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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-08876

Senior Debt Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Senior Floating-Rate Loans — 111.6%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 2.4%
Aernnova Aerospace S.A.U
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		1,071	$	924,623
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		4,179		3,606,030
AI Convoy (Luxembourg) S.a.r.l.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		4,300		4,518,955
Term Loan, 4.65%, (USD LIBOR + 3.50%), Maturing January 17, 2027(2)			5,300		5,041,625
Dynasty Acquisition Co., Inc.
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			7,692		6,804,051
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			14,307		12,655,535
IAP Worldwide Services, Inc.
Revolving Loan, 1.38%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021(3)			944		870,428
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2020(4)			1,230		972,702
TransDigm, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			30,713		27,051,743
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			52,226		45,934,044
WP CPP Holdings, LLC
Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025(2)			29,911		22,657,925
				$	131,037,661
Automotive — 2.7%
Adient US, LLC
Term Loan, 5.52%, (3 mo. USD LIBOR + 4.00%), Maturing May 6, 2024			3,002	$	2,725,535
American Axle and Manufacturing, Inc.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,982		17,392,839
Autokiniton US Holdings, Inc.
Term Loan, 6.78%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,751		7,801,050
Bright Bidco B.V.
Term Loan, 4.57%, (USD LIBOR + 3.50%), Maturing June 30, 2024(2)			20,281		6,346,394
Chassix, Inc.
Term Loan, 7.35%, (USD LIBOR + 5.50%), Maturing November 15, 2023(2)			7,136		5,137,740

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Automotive (continued)
CS Intermediate Holdco 2, LLC
Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			3,980	$	2,885,499
Dayco Products, LLC
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			11,762		8,821,423
Garrett LX III S.a.r.l.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025	EUR		4,953		4,830,626
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 3.20%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			6,883		6,397,198
IAA, Inc.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			7,208		6,910,550
Panther BF Aggregator 2 L.P.
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing April 30, 2026	EUR		500		511,853
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			28,015		25,459,015
Tenneco, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			36,870		28,582,235
Thor Industries, Inc.
Term Loan, 4.75%, (USD LIBOR + 3.75%), Maturing February 1, 2026(2)			9,142		8,414,111
TI Group Automotive Systems, LLC
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing June 30, 2022			9,693		9,038,823
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022	EUR		6,637		6,673,370
Visteon Corporation
Term Loan, 2.40%, (USD LIBOR + 1.75%), Maturing March 25, 2024(2)			2,500		2,353,125
				$	150,281,386
Beverage and Tobacco — 0.3%
Arterra Wines Canada, Inc.
Term Loan, 3.80%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			4,754	$	4,595,058
Flavors Holdings, Inc.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing June 30, 2020			11,387		10,874,520
Term Loan - Second Lien, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021			2,000		1,820,000
				$	17,289,578

18 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Brokerage / Securities Dealers / Investment Houses — 0.5%
Advisor Group, Inc.
Term Loan, 5.40%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026		12,921	$	10,764,912
Clipper Acquisitions Corp.
Term Loan, 2.73%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024		12,145		11,598,893
OZ Management L.P.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023		527		522,126
Resolute Investment Managers, Inc.
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 30, 2023		3,800		3,420,000
			$	26,305,931
Building and Development — 3.4%
ACProducts, Inc.
Term Loan, 8.19%, (3 mo. USD LIBOR + 6.50%), Maturing August 18, 2025		4,375	$	3,937,500
Advanced Drainage Systems, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026		3,348		3,276,803
American Builders & Contractors Supply Co., Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027		23,651		22,365,107
APi Group DE, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026		16,259		15,807,048
Brookfield Property REIT, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025		4,244		3,221,220
Core & Main L.P.
Term Loan, 3.99%, (USD LIBOR + 2.75%), Maturing August 1, 2024(2)		18,330		17,405,549
CPG International, Inc.
Term Loan, 5.93%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024		14,906		13,639,349
Cushman & Wakefield U.S. Borrower, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025		37,569		34,979,251
Henry Company, LLC
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing October 5, 2023		2,583		2,402,926
NCI Building Systems, Inc.
Term Loan, 4.58%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2025		10,295		8,896,682

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
Quikrete Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			12,568	$	11,774,842
RE/MAX International, Inc.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			16,203		15,230,866
Realogy Group, LLC
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025			8,065		6,811,544
Summit Materials Companies I, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024			2,029		1,925,901
Werner FinCo L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%), Maturing July 24, 2024			13,335		11,534,943
WireCo WorldGroup, Inc.
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 30, 2023			8,336		6,314,161
Term Loan - Second Lien, 10.07%, (6 mo. USD LIBOR + 9.00%), Maturing September 30, 2024			8,525		6,180,625
				$	185,704,317
Business Equipment and Services — 9.2%
Adtalem Global Education, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			6,214	$	5,776,719
Airbnb, Inc.
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			7,500		7,659,375
AlixPartners, LLP
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		9,331		9,969,471
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing April 4, 2024			21,863		21,174,392
Allied Universal Holdco, LLC
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			4,065		3,814,392
Amentum Government Services Holdings, LLC
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing February 1, 2027			11,075		10,680,453
AppLovin Corporation
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			34,338		32,856,900
Term Loan, Maturing August 15, 2025(5)			6,125		5,864,687

19 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
ASGN Incorporated
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025		3,433	$	3,369,019
Belfor Holdings, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		6,749		6,529,657
BidFair MergeRight, Inc.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027		7,713		6,748,604
Bracket Intermediate Holding Corp.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025		9,565		8,740,122
Brand Energy & Infrastructure Services, Inc.
Term Loan, 5.45%, (USD LIBOR + 4.25%), Maturing June 21, 2024(2)		8,370		7,127,732
Camelot U.S. Acquisition 1 Co.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2026		12,028		11,601,865
CCC Information Services, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024		7,508		7,128,231
Ceridian HCM Holding, Inc.
Term Loan, 2.64%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025		23,392		22,193,286
CM Acquisition Co.
Term Loan, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing July 26, 2023		2,042		1,910,901
Da Vinci Purchaser Corp.
Term Loan, 5.24%, (6 mo. USD LIBOR + 4.00%), Maturing January 8, 2027		4,125		3,908,437
Deerfield Dakota Holding, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 9, 2027		1,325		1,274,209
EAB Global, Inc.
Term Loan, 4.88%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024(2)		13,254		12,624,911
EIG Investors Corp.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023		34,191		31,711,936
Garda World Security Corporation
Term Loan, 6.39%, (3 mo. USD LIBOR + 4.75%), Maturing October 30, 2026		8,983		8,692,543
IG Investment Holdings, LLC
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		30,024		25,088,644
IRI Holdings, Inc.
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing December 1, 2025		23,674		20,300,084

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Iron Mountain, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026			9,286	$	8,751,584
KAR Auction Services, Inc.
Term Loan, 2.88%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026			5,342		4,887,830
Kronos Incorporated
Term Loan, 4.76%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023			76,871		74,420,557
KUEHG Corp.
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025			27,563		22,567,174
Term Loan - Second Lien, 9.70%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025			4,075		3,158,125
LGC Group Holdings Limited
Term Loan, Maturing April 21, 2027(5)			3,600		3,402,000
Term Loan, Maturing January 22, 2027(5)	EUR		3,025		3,154,170
Monitronics International, Inc.
Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			15,398		10,470,689
Outfront Media Capital, LLC
Term Loan, 2.58%, (1 mo. USD LIBOR + 1.75%), Maturing November 18, 2026			3,314		3,065,775
PGX Holdings, Inc.
Term Loan, 0.00%, Maturing September 29, 2020(6)			12,701		5,397,870
Pre-Paid Legal Services, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025			8,985		8,255,068
Prometric Holdings, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing January 29, 2025			5,591		4,640,920
Rockwood Service Corporation
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			5,075		4,669,000
Sabre GLBL, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024			6,605		6,088,225
Prime Security Services Borrower, LLC
Term Loan, Maturing September 23, 2026(5)			1,500		1,436,562
Speedster Bidco GmbH
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,550		2,569,466
Spin Holdco, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			34,520		31,887,735

20 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Vestcom Parent Holdings, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			1,806	$	1,652,295
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			11,277		10,205,832
West Corporation
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024			4,986		3,891,006
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024			5,016		3,954,899
Zephyr Bidco Limited
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		5,025		4,993,838
Zephyr Bidco Limited
Term Loan, 4.48%, (3 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,725		9,642,966
				$	509,910,156
Cable and Satellite Television — 4.4%
Altice France S.A.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			10,862	$	10,101,994
Term Loan, 4.81%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			8,764		8,181,882
Charter Communications Operating, LLC
Term Loan, 2.16%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			12,241		11,819,572
CSC Holdings, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			44,783		43,036,691
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			5,795		5,546,741
Mediacom Illinois, LLC
Term Loan, 1.90%, (1 week USD LIBOR + 1.75%), Maturing February 15, 2024			3,127		3,029,683
Numericable Group S.A.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		6,406		6,590,218
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			17,566		16,257,597
Telenet Financing USD, LLC
Term Loan, 2.81%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			39,725		37,957,237
Telenet International Finance S.a.r.l.
Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		8,465		9,100,774

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
UPC Broadband Holding B.V.
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			8,800	$	8,338,000
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		3,150		3,365,628
Virgin Media Bristol, LLC
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			41,755		39,600,537
Virgin Media SFA Finance Limited
Term Loan, 3.51%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		9,825		11,735,228
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		13,800		14,650,139
Ziggo B.V.
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		15,300		16,092,033
				$	245,403,954
Chemicals and Plastics — 4.6%
Aruba Investments, Inc.
Term Loan, 4.32%, (6 mo. USD LIBOR + 3.25%), Maturing February 2, 2022			10,993	$	10,663,360
Axalta Coating Systems US Holdings, Inc.
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			22,997		22,462,127
Caldic B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		500		501,694
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		2,266		2,274,146
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		5,742		5,769,825
Element Solutions, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			8,088		7,789,612
Emerald Performance Materials, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 1, 2021			3,575		3,390,423
Ferro Corporation
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,420		3,308,806
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,648		3,529,055
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,727		3,605,774

21 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Flint Group GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.00%, Floor 0.75%), Maturing September 7, 2021	EUR		1,212	$	1,097,668
Term Loan, 4.02%, (2 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			1,944		1,584,078
Flint Group US, LLC
Term Loan, 4.02%, (2 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			11,758		9,582,372
Term Loan, 4.02%, (USD LIBOR + 3.00%), Maturing September 7, 2021(2)			2,910		2,371,650
Gemini HDPE, LLC
Term Loan, 3.27%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			12,723		12,214,489
Hexion, Inc.
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		18,800		19,314,349
INEOS Enterprises Holdings II Limited
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		2,325		2,453,898
INEOS Enterprises Holdings US Finco, LLC
Term Loan, 5.11%, (3 mo. USD LIBOR + 3.50%), Maturing August 28, 2026			2,535		2,395,373
INEOS Finance PLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		8,085		8,560,848
Inovyn Finance PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		9,065		9,511,416
Kraton Polymers, LLC
Term Loan, 2.75%, (1 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		1,051		1,140,593
Messer Industries GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,575		4,863,106
Minerals Technologies, Inc.
Term Loan, 3.06%, (USD LIBOR + 2.25%), Maturing February 14, 2024(2)			13,866		13,684,378
Momentive Performance Materials, Inc.
Term Loan, 3.66%, (1 mo. USD LIBOR + 3.25%), Maturing May 15, 2024			1,143		1,019,732
PMHC II, Inc.
Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			14,294		11,864,001
PQ Corporation
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			22,369		21,457,503

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Pregis TopCo Corporation
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing July 31, 2026			6,559	$	5,935,499
Rohm Holding GmbH
Term Loan, 5.00%, (2 mo. EURIBOR + 5.00%), Maturing July 31, 2026	EUR		1,900		1,726,420
Term Loan, 6.78%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			3,890		3,073,278
Spectrum Holdings III Corp.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing January 31, 2025			2,094		1,806,273
Starfruit Finco B.V.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,699		9,775,875
Tronox Finance, LLC
Term Loan, 3.59%, (USD LIBOR + 2.75%), Maturing September 23, 2024(2)			25,424		23,924,098
Univar, Inc.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			23,481		22,776,168
Venator Materials Corporation
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024			577		503,702
				$	255,931,589
Clothing / Textiles — 0.1%
Samsonite International SA
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			4,607	$	4,277,187
				$	4,277,187
Conglomerates — 0.1%
Penn Engineering & Manufacturing Corp.
Term Loan, 4.12%, (3 mo. USD LIBOR + 2.75%), Maturing June 27, 2024			2,088	$	1,942,102
SGB-SMIT Management GmbH
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing July 18, 2024	EUR		8,722		3,584,424
				$	5,526,526
Containers and Glass Products — 3.0%
Berry Global, Inc.
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			7,749	$	7,585,813
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			10,031		9,780,459

22 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Containers and Glass Products (continued)
Berry Global, Inc. (continued)
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing July 1, 2026			2,555	$	2,449,850
BWAY Holding Company
Term Loan, 4.56%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			11,217		9,730,438
Flex Acquisition Company, Inc.
Term Loan, 4.43%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023			35,554		33,420,692
Term Loan, 4.68%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			5,141		4,823,490
Libbey Glass, Inc.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021			13,864		6,764,057
Pelican Products, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing May 1, 2025			9,926		8,263,160
Proampac PG Borrower, LLC
Term Loan, 4.84%, (USD LIBOR + 3.50%), Maturing November 20, 2023(2)			8,384		7,796,697
Reynolds Consumer Products, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 4, 2027			3,525		3,404,142
Reynolds Group Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			61,112		58,509,773
Trident TPI Holdings, Inc.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing October 17, 2024(2)			15,721		13,913,160
				$	166,441,731
Cosmetics / Toiletries — 0.6%
Kronos Acquisition Holdings, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			36,924	$	33,323,642
				$	33,323,642
Drugs — 6.1%
Aenova Holding GmbH
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		2,175	$	2,304,025
Akorn, Inc.
Term Loan, 15.50%, (1 mo. USD LIBOR + 14.50%, Floor 1.00%), 14.75% cash, 0.75% PIK, Maturing April 16, 2021			21,478		18,328,263

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Drugs (continued)
Albany Molecular Research, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024			9,432	$	8,687,415
Alkermes, Inc.
Term Loan, 3.01%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			13,128		12,143,739
Amneal Pharmaceuticals, LLC
Term Loan, 3.94%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			30,249		27,186,526
Arbor Pharmaceuticals, Inc.
Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			16,420		13,765,844
Bausch Health Cos., Inc.
Term Loan, 3.72%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			40,427		39,180,136
Catalent Pharma Solutions, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 18, 2026			10,271		10,142,859
Elanco Animal Health, Inc.
Term Loan, Maturing February 4, 2027(5)			20,700		20,022,944
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			30,047		27,628,527
Grifols Worldwide Operations USA, Inc.
Term Loan, 2.14%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,641		35,541,601
Horizon Therapeutics USA, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%), Maturing May 22, 2026			13,469		13,210,395
Jaguar Holding Company II
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022			67,093		65,981,995
Mallinckrodt International Finance S.A.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024			37,992		27,109,754
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025			15,188		10,707,579
Nidda Healthcare Holding AG
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		1,000		1,036,263
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		6,425		6,650,067
				$	339,627,932

23 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Ecological Services and Equipment — 0.8%
Advanced Disposal Services, Inc.
Term Loan, 3.00%, (1 week USD LIBOR + 2.25%, Floor 0.75%), Maturing November 10, 2023			21,546	$	21,357,138
EnergySolutions, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025			20,179		18,362,673
US Ecology Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			3,092		3,030,405
				$	42,750,216
Electronics / Electrical — 18.6%
Almonde, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024			30,879	$	26,967,424
Applied Systems, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing September 19, 2024			29,904		28,756,248
Term Loan - Second Lien, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing September 19, 2025			4,000		3,860,000
Aptean, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			8,878		8,233,899
Astra Acquisition Corp.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			7,825		7,316,375
Avast Software B.V.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing September 29, 2023			6,254		6,107,535
Banff Merger Sub, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			48,016		41,733,781
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,506		3,335,022
Buzz Merger Sub, Ltd.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			5,825		5,577,438
Castle US Holding Corporation
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			10,682		9,044,328
Celestica, Inc.
Term Loan, 3.25%, (2 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,093		3,782,277
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			3,619		3,392,578

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Cohu, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,032	$	8,326,654
CommScope, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			19,802		18,807,343
CPI International, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024			15,150		12,801,362
Datto, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026			4,491		4,232,826
ECI Macola/Max Holdings, LLC
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024			10,089		8,928,575
Electro Rent Corporation
Term Loan, 6.02%, (USD LIBOR + 5.00%), Maturing January 31, 2024(2)			23,761		22,033,585
Entegris, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 6, 2025			2,868		2,839,134
Epicor Software Corporation
Term Loan, 3.66%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022			46,013		44,611,948
EXC Holdings III Corp.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing December 2, 2024	EUR		1,711		1,717,591
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024			3,551		3,338,119
Fiserv Investment Solutions, Inc.
Term Loan, 6.44%, (3 mo. USD LIBOR + 4.75%), Maturing February 18, 2027			5,825		5,650,250
Flexera Software, LLC
Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing February 26, 2025(2)			2,992		2,891,841
Go Daddy Operating Company, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024			58,600		57,013,325
Hyland Software, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 1, 2024			37,011		35,701,286
Term Loan - Second Lien, 7.75%, (1 mo. USD LIBOR + 7.00%, Floor 0.75%), Maturing July 7, 2025			7,034		6,612,183
Infoblox, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			16,516		15,814,286

24 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Informatica, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing February 25, 2027	EUR		2,875	$	3,038,984
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			64,100		60,494,375
Term Loan - Second Lien, 7.13%, Maturing February 25, 2025(7)			5,525		5,345,438
MA FinanceCo., LLC
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021			31,390		30,252,191
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			5,548		5,170,939
MACOM Technology Solutions Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			14,602		13,141,363
Marcel LUX IV S.a.r.l.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			1,767		1,687,521
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		3,350		3,435,533
MaxLinear, Inc.
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing May 12, 2024			6,947		6,773,684
Mirion Technologies, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			6,094		5,892,927
MKS Instruments, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 2, 2026			4,005		3,904,788
MTS Systems Corporation
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 5, 2023			3,521		3,415,412
NCR Corporation
Term Loan, 2.91%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026			10,895		10,404,964
Recorded Books, Inc.
Term Loan, Maturing August 29, 2025(5)			2,825		2,627,250
Renaissance Holding Corp.
Term Loan - Second Lien, 7.76%, (3 mo. USD LIBOR + 7.00%), Maturing May 29, 2026			2,175		1,866,874
Seattle Spinco, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			37,468		34,920,624
SGS Cayman L.P.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021			3,791		2,634,621

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
SkillSoft Corporation
Term Loan, 5.75%, (3 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing April 28, 2021		57,613	$	34,486,693
SolarWinds Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		73,255		71,363,041
Solera, LLC
Term Loan, 4.36%, (3 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		54,190		51,570,683
Sparta Systems, Inc.
Term Loan, 4.56%, (6 mo. USD LIBOR + 3.50%), Maturing August 21, 2024		7,043		6,061,524
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		12,064		11,659,930
SS&C Technologies, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		7,583		7,322,619
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		16,912		16,344,244
STG-Fairway Holdings, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing January 31, 2027		4,350		3,808,969
SurveyMonkey, Inc.
Term Loan, 3.91%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		9,318		8,572,652
Sutherland Global Services, Inc.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		16,285		11,318,208
Tibco Software, Inc.
Term Loan, 4.16%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		31,800		29,984,411
Term Loan - Second Lien, 7.66%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		5,825		5,446,375
TriTech Software Systems
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing August 29, 2025		4,051		3,510,945
TTM Technologies, Inc.
Term Loan, 3.48%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		11,983		11,773,318
Uber Technologies, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		7,608		7,216,508
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025		38,878		36,901,566
Ultimate Software Group, Inc. (The)
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026		22,944		21,997,560

25 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Ultra Clean Holdings, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		10,253	$	9,740,596
Verifone Systems, Inc.
Term Loan, 5.69%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		19,101		14,958,146
Veritas Bermuda, Ltd.
Term Loan, 5.95%, (3 mo. USD LIBOR + 4.50%), Maturing January 27, 2023		25,963		22,879,793
Vero Parent, Inc.
Term Loan, 7.86%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024		25,069		22,907,137
Vertiv Group Corporation
Term Loan, 3.99%, (1 mo. USD LIBOR + 3.00%), Maturing March 2, 2027		1,200		1,127,063
VS Buyer, LLC
Term Loan, 4.86%, (3 mo. USD LIBOR + 3.25%), Maturing February 28, 2027		12,375		11,787,187
Vungle, Inc.
Term Loan, 5.99%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026		7,686		7,302,056
Western Digital Corporation
Term Loan, 2.77%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023		4,209		4,080,378
			$	1,028,556,303
Equipment Leasing — 0.7%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing January 15, 2025		21,425	$	20,284,627
Delos Finance S.a.r.l.
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023		15,593		14,868,103
IBC Capital Limited
Term Loan, 4.64%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023		1,839		1,613,721
			$	36,766,451
Financial Intermediaries — 3.8%
Aretec Group, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025		26,453	$	22,110,170
Citco Funding, LLC
Term Loan, 3.57%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023		24,119		23,455,958

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Claros Mortgage Trust, Inc.
Term Loan, 4.11%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026			4,546	$	4,091,302
Ditech Holding Corporation
Term Loan, 0.00%, Maturing June 30, 2022(6)			28,127		11,250,649
EIG Management Company, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,769		2,508,953
Evergood 4 ApS
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		8,550		8,915,092
FinCo. I, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022			9,934		9,629,412
Focus Financial Partners, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			14,577		13,921,291
Franklin Square Holdings L.P.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,723		6,252,037
Greenhill & Co., Inc.
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			7,327		6,777,167
GreenSky Holdings, LLC
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			11,643		10,653,218
Guggenheim Partners, LLC
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			35,059		33,350,230
Harbourvest Partners, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing March 3, 2025			2,101		2,012,051
LPL Holdings, Inc.
Term Loan, 2.24%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			19,850		19,254,742
Nets Holding A/S
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000		1,030,784
Starwood Property Trust, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing July 27, 2026			1,636		1,492,408
StepStone Group L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 27, 2025			6,517		6,354,075
Victory Capital Holdings, Inc.
Term Loan, 3.94%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			14,416		13,866,652

26 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Virtus Investment Partners, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing June 1, 2024		8,324	$	8,053,832
Walker & Dunlop, Inc.
Term Loan, 2.72%, (3 mo. USD LIBOR + 2.00%), Maturing November 7, 2025		4,440		4,284,387
			$	209,264,410
Food Products — 4.4%
Alphabet Holding Company, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024		36,210	$	32,649,493
Atkins Nutritionals Holdings II, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024		3,975		3,882,985
B&G Foods, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026		3,060		2,983,771
Badger Buyer Corp.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024		12,854		9,511,827
Del Monte Foods, Inc.
Term Loan, 4.86%, (USD LIBOR + 3.25%), Maturing February 18, 2021(2)		15,528		15,314,796
Froneri International Ltd.
Term Loan - Second Lien, Maturing January 31, 2028(5)		1,125		1,063,125
Froneri International, Ltd.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 29, 2027		21,650		20,175,094
Hearthside Food Solutions, LLC
Term Loan, 4.09%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025		13,190		12,176,076
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		6,295		5,857,266
HLF Financing S.a.r.l.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025		26,251		24,761,234
Jacobs Douwe Egberts International B.V.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025		22,212		21,786,025
JBS USA Lux S.A.
Term Loan, 3.07%, (6 mo. USD LIBOR + 2.00%), Maturing May 1, 2026		55,582		53,940,382
Nomad Foods Europe Midco Limited
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024		19,135		18,549,256

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Products (continued)
Sunshine Investments B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618	$	11,351,698
Term Loan, 4.76%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		750		914,711
Valeo F1 Company Limited (Ireland)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024	EUR		9,500		8,942,681
				$	243,860,420
Food Service — 1.8%
1011778 B.C. Unlimited Liability Company
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			51,016	$	48,231,735
IRB Holding Corp.
Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025(2)			23,111		20,303,267
Restaurant Technologies, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			8,162		7,304,666
US Foods, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023			22,602		20,973,523
				$	96,813,191
Food / Drug Retailers — 0.3%
Allsup’s Convenience Stores, Inc.
Term Loan, 6.88%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			6,003	$	5,432,941
L1R HB Finance Limited
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		8,523		5,863,923
Term Loan, 5.77%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		6,773		5,374,141
				$	16,671,005
Forest Products — 0.1%
Clearwater Paper Corporation
Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%), Maturing July 26, 2026			4,065	$	4,003,840
				$	4,003,840
Health Care — 8.9%
Acadia Healthcare Company, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 16, 2023			1,266	$	1,226,260

27 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Accelerated Health Systems, LLC
Term Loan, 4.33%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025			7,324	$	6,372,061
ADMI Corp.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing April 30, 2025			5,450		4,691,131
Alliance Healthcare Services, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			9,341		5,137,687
Term Loan - Second Lien, 11.00%, (1 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing April 24, 2024			5,175		2,070,000
athenahealth, Inc.
Term Loan, 5.28%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			10,904		10,181,963
Avantor, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			7,847		7,748,620
BioClinica, Inc.
Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			16,107		14,576,663
BW NHHC Holdco, Inc.
Term Loan, 6.62%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			13,076		8,151,529
Carestream Dental Equipment, Inc.
Term Loan, 4.32%, (6 mo. USD LIBOR + 3.25%), Maturing September 1, 2024			711		584,318
CeramTec AcquiCo GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025	EUR		15,327		15,508,467
Certara L.P.
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024			7,559		6,841,209
Change Healthcare Holdings, LLC
Term Loan, 3.50%, (3mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing March 1, 2024			6,718		6,500,600
CHG Healthcare Services, Inc.
Term Loan, 4.07%, (6 mo. USD LIBOR + 3.00%), Maturing June 7, 2023			19,584		18,604,772
CryoLife, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024			5,156		4,924,278
Elsan S.A.S.
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2024	EUR		2,250		2,420,459
Ensemble RCM, LLC
Term Loan, 5.51%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			6,020		5,804,044

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Envision Healthcare Corporation
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			70,466	$	49,502,149
Gentiva Health Services, Inc.
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			33,045		31,309,900
Greatbatch Ltd.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			10,341		10,116,478
Hanger, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			23,395		21,348,000
Inovalon Holdings, Inc.
Term Loan, 3.88%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,206		11,870,516
IQVIA, Inc.
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%), Maturing March 7, 2024			2,660		2,570,444
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			14,860		14,361,880
MPH Acquisition Holdings, LLC
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023			29,244		27,008,875
National Mentor Holdings, Inc.
Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing March 9, 2026(2)			7,640		7,296,226
Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			347		331,366
Navicure, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026			9,175		8,624,500
One Call Corporation
Term Loan, 6.95%, (3 mo. USD LIBOR + 5.25%), Maturing November 25, 2022			15,365		13,073,454
Ortho-Clinical Diagnostics S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing June 30, 2025	EUR		4,225		4,126,456
Term Loan, 4.27%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			33,777		30,230,118
Parexel International Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024			9,130		8,428,430
Phoenix Guarantor, Inc.
Term Loan, 4.08%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			21,376		20,013,444
Radiology Partners, Inc
Term Loan, 5.67%, (USD LIBOR + 4.25%), Maturing July 9, 2025(2)			3,930		3,553,658

28 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
RadNet, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2023			10,102	$	9,439,003
Select Medical Corporation
Term Loan, 3.07%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			37,393		35,663,481
Surgery Center Holdings, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			13,745		12,324,388
Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			2,500		2,512,500
Team Health Holdings, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			7,009		5,211,527
Tecomet, Inc.
Term Loan, 4.43%, (6 mo. USD LIBOR + 3.25%), Maturing May 1, 2024			16,402		15,035,517
U.S. Anesthesia Partners, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 23, 2024			780		670,770
Verscend Holding Corp.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			22,349		21,186,630
Viant Medical Holdings, Inc.
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025			2,952		2,258,492
				$	489,412,263
Home Furnishings — 0.5%
Serta Simmons Bedding, LLC
Term Loan, 4.61%, (USD LIBOR + 3.50%), Maturing November 8, 2023(2)			63,420	$	27,482,163
				$	27,482,163
Industrial Equipment — 4.5%
AI Alpine AT Bidco GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2025	EUR		6,125	$	5,765,676
Altra Industrial Motion Corp.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			8,542		8,125,997
Apex Tool Group, LLC
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			17,287		13,953,789
Carlisle Foodservice Products, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			6,748		5,528,981

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Clark Equipment Company
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			13,387	$	12,620,564
Columbus McKinnon Corporation
Term Loan, 3.95%, (3 mo. USD LIBOR + 2.50%), Maturing January 31, 2024			4,922		4,749,476
CPM Holdings, Inc.
Term Loan, Maturing November 17, 2025(5)			2,750		2,229,219
Delachaux Group S.A.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing April 16, 2026	EUR		2,650		2,744,281
Term Loan, 5.36%, (6 mo. USD LIBOR + 4.50%), Maturing April 16, 2026			5,841		4,994,055
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,631		2,356,951
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		6,577		5,892,408
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			11,887		10,272,605
DXP Enterprises, Inc.
Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			5,192		4,698,647
Dynacast International, LLC
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022			10,460		6,254,160
Engineered Machinery Holdings, Inc.
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing July 19, 2024			14,721		13,451,393
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024			2,014		1,848,258
EWT Holdings III Corp.
Term Loan, 3.45%, (2 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			23,281		22,582,134
Filtration Group Corporation
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			26,863		25,743,703
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		3,641		3,647,021
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		7,834		8,005,160
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 1, 2024			2,309		2,145,673
LTI Holdings, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			7,362		5,963,424

29 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
LTI Holdings, Inc. (continued)
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,438	$	1,990,830
Minimax Viking GmbH
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,953		2,099,690
Quimper AB
Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		20,625		21,295,237
Robertshaw US Holding Corp.
Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing February 28, 2025(2)			23,062		17,029,735
Terex Corporation
Term Loan, 3.45%, (3 mo. USD LIBOR + 2.00%), Maturing January 31, 2024			8,811		8,326,182
Thermon Industries, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 30, 2024			3,069		2,854,228
Titan Acquisition Limited
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			24,797		21,943,029
				$	249,112,506
Insurance — 3.5%
Alliant Holdings Intermediate, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			4,759	$	4,476,950
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			5,732		5,415,012
AmWINS Group, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			49,832		48,420,194
Andromeda Investissements
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing June 12, 2026	EUR		2,250		2,425,595
AssuredPartners, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			4,115		3,873,978
Asurion, LLC
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			42,187		40,478,082
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,456		2,359,535
Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			28,200		27,201,241

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Insurance (continued)
Financiere CEP S.A.S.
Term Loan, 4.00%, (2 mo. EURIBOR + 4.00%), Maturing January 16, 2025	EUR		1,425	$	1,547,271
Hub International, Ltd.
Term Loan, 4.02%, (USD LIBOR + 3.00%), Maturing April 25, 2025(2)			22,043		20,918,480
NFP Corp.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			36,280		32,803,184
USI, Inc.
Term Loan, Maturing December 2, 2026(5)			5,895		5,640,778
				$	195,560,300
Leisure Goods / Activities / Movies — 4.5%
AMC Entertainment Holdings, Inc.
Term Loan, 4.08%, (6 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			10,391	$	7,701,800
Amer Sports Oyj
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		20,475		17,487,242
Ancestry.com Operations, Inc.
Term Loan, 4.66%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			39,290		34,444,560
Bombardier Recreational Products, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			33,451		30,468,728
Cineworld Limited
Term Loan, Maturing February 5, 2027(5)			9,200		5,784,500
ClubCorp Holdings, Inc.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			21,472		16,124,011
Crown Finance US, Inc.
Term Loan, 2.38%, (6 mo. EURIBOR + 2.38%), Maturing February 28, 2025	EUR		3,531		2,663,405
Term Loan, 3.32%, (6 mo. USD LIBOR + 2.25%), Maturing February 28, 2025			18,619		12,288,621
Delta 2 (LUX) S.a.r.l.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024			1,250		1,148,047
Emerald Expositions Holding, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			12,789		10,050,162
Etraveli Holding AB
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing August 2, 2024	EUR		9,350		6,941,796

30 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Lindblad Expeditions, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			1,171	$	907,253
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			4,683		3,629,011
Match Group, Inc.
Term Loan, 3.46%, (3 mo. USD LIBOR + 1.75%), Maturing February 15, 2027			7,625		7,287,830
Motion Finco S.a.r.l.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 4, 2026(2)			707		636,133
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 13, 2026(2)			5,378		4,840,142
NASCAR Holdings, Inc.
Term Loan, 3.37%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026			8,563		8,021,232
Playtika Holding Corp.
Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing December 10, 2024			34,661		34,401,291
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			4,423		3,757,838
SRAM, LLC
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024			10,100		9,696,161
Steinway Musical Instruments, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 3.75%), Maturing February 14, 2025			3,787		3,543,964
Travel Leaders Group, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			14,482		11,006,358
UFC Holdings, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			15,971		14,993,092
Vue International Bidco PLC
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing July 3, 2026	EUR		3,433		3,208,093
				$	251,031,270
Lodging and Casinos — 4.1%
Aristocrat Technologies, Inc.
Term Loan, 2.86%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			10,829	$	10,323,671
Azelis Finance S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		3,750		3,832,049

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
Boyd Gaming Corporation
Term Loan, 2.39%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			1,011	$	951,367
Churchill Downs Incorporated
Term Loan, 2.41%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,421		3,253,397
CityCenter Holdings, LLC
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			25,953		23,078,922
Eldorado Resorts, LLC
Term Loan, 3.25%, (6 mo. USD LIBOR + 2.25%), Maturing April 17, 2024			2,748		2,630,490
ESH Hospitality, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			2,275		2,099,162
GBT III B.V.
Term Loan, Maturing February 26, 2027(5)			13,798		12,349,119
Term Loan, Maturing February 26, 2027(5)			16,477		14,747,006
Golden Nugget, Inc.
Term Loan, 3.46%, (USD LIBOR + 2.50%), Maturing October 4, 2023(2)			45,710		37,465,729
Golden Nugget, LLC
Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 4, 2023			1,875		1,931,250
GVC Holdings (Gibraltar) Limited
Term Loan, 3.31%, (6 mo. USD LIBOR + 2.25%), Maturing March 29, 2024			22,843		21,966,978
GVC Holdings PLC
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		22,500		24,225,125
Hanjin International Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020			5,225		4,467,375
Playa Resorts Holding B.V.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			14,170		11,764,476
Richmond UK Bidco Limited
Term Loan, 4.98%, (6 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024	GBP		2,453		2,537,396
Stars Group Holdings B.V. (The)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		8,950		9,722,035
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			42,037		41,616,483
				$	228,962,030

31 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Nonferrous Metals / Minerals — 0.6%
Arconic Rolled Products Corporation
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.75%), Maturing March 25, 2027			3,625	$	3,606,875
CD&R Hydra Buyer, Inc.
Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021(4)(7)			392		295,768
Murray Energy Corporation
DIP Loan, 13.00%, (1 mo. USD LIBOR + 11.00%, Floor 2.00%), Maturing July 31, 2020			5,008		4,997,722
Term Loan, 0.00%, Maturing October 17, 2022(6)			17,992		314,865
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28, 2021(6)			2,904		203,276
Oxbow Carbon, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023			8,170		7,393,498
Rain Carbon GmbH
Term Loan, 3.00%, (2 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		14,875		14,181,663
				$	30,993,667
Oil and Gas — 3.4%
Ameriforge Group, Inc.
Term Loan, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022			14,898	$	13,035,370
Apergy Corporation
Term Loan, 2.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			3,193		2,873,494
Blackstone CQP Holdco L.P.
Term Loan, 4.62%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			17,661		16,358,534
Buckeye Partners L.P.
Term Loan, 3.77%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026			11,950		11,277,813
Centurion Pipeline Company, LLC
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,432		3,028,354
CITGO Holding, Inc.
Term Loan, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023			2,985		2,529,788
CITGO Petroleum Corporation
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing July 29, 2021			15,341		14,650,467
Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024			30,267		27,240,092
Delek US Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025			10,950		9,913,405

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Fieldwood Energy, LLC
Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing April 11, 2022			26,962	$	6,875,427
Matador Bidco S.a.r.l.
Term Loan, 0.50%, Maturing October 15, 2026(3)			4,725		4,394,250
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026			7,000		6,510,000
McDermott Technology Americas, Inc.
DIP Loan, 10.37%, (USD LIBOR + 9.00%), Maturing October 21, 2020(2)			12,163		11,696,661
DIP Loan, 10.65%, (3 mo. USD LIBOR + 9.00%), Maturing October 21, 2020			5,097		4,901,615
DIP Loan, 0.50%, Maturing October 23, 2020(3)			10,000		9,350,000
Term Loan, 0.00%, Maturing May 9, 2025(6)			19,164		6,196,292
Prairie ECI Acquiror L.P.
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			5,050		3,668,088
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			12,198		8,859,789
PSC Industrial Holdings Corp.
Term Loan, 4.98%, (6 mo. USD LIBOR + 3.75%), Maturing October 11, 2024			11,330		9,233,856
RDV Resources Properties, LLC
Term Loan, 6.87%, (3 mo. USD LIBOR + 5.50%), Maturing March 29, 2024(4)			2,965		1,678,674
Sunrise Oil & Gas Properties, LLC
Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			826		784,910
Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			834		704,320
Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			963		678,875
UGI Energy Services, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			12,059		10,913,282
				$	187,353,356
Publishing — 1.0%
Axel Springer S.E.
Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000	$	1,945,352
Getty Images, Inc.
Term Loan, 4.94%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			13,335		11,234,737

32 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Publishing (continued)
Getty Images, Inc. (continued)
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000	$	3,565,163
Harland Clarke Holdings Corp.
Term Loan, 6.46%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023			4,609		2,909,587
LSC Communications, Inc.
Term Loan, 0.00%, Maturing September 30, 2022(6)			8,034		615,951
Nielsen Finance, LLC
Term Loan, 2.86%, (1 mo. USD LIBOR + 2.00%), Maturing October 4, 2023			15,132		14,668,934
ProQuest, LLC
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026			19,181		18,269,605
Tweddle Group, Inc.
Term Loan, 5.50%, (2 mo. USD LIBOR + 4.50%), Maturing September 17, 2023			1,927		1,500,709
				$	54,710,038
Radio and Television — 3.2%
AP NMT Acquisition B.V.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021			5,029	$	4,920,392
Banijay Entertainment S.A.S.
Term Loan, Maturing March 4, 2025(5)			4,500		4,173,750
Cumulus Media New Holdings, Inc.
Term Loan, 4.82%, (6 mo. USD LIBOR + 3.75%), Maturing March 31, 2026			4,548		3,950,595
Diamond Sports Group, LLC
Term Loan, 3.82%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026			35,994		29,537,679
Entercom Media Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024			5,929		5,253,242
Entravision Communications Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024			8,283		7,812,022
Gray Television, Inc.
Term Loan, 3.49%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026			3,553		3,372,099
Hubbard Radio, LLC
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 28, 2025			10,057		7,793,833
iHeartCommunications, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026			2,269		2,042,381

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
Mission Broadcasting, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		4,094	$	3,871,142
Nexstar Broadcasting, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		15,915		15,047,665
Term Loan, 3.73%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,956		5,622,346
Sinclair Television Group, Inc.
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		17,052		15,997,083
Term Loan, 3.32%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		7,512		7,033,344
Terrier Media Buyer, Inc.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		25,733		24,017,750
Univision Communications, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		44,233		39,201,623
			$	179,646,946
Rail Industries — 0.0%(8)
Genesee & Wyoming, Inc.
Term Loan, 3.45%, (3 mo. USD LIBOR + 2.00%), Maturing December 30, 2026		1,650	$	1,613,390
			$	1,613,390
Retailers (Except Food and Drug) — 1.5%
Apro, LLC
Term Loan, 4.00%, Maturing November 16, 2026(3)		1,589	$	1,521,361
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		5,547		5,311,452
Ascena Retail Group, Inc.
Term Loan, 5.63%, (USD LIBOR + 4.50%), Maturing August 21, 2022(2)		19,158		4,538,151
Bass Pro Group, LLC
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		9,311		7,793,516
BJ’s Wholesale Club, Inc.
Term Loan, 3.08%, (1 mo. USD LIBOR + 2.25%), Maturing February 3, 2024		5,207		5,083,033
Coinamatic Canada, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		1,404		1,270,293

33 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) (continued)
David’s Bridal, Inc.
Term Loan, 7.65%, (3 mo. USD LIBOR + 6.00%), 1.00% cash, 6.65% PIK, Maturing June 30, 2023		2,767	$	2,279,587
Go Wireless, Inc.
Term Loan, 7.50%, (3 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,763		2,203,120
Hoya Midco, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		7,814		5,665,015
J. Crew Group, Inc.
Term Loan, 4.31%, (USD LIBOR + 3.00%), Maturing March 5, 2021(2)		22,380		11,824,239
LSF9 Atlantis Holdings, LLC
Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		13,780		10,932,101
PetSmart, Inc.
Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 11, 2022		16,350		15,908,550
PFS Holding Corporation
Term Loan, 0.00%, Maturing January 31, 2021(6)		11,258		4,334,410
Pier 1 Imports (U.S.), Inc.
Term Loan, 0.00%, Maturing April 30, 2021(6)		6,008		788,536
Radio Systems Corporation
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing May 2, 2024		3,913		3,776,463
			$	83,229,827
Steel — 1.6%
Atkore International, Inc.
Term Loan, 4.02%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		22,334	$	21,538,082
GrafTech Finance, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		26,977		24,549,519
Neenah Foundry Company
Term Loan, 7.45%, (USD LIBOR + 6.50%), Maturing December 13, 2022(2)		7,160		6,265,304
Phoenix Services International, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		8,406		7,026,562
Zekelman Industries, Inc.
Term Loan, 2.82%, (1 mo. USD LIBOR + 2.25%), Maturing January 24, 2027		28,050		26,647,500
			$	86,026,967

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Surface Transport — 0.4%
Agro Merchants NAI Holdings, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024			4,879	$	4,440,227
Kenan Advantage Group, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022			3,734		3,133,862
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022			15,791		13,250,979
XPO Logistics, Inc.
Term Loan, 3.61%, (3 mo. USD LIBOR + 2.00%), Maturing February 24, 2025			2,789		2,712,293
				$	23,537,361
Telecommunications — 5.2%
CenturyLink, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027			64,749	$	61,495,541
Ciena Corporation
Term Loan, 2.47%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025			9,375		9,300,287
Colorado Buyer, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024			19,389		12,326,652
Digicel International Finance Limited
Term Loan, 4.87%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			19,623		16,164,478
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		25,162		24,402,475
Global Eagle Entertainment, Inc.
Term Loan, 8.72%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023			22,784		13,015,178
Intelsat Jackson Holdings S.A.
Term Loan, 6.75%, (Prime + 3.50%), Maturing January 2, 2024			13,500		13,398,750
IPC Corp.
Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021			8,930		6,228,675
Onvoy, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			17,860		15,091,676
Plantronics, Inc.
Term Loan, 2.99%, (USD LIBOR + 2.50%), Maturing July 2, 2025(2)			13,787		11,408,870
Syniverse Holdings, Inc.
Term Loan, 6.87%, (6 mo. USD LIBOR + 5.00%), Maturing March 9, 2023			12,255		8,688,559

34 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
T-Mobile USA, Inc.
Term Loan, Maturing April 1, 2027(5)			27,025	$	26,883,119
Telesat Canada
Term Loan, 3.16%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			7,830		7,447,422
Zayo Group Holdings, Inc.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		4,575		4,838,039
Ziggo Financing Partnership
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028			57,575		54,144,509
				$	284,834,230
Utilities — 0.8%
Calpine Construction Finance Company L.P.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025			7,321	$	7,032,548
Calpine Corp.
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024			15,002		14,559,422
Lightstone Holdco, LLC
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024			1,182		944,085
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024			20,956		16,738,623
Longview Power, LLC
Term Loan, 0.00%, Maturing April 13, 2021(6)			11,184		1,579,777
USIC Holdings, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing December 8, 2023			4,691		4,186,555
				$	45,041,010
Total Senior Floating-Rate Loans (identified cost $6,992,867,280)				$	6,168,294,750
Corporate Bonds & Notes — 1.9%
Security		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.1%
TransDigm, Inc.
8.00%, 12/15/25(9)			1,500	$	1,567,500
6.25%, 3/15/26(9)			1,500		1,475,175
				$	3,042,675

Security		Principal Amount* (000’s omitted)		Value
Airlines — 0.1%
Delta Air Lines, Inc.
7.00%, 5/1/25(9)			5,300	$	5,437,629
				$	5,437,629
Automotive — 0.2%
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.
6.25%, 5/15/26(9)			4,975	$	5,012,312
Tenneco, Inc.
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(9)(10)	EUR		6,000		4,766,946
				$	9,779,258
Building and Development — 0.0%(8)
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/28(9)			875	$	840,788
				$	840,788
Business Equipment and Services — 0.5%
Prime Security Services Borrower, LLC/Prime Finance, Inc.
5.25%, 4/15/24(9)			9,125	$	8,987,121
5.75%, 4/15/26(9)			17,950		17,770,500
				$	26,757,621
Chemicals — 0.2%
Tronox, Inc.
6.50%, 5/1/25(9)			8,000	$	8,050,000
				$	8,050,000
Containers and Glass Products — 0.0%(8)
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
5.125%, 7/15/23(9)			250	$	252,550
				$	252,550
Diversified Financial Services — 0.1%
AG Issuer, LLC
6.25%, 3/1/28(9)			4,975	$	4,424,865
				$	4,424,865

35 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Drugs — 0.1%
Bausch Health Cos, Inc.
5.50%, 11/1/25(9)			2,700	$	2,820,150
				$	2,820,150
Ecological Services and Equipment — 0.1%
GFL Environmental, Inc.
4.25%, 6/1/25(9)			6,025	$	6,070,188
				$	6,070,188
Entertainment — 0.0%(8)
Six Flags Theme Parks, Inc.
7.00%, 7/1/25(9)			2,400	$	2,495,520
				$	2,495,520
Food Products — 0.0%(8)
Iceland Bondco PLC
4.881%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(9)(10)	GBP		1,548	$	1,938,338
				$	1,938,338
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The)
9.75%, 5/1/23(9)			8,600	$	5,418,000
				$	5,418,000
Health Care — 0.0%(8)
HCA, Inc.
5.25%, 4/15/25			1,250	$	1,394,706
				$	1,394,706
Leisure Goods / Activities / Movies — 0.1%
Sabre GLBL, Inc.
9.25%, 4/15/25(9)			2,925	$	3,104,156
SeaWorld Parks & Entertainment, Inc.
8.75%, 5/1/25(9)			2,425		2,437,125
				$	5,541,281
Radio and Television — 0.1%
iHeartCommunications, Inc.
6.375%, 5/1/26			1,159	$	1,101,112
8.375%, 5/1/27			2,101		1,764,497
5.25%, 8/15/27(9)			2,500		2,242,875

Security	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
iHeartCommunications, Inc. (continued)
4.75%, 1/15/28(9)		2,975	$	2,587,209
			$	7,695,693
Telecommunications — 0.2%
CenturyLink, Inc.
4.00%, 2/15/27(9)		5,400	$	5,271,750
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.
8.75%, 5/25/24(9)		7,250		6,751,562
			$	12,023,312
Utilities — 0.0%(8)
Talen Energy Supply, LLC
6.625%, 1/15/28(9)		2,380	$	2,256,002
			$	2,256,002
Total Corporate Bonds & Notes (identified cost $114,113,150)			$	106,238,576
Asset-Backed Securities — 3.9%
Security	Principal Amount (000’s omitted)		Value
Alinea CLO, Ltd.
Series2018-1A, Class D, 4.235%, (3 mo. USD LIBOR + 3.10%), 7/20/31(9)(10)	$	2,500	$	2,068,628
Series2018-1A, Class E, 7.135%, (3 mo. USD LIBOR + 6.00%), 7/20/31(9)(10)		3,000		1,970,397
ALM Loan Funding, Ltd.
Series2013-7RA, Class DR, 8.359%, (3 mo. USD LIBOR + 7.14%), 10/15/28(9)(10)		3,000		2,273,421
AMMC CLO 15, Ltd.
Series2014-15A, Class ERR, 8.129%, (3 mo. USD LIBOR + 6.91%), 1/15/32(9)(10)		5,000		2,875,170
AMMC CLO XII, Ltd.
Series2013-12A, Class ER, 7.914%, (3 mo. USD LIBOR + 6.18%), 11/10/30(9)(10)		3,525		1,987,948
Apidos CLO XX
Series2015-20A, Class DR, 6.876%, (3 mo. USD LIBOR + 5.70%), 7/16/31(9)(10)		2,375		1,665,616
Ares LII CLO, Ltd.
Series2019-52A, Class E, 7.648%, (3 mo. USD LIBOR + 6.55%), 4/22/31(9)(10)		1,250		927,794

36 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Ares XL CLO, Ltd.
Series2016-40A, Class CR, 4.619%, (3 mo. USD LIBOR + 3.40%), 1/15/29(9)(10)	$	2,500	$	2,177,357
Series2016-40A, Class DR, 7.569%, (3 mo. USD LIBOR + 6.35%), 1/15/29(9)(10)		3,500		2,547,503
Ares XLIX CLO, Ltd.
Series2018-49A, Class D, 4.098%, (3 mo. USD LIBOR + 3.00%), 7/22/30(9)(10)		2,500		2,101,100
Series2018-49A, Class E, 6.798%, (3 mo. USD LIBOR + 5.70%), 7/22/30(9)(10)		3,500		2,458,487
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class C, 4.592%, (3 mo. USD LIBOR + 2.90%), 5/15/30(9)(10)		5,000		4,039,590
Series 2014-32RA, Class D, 7.542%, (3 mo. USD LIBOR + 5.85%), 5/15/30(9)(10)		1,000		660,859
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,000		2,859,956
Babson CLO, Ltd.
Series2015-1A, Class DR, 3.735%, (3 mo. USD LIBOR + 2.60%), 1/20/31(9)(10)		2,500		2,001,728
Series2016-1A, Class DR, 4.093%, (3 mo. USD LIBOR + 3.05%), 7/23/30(9)(10)		1,250		1,013,211
Series2016-1A, Class ER, 7.043%, (3 mo. USD LIBOR + 6.00%), 7/23/30(9)(10)		3,500		1,975,411
Series2018-1A, Class C, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		3,500		2,774,576
Bain Capital Credit CLO
Series2018-1A, Class D, 3.743%, (3 mo. USD LIBOR + 2.70%), 4/23/31(9)(10)		5,000		3,921,170
Benefit Street Partners CLOV-B, Ltd.
Series2018-5BA, Class C, 4.065%, (3 mo. USD LIBOR + 2.93%), 4/20/31(9)(10)		5,000		3,909,425
Series2018-5BA, Class D, 7.085%, (3 mo. USD LIBOR + 5.95%), 4/20/31(9)(10)		3,500		1,920,979
Benefit Street Partners CLO VIII, Ltd.
Series2015-8A, Class DR, 6.735%, (3 mo. USD LIBOR + 5.60%), 1/20/31(9)(10)		5,401		2,866,321
Benefit Street Partners CLO XIV, Ltd.
Series2018-14A, Class D, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		1,500		1,158,264
Benefit Street Partners CLO XVI, Ltd.
Series2018-16A, Class D, 4.835%, (3 mo. USD LIBOR + 3.70%), 1/17/32(9)(10)		2,000		1,662,044
Series2018-16A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 1/17/32(9)(10)		2,250		1,521,630
Benefit Street Partners CLO XVII, Ltd.
Series2019-17A, Class E, 7.819%, (3 mo. USD LIBOR + 6.60%), 7/15/32(9)(10)		1,750		1,217,536

Security	Principal Amount (000’s omitted)		Value
Betony CLO 2, Ltd.
Series2018-1A, Class C, 4.67%, (3 mo. USD LIBOR + 2.90%), 4/30/31(9)(10)	$	2,500	$	2,054,010
Series2018-1A, Class D, 7.42%, (3 mo. USD LIBOR + 5.65%), 4/30/31(9)(10)		4,550		2,979,868
BlueMountain CLO, Ltd.
Series2015-3A, Class CR, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		5,000		3,922,410
Series2015-3A, Class DR, 6.535%, (3 mo. USD LIBOR + 5.40%), 4/20/31(9)(10)		3,000		1,642,323
Series2016-3A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 11/15/30(9)(10)		1,500		1,181,250
Series2016-3A, Class ER, 7.642%, (3 mo. USD LIBOR + 5.95%), 11/15/30(9)(10)		1,500		666,375
Series2018-1A, Class D, 4.82%, (3 mo. USD LIBOR + 3.05%), 7/30/30(9)(10)		2,500		1,998,763
Series2018-1A, Class E, 7.72%, (3 mo. USD LIBOR + 5.95%), 7/30/30(9)(10)		2,000		1,124,304
Canyon Capital CLO, Ltd.
Series2012-1RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,875		3,298,259
Series2016-1A, Class DR, 4.019%, (3 mo. USD LIBOR + 2.80%), 7/15/31(9)(10)		3,000		2,457,966
Series2016-1A, Class ER, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		4,000		2,593,924
Series2016-2A, Class ER, 7.219%, (3 mo. USD LIBOR + 6.00%), 10/15/31(9)(10)		4,500		2,923,299
Series2018-1A, Class D, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/31(9)(10)		3,000		2,450,712
Series2018-1A, Class E, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		2,750		1,771,754
Carlyle CLO, Ltd.
Series C17A, Class CR, 4.57%, (3 mo. USD LIBOR + 2.80%), 4/30/31(9)(10)		5,000		4,128,330
Carlyle Global Market Strategies CLO, Ltd.
Series2012-3A, Class CR2, 4.811%, (3 mo. USD LIBOR + 3.50%), 1/14/32(9)(10)		2,500		2,005,150
Series2012-3A, Class DR2, 7.811%, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(10)		1,500		838,593
Series2014-3RA, Class C, 3.941%, (3 mo. USD LIBOR + 2.95%), 7/27/31(9)(10)		1,000		790,947
Series2014-3RA, Class D, 6.391%, (3 mo. USD LIBOR + 5.40%), 7/27/31(9)(10)		2,150		1,152,525
Series2014-4RA, Class C, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/30(9)(10)		2,750		2,116,075
Series2014-4RA, Class D, 6.869%, (3 mo. USD LIBOR + 5.65%), 7/15/30(9)(10)		3,500		1,942,175
Series C17A, Class DR, 7.77%, (3 mo. USD LIBOR + 6.00%), 4/30/31(9)(10)		3,500		2,008,377

37 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Cole Park CLO, Ltd.
Series2015-1A, Class ER, 7.735%, (3 mo. USD LIBOR + 6.60%), 10/20/28(9)(10)	$	2,000	$	1,340,746
Dryden CLO, Ltd
Series2018-55A, Class D, 4.069%, (3 mo. USD LIBOR + 2.85%), 4/15/31(9)(10)		1,500		1,230,429
Dryden Senior Loan Fund
Series2015-40A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 8/15/31(9)(10)		3,000		2,489,823
Series2015-40A, Class ER, 7.442%, (3 mo. USD LIBOR + 5.75%), 8/15/31(9)(10)		2,350		1,625,448
Series2015-41A, Class DR, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		7,000		5,564,860
Series2015-41A, Class ER, 6.519%, (3 mo. USD LIBOR + 5.30%), 4/15/31(9)(10)		1,268		711,927
Series2016-42A, Class DR, 4.149%, (3 mo. USD LIBOR + 2.93%), 7/15/30(9)(10)		2,500		2,037,870
Series2016-42A, Class ER, 6.769%, (3 mo. USD LIBOR + 5.55%), 7/15/30(9)(10)		3,500		2,384,683
Series2018-55A, Class E, 6.619%, (3 mo. USD LIBOR + 5.40%), 4/15/31(9)(10)		2,000		1,376,256
Fort Washington CLO, Ltd.
Series2019-1A, Class E, 8.385%, (3 mo. USD LIBOR + 7.25%), 10/20/32(9)(10)		1,000		619,604
Galaxy XV CLO, Ltd.
Series2013-15A, Class ER, 7.864%, (3 mo. USD LIBOR + 6.65%), 10/15/30(9)(10)		4,500		3,169,701
Galaxy XXV CLO, Ltd.
Series2015-19A, Class D1R, 7.55%, (3 mo. USD LIBOR + 6.53%), 7/24/30(9)(10)		2,000		1,408,370
Series2018-25A, Class D, 4.091%, (3 mo. USD LIBOR + 3.10%), 10/25/31(9)(10)		2,500		2,066,100
Series2018-25A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		3,500		2,401,227
Goldentree Loan Management US CLO 5, Ltd.
Series2019-5A, Class D, 4.985%, (3 mo. USD LIBOR + 3.85%), 10/20/32(9)(10)		1,500		1,287,258
Golub Capital Partners CLO, Ltd.
Series2018-37A, Class D, 4.435%, (3 mo. USD LIBOR + 3.30%), 7/20/30(9)(10)		4,000		3,104,732
Series2018-37A, Class E, 6.885%, (3 mo. USD LIBOR + 5.75%), 7/20/30(9)(10)		4,750		2,856,906
Series2020-48A, Class D, 4.672%, (3 mo. USD LIBOR + 3.80%), 4/17/33(9)(10)		2,000		1,561,572
ICG US CLO, Ltd.
Series2018-2A, Class D, 4.198%, (3 mo. USD LIBOR + 3.10%), 7/22/31(9)(10)		2,000		1,426,556
Series2018-2A, Class E, 6.848%, (3 mo. USD LIBOR + 5.75%), 7/22/31(9)(10)		3,000		1,511,487

Security	Principal Amount (000’s omitted)		Value
Kayne CLO 5, Ltd.
Series2019-5A, Class E, 7.72%, (3 mo. USD LIBOR + 6.70%), 7/24/32(9)(10)	$	500	$	366,993
Neuberger Berman CLO XVIII, Ltd.
Series2014-18A, Class DR2, 7.029%, (3 mo. USD LIBOR + 5.92%), 10/21/30(9)(10)		2,000		1,358,270
Neuberger Berman CLO XXII, Ltd.
Series2016-22A, Class DR, 4.235%, (3 mo. USD LIBOR + 3.10%), 10/17/30(9)(10)		2,500		2,078,473
Series2016-22A, Class ER, 7.195%, (3 mo. USD LIBOR + 6.06%), 10/17/30(9)(10)		3,000		2,109,003
Neuberger Berman Loan Advisers CLO, Ltd.
Series2018-28A, Class E, 6.735%, (3 mo. USD LIBOR + 5.60%), 4/20/30(9)(10)		1,950		1,354,944
Series2019-33A, Class E, 7.976%, (3 mo. USD LIBOR + 6.80%), 10/16/32(9)(10)		950		701,509
Oaktree CLO, Ltd.
Series2019-3A, Class D, 5.095%, (3 mo. USD LIBOR + 3.96%), 7/20/31(9)(10)		2,625		2,212,019
Series2019-3A, Class E, 7.905%, (3 mo. USD LIBOR + 6.77%), 7/20/31(9)(10)		1,121		794,357
OHA Credit Partners VII, Ltd.
Series2012-7A, Class ER, 9.195%, (3 mo. USD LIBOR + 7.50%), 11/20/27(9)(10)		3,000		2,234,070
Palmer Square CLO, Ltd.
Series2013-2A, Class CRR, 4.335%, (3 mo. USD LIBOR + 3.20%), 10/17/31(9)(10)		2,500		2,119,597
Series2013-2A, Class DRR, 6.985%, (3 mo. USD LIBOR + 5.85%), 10/17/31(9)(10)		3,250		2,276,323
Series2015-1A, Class DR2, 7.946%, (3 mo. USD LIBOR + 6.25%), 5/21/29(9)(10)		1,850		1,350,195
Series2018-1A, Class C, 3.635%, (3 mo. USD LIBOR + 2.50%), 4/18/31(9)(10)		3,000		2,472,933
Series2018-1A, Class D, 6.285%, (3 mo. USD LIBOR + 5.15%), 4/18/31(9)(10)		2,000		1,367,452
Series2018-2A, Class D, 6.776%, (3 mo. USD LIBOR + 5.60%), 7/16/31(9)(10)		2,000		1,435,392
Regatta XIII Funding, Ltd.
Series2018-2A, Class C, 4.319%, (3 mo. USD LIBOR + 3.10%), 7/15/31(9)(10)		2,500		2,078,955
Series2018-2A, Class D, 7.169%, (3 mo. USD LIBOR + 5.95%), 7/15/31(9)(10)		5,000		3,261,495
Regatta XIV Funding, Ltd.
Series2018-3A, Class D, 4.191%, (3 mo. USD LIBOR + 3.20%), 10/25/31(9)(10)		2,500		2,086,527
Series2018-3A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		4,500		2,925,715
Regatta XV Funding, Ltd.
Series2018-4A, Class D, 7.491%, (3 mo. USD LIBOR + 6.50%), 10/25/31(9)(10)		3,875		2,615,718

38 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Southwick Park CLO, LLC
Series2019-4A, Class D, 4.985%, (3 mo. USD LIBOR + 3.85%), 7/20/32(9)(10)	$	1,500	$	1,291,983
Series2019-4A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 7/20/32(9)(10)		1,750		1,306,232
Upland CLO, Ltd.
Series2016-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 4/20/31(9)(10)		4,500		3,667,612
Series2016-1A, Class DR, 7.035%, (3 mo. USD LIBOR + 5.90%), 4/20/31(9)(10)		4,625		3,071,888
Vibrant CLO 1X, Ltd.
Series2018-9A, Class C, 4.335%, (3 mo. USD LIBOR + 3.20%), 7/20/31(9)(10)		2,500		1,770,148
Series2018-9A, Class D, 7.385%, (3 mo. USD LIBOR + 6.25%), 7/20/31(9)(10)		3,500		1,823,294
Vibrant CLO X, Ltd.
Series2018-10A, Class C, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/20/31(9)(10)		5,000		3,634,920
Series2018-10A, Class D, 7.325%, (3 mo. USD LIBOR + 6.19%), 10/20/31(9)(10)		5,000		2,622,945
Voya CLO, Ltd.
Series2014-1A, Class DR2, 7.135%, (3 mo. USD LIBOR + 6.00%), 4/18/31(9)(10)		3,250		1,765,663
Series2015-3A, Class CR, 4.285%, (3 mo. USD LIBOR + 3.15%), 10/20/31(9)(10)		2,500		1,994,768
Series2015-3A, Class DR, 7.335%, (3 mo. USD LIBOR + 6.20%), 10/20/31(9)(10)		5,500		2,997,027
Series2016-3A, Class CR, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/18/31(9)(10)		2,000		1,606,356
Series2016-3A, Class DR, 7.215%, (3 mo. USD LIBOR + 6.08%), 10/18/31(9)(10)		3,375		1,822,628
Series2018-1A, Class C, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/19/31(9)(10)		5,000		4,053,220
Webster Park CLO, Ltd.
Series2015-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 7/20/30(9)(10)		2,000		1,663,520
Series2015-1A, Class DR, 6.635%, (3 mo. USD LIBOR + 5.50%), 7/20/30(9)(10)		2,500		1,798,968
Total Asset-Backed Securities (identified cost $306,077,474)			$	216,870,177
Common Stocks — 0.6%
Security	Shares		Value
Aerospace and Defense — 0.0%(8)
IAP Global Services, LLC(4)(11)(12)		168	$	2,255,065
			$	2,255,065

Security	Shares		Value
Automotive — 0.0%(8)
Dayco Products, LLC(11)(12)		48,926	$	366,945
			$	366,945
Business Equipment and Services — 0.0%(8)
Crossmark Holdings, Inc.(11)(12)		37,581	$	2,160,907
			$	2,160,907
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(11)(12)		454,988	$	3,207,665
			$	3,207,665
Electronics / Electrical — 0.0%(8)
Answers Corp.(4)(12)		642,963	$	1,189,482
			$	1,189,482
Health Care — 0.0%
New Millennium Holdco, Inc.(4)(11)(12)		319,499	$	0
			$	0
Oil and Gas — 0.3%
AFG Holdings, Inc.(4)(11)(12)		281,241	$	5,939,810
Fieldwood Energy, Inc.(11)(12)		109,481		10,948
RDV Resources, Inc., Class A(4)(11)(12)		197,614		0
Samson Resources II, LLC, Class A(11)(12)		387,972		7,080,489
Southcross Holdings Group, LLC(4)(11)(12)		573		0
Southcross Holdings L.P., Class A(11)(12)		573		4,154
Sunrise Oil Gas, Inc., Class A(11)(12)		121,973		853,811
			$	13,889,212
Publishing — 0.1%
ION Media Networks, Inc.(4)(12)		13,247	$	5,465,182
Tweddle Group, Inc.(4)(11)(12)		18,167		122,446
			$	5,587,628
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(11)(12)		482,097	$	465,127
Cumulus Media, Inc., Class A(11)(12)		371,654		1,646,427
iHeartMedia, Inc., Class A(11)(12)		205,018		1,439,227
			$	3,550,781

39 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%(8)
David’s Bridal, LLC(4)(11)(12)		195,511	$	1,489,794
			$	1,489,794
Total Common Stocks (identified cost $57,082,016)			$	33,697,479
Preferred Stocks— 0.1%
Security	Shares		Value
Retailers (Except Food and Drug)— 0.1%
David’s Bridal, LLC, Series A, 8.00% (PIK)(4)(11)(12)		5,438	$	435,040
David’s Bridal, LLC, Series B, 10.00% (PIK)(4)(11)(12)		22,162		1,794,235
Total Preferred Stocks (identified cost $1,794,235)			$	2,229,275
Closed-End Funds — 0.6%
Security	Shares		Value
SPDR Blackstone/GSO Senior Loan ETF		803,000	$	33,541,310
TotalClosed-End Funds (identified cost $36,809,412)			$	33,541,310
Miscellaneous — 0.0%(8)
Security	Shares		Value
Oil and Gas — 0.0%(8)
Paragon Offshore Finance Company, Class A(11)(12)		16,581	$	4,974
Paragon Offshore Finance Company, Class B(11)(12)		8,290		159,583
Total Miscellaneous (identified cost $180,309)			$	164,557
Warrants — 0.0%
Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Exp. 11/26/22(4)(11)(12)		37,742	$	0
Total Warrants (identified cost $0)			$	0

Short-Term Investments — 1.7%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(13)		92,801,989	$	92,801,989
Total Short-Term Investments (identified cost $92,780,838)			$	92,801,989
Total Investments — 120.4% (identified cost $7,601,704,714)			$	6,653,838,113
Less Unfunded Loan Commitments — (0.3)%			$	(17,163,267	)
Net Investments — 120.1% (identified cost $7,584,541,447)			$	6,636,674,846
Other Assets, Less Liabilities — (20.1)%			$	(1,108,998,273	)
Net Assets — 100.0%			$	5,527,676,573

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⁾  The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽³⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $16,048,996.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾  This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

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

⁽⁷⁾  Fixed-rate loan.

⁽⁸⁾  Amount is less than 0.05%.

40 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

⁽⁹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2020, the aggregate value of these securities is $318,848,438 or 5.8% of the Portfolio’s net assets.

⁽¹⁰⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽¹¹⁾  Non-income producing security.

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

⁽¹³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of April 30, 2020.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	35,000,000	USD	38,262,546	HSBC Bank USA, N.A.		5/5/20	$	92,189	$	—
EUR	5,000,000	USD	5,429,925	State Street Bank and Trust Company		5/5/20		49,323		—
USD	17,536,586	EUR	16,059,242	HSBC Bank USA, N.A.		5/5/20		—		(61,928	)
USD	160,080,491	EUR	145,711,220	Standard Chartered Bank		5/5/20		402,912		—
EUR	14,000,000	USD	15,487,608	HSBC Bank USA, N.A.		5/29/20		—		(138,738	)
EUR	11,000,000	USD	11,860,310	JPMorgan Chase Bank, N.A.		5/29/20		199,516		—
EUR	26,000,000	USD	29,488,394	State Street Bank and Trust Company		5/29/20		—		(983,351	)
GBP	5,000,000	USD	6,294,425	JPMorgan Chase Bank, N.A.		5/29/20		3,661		—
GBP	1,500,000	USD	1,869,790	State Street Bank and Trust Company		5/29/20		19,636		—
GBP	10,000,000	USD	12,918,550	State Street Bank and Trust Company		5/29/20		—		(322,377	)
USD	3,215,892	EUR	2,875,000	Bank of America, N.A.		5/29/20		63,892		—
USD	18,479,249	EUR	16,992,435	Citibank, N.A.		5/29/20		—		(150,370	)
USD	6,923,304	EUR	6,370,298	JPMorgan Chase Bank, N.A.		5/29/20		—		(60,759	)
USD	188,595,175	EUR	170,593,316	State Street Bank and Trust Company		5/29/20		1,565,559		—
USD	843,261	GBP	678,198	Citibank, N.A.		5/29/20		—		(11,009	)
USD	762,976	GBP	614,497	State Street Bank and Trust Company		5/29/20		—		(11,055	)
USD	37,638,830	GBP	30,252,199	State Street Bank and Trust Company		5/29/20		—		(467,362	)
USD	133,444,442	EUR	121,770,462	Standard Chartered Bank		6/2/20		—		(68,900	)
USD	142,440,170	EUR	131,183,208	Goldman Sachs International		7/31/20		—		(1,577,939	)
							$	2,396,688	$	(3,853,788	)

Abbreviations:

DIP	–	Debtor In Possession
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

41 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $7,491,760,609)	$	6,543,872,857
Affiliated investment, at value (identified cost, $92,780,838)		92,801,989
Cash		20,476,066
Deposits for derivatives collateral — forward foreign currency exchange contracts		240,000
Foreign currency, at value (identified cost, $9,560,303)		9,651,630
Interest receivable		20,363,778
Dividends receivable from affiliated investment		87,718
Receivable for investments sold		56,544,028
Receivable for open forward foreign currency exchange contracts		2,396,688
Prepaid upfront fees and other fees on notes payable		5,158,481
Prepaid expenses		541,446
Total assets	$	6,752,134,681
Liabilities
Notes payable	$	1,020,000,000
Cash collateral due to brokers		240,000
Payable for investments purchased		194,073,959
Payable for open forward foreign currency exchange contracts		3,853,788
Payable to affiliates:
Investment adviser fee		2,291,357
Trustees’ fees		9,042
Accrued expenses		3,989,962
Total liabilities	$	1,224,458,108
Net Assets applicable to investors’ interest in Portfolio	$	5,527,676,573

42 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income	$	213,911,964
Dividends		1,515,295
Dividends from affiliated investment		960,469
Total investment income	$	216,387,728
Expenses
Investment adviser fee	$	17,570,433
Trustees’ fees and expenses		54,250
Custodian fee		679,282
Legal and accounting services		493,267
Interest expense and fees		24,689,155
Miscellaneous		216,062
Total expenses	$	43,702,449
Net investment income	$	172,685,279
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(274,163,911	)
Investment transactions — affiliated investment		(27,496	)
Foreign currency transactions		(2,371,774	)
Forward foreign currency exchange contracts		16,700,500
Net realized loss	$	(259,862,681	)
Change in unrealized appreciation (depreciation) —
Investments	$	(576,517,412	)
Investments — affiliated investment		20,435
Foreign currency		(498,312	)
Forward foreign currency exchange contracts		3,691,277
Net change in unrealized appreciation (depreciation)	$	(573,304,012	)
Net realized and unrealized loss	$	(833,166,693	)
Net decrease in net assets from operations	$	(660,481,414	)

43 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	172,685,279		$	495,243,530
Net realized loss		(259,862,681	)		(66,923,739	)
Net change in unrealized appreciation (depreciation)		(573,304,012	)		(288,934,917	)
Net increase (decrease) in net assets from operations	$	(660,481,414	)	$	139,384,874
Capital transactions —
Contributions	$	505,864,712		$	189,465,590
Withdrawals		(1,661,160,023	)		(3,954,556,464	)
Net decrease in net assets from capital transactions	$	(1,155,295,311	)	$	(3,765,090,874	)
Net decrease in net assets	$	(1,815,776,725	)	$	(3,625,706,000	)
Net Assets
At beginning of period	$	7,343,453,298		$	10,969,159,298
At end of period	$	5,527,676,573		$	7,343,453,298

44 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Cash Flows (Unaudited)

Cash Flows From Operating Activities	Six Months Ended April 30, 2020
Net decrease in net assets from operations	$	(660,481,414	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(1,387,653,618	)
Investments sold and principal repayments		3,100,095,245
Increase in short-term investments, net		(13,156,351	)
Net amortization/accretion of premium (discount)		(1,637,216	)
Amortization of prepaid upfront fees and other fees on notes payable		1,861,406
Decrease in interest receivable		4,212,398
Decrease in dividends receivable from affiliated investment		131,272
Increase in receivable for open forward foreign currency exchange contracts		(2,347,735	)
Decrease in prepaid expenses		150,106
Decrease in payable for cash collateral due to brokers		(1,249,004	)
Decrease in payable for open forward foreign currency exchange contracts		(1,343,542	)
Decrease in payable to affiliate for investment adviser fee		(1,032,909	)
Decrease in accrued expenses		(1,451,911	)
Increase in unfunded loan commitments		14,685,506
Net change in unrealized (appreciation) depreciation from investments		576,496,977
Net realized loss from investments		274,191,407
Net cash provided by operating activities	$	1,901,470,617
Cash Flows From Financing Activities
Proceeds from capital contributions	$	505,864,712
Payments for capital withdrawals		(1,661,160,023	)
Proceeds from notes payable		840,000,000
Repayments of notes payable		(1,660,000,000	)
Payment of prepaid upfront fees and other fees on notes payable		(5,906,250	)
Net cash used in financing activities	$	(1,981,201,561	)
Net decrease in cash and restricted cash*	$	(79,730,944	)
Cash and restricted cash at beginning of period(1)	$	110,098,640
Cash and restricted cash at end of period(1)	$	30,367,696
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$	30,807,357

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $93,292.

⁽¹⁾  Balance includes foreign currency, at value.

45 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Cash Flows (Unaudited) — continued

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

	April 30, 2020
Cash	$	20,476,066
Deposit for derivatives collateral —
Forward foreign currency exchange contracts		240,000
Foreign currency		9,651,630
Total cash and restricted cash as shown on the Statement of Cash Flows	$	30,367,696

46 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			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)		0.56	%(2)		0.55	%		0.51	%		0.52	%		0.58	%		0.58	%
Interest and fee expense		0.73	%(2)		0.88	%		0.47	%		0.34	%		0.44	%		0.34	%
Total expenses(1)		1.29	%(2)		1.43	%		0.98	%		0.86	%		1.02	%		0.92	%
Net investment income		5.11	%(2)		5.63	%		4.92	%		4.68	%		5.52	%		5.09	%
Portfolio Turnover		17	%(3)		17	%		29	%		39	%		38	%		27	%
Total Return		(9.40	)%(3)		2.04	%		5.41	%		6.43	%		8.32	%		0.72	%
Net assets, end of period (000’s omitted)	$	5,527,677		$	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.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

47 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Senior Debt Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Floating-Rate Advantage Fund, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance Short Duration Inflation-Protected Income Fund held an interest of 97.8%, 1.3% and 0.9%, 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,

48

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

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

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain credit agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, 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  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.50% of the Portfolio’s average daily gross assets up to and including $1 billion, 0.45% over $1 billion up to and including $2 billion, 0.40% over $2 billion up to and including $7 billion, 0.3875% over $7 billion up to and including $10 billion, 0.375% over

49

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April 30, 2020

Notes to Financial Statements (Unaudited) — continued

$10 billion up to and including $15 billion and 0.3625% on gross assets over $15 billion, and is payable monthly. Gross assets of the Portfolio are calculated by deducting all liabilities of the Portfolio except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Portfolio. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee totaled $17,570,433 or 0.52% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, 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 $1,440,146,957 and $3,057,963,842, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	7,586,272,539
Gross unrealized appreciation	$	15,001,751
Gross unrealized depreciation		(966,056,544	)
Net unrealized depreciation	$	(951,054,793	)

5  Financial Instruments

The Portfolio may trade in financial instruments withoff-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $3,853,788. At April 30, 2020 there were no assets pledged by the Portfolio for such liability.

Theover-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things,set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

50

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Notes to Financial Statements (Unaudited) — continued

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold,re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 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 8) at April 30, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(2)
Forward foreign currency exchange contracts	$	2,396,688	$	(3,853,788	)

⁽¹⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2020.

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)
Bank of America, N.A.	$	63,892		$	—		$	—	$	(63,892	)	$	—
HSBC Bank USA, N.A.		92,189			(92,189	)		—		—			—
JPMorgan Chase Bank, N.A.		203,177			(60,759	)		—		(100,000	)		42,418
Standard Chartered Bank		402,912			(68,900	)		—		—			334,012
State Street Bank and Trust Company		1,634,518			(1,634,518	)		—		—			—
	$	2,396,688		$	(1,856,366	)	$	—	$	(163,892	)	$	376,430
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)
Citibank, N.A.	$	(161,379	)	$	—		$	—	$	—		$	(161,379	)
Goldman Sachs International		(1,577,939	)		—			—		—			(1,577,939	)
HSBC Bank USA, N.A.		(200,666	)		92,189			—		—			(108,477	)
JPMorgan Chase Bank, N.A.		(60,759	)		60,759			—		—			—
Standard Chartered Bank		(68,900	)		68,900			—		—			—
State Street Bank and Trust Company		(1,784,145	)		1,634,518			—		—			(149,627	)
	$	(3,853,788	)	$	1,856,366		$	—	$	—		$	(1,997,422	)

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

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

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

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Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2020 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	$	16,700,500	$	3,691,277

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

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

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately $810,570,000.

6  Revolving Credit and Security Agreement

The Portfolio has entered into a Revolving Credit and Security Agreement, as amended (the Loan Facility) with certain Citibank, N.A. (“Citi”) sponsored conduits (the “Conduit Lenders”) that issue commercial paper, certain banks (the “Direct Lenders”) and Citi as secondary lender (together with any other secondary lenders, the “Secondary Lenders”) and as agent (the “Agent”) for the Conduit Lenders, the Direct Lenders and the Secondary Lenders that allows it to borrow up to $2.625 billion ($2.917 billion from October 15, 2019 to March 9, 2020) 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 8, 2021. 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% 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 six months ended April 30, 2020 totaled $8,449,381 and are included in interest expense and fees on the Statement of Operations. In connection with the renewal of the Loan Facility on March 9, 2020, the Portfolio paid upfront fees of $2,625,000 and, shortly thereafter on March 19, 2020, the Portfolio paid waiver fees of $3,281,250 in connection with a reduction of Portfolio net asset value during the month of March 2020 due to market volatility; these aggregate upfront and waiver fees are being amortized to interest expense through March 8, 2021. The unamortized balance at April 30, 2020 is approximately $5,158,000 and is included in prepaid upfront fees and other fees on notes payable on the Statement of Assets and Liabilities. At April 30, 2020, the Portfolio had borrowings outstanding under the Loan Facility of $1,020,000,000 at an annual interest rate of 1.15%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at April 30, 2020 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 8) at April 30, 2020. For the six months ended April 30, 2020, the average borrowings under the Loan Facility and the average annual interest rate (excluding fees) were $1,705,741,758 and 1.68%, respectively.

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $92,801,989, which represents 1.7% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 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	$	79,652,699	$	2,163,820,224	$	(2,150,663,873	)	$	(27,496	)	$	20,435	$	92,801,989	$	960,469		92,801,989

52

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

8  Fair Value Measurements

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

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

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

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

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

At April 30, 2020, 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)	$	—	$	6,148,184,339		$	2,947,144	$	6,151,131,483
Corporate Bonds & Notes		—		106,238,576			—		106,238,576
Asset-Backed Securities		—		216,870,177			—		216,870,177
Common Stocks		6,758,446		10,477,254			16,461,779		33,697,479
Preferred Stocks		—		—			2,229,275		2,229,275
Closed-End Funds		33,541,310		—			—		33,541,310
Miscellaneous		—		164,557			—		164,557
Warrants		—		—			0		0
Short-Term Investments		—		92,801,989			—		92,801,989
Total Investments	$	40,299,756	$	6,574,736,892		$	21,638,198	$	6,636,674,846
Forward Foreign Currency Exchange Contracts	$	—	$	2,396,688		$	—	$	2,396,688
Total	$	40,299,756	$	6,577,133,580		$	21,638,198	$	6,639,071,534
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(3,853,788	)	$	—	$	(3,853,788	)
Total	$	—	$	(3,853,788	)	$	—	$	(3,853,788	)

* 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 six months ended April 30, 2020 is not presented.

9  Risks and Uncertainties

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.

53

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate otherpre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

54

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements andsub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additionalone-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements andsub-advisory agreements.

In connection with its evaluation of the investment advisory agreements andsub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

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

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

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

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

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

• Profitability analyses with respect to the adviser andsub-adviser to each of the funds;

Information about Portfolio Management and Trading

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

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

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

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

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

Information about each Adviser andSub-adviser

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

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

⁽¹⁾  Not all Eaton Vance Funds have entered into asub-advisory agreement with asub-adviser. Accordingly, references to“sub-adviser” or“sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

55

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

Other Relevant Information

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

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

• For an Eaton Vance Fund structured as an exchange-listedclosed-end fund, information concerning the benefits of theclosed-end fund structure, as well as, where relevant, theclosed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement andsub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements andsub-advisory agreements.

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

In voting its approval of the continuation of existing investment advisory agreements andsub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from thein-person voting requirements under Section 15 of the 1940 Act in response to the impacts of theCOVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Senior Debt Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Floating-Rate Advantage Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

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

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

56

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

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

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

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for theone-, three-, five- andten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for theone-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisoryand related services are reasonable.

Profitability and“Fall-Out” Benefits

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

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

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

57

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

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

58

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Floating-Rate Advantage Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Senior Debt Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

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

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

59

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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.

60

Investment Adviser of Senior Debt Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7763    4.30.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Senior Debt Portfolio

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2020

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 24, 2020
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2020