Senior Debt Portfolio N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08876

Senior Debt Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited)

Senior Floating-Rate Loans — 118.9%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.5%
Dynasty Acquisition Co., Inc.
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			6,910	$	6,955,854
IAP Worldwide Services, Inc.
Revolving Loan, 1.49%, (3 mo. USD LIBOR + 5.50%), Maturing July 18, 2019(2)			944		942,626
Term Loan - Second Lien, 9.10%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2019(3)			1,244		996,068
TransDigm, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023			56,126		56,023,977
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024			37,558		37,447,898
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing May 30, 2025			5,358		5,343,430
Wesco Aircraft Hardware Corp.
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020			12,771		12,579,833
WP CPP Holdings, LLC
Term Loan, 6.34%, (USD LIBOR + 3.75%), Maturing April 30, 2025(4)			16,020		16,039,524
				$	136,329,210
Automotive — 2.7%
Adient US, LLC
Term Loan, Maturing April 25, 2024(5)			9,025	$	9,025,000
American Axle and Manufacturing, Inc.
Term Loan, 4.77%, (USD LIBOR + 2.25%), Maturing April 6, 2024(4)			29,372		29,069,310
Apro, LLC
Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing August 8, 2024			2,658		2,678,271
Chassix, Inc.
Term Loan, 8.28%, (USD LIBOR + 5.50%), Maturing November 15, 2023(4)			7,209		7,217,761
CS Intermediate Holdco 2, LLC
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 2, 2023			4,021		3,945,739
Dayco Products, LLC
Term Loan, 6.88%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			12,225		12,072,045
Garrett LX III S.a.r.l.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025	EUR		6,050		6,782,854

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Automotive (continued)
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			11,325	$	11,137,435
L&W, Inc.
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025			9,851		9,825,936
Panther BF Aggregator 2 L.P.
Term Loan, Maturing March 18, 2026(5)			46,175		46,375,861
Tenneco, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 1, 2025			41,022		40,082,082
Thor Industries, Inc.
Term Loan, 6.31%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			20,888		20,561,646
TI Group Automotive Systems, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022	EUR		6,707		7,526,996
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022			18,143		18,029,568
Tower Automotive Holdings USA, LLC
Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024			12,533		12,423,608
Visteon Corporation
Term Loan, 4.25%, (USD LIBOR + 1.75%), Maturing March 25, 2024(4)			2,500		2,468,750
				$	239,222,862
Beverage and Tobacco — 0.3%
Arterra Wines Canada, Inc.
Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			8,824	$	8,812,696
Flavors Holdings, Inc.
Term Loan, 8.35%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020			12,196		11,677,929
Term Loan - Second Lien, 12.60%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021			2,000		1,610,000
				$	22,100,625
Brokerage / Securities Dealers / Investment Houses — 0.2%
Advisor Group, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025			15,226	$	15,264,559
OZ Management L.P.
Term Loan, 7.25%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023			2,344		2,346,930

18 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Brokerage /  Securities Dealers / Investment Houses (continued)
Resolute Investment Managers, Inc.
Term Loan - Second Lien, 10.08%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023			3,800	$	3,838,000
				$	21,449,489
Building and Development — 3.3%
American Builders & Contractors Supply Co., Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023			24,484	$	24,300,195
Brookfield Property REIT, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025			13,333		13,072,820
Capital Automotive L.P.
Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing March 24, 2024			5,503		5,498,219
Core & Main L.P.
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024			18,594		18,669,478
CPG International, Inc.
Term Loan, 6.63%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024			19,653		19,636,535
Delachaux Group S.A.
Term Loan, Maturing March 28, 2026(5)	EUR		4,650		5,260,426
Term Loan, Maturing March 28, 2026(5)			5,900		5,890,784
DTZ U.S. Borrower, LLC
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025			65,993		66,144,632
Henry Company, LLC
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023			10,656		10,675,954
NCI Building Systems, Inc.
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing April 12, 2025			13,407		13,265,002
Quikrete Holdings, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023			41,771		41,604,129
RE/MAX International, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			17,875		17,897,156
Realogy Group, LLC
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025			17,170		16,811,896
Summit Materials Companies I, LLC
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024			2,049		2,049,991

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
Werner FinCo L.P.
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing July 24, 2024			13,472	$	13,084,646
WireCo WorldGroup, Inc.
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023			5,665		5,681,874
Term Loan - Second Lien, 11.48%, (1 mo. USD LIBOR + 9.00%), Maturing September 30, 2024			9,850		9,837,688
				$	289,381,425
Business Equipment and Services — 11.2%
Acosta Holdco, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021			10,569	$	4,590,953
Adtalem Global Education, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			6,278		6,269,715
AlixPartners, LLP
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024			36,159		36,261,819
Altran Technologies S.A.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025	EUR		23,518		26,486,107
AppLovin Corporation
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025			34,685		34,815,508
ASGN Incorporated
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025			5,194		5,198,065
Belfor Holdings, Inc.
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			6,025		6,092,631
BlitzF18-675 GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025	EUR		7,925		8,944,701
Bracket Intermediate Holding Corp.
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing September 5, 2025			11,467		11,453,041
Brand Energy & Infrastructure Services, Inc.
Term Loan, 6.82%, (USD LIBOR + 4.25%), Maturing June 21, 2024(4)			7,868		7,745,145
Camelot UK Holdco Limited
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023			26,276		26,275,523

19 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Ceridian HCM Holding, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025			33,084	$	33,290,523
Change Healthcare Holdings, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024			67,776		67,842,822
Crossmark Holdings, Inc.
DIP Loan, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing May 15, 2019			1,282		1,283,083
Term Loan, 0.00%, Maturing December 20, 2019(6)			15,071		4,785,111
Cypress Intermediate Holdings III, Inc.
Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing April 26, 2024			29,777		29,736,154
Deerfield Dakota Holding, LLC
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025			25,824		25,635,926
EAB Global, Inc.
Term Loan, 6.38%, (USD LIBOR + 3.75%), Maturing November 15, 2024(4)			13,390		13,289,327
Education Management, LLC
Revolving Loan, 0.00%, Maturing March 31, 2020(2)(3)(6)			6,248		1,178,957
Term Loan, 0.00%, Maturing July 2, 2020(3)(6)			4,259		0
Term Loan, 0.00%, Maturing July 2, 2020(3)(6)			5,325		1,004,881
EIG Investors Corp.
Term Loan, 6.39%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023			59,802		59,922,138
Garda World Security Corporation
Term Loan, 6.12%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024			24,925		24,940,115
Term Loan, 6.36%, (CIDOR + 4.25%), Maturing May 24, 2024	CAD		11,456		8,465,859
Gartner, Inc.
Term Loan, 3.98%, (1 mo. USD LIBOR + 1.50%), Maturing March 20, 2022			1,800		1,806,705
Global Payments, Inc.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023			5,867		5,874,149
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2025			5,985		5,985,934
IG Investment Holdings, LLC
Term Loan, 6.03%, (USD LIBOR + 3.50%), Maturing May 23, 2025(4)			31,334		31,373,624
IRI Holdings, Inc.
Term Loan, 7.13%, (3 mo. USD LIBOR + 4.50%), Maturing December 1, 2025			21,596		21,505,885

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Iron Mountain, Inc.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026		9,380	$	9,227,821
J.D. Power and Associates
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023		12,630		12,566,458
KAR Auction Services, Inc.
Term Loan, 4.88%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021		10,781		10,801,025
Term Loan, 5.13%, (3 mo. USD LIBOR + 2.50%), Maturing March 9, 2023		2,274		2,279,135
Kronos Incorporated
Term Loan, 5.74%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023		86,244		86,519,381
KUEHG Corp.
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025		37,889		37,974,371
Term Loan - Second Lien, 10.85%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025		4,075		4,075,000
Monitronics International, Inc.
Term Loan, 10.10%, (3 mo. USD LIBOR + 7.50%), Maturing September 30, 2022		18,298		17,085,495
PGX Holdings, Inc.
Term Loan, 7.74%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020		12,994		12,539,277
Ping Identity Corporation
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025		14,881		14,936,687
Pre-Paid Legal Services, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025		12,678		12,657,008
Prime Security Services Borrower, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022		16,763		16,810,454
Red Ventures, LLC
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024		21,821		21,933,663
ServiceMaster Company
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing November 8, 2023		1,599		1,603,818
SMG Holdings, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025		4,702		4,684,318
Solera, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		54,938		55,053,935

20 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Spin Holdco, Inc.
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022			43,438	$	43,039,437
Tempo Acquisition, LLC
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024			12,282		12,312,361
Trans Union, LLC
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing April 10, 2023			16,122		16,154,680
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025			5,285		5,295,522
Ultimate Software Group, Inc. (The)
Term Loan, Maturing March 15, 2026(5)			21,200		21,385,500
Vestcom Parent Holdings, Inc.
Term Loan, 6.51%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			8,372		8,037,320
WASH Multifamily Laundry Systems, LLC
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022			11,396		11,110,670
West Corporation
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024			5,037		4,827,366
Term Loan, 6.63%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024			16,807		16,317,404
ZPG PLC
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing June 30, 2025	EUR		5,025		5,639,565
Term Loan, 5.48%, (3 mo. GBP LIBOR + 4.75%), Maturing June 30, 2025	GBP		8,725		11,257,405
				$	988,179,477
Cable and Satellite Television — 5.5%
Altice France S.A.
Term Loan, 6.47%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			7,089	$	6,983,034
Charter Communications Operating, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025			34,773		34,903,764
CSC Holdings, LLC
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			48,268		48,207,721
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			13,890		13,890,188
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026			3,217		3,221,254
MCC Iowa, LLC
Term Loan, 4.43%, (1 week USD LIBOR + 2.00%), Maturing January 15, 2025			5,872		5,893,959

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
Mediacom Illinois, LLC
Term Loan, 4.18%, (1 week USD LIBOR + 1.75%), Maturing February 15, 2024			4,664	$	4,661,660
Numericable Group S.A.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		8,992		9,831,298
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			21,274		20,742,514
Term Loan, 6.16%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			10,974		10,781,727
Telenet Financing USD, LLC
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026			31,700		31,648,487
Telenet International Finance S.a.r.l.
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing December 15, 2027	EUR		21,465		24,023,082
Unitymedia Finance, LLC
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			45,050		45,028,872
Unitymedia Hessen GmbH & Co. KG
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027	EUR		17,400		19,550,920
UPC Financing Partnership
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026			34,647		34,699,877
Virgin Media Bristol, LLC
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026			71,450		71,701,218
Virgin Media Investment Holdings Limited
Term Loan, 3.98%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		16,075		20,837,333
Ziggo Secured Finance B.V.
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025	EUR		21,925		24,543,460
Ziggo Secured Finance Partnership
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025			54,458		54,059,664
				$	485,210,032
Chemicals and Plastics — 5.7%
Alpha 3 B.V.
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024			18,212	$	18,177,372
Aruba Investments, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022			12,111		12,126,312

21 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Ashland, Inc.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024			5,477	$	5,484,284
Axalta Coating Systems US Holdings, Inc.
Term Loan, 4.35%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			32,342		32,212,176
Caldic B.V.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 18, 2024	EUR		500		555,192
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 18, 2024	EUR		1,500		1,665,577
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 21, 2025	EUR		5,800		6,574,758
Term Loan, 4.24%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025			7,788		7,767,655
Emerald Performance Materials, LLC
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021			4,612		4,620,391
Term Loan - Second Lien, 10.23%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022			9,465		9,299,363
Ferro Corporation
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,455		3,458,307
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,685		3,688,507
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,765		3,768,692
Flint Group GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.00%, Floor 0.75%), Maturing September 7, 2021	EUR		1,225		1,337,703
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			1,964		1,846,368
Flint Group US, LLC
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			2,940		2,763,600
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			11,882		11,169,015
Gemini HDPE, LLC
Term Loan, 5.09%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			13,304		13,337,683
H.B. Fuller Company
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024			22,732		22,667,006

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Hexion, Inc.
DIP Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing October 1, 2020			4,850	$	4,866,674
Ineos US Finance, LLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024	EUR		26,428		29,454,511
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024			7,554		7,535,875
Inovyn Finance PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing November 10, 2025	EUR		11,149		12,515,404
Kraton Polymers, LLC
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		3,855		4,336,279
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025			7,300		7,296,318
Messer Industries GmbH
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 1, 2026	EUR		4,575		5,136,136
Term Loan, 5.10%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026			24,925		24,919,816
Minerals Technologies, Inc.
Term Loan, 4.85%, (USD LIBOR + 2.25%), Maturing February 14, 2024(4)			13,866		13,901,040
Momentive Performance Materials, Inc.
Term Loan, Maturing April 16, 2024(5)			5,750		5,773,357
Platform Specialty Products Corporation
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 30, 2026			9,177		9,194,207
PMHC II, Inc.
Term Loan, 6.16%, (USD LIBOR + 3.50%), Maturing March 31, 2025(4)			15,028		14,830,722
Polar US Borrower, LLC
Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025			14,289		14,378,138
PolyOne Corporation
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing January 30, 2026			4,961		4,935,118
PQ Corporation
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025			31,610		31,638,154
Proampac PG Borrower, LLC
Term Loan, 6.11%, (USD LIBOR + 3.50%), Maturing November 18, 2023(4)			13,005		12,788,237

22 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Spectrum Holdings III Corp.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025			14,647	$	14,232,156
Starfruit Finco B.V.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			18,825		18,798,532
Trinseo Materials Operating S.C.A.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing September 9, 2024			17,017		17,024,603
Tronox Finance, LLC
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024			50,725		50,923,941
Univar, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			32,966		33,048,861
Venator Materials Corporation
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024			3,842		3,855,810
Versum Materials, Inc.
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing September 29, 2023			1,803		1,803,431
				$	505,707,281
Clothing / Textiles — 0.1%
Tumi, Inc.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			5,449	$	5,451,694
				$	5,451,694
Conglomerates — 0.1%
Penn Engineering & Manufacturing Corp.
Term Loan, 3.50%, (3 mo. EURIBOR + 2.50%, Floor 1.00%), Maturing June 27, 2024	EUR		1,978	$	2,227,667
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024			2,406		2,409,032
SGB-SMIT Management GmbH
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing July 18, 2024	EUR		8,713		8,444,592
				$	13,081,291
Containers and Glass Products — 3.6%
Anchor Glass Container Corporation
Term Loan, 5.23%, (USD LIBOR + 2.75%), Maturing December 7, 2023(4)			4,228	$	3,583,286

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Containers and Glass Products (continued)
Berlin Packaging, LLC
Term Loan, 5.51%, (USD LIBOR + 3.00%), Maturing November 7, 2025(4)			14,065	$	13,906,458
Berry Global, Inc.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing January 6, 2021			1,000		1,000,104
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			5,208		5,207,157
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			7,350		7,336,638
BWAY Holding Company
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			29,137		28,838,768
Consolidated Container Company, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			11,519		11,495,239
Flex Acquisition Company, Inc.
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023			49,989		49,212,690
Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			17,791		17,517,353
Libbey Glass, Inc.
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021			14,027		12,694,552
Pelican Products, Inc.
Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025			10,027		10,001,677
Reynolds Group Holdings, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			71,822		72,103,039
Ring Container Technologies Group, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024			15,644		15,594,737
Trident TPI Holdings, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024			24,429		23,940,482
Verallia Packaging S.A.S
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022	EUR		33,651		37,714,073
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing August 1, 2025	EUR		9,025		10,114,013
				$	320,260,266
Cosmetics / Toiletries — 0.4%
KIK Custom Products, Inc.
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023			36,924	$	35,631,374
				$	35,631,374

23 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Drugs — 4.0%
Albany Molecular Research, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024		10,537	$	10,525,045
Alkermes, Inc.
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023		13,262		13,237,462
Amneal Pharmaceuticals, LLC
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025		29,396		29,561,435
Arbor Pharmaceuticals, Inc.
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023		24,503		22,114,400
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 6.75%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024		44,464		44,185,566
Horizon Pharma, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2024		16,690		16,801,762
Jaguar Holding Company II
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022		92,973		92,582,807
Mallinckrodt International Finance S.A.
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024		33,583		30,280,986
Term Loan, 5.69%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025		9,979		9,193,607
Valeant Pharmaceuticals International, Inc.
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025		84,569		84,919,430
			$	353,402,500
Ecological Services and Equipment — 1.0%
Advanced Disposal Services, Inc.
Term Loan, 4.68%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023		42,061	$	42,222,885
EnergySolutions, LLC
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025		20,384		19,263,016
GFL Environmental, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025		23,567		23,417,098
			$	84,902,999
Electronics / Electrical — 16.2%
Almonde, Inc.
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024		40,617	$	40,340,681

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Applied Systems, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing September 19, 2024			48,832	$	48,878,236
Term Loan - Second Lien, 9.48%, (1 mo. USD LIBOR + 7.00%), Maturing September 19, 2025			4,000		4,081,248
Aptean, Inc.
Term Loan, Maturing March 29, 2026(5)			6,675		6,708,375
Avast Software B.V.
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing September 30, 2023			8,573		8,613,299
Banff Merger Sub, Inc.
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,541		4,007,307
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			45,985		45,766,322
Barracuda Networks, Inc.
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing February 12, 2025			22,489		22,509,838
Campaign Monitor Finance Pty. Limited
Term Loan, 9.75%, (3 mo. USD Prime + 4.25%), Maturing March 18, 2021			6,988		6,812,973
Canyon Valor Companies, Inc.
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023			31,439		31,434,590
Carbonite, Inc.
Term Loan, 6.31%, (2 mo. USD LIBOR + 3.75%), Maturing March 26, 2026			6,075		6,128,156
Celestica, Inc.
Term Loan, 4.60%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,789		4,645,148
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			4,813		4,764,808
Cohu, Inc.
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing September 20, 2025			11,642		11,539,637
CommScope, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			22,650		22,879,331
CPI International, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024			15,305		15,336,801
Cypress Semiconductor Corporation
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021			22,410		22,413,823
Datto, Inc.
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026			4,525		4,575,906

24 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
DigiCert, Inc.
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024			46,259	$	46,367,021
Electro Rent Corporation
Term Loan, 7.58%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024			19,724		19,822,569
Energizer Holdings, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025			6,509		6,516,661
Entegris, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			3,317		3,313,576
Epicor Software Corporation
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022			46,225		46,286,193
Exact Merger Sub, LLC
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024			8,363		8,378,296
EXC Holdings III Corp.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing December 2, 2024	EUR		1,728		1,950,380
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024			8,196		8,247,272
Financial & Risk US Holdings, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing October 1, 2025			9,451		9,368,614
Flexera Software, LLC
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing February 26, 2025			25,659		25,637,663
GlobalLogic Holdings, Inc.
Term Loan, 3.25%, Maturing August 1, 2025(2)			478		481,101
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025			3,330		3,350,871
Go Daddy Operating Company, LLC
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 15, 2024			66,561		66,752,038
GTCR Valor Companies, Inc.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing June 16, 2023	EUR		2,955		3,328,830
Hyland Software, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 1, 2024			52,990		53,349,216
Term Loan - Second Lien, 9.48%, (1 mo. USD LIBOR + 7.00%), Maturing July 7, 2025			5,734		5,771,865
Infoblox, Inc.
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			16,686		16,779,479

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Infor (US), Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 1, 2022			102,588	$	102,716,151
Informatica, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022	EUR		759		855,707
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022			63,009		63,291,654
Lattice Semiconductor Corporation
Term Loan, 6.72%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021			7,325		7,373,472
MA FinanceCo., LLC
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021			32,390		32,299,000
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			5,548		5,525,053
MACOM Technology Solutions Holdings, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			14,752		13,986,416
Marcel LUX IV S.a.r.l.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 15, 2026	EUR		2,850		3,189,235
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			3,800		3,790,500
MaxLinear, Inc.
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing May 12, 2024			7,865		7,874,580
Microchip Technology Incorporated
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025			10,334		10,366,524
Mirion Technologies, Inc.
Term Loan, 6.59%, (3 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			4,700		4,735,250
MKS Instruments, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 2, 2026			4,525		4,537,724
MTS Systems Corporation
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023			7,994		7,993,796
Prometric Holdings, Inc.
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025			5,648		5,632,068
Renaissance Holding Corp.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025			20,744		20,536,438
Term Loan - Second Lien, 9.48%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026			2,175		2,088,000

25 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Seattle Spinco, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		37,468	$	37,312,049
SGS Cayman L.P.
Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		3,597		3,525,339
SkillSoft Corporation
Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021		65,831		55,544,568
SolarWinds Holdings, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		74,005		74,125,123
Southwire Company
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing May 19, 2025		4,085		4,072,342
Sparta Systems, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 21, 2024		3,941		3,586,523
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		22,303		22,356,341
SS&C Technologies, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		7,661		7,677,895
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		31,200		31,275,153
SurveyMonkey, Inc.
Term Loan, 6.19%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		9,413		9,342,105
Sutherland Global Services, Inc.
Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		15,453		15,144,146
Tibco Software, Inc.
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020		15,801		15,842,377
TriTech Software Systems
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025		5,808		5,800,653
TTM Technologies, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		11,983		11,990,510
Uber Technologies
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		58,860		58,902,564
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025		34,223		34,436,548

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Ultra Clean Holdings, Inc.
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			11,899	$	11,720,884
VeriFone Systems, Inc.
Term Loan, 6.68%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025			16,020		16,023,505
Veritas Bermuda, Ltd.
Term Loan, 7.01%, (USD LIBOR + 4.50%), Maturing January 27, 2023(4)			26,231		24,656,712
Vero Parent, Inc.
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024			27,384		27,281,684
Wall Street Systems Delaware, Inc.
Term Loan, 4.00%, (6 mo. EURIBOR + 3.00%, Floor 1.00%), Maturing November 21, 2024	EUR		6,126		6,875,292
Term Loan, 5.65%, (6 mo. USD LIBOR + 3.00%), Maturing November 21, 2024			7,237		7,173,254
Western Digital Corporation
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023			13,219		13,123,882
				$	1,431,719,141
Equipment Leasing — 1.1%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025			45,531	$	45,584,446
Delos Finance S.a.r.l.
Term Loan, 4.35%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023			22,275		22,339,397
Flying Fortress, Inc.
Term Loan, 4.35%, (3 mo. USD LIBOR + 1.75%), Maturing October 30, 2022			14,625		14,666,126
IBC Capital Limited
Term Loan, 6.36%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023			17,671		17,482,854
				$	100,072,823
Financial Intermediaries — 3.7%
Aretec Group, Inc.
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			19,352	$	19,246,673
Blackstone Mortgage Trust, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing April 8, 2026			4,875		4,887,188

26 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Citco Funding, LLC
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			27,487	$	27,521,638
Clipper Acquisitions Corp.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024			12,270		12,269,687
Ditech Holding Corporation
Term Loan, 0.00%, Maturing June 30, 2022(6)			28,127		17,965,881
Donnelley Financial Solutions, Inc.
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing October 2, 2023			1,985		1,977,675
EIG Management Company, LLC
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025			2,797		2,807,238
Evergood 4 ApS
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		9,550		10,768,184
Focus Financial Partners, LLC
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024			20,250		20,342,508
Fortress Investment Group, LLC
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022			17,513		17,617,293
Franklin Square Holdings L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025			6,791		6,816,171
Freedom Mortgage Corporation
Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing February 23, 2022			30,676		30,886,785
Greenhill & Co., Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			11,350		11,364,187
GreenSky Holdings, LLC
Term Loan, 5.75%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			14,281		14,370,005
Guggenheim Partners, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023			46,024		46,225,542
Harbourvest Partners, LLC
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025			9,784		9,808,429
Jefferies Finance, LLC
Term Loan, 5.13%, (1 mo. USD LIBOR + 2.50%), Maturing August 2, 2024			985		978,844
LPL Holdings, Inc.
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024			19,764		19,788,821

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
MIP Delaware, LLC
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing March 9, 2020		1,188	$	1,190,237
Ocwen Loan Servicing, LLC
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing December 5, 2020		3,783		3,797,073
Sesac Holdco II, LLC
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024		8,162		8,046,190
StepStone Group L.P.
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025		6,584		6,591,729
Victory Capital Holdings, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 12, 2025		7,193		7,201,690
Virtus Investment Partners, Inc.
Term Loan, 4.87%, (3 mo. USD LIBOR + 2.25%), Maturing June 1, 2024		10,186		10,208,697
Walker & Dunlop, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2025		10,249		10,249,312
			$	322,927,677
Food Products — 4.5%
Alphabet Holding Company, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024		39,349	$	36,897,670
Badger Buyer Corp.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024		12,986		12,644,781
CHG PPC Parent, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025		17,195		17,227,178
Del Monte Foods, Inc.
Term Loan, 5.90%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021		15,652		12,120,677
Dole Food Company, Inc.
Term Loan, 5.25%, (USD LIBOR + 2.75%), Maturing April 6, 2024(4)		10,694		10,538,132
Hearthside Food Solutions, LLC
Term Loan, 6.17%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025		13,324		13,066,154
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		6,359		6,321,302
High Liner Foods Incorporated
Term Loan, 5.85%, (USD LIBOR + 3.25%), Maturing April 24, 2021(4)		11,718		10,370,545

27 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Products (continued)
HLF Financing S.a.r.l.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025			31,542	$	31,699,208
Jacobs Douwe Egberts International B.V.
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			25,514		25,593,505
JBS USA Lux S.A.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing October 30, 2022			82,166		82,305,053
Term Loan, Maturing April 25, 2026(5)			57,050		57,243,571
Nomad Foods Europe Midco Limited
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			26,403		26,362,206
Post Holdings, Inc.
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024			14,613		14,623,994
Refresco Group B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		13,118		14,668,277
Term Loan, 5.93%, (3 mo. USD LIBOR + 3.25%), Maturing March 28, 2025			4,010		4,024,435
Restaurant Technologies, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			10,249		10,326,182
Valeo F1 Company Limited (Ireland)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024	EUR		8,500		9,378,684
				$	395,411,554
Food Service — 2.6%
1011778 B.C. Unlimited Liability Company
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024			80,438	$	80,438,314
Aramark Services, Inc.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025			8,977		8,980,620
Del Frisco’s Restaurant Group, Inc.
Term Loan, 8.50%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025			7,841		7,683,935
Dhanani Group, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing July 20, 2025			10,367		10,275,954
Froneri International, Ltd.
Term Loan, 2.13%, (6 mo. EURIBOR + 2.13%), Maturing January 31, 2025	EUR		28,875		32,332,229
Term Loan, 3.48%, (1 mo. GBP LIBOR + 2.75%), Maturing January 31, 2025	GBP		10,090		13,116,935

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Service (continued)
IRB Holding Corp.
Term Loan, 5.72%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025			33,614	$	33,592,658
NPC International, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024			13,126		10,993,310
US Foods, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023			26,616		26,612,732
Welbilt, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025			6,791		6,748,780
				$	230,775,467
Food / Drug Retailers — 0.7%
Albertsons, LLC
Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022			1,834	$	1,839,584
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 22, 2023			29,705		29,778,840
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 17, 2025			13,672		13,689,283
Diplomat Pharmacy, Inc.
Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024			4,955		4,713,860
Holland & Barrett International
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		7,273		7,027,298
Term Loan, 6.09%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		6,773		7,580,606
				$	64,629,471
Health Care — 11.3%
Acadia Healthcare Company, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022			1,963	$	1,965,402
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing February 16, 2023			1,298		1,297,909
Accelerated Health Systems, LLC
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025			7,481		7,499,953
ADMI Corp.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025			17,233		17,147,239
Agiliti Health, Inc.
Term Loan, 5.56%, (1 mo. USD LIBOR + 3.00%), Maturing January 4, 2026			6,175		6,175,000

28 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Akorn, Inc.
Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing April 16, 2021			17,268	$	15,066,682
Alliance Healthcare Services, Inc.
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023			9,653		9,712,954
Term Loan - Second Lien, 12.48%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024			5,175		5,136,188
Argon Medical Devices, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025			7,180		7,210,094
ATI Holdings Acquisition, Inc.
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing May 10, 2023			1,965		1,931,902
Avantor, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 21, 2024			21,303		21,436,548
BioClinica, Inc.
Term Loan, 6.81%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023			13,026		11,918,354
BW NHHC Holdco, Inc.
Term Loan, 7.49%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			11,712		11,360,155
Carestream Dental Equipment, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024			13,089		12,729,251
Certara L.P.
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024			7,637		7,598,694
CHG Healthcare Services, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023			42,100		42,178,528
Concentra, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022			13,574		13,608,338
CPI Holdco, LLC
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.50%), Maturing March 21, 2024			14,097		14,114,431
CryoLife, Inc.
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024			5,209		5,226,424
CTC AcquiCo GmbH
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025	EUR		18,221		20,175,901
Elsan SAS
Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing October 31, 2022	EUR		8,000		9,042,900

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Health Care (continued)
Envision Healthcare Corporation
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025		64,663	$	62,583,830
Equian, LLC
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024		8,514		8,510,049
Gentiva Health Services, Inc.
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025		25,566		25,677,619
Greatbatch Ltd.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022		5,023		5,050,701
Grifols Worldwide Operations USA, Inc.
Term Loan, 4.67%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025		41,784		41,895,835
Hanger, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025		23,634		23,692,878
Inovalon Holdings, Inc.
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025		16,557		16,585,001
IQVIA, Inc.
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025		10,096		10,113,080
Kinetic Concepts, Inc.
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024		28,681		28,802,523
Medical Solutions, LLC
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024		9,081		9,080,775
MPH Acquisition Holdings, LLC
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023		57,819		57,340,162
MX Holdings US, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2025		8,084		8,118,063
National Mentor Holdings, Inc.
Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026		349		350,780
Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026		5,626		5,647,558
Navicure, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024		12,016		11,985,702
One Call Corporation
Term Loan, 7.72%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022		18,417		16,057,330

29 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Health Care (continued)
Ortho-Clinical Diagnostics S.A.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025		69,362	$	68,180,849
Parexel International Corporation
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024		25,847		25,378,919
Phoenix Guarantor, Inc.
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing February 8, 2026		22,046		22,176,742
Term Loan, 0.50%, Maturing February 12, 2026(2)		2,004		2,016,067
Press Ganey Holdings, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023		13,756		13,775,655
Prospect Medical Holdings, Inc.
Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024		15,234		14,338,708
R1 RCM, Inc.
Term Loan, 7.73%, (1 mo. USD LIBOR + 5.25%), Maturing May 8, 2025		6,575		6,575,313
Radiology Partners Holdings, LLC
Term Loan, 7.34%, (USD LIBOR + 4.75%), Maturing June 21, 2025(4)		5,985		6,014,887
RadNet, Inc.
Term Loan, 6.39%, (3 mo. USD LIBOR + 3.75%), Maturing June 30, 2023		20,260		20,323,798
Select Medical Corporation
Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025		23,008		23,065,421
Sotera Health Holdings, LLC
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022		25,269		25,182,376
Sound Inpatient Physicians
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2025		10,049		10,032,707
Surgery Center Holdings, Inc.
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024		28,139		27,832,619
Syneos Health, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 1, 2024		4,005		4,000,777
Team Health Holdings, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024		36,745		34,586,538
Tecomet, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024		24,627		24,652,662

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
U.S. Anesthesia Partners, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024			26,552	$	26,585,200
Verscend Holding Corp.
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			26,484		26,699,561
Viant Medical Holdings, Inc.
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025			8,856		8,891,471
VVC Holding Corp.
Term Loan, 7.20%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			24,600		24,792,175
Wink Holdco, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024			6,091		6,014,466
				$	995,141,644
Home Furnishings — 0.7%
Bright Bidco B.V.
Term Loan, 6.06%, (USD LIBOR + 3.50%), Maturing June 30, 2024(4)			20,490	$	15,520,918
Serta Simmons Bedding, LLC
Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023			57,184		41,863,384
				$	57,384,302
Industrial Equipment — 5.7%
AI Alpine AT Bidco GmbH
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing October 31, 2025	EUR		5,500	$	6,154,664
Altra Industrial Motion Corp.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			9,361		9,361,258
Apex Tool Group, LLC
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022			27,332		27,085,224
Carlisle Foodservice Products, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025			16,566		16,193,598
Clark Equipment Company
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024			27,075		27,010,184
Coherent Holding GmbH
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing November 7, 2023	EUR		4,864		5,492,513

30 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Columbus McKinnon Corporation
Term Loan, 5.10%, (3 mo. USD LIBOR + 2.50%), Maturing January 31, 2024			5,892	$	5,921,167
CPM Holdings, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 15, 2025			7,406		7,406,438
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,670		2,975,788
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		6,675		7,439,470
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024			16,106		16,085,504
DXP Enterprises, Inc.
Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023			5,245		5,258,238
Engineered Machinery Holdings, Inc.
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024			18,518		18,124,957
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024			4,040		4,034,825
EWT Holdings III Corp.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024			34,221		34,391,901
Filtration Group Corporation
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		4,183		4,717,764
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			55,895		56,090,909
Gardner Denver, Inc.
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024	EUR		3,152		3,550,731
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024			9,939		9,972,777
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		7,914		8,866,293
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024			35,422		35,532,746
Hayward Industries, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024			7,740		7,737,858
LTI Holdings, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			5,497		5,428,658
Milacron, LLC
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			24,075		23,894,749

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Minimax GmbH & Co. KG
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 31, 2025	EUR		3,507	$	3,961,269
Quimper AB
Term Loan, Maturing February 13, 2026(5)	EUR		1,068		1,204,454
Term Loan, Maturing February 13, 2026(5)	EUR		22,057		24,875,758
Rexnord, LLC
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 21, 2024			16,672		16,712,833
Robertshaw US Holding Corp.
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025			24,809		23,351,104
Shape Technologies Group, Inc.
Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing April 21, 2025			14,299		14,156,477
Tank Holding Corp.
Term Loan, 6.69%, (USD LIBOR + 4.00%), Maturing March 26, 2026(4)			6,100		6,152,613
Terex Corporation
Term Loan, 4.54%, (2 mo. USD LIBOR + 2.00%), Maturing January 31, 2024			8,902		8,859,876
Thermon Industries, Inc.
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024			3,603		3,616,323
Titan Acquisition Limited
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			38,723		37,343,047
Wittur GmbH
Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, 2022	EUR		13,925		15,752,152
				$	504,714,120
Insurance — 3.7%
Alliant Holdings I, Inc.
Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			23,336	$	22,975,874
AmWINS Group, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024			43,837		43,833,391
Asurion, LLC
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022			31,077		31,231,991
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			46,152		46,383,190
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,481		2,492,622

31 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Insurance (continued)
Asurion, LLC (continued)
Term Loan - Second Lien, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			28,200	$	28,816,875
Financiere CEP SAS
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025	EUR		5,375		6,036,139
FrontDoor, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing August 14, 2025			4,818		4,824,171
Hub International Limited
Term Loan, 5.34%, (USD LIBOR + 2.75%), Maturing April 25, 2025(4)			39,619		39,275,642
NFP Corp.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024			44,126		43,625,276
Sedgwick Claims Management Services, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025			16,808		16,784,243
USI, Inc.
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024			37,717		37,471,807
				$	323,751,221
Leisure Goods / Activities / Movies — 4.4%
AMC Entertainment Holdings, Inc.
Term Loan, Maturing April 22, 2026(5)			23,395	$	23,482,292
Amer Sports Oyj
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing February 26, 2026	EUR		43,975		49,353,212
Ancestry.com Operations, Inc.
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023			49,158		49,342,076
Bombardier Recreational Products, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025			33,790		33,606,678
CDS U.S. Intermediate Holdings, Inc.
Term Loan, 6.29%, (USD LIBOR + 3.75%), Maturing July 8, 2022(4)			8,525		8,281,687
ClubCorp Holdings, Inc.
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			21,566		21,005,109
Crown Finance US, Inc.
Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing February 28, 2025	EUR		11,088		12,394,111
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025			28,473		28,390,920

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Delta 2 (LUX) S.a.r.l.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024			46,796	$	46,211,087
Emerald Expositions Holding, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			14,095		14,006,824
Etraveli Holding AB
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 2, 2024	EUR		8,300		9,335,462
Kasima, LLC
Term Loan, 5.06%, (2 mo. USD LIBOR + 2.50%), Maturing May 17, 2021			55		55,216
Lindblad Expeditions, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025			1,183		1,190,694
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025			4,730		4,762,775
Live Nation Entertainment, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 1.75%), Maturing October 31, 2023			5,990		5,997,149
Sabre GLBL, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024			11,214		11,213,568
SeaWorld Parks & Entertainment, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024			21,348		21,352,069
SRAM, LLC
Term Loan, 5.33%, (2 mo. USD LIBOR + 2.75%), Maturing March 15, 2024			12,312		12,373,619
Steinway Musical Instruments, Inc.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025			9,207		9,086,158
Travel Leaders Group, LLC
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			14,629		14,766,601
UFC Holdings, LLC
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2023			10,043		10,084,608
Term Loan, Maturing April 30, 2026(5)			4,275		4,301,719
				$	390,593,634
Lodging and Casinos — 5.5%
Affinity Gaming, LLC
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2023			9,773	$	9,398,864
Aimbridge Acquisition Co., Inc.
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing February 2, 2026			3,425		3,446,321

32 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
Aristocrat Technologies, Inc.
Term Loan, 4.34%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			15,445	$	15,438,494
Azelis Finance S.A.
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing November 7, 2025	EUR		3,750		4,238,859
Boyd Gaming Corporation
Term Loan, 4.67%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			5,906		5,916,252
Churchill Downs Incorporated
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,456		3,462,730
CityCenter Holdings, LLC
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024			59,851		59,861,940
Eldorado Resorts, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing April 17, 2024			11,943		11,955,324
ESH Hospitality, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023			27,909		27,881,155
Four Seasons Hotels Limited
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023			7,191		7,197,885
Golden Nugget, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023			51,061		51,247,573
GVC Holdings PLC
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing March 29, 2024	EUR		16,875		18,972,359
Term Loan, 4.53%, (6 mo. GBP LIBOR + 3.50%), Maturing March 29, 2024	GBP		7,150		9,328,264
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing March 29, 2024			15,939		15,952,277
Hanjin International Corp.
Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020			5,225		5,192,344
Hilton Worldwide Finance, LLC
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023			27,300		27,431,054
Hospitality Investors Trust
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2020			4,750		4,750,000
Las Vegas Sands, LLC
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025			16,394		16,396,958

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
MGM Growth Properties Operating Partnership L.P.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025			32,230	$	32,258,557
Playa Resorts Holding B.V.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024			37,880		37,359,462
RHP Hotel Properties, L.P.
Term Loan, 4.61%, (3 mo. USD LIBOR + 2.00%), Maturing May 11, 2024			10,290		10,298,037
Richmond UK Bidco Limited
Term Loan, 4.98%, (1 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024	GBP		2,739		3,412,981
Stars Group Holdings B.V. (The)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		11,450		12,957,368
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			55,694		56,028,292
VICI Properties 1, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024			23,623		23,610,916
Wyndham Hotels & Resorts, Inc.
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025			8,731		8,732,688
				$	482,726,954
Nonferrous Metals / Minerals — 0.8%
CD&R Hydra Buyer, Inc.
Term Loan, 7.50%, (0.00% Cash, 7.50% PIK), Maturing August 15, 2021(3)(7)			364	$	300,541
Dynacast International, LLC
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022			12,586		12,569,719
Global Brass & Copper, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing May 29, 2025			10,847		10,866,942
Murray Energy Corporation
Term Loan, 9.88%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022			18,038		14,460,286
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28, 2020(6)			2,904		12,705
Oxbow Carbon, LLC
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing January 4, 2023			8,630		8,694,594
Term Loan - Second Lien, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024			9,535		9,606,347

33 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Nonferrous Metals / Minerals (continued)
Rain Carbon GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		14,875	$	16,016,456
				$	72,527,590
Oil and Gas — 2.0%
Ameriforge Group, Inc.
Term Loan, 9.60%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022			15,046	$	15,046,363
Apergy Corporation
Term Loan, 5.03%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			4,157		4,159,224
Centurion Pipeline Company, LLC
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,466		3,481,478
CITGO Petroleum Corporation
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 29, 2021			15,503		15,509,605
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing March 22, 2024			31,575		31,594,734
Delek US Holdings, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025			5,029		5,033,414
Fieldwood Energy, LLC
Term Loan, 7.73%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022			27,962		27,111,926
McDermott Technology Americas, Inc.
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025			19,310		19,158,032
MEG Energy Corp.
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023			5,947		5,924,343
Prairie ECI Acquiror L.P.
Term Loan, 7.37%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			11,000		11,137,500
PSC Industrial Holdings Corp.
Term Loan, 6.22%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024			11,446		11,374,255
Sheridan Investment Partners II L.P.
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020			354		260,129
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020			949		697,499
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020			6,822		5,014,110

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Sheridan Production Partners I, LLC
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019			779	$	603,349
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019			1,275		987,791
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019			9,619		7,454,567
Ultra Resources, Inc.
Term Loan, 6.24%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2024			13,300		11,349,329
				$	175,897,648
Publishing — 1.3%
Ascend Learning, LLC
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024			27,399	$	27,341,594
Getty Images, Inc.
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000		4,480,794
Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			13,616		13,598,855
Harland Clarke Holdings Corp.
Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023			17,154		15,125,896
LSC Communications, Inc.
Term Loan, 7.93%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2022			6,727		6,752,226
Multi Color Corporation
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2022			3,220		3,211,998
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2024			9,239		9,243,115
Nielsen Finance, LLC
Term Loan, 4.47%, (1 mo. USD LIBOR + 2.00%), Maturing October 4, 2023			15,288		15,254,916
ProQuest, LLC
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing October 24, 2021			20,178		20,202,900
Tweddle Group, Inc.
Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023			2,196		2,093,712
				$	117,306,006
Radio and Television — 2.4%
ALM Media Holdings, Inc.
Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020			5,537	$	5,263,879

34 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
AP NMT Acquisition B.V.
Term Loan, 8.35%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021		5,082	$	5,084,686
Cumulus Media New Holdings, Inc.
Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022		26,220		25,994,575
E.W. Scripps Company (The)
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 2, 2024		3,817		3,727,816
Term Loan, Maturing April 3, 2026(5)		3,775		3,784,437
Entercom Media Corp.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024		10,781		10,791,098
Entravision Communications Corporation
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		9,349		8,963,793
Gray Television, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024		2,202		2,201,505
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026		9,825		9,865,286
Hubbard Radio, LLC
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025		14,385		14,378,867
iHeartCommunications, Inc.
Term Loan, 0.00%, Maturing July 30, 2019(6)		2,571		1,905,801
Term Loan, 0.00%, Maturing January 30, 2020(6)		14,994		11,164,410
Mission Broadcasting, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		4,645		4,633,211
Nexstar Broadcasting, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		24,688		24,626,141
Sinclair Television Group, Inc.
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		17,228		17,249,887
Univision Communications, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024		60,958		58,776,957
			$	208,412,349
Retailers (Except Food and Drug) — 2.0%
Ascena Retail Group, Inc.
Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022		17,408	$	15,036,522

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) (continued)
Bass Pro Group, LLC
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		9,407	$	9,409,102
BJ’s Wholesale Club, Inc.
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024		25,956		26,110,428
CDW, LLC
Term Loan, 4.24%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023		12,663		12,697,237
Coinamatic Canada, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022		1,418		1,382,915
David’s Bridal, Inc.
Term Loan, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing July 17, 2023		2,239		2,283,490
Term Loan, 10.48%, (1 mo. USD LIBOR + 8.00%), Maturing January 18, 2024		8,507		7,443,426
Global Appliance, Inc.
Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024		4,185		4,187,895
Go Wireless, Inc.
Term Loan, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing December 22, 2024		2,918		2,874,395
Hoya Midco, LLC
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		13,327		13,251,972
J. Crew Group, Inc.
Term Loan, 5.53%, (USD LIBOR + 3.00%), Maturing March 5, 2021(3)(4)		22,684		17,530,568
LSF9 Atlantis Holdings, LLC
Term Loan, 8.47%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023		14,332		13,687,334
PetSmart, Inc.
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing March 11, 2022		38,203		36,932,574
PFS Holding Corporation
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021		11,348		3,914,990
Pier 1 Imports (U.S.), Inc.
Term Loan, 6.38%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021		6,056		2,694,730
Radio Systems Corporation
Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024		6,972		6,919,322
			$	176,356,900

35 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Steel — 1.6%
Atkore International, Inc.
Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		45,754	$	45,839,370
GrafTech Finance, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025		37,315		37,360,316
Neenah Foundry Company
Term Loan, 9.05%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022		7,564		7,488,109
Phoenix Services International, LLC
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025		14,011		14,042,970
Zekelman Industries, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021		38,104		38,146,719
			$	142,877,484
Surface Transport — 0.8%
1199169 B.C. Unlimited Liability Company
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		3,715	$	3,739,706
Agro Merchants NAI Holdings, LLC
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024		15,373		15,391,782
Avis Budget Car Rental, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing February 13, 2025		6,485		6,429,995
Hertz Corporation (The)
Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023		2,624		2,622,235
Kenan Advantage Group, Inc.
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022		3,386		3,340,842
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022		14,327		14,170,694
PODS, LLC
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024		4,825		4,829,507
Stena International S.a.r.l.
Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021		13,585		13,440,335
XPO Logistics, Inc.
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		2,789		2,780,855
			$	66,745,951

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Telecommunications — 6.3%
CenturyLink, Inc.
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025			90,692	$	90,266,726
Ciena Corporation
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing September 26, 2025			14,104		14,143,786
Colorado Buyer, Inc.
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 1, 2024			19,589		19,098,811
Digicel International Finance Limited
Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			19,824		17,817,046
eircom Finco S.a.r.l.
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing April 19, 2024	EUR		33,925		38,053,267
Term Loan, Maturing April 23, 2026(5)	EUR		7,075		7,945,243
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		25,162		27,939,143
Global Eagle Entertainment, Inc.
Term Loan, 10.35%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023			21,728		20,343,138
Intelsat Jackson Holdings S.A.
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 27, 2023			39,650		39,532,279
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024			19,500		19,704,750
IPC Corp.
Term Loan, 7.08%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021			8,930		7,411,901
Level 3 Financing, Inc.
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 22, 2024			47,300		47,398,526
Lumentum Holdings
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing December 10, 2025			5,985		6,014,925
Onvoy, LLC
Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024			18,044		15,788,583
Plantronics, Inc.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025			13,372		13,294,447
SBA Senior Finance II, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing April 11, 2025			14,528		14,461,843

36 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Sprint Communications, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024		66,710	$	64,875,049
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024		11,671		11,519,906
Syniverse Holdings, Inc.
Term Loan, 7.47%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023		12,380		11,795,540
Telesat Canada
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023		51,728		51,684,174
Zayo Group, LLC
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 19, 2024		12,400		12,416,467
			$	551,505,550
Utilities — 2.0%
Brookfield WEC Holdings, Inc.
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025		30,399	$	30,622,061
Calpine Construction Finance Company L.P.
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025		7,666		7,674,670
Calpine Corporation
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing May 31, 2023		2,990		2,997,987
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024		29,022		29,101,004
Dayton Power & Light Company (The)
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 24, 2022		3,983		3,993,271
Granite Acquisition, Inc.
Term Loan, 6.09%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021		25,069		25,169,257
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021		4,585		4,603,057
Lightstone Holdco, LLC
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		1,209		1,204,654
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		21,429		21,358,526
Longview Power, LLC
Term Loan, 8.59%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021		11,272		10,088,527
Talen Energy Supply, LLC
Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023		7,906		7,929,809
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024		9,976		10,000,132

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Utilities (continued)
USIC Holdings, Inc.
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing December 8, 2023			15,524	$	15,407,791
Vistra Operations Company, LLC
Term Loan, Maturing December 14, 2023(5)			2,500		2,510,155
				$	172,660,901
Total Senior Floating-Rate Loans (identified cost $10,693,876,393)				$	10,484,448,912
Corporate Bonds & Notes — 3.3%
Security		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.1%
TransDigm, Inc.
6.25%, 3/15/26(8)			5,800	$	6,053,750
				$	6,053,750
Automotive — 0.1%
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.
6.25%, 5/15/26(8)			4,975	$	5,205,343
Tenneco, Inc.
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(8)(9)	EUR		6,000		6,788,992
				$	11,994,335
Business Equipment and Services — 0.2%
Prime Security Services Borrower, LLC/Prime Finance, Inc.
5.25%, 4/15/24(8)			9,125	$	9,170,625
5.75%, 4/15/26(8)			9,125		9,250,469
				$	18,421,094
Cable and Satellite Television — 0.1%
Virgin Media Secured Finance PLC
5.50%, 1/15/25(8)			1,825	$	1,866,062
5.25%, 1/15/26(8)			9,000		9,188,640
Ziggo B.V.
5.50%, 1/15/27(8)			2,000		2,005,000
				$	13,059,702

37 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics — 0.2%
Hexion, Inc.
6.625%, 4/15/20(6)			22,200	$	17,704,500
PQ Corp.
6.75%, 11/15/22(8)			3,000		3,116,250
				$	20,820,750
Containers and Glass Products — 0.3%
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
5.75%, 10/15/20			19,746	$	19,829,488
6.097%, (3 mo. USD LIBOR + 3.50%), 7/15/21(8)(9)			8,075		8,125,469
5.125%, 7/15/23(8)			250		253,940
				$	28,208,897
Drugs — 0.6%
Bausch Health Companies, Inc.
6.50%, 3/15/22(8)			9,841	$	10,197,736
7.00%, 3/15/24(8)			12,794		13,513,663
5.50%, 11/1/25(8)			20,375		20,928,996
Par Pharmaceutical, Inc.
7.50%, 4/1/27(8)			7,500		7,798,500
				$	52,438,895
Entertainment — 0.1%
Vue International Bidco PLC
4.94%, (3 mo. EURIBOR + 5.25%), 7/15/20(8)(9)	EUR		2,875	$	3,223,853
7.875%, 7/15/20(8)	GBP		3,500		4,579,601
				$	7,803,454
Food Products — 0.0%(10)
Iceland Bondco PLC
5.071%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(8)(9)	GBP		1,741	$	2,272,830
				$	2,272,830
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The)
9.75%, 5/1/23(8)			8,600	$	6,636,620
				$	6,636,620
Health Care — 0.8%
Avantor, Inc.
6.00%, 10/1/24(8)			13,250	$	13,858,672

Security		Principal Amount* (000’s omitted)		Value
Health Care (continued)
CHS/Community Health Systems, Inc.
5.125%, 8/1/21			11,650	$	11,533,500
6.25%, 3/31/23			13,375		13,074,062
HCA, Inc.
5.25%, 4/15/25			1,250		1,340,514
RegionalCare Hospital Partners Holdings, Inc.
8.25%, 5/1/23(8)			14,825		15,774,727
Tenet Healthcare Corp.
6.00%, 10/1/20			12,500		12,968,750
4.375%, 10/1/21			1,225		1,244,906
				$	69,795,131
Leisure Goods / Activities / Movies — 0.1%
National CineMedia, LLC
6.00%, 4/15/22			4,200	$	4,252,500
				$	4,252,500
Oil and Gas — 0.1%
CITGO Petroleum Corp.
6.25%, 8/15/22(8)			7,700	$	7,709,625
				$	7,709,625
Radio and Television — 0.0%(10)
iHeartCommunications, Inc.
9.00%, 12/15/19(6)			1,709	$	1,273,205
Univision Communications, Inc.
5.125%, 2/15/25(8)			3,000		2,831,250
				$	4,104,455
Telecommunications — 0.3%
CommScope, Inc.
6.00%, 3/1/26(8)			12,075	$	12,814,594
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.
8.75%, 5/25/24(8)			7,250		7,270,445
Wind Tre SpA
2.75%, (3 mo. EURIBOR + 2.75%), 1/20/24(8)(9)	EUR		3,350		3,607,819
				$	23,692,858
Utilities — 0.2%
Calpine Corp.
6.00%, 1/15/22(8)			2,000	$	2,027,500
5.875%, 1/15/24(8)			5,000		5,112,500

38 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Utilities (continued)
Calpine Corp. (continued)
5.25%, 6/1/26(8)		7,675	$	7,713,375
			$	14,853,375
Total Corporate Bonds & Notes (identified cost $295,179,729)			$	292,118,271
Asset-Backed Securities — 3.1%
Security	Principal Amount (000’s omitted)		Value
Alinea CLO, Ltd.
Series2018-1A, Class D, 5.692%, (3 mo. USD LIBOR + 3.10%), 7/20/31(8)(9)	$	2,500	$	2,429,778
Series2018-1A, Class E, 8.592%, (3 mo. USD LIBOR + 6.00%), 7/20/31(8)(9)		3,000		2,883,785
ALM Loan Funding, Ltd.
Series2013-7RA, Class DR, 9.737%, (3 mo. USD LIBOR + 7.14%), 10/15/28(8)(9)		3,000		3,010,598
AMMC CLO, Ltd.
Series2014-15A, Class ERR, 9.507%, (3 mo. USD LIBOR + 6.91%), 1/15/32(8)(9)		5,000		4,938,247
AMMC CLO XII, Ltd.
Series2013-12A, Class ER, 8.877%, (3 mo. USD LIBOR + 6.18%), 11/10/30(8)(9)		3,525		3,412,475
Apidos CLO XX
Series2015-20A, Class DR, 8.301%, (3 mo. USD LIBOR + 5.70%), 7/16/31(8)(9)		2,375		2,251,384
Ares CLO, Ltd.
Series 2014-32RA, Class D, 8.534%, (3 mo. USD LIBOR + 5.85%), 5/15/30(8)(9)		1,000		945,616
Ares LII CLO, Ltd.
Series2019-52A, Class E, 9.159%, (3 mo. USD LIBOR + 6.55%), 4/22/31(8)(9)		1,250		1,232,727
Ares XL CLO, Ltd.
Series2016-40A, Class CR, 5.997%, (3 mo. USD LIBOR + 3.40%), 1/15/29(8)(9)		2,500		2,506,390
Series2016-40A, Class DR, 8.947%, (3 mo. USD LIBOR + 6.35%), 1/15/29(8)(9)		3,500		3,431,528
Ares XLIX CLO, Ltd.
Series2018-49A, Class D, 5.592%, (3 mo. USD LIBOR + 3.00%), 7/22/30(8)(9)		2,500		2,461,237
Series2018-49A, Class E, 8.292%, (3 mo. USD LIBOR + 5.70%), 7/22/30(8)(9)		3,500		3,306,530
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class C, 5.584%, (3 mo. USD LIBOR + 2.90%), 5/15/30(8)(9)		5,000		4,855,425

Security	Principal Amount (000’s omitted)		Value
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 8.297%, (3 mo. USD LIBOR + 5.70%), 7/15/30(8)(9)	$	4,000	$	3,780,024
Babson CLO, Ltd.
Series2015-IA, Class DR, 5.192%, (3 mo. USD LIBOR + 2.60%), 1/20/31(8)(9)		2,500		2,407,058
Series2016-1A, Class DR, 5.642%, (3 mo. USD LIBOR + 3.05%), 7/23/30(8)(9)		1,250		1,237,859
Series2016-1A, Class ER, 8.592%, (3 mo. USD LIBOR + 6.00%), 7/23/30(8)(9)		3,500		3,353,053
Series2018-1A, Class C, 5.197%, (3 mo. USD LIBOR + 2.60%), 4/15/31(8)(9)		3,500		3,378,270
Bain Capital Credit CLO
Series2018-1A, Class D, 5.292%, (3 mo. USD LIBOR + 2.70%), 4/23/31(8)(9)		5,000		4,851,440
Benefit Street Partners CLOV-B, Ltd.
Series2018-5BA, Class C, 5.522%, (3 mo. USD LIBOR + 2.93%), 4/20/31(8)(9)		5,000		4,837,730
Series2018-5BA, Class D, 8.542%, (3 mo. USD LIBOR + 5.95%), 4/20/31(8)(9)		3,500		3,332,955
Benefit Street Partners CLO VIII, Ltd.
Series2015-8A, Class DR, 8.192%, (3 mo. USD LIBOR + 5.60%), 1/20/31(8)(9)		5,401		5,044,852
Benefit Street Partners CLO XIV, Ltd.
Series2018-14A, Class D, 5.192%, (3 mo. USD LIBOR + 2.60%), 4/20/31(8)(9)		1,500		1,417,487
Benefit Street Partners CLO XVI, Ltd.
Series2018-16A, Class D, 6.513%, (3 mo. USD LIBOR + 3.70%), 1/17/32(8)(9)		2,000		1,977,192
Series2018-16A, Class E, 9.513%, (3 mo. USD LIBOR + 6.70%), 1/17/32(8)(9)		2,250		2,232,937
Betony CLO 2, Ltd.
Series2018-1A, Class C, 5.483%, (3 mo. USD LIBOR + 2.90%), 4/30/31(8)(9)		2,500		2,398,890
Series2018-1A, Class D, 8.233%, (3 mo. USD LIBOR + 5.65%), 4/30/31(8)(9)		4,550		4,262,097
BlueMountain CLO, Ltd.
Series2015-3A, Class CR, 5.192%, (3 mo. USD LIBOR + 2.60%), 4/20/31(8)(9)		5,000		4,755,930
Series2015-3A, Class DR, 7.992%, (3 mo. USD LIBOR + 5.40%), 4/20/31(8)(9)		3,000		2,787,803
Series2016-3A, Class DR, 5.784%, (3 mo. USD LIBOR + 3.10%), 11/15/30(8)(9)		1,500		1,490,033
Series2016-3A, Class ER, 8.634%, (3 mo. USD LIBOR + 5.95%), 11/15/30(8)(9)		1,500		1,425,270
Series2018-1A, Class D, 5.633%, (3 mo. USD LIBOR + 3.05%), 7/30/30(8)(9)		2,500		2,405,505
Series2018-1A, Class E, 8.533%, (3 mo. USD LIBOR + 5.95%), 7/30/30(8)(9)		2,000		1,909,089

39 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Canyon Capital CLO, Ltd.
Series2012-1RA, Class E, 8.297%, (3 mo. USD LIBOR + 5.70%), 7/15/30(8)(9)	$	4,875	$	4,529,246
Series2016-1A, Class DR, 5.397%, (3 mo. USD LIBOR + 2.80%), 7/15/31(8)(9)		3,000		2,883,594
Series2016-1A, Class ER, 8.347%, (3 mo. USD LIBOR + 5.75%), 7/15/31(8)(9)		4,000		3,710,760
Series2016-2A, Class ER, 8.787%, (3 mo. USD LIBOR + 6.00%), 10/15/31(8)(9)		4,500		4,195,306
Series2018-1A, Class D, 5.497%, (3 mo. USD LIBOR + 2.90%), 7/15/31(8)(9)		3,000		2,892,723
Series2018-1A, Class E, 8.347%, (3 mo. USD LIBOR + 5.75%), 7/15/31(8)(9)		2,750		2,565,321
Carlyle CLO, Ltd
Series C17A, Class CR, 5.383%, (3 mo. USD LIBOR + 2.80%), 4/30/31(8)(9)		5,000		4,857,605
Series C17A, Class DR, 8.583%, (3 mo. USD LIBOR + 6.00%), 4/30/31(8)(9)		3,500		3,328,309
Carlyle Global Market Strategies CLO, Ltd.
Series2012-3A, Class CR2, 6.097%, (3 mo. USD LIBOR + 3.50%), 1/14/32(8)(9)		2,500		2,501,930
Series2012-3A, Class DR2, 9.097%, (3 mo. USD LIBOR + 6.50%), 1/14/32(8)(9)		1,500		1,465,813
Series2014-3RA, Class C, 5.715%, (3 mo. USD LIBOR + 2.95%), 7/27/31(8)(9)		1,000		979,111
Series2014-3RA, Class D, 8.165%, (3 mo. USD LIBOR + 5.40%), 7/27/31(8)(9)		2,150		1,994,349
Series2014-4RA, Class C, 5.497%, (3 mo. USD LIBOR + 2.90%), 7/15/30(8)(9)		2,000		1,899,984
Series2014-4RA, Class D, 8.247%, (3 mo. USD LIBOR + 5.65%), 7/15/30(8)(9)		3,500		3,304,031
Cole Park CLO, Ltd.
Series2015-1A, Class ER, 9.192%, (3 mo. USD LIBOR + 6.60%), 10/20/28(8)(9)		2,000		1,989,545
Dryden CLO, Ltd.
Series2018-55A, Class D, 5.447%, (3 mo. USD LIBOR + 2.85%), 4/15/31(8)(9)		1,500		1,458,441
Series2018-55A, Class E, 7.997%, (3 mo. USD LIBOR + 5.40%), 4/15/31(8)(9)		2,000		1,866,585
Dryden Senior Loan Fund
Series2015-40A, Class DR, 5.784%, (3 mo. USD LIBOR + 3.10%), 8/15/31(8)(9)		3,000		2,949,774
Series2015-40A, Class ER, 8.434%, (3 mo. USD LIBOR + 5.75%), 8/15/31(8)(9)		2,350		2,227,370
Series2015-41A, Class DR, 5.197%, (3 mo. USD LIBOR + 2.60%), 4/15/31(8)(9)		5,000		4,756,440
Series2015-41A, Class ER, 7.897%, (3 mo. USD LIBOR + 5.30%), 4/15/31(8)(9)		1,268		1,173,616
Series2016-42A, Class DR, 5.527%, (3 mo. USD LIBOR + 2.93%), 7/15/30(8)(9)		2,500		2,454,172

Security	Principal Amount (000’s omitted)		Value
Dryden Senior Loan Fund (continued)
Series2016-42A, Class ER, 8.147%, (3 mo. USD LIBOR + 5.55%), 7/15/30(8)(9)	$	3,500	$	3,283,601
Galaxy XV CLO, Ltd.
Series2013-15A, Class ER, 9.242%, (3 mo. USD LIBOR + 6.65%), 10/15/30(8)(9)		4,500		4,361,897
Galaxy XXV CLO, Ltd.
Series2015-19A, Class D1R, 9.111%, (3 mo. USD LIBOR + 6.53%), 7/24/30(8)(9)		2,000		1,926,090
Series2018-25A, Class D, 5.68%, (3 mo. USD LIBOR + 3.10%), 10/25/31(8)(9)		2,500		2,474,392
Series2018-25A, Class E, 8.53%, (3 mo. USD LIBOR + 5.95%), 10/25/31(8)(9)		3,500		3,331,438
Golub Capital Partners CLO, Ltd.
Series2018-37A, Class D, 5.892%, (3 mo. USD LIBOR + 3.30%), 7/20/30(8)(9)		4,000		3,900,700
Series2018-37A, Class E, 8.342%, (3 mo. USD LIBOR + 5.75%), 7/20/30(8)(9)		4,750		4,421,337
ICG US CLO, Ltd.
Series2018-2A, Class D, 5.692%, (3 mo. USD LIBOR + 3.10%), 7/22/31(8)(9)		2,000		1,942,052
Series2018-2A, Class E, 8.342%, (3 mo. USD LIBOR + 5.75%), 7/22/31(8)(9)		3,000		2,779,733
Neuberger Berman CLO XVIII, Ltd.
Series2014-18A, Class DR2, 8.512%, (3 mo. USD LIBOR + 5.92%), 10/21/30(8)(9)		2,000		1,903,557
Neuberger Berman CLO XXII, Ltd.
Series2016-22A, Class DR, 5.688%, (3 mo. USD LIBOR + 3.10%), 10/17/30(8)(9)		2,500		2,426,113
Series2016-22A, Class ER, 8.648%, (3 mo. USD LIBOR + 6.06%), 10/17/30(8)(9)		3,000		2,863,247
Neuberger Berman Loan Advisers CLO, Ltd.
Series2018-28A, Class E, 8.192%, (3 mo. USD LIBOR + 5.60%), 4/20/30(8)(9)		1,950		1,837,609
OHA Credit Partners VII, Ltd.
Series2012-7A, Class ER, 10.144%, (3 mo. USD LIBOR + 7.50%), 11/20/27(8)(9)		3,000		3,000,810
Palmer Square CLO, Ltd.
Series2013-2A, Class CRR, 5.788%, (3 mo. USD LIBOR + 3.20%), 10/17/31(8)(9)		2,500		2,444,750
Series2013-2A, Class DRR, 8.438%, (3 mo. USD LIBOR + 5.85%), 10/17/31(8)(9)		3,250		3,110,055
Series2015-1A, Class DR, 8.841%, (3 mo. USD LIBOR + 6.20%), 5/21/29(8)(9)		1,850		1,834,490
Series2018-1A, Class C, 5.28%, (3 mo. USD LIBOR + 2.50%), 4/18/31(8)(9)		3,000		2,835,549
Series2018-1A, Class D, 7.93%, (3 mo. USD LIBOR + 5.15%), 4/18/31(8)(9)		2,000		1,839,886
Series2018-2A, Class D, 8.201%, (3 mo. USD LIBOR + 5.60%), 7/16/31(8)(9)		2,000		1,864,635

40 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Regatta XIII Funding, Ltd.
Series2018-2A, Class C, 5.697%, (3 mo. USD LIBOR + 3.10%), 7/15/31(8)(9)	$	2,500	$	2,450,397
Series2018-2A, Class D, 8.547%, (3 mo. USD LIBOR + 5.95%), 7/15/31(8)(9)		5,000		4,690,142
Regatta XIV Funding, Ltd.
Series2018-3A, Class D, 5.971%, (3 mo. USD LIBOR + 3.20%), 10/25/31(8)(9)		2,500		2,449,328
Series2018-3A, Class E, 8.721%, (3 mo. USD LIBOR + 5.95%), 10/25/31(8)(9)		4,500		4,293,995
Regatta XV Funding, Ltd.
Series2018-4A, Class D, 9.08%, (3 mo. USD LIBOR + 6.50%), 10/25/31(8)(9)		3,875		3,811,222
Upland CLO, Ltd.
Series2016-1A, Class CR, 5.492%, (3 mo. USD LIBOR + 2.90%), 4/20/31(8)(9)		4,500		4,315,576
Series2016-1A, Class DR, 8.492%, (3 mo. USD LIBOR + 5.90%), 4/20/31(8)(9)		4,625		4,389,328
Vibrant CLO 1X, Ltd.
Series2018-9A, Class C, 5.792%, (3 mo. USD LIBOR + 3.20%), 7/20/31(8)(9)		2,500		2,419,443
Series2018-9A, Class D, 8.842%, (3 mo. USD LIBOR + 6.25%), 7/20/31(8)(9)		3,500		3,333,113
Vibrant CLO X, Ltd.
Series2018-10A, Class C, 5.842%, (3 mo. USD LIBOR + 3.25%), 10/20/31(8)(9)		5,000		4,872,640
Series2018-10A, Class D, 8.782%, (3 mo. USD LIBOR + 6.19%), 10/20/31(8)(9)		5,000		4,727,265
Voya CLO, Ltd.
Series2014-1A, Class DR2, 8.601%, (3 mo. USD LIBOR + 6.00%), 4/18/31(8)(9)		3,250		3,107,613
Series2015-3A, Class CR, 5.742%, (3 mo. USD LIBOR + 3.15%), 10/20/31(8)(9)		2,500		2,435,755
Series2015-3A, Class DR, 8.792%, (3 mo. USD LIBOR + 6.20%), 10/20/31(8)(9)		5,500		5,258,319
Series2016-3A, Class CR, 5.851%, (3 mo. USD LIBOR + 3.25%), 10/18/31(8)(9)		2,000		1,962,850
Series2016-3A, Class DR, 8.681%, (3 mo. USD LIBOR + 6.08%), 10/18/31(8)(9)		3,375		3,226,224
Series2018-1A, Class C, 5.192%, (3 mo. USD LIBOR + 2.60%), 4/19/31(8)(9)		5,000		4,767,165
Webster Park CLO, Ltd.
Series2015-1A, Class CR, 5.492%, (3 mo. USD LIBOR + 2.90%), 7/20/30(8)(9)		2,000		1,953,140
Series2015-1A, Class DR, 8.092%, (3 mo. USD LIBOR + 5.50%), 7/20/30(8)(9)		2,500		2,336,823
Total Asset-Backed Securities (identified cost $288,766,300)			$	278,117,498

Common Stocks — 0.7%
Security	Shares		Value
Aerospace and Defense — 0.0%(10)
IAP Global Services, LLC(3)(11)(12)		168	$	2,123,664
			$	2,123,664
Automotive — 0.0%(10)
Dayco Products, LLC(11)(12)		48,926	$	1,804,146
			$	1,804,146
Electronics / Electrical — 0.0%(10)
Answers Corp.(3)(11)(12)		642,963	$	1,266,637
			$	1,266,637
Health Care — 0.0%(10)
New Millennium Holdco, Inc.(11)(12)		319,499	$	25,560
			$	25,560
Nonferrous Metals / Minerals — 0.0%
ASP United/GHX Holding, LLC(3)(11)(12)		190,419	$	0
			$	0
Oil and Gas — 0.4%
AFG Holdings, Inc.(3)(11)(12)		281,241	$	20,643,089
Fieldwood Energy, Inc.(11)(12)		109,481		3,831,835
Samson Resources II, LLC, Class A(11)(12)		387,972		9,214,335
Southcross Holdings Group, LLC(3)(11)(12)		573		0
Southcross Holdings L.P., Class A(11)(12)		573		322,313
			$	34,011,572
Publishing — 0.2%
ION Media Networks, Inc.(3)(12)		13,247	$	10,561,303
Tweddle Group, Inc.(3)(11)(12)		18,167		727,952
			$	11,289,255
Radio and Television — 0.1%
Cumulus Media, Inc., Class A(11)(12)		371,654	$	6,734,371
			$	6,734,371
Retailers (Except Food and Drug) — 0.0%(10)
David’s Bridal, Inc.(11)(12)		163,937	$	1,024,606
			$	1,024,606
Total Common Stocks (identified cost $32,945,907)			$	58,279,811

41 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Miscellaneous — 0.0%(10)
Borrower/Tranche Description	Shares		Value
Oil and Gas — 0.0%(10)
Paragon Offshore Finance Company, Class A(11)(12)		16,581	$	15,544
Paragon Offshore Finance Company, Class B(11)(12)		8,290		305,694
Total Miscellaneous (identified cost $180,309)			$	321,238
Short-Term Investments — 2.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.54%(13)		246,999,170	$	246,999,170
Total Short-Term Investments (identified cost $246,995,299)			$	246,999,170
Total Investments — 128.8% (identified cost $11,557,943,937)			$	11,360,284,900
Less Unfunded Loan Commitments — (0.1)%			$	(5,677,965	)
Net Investments — 128.7% (identified cost $11,552,265,972)			$	11,354,606,935
Other Assets, Less Liabilities — (28.7)%			$	(2,534,652,684	)
Net Assets — 100.0%			$	8,819,954,251

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual

remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

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

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽⁴⁾  The stated interest rate represents the weighted average interest rate at April 30, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽⁵⁾  This Senior Loan will settle after April 30, 2019, at which time the interest rate will be determined.

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

⁽⁷⁾  Fixed-rate loan.

⁽⁸⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2019, the aggregate value of these securities is $487,014,344 or 5.5% of the Portfolio’s net assets.

⁽⁹⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2019.

⁽¹⁰⁾  Amount is less than 0.05%.

⁽¹¹⁾  Non-income producing security.

⁽¹²⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of April 30, 2019.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	8,578,029	CAD	11,255,789	HSBC Bank USA, N.A.		5/31/19	$	170,017	$	—
USD	5,170,789	EUR	4,542,594	State Street Bank and Trust Company		5/31/19		63,460		—
USD	209,540,291	EUR	182,537,516	State Street Bank and Trust Company		5/31/19		4,309,703		—
GBP	6,000,000	USD	7,852,400	State Street Bank and Trust Company		6/28/19		—		(4,684	)
USD	49,057,522	EUR	43,535,250	HSBC Bank USA, N.A.		6/28/19		—		(9,657	)
USD	211,567,626	EUR	186,658,102	HSBC Bank USA, N.A.		6/28/19		1,191,284		—
USD	2,275,776	EUR	2,002,500	JPMorgan Chase Bank, N.A.		6/28/19		18,823		—

42 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	185,054,827	EUR	164,638,793	Goldman Sachs International		7/31/19	$	—	$	(1,019,650	)
USD	79,793,777	GBP	61,466,828	State Street Bank and Trust Company		7/31/19		—		(732,255	)
							$	5,753,287	$	(1,766,246	)

Abbreviations:

CIDOR	–	Canada Three Month Interbank Rate
DIP	–	Debtor In Possession
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind
Currency Abbreviations:
CAD	–	Canadian Dollar
EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

43 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2019
Unaffiliated investments, at value (identified cost, $11,305,270,673)	$	11,107,607,765
Affiliated investment, at value (identified cost, $246,995,299)		246,999,170
Cash		42,556,833
Deposits for derivatives collateral — forward foreign currency exchange contracts		5,085,000
Foreign currency, at value (identified cost, $467,822)		467,243
Interest receivable		29,096,821
Dividends receivable from affiliated investment		276,769
Receivable for investments sold		16,172,829
Receivable for open forward foreign currency exchange contracts		5,753,287
Prepaid upfront fees on notes payable		2,659,200
Prepaid expenses		755,786
Total assets	$	11,457,430,703
Liabilities
Notes payable	$	2,375,000,000
Cash collateral due to brokers		5,085,000
Payable for investments purchased		245,510,087
Payable for open forward foreign currency exchange contracts		1,766,246
Payable to affiliates:
Investment adviser fee		3,738,649
Trustees’ fees		9,042
Accrued expenses		6,367,428
Total liabilities	$	2,637,476,452
Commitments and contingencies (see Note 10)
Net Assets applicable to investors’ interest in Portfolio	$	8,819,954,251

44 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2019
Interest and other income	$	323,784,067
Dividends		2,264,042
Dividends from affiliated investment		2,165,646
Total investment income	$	328,213,755
Expenses
Investment adviser fee	$	23,440,809
Trustees’ fees and expenses		54,833
Custodian fee		1,318,040
Legal and accounting services		366,554
Interest expense and fees		38,889,620
Miscellaneous		187,406
Total expenses	$	64,257,262
Net investment income	$	263,956,493
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(61,476,771	)
Investment transactions — affiliated investment		3,970
Foreign currency transactions		2,510,512
Forward foreign currency exchange contracts		31,220,670
Net realized loss	$	(27,741,619	)
Change in unrealized appreciation (depreciation) —
Investments	$	(88,056,631	)
Investments — affiliated investment		11,360
Foreign currency		(1,313,050	)
Forward foreign currency exchange contracts		(16,405,641	)
Net change in unrealized appreciation (depreciation)	$	(105,763,962	)
Net realized and unrealized loss	$	(133,505,581	)
Net increase in net assets from operations	$	130,450,912

45 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
From operations —
Net investment income	$	263,956,493		$	446,751,304
Net realized gain (loss)		(27,741,619	)		100,903,348
Net change in unrealized appreciation (depreciation)		(105,763,962	)		(76,556,814	)
Net increase in net assets from operations	$	130,450,912		$	471,097,838
Capital transactions —
Contributions	$	138,488,620		$	3,119,956,645
Withdrawals		(2,418,144,579	)		(419,451,962	)
Net increase (decrease) in net assets from capital transactions	$	(2,279,655,959	)	$	2,700,504,683
Net increase (decrease) in net assets	$	(2,149,205,047	)	$	3,171,602,521
Net Assets
At beginning of period	$	10,969,159,298		$	7,797,556,777
At end of period	$	8,819,954,251		$	10,969,159,298

46 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Statement of Cash Flows (Unaudited)

Cash Flows From Operating Activities	Six Months Ended April 30, 2019
Net increase in net assets from operations	$	130,450,912
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased		(1,328,123,612	)
Investments sold and principal repayments		2,490,898,066
Increase in short-term investments, net		(96,599,240	)
Net amortization/accretion of premium (discount)		(1,105,317	)
Amortization of prepaid upfront fees on notes payable		1,478,673
Decrease in interest receivable		3,043,571
Increase in dividends receivable from affiliated investment		(75,336	)
Decrease in receivable for open forward foreign currency exchange contracts		14,640,736
Increase in prepaid expenses		(168,787	)
Decrease in payable for cash collateral due to brokers		(10,535,056	)
Increase in payable for open forward foreign currency exchange contracts		1,764,905
Decrease in payable to affiliate for investment adviser fee		(483,368	)
Increase in payable to affiliate for Trustees’ fees		584
Increase in accrued expenses		1,491,030
Decrease in unfunded loan commitments		(1,446,084	)
Net change in unrealized (appreciation) depreciation from investments		88,045,271
Net realized loss from investments		61,472,801
Net cash provided by operating activities	$	1,354,749,749
Cash Flows From Financing Activities
Proceeds from capital contributions	$	138,488,620
Payments for capital withdrawals		(2,418,144,579	)
Proceeds from notes payable		1,700,000,000
Repayments of notes payable		(825,000,000	)
Payment of prepaid upfront fees on notes payable		(3,195,420	)
Net cash used in financing activities	$	(1,407,851,379	)
Net decrease in cash and restricted cash*	$	(53,101,630	)
Cash and restricted cash at beginning of period(1)	$	101,210,706
Cash and restricted cash at end of period(1)	$	48,109,076
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$	39,655,497

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $10,456.

⁽¹⁾  Balance includes foreign currency, at value.

47 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Statement of Cash Flows (Unaudited) — continued

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

	April 30, 2019		October 31, 2018
Cash	$	42,556,833	$	46,421,133
Deposit for derivatives collateral – forward foreign currency exchange contracts		5,085,000		15,620,056
Foreign currency		467,243		39,169,517
Total cash and restricted cash as shown on the Statement of Cash Flows	$	48,109,076	$	101,210,706

48 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Financial Highlights

	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2018			2017			2016			2015			2014
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(1)		0.54	%(2)		0.51	%		0.52	%		0.58	%		0.58	%		0.55	%
Interest and fee expense		0.83	%(2)		0.47	%		0.34	%		0.44	%		0.34	%		0.27	%
Total expenses(1)		1.37	%(2)		0.98	%		0.86	%		1.02	%		0.92	%		0.82	%
Net investment income		5.64	%(2)		4.92	%		4.68	%		5.52	%		5.09	%		4.80	%
Portfolio Turnover		8	%(3)		29	%		39	%		38	%		27	%		38	%
Total Return		1.91	%(3)		5.41	%		6.43	%		8.32	%		0.72	%		2.84	%
Net assets, end of period (000’s omitted)	$	8,819,954		$	10,969,159		$	7,797,557		$	5,325,638		$	5,340,032		$	6,497,751

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

49 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Senior Debt Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2019, Eaton Vance Floating-Rate Advantage Fund, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance Short Duration Inflation-Protected Income Fund held an interest of 97.6%, 1.6% and 0.8%, respectively, in the Portfolio.

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

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

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

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 Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio 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,

50

Senior Debt Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

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

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

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

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain credit agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2019, the Portfolio 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 Portfolio’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 Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and theBy-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, theBy-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio 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  New Accounting Pronouncement — During the six months ended April 30, 2019, the Portfolio adopted the FASB’s Accounting Standards UpdateNo. 2016-18, “Statement of Cash Flows (Topic 230) – Restricted Cash” (ASU2016-18), which became effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Pursuant to the new standard, the Portfolio is required to include amounts described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling thebeginning-of-year andend-of-year total amounts shown on the Statement of Cash Flows. Prior to the change, such amounts were disclosed separately within the Statement of Cash Flows. This change in accounting had no impact on the Portfolio’s net assets.

51

Senior Debt Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

K  Interim Financial Statements — The interim financial statements relating to April 30, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.50% of the Portfolio’s average daily gross assets up to and including $1 billion, 0.45% over $1 billion up to and including $2 billion, 0.40% over $2 billion up to and including $7 billion, 0.3875% over $7 billion up to and including $10 billion, 0.375% over $10 billion up to and including $15 billion and 0.3625% on gross assets over $15 billion, and is payable monthly. Gross assets of the Portfolio are calculated by deducting all liabilities of the Portfolio except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Portfolio. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2019, the Portfolio’s investment adviser fee totaled $23,440,809 or 0.50% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  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 $952,161,825 and $2,490,536,867, respectively, for the six months ended April 30, 2019.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	11,553,960,415
Gross unrealized appreciation	$	65,223,274
Gross unrealized depreciation		(260,589,713	)
Net unrealized depreciation	$	(195,366,439	)

5  Financial Instruments

The Portfolio may trade in financial instruments withoff-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 Portfolio 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 April 30, 2019 is included in the Portfolio of Investments. At April 30, 2019, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio 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 Portfolio enters into forward foreign currency exchange contracts.

The Portfolio 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 Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $1,766,246. At April 30, 2019, there were no assets pledged by the Portfolio for such liability.

52

Senior Debt Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

Theover-the-counter (OTC) derivatives in which the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio 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 Portfolio and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at April 30, 2019.

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 April 30, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(2)
Forward foreign currency exchange contracts	$	5,753,287	$	(1,766,246	)

⁽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 Portfolio’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 Portfolio’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 Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2019.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
HSBC Bank USA, N.A.	$	1,361,301	$	(9,657	)	$	(1,351,644	)	$	—	$	—
JPMorgan Chase Bank, N.A.		18,823		—			—			—		18,823
State Street Bank and Trust Company		4,373,163		(736,939	)		(3,636,224	)		—		—
	$	5,753,287	$	(746,596	)	$	(4,987,868	)	$	—	$	18,823

53

Senior Debt Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Goldman Sachs International	$	(1,019,650	)	$	—	$	—	$	—	$	(1,019,650	)
HSBC Bank USA, N.A.		(9,657	)		9,657		—		—		—
State Street Bank and Trust Company		(736,939	)		736,939		—		—		—
	$	(1,766,246	)	$	746,596	$	—	$	—	$	(1,019,650	)

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

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

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2019 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Forward foreign currency exchange contracts	$	31,220,670	$	(16,405,641	)

⁽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 six months ended April 30, 2019, which is indicative of the volume of this derivative type, was approximately $858,968,000.

6  Revolving Credit and Security Agreement

The Portfolio has entered into a Revolving Credit and Security Agreement, as amended (the Loan Facility) with certain Citibank, N.A. (“Citi”) sponsored conduits (the “Conduit Lenders”) that issue commercial paper, certain banks (the “Direct Lenders”) and Citi as secondary lender (together with any other secondary lenders, the “Secondary Lenders”) and as agent (the “Agent”) for the Conduit Lenders, the Direct Lenders and the Secondary Lenders that allows it to borrow up to $3.084 billion ($3.25 billion from December 21, 2018 to March 11, 2019, $3.084 billion from December 19, 2018 to December 21, 2018, and $2.75 billion prior to December 19, 2018) and to invest the borrowings in accordance with its investment practices. Borrowings under the Loan Facility are secured by the assets of the Portfolio and is in effect through March 9, 2020. In connection with borrowings from a Conduit Lender, the Portfolio pays to the Conduit Lender an amount equal to the Conduit Lender’s cost of borrowing (i.e., the interest payable on commercial paper issued by such Conduit Lender) plus a dealer commission (collectively, the “CP Rate”) multiplied by the principal amount of the advance to the Portfolio under the Loan Facility. In addition, the Portfolio pays a drawn fee to Citi on behalf of the Conduit Lenders equal to 0.85% (0.82% prior to March 11, 2019) per annum on its outstanding borrowings, a liquidity fee payable to the Secondary Lenders equal to 0.15% or 0.25% per annum of the undrawn amount under the Loan Facility depending on the amount borrowed by the Portfolio thereunder, and an upfront fee equal to 0.10% of the total commitment amount under the Loan Facility. The Portfolio pays substantially similar fees with respect to borrowings from the Direct Lenders, but it pays one-month LIBOR (or such other duration as approved by the Agent) on advances rather than the CP Rate. In the event that the Conduit Lenders are unable to fund their commitment and the Secondary Lenders provide backstop liquidity, the Portfolio is charged an interest rate similar to that paid to the Direct Lenders but a drawn fee that is substantially higher than the drawn fee paid to the Direct Lenders. Drawn and liquidity fees for the six months ended April 30, 2019 totaled $9,781,085 and are included in interest expense on the Statement of Operations. In connection with the changes in borrowing limit in December 2018, the Portfolio paid upfront fees of $111,420, which are fully amortized. In connection with the renewal of the Loan Facility on March 11, 2019, the Portfolio paid upfront fees of $3,084,000, which are being amortized to interest expense through March 9, 2020. The unamortized balance at April 30, 2019 is approximately $2,659,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. At April 30, 2019, the Portfolio had borrowings outstanding under the Loan Facility of $2,375,000,000 at an interest rate of 2.51%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at April 30, 2019 approximated its fair value. If measured at fair value, borrowings under the Loan Facility would have been considered as Level 2 in the fair value hierarchy (see Note 9) at April 30, 2019. For the six months ended April 30, 2019, the average borrowings under the Loan Facility and the average annual interest rate (excluding fees) were $2,183,977,901 and 2.54%, respectively.

54

Senior Debt Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

7  Risks Associated with Foreign Investments

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

8  Credit Risk

The Portfolio 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 highernon-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.

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

Asset Description	Level 1		Level 2			Level 3*		Total
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	10,457,759,932		$	21,011,015	$	10,478,770,947
Corporate Bonds & Notes		—		292,118,271			—		292,118,271
Asset-Backed Securities		—		278,117,498			—		278,117,498
Common Stocks		6,734,371		16,222,795			35,322,645		58,279,811
Miscellaneous		—		321,238			—		321,238
Short-Term Investments		—		246,999,170			—		246,999,170
Total Investments	$	6,734,371	$	11,291,538,904		$	56,333,660	$	11,354,606,935
Forward Foreign Currency Exchange Contracts	$	—	$	5,753,287		$	—	$	5,753,287
Total	$	6,734,371	$	11,297,292,191		$	56,333,660	$	11,360,360,222
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(1,766,246	)	$	—	$	(1,766,246	)
Total	$	—	$	(1,766,246	)	$	—	$	(1,766,246	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

55

Senior Debt Portfolio

April 30, 2019

Notes to Financial Statements (Unaudited) — continued

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 six months ended April 30, 2019 is not presented.

10  Legal Proceedings

In May 2015, the Portfolio was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Portfolio is approximately $6,405,000 (equal to 0.07% of net assets at April 30, 2019). In April 2019, the parties to the litigation reached a settlement agreement in principle, subject to Court approval. The Portfolio does not anticipate that it will suffer any loss to the Portfolio’s net asset value as a result of the settlement. The attorneys’ fees and costs related to these actions are expensed by the Portfolio as incurred.

56

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect fromyear-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

• Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;

57

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and othernon-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the adviser or administrator to each of the funds; and

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory andsub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory andsub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory andsub-advisory agreement. In evaluating each investment advisory andsub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Senior Debt Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Floating-Rate Advantage Fund (the “Fund”) invests, and Boston Management and Research (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 Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes in 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. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Portfolio, 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 Portfolio, 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 Portfolio, 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 Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

58

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2019

Board of Trustees’ Contract Approval — continued

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for theone-, three-, five- andten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its 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 Portfolio and 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 theone-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

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 advisoryand related services are reasonable.

Profitability and“Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirectfall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

59

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2019

Officers and Trustees

Officers of Eaton Vance Floating-Rate Advantage Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Senior Debt Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Floating-Rate Advantage Fund and Senior Debt Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

⁽¹⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

60

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

61

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Investment Adviser of Senior Debt Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7763    4.30.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Senior Debt Portfolio

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 24, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2019