan Stanley Funds), the Fund’s advisory fee, some other agreed upon amount or other measures as determined from time to time by
the investment adviser and/or the Distributor. The amount of these payments may be different for different Financial Intermediaries. In certain cases, payments to broker-dealers and other Financial Intermediaries may be shared by and among the
investment adviser, the Distributor and their affiliates.
The prospect of receiving, or the receipt of, additional
compensation, as described above, by Financial Intermediaries may provide such Financial Intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Fund over other investment options with
respect to which these Financial Intermediaries do not receive additional compensation (or receives lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Fund
or the amount that the Fund receives to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any
disclosures provided by Financial Intermediaries as to their compensation.
The additional compensation received by a given Financial
Intermediary from the investment adviser and/or the Distributor may vary from the additional compensation received by the Financial Intermediary in respect of an Affiliated Investment Account managed by an affiliate of the investment adviser or
principally underwritten by an affiliate of the Distributor. In such circumstances, differences in the prospect of receiving, or the receipt of, additional compensation, as described above, by Financial Intermediaries may provide such Financial
Intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of one Affiliated Investment Account over other investment options with respect to which these Financial Intermediaries do not receive
additional compensation (or receives lower levels of additional compensation).
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 the Fund’s
holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from and
potentially adverse to that of the Fund. Furthermore, from time to time, the investment adviser or its affiliates may
Eaton Vance
Senior Income Trust
June 30, 2026
Potential Conflicts of
Interest — continued
invest
“seed” capital in a Fund, typically to enable such Fund to commence investment operations and/or achieve sufficient scale, as further described below. The investment adviser and its affiliates may hedge such seed capital exposure by
investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of such Fund.
Morgan Stanley’s sales and trading, financing and
principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley’s trading and principal investing businesses) will not be required to offer any investment opportunities to the Fund. These businesses
may encompass, among other things, principal trading activities as well as principal investing.
Morgan Stanley’s sales and trading, financing and
principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put
Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its
discretion and subject to applicable law, act to protect its own interests or interests of clients, and not the Fund’s interests.
Subject to the limitations of applicable law, the Fund may
purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty.
Morgan Stanley’s Investment Banking and Other Commercial
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 the Fund and with respect to investments that the Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may
involve an action of a different timing or nature than the action taken, by the Fund. Morgan Stanley may give advice and provide recommendations to persons competing with the Fund and/or any of the Fund’s investments that are contrary to the
Fund’s best interests and/or the best interests of any of its investments.
Morgan Stanley could be engaged in financial advising, whether
on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley’s determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit the
Fund’s ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio
companies, and there could be conflicts between the Fund’s best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand.
To the extent that Morgan Stanley advises companies in
financial restructurings outside of, prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, the investment adviser’s flexibility in making investments in such restructurings
on the Fund’s behalf, or participating on steering committees and other committees in connection with existing investments, may be limited.
Morgan Stanley could provide investment banking services to
competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis the Fund’s investment and may also result in a conflict in respect
of the allocation of investment banking resources to portfolio companies.
To the extent permitted by applicable law, Morgan Stanley may
provide a broad range of financial services to companies in which the Fund invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley
generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts
received by the investment adviser) with the Fund, and any advisory fees payable will not be reduced thereby.
Morgan Stanley may be engaged to act as a financial advisor to
a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in
connection with such transactions. Morgan Stanley’s compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances,
the Fund may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition.
The involvement or presence of Morgan Stanley in the investment
banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the Fund. For example, issuers may hire and compensate Morgan
Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, the Fund may be prohibited from buying or selling securities issued by
those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments.
Eaton Vance
Senior Income Trust
June 30, 2026
Potential Conflicts of
Interest — continued
In
addition, in situations where the investment adviser is required to aggregate its positions with those of other Morgan Stanley business units for position limit calculations, the investment adviser may have to refrain from making investments due to
the positions held by other Morgan Stanley business units or their clients. There may be other situations where the investment adviser refrains from making an investment or refrains from taking certain actions related to the management of such
investment due to, among other reasons, additional disclosure obligations, regulatory requirements, policies, and reputational risk, or the investment adviser may limit purchases or sales of securities in respect of which Morgan Stanley is engaged
in an underwriting or other distribution capacity.
Morgan
Stanley’s Marketing Activities. Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of
securities and other investments in which the Fund may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, the Fund may invest in transactions in which Morgan Stanley acts as underwriter, placement agent,
syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be
shared with the investment adviser or the Fund. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley’s clients with
respect to an issuer of securities in which the Fund has an investment may be adverse to the investment adviser’s or the Fund’s best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients
and will have no obligation to act in the investment adviser’s or the Fund’s best interests. Due to the restrictions of the 1940 Act, the Fund may be restricted from participating in certain transactions in which Morgan Stanley acts as
underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent, including transactions that would otherwise be beneficial to the Fund.
Client Relationships. Morgan
Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to
or performed for such clients, on the one hand, and the Fund, its shareholders or the entities in which the Fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer
certain investment opportunities to the Fund.
In
acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or
recommended by the investment adviser on the Fund’s behalf.
Principal Investments. There
may be situations in which the Fund’s interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its affiliates. This may occur because these accounts
hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired.
Transactions with Portfolio Companies of Affiliated Investment
Accounts. The companies in which the Fund may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of
Affiliated Investment Accounts (for example, a company in which the Fund invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these
agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into
agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the
extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or
rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular portfolio company or other entity may benefit to a greater degree than the other participants, and the Morgan Stanley Funds, investment
vehicles and accounts (which may or may not include the Fund) that own an interest in such entity will receive a greater relative benefit from the arrangements than the Morgan Stanley Funds, investment vehicles or accounts that do not own an
interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared with a Fund or offset advisory fees payable.
Investments in Portfolio Investments of Other Funds. To the extent permitted by applicable law, when the Fund invests in certain companies or other entities, other funds affiliated with the investment adviser may have made or may be making an investment in such companies
or other entities. Other funds that have been or may be managed by the investment adviser may invest in the companies or other entities in which the Fund has made an investment. Under such circumstances, the Fund and such other funds may have
conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by the Fund are different from (or take priority over) those held by such
other funds, the investment adviser may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by the Fund.
Investments in Morgan Stanley Funds and Other Funds. To the extent permitted by applicable law, the Fund may invest in a fund affiliated with the investment adviser or its affiliates or a fund advised by the investment adviser or its affiliates. In connection with any
such investments, an investing Fund, to the extent permitted by the 1940 Act, will pay all advisory, administrative and/or Rule 12b-1 fees applicable to the investment. Investments by a Fund in a fund affiliated with the investment adviser or its
affiliates or a fund advised by the investment adviser or its affiliates present potential conflicts of interest, including potential incentives to invest in smaller or newer funds to increase asset levels or provide greater viability. The
investment adviser voluntarily waives advisory fees of a Fund associated with investments by the Fund in a fund advised by the investment adviser or its affiliates which will reduce, but will not eliminate, these types of conflicts.
Eaton Vance
Senior Income Trust
June 30, 2026
Potential Conflicts of
Interest — continued
The
Affiliated Investment Accounts (including the Funds) may, individually or in the aggregate, own a substantial percentage of a Fund. Further, the Adviser, its affiliates, or another entity (i.e., a seed investor) may invest in the Funds at or near
the establishment of such Funds, which may facilitate the Funds achieving a specified size or scale. The Adviser and/or its affiliates may make payments to an investor that contributes seed capital to a Fund. Such payments may continue for a
specified period of time and/or until a specified dollar amount is reached, and will be made from the assets of the Adviser and/or such affiliates (and not the applicable Fund). Seed investors may contribute all or a majority of the assets in a
Fund. There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from the Adviser and/or its affiliates have ceased. Such redemptions could negatively impact a Fund’s liquidity, expenses and
market price of its shares, as applicable.
Allocation of
Expenses. Expenses may be incurred that are attributable to the Fund and one or more other Affiliated Investment Accounts (including in connection with issuers in which the Fund and such other Affiliated Investment
Accounts have overlapping investments). The allocation of such expenses among such entities raises potential conflicts of interest. The investment adviser and its affiliates intend to allocate such common expenses among the Fund and any such other
Affiliated Investment Accounts on a pro rata basis or in such other manner as the investment adviser deems to be fair and equitable or in such other manner as may be required by applicable law.
Temporary Investments. To more
efficiently invest short-term cash balances held by the Fund, the investment adviser may invest such balances on an overnight “sweep” basis in shares of one or more money market funds or other short-term vehicles. It is anticipated that
the investment adviser to these money market funds or other short-term vehicles may be the investment adviser (or an affiliate) to the extent permitted by applicable law, including Rule 12d1-1 under the 1940 Act. In such a case, the affiliated
investment adviser may receive asset-based fees in respect of the Fund’s investment (which will reduce the net return realized by the Fund).
Transactions with Affiliates.
The investment adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit
from the purchase through receipt of a fee or otherwise. Neither the investment adviser nor any investment sub-adviser will purchase securities on behalf of the Fund from an affiliate that is acting as a manager of a syndicate or selling group.
Purchases by the investment adviser on behalf of the Fund from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when a Fund uses service providers
affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used.
Affiliated Indexes. Affiliates
of the investment adviser develop, own and operate indexes (“Indexes”), and may continue to do so in the future, based on investment and trading strategies and concepts developed by the investment adviser or its affiliates
(“Adviser Strategies”). Some of the Funds seek to track the performance of the Indexes. The investment adviser manages Accounts which track the same Indexes used by the Funds or which are based on the same, or substantially similar,
Adviser Strategies that are used in the operation of the Indexes and the Funds. The operation of the Indexes, the Funds and the Accounts in this manner gives rise to potential conflicts of interest. For example, Accounts that track the same Indexes
used by the Funds may engage in purchases and sales of securities prior to when the Index and the Funds engage in similar transactions because such Accounts may be managed and rebalanced on an ongoing basis, whereas the Funds’ portfolios are
only rebalanced on a periodic or other basis subsequent to the rebalancing of the Index.
The investment adviser has adopted policies and procedures that
are designed to address potential conflicts that arise in connection with the operation of the Indexes, the Funds and the Accounts. The investment adviser has established certain information barriers and other policies designed to address the
sharing of information between different businesses within the investment adviser, including with respect to personnel responsible for constructing and maintaining the Indexes and those involved in decision-making for the Funds.
Valuation of the Fund’s Investments. The investment adviser performs certain valuation services related to securities and other assets held by the Fund and performs such services in accordance with its valuation policies. The investment adviser will face a
conflict with respect to valuation of the Fund’s investments generally because of the effect of such valuations on the investment adviser’s fees and other compensation and performance of the Fund.
Proxy Voting by the Adviser.
The investment adviser has implemented processes designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such decisions are made in
accordance with its fiduciary obligations to its clients. Notwithstanding such proxy voting processes, proxy voting decisions made by the investment adviser in respect of securities held by the Fund may benefit the interests of Morgan Stanley and/or
accounts other than the Fund. Further, the investment adviser may make different proxy voting decisions in respect of the same security held by clients with different investment objectives or strategies.
Potential Conflict of Interest Related to Use of Sub-Adviser(s). To the extent the Fund’s investment adviser engages affiliated and/or unaffiliated sub-advisers, the investment adviser generally expects to compensate the sub-adviser out of the advisory fee it receives from the
Fund, which creates an incentive for the investment adviser to select sub-adviser(s) with lower fee rates or to select affiliated sub-adviser(s). In addition, a sub-adviser may have interests and relationships that create actual or potential
conflicts of interest related to their management of Fund assets allocated to or managed by the sub-adviser. These conflicts may be similar to or different from the conflicts described herein related to Morgan Stanley and its investment advisory
affiliates. For additional information about potential conflicts of interest for each sub-adviser(s) can be found in the relevant sub-adviser’s Form ADV. A copy of Part 1 and Part 2 of a sub-adviser’s Form ADV is available on the
SEC’s website (www.adviserinfo.sec.gov).
Electronic Communication Networks and Alternative Trading
Systems. The investment adviser’s affiliate(s) have ownership interests in and/or board seats on electronic communication networks (“ECNs”) or other alternative trading systems
(“ATSs”). In certain instances the investment adviser’s affiliate(s) could be deemed to control one or more of such ECNs or ATSs based on the level of such ownership interests and whether such affiliates are represented on
the
Eaton Vance
Senior Income Trust
June 30, 2026
Potential Conflicts of
Interest — continued
board of such ECNs or
ATSs. Consistent with its fiduciary obligation to seek best execution, the Adviser may, from time to time, directly or indirectly, effect client trades through ECNs or other ATSs in which the Firm’s affiliates have or could acquire an interest
or board seat. These affiliates might receive an indirect economic benefit based upon their ownership in the ECNs or other ATSs. The investment adviser will, directly or indirectly, execute through an ECN or other ATSs in which an affiliate has an
interest only in situations where the Firm or the broker dealer through whom it is accessing the ECN or ATS reasonably believes such transaction will be in the best interest of its clients and the requirements of applicable law have been
satisfied.
General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Advisers Act, the 1940 Act and
ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other
transactions may be prohibited. 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. The investment adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the
overriding best interests of the client.
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. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ 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 EQ 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 SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov. You may also access
proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/
proxyvoting.
Share Repurchase
Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity,
including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
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Investment Adviser and Administrator
Eaton Vance Management
One Post Office Square
Boston, MA 02109
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
Equiniti Trust Company, LLC (“EQ”)
P.O. Box 500
Newark, NJ 07101
Independent Registered
Public Accounting Firm
Deloitte & Touche
LLP
115 Federal Street, Suite 15
Boston, MA 02110-1894
Fund Offices
One Post Office Square
Boston, MA 02109
(b) Not applicable.
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 amended the code of ethics as described in
Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The
registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees has determined that George J. Gorman, an “independent” Trustee, is an “audit committee financial
expert” serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on
such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or
identification.
Item 4. Principal Accountant Fees and Services
(a) –(d)
The following table presents the aggregate
fees billed to the registrant for the registrant’s fiscal years ended June 30, 2025 and June 30, 2026 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services
rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Eaton Vance Senior Income Trust
|
|
|
|
|
|
|
|
|
| Fiscal Years Ended |
|
6/30/25 |
|
|
6/30/26 |
|
| Audit Fees |
|
$ |
83,591 |
|
|
$ |
79,900 |
|
| Audit-Related Fees(1) |
|
$ |
0 |
|
|
$ |
0 |
|
| Tax Fees(2) |
|
$ |
0 |
|
|
$ |
0 |
|
| All Other Fees(3) |
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
83,591 |
|
|
$ |
79,900 |
|
|
|
|
|
|
|
|
|
|
| (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 financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s Revolving
Credit and Security 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 principal
accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and
procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and
(ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees.
Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit
committee.
The Pre-Approval Policies and the types of audit and non-audit
services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the
appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit
committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents
(i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended June 30, 2025 and
June 30, 2026; 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 |
|
6/30/25 |
|
|
6/30/26 |
|
| Registrant |
|
$ |
0 |
|
|
$ |
0 |
|
| Eaton Vance(1) |
|
$ |
18,490 |
|
|
$ |
19,414 |
|
| (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 registrant’s audit committee has considered whether the provision by the
registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides
ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible
with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed
Registrants
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the
Securities and Exchange Act of 1934, as amended. George J. Gorman (Chair), Valerie A. Mosley, Scott E. Wennerholm and Nancy Wiser Stefani are the members of the registrant’s audit committee.
Item 6. Schedule of Investments
| (a) |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements
with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 1 of this Form N-CSR.
Item 12. 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 Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The trustees will review the Policies
annually. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain
from voting the proxies related to the companies giving rise to such conflict until it consults with the Board, 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 Fund’s Board as soon as practicable and to the Board at its next meeting.
The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those
shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and
recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies 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 adviser’s 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 adviser’s 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 Fund’s) 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 adviser’s
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 Agent’s
recommendation for the proposal along with any other relevant materials, including the basis for the analyst’s 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 Fund’s Board any votes cast contrary to the Guidelines or Agent recommendations, as
applicable, no less than annually.
The investment adviser’s 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 Fund’s 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 Commission’s
website at http://www.sec.gov.
Item 13. Portfolio Managers of Closed-End Management Investment
Companies
Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Fund. Daniel P. McElaney and Peter
M. Campo comprise the investment team responsible for the overall and day-to-day management of the Fund’s investments.
Mr. McElaney is a Vice President of EVM and has been a portfolio manager of the Fund since March 2019. Mr. Campo is a Managing Director of Morgan
Stanley Investment Management and has been a portfolio manager of the Fund since June 2025. Mr. McElaney has been employed by EVM for more than five years and manages other Eaton Vance funds. Prior to joining Morgan Stanley, Mr. Campo
served as Global Co-Head of High Yield and Bank Loans and portfolio manager at Goldman Sachs Asset Management from 2018 to 2025. This information is provided as of the date of filing this report.
The following table shows, as of the Fund’s most recent fiscal year end, the number of accounts each
portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the
performance of the account, if any, and the total assets (in millions of dollars) in those accounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of All
Accounts |
|
|
Total Assets of All
Accounts |
|
|
Number of Accounts
Paying a
Performance Fee |
|
|
Total Assets of
Accounts Paying a
Performance Fee |
|
| Daniel P. McElaney |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Registered Investment Companies |
|
|
4 |
|
|
$ |
1,194.0 |
|
|
|
0 |
|
|
$ |
0 |
|
| Other Pooled Investment Vehicles |
|
|
17 |
|
|
$ |
4,745.4 |
|
|
|
0 |
|
|
$ |
0 |
|
| Other Accounts |
|
|
2 |
|
|
$ |
20.2 |
|
|
|
0 |
|
|
$ |
0 |
|
| Peter M. Campo, CFA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Registered Investment Companies |
|
|
9 |
|
|
$ |
10,878.3 |
|
|
|
0 |
|
|
$ |
0 |
|
| Other Pooled Investment Vehicles |
|
|
3 |
|
|
$ |
2,234.2 |
|
|
|
0 |
|
|
$ |
0 |
|
| Other Accounts |
|
|
0 |
|
|
$ |
0 |
|
|
|
0 |
|
|
$ |
0 |
|
| (1) |
This portfolio manager serves as portfolio manager of one or more registered investment companies that invests
or may invest in one or more underlying registered investment companies in the Eaton Vance family of funds or other pooled investment vehicles sponsored by Eaton Vance. The underlying investment companies may be managed by this portfolio manager or
another portfolio manager. |
The following table shows the dollar range of Fund shares beneficially owned by the portfolio manager as of
the Fund’s most recent fiscal year end.
|
|
|
| Portfolio Manager |
|
Dollar Range of Equity Securities
Beneficially Owned in the Fund |
| Daniel P. McElaney, CFA |
|
None |
| Peter M. Campo, CFA |
|
None |
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio
manager’s management of the Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating
management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager
may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the
securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of
interest arise, the portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential
conflicts including a code of ethics and policies that govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best
execution.
Compensation Structure for EVM
The compensation structure of Eaton Vance and its affiliates that are investment advisers (for purposes of this section “Eaton Vance”) is based on
a total reward system of base salary and incentive compensation, which is paid either in the form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory
deferred compensation. Deferred compensation granted to Eaton Vance employees is generally granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion
of incentive compensation granted in the form of a deferred compensation award and the terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of the Board of Directors of Eaton Vance’s
parent company, Morgan Stanley.
Base salary compensation. Generally, portfolio managers and research analysts receive base salary compensation
based on the level of their position with the adviser.
Incentive compensation. In addition to base compensation, portfolio managers and research
analysts may receive discretionary year-end compensation. Incentive compensation may include:
| |
• |
|
A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards
based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions. |
| |
• |
|
IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants’
interests with the interests of clients. For eligible employees, a portion of their deferred compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant
to the plan, which are funds advised by MSIM and its affiliates including Eaton Vance. Portfolio managers are required to notionally invest a minimum of 40% of their account balance in the designated funds that they manage and are included in the
IMAP notional investment fund menu. |
| |
• |
|
Deferred compensation awards are typically subject to vesting over a multi-year period and are subject to
cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of obligation to the Funds, including failure to comply with internal compliance, ethics or risk management standards, and failure or
refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information, and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an
employee’s act or omission (including with respect to direct supervisory responsibilities) causes a restatement of the firm’s consolidated financial results, constitutes a violation of the firm’s global risk management principles,
policies and standards, or causes a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control policies. |
Eaton Vance compensates employees based on principles of pay-for-performance,
market competitiveness and risk management. Eligibility for, and the amount of any, discretionary compensation is subject to a multi-dimensional process. Specifically, consideration is given to one or more of the following factors, which can vary by
portfolio management team and circumstances:
| |
• |
|
Revenue and profitability of the business and/or each fund/account managed by the portfolio manager
|
| |
• |
|
Individual contribution and performance |
| |
• |
|
Contribution to client objectives |
| |
• |
|
Revenue and profitability of the firm |
| |
• |
|
Return on equity and risk factors of both the business units and Morgan Stanley |
| |
• |
|
Assets managed by the portfolio manager |
| |
• |
|
External market conditions |
| |
• |
|
New business development and business sustainability |
| |
• |
|
Team, product and/or Eaton Vance performance |
| |
• |
|
The pre-tax investment performance of the funds/accounts managed by the
portfolio manager(1) (which |
may, in certain cases, be measured
against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods),(2) provided that for funds that are tax-managed or
otherwise have an objective of after-tax returns, performance net of taxes will be considered
Further, the
firm’s Global Incentive Compensation Discretion Policy requires compensation managers to consider only legitimate, business related factors when exercising discretion in determining variable incentive compensation, including adherence to
Morgan Stanley’s core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes.
| (1) |
Generally, this is total return performance, provided that consideration may also be given to relative
risk-adjusted performance. |
| (2) |
When a fund’s peer group as determined by Lipper or Morningstar is deemed by the relevant Eaton Vance
Chief Investment Officer, or in the case of the sub-advised Funds, the Director of Product Development and Sub-Advised Funds, not to provide a fair comparison,
performance may instead be evaluated primarily against a custom peer group or market index. |
Item 14. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this
period.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Trust’s Board of Trustees since the Trust last
provided disclosure in response to this item.
Item 16. Controls and Procedures
| (a) |
It is the conclusion of the registrant’s principal executive officer and principal financial officer that
the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information
required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been
accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| (b) |
There have been no changes in the registrant’s internal control over financial reporting during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
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/ Kenneth A. Topping |
|
|
Kenneth A. Topping |
|
|
Principal Executive Officer |
|
|
| Date: |
|
August 21, 2026 |
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 |
|
|
Principal Financial Officer |
|
|
| Date: |
|
August 21, 2026 |
|
|
| By: |
|
/s/ Kenneth A. Topping |
|
|
Kenneth A. Topping |
|
|
Principal Executive Officer |
|
|
| Date: |
|
August 21, 2026 |
