Senior Debt Portfolio N-CSR Certified 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

October 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments

Senior Floating-Rate Loans — 114.6%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.7%
Dynasty Acquisition Co., Inc.
Term Loan, 6.10%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			6,910	$	6,929,707
IAP Worldwide Services, Inc.
Revolving Loan, 1.44%, Maturing July 19, 2021(2)			944		901,666
Term Loan - Second Lien, 8.60%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2020(3)			1,237		978,431
TransDigm, Inc.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023			55,842		55,650,284
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024			30,868		30,677,558
Wesco Aircraft Hardware Corp.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020			12,407		12,406,507
WP CPP Holdings, LLC
Term Loan, 5.68%, (USD LIBOR + 3.75%), Maturing April 30, 2025(4)			20,004		19,703,679
				$	127,247,832
Automotive — 2.7%
Adient US, LLC
Term Loan, 6.78%, (3 mo. USD LIBOR + 4.25%), Maturing May 6, 2024			3,017	$	2,954,575
American Axle and Manufacturing, Inc.
Term Loan, 4.10%, (USD LIBOR + 2.25%), Maturing April 6, 2024(4)			24,330		23,265,997
Autokiniton US Holdings, Inc.
Term Loan, 8.16%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,801		9,408,900
Bright Bidco B.V.
Term Loan, 5.50%, (USD LIBOR + 3.50%), Maturing June 30, 2024(4)			20,386		10,388,119
Chassix, Inc.
Term Loan, 7.88%, (USD LIBOR + 5.50%), Maturing November 15, 2023(4)			7,172		6,723,984
CS Intermediate Holdco 2, LLC
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing November 2, 2023			4,001		3,826,791
Dayco Products, LLC
Term Loan, 6.37%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			11,822		10,462,798
Garrett LX III S.a.r.l.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025	EUR		6,050		6,702,577
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 3.97%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			11,325		11,145,691

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Automotive (continued)
IAA, Inc.
Term Loan, 4.06%, (1 mo. USD LIBOR + 2.25%), Maturing August 28, 2026			7,338	$	7,379,439
Panther BF Aggregator 2 L.P.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			35,675		35,228,634
Tenneco, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			40,817		37,347,155
Thor Industries, Inc.
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			10,751		10,502,693
TI Group Automotive Systems, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022	EUR		6,672		7,413,375
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022			14,643		14,549,304
Visteon Corporation
Term Loan, 3.60%, (USD LIBOR + 1.75%), Maturing March 25, 2024(4)			2,500		2,490,625
				$	199,790,657
Beverage and Tobacco — 0.2%
Arterra Wines Canada, Inc.
Term Loan, 4.91%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			4,779	$	4,751,712
Flavors Holdings, Inc.
Term Loan, 7.85%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020			11,387		10,248,239
Term Loan - Second Lien, 12.10%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021			2,000		1,550,000
				$	16,549,951
Brokerage / Securities Dealers / Investment Houses — 0.1%
Blackstone Mortgage Trust, Inc.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing April 23, 2026			2,863	$	2,877,127
OZ Management L.P.
Term Loan, 6.69%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023			1,465		1,466,831
Resolute Investment Managers, Inc.
Term Loan - Second Lien, 9.43%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023			3,800		3,809,500
				$	8,153,458

21 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Building and Development — 3.2%
American Builders & Contractors Supply Co., Inc.
Term Loan, Maturing January 15, 2027(5)		25,775	$	25,777,681
APi Group DE, Inc.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026		16,300		16,384,890
Brookfield Property REIT, Inc.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025		11,271		11,111,654
Core & Main L.P.
Term Loan, 4.81%, (USD LIBOR + 2.75%), Maturing August 1, 2024(4)		21,431		21,002,466
CPG International, Inc.
Term Loan, 5.93%, (12 mo. USD LIBOR + 3.75%), Maturing May 5, 2024		15,064		14,880,541
DTZ U.S. Borrower, LLC
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025		55,208		55,440,841
Henry Company, LLC
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023		7,609		7,602,023
NCI Building Systems, Inc.
Term Loan, 5.66%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2025		10,347		10,032,666
Quikrete Holdings, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023		21,771		21,706,575
RE/MAX International, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023		16,287		16,266,644
Realogy Group, LLC
Term Loan, 4.07%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025		8,106		7,768,469
Summit Materials Companies I, LLC
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024		2,039		2,045,665
Werner FinCo L.P.
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing July 24, 2024		13,404		12,833,927
WireCo WorldGroup, Inc.
Term Loan, 6.79%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023		4,738		4,607,843
Term Loan - Second Lien, 10.79%, (1 mo. USD LIBOR + 9.00%), Maturing September 30, 2024		8,525		8,226,625
			$	235,688,510

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services — 9.9%
Acosta Holdco, Inc.
Term Loan, 7.00%, (USD Prime + 2.25%), Maturing September 26, 2021			10,542	$	3,226,471
Adtalem Global Education, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			6,246		6,255,694
AlixPartners, LLP
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		9,378		10,504,900
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024			26,989		27,011,076
Allied Universal Holdco, LLC
Term Loan, 4.25%, Maturing July 10, 2026(2)			1,628		1,619,473
Term Loan, 6.51%, (6 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			16,447		16,356,675
Altran Technologies S.A.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025	EUR		23,518		26,329,813
AppLovin Corporation
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025			34,512		34,259,917
Belfor Holdings, Inc.
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			6,783		6,816,915
Bracket Intermediate Holding Corp.
Term Loan, 6.35%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025			9,614		9,505,513
Brand Energy & Infrastructure Services, Inc.
Term Loan, 6.24%, (3 mo. USD LIBOR + 4.25%), Maturing June 21, 2024			7,828		7,622,557
Camelot U.S. Acquisition 1 Co.
Term Loan, Maturing October 25, 2026(5)			13,900		13,946,329
Ceridian HCM Holding, Inc.
Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025			29,526		29,632,181
Change Healthcare Holdings, LLC
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing March 1, 2024			40,800		40,618,421
CM Acquisition Co.
Term Loan, 12.10%, (3 mo. USD LIBOR + 10.00%), Maturing July 26, 2023			2,804		2,753,081
Cypress Intermediate Holdings III, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024			24,651		24,305,891
Deerfield Dakota Holding, LLC
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025			14,722		14,276,329

22 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
EAB Global, Inc.
Term Loan, 5.74%, (USD LIBOR + 3.75%), Maturing November 15, 2024(4)		13,322	$	13,155,598
EIG Investors Corp.
Term Loan, 5.88%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023		39,979		37,980,238
Garda World Security Corporation
Term Loan, Maturing October 17, 2026(5)		13,075		13,017,797
IG Investment Holdings, LLC
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		31,177		30,786,892
IRI Holdings, Inc.
Term Loan, 6.62%, (3 mo. USD LIBOR + 4.50%), Maturing December 1, 2025		21,488		20,198,368
Iron Mountain, Inc.
Term Loan, 3.54%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026		9,333		9,227,880
J.D. Power and Associates
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023		9,573		9,584,577
KAR Auction Services, Inc.
Term Loan, 4.13%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026		7,100		7,136,977
Kronos Incorporated
Term Loan, 5.25%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023		85,094		84,996,400
KUEHG Corp.
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025		31,212		30,892,189
Term Loan - Second Lien, 10.35%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025		4,075		4,075,000
Monitronics International, Inc.
Term Loan, 8.60%, (3 mo. USD LIBOR + 6.50%), Maturing March 29, 2024		15,475		13,695,772
PGX Holdings, Inc.
Term Loan, 7.04%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020		12,799		11,369,422
Ping Identity Corporation
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025		3,053		3,053,040
Pre-Paid Legal Services, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025		11,745		11,664,501
Prime Security Services Borrower, LLC
Term Loan, 5.25%, (1 mo. USD LIBOR + 3.25%), Maturing September 23, 2026		13,763		13,320,350

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Prometric Holdings, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025			5,620	$	5,493,267
Red Ventures, LLC
Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024			17,222		17,211,573
ServiceMaster Company
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing November 8, 2023			1,599		1,601,619
Spin Holdco, Inc.
Term Loan, 5.25%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022			43,217		42,068,655
Techem Verwaltungsgesellschaft 675 mbH
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing July 31, 2025	EUR		7,813		8,776,525
Trans Union, LLC
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing April 10, 2023			9,211		9,242,299
Term Loan, 3.80%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025			4,828		4,845,158
Vestcom Parent Holdings, Inc.
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			1,806		1,683,896
WASH Multifamily Laundry Systems, LLC
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022			11,336		11,024,611
West Corporation
Term Loan, 5.43%, (USD LIBOR + 3.50%), Maturing October 10, 2024(4)			5,012		4,187,787
Term Loan, 5.90%, (USD LIBOR + 4.00%), Maturing October 10, 2024(4)			16,721		14,028,633
Zephyr Bidco Limited
Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing July 23, 2025	EUR		5,025		5,532,925
Zephyr Bidco Limited
Term Loan, 5.21%, (3 mo. GBP LIBOR + 4.50%), Maturing July 23, 2025	GBP		8,725		10,944,032
				$	725,837,217
Cable and Satellite Television — 5.1%
Altice France S.A.
Term Loan, 5.61%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			10,918	$	10,683,784
Term Loan, 5.92%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			7,054		6,965,578

23 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
Charter Communications Operating, LLC
Term Loan, 3.58%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			40,072	$	40,277,771
CSC Holdings, LLC
Term Loan, 4.17%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			48,022		47,856,691
Term Loan, 4.17%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			13,821		13,761,825
Term Loan, 4.33%, (2 mo. USD LIBOR + 2.50%), Maturing April 15, 2027			3,209		3,209,108
MCC Iowa, LLC
Term Loan, 3.82%, (1 week USD LIBOR + 2.00%), Maturing January 15, 2025			5,842		5,869,054
Mediacom Illinois, LLC
Term Loan, 3.57%, (1 week USD LIBOR + 1.75%), Maturing February 15, 2024			4,640		4,636,223
Numericable Group S.A.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		8,946		9,819,376
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			21,166		20,530,856
Telenet Financing USD, LLC
Term Loan, 4.17%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026			35,250		35,268,365
Telenet International Finance S.a.r.l.
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing December 15, 2027	EUR		14,965		16,781,740
Virgin Media Bristol, LLC
Term Loan, 4.42%, (3 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			43,350		43,214,531
Virgin Media SFA Finance Limited
Term Loan, 3.96%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		16,075		20,755,518
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		13,800		15,363,878
Ziggo B.V.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		21,925		24,348,140
Ziggo Secured Finance Partnership
Term Loan, 4.42%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025			54,458		53,904,022
				$	373,246,460
Chemicals and Plastics — 5.0%
Advanced Drainage Systems, Inc.
Term Loan, 4.06%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026			3,366	$	3,383,952

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Alpha 3 B.V.
Term Loan, 5.10%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024			14,131	$	13,890,541
Aruba Investments, Inc.
Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2022			11,051		11,016,328
Axalta Coating Systems US Holdings, Inc.
Term Loan, 3.85%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			32,179		32,188,822
Caldic B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		500		551,376
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		1,500		1,654,129
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		5,771		6,291,597
Emerald Performance Materials, LLC
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021			3,597		3,569,576
Ferro Corporation
Term Loan, 4.35%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,437		3,408,399
Term Loan, 4.35%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,666		3,635,277
Term Loan, 4.35%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,746		3,714,305
Flint Group GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.00%, Floor 0.75%), Maturing September 7, 2021	EUR		1,219		1,126,156
Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			1,954		1,559,487
Flint Group US, LLC
Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			2,925		2,334,516
Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			11,820		9,433,615
Gemini HDPE, LLC
Term Loan, 4.43%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			13,017		12,967,795
Hexion, Inc.
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		18,800		20,897,749
INEOS Enterprises Holdings Limited
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing August 28, 2026	EUR		2,325		2,594,153

24 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
INEOS Enterprises Holdings US Finco, LLC
Term Loan, 6.12%, (3 mo. USD LIBOR + 4.00%), Maturing August 31, 2026			3,100	$	3,109,687
INEOS Finance PLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024	EUR		15,896		17,488,269
Inovyn Finance PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing November 10, 2025	EUR		11,093		12,397,436
Kraton Polymers, LLC
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		1,855		2,070,521
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025			6,654		6,637,824
Messer Industries GmbH
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 1, 2026	EUR		4,575		5,122,692
Minerals Technologies, Inc.
Term Loan, 4.14%, (USD LIBOR + 2.25%), Maturing February 14, 2024(4)			13,866		13,941,488
Momentive Performance Materials, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing May 15, 2024			4,236		4,169,443
Platform Specialty Products Corporation
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing January 30, 2026			9,131		9,175,231
PMHC II, Inc.
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.50%), Maturing March 31, 2025			14,952		12,111,173
PQ Corporation
Term Loan, 4.43%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025			24,965		24,996,642
Pregis TopCo Corporation
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing July 31, 2026			7,575		7,480,312
Proampac PG Borrower, LLC
Term Loan, 5.53%, (USD LIBOR + 3.50%), Maturing November 20, 2023(4)			12,938		12,237,631
Spectrum Holdings III Corp.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025			14,573		12,447,928
Starfruit Finco B.V.
Term Loan, 5.19%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			17,271		16,898,492
Trinseo Materials Operating S.C.A.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing September 6, 2024			4,007		3,982,761

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Tronox Finance, LLC
Term Loan, 4.66%, (USD LIBOR + 2.75%), Maturing September 23, 2024(4)			38,006	$	37,715,185
Univar, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			32,966		33,172,485
Venator Materials Corporation
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024			580		570,478
				$	369,943,451
Clothing / Textiles — 0.1%
Tumi, Inc.
Term Loan, 3.54%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			4,927	$	4,837,282
				$	4,837,282
Conglomerates — 0.1%
Penn Engineering & Manufacturing Corp.
Term Loan, 3.50%, (3 mo. EURIBOR + 2.50%, Floor 1.00%), Maturing June 27, 2024	EUR		1,924	$	2,157,709
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024			2,245		2,214,081
SGB-SMIT Management GmbH
Term Loan, 5.00%, (4.50% cash (EURIBOR + 4.50%), 0.50% PIK), Maturing July 18, 2024	EUR		8,722		5,034,300
				$	9,406,090
Containers and Glass Products — 2.7%
Berry Global, Inc.
Term Loan, 3.88%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			8,749	$	8,787,141
Term Loan, 3.88%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			10,089		10,126,843
Term Loan, 2.50%, (1 mo. EURIBOR + 2.50%), Maturing July 1, 2026	EUR		3,741		4,209,290
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			12,095		12,153,649
BWAY Holding Company
Term Loan, 5.23%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			11,274		10,991,282
Flex Acquisition Company, Inc.
Term Loan, 5.10%, (USD LIBOR + 3.00%), Maturing December 29, 2023(4)			35,700		33,753,262
Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			5,141		4,866,061

25 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Containers and Glass Products (continued)
Libbey Glass, Inc.
Term Loan, 4.94%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021		13,946	$	10,389,567
Pelican Products, Inc.
Term Loan, 5.42%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025		9,976		9,427,538
Reynolds Group Holdings, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023		71,455		71,552,945
Trident TPI Holdings, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024		20,814		19,652,132
			$	195,909,710
Cosmetics / Toiletries — 0.5%
KIK Custom Products, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023		36,924	$	34,892,900
			$	34,892,900
Drugs — 4.9%
Akorn, Inc.
Term Loan, 8.81%, (8.06% cash (1 mo. USD LIBOR + 6.25%), 0.75% PIK), Maturing April 16, 2021		19,886	$	18,481,679
Albany Molecular Research, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024		10,483		10,188,250
Alkermes, Inc.
Term Loan, 4.41%, (3 mo. USD LIBOR + 2.25%), Maturing March 23, 2023		13,195		13,154,112
Amneal Pharmaceuticals, LLC
Term Loan, 5.31%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025		27,253		20,916,862
Arbor Pharmaceuticals, Inc.
Term Loan, 7.10%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023		21,895		20,088,926
Bausch Health Companies, Inc.
Term Loan, 4.92%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025		78,746		79,118,038
Catalent Pharma Solutions, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing May 18, 2026		10,323		10,350,997
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 6.06%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024		44,238		40,651,324

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Drugs (continued)
Horizon Pharma, Inc.
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.50%), Maturing May 22, 2026			13,469	$	13,521,155
Jaguar Holding Company II
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022			88,500		88,426,641
Mallinckrodt International Finance S.A.
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024			38,188		30,024,925
Term Loan, 5.18%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025			15,266		11,983,454
				$	356,906,363
Ecological Services and Equipment — 1.1%
Advanced Disposal Services, Inc.
Term Loan, 4.09%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023			34,377	$	34,477,237
EnergySolutions, LLC
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025			20,281		19,089,917
GFL Environmental, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025			23,449		23,410,509
US Ecology, Inc.
Term Loan, Maturing August 14, 2026(5)			3,100		3,117,438
				$	80,095,101
Electronics / Electrical — 17.3%
Almonde, Inc.
Term Loan, 5.70%, (6 mo. USD LIBOR + 3.50%), Maturing June 13, 2024			35,400	$	33,917,427
Applied Systems, Inc.
Term Loan, 5.10%, (3 mo. USD LIBOR + 3.00%), Maturing September 19, 2024			48,584		48,419,413
Term Loan - Second Lien, 9.10%, (3 mo. USD LIBOR + 7.00%), Maturing September 19, 2025			4,000		4,062,500
Aptean, Inc.
Term Loan, 6.35%, (3 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			6,642		6,595,964
Avast Software B.V.
Term Loan, 4.35%, (3 mo. USD LIBOR + 2.25%), Maturing September 29, 2023			6,468		6,502,401
Banff Merger Sub, Inc.
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,523		3,884,185

26 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Banff Merger Sub, Inc.
Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			41,993	$	39,188,616
Barracuda Networks, Inc.
Term Loan, 5.40%, (3 mo. USD LIBOR + 3.25%), Maturing February 12, 2025			10,677		10,642,424
Canyon Valor Companies, Inc.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing June 16, 2023	EUR		2,940		3,281,712
Canyon Valor Companies, Inc.
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023			17,807		17,819,811
Carbonite, Inc.
Term Loan, 5.68%, (3 mo. USD LIBOR + 3.75%), Maturing March 26, 2026			5,145		5,146,196
Celestica, Inc.
Term Loan, 3.93%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,765		4,663,438
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			4,789		4,728,952
Cohu, Inc.
Term Loan, 5.20%, (6 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,083		9,604,094
CommScope, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			22,650		22,317,317
CPI International, Inc.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024			15,227		14,770,414
Datto, Inc.
Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026			4,514		4,549,422
ECI Macola/Max Holding, LLC
Term Loan, 6.35%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024			10,141		10,091,088
Electro Rent Corporation
Term Loan, 6.94%, (USD LIBOR + 5.00%), Maturing January 31, 2024(4)			19,623		19,733,439
Energizer Holdings, Inc.
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025			6,395		6,395,830
Entegris, Inc.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing November 6, 2025			3,300		3,318,625
Epicor Software Corporation
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022			46,003		45,921,608

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
EXC Holdings III Corp.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing December 2, 2024	EUR		1,719	$	1,912,824
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024			3,569		3,511,353
Go Daddy Operating Company, LLC
Term Loan, 3.54%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024			59,001		59,140,423
Hyland Software, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2024			59,956		59,656,093
Term Loan - Second Lien, 8.79%, (1 mo. USD LIBOR + 7.00%), Maturing July 7, 2025			7,034		7,076,006
Infoblox, Inc.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			16,601		16,614,752
Infor (US), Inc.
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.75%), Maturing February 1, 2022			98,748		98,933,196
Informatica, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022	EUR		755		847,796
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022			62,690		62,869,733
MA FinanceCo., LLC
Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021			31,390		31,242,924
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			5,548		5,400,846
MACOM Technology Solutions Holdings, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			14,677		12,878,705
Marcel LUX IV S.a.r.l.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			3,781		3,691,201
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		2,850		3,180,988
MaxLinear, Inc.
Term Loan, 4.42%, (1 mo. USD LIBOR + 2.50%), Maturing May 12, 2024			6,947		6,930,000
Mirion Technologies, Inc.
Term Loan, 6.10%, (3 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			5,350		5,369,035
MKS Instruments, Inc.
Term Loan, 3.54%, (1 mo. USD LIBOR + 1.75%), Maturing February 2, 2026			4,265		4,275,970

27 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
MTS Systems Corporation
Term Loan, 5.06%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023		3,568	$	3,568,294
NCR Corporation
Term Loan, 4.29%, (1 week USD LIBOR + 2.50%), Maturing August 8, 2026		10,950		11,035,476
Renaissance Holding Corp.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025		15,965		15,473,178
Term Loan - Second Lien, 8.79%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		2,175		2,059,001
Seattle Spinco, Inc.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		37,468		36,473,243
SGS Cayman L.P.
Term Loan, 7.48%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		3,578		3,541,174
SkillSoft Corporation
Term Loan, 6.95%, (6 mo. USD LIBOR + 4.75%), Maturing April 28, 2021		57,765		46,320,504
SolarWinds Holdings, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		73,630		73,670,433
Solera, LLC
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		51,655		51,295,160
Sparta Systems, Inc.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing August 21, 2024		3,921		3,333,044
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		20,263		20,321,816
SS&C Technologies, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		7,622		7,649,628
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		31,042		31,131,277
SurveyMonkey, Inc.
Term Loan, 5.54%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		9,365		9,318,573
Sutherland Global Services, Inc.
Term Loan, 7.48%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		15,372		15,212,170
Tibco Software, Inc.
Term Loan, 6.00%, (1 mo. USD LIBOR + 4.00%), Maturing June 30, 2026		24,085		24,005,021

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
TriTech Software Systems
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025		4,072	$	3,715,335
TTM Technologies, Inc.
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		11,983		11,803,275
Uber Technologies
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		43,058		42,391,750
Term Loan, 5.91%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025		34,050		33,607,597
Ultimate Software Group, Inc. (The)
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026		21,200		21,270,660
Ultra Clean Holdings, Inc.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		10,888		10,615,835
Verifone Systems, Inc.
Term Loan, 6.14%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		19,198		18,051,680
Veritas Bermuda, Ltd.
Term Loan, 6.34%, (USD LIBOR + 4.50%), Maturing January 27, 2023(4)		26,097		24,278,087
Vero Parent, Inc.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024		26,249		25,683,298
Vungle, Inc.
Term Loan, 7.30%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026		7,725		7,618,781
Western Digital Corporation
Term Loan, 3.75%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023		11,793		11,777,793
			$	1,274,308,804
Equipment Leasing — 0.9%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 3.60%, (1 mo. USD LIBOR + 1.75%), Maturing January 15, 2025		40,436	$	40,640,805
Delos Finance S.a.r.l.
Term Loan, 3.85%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023		18,563		18,639,070
Flying Fortress, Inc.
Term Loan, 3.85%, (3 mo. USD LIBOR + 1.75%), Maturing October 30, 2022		6,825		6,853,153
IBC Capital Limited
Term Loan, 5.90%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023		3,177		3,146,970
			$	69,279,998

28 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries — 3.5%
Apollo Commercial Real Estate Finance, Inc.
Term Loan, 4.67%, (1 mo. USD LIBOR + 2.75%), Maturing May 15, 2026			5,636	$	5,593,606
Aretec Group, Inc.
Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			21,269		19,913,429
Citco Funding, LLC
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			24,244		24,137,497
Claros Mortgage Trust, Inc.
Term Loan, 5.19%, (1 mo. USD LIBOR + 3.25%), Maturing August 10, 2026			7,075		7,092,687
Clipper Acquisitions Corp.
Term Loan, 3.75%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024			12,208		12,177,044
Ditech Holding Corporation
Term Loan, Maturing June 30, 2022(6)			28,127		11,391,282
EIG Management Company, LLC
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025			2,783		2,786,103
Evergood 4 ApS
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		9,550		10,671,083
FinCo. I, LLC
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022			9,939		9,966,317
Focus Financial Partners, LLC
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024			16,657		16,714,826
Franklin Square Holdings L.P.
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025			6,757		6,794,676
Greenhill & Co., Inc.
Term Loan, 5.16%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			7,654		7,424,137
GreenSky Holdings, LLC
Term Loan, 5.06%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			14,209		14,013,256
Guggenheim Partners, LLC
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023			35,260		34,874,675
Harbourvest Partners, LLC
Term Loan, 4.17%, (1 mo. USD LIBOR + 2.25%), Maturing March 3, 2025			7,040		7,047,765
LPL Holdings, Inc.
Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024			19,664		19,700,896

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Ocwen Loan Servicing, LLC
Term Loan, 6.79%, (1 mo. USD LIBOR + 5.00%), Maturing December 7, 2020			3,644	$	3,587,723
Starwood Property Trust, Inc.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing July 27, 2026			4,150		4,160,375
StepStone Group L.P.
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing March 27, 2025			6,550		6,566,626
Victory Capital Holdings, Inc.
Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing July 1, 2026			15,725		15,813,864
Virtus Investment Partners, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 2.25%), Maturing June 1, 2024			9,335		9,368,158
Walker & Dunlop, Inc.
Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing November 7, 2025			4,451		4,469,453
				$	254,265,478
Food Products — 3.7%
Alphabet Holding Company, Inc.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			38,401	$	35,165,673
B&G Foods, Inc.
Term Loan, 4.48%, (2 mo. USD LIBOR + 2.50%), Maturing September 17, 2026			3,075		3,083,327
Badger Buyer Corp.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			12,920		11,110,974
Del Monte Foods, Inc.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021			15,570		13,506,636
Froneri International PLC
Term Loan, 2.63%, (2 mo. EURIBOR + 2.63%), Maturing January 31, 2025	EUR		18,875		21,179,568
Term Loan, 3.96%, (1 mo. GBP LIBOR + 3.25%), Maturing January 31, 2025	GBP		10,090		13,074,648
Hearthside Food Solutions, LLC
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			13,257		12,315,927
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			6,327		5,979,192
HLF Financing S.a.r.l.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025			28,640		28,762,678

29 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Products (continued)
Jacobs Douwe Egberts International B.V.
Term Loan, 4.06%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			22,212	$	22,253,139
JBS USA Lux S.A.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing May 1, 2026			56,765		57,035,064
Nomad Foods Europe Midco Limited
Term Loan, 4.16%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			21,135		21,095,645
Post Holdings, Inc.
Term Loan, 3.83%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024			943		945,974
Sunshine Investments B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		13,118		14,684,934
Valeo F1 Company Limited (Ireland)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024	EUR		8,500		9,436,600
				$	269,629,979
Food Service — 2.2%
1011778 B.C. Unlimited Liability Company
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024			77,243	$	77,483,922
Aramark Services, Inc.
Term Loan, 3.54%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025			8,977		9,004,929
IRB Holding Corp.
Term Loan, 5.22%, (3 mo. USD LIBOR + 3.25%), Maturing February 5, 2025			33,444		33,246,816
NPC International, Inc.
Term Loan, 5.43%, (3 mo. USD LIBOR + 3.50%), Maturing April 19, 2024			13,060		7,443,937
Restaurant Technologies, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			8,203		8,233,724
US Foods, Inc.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023			26,479		26,594,504
				$	162,007,832
Food / Drug Retailers — 0.5%
Albertsons, LLC
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing November 17, 2025			4,763	$	4,792,810
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing August 17, 2026			13,666		13,753,538

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food / Drug Retailers (continued)
Diplomat Pharmacy, Inc.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024			4,907	$	4,416,079
L1R HB Finance Limited
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		7,273		5,181,045
Term Loan, 6.02%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		6,773		5,588,524
				$	33,731,996
Forest Products — 0.1%
Clearwater Paper Corporation
Term Loan, 5.06%, (1 mo. USD LIBOR + 3.25%), Maturing July 26, 2026			4,075	$	4,080,094
				$	4,080,094
Health Care — 9.4%
Acadia Healthcare Company, Inc.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing February 16, 2023			1,291	$	1,294,644
ADMI Corp.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025			9,167		9,040,746
Alliance Healthcare Services, Inc.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023			9,528		8,432,346
Term Loan - Second Lien, 11.79%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024			5,175		5,136,188
athenahealth, Inc.
Term Loan, 6.68%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			24,477		24,323,872
Athletico Management, LLC
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025			7,444		7,462,359
ATI Holdings Acquisition, Inc.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.50%), Maturing May 10, 2023			1,955		1,876,364
Avantor, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing November 21, 2024			8,627		8,675,234
BioClinica, Inc.
Term Loan, 6.06%, (1 mo. USD LIBOR + 4.25%), Maturing October 20, 2023			12,959		12,505,336
BW NHHC Holdco, Inc.
Term Loan, 6.80%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			11,652		9,671,575

30 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Carestream Dental Equipment, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024			3,617	$	3,370,950
Certara L.P.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2024			7,598		7,503,136
CHG Healthcare Services, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023			31,901		31,891,513
Concentra, Inc.
Term Loan, 4.54%, (3 mo. USD LIBOR + 2.50%), Maturing June 1, 2022			11,624		11,648,522
CPI Holdco, LLC
Term Loan, 5.54%, (6 mo. USD LIBOR + 3.50%), Maturing March 21, 2024			14,025		14,024,888
CryoLife, Inc.
Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024			5,183		5,195,644
CTC AcquiCo GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025	EUR		17,827		19,766,567
Elsan SAS
Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing October 31, 2024	EUR		8,750		9,826,667
Ensemble RCM, LLC
Term Loan, 6.00%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			6,050		6,059,831
Envision Healthcare Corporation
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			70,822		57,543,266
Gentiva Health Services, Inc.
Term Loan, 5.56%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025			27,083		27,159,299
Greatbatch Ltd.
Term Loan, 4.98%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022			4,629		4,656,586
Grifols Worldwide Operations USA, Inc.
Term Loan, 4.09%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025			39,576		39,681,316
Hanger, Inc.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			23,514		23,595,273
Inovalon Holdings, Inc.
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025			15,623		15,671,660
IQVIA, Inc.
Term Loan, 4.10%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025			10,045		10,084,758

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Health Care (continued)
Medical Solutions, LLC
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing June 14, 2024		13,635	$	13,583,782
MPH Acquisition Holdings, LLC
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023		28,469		26,783,058
National Mentor Holdings, Inc.
Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026		349		350,361
Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026		6,197		6,214,240
Navicure, Inc.
Term Loan, 5.87%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026		10,725		10,644,563
One Call Corporation
Term Loan, 7.41%, (3 mo. USD LIBOR + 5.25%), Maturing November 25, 2022		15,479		13,350,389
Ortho-Clinical Diagnostics S.A.
Term Loan, 5.31%, (3 mo. USD LIBOR + 3.25%), Maturing June 30, 2025		56,027		53,576,140
Parexel International Corporation
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024		19,175		18,335,802
Phoenix Guarantor, Inc.
Term Loan, 6.49%, (1 mo. USD LIBOR + 4.50%), Maturing March 5, 2026		23,990		23,984,885
Radiology Partners Holdings, LLC
Term Loan, 6.66%, (USD LIBOR + 4.75%), Maturing July 9, 2025(4)		5,403		5,260,819
RadNet, Inc.
Term Loan, 5.54%, (3 mo. USD LIBOR + 3.50%), Maturing June 30, 2023		10,408		10,398,300
Select Medical Corporation
Term Loan, 4.58%, (USD LIBOR + 2.50%), Maturing March 6, 2025(4)		30,033		29,967,189
Sotera Health Holdings, LLC
Term Loan, 4.93%, (3 mo. USD LIBOR + 3.00%), Maturing May 15, 2022		23,644		23,397,862
Surgery Center Holdings, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024		13,815		13,383,428
Team Health Holdings, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024		24,741		19,390,724
Tecomet, Inc.
Term Loan, 5.16%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2024		12,251		12,155,170

31 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
U.S. Anesthesia Partners, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024			5,699	$	5,467,175
Verscend Holding Corp.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			23,858		23,923,074
Viant Medical Holdings, Inc.
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025			4,234		3,962,708
				$	690,228,209
Home Furnishings — 0.5%
Serta Simmons Bedding, LLC
Term Loan, 5.40%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023			61,427	$	36,364,910
				$	36,364,910
Industrial Equipment — 5.7%
AI Alpine AT Bidco GmbH
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing October 31, 2025	EUR		5,500	$	6,009,551
Altra Industrial Motion Corp.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			8,838		8,824,385
Apex Tool Group, LLC
Term Loan, 7.29%, (1 mo. USD LIBOR + 5.50%), Maturing August 1, 2024			20,526		19,583,187
Carlisle Foodservice Products, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025			12,044		11,396,927
Clark Equipment Company
Term Loan, 4.10%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024			17,276		17,302,757
Coherent Holding GmbH
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing November 7, 2023	EUR		4,820		5,417,681
Columbus McKinnon Corporation
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.50%), Maturing January 31, 2024			5,322		5,337,360
CPM Holdings, Inc.
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing November 17, 2025			7,369		7,232,671
Delachaux Group S.A.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing March 28, 2026	EUR		4,650		5,191,008
Term Loan, 6.50%, (3 mo. USD LIBOR + 4.50%), Maturing March 28, 2026			5,900		5,888,938

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,644	$	2,905,020
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		6,611		7,262,588
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024			13,452		13,300,413
DXP Enterprises, Inc.
Term Loan, 6.54%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023			5,219		5,247,854
Dynacast International, LLC
Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022			12,520		11,581,199
Engineered Machinery Holdings, Inc.
Term Loan, 5.35%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024			14,796		14,340,170
Term Loan, 6.35%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024			2,025		2,001,873
EWT Holdings III Corp.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024			29,060		29,114,297
Filtration Group Corporation
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		4,162		4,676,270
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			50,500		50,544,616
Gardner Denver, Inc.
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024	EUR		3,136		3,521,095
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024			5,239		5,258,601
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		7,874		8,648,241
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024			31,006		30,440,926
LTI Holdings, Inc.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			5,470		5,045,844
Term Loan, 6.54%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,450		2,352,000
Milacron, LLC
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			17,357		17,356,588
Minimax Viking GmbH
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 31, 2025	EUR		3,471		3,905,604

32 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Quimper AB
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		23,125	$	25,794,529
Robertshaw US Holding Corp.
Term Loan, 5.06%, (1 mo. USD LIBOR + 3.25%), Maturing February 28, 2025			24,683		22,276,691
Shape Technologies Group, Inc.
Term Loan, 4.93%, (3 mo. USD LIBOR + 3.00%), Maturing April 21, 2025			14,227		13,018,102
Terex Corporation
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2024			8,856		8,854,809
Thermon Industries, Inc.
Term Loan, 5.78%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024			3,406		3,414,452
Titan Acquisition Limited
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			34,038		32,293,896
Welbilt, Inc.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025			4,291		4,262,616
				$	419,602,759
Insurance — 3.6%
Alliant Holdings Intermediate, LLC
Term Loan, 4.80%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025			7,290	$	7,121,088
Term Loan, 5.17%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			5,761		5,675,053
AmWINS Group, Inc.
Term Loan, 4.58%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024			46,681		46,697,883
Asurion, LLC
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022			28,155		28,202,995
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			42,409		42,481,947
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,469		2,473,996
Term Loan - Second Lien, 8.29%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			28,200		28,388,009
Financiere CEP S.A.S.
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025	EUR		3,425		3,845,369
Hub International Limited
Term Loan, 4.94%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			34,687		34,009,095

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Insurance (continued)
NFP Corp.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024			34,920	$	33,959,481
USI, Inc.
Term Loan, 5.10%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024			33,785		32,840,118
				$	265,695,034
Leisure Goods / Activities / Movies — 4.9%
AMC Entertainment Holdings, Inc.
Term Loan, 5.23%, (6 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			16,781	$	16,786,202
Amer Sports Oyj
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		37,975		42,313,778
Ancestry.com Operations, Inc.
Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			44,000		39,379,643
BidFair MergeRight, Inc.
Term Loan, 7.41%, (USD LIBOR + 5.50%), Maturing January 15, 2027(4)			7,064		6,922,936
Bombardier Recreational Products, Inc.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025			33,619		33,598,479
ClubCorp Holdings, Inc.
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			21,566		19,042,619
Crown Finance US, Inc.
Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing February 28, 2025	EUR		3,549		3,976,375
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025			18,733		18,524,999
Delta 2 (LUX) S.a.r.l.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024			32,796		32,375,625
Emerald Expositions Holding, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			14,021		13,389,584
Etraveli Holding AB
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 2, 2024	EUR		9,350		10,493,227
Lindblad Expeditions, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			1,177		1,183,225
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			4,706		4,732,899

33 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Live Nation Entertainment, Inc.
Term Loan, 3.69%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2026			12,985	$	13,005,485
Merlin Entertainments PLC
Term Loan, Maturing October 16, 2026(5)			5,436		5,472,986
Term Loan, Maturing October 17, 2026(5)			714		719,295
NASCAR Holdings, Inc.
Term Loan, 4.63%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026			9,075		9,131,093
Sabre GLBL, Inc.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024			6,639		6,657,082
SeaWorld Parks & Entertainment, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024			21,239		21,212,163
SRAM, LLC
Term Loan, 4.60%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024			11,122		11,135,169
Steinway Musical Instruments, Inc.
Term Loan, 5.66%, (1 mo. USD LIBOR + 3.75%), Maturing February 14, 2025			6,661		6,585,569
Travel Leaders Group, LLC
Term Loan, 5.82%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			14,556		14,501,166
UFC Holdings, LLC
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing April 29, 2026			17,057		17,071,598
Vue International Bidco PLC
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing June 14, 2026	EUR		7,883		8,858,791
Term Loan, Maturing June 18, 2026(5)	EUR		1,417		1,592,906
				$	358,662,894
Lodging and Casinos — 4.7%
Aimbridge Acquisition Co., Inc.
Term Loan, 5.57%, (1 mo. USD LIBOR + 3.75%), Maturing February 2, 2026			3,408	$	3,420,569
Aristocrat Technologies, Inc.
Term Loan, 3.72%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			11,122		11,161,678
Azelis Finance S.A.
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing November 7, 2025	EUR		3,750		4,211,128
Boyd Gaming Corporation
Term Loan, 3.96%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			5,431		5,446,554

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
Churchill Downs Incorporated
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,439	$	3,453,795
CityCenter Holdings, LLC
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024			59,547		59,615,774
Eldorado Resorts, LLC
Term Loan, 4.21%, (USD LIBOR + 2.25%), Maturing April 17, 2024(4)			4,929		4,928,185
ESH Hospitality, Inc.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			22,140		22,197,406
Four Seasons Hotels Limited
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023			7,154		7,183,981
Golden Nugget, Inc.
Term Loan, 4.69%, (USD LIBOR + 2.75%), Maturing October 4, 2023(4)			50,785		50,763,084
GVC Holdings PLC
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		22,500		25,285,586
Term Loan, 4.45%, (6 mo. USD LIBOR + 2.25%), Maturing March 29, 2024			15,859		15,901,445
Hanjin International Corp.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020			5,225		5,211,937
MGM Growth Properties Operating Partnership L.P.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025			32,064		32,183,882
Playa Resorts Holding B.V.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024			14,243		13,925,032
Richmond UK Bidco Limited
Term Loan, 4.96%, (1 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024	GBP		2,739		3,441,791
Stars Group Holdings B.V. (The)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		11,450		12,916,502
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			47,338		47,579,233
VICI Properties 1, LLC
Term Loan, 3.85%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024			20,222		20,316,390
				$	349,143,952

34 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Nonferrous Metals / Minerals — 0.5%
CD&R Hydra Buyer, Inc.
Term Loan, 7.50%, (0.00% Cash, 7.50% PIK), Maturing August 15, 2021(3)(7)			378	$	298,822
Murray Energy Corporation
DIP Loan, 13.00%, (1 mo. USD LIBOR + 11.00%), Maturing July 29, 2020			4,293		4,292,776
Term Loan, Maturing October 17, 2022(6)			17,992		6,388,942
Noranda Aluminum Acquisition Corporation
Term Loan, Maturing February 28, 2020(6)			2,904		174,237
Oxbow Carbon, LLC
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023			8,400		8,394,490
Rain Carbon GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		14,875		15,829,710
				$	35,378,977
Oil and Gas — 2.9%
Ameriforge Group, Inc.
Term Loan, 9.10%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022			14,972	$	14,971,965
Apergy Corporation
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			3,554		3,545,289
Blackstone CQP Holdco L.P.
Term Loan, 5.66%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			12,344		12,318,350
Buckeye Partners L.P.
Term Loan, Maturing November 15, 2026(5)			29,450		29,620,251
Centurion Pipeline Company, LLC
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,449		3,455,404
CITGO Holding, Inc.
Term Loan, 8.79%, (1 mo. USD LIBOR + 7.00%), Maturing August 1, 2023			3,000		3,041,718
CITGO Petroleum Corporation
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.50%), Maturing July 29, 2021			15,422		15,436,437
Term Loan, 7.10%, (3 mo. USD LIBOR + 5.00%), Maturing March 28, 2024			30,420		30,495,680
Delek US Holdings, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025			7,342		7,259,457
Fieldwood Energy, LLC
Term Loan, 7.18%, (3 mo. USD LIBOR + 5.25%), Maturing April 11, 2022			26,962		22,145,806

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Matador Bidco S.a.r.l.
Term Loan, Maturing June 12, 2026(5)			7,000	$	7,008,750
McDermott Technology Americas, Inc.
Term Loan, Maturing October 21, 2021(5)			7,656		7,656,260
Term Loan, 7.10%, (3 mo. USD LIBOR + 5.00%), Maturing May 9, 2025			19,213		11,774,560
Prairie ECI Acquiror L.P.
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			10,725		10,468,050
PSC Industrial Holdings Corp.
Term Loan, 5.67%, (1 mo. USD LIBOR + 3.75%), Maturing October 11, 2024			11,388		11,378,352
Sheridan Investment Partners II L.P.
DIP Loan, 8.86%, (1 mo. USD LIBOR + 7.00%), Maturing March 19, 2020			834		830,097
DIP Loan, 8.92%, (1 mo. USD LIBOR + 7.00%), Maturing March 19, 2020			834		830,097
Term Loan, Maturing December 16, 2020(6)			318		155,628
Term Loan, Maturing December 16, 2020(6)			852		417,296
Term Loan, Maturing December 16, 2020(6)			6,122		2,999,812
Sheridan Production Partners I, LLC
Term Loan, Maturing November 15, 2019(6)			776		604,324
Term Loan, Maturing November 15, 2019(6)			1,271		989,387
Term Loan, Maturing November 15, 2019(6)			9,593		7,466,608
UGI Energy Services, LLC
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			12,120		12,180,223
				$	217,049,801
Publishing — 1.0%
Getty Images, Inc.
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000	$	4,450,046
Term Loan, 6.31%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			13,548		13,285,140
Harland Clarke Holdings Corp.
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023			16,631		13,050,205
LSC Communications, Inc.
Term Loan, 7.29%, (1 week USD LIBOR + 5.50%), Maturing September 30, 2022			6,164		5,092,720
Nielsen Finance, LLC
Term Loan, 3.94%, (1 mo. USD LIBOR + 2.00%), Maturing October 4, 2023			15,210		15,177,084
ProQuest, LLC
Term Loan, Maturing October 23, 2026(5)			17,725		17,758,234

35 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Publishing (continued)
Tweddle Group, Inc.
Term Loan, 6.30%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023		2,196	$	1,959,108
			$	70,772,537
Radio and Television — 2.7%
ALM Media Holdings, Inc.
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020		5,442	$	5,296,188
AP NMT Acquisition B.V.
Term Loan, 7.84%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021		5,055		5,090,187
Cumulus Media New Holdings, Inc.
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing March 31, 2026		6,075		6,115,818
Diamond Sports Group, LLC
Term Loan, 5.08%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026		36,175		36,378,484
Entercom Media Corp.
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024		6,781		6,802,197
Entravision Communications Corporation
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		9,292		9,029,054
Gray Television, Inc.
Term Loan, 4.51%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026		9,776		9,812,785
Hubbard Radio, LLC
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025		10,373		10,366,320
iHeartCommunications, Inc.
Term Loan, 6.03%, (1 mo. USD LIBOR + 4.00%), Maturing May 1, 2026		3,999		4,017,740
Mission Broadcasting, Inc.
Term Loan, 4.28%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		4,012		4,020,761
Nexstar Broadcasting, Inc.
Term Loan, 4.05%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		20,192		20,234,787
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		6,200		6,234,100
Sinclair Television Group, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		17,140		17,145,660
Term Loan, 4.43%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		7,550		7,570,762

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
Univision Communications, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024		49,983	$	48,287,222
			$	196,402,065
Retailers (Except Food and Drug) — 2.2%
Apro, LLC
Term Loan, 5.83%, (1 mo. USD LIBOR + 4.00%), Maturing August 8, 2024		2,645	$	2,647,889
Ascena Retail Group, Inc.
Term Loan, 6.31%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022		19,158		10,593,016
Bass Pro Group, LLC
Term Loan, 6.79%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		9,359		8,993,999
BJ’s Wholesale Club, Inc.
Term Loan, 4.67%, (1 mo. USD LIBOR + 2.75%), Maturing February 3, 2024		16,444		16,473,996
CDW, LLC
Term Loan, 3.54%, (1 mo. USD LIBOR + 1.75%), Maturing October 13, 2026		19,854		19,908,579
Coinamatic Canada, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022		1,411		1,372,204
David’s Bridal, Inc.
Term Loan, 4.10%, (3 mo. USD LIBOR + 2.00%), Maturing December 31, 2019		1,756		1,738,286
Term Loan, 9.61%, (3 mo. USD LIBOR + 7.50%), Maturing July 17, 2023		2,216		1,911,486
Term Loan, 10.11%, (3 mo. USD LIBOR + 8.00%), Maturing January 18, 2024		8,421		3,522,898
Global Appliance, Inc.
Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024		4,185		4,038,794
Go Wireless, Inc.
Term Loan, 8.29%, (1 mo. USD LIBOR + 6.50%), Maturing December 22, 2024		2,840		2,748,039
Hoya Midco, LLC
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		10,327		10,055,854
J. Crew Group, Inc.
Term Loan, 4.91%, (USD LIBOR + 3.00%), Maturing March 5, 2021(3)(4)		22,532		17,730,730
LSF9 Atlantis Holdings, LLC
Term Loan, 7.94%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023		14,145		13,219,617

36 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) (continued)
PetSmart, Inc.
Term Loan, 5.93%, (1 mo. USD LIBOR + 4.00%), Maturing March 11, 2022		36,253	$	35,392,119
PFS Holding Corporation
Term Loan, 5.43%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021		11,288		4,402,348
Pier 1 Imports (U.S.), Inc.
Term Loan, 5.70%, (6 mo. USD LIBOR + 3.50%), Maturing April 30, 2021		6,024		1,521,006
Radio Systems Corporation
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024		5,939		5,857,025
			$	162,127,885
Steel — 1.6%
Atkore International, Inc.
Term Loan, 4.86%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		35,334	$	35,385,237
GrafTech Finance, Inc.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025		30,270		29,096,713
Neenah Foundry Company
Term Loan, 8.47%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022		7,362		7,214,806
Phoenix Services International, LLC
Term Loan, 5.66%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025		8,448		7,814,851
Zekelman Industries, Inc.
Term Loan, 4.07%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021		38,104		38,094,326
			$	117,605,933
Surface Transport — 0.6%
1199169 B.C. Unlimited Liability Company
Term Loan, 6.10%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		3,715	$	3,725,649
Agro Merchants NAI Holdings, LLC
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024		13,801		13,714,365
Kenan Advantage Group, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022		3,369		3,229,842
Term Loan, 4.79%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022		14,253		13,665,298
Stena International S.a.r.l.
Term Loan, 5.11%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021		5,904		5,749,346

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Surface Transport (continued)
XPO Logistics, Inc.
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025			2,789	$	2,797,318
				$	42,881,818
Telecommunications — 7.1%
CenturyLink, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025			90,233	$	89,574,714
Ciena Corporation
Term Loan, 3.85%, (1 mo. USD LIBOR + 2.00%), Maturing September 26, 2025			14,033		14,114,376
Colorado Buyer, Inc.
Term Loan, 4.93%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024			19,489		16,468,068
Digicel International Finance Limited
Term Loan, 5.34%, (6 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			19,724		16,847,286
eircom Holdings (Ireland) Limited
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing May 15, 2026	EUR		20,661		23,115,901
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		25,162		27,904,962
Global Eagle Entertainment, Inc.
Term Loan, 9.71%, (USD LIBOR + 7.50%), Maturing January 6, 2023(4)			22,906		19,718,390
Intelsat Jackson Holdings S.A.
Term Loan, 5.68%, (6 mo. USD LIBOR + 3.75%), Maturing November 27, 2023			37,650		37,626,469
Term Loan, 6.43%, (6 mo. USD LIBOR + 4.50%), Maturing January 2, 2024			19,500		19,799,812
IPC Corp.
Term Loan, 6.43%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021			8,930		7,426,787
Level 3 Financing, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing February 22, 2024			47,300		47,400,512
Lumentum Holdings
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing December 10, 2025			4,155		4,165,387
Matterhorn Telecom S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing September 30, 2026	EUR		5,225		5,868,111
Onvoy, LLC
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.50%), Maturing February 10, 2024			17,952		15,124,588

37 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Plantronics, Inc.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025		13,087	$	13,036,717
SBA Senior Finance II, LLC
Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing April 11, 2025		14,454		14,505,679
Sprint Communications, Inc.
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024		66,369		65,732,593
Term Loan, 4.81%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024		11,612		11,573,442
Syniverse Holdings, Inc.
Term Loan, 6.92%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023		12,317		11,185,549
Telesat Canada
Term Loan, 4.61%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023		48,979		49,101,159
Zayo Group, LLC
Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing January 19, 2024		12,400		12,433,331
			$	522,723,833
Utilities — 1.7%
Brookfield WEC Holdings, Inc.
Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025		27,246	$	27,110,205
Calpine Construction Finance Company L.P.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025		7,627		7,645,108
Calpine Corporation
Term Loan, 4.61%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024		27,874		27,913,832
Granite Acquisition, Inc.
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021		15,537		15,569,863
Lightstone Holdco, LLC
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		1,182		1,104,704
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		20,956		19,586,400
Longview Power, LLC
Term Loan, 7.93%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021		11,214		7,288,801
Pike Corporation
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing July 24, 2026		5,987		5,995,868

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Utilities (continued)
Talen Energy Supply, LLC
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.75%), Maturing July 8, 2026			6,225	$	6,162,750
USIC Holdings, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing December 8, 2023			7,709		7,506,868
				$	125,884,399
Total Senior Floating-Rate Loans (identified cost $8,761,524,664)				$	8,416,334,169
Corporate Bonds & Notes — 3.9%
Security		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.1%
TransDigm, Inc.
6.25%, 3/15/26(8)			5,800	$	6,227,750
				$	6,227,750
Automotive — 0.2%
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.
6.25%, 5/15/26(8)			4,975	$	5,272,007
Tenneco, Inc.
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(8)(9)	EUR		6,000		6,682,149
				$	11,954,156
Building and Development — 0.1%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/28(8)			3,475	$	3,475,000
				$	3,475,000
Business Equipment and Services — 0.4%
Allied Universal Holdco, LLC/Allied Universal Finance Corp.
6.625%, 7/15/26(8)			3,525	$	3,771,750
Prime Security Services Borrower, LLC/Prime Finance, Inc.
5.25%, 4/15/24(8)			9,125		9,364,531
5.75%, 4/15/26(8)			17,950		18,454,844
				$	31,591,125

38 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television — 0.1%
Altice France S.A.
7.375%, 5/1/26(8)			1,000	$	1,073,345
5.50%, 1/15/28(8)			6,100		6,229,625
Ziggo B.V.
5.50%, 1/15/27(8)			2,000		2,112,460
				$	9,415,430
Chemicals and Plastics — 0.0%(10)
PQ Corp.
6.75%, 11/15/22(8)			3,000	$	3,108,750
				$	3,108,750
Containers and Glass Products — 0.4%
Berry Global, Inc.
5.625%, 7/15/27(8)			2,500	$	2,659,375
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
5.75%, 10/15/20			19,746		19,838,374
5.501%, (3 mo. USD LIBOR + 3.50%), 7/15/21(8)(9)			8,075		8,115,375
5.125%, 7/15/23(8)			250		257,112
				$	30,870,236
Drugs — 0.7%
Bausch Health Cos., Inc.,
6.50%, 3/15/22(8)			9,841	$	10,150,499
7.00%, 3/15/24(8)			12,794		13,416,748
5.50%, 11/1/25(8)			20,375		21,368,485
Par Pharmaceutical, Inc.
7.50%, 4/1/27(8)			7,500		7,143,750
				$	52,079,482
Electronics / Electrical — 0.2%
CommScope, Inc.
6.00%, 3/1/26(8)			14,645	$	15,120,963
				$	15,120,963
Food Products — 0.0%(10)
Iceland Bondco PLC
5.035%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(8)(9)	GBP		1,741	$	2,246,647
				$	2,246,647

Security	Principal Amount* (000’s omitted)		Value
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The)
9.75%, 5/1/23(8)		8,600	$	5,074,000
			$	5,074,000
Health Care — 0.8%
Avantor, Inc.
6.00%, 10/1/24(8)		13,250	$	14,195,785
CHS/Community Health Systems, Inc.
5.125%, 8/1/21		11,650		11,664,562
6.25%, 3/31/23		13,375		13,082,422
HCA, Inc.
5.25%, 4/15/25		1,250		1,395,951
RegionalCare Hospital Partners Holdings, Inc.
8.25%, 5/1/23(8)		14,825		15,834,953
			$	56,173,673
Leisure Goods / Activities / Movies — 0.1%
National CineMedia, LLC
6.00%, 4/15/22		4,200	$	4,252,920
			$	4,252,920
Oil and Gas — 0.1%
CITGO Petroleum Corp.
6.25%, 8/15/22(8)		7,700	$	7,805,875
			$	7,805,875
Radio and Television — 0.2%
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.375%, 8/15/26(8)		7,525	$	7,873,031
iHeartCommunications, Inc.
6.375%, 5/1/26		1,159		1,253,635
8.375%, 5/1/27		2,101		2,264,332
5.25%, 8/15/27(8)		2,500		2,585,500
Univision Communications, Inc.
5.125%, 2/15/25(8)		3,000		2,943,750
			$	16,920,248
Telecommunications — 0.1%
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.
8.75%, 5/25/24(8)		7,250	$	6,905,625
			$	6,905,625

39 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Principal Amount* (000’s omitted)		Value
Utilities — 0.3%
Calpine Corp.
6.00%, 1/15/22(8)		2,000	$	2,010,300
5.875%, 1/15/24(8)		5,000		5,122,500
5.25%, 6/1/26(8)		7,675		8,010,781
Talen Energy Supply, LLC
6.625%, 1/15/28(8)		5,950		5,771,500
			$	20,915,081
Total Corporate Bonds & Notes (identified cost $281,751,932)			$	284,136,961
Asset-Backed Securities — 3.7%
Security	Principal Amount (000’s omitted)		Value
Alinea CLO, Ltd.
Series2018-1A, Class D, 5.066%, (3 mo. USD LIBOR + 3.10%), 7/20/31(8)(9)	$	2,500	$	2,356,736
Series2018-1A, Class E, 7.966%, (3 mo. USD LIBOR + 6.00%), 7/20/31(8)(9)		3,000		2,695,609
ALM Loan Funding, Ltd.
Series2013-7RA, Class DR, 9.141%, (3 mo. USD LIBOR + 7.14%), 10/15/28(8)(9)		3,000		2,877,625
AMMC CLO 15, Ltd.
Series2014-15A, Class ERR, 8.911%, (3 mo. USD LIBOR + 6.91%), 1/15/32(8)(9)		5,000		4,612,849
AMMC CLO XII, Ltd.
Series2013-12A, Class ER, 8.361%, (3 mo. USD LIBOR + 6.18%), 11/10/30(8)(9)		3,525		2,934,290
Apidos CLO XX
Series2015-20A, Class DR, 7.701%, (3 mo. USD LIBOR + 5.70%), 7/16/31(8)(9)		2,375		2,206,864
Ares LII CLO, Ltd.
Series2019-52A, Class E, 8.503%, (3 mo. USD LIBOR + 6.55%), 4/22/31(8)(9)		1,250		1,199,032
Ares XL CLO, Ltd.
Series2016-40A, Class CR, 5.401%, (3 mo. USD LIBOR + 3.40%), 1/15/29(8)(9)		2,500		2,452,539
Series2016-40A, Class DR, 8.351%, (3 mo. USD LIBOR + 6.35%), 1/15/29(8)(9)		3,500		3,310,426
Ares XLIX CLO, Ltd.
Series2018-49A, Class D, 4.953%, (3 mo. USD LIBOR + 3.00%), 7/22/30(8)(9)		2,500		2,359,893
Series2018-49A, Class E, 7.653%, (3 mo. USD LIBOR + 5.70%), 7/22/30(8)(9)		3,500		3,191,868

Security	Principal Amount (000’s omitted)		Value
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class C, 5.058%, (3 mo. USD LIBOR + 2.90%), 5/15/30(8)(9)	$	5,000	$	4,635,674
Series 2014-32RA, Class D, 8.008%, (3 mo. USD LIBOR + 5.85%), 5/15/30(8)(9)		1,000		907,153
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 7.701%, (3 mo. USD LIBOR + 5.70%), 7/15/30(8)(9)		4,000		3,629,414
Babson CLO, Ltd.
Series2015-1A, Class DR, 4.566%, (3 mo. USD LIBOR + 2.60%), 1/20/31(8)(9)		2,500		2,274,056
Series2016-1A, Class DR, 4.984%, (3 mo. USD LIBOR + 3.05%), 7/23/30(8)(9)		1,250		1,166,794
Series2016-1A, Class ER, 7.934%, (3 mo. USD LIBOR + 6.00%), 7/23/30(8)(9)		3,500		2,878,929
Series2018-1A, Class C, 4.601%, (3 mo. USD LIBOR + 2.60%), 4/15/31(8)(9)		3,500		3,168,291
Bain Capital Credit CLO
Series2018-1A, Class D, 4.634%, (3 mo. USD LIBOR + 2.70%), 4/23/31(8)(9)		5,000		4,564,378
Benefit Street Partners CLOV-B, Ltd.
Series2018-5BA, Class C, 4.896%, (3 mo. USD LIBOR + 2.93%), 4/20/31(8)(9)		5,000		4,579,829
Series2018-5BA, Class D, 7.916%, (3 mo. USD LIBOR + 5.95%), 4/20/31(8)(9)		3,500		3,021,378
Benefit Street Partners CLO VIII, Ltd.
Series2015-8A, Class DR, 7.566%, (3 mo. USD LIBOR + 5.60%), 1/20/31(8)(9)		5,401		4,529,753
Benefit Street Partners CLO XIV, Ltd.
Series2018-14A, Class D, 4.566%, (3 mo. USD LIBOR + 2.60%), 4/20/31(8)(9)		1,500		1,357,016
Benefit Street Partners CLO XVI, Ltd.
Series2018-16A, Class D, 5.702%, (3 mo. USD LIBOR + 3.70%), 1/17/32(8)(9)		2,000		1,976,502
Series2018-16A, Class E, 8.702%, (3 mo. USD LIBOR + 6.70%), 1/17/32(8)(9)		2,250		2,187,036
Benefit Street Partners CLO XVII, Ltd.
Series2019-17A, Class E, 8.601%, (3 mo. USD LIBOR + 6.60%), 7/15/32(8)(9)		1,750		1,661,626
Betony CLO 2, Ltd.
Series2018-1A, Class C, 4.836%, (3 mo. USD LIBOR + 2.90%), 4/30/31(8)(9)		2,500		2,336,000
Series2018-1A, Class D, 7.586%, (3 mo. USD LIBOR + 5.65%), 4/30/31(8)(9)		4,550		4,069,485
BlueMountain CLO, Ltd.
Series2015-3A, Class CR, 4.566%, (3 mo. USD LIBOR + 2.60%), 4/20/31(8)(9)		5,000		4,492,791
Series2015-3A, Class DR, 7.366%, (3 mo. USD LIBOR + 5.40%), 4/20/31(8)(9)		3,000		2,587,958

40 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
BlueMountain CLO, Ltd. (continued)
Series2016-3A, Class DR, 5.258%, (3 mo. USD LIBOR + 3.10%), 11/15/30(8)(9)	$	1,500	$	1,375,299
Series2016-3A, Class ER, 8.108%, (3 mo. USD LIBOR + 5.95%), 11/15/30(8)(9)		1,500		1,332,479
Series2018-1A, Class D, 4.986%, (3 mo. USD LIBOR + 3.05%), 7/30/30(8)(9)		2,500		2,305,795
Series2018-1A, Class E, 7.886%, (3 mo. USD LIBOR + 5.95%), 7/30/30(8)(9)		2,000		1,776,213
Canyon Capital CLO, Ltd.
Series2012-1RA, Class E, 7.701%, (3 mo. USD LIBOR + 5.70%), 7/15/30(8)(9)		4,875		4,345,811
Series2016-1A, Class DR, 4.801%, (3 mo. USD LIBOR + 2.80%), 7/15/31(8)(9)		3,000		2,781,476
Series2016-1A, Class ER, 7.751%, (3 mo. USD LIBOR + 5.75%), 7/15/31(8)(9)		4,000		3,464,140
Series2016-2A, Class ER, 7.986%, (3 mo. USD LIBOR + 6.00%), 10/15/31(8)(9)		4,500		3,859,433
Series2018-1A, Class D, 4.901%, (3 mo. USD LIBOR + 2.90%), 7/15/31(8)(9)		3,000		2,781,955
Series2018-1A, Class E, 7.751%, (3 mo. USD LIBOR + 5.75%), 7/15/31(8)(9)		2,750		2,402,173
Carlyle CLO, Ltd.
Series C17A, Class CR, 5.066%, (3 mo. USD LIBOR + 2.80%), 4/30/31(8)(9)		5,000		4,665,802
Series C17A, Class DR, 8.266%, (3 mo. USD LIBOR + 6.00%), 4/30/31(8)(9)		3,500		3,133,009
Carlyle Global Market Strategies CLO, Ltd.
Series2012-3A, Class CR2, 5.486%, (3 mo. USD LIBOR + 3.50%), 1/14/32(8)(9)		2,500		2,287,660
Series2012-3A, Class DR2, 8.486%, (3 mo. USD LIBOR + 6.50%), 1/14/32(8)(9)		1,500		1,335,208
Series2014-3RA, Class C, 4.886%, (3 mo. USD LIBOR + 2.95%), 7/27/31(8)(9)		1,000		918,567
Series2014-3RA, Class D, 7.336%, (3 mo. USD LIBOR + 5.40%), 7/27/31(8)(9)		2,150		1,750,231
Series2014-4RA, Class C, 4.901%, (3 mo. USD LIBOR + 2.90%), 7/15/30(8)(9)		2,750		2,394,716
Series2014-4RA, Class D, 7.651%, (3 mo. USD LIBOR + 5.65%), 7/15/30(8)(9)		3,500		2,860,694
Cole Park CLO, Ltd.
Series2015-1A, Class ER, 8.566%, (3 mo. USD LIBOR + 6.60%), 10/20/28(8)(9)		2,000		1,878,465
Dryden CLO, Ltd.
Series2016-42A, Class ER, 7.551%, (3 mo. USD LIBOR + 5.55%), 7/15/30(8)(9)		3,500		3,071,628
Series2018-55A, Class D, 4.851%, (3 mo. USD LIBOR + 2.85%), 4/15/31(8)(9)		1,500		1,384,893
Series2018-55A, Class E, 7.401%, (3 mo. USD LIBOR + 5.40%), 4/15/31(8)(9)		2,000		1,740,378

Security	Principal Amount (000’s omitted)		Value
Dryden Senior Loan Fund
Series2015-40A, Class DR, 5.258%, (3 mo. USD LIBOR + 3.10%), 8/15/31(8)(9)	$	3,000	$	2,857,074
Series2015-40A, Class ER, 7.908%, (3 mo. USD LIBOR + 5.75%), 8/15/31(8)(9)		2,350		2,127,451
Series2015-41A, Class DR, 4.586%, (3 mo. USD LIBOR + 2.60%), 4/15/31(8)(9)		7,000		6,378,228
Series2015-41A, Class ER, 7.286%, (3 mo. USD LIBOR + 5.30%), 4/15/31(8)(9)		1,268		1,049,679
Series2016-42A, Class DR, 4.931%, (3 mo. USD LIBOR + 2.93%), 7/15/30(8)(9)		2,500		2,315,677
Fort Washington CLO2019-1, Ltd.
Series2019-1A, Class E, (3 mo. USD LIBOR + 7.25%),10/20/32(8)(11)		1,000		959,269
Galaxy XV CLO, Ltd.
Series2013-15A, Class ER, 8.646%, (3 mo. USD LIBOR + 6.65%), 10/15/30(8)(9)		4,500		4,043,894
Galaxy XXV CLO, Ltd.
Series2015-19A, Class D1R, 8.466%, (3 mo. USD LIBOR + 6.53%), 7/24/30(8)(9)		2,000		1,767,333
Series2018-25A, Class D, 5.04%, (3 mo. USD LIBOR + 3.10%), 10/25/31(8)(9)		2,500		2,362,978
Series2018-25A, Class E, 7.89%, (3 mo. USD LIBOR + 5.95%), 10/25/31(8)(9)		3,500		3,104,297
Goldentree Loan Management US CLO 5, Ltd.
Series2019-5A, Class D, 6.038%, (3 mo. USD LIBOR + 3.85%), 10/20/32(8)(9)		1,500		1,490,190
Golub Capital Partners CLO, Ltd.
Series2018-37A, Class D, 5.266%, (3 mo. USD LIBOR + 3.30%), 7/20/30(8)(9)		4,000		3,849,652
Series2018-37A, Class E, 7.716%, (3 mo. USD LIBOR + 5.75%), 7/20/30(8)(9)		4,750		4,306,315
ICG US CLO, Ltd.
Series2018-2A, Class D, 5.053%, (3 mo. USD LIBOR + 3.10%), 7/22/31(8)(9)		2,000		1,865,337
Series2018-2A, Class E, 7.703%, (3 mo. USD LIBOR + 5.75%), 7/22/31(8)(9)		3,000		2,600,349
Kayne CLO, Ltd.
Series2019-5A, Class E, 8.881%, (3 mo. USD LIBOR + 6.70%), 7/24/32(8)(9)		500		468,449
Neuberger Berman CLO XVIII, Ltd.
Series2014-18A, Class DR2, 7.886%, (3 mo. USD LIBOR + 5.92%), 10/21/30(8)(9)		2,000		1,831,160
Neuberger Berman CLO XXII, Ltd.
Series2016-22A, Class DR, 5.102%, (3 mo. USD LIBOR + 3.10%), 10/17/30(8)(9)		2,500		2,277,135
Series2016-22A, Class ER, 8.062%, (3 mo. USD LIBOR + 6.06%), 10/17/30(8)(9)		3,000		2,654,687

41 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Neuberger Berman Loan Advisers CLO, Ltd.
Series2018-28A, Class E, 7.566%, (3 mo. USD LIBOR + 5.60%), 4/20/30(8)(9)	$	1,950	$	1,713,080
Series2019-33A, Class E, 8.94%, (3 mo. USD LIBOR + 6.80%), 10/16/32(8)(9)		950		935,447
Oaktree CLO, Ltd.
Series2019-3A, Class D, 6.118%, (3 mo. USD LIBOR + 3.96%), 7/20/31(8)(9)		2,625		2,568,463
OHA Credit Partners VII, Ltd.
Series2012-7A, Class ER, 9.636%, (3 mo. USD LIBOR + 7.50%), 11/20/27(8)(9)		3,000		2,983,786
Palmer Square CLO, Ltd.
Series2013-2A, Class CRR, 5.503%, (3 mo. USD LIBOR + 3.20%), 10/17/31(8)(9)		2,500		2,395,540
Series2013-2A, Class DRR, 8.153%, (3 mo. USD LIBOR + 5.85%), 10/17/31(8)(9)		3,250		3,020,449
Series2015-1A, Class DR2, 8.402%, (3 mo. USD LIBOR + 6.25%), 5/21/29(8)(9)		1,850		1,766,104
Series2018-1A, Class C, 4.503%, (3 mo. USD LIBOR + 2.50%), 4/18/31(8)(9)		3,000		2,763,933
Series2018-1A, Class D, 7.45%, (3 mo. USD LIBOR + 5.15%), 4/18/31(8)(9)		2,000		1,852,357
Series2018-2A, Class D, 7.601%, (3 mo. USD LIBOR + 5.60%), 7/16/31(8)(9)		2,000		1,844,841
Regatta XIII Funding, Ltd.
Series2018-2A, Class C, 5.101%, (3 mo. USD LIBOR + 3.10%), 7/15/31(8)(9)		2,500		2,373,685
Series2018-2A, Class D, 7.951%, (3 mo. USD LIBOR + 5.95%), 7/15/31(8)(9)		5,000		4,422,083
Regatta XIV Funding, Ltd.
Series2018-3A, Class D, 5.14%, (3 mo. USD LIBOR + 3.20%), 10/25/31(8)(9)		2,500		2,392,727
Series2018-3A, Class E, 7.89%, (3 mo. USD LIBOR + 5.95%), 10/25/31(8)(9)		4,500		4,054,410
Regatta XV Funding, Ltd.
Series2018-4A, Class D, 8.44%, (3 mo. USD LIBOR + 6.50%), 10/25/31(8)(9)		3,875		3,496,048
Southwick Park CLO, LLC
Series2019-4A, Class D, 6.016%, (3 mo. USD LIBOR + 3.85%), 7/20/32(8)(9)		1,500		1,489,400
Series2019-4A, Class E, 8.866%, (3 mo. USD LIBOR + 6.70%), 7/20/32(8)(9)		1,750		1,686,167
Upland CLO, Ltd.
Series2016-1A, Class CR, 4.866%, (3 mo. USD LIBOR + 2.90%), 4/20/31(8)(9)		4,500		4,136,626
Series2016-1A, Class DR, 7.866%, (3 mo. USD LIBOR + 5.90%), 4/20/31(8)(9)		4,625		4,118,959
Vibrant CLO 1X, Ltd.
Series2018-9A, Class C, 5.166%, (3 mo. USD LIBOR + 3.20%), 7/20/31(8)(9)		2,500		2,319,085

Security	Principal Amount (000’s omitted)		Value
Vibrant CLO 1X, Ltd. (continued)
Series2018-9A, Class D, 8.216%, (3 mo. USD LIBOR + 6.25%), 7/20/31(8)(9)	$	3,500	$	2,923,131
Vibrant CLO X, Ltd.
Series2018-10A, Class C, 5.216%, (3 mo. USD LIBOR + 3.25%), 10/20/31(8)(9)		5,000		4,677,413
Series2018-10A, Class D, 8.156%, (3 mo. USD LIBOR + 6.19%), 10/20/31(8)(9)		5,000		4,214,057
Voya CLO, Ltd.
Series2014-1A, Class DR2, 8.003%, (3 mo. USD LIBOR + 6.00%), 4/18/31(8)(9)		3,250		2,834,442
Series2015-3A, Class CR, 5.116%, (3 mo. USD LIBOR + 3.15%), 10/20/31(8)(9)		2,500		2,312,993
Series2015-3A, Class DR, 8.166%, (3 mo. USD LIBOR + 6.20%), 10/20/31(8)(9)		5,500		4,808,440
Series2016-3A, Class CR, 5.253%, (3 mo. USD LIBOR + 3.25%), 10/18/31(8)(9)		2,000		1,870,429
Series2016-3A, Class DR, 8.083%, (3 mo. USD LIBOR + 6.08%), 10/18/31(8)(9)		3,375		2,910,778
Series2018-1A, Class C, 4.566%, (3 mo. USD LIBOR + 2.60%), 4/19/31(8)(9)		5,000		4,544,431
Webster Park CLO, Ltd.
Series2015-1A, Class CR, 4.866%, (3 mo. USD LIBOR + 2.90%), 7/20/30(8)(9)		2,000		1,852,582
Series2015-1A, Class DR, 7.466%, (3 mo. USD LIBOR + 5.50%), 7/20/30(8)(9)		2,500		2,268,242
Total Asset-Backed Securities (identified cost $302,908,810)			$	275,927,101
Common Stocks — 0.7%
Security	Shares		Value
Aerospace and Defense — 0.0%(10)
IAP Global Services, LLC(3)(12)(13)		168	$	2,208,234
			$	2,208,234
Automotive — 0.0%(10)
Dayco Products, LLC(12)(13)		48,926	$	1,321,002
			$	1,321,002
Business Equipment and Services — 0.0%(10)
Crossmark Holdings, Inc.(12)(13)		37,581	$	2,254,860
			$	2,254,860

42 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(12)		454,988	$	4,595,379
			$	4,595,379
Electronics / Electrical — 0.0%(10)
Answers Corp.(3)(12)(13)		642,963	$	1,266,637
			$	1,266,637
Health Care — 0.0%
New Millennium Holdco, Inc.(3)(12)(13)		319,499	$	0
			$	0
Nonferrous Metals / Minerals — 0.0%
ASP United/GHX Holding, LLC(3)(12)(13)		190,419	$	0
			$	0
Oil and Gas — 0.4%
AFG Holdings, Inc.(3)(12)(13)		281,241	$	12,155,236
Fieldwood Energy, Inc.(12)(13)		109,481		2,682,284
Samson Resources II, LLC, Class A(12)(13)		387,972		9,481,066
Southcross Holdings Group, LLC(3)(12)(13)		573		0
Southcross Holdings L.P., Class A(12)(13)		573		272,175
			$	24,590,761
Publishing — 0.1%
ION Media Networks, Inc.(3)(13)		13,247	$	5,897,035
Tweddle Group, Inc.(3)(12)(13)		18,167		5,813
			$	5,902,848
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(12)		482,097	$	1,123,286
Cumulus Media, Inc., Class A(12)(13)		371,654		5,087,943
iHeartMedia, Inc., Class A(12)		205,018		2,939,958
			$	9,151,187
Retailers (Except Food and Drug) — 0.0%(10)
David’s Bridal, Inc.(12)(13)		163,937	$	9,017
			$	9,017
Total Common Stocks (identified cost $52,901,741)			$	51,299,925

Miscellaneous — 0.0%(10)
Security	Shares		Value
Oil and Gas — 0.0%(10)
Paragon Offshore Finance Company, Class A(12)(13)		16,581	$	8,290
Paragon Offshore Finance Company, Class B(12)(13)		8,290		190,670
Total Miscellaneous (identified cost $180,309)			$	198,960
Short-Term Investments — 1.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.97%(14)		79,652,699	$	79,652,699
Total Short-Term Investments (identified cost $79,651,983)			$	79,652,699
Total Investments — 124.0% (identified cost $9,478,919,439)			$	9,107,549,815
Less Unfunded Loan Commitments — (0.0)%(10)			$	(2,477,761	)
Net Investments — 124.0% (identified cost $9,476,441,678)			$	9,105,072,054
Other Assets, Less Liabilities — (24.0)%			$	(1,761,618,756	)
Net Assets — 100.0%			$	7,343,453,298

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. At October 31, 2019, the total value of unfunded loan commitments is $2,430,972. See Note 1F for description.

⁽³⁾ For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽⁴⁾ The stated interest rate represents the weighted average interest rate at October 31, 2019 of contracts within the senior loan facility. Interest

43 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Portfolio of Investments — continued

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 October 31, 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 October 31, 2019, the aggregate value of these securities is $506,311,866 or 6.9% of the Portfolio’s net assets.

⁽⁹⁾ Variable rate security. The stated interest rate represents the rate in effect at October 31, 2019.

⁽¹⁰⁾ Amount is less than 0.05% or (0.05)%, as applicable.

⁽¹¹⁾ When-issued, variable rate security whose interest rate will be determined after October 31, 2019.

⁽¹²⁾ Non-income producing security.

⁽¹³⁾ Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁴⁾ 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 October 31, 2019.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	46,000,000	USD	51,337,656	HSBC Bank USA, N.A.		11/29/19	$	48,953	$	—
USD	8,595,503	CAD	11,412,765	HSBC Bank USA, N.A.		11/29/19		—		(70,045	)
USD	234,927,187	EUR	210,647,909	State Street Bank and Trust Company		11/29/19		—		(387,634	)
USD	204,609,695	EUR	186,036,719	HSBC Bank USA, N.A.		12/30/19		—		(3,709,526	)
USD	189,167,822	EUR	169,166,429	Goldman Sachs International		1/31/20		—		(659,243	)
USD	55,746,108	GBP	43,197,562	State Street Bank and Trust Company		1/31/20		—		(370,882	)
							$	48,953	$	(5,197,330	)

Abbreviations:

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

44 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Statement of Assets and Liabilities

Assets	October 31, 2019
Unaffiliated investments, at value (identified cost, $9,396,789,695)	$	9,025,419,355
Affiliated investment, at value (identified cost, $79,651,983)		79,652,699
Cash		93,646,154
Deposits for derivatives collateral — forward foreign currency exchange contracts		7,148,765
Foreign currency, at value (identified cost, $9,305,686)		9,303,721
Interest receivable		24,576,176
Dividends receivable from affiliated investment		218,990
Receivable for investments sold		98,675,431
Receivable for open forward foreign currency exchange contracts		48,953
Prepaid upfront fees on notes payable		1,113,637
Prepaid expenses		691,552
Total assets	$	9,340,495,433
Liabilities
Notes payable	$	1,840,000,000
Cash collateral due to brokers		1,489,004
Payable for investments purchased		140,631,220
Payable for when-issued securities		949,400
Payable for open forward foreign currency exchange contracts		5,197,330
Payable to affiliates:
Investment adviser fee		3,324,266
Trustees’ fees		9,042
Accrued expenses		5,441,873
Total liabilities	$	1,997,042,135
Net Assets applicable to investors’ interest in Portfolio	$	7,343,453,298

45 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Statement of Operations

Investment Income	Year Ended October 31, 2019
Interest and other income	$	611,841,341
Dividends		5,083,731
Dividends from affiliated investment		3,730,111
Total investment income	$	620,655,183
Expenses
Investment adviser fee	$	44,860,854
Trustees’ fees and expenses		109,083
Custodian fee		2,348,774
Legal and accounting services		757,934
Interest expense and fees		76,950,454
Miscellaneous		384,554
Total expenses	$	125,411,653
Net investment income	$	495,243,530
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(126,950,260	)
Investment transactions — affiliated investment		9,593
Foreign currency transactions		3,589,580
Forward foreign currency exchange contracts		56,427,348
Net realized loss	$	(66,923,739	)
Change in unrealized appreciation (depreciation) —
Investments	$	(261,764,063	)
Investments — affiliated investment		8,205
Foreign currency		(1,638,000	)
Forward foreign currency exchange contracts		(25,541,059	)
Net change in unrealized appreciation (depreciation)	$	(288,934,917	)
Net realized and unrealized loss	$	(355,858,656	)
Net increase in net assets from operations	$	139,384,874

46 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	495,243,530		$	446,751,304
Net realized gain (loss)		(66,923,739	)		100,903,348
Net change in unrealized appreciation (depreciation)		(288,934,917	)		(76,556,814	)
Net increase in net assets from operations	$	139,384,874		$	471,097,838
Capital transactions —
Contributions	$	189,465,590		$	3,119,956,645
Withdrawals		(3,954,556,464	)		(419,451,962	)
Net increase (decrease) in net assets from capital transactions	$	(3,765,090,874	)	$	2,700,504,683
Net increase (decrease) in net assets	$	(3,625,706,000	)	$	3,171,602,521
Net Assets
At beginning of year	$	10,969,159,298		$	7,797,556,777
At end of year	$	7,343,453,298		$	10,969,159,298

47 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Statement of Cash Flows

Cash Flows From Operating Activities	Year Ended October 31, 2019
Net increase in net assets from operations	$	139,384,874
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased		(2,303,539,831	)
Investments sold and principal repayments		5,127,630,014
Decrease in short-term investments, net		70,749,699
Net amortization/accretion of premium (discount)		(2,645,422	)
Amortization of prepaid upfront fees on notes payable		3,024,236
Decrease in interest receivable		7,564,216
Increase in dividends receivable from affiliated investment		(17,557	)
Decrease in receivable for open forward foreign currency exchange contracts		20,345,070
Increase in prepaid expenses		(104,553	)
Decrease in payable for cash collateral due to brokers		(14,131,052	)
Increase in payable for open forward foreign currency exchange contracts		5,195,989
Decrease in payable to affiliate for investment adviser fee		(897,751	)
Increase in payable to affiliate for Trustees’ fees		584
Increase in accrued expenses		565,475
Decrease in unfunded loan commitments		(4,646,288	)
Net change in unrealized (appreciation) depreciation from investments		261,755,858
Net realized loss from investments		126,940,667
Net cash provided by operating activities	$	3,437,174,228
Cash Flows From Financing Activities
Proceeds from capital contributions	$	189,465,590
Payments for capital withdrawals		(3,954,556,464	)
Proceeds from notes payable		1,880,000,000
Repayments of notes payable		(1,540,000,000	)
Payment of prepaid upfront fees on notes payable		(3,195,420	)
Net cash used in financing activities	$	(3,428,286,294	)
Net increase in cash and restricted cash*	$	8,887,934
Cash and restricted cash at beginning of year(1)	$	101,210,706
Cash and restricted cash at end of year(1)	$	110,098,640
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$	77,123,610

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $9,070.

⁽¹⁾  Balance includes foreign currency, at value.

48 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Statement of Cash Flows — continued

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

	October 31,
	2019		2018
Cash	$	93,646,154	$	46,421,133
Deposit for derivatives collateral —
Forward foreign currency exchange contracts		7,148,765		15,620,056
Foreign currency		9,303,721		39,169,517
Total cash and restricted cash as shown on the Statement of Cash Flows	$	110,098,640	$	101,210,706

49 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(1)		0.55	%		0.51	%		0.52	%		0.58	%		0.58	%
Interest and fee expense		0.88	%		0.47	%		0.34	%		0.44	%		0.34	%
Total expenses(1)		1.43	%		0.98	%		0.86	%		1.02	%		0.92	%
Net investment income		5.63	%		4.92	%		4.68	%		5.52	%		5.09	%
Portfolio Turnover		17	%		29	%		39	%		38	%		27	%
Total Return		2.04	%		5.41	%		6.43	%		8.32	%		0.72	%
Net assets, end of year (000’s omitted)	$	7,343,453		$	10,969,159		$	7,797,557		$	5,325,638		$	5,340,032

⁽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.

50 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2019

Notes to Financial Statements

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 October 31, 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 98.7%, 0.6% and 0.7%, 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,

51

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October 31, 2019

Notes to Financial Statements — 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 October 31, 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 October 31, 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. 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 year ended October 31, 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.

52

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Notes to Financial Statements — continued

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 year ended October 31, 2019, the Portfolio’s investment adviser fee totaled $44,860,854 or 0.51% 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 year ended October 31, 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 $1,823,648,577 and $5,169,368,330, respectively, for the year ended October 31, 2019.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	9,456,275,701
Gross unrealized appreciation	$	40,710,294
Gross unrealized depreciation		(391,913,941	)
Net unrealized depreciation	$	(351,203,647	)

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 October 31, 2019 is included in the Portfolio of Investments. At October 31, 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 October 31, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $5,197,330. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $5,659,761 at October 31, 2019.

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

53

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October 31, 2019

Notes to Financial Statements — continued

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 October 31, 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 10) at October 31, 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 October 31, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(2)
Forward foreign currency exchange contracts	$	48,953	$	(5,197,330	)

⁽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 October 31, 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.	$	48,953		$	(48,953	)	$	—	$	—	$	—
	$	48,953		$	(48,953	)	$	—	$	—	$	—
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	$	(659,243	)	$	—		$	—	$	—	$	(659,243	)
HSBC Bank USA, N.A.		(3,779,571	)		48,953			—		3,379,000		(351,618	)
State Street Bank and Trust Company		(758,516	)		—			—		758,516		—
	$	(5,197,330	)	$	48,953		$	—	$	4,137,516	$	(1,010,861	)

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

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Notes to Financial Statements — continued

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended October 31, 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	$	56,427,348	$	(25,541,059	)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the year ended October 31, 2019, which is indicative of the volume of this derivative type, was approximately $820,815,000.

6  Revolving Credit 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 $2.917 billion ($3.084 billion from March 12, 2019 to October 14, 2019, $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 paysone-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 year ended October 31, 2019 totaled $19,997,490 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 October 31, 2019 is approximately $1,114,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. At October 31, 2019, the Portfolio had borrowings outstanding under the Loan Facility of $1,840,000,000 at an annual interest rate of 2.08%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at October 31, 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 10) at October 31, 2019. For the year ended October 31, 2019, the average borrowings under the Loan Facility and the average interest rate (excluding fees) were $2,190,931,507 and 2.45%, respectively.

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.

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Notes to Financial Statements — continued

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  Investments in Affiliated Funds

At October 31, 2019, the value of the Portfolio’s investment in affiliated funds was $79,652,699, which represents 1.1% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2019 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC, 1.97%	$	150,384,600	$	3,997,986,585	$	(4,068,736,284	)	$	9,593	$	8,205	$	79,652,699	$	3,730,111		79,652,699

10  Fair Value Measurements

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

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

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

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

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

56

Senior Debt Portfolio

October 31, 2019

Notes to Financial Statements — continued

At October 31, 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)	$	—	$	8,394,848,425		$	19,007,983	$	8,413,856,408
Corporate Bonds & Notes		—		284,136,961			—		284,136,961
Asset-Backed Securities		—		275,927,101			—		275,927,101
Common Stocks		13,746,566		16,020,404			21,532,955		51,299,925
Miscellaneous		—		198,960			—		198,960
Short-Term Investments		—		79,652,699			—		79,652,699
Total Investments	$	13,746,566	$	9,050,784,550		$	40,540,938	$	9,105,072,054
Forward Foreign Currency Exchange Contracts	$	—	$	48,953		$	—	$	48,953
Total	$	13,746,566	$	9,050,833,503		$	40,540,938	$	9,105,121,007
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(5,197,330	)	$	—	$	(5,197,330	)
Total	$	—	$	(5,197,330	)	$	—	$	(5,197,330	)

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2019 is not presented.

11  Legal Proceedings

In May 2015, the Fund was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT sought (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Portfolio was approximately $6,405,000. In April 2019, the parties to the litigation reached a settlement agreement in principle, subject to Court approval. On June 12, 2019, the Court approved the settlement, and all claims and cross claims in the litigation were dismissed on July 2, 2019. The Portfolio did not suffer any loss to the Portfolio’s net asset value as a result of the settlement and recovered a portion of the attorney’s fees and costs incurred, which were previously expensed by the Portfolio.

57

Senior Debt Portfolio

October 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Senior Debt Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Senior Debt Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2019, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2019, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 20, 2019

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

58

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Senior Debt Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serve until his or her successor is elected.

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Other Directorships in the Last Five Years.Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years.Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

59

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years.None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Trust/Portfolio Portfolio	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM since 2016.

60

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Portfolio	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

61

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

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.

62

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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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

3232    10.31.19

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Fiscal Years Ended	10/31/18		10/31/19
Audit Fees	$	114,880	$	117,538
Audit-Related Fees(1)	$	18,000	$	18,000
Tax Fees(2)	$	22,575	$	22,414
All Other Fees(3)	$	0	$	0
Total	$	155,455	$	157,952

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s revolving credit agreement.

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

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

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

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

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01 (c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

(g) The following table presents (i) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019; and (ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	10/31/18		10/31/19
Registrant	$	22,575	$	40,414
Eaton Vance(1)	$	126,485	$	59,903

⁽¹⁾  Certain subsidiaries of Eaton Vance Corp. provide ongoing services to the registrant.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

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 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:	December 23, 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:	December 23, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	December 23, 2019