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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08876

Senior Debt Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments

Senior Floating-Rate Loans — 114.2%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)			Value
Aerospace and Defense — 2.8%
Aernnova Aerospace S.A.U.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		1,071		$	1,000,352
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		4,179			3,901,371
AI Convoy (Luxembourg) S.a.r.l.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		3,300			3,778,969
Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing January 17, 2027(2)			5,274	��		5,192,752
Dynasty Acquisition Co., Inc.
Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			11,348			10,196,622
Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			21,101			18,959,978
IAP Worldwide Services, Inc.
Revolving Loan, 1.37%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021(3)			944			921,674
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), Maturing July 18, 2021(4)			1,223			962,817
Spirit Aerosystems, Inc.
Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), Maturing January 30, 2025			3,775			3,779,719
TransDigm, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			30,559			28,852,431
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			51,964			48,997,578
WP CPP Holdings, LLC
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025			29,766			26,426,858
					$	152,971,121
Air Transport — 0.5%
JetBlue Airways Corporation
Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 17, 2024			3,580		$	3,571,057
Mileage Plus Holdings, LLC
Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 25, 2027			6,925			7,058,632

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Air Transport (continued)
SkyMiles IP, Ltd.
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 20, 2027			17,950	$	17,921,962
				$	28,551,651
Automotive — 3.6%
Adient US, LLC
Term Loan, 4.42%, (USD LIBOR + 4.25%), Maturing May 6, 2024(2)			2,987	$	2,951,715
American Axle and Manufacturing, Inc.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,982		19,336,927
Autokiniton US Holdings, Inc.
Term Loan, 6.52%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,702		9,410,637
Bright Bidco B.V.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024			20,177		9,575,787
Chassix, Inc.
Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing November 15, 2023			7,099		6,353,829
Clarios Global, L.P.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			27,372		26,584,911
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing April 30, 2026	EUR		483		551,403
CS Intermediate Holdco 2, LLC
Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			3,959		3,431,713
Dayco Products, LLC
Term Loan, 4.51%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			11,701		7,449,911
Garrett LX III S.a.r.l.
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing September 27, 2025	EUR		4,953		5,617,013
Garrett Motion, Inc.
DIP Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 15, 2021			1,238		1,244,630
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			6,883		6,672,531
IAA, Inc.
Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			7,208		7,027,678

21 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Automotive (continued)
Les Schwab Tire Centers
Term Loan, Maturing October 28, 2027(5)			22,800	$	22,629,000
Tenneco, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			36,684		33,989,742
Thor Industries, Inc.
Term Loan, 3.94%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			9,047		8,998,644
TI Group Automotive Systems, LLC
Term Loan, 4.50%, (3 mo. EURIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024	EUR		6,620		7,671,289
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024			12,299		12,268,047
Visteon Corporation
Term Loan, 1.91%, (USD LIBOR + 1.75%), Maturing March 25, 2024(2)			2,500		2,452,605
				$	194,218,012
Beverage and Tobacco — 0.1%
Arterra Wines Canada, Inc.
Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 15, 2023			4,729	$	4,670,336
				$	4,670,336
Brokerage/Securities Dealers/Investment Houses — 0.5%
Advisor Group, Inc.
Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			12,856	$	12,422,456
Clipper Acquisitions Corp.
Term Loan, 1.89%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024			12,083		11,841,646
OZ Management L.P.
Term Loan, 4.94%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023			249		249,050
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		3,676,500
				$	28,189,652
Building and Development — 3.6%
ACProducts, Inc.
Term Loan, 7.50%, (6 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing August 18, 2025			4,320	$	4,366,890

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
Advanced Drainage Systems, Inc.
Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026			2,812	$	2,794,974
American Builders & Contractors Supply Co., Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027			23,532		22,881,479
American Residential Services, LLC
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 15, 2027			5,175		5,123,250
APi Group DE, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026			16,178		15,869,370
Term Loan, Maturing October 1, 2026(5)			2,650		2,595,344
Applecaramel Buyer, LLC
Term Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), Maturing October 19, 2027			19,250		18,993,340
Brookfield Property REIT, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025			4,223		3,545,110
Core & Main L.P.
Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing August 1, 2024			2,480		2,417,540
CPG International, Inc.
Term Loan, 4.75%, (12 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 5, 2024			8,656		8,658,833
Cushman & Wakefield U.S. Borrower, LLC
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025			36,383		34,912,984
LSF11 Skyscraper Holdco S.a.r.l.
Term Loan, Maturing August 7, 2027(5)			6,900		6,874,125
Term Loan, Maturing September 29, 2027(5)	EUR		13,775		15,936,096
Quikrete Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			3,887		3,818,538
RE/MAX International, Inc.
Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			16,119		16,038,500
Realogy Group, LLC
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing February 8, 2025			8,024		7,718,823

22 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
Werner FinCo L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing July 24, 2024			11,771	$	11,388,118
WireCo WorldGroup, Inc.
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 30, 2023			8,292		7,286,891
Term Loan - Second Lien, 10.00%, (6 mo. USD LIBOR + 9.00%, Floor 1.00%), Maturing September 30, 2024			8,525		6,606,875
				$	197,827,080
Business Equipment and Services — 9.0%
Adevinta ASA
Term Loan, Maturing October 23, 2027(5)			2,725	$	2,714,781
Term Loan, Maturing October 23, 2027(5)	EUR		9,950		11,581,026
Adtalem Global Education, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			6,183		6,128,589
Airbnb, Inc.
Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			7,481		7,973,763
AlixPartners, LLP
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 4, 2024			9,508		9,228,833
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		9,284		10,698,647
Allied Universal Holdco, LLC
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			5,910		5,796,761
Amentum Government Services Holdings, LLC
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 1, 2027			11,047		10,633,038
AppLovin Corporation
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			34,164		33,544,632
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing August 15, 2025			6,094		6,037,240
ASGN Incorporated
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025			3,433		3,397,821
Asplundh Tree Expert, LLC
Term Loan, 2.64%, (1 mo. USD LIBOR + 2.50%), Maturing September 7, 2027			10,450		10,441,295

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Belfor Holdings, Inc.
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		5,718	$	5,703,231
BidFair MergeRight, Inc.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027		7,671		7,632,805
Bracket Intermediate Holding Corp.
Term Loan, 4.48%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025		9,517		9,290,541
Brand Energy & Infrastructure Services, Inc.
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 21, 2024		10,566		9,867,261
Camelot U.S. Acquisition 1 Co.
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 30, 2026		9,274		9,074,951
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing October 30, 2026		10,100		9,967,438
Cardtronics USA, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing June 29, 2027		5,187		5,193,484
Ceridian HCM Holding, Inc.
Term Loan, 2.60%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025		23,273		22,555,802
CM Acquisition Co.
Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing July 26, 2023		2,014		1,989,016
Deerfield Dakota Holding, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 9, 2027		4,015		3,963,245
EAB Global, Inc.
Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024(2)		12,439		12,143,372
EIG Investors Corp.
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 9, 2023		22,848		22,704,815
Garda World Security Corporation
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 30, 2026		8,983		8,973,273
Greeneden U.S. Holdings II, LLC
Term Loan, Maturing October 8, 2027(5)		7,450		7,375,500

23 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
IG Investment Holdings, LLC
Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 23, 2025			27,671	$	27,234,338
Illuminate Buyer, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing June 16, 2027			7,250		7,143,969
Intrado Corp.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing October 10, 2024			4,961		4,599,085
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing October 10, 2024			4,990		4,654,498
IRI Holdings, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 1, 2025			25,046		24,659,970
Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing December 1, 2025			7,700		7,750,820
Iron Mountain, Inc.
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026			9,238		8,914,791
KAR Auction Services, Inc.
Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026			5,315		5,135,664
KUEHG Corp.
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 21, 2025			27,423		25,180,886
Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), Maturing August 22, 2025			4,075		3,659,859
LGC Group Holdings, Ltd.
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 21, 2027	EUR		3,025		3,441,282
Loire Finco Luxembourg S.a.r.l.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 21, 2027			3,591		3,469,804
Monitronics International, Inc.
Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			15,321		12,179,952
PGX Holdings, Inc.
Term Loan, 10.50%, (12 mo. USD LIBOR + 9.50%, Floor 1.00%), 6.25% cash, 4.25% PIK, Maturing September 29, 2023			11,131		9,489,324
Pre-Paid Legal Services, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025			3		2,533

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Prime Security Services Borrower, LLC
Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing September 23, 2026(2)			1,492	$	1,474,636
Rockwood Service Corporation
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			5,050		5,014,909
Sabre GLBL, Inc.
Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing February 22, 2024			6,571		6,220,678
Speedster Bidco GmbH
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,550		2,842,896
Spin Holdco, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			34,342		33,526,764
TruGreen Limited Partnership
Term Loan, Maturing November 2, 2027(5)			5,075		5,024,250
Vestcom Parent Holdings, Inc.
Term Loan, 4.14%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			4,405		4,300,462
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			11,218		11,035,673
Zephyr Bidco Limited
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		5,025		5,631,077
Term Loan, 4.30%, (1 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,725		10,875,836
				$	488,075,116
Cable and Satellite Television — 5.5%
Altice France S.A.
Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			10,807	$	10,479,084
Term Loan, 4.24%, (3 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			8,719		8,485,970
Charter Communications Operating, LLC
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			12,180		11,887,421
CSC Holdings, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			44,552		43,115,581
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			5,765		5,573,994

24 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
Mediacom Illinois, LLC
Term Loan, 1.86%, (1 week USD LIBOR + 1.75%), Maturing February 15, 2024			2,060	$	2,057,723
Numericable Group S.A.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			17,476		16,733,019
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		6,373		7,079,205
Telenet Financing USD, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			38,225		36,976,724
Telenet International Finance S.a.r.l.
Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		6,565		7,518,095
UPC Broadband Holding B.V.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			8,800		8,473,670
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		3,150		3,584,269
Term Loan, Maturing January 31, 2029(5)	EUR		7,388		8,510,647
Term Loan, Maturing January 31, 2029(5)			17,000		16,596,250
Term Loan, Maturing January 31, 2029(5)	EUR		7,388		8,510,647
Term Loan, Maturing January 31, 2029(5)			17,000		16,596,250
Virgin Media Bristol, LLC
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			41,755		40,401,238
Virgin Media SFA Finance Limited
Term Loan, 3.30%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		9,825		12,266,883
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		13,800		15,646,933
Ziggo B.V.
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		15,300		17,421,922
				$	297,915,525
Chemicals and Plastics — 4.7%
Aruba Investments, Inc.
Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 7, 2025			9,833	$	9,820,246
Axalta Coating Systems US Holdings, Inc.
Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			22,863		22,238,595
Caldic B.V.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		500		558,668

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Caldic B.V. (continued)
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		2,266	$	2,532,407
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		5,712		6,417,353
Element Solutions, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			8,047		7,886,265
Emerald Performance Materials, LLC
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing August 12, 2025			2,617		2,604,016
Ferro Corporation
Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,403		3,357,141
Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,629		3,580,607
Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,708		3,658,446
Flint Group GmbH
Term Loan, 5.00%, (EURIBOR + 4.25%, Floor 0.75%), Maturing September 21, 2023(2)	EUR		1,208		1,260,525
Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023(2)			1,936		1,741,996
Flint Group US, LLC
Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023(2)			2,898		2,608,439
Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023(2)			11,708		10,537,646
Gemini HDPE, LLC
Term Loan, 2.72%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			12,425		12,184,048
Hexion, Inc.
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		10,300		11,770,973
INEOS Enterprises Holdings II Limited
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		2,325		2,669,450
INEOS Enterprises Holdings US Finco, LLC
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 28, 2026			2,522		2,485,825

25 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
INEOS Finance PLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		8,044	$	9,108,384
Inovyn Finance PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		7,163		8,168,590
Kraton Polymers, LLC
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		618		706,758
Messer Industries GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,575		5,261,671
Minerals Technologies, Inc.
Term Loan, 3.00%, (USD LIBOR + 2.25%, Floor 0.75%), Maturing February 14, 2024(2)			13,234		13,217,626
Momentive Performance Materials, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 15, 2024			1,137		1,078,539
PMHC II, Inc.
Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			14,221		13,012,259
PQ Corporation
Term Loan, 2.46%, (3 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			22,369		21,781,377
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing February 7, 2027			17,307		17,198,459
Pregis TopCo Corporation
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing July 31, 2026			2,407		2,351,665
Rohm Holding GmbH
Term Loan, 5.32%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			6,071		5,486,374
Starfruit Finco B.V.
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,643		10,343,839
Tronox Finance, LLC
Term Loan, 3.18%, (USD LIBOR + 3.00%), Maturing September 23, 2024(2)			19,824		19,452,419
Univar, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			23,481		23,029,312
				$	258,109,918

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Clothing/Textiles — 0.1%
Samsonite International S.A.
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025		4,580	$	4,285,827
			$	4,285,827
Conglomerates — 0.0%(6)
Penn Engineering & Manufacturing Corp.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 27, 2024		1,853	$	1,820,765
			$	1,820,765
Containers and Glass Products — 2.3%
Berry Global, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022		7,749	$	7,681,597
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024		9,975		9,861,470
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing July 1, 2026		2,543		2,461,294
BWAY Holding Company
Term Loan, 3.48%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024		11,159		10,468,512
Flex Acquisition Company, Inc.
Term Loan, 4.00%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing December 29, 2023(2)		34,250		33,479,206
Term Loan, 3.48%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025		3,887		3,746,093
Libbey Glass, Inc.
DIP Loan, 12.00%, (USD LIBOR + 11.00%, Floor 1.00%), Maturing November 27, 2020(2)		3,133		3,139,000
DIP Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 2.00% cash, 2.00% PIK, Maturing November 30, 2020		3,153		3,232,273
Term Loan, 0.00%, Maturing April 9, 2021(7)		11,038		1,824,743
Proampac PG Borrower, LLC
Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing November 20, 2023		8,340		8,272,455
Reynolds Group Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023		19,497		19,169,793
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2026		12,700		12,414,250

26 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Containers and Glass Products (continued)
Trident TPI Holdings, Inc.
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing October 17, 2024			12,648	$	12,284,722
				$	128,035,408
Cosmetics/Toiletries — 0.5%
Kronos Acquisition Holdings, Inc.
Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			24,681	$	24,505,718
				$	24,505,718
Drugs — 5.7%
Aenova Holding GmbH
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		2,875	$	3,356,218
Akorn, Inc.
Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing October 1, 2025			9,304		9,377,559
Albany Molecular Research, Inc.
Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024(2)			6,890		6,807,534
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 30, 2024			2,175		2,147,813
Alkermes, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			13,061		12,996,078
Amneal Pharmaceuticals, LLC
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			28,095		26,854,403
Arbor Pharmaceuticals, Inc.
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			13,814		12,087,422
Bausch Health Companies, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			34,047		33,307,673
Catalent Pharma Solutions, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 18, 2026			8,938		8,915,535
Elanco Animal Health Incorporated
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing August 1, 2027			6,430		6,300,324

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Drugs (continued)
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			25,899	$	24,785,626
Grifols Worldwide Operations USA, Inc.
Term Loan, 2.09%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,457		35,631,809
Horizon Therapeutics USA, Inc.
Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing May 22, 2026			13,469		13,216,011
Jaguar Holding Company II
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing August 18, 2022			60,299		59,959,567
Mallinckrodt International Finance S.A.
Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), Maturing September 24, 2024			37,796		34,945,388
Term Loan, 3.75%, (6 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing February 24, 2025			15,111		13,958,385
Nidda Healthcare Holding AG
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		1,000		1,141,066
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		6,425		7,326,986
				$	313,115,397
Ecological Services and Equipment — 0.4%
EnergySolutions, LLC
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 9, 2025			20,076	$	19,222,838
US Ecology Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			3,077		3,038,291
				$	22,261,129
Electronics/Electrical — 21.4%
Applied Systems, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 19, 2024			26,251	$	26,159,648
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing September 19, 2025			4,000		4,032,500

27 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics/Electrical (continued)
Aptean, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			8,833	$	8,534,580
Astra Acquisition Corp.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			7,786		7,824,804
Avast Software B.V.
Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing September 29, 2023			2,258		2,254,499
Banff Merger Sub, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			47,773		46,449,032
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,488		4,004,268
Barracuda Networks, Inc.
Term Loan - Second Lien, Maturing October 30, 2028(5)			3,600		3,591,000
Buzz Merger Sub, Ltd.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			4,898		4,794,045
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), Maturing January 29, 2027			2,050		2,026,938
Cambium Learning Group, Inc.
Term Loan, 4.72%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2025			7,825		7,564,169
Castle US Holding Corporation
Term Loan, 3.97%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			9,640		9,093,590
Celestica, Inc.
Term Loan, 2.28%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,072		3,990,516
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			3,378		3,347,947
CentralSquare Technologies, LLC
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025			4,031		3,622,481
Cohu, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			9,980		9,649,330
CommScope, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			19,703		19,047,783
Cornerstone OnDemand, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 22, 2027			15,334		15,214,878

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics/Electrical (continued)
CPI International, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024			14,142	$	13,541,014
E2open, LLC
Term Loan, Maturing October 29, 2027(5)			7,750		7,701,562
ECI Macola/Max Holdings, LLC
Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing September 27, 2024			10,037		9,982,677
Electro Rent Corporation
Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing January 31, 2024			23,638		23,313,391
Epicor Software Corporation
Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 30, 2027			51,184		51,088,413
Term Loan - Second Lien, 8.75%, (1 mo. USD LIBOR + 7.75%, Floor 1.00%), Maturing July 31, 2028			7,650		7,822,125
EXC Holdings III Corp.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing December 2, 2024	EUR		1,702		1,962,268
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing December 2, 2024			3,533		3,493,279
Finastra USA, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024			36,721		34,757,179
Fiserv Investment Solutions, Inc.
Term Loan, 5.02%, (6 mo. USD LIBOR + 4.75%), Maturing February 18, 2027			5,810		5,792,280
GlobalLogic Holdings, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing September 14, 2027			6,800		6,681,000
Go Daddy Operating Company, LLC
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024			54,363		53,177,450
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 10, 2027			10,100		9,951,343
Hyland Software, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing July 1, 2024			57,423		56,722,795
Term Loan - Second Lien, 7.75%, (1 mo. USD LIBOR + 7.00%, Floor 0.75%), Maturing July 7, 2025			6,190		6,193,997

28 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics/Electrical (continued)
Infoblox, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			13,094	$	13,088,400
Informatica, LLC
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 25, 2027	EUR		2,861		3,251,112
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			62,280		60,317,696
Term Loan - Second Lien, 7.13%, Maturing February 25, 2025(8)			6,275		6,376,969
LogMeIn, Inc.
Term Loan, 4.89%, (1 mo. USD LIBOR + 4.75%), Maturing August 31, 2027			12,475		12,116,344
MA FinanceCo., LLC
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			3,936		3,731,810
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing June 5, 2025	EUR		6,550		7,611,767
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 5, 2025			16,375		16,221,484
MACOM Technology Solutions Holdings, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			12,033		11,651,840
Marcel LUX IV S.a.r.l.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			1,758		1,700,975
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		3,350		3,841,837
Term Loan, Maturing September 22, 2027(5)			4,075		4,034,250
MaxLinear, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing July 31, 2023			11,475		11,460,656
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing May 12, 2024			6,947		6,912,631
Milano Acquisition Corp.
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 1, 2027			25,625		25,224,609
MTS Systems Corporation
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 5, 2023			3,474		3,456,425
NCR Corporation
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026			10,840		10,528,836
Recorded Books, Inc.
Term Loan, 4.39%, (1 mo. USD LIBOR + 4.25%), Maturing August 29, 2025			2,665		2,608,632

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics/Electrical (continued)
Redstone Buyer, LLC
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 1, 2027		14,225	$	14,118,312
Renaissance Holding Corp.
Term Loan - Second Lien, 7.15%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		2,175		2,109,750
Seattle Spinco, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		26,581		25,201,834
SkillSoft Corporation
Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing December 27, 2024		5,224		5,243,870
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 27, 2025		17,261		17,045,177
SolarWinds Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		72,881		71,690,744
Solera, LLC
Term Loan, 2.90%, (2 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		53,908		52,608,051
Sparta Systems, Inc.
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 21, 2024		7,007		6,674,212
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		6,614		6,439,318
SS&C Technologies, Inc.
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		5,263		5,123,731
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		9,414		9,165,380
STG-Fairway Holdings, LLC
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2027		5,448		5,303,264
SurveyMonkey, Inc.
Term Loan, 3.86%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		9,271		9,108,561
Tech Data Corporation
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2025		10,350		10,356,469
Tibco Software, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		31,716		30,857,405

29 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics/Electrical (continued)
Tibco Software, Inc. (continued)
Term Loan - Second Lien, 7.40%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		9,275	$	9,089,500
TTM Technologies, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		6,035		5,944,694
Uber Technologies, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		7,568		7,451,668
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025		41,217		40,763,628
Ultimate Software Group, Inc. (The)
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026		22,829		22,457,737
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing May 4, 2026		36,550		36,385,013
Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), Maturing May 3, 2027		2,350		2,397,980
Ultra Clean Holdings, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		9,834		9,784,492
Valkyr Purchaser, LLC
Term Loan, Maturing October 29, 2027(5)		6,375		6,311,250
Verifone Systems, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		19,004		17,437,007
Veritas US, Inc.
Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing September 1, 2025		22,875		22,403,203
Vero Parent, Inc.
Term Loan, 6.51%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024		19,950		19,550,754
VS Buyer, LLC
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 28, 2027		12,313		12,105,341
Vungle, Inc.
Term Loan, 5.64%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026		7,648		7,619,071
			$	1,168,266,470
Equipment Leasing — 1.0%
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	$	20,722,463

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Equipment Leasing (continued)
Boels Topholding B.V.
Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing January 14, 2027	EUR		5,250	$	5,940,531
Delos Finance S.a.r.l.
Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023			15,593		15,116,929
Fly Funding II S.a.r.l.
Term Loan, 6.24%, (3 mo. USD LIBOR + 6.00%), Maturing October 8, 2025			10,825		10,446,125
				$	52,226,048
Financial Intermediaries — 3.4%
Aretec Group, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			26,319	$	24,783,656
Citco Funding, LLC
Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			17,505		17,045,734
Claros Mortgage Trust, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026			533		513,797
Ditech Holding Corporation
Term Loan, 0.00%, Maturing June 30, 2022(7)			22,626		6,816,161
EIG Management Company, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,754		2,747,489
Evergood 4 ApS
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		7,550		8,665,608
FB Income Advisor, LLC
Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,688		6,621,605
FinCo I, LLC
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			9,010		8,864,830
Focus Financial Partners, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			14,503		14,138,244
Greenhill & Co., Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			7,049		6,978,149
GreenSky Holdings, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing March 29, 2025			4,364		4,254,961

30 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
GreenSky Holdings, LLC (continued)
Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			11,583	$	11,033,245
Guggenheim Partners, LLC
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			33,367		33,166,792
LPL Holdings, Inc.
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			19,751		19,363,971
Nets Holding A/S
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000		1,140,994
Victory Capital Holdings, Inc.
Term Loan, 2.73%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			13,673		13,399,582
Virtus Investment Partners, Inc.
Term Loan, 3.00%, (3 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing June 1, 2024			7,195		7,141,225
				$	186,676,043
Food Products — 4.2%
Alphabet Holding Company, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			28,282	$	27,450,752
Atkins Nutritionals Holdings II, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024			3,794		3,794,700
B&G Foods, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026			2,539		2,529,122
Badger Buyer Corp.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024			9,796		9,232,368
Froneri International, Ltd.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 31, 2027			21,596		20,874,724
Term Loan - Second Lien, 5.75%, (1 mo. USD LIBOR + 5.75%), Maturing January 31, 2028			1,125		1,119,375
H Food Holdings, LLC
Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			11,627		11,212,561
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			6,263		6,070,054
HLF Financing S.a.r.l.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025			26,118		25,735,752

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Products (continued)
Jacobs Douwe Egberts International B.V.
Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			22,212	$	22,183,993
JBS USA Lux S.A.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 1, 2026			55,301		54,154,715
Nomad Foods Europe Midco Limited
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			18,939		18,545,356
Shearer’s Foods, Inc.
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing September 23, 2027			3,575		3,542,228
Sunshine Investments B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618		12,130,089
Term Loan, 4.07%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		750		954,621
Valeo F1 Company Limited (Ireland)
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 27, 2027	EUR		9,500		10,842,892
				$	230,373,302
Food Service — 1.5%
1011778 B.C. Unlimited Liability Company
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			49,264	$	47,427,240
IRB Holding Corp.
Term Loan, 3.75%, (6 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025			4,848		4,625,765
Restaurant Technologies, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			6,113		5,883,654
US Foods, Inc.
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023			22,484		21,612,864
				$	79,549,523
Food/Drug Retailers — 0.5%
BW Gas & Convenience Holdings, LLC
Term Loan, 6.41%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			5,851	$	5,851,269
CNT Holdings I Corp.
Term Loan, Maturing October 16, 2027(5)			6,275		6,212,250

31 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food/Drug Retailers (continued)
L1R HB Finance Limited
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		8,523	$	7,982,120
Term Loan, 5.55%, (6 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		6,773		7,004,736
				$	27,050,375
Forest Products — 0.0%(6)
Clearwater Paper Corporation
Term Loan, 3.24%, (USD LIBOR + 3.00%), Maturing July 26, 2026(2)			2,435	$	2,428,725
				$	2,428,725
Health Care — 9.0%
Accelerated Health Systems, LLC
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025			5,292	$	5,120,203
ADMI Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025			5,422		5,237,119
Alliance Healthcare Services, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			9,092		8,319,317
Term Loan - Second Lien, 12.00%, (1 mo. USD LIBOR + 11.00%, Floor 1.00%), Maturing April 24, 2024			5,175		2,367,563
athenahealth, Inc.
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			15,824		15,527,352
Avantor Funding, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			7,082		7,037,710
Term Loan, Maturing October 29, 2027(5)			3,450		3,415,500
BioClinica Holding I L.P.
Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			16,024		15,462,746
BW NHHC Holdco, Inc.
Term Loan, 5.27%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			15,000		12,824,761
CeramTec AcquiCo GmbH
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025	EUR		15,327		17,104,782

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Certara L.P.
Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024			7,498	$	7,329,276
Change Healthcare Holdings, LLC
Term Loan, 3.50%, (USD LIBOR + 2.50%, Floor 1.00%), Maturing March 1, 2024(2)			13		12,588
CryoLife, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing December 1, 2024			5,130		5,104,288
Dedalus Finance GmbH
Term Loan, 4.50%, (1 mo. EURIBOR + 4.50%), Maturing May 4, 2027	EUR		6,875		7,943,578
Term Loan, Maturing August 16, 2027(5)	EUR		10,000		11,554,295
Elsan SAS
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2024	EUR		2,250		2,587,052
Ensemble RCM, LLC
Term Loan, 3.96%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			5,990		5,877,197
Envision Healthcare Corporation
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			61,621		44,351,686
Gentiva Health Services, Inc.
Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			32,880		32,263,034
Greatbatch, Ltd.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			10,341		10,257,054
Hanger, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			23,276		23,120,526
Inovalon Holdings, Inc.
Term Loan, 3.19%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,141		11,852,324
IQVIA, Inc.
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 7, 2024			2,660		2,621,308
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			14,783		14,570,963
MPH Acquisition Holdings, LLC
Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 7, 2023			25,262		24,977,837
National Mentor Holdings, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			347		341,862

32 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
National Mentor Holdings, Inc. (continued)
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			7,601	$	7,489,320
Navicure, Inc.
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026			6,269		6,119,623
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 22, 2026			4,625		4,561,406
One Call Corporation
Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing November 25, 2022			15,252		14,146,453
Ortho-Clinical Diagnostics S.A.
Term Loan, 3.39%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			28,843		27,947,516
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing June 30, 2025	EUR		4,204		4,728,760
Parexel International Corporation
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024			3,326		3,198,505
Phoenix Guarantor, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			21,269		20,604,370
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), Maturing March 5, 2026			5,175		5,093,064
Radiology Partners, Inc
Term Loan, 4.81%, (USD LIBOR + 4.25%), Maturing July 9, 2025(2)			5,242		4,963,418
RadNet, Inc.
Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 30, 2023			9,796		9,661,131
Select Medical Corporation
Term Loan, 2.78%, (6 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			37,393		36,574,933
Surgery Center Holdings, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			13,674		12,993,316
Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			2,488		2,537,250
Team Health Holdings, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			6,973		5,700,689

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
U.S. Anesthesia Partners, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 23, 2024			3,014	$	2,828,815
Verscend Holding Corp.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			22,236		21,865,336
				$	488,195,826
Home Furnishings — 1.0%
Serta Simmons Bedding, LLC
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			14,163	$	14,209,708
Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			46,814		40,142,819
				$	54,352,527
Industrial Equipment — 5.2%
AI Alpine AT Bidco GmbH
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2025	EUR		6,125	$	6,675,748
Alliance Laundry Systems, LLC
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 8, 2027			10,150		10,078,950
Altra Industrial Motion Corp.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			7,792		7,642,336
Apex Tool Group, LLC
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			17,067		16,225,207
CFS Brands, LLC
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			6,714		5,958,278
Clark Equipment Company
Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			13,249		12,895,674
Columbus McKinnon Corporation
Term Loan, 3.50%, (3 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing January 31, 2024			4,880		4,855,115

33 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
CPM Holdings, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing November 17, 2025			3,951	$	3,674,586
Delachaux Group S.A.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing April 16, 2026	EUR		2,650		2,964,799
Term Loan, 4.74%, (USD LIBOR + 4.50%), Maturing April 16, 2026(2)			5,841		5,614,661
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,618		2,915,130
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		6,544		7,287,864
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			11,827		11,570,405
DXP Enterprises, Inc.
Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			4,633		4,551,677
Dynacast International, LLC
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing January 28, 2022			10,405		9,737,213
Engineered Machinery Holdings, Inc.
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 19, 2024			14,646		14,297,950
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 19, 2024			2,004		1,986,713
EWT Holdings III Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			22,147		21,749,873
Filtration Group Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			23,140		22,552,880
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		2,627		2,999,660
Term Loan, Maturing March 29, 2025(5)			3,100		3,059,312
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		7,794		8,832,862
LTI Holdings, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			7,325		6,835,028
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,426		2,283,002
Minimax Viking GmbH
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,944		2,242,336

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Quimper AB
Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		20,625	$	23,665,591
Robertshaw US Holding Corp.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 28, 2025			22,944		21,165,999
Terex Corporation
Term Loan, 2.22%, (3 mo. USD LIBOR + 2.00%), Maturing January 31, 2024			8,765		8,524,311
Thermon Industries, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 30, 2024			3,047		3,009,098
Titan Acquisition Limited
Term Loan, 3.36%, (6 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			26,903		25,576,591
Vertical Midco GmbH
Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing July 30, 2027	EUR		1,000		1,162,557
Welbilt, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025			1,000		920,000
				$	283,511,406
Insurance — 3.6%
Alliant Holdings Intermediate, LLC
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			3,239	$	3,123,831
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			5,703		5,515,093
AmWINS Group, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			44,812		44,311,789
Andromeda Investissements
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing June 12, 2026	EUR		2,250		2,597,534
AssuredPartners, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			4,094		3,957,935
Asurion, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			41,964		41,237,374
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,444		2,400,984
Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			26,491		26,562,647

34 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Insurance (continued)
Financiere CEP S.A.S.
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing June 3, 2027	EUR		1,425	$	1,662,323
Hub International Limited
Term Loan, 3.21%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			18,437		17,766,216
NFP Corp.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			33,605		32,239,674
Ryan Specialty Group, LLC
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing September 1, 2027			7,875		7,822,497
USI, Inc.
Term Loan, 4.22%, (3 mo. USD LIBOR + 4.00%), Maturing December 2, 2026			5,865		5,807,712
				$	195,005,609
Leisure Goods/Activities/Movies — 4.6%
AMC Entertainment Holdings, Inc.
Term Loan, 3.23%, (3 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			10,339	$	5,907,406
Amer Sports Oyj
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		20,475		21,044,281
Ancestry.com Operations, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			37,346		37,326,677
Bombardier Recreational Products, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			33,283		32,145,695
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 24, 2027			6,135		6,188,303
ClubCorp Holdings, Inc.
Term Loan, 2.97%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			21,362		18,064,000
Crown Finance US, Inc.
Term Loan, 2.63%, (6 mo. EURIBOR + 2.63%), Maturing February 28, 2025	EUR		4,881		3,259,378
Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing February 28, 2025			18,505		10,565,929
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		1,205,860

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods/Activities/Movies (continued)
Etraveli Holding AB
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing August 2, 2024	EUR		9,600	$	9,279,932
Lindblad Expeditions, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			1,168		1,086,330
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			4,672		4,345,321
Match Group, Inc.
Term Loan, 2.00%, (3 mo. USD LIBOR + 1.75%), Maturing February 13, 2027			7,625		7,453,437
Motion Finco S.a.r.l.
Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			423		365,691
Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			3,332		2,878,522
NASCAR Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026			1,524		1,487,685
Playtika Holding Corp.
Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing December 10, 2024			33,784		33,875,878
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			4,400		4,125,130
SRAM, LLC
Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024(2)			9,280		9,268,182
Steinway Musical Instruments, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 14, 2025			3,760		3,612,307
Travel Leaders Group, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			20,176		15,787,903
UFC Holdings, LLC
Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			1,920		1,876,983
Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			15,889		15,600,603

35 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods/Activities/Movies (continued)
Vue International Bidco PLC
Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), Maturing July 3, 2026	EUR		3,433	$	2,928,504
				$	249,679,937
Lodging and Casinos — 2.9%
Aristocrat Technologies, Inc.
Term Loan, 1.96%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			10,829	$	10,568,462
Azelis Finance S.A.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		3,750		4,280,089
Boyd Gaming Corporation
Term Loan, 2.34%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			999		973,549
Churchill Downs Incorporated
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,404		3,293,128
CityCenter Holdings, LLC
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			14,988		14,129,643
ESH Hospitality, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			2,263		2,195,793
Golden Nugget, Inc.
Term Loan, 3.25%, (2 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing October 4, 2023			33,608		29,776,879
Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 4, 2023			1,875		2,128,125
GVC Holdings (Gibraltar) Limited
Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing March 29, 2024			23,472		23,257,063
GVC Holdings PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		21,325		24,476,039
Playa Resorts Holding B.V.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			14,097		12,088,240
Sportradar Capital S.a.r.l.
Term Loan, Maturing October 27, 2027(5)	EUR		4,400		5,080,687

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
Stars Group Holdings B.V. (The)
Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			20,791	$	20,813,547
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		5,340		6,235,157
				$	159,296,401
Nonferrous Metals/Minerals — 0.5%
American Consolidated Natural Resources, Inc.
Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), Maturing September 16, 2025			5,857	$	4,539,449
CD&R Hydra Buyer, Inc.
Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021(4)(8)			407		322,092
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28, 2021(7)			2,904		261,355
Oxbow Carbon, LLC
Term Loan, Maturing October 13, 2025(5)			4,650		4,580,250
Rain Carbon GmbH
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		14,875		16,219,754
				$	25,922,900
Oil and Gas — 3.0%
Ameriforge Group, Inc.
Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, Maturing June 8, 2022			15,109	$	13,220,765
Apergy Corporation
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			2,289		2,214,759
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 28, 2027			1,926		1,922,014
Blackstone CQP Holdco L.P.
Term Loan, 3.73%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			17,572		17,220,622
Buckeye Partners L.P.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026			11,389		11,171,912
Centurion Pipeline Company, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing September 28, 2025			2,025		1,994,625
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,414		3,358,707

36 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
CITGO Holding, Inc.
Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023		2,970	$	2,732,400
CITGO Petroleum Corporation
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024		27,452		25,805,184
Delek US Holdings, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025		4,152		3,920,330
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 31, 2025		5,224		5,114,924
Fieldwood Energy, LLC
DIP Loan, 3.68%, Maturing August 4, 2021(3)		3,983		4,003,159
Term Loan, 0.00%, Maturing April 11, 2022(7)		26,962		6,656,357
Lealand Finance Company B.V.
Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), 1.15% cash, 3.00% PIK, Maturing June 30, 2025		3,135		2,057,529
Matador Bidco S.a.r.l.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026		11,666		11,374,716
McDermott Technology Americas, Inc.
DIP Letter of Credit, 2.71%, Maturing June 28, 2024(3)		10,000		9,150,000
Term Loan, 3.14%, (1 mo. USD LIBOR + 3.00%), Maturing June 30, 2024		261		215,187
Prairie ECI Acquiror L.P.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing March 11, 2026		19,198		17,277,857
PSC Industrial Holdings Corp.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 11, 2024		11,272		10,666,065
RDV Resources Properties, LLC
Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing March 29, 2024(4)		3,221		2,034,117
Sunrise Oil & Gas Properties, LLC
Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023		812		734,529
Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023		834		654,309
Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023		963		486,286

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
UGI Energy Services, LLC
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			11,998	$	11,915,638
				$	165,901,991
Publishing — 1.3%
Alchemy Copyrights, LLC
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing August 16, 2027			4,425	$	4,413,937
Ascend Learning, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 12, 2024			3,400		3,374,500
Axel Springer S.E.
Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000		2,236,128
Getty Images, Inc.
Term Loan, 4.69%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			13,267		12,420,995
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000		4,351,911
LSC Communications, Inc.
Term Loan, 0.00%, Maturing September 30, 2022(7)			8,034		1,305,543
Nielsen Finance, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 4, 2023			15,054		14,748,576
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 4, 2025			7,338		7,338,125
ProQuest, LLC
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026			18,144		17,743,759
Tweddle Group, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing September 17, 2023			1,927		1,693,212
				$	69,626,686
Radio and Television — 2.8%
Cumulus Media New Holdings, Inc.
Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 31, 2026			4,099	$	3,881,423
Diamond Sports Group, LLC
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026			35,813		22,416,874

37 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
Entercom Media Corp.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024		4,807	$	4,642,170
Entravision Communications Corporation
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		8,226		7,883,247
Gray Television, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026		3,553		3,483,416
Hubbard Radio, LLC
Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing March 28, 2025		10,057		9,692,008
iHeartCommunications, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026		1,260		1,186,137
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing May 1, 2026		3,541		3,427,515
Nexstar Broadcasting, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		15,915		15,517,158
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,956		5,815,662
Sinclair Television Group, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		16,964		16,525,830
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		7,475		7,262,725
Terrier Media Buyer, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		25,604		25,024,232
Univision Communications, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		19,506		18,931,014
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 15, 2026		6,995		6,832,707
			$	152,522,118
Retailers (Except Food and Drug) — 1.7%
Apro, LLC
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		4,100	$	4,069,575

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) (continued)
Ascena Retail Group, Inc.
DIP Loan, 12.75%, (1 mo. USD LIBOR + 11.75%, Floor 1.00%), Maturing March 16, 2021		5,539	$	6,639,589
Term Loan, 0.00%, Maturing August 21, 2022(7)		15,977		4,952,888
Bass Pro Group, LLC
Term Loan, 5.75%, (3 mo. USD LIBOR + 5.00%, Floor 0.75%), Maturing September 25, 2024		10,756		10,731,908
BJ’s Wholesale Club, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 3, 2024		3,175		3,131,245
Coinamatic Canada, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		1,396		1,373,581
David’s Bridal, Inc.
Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 6.00% cash, 5.00% PIK, Maturing June 23, 2023		2,469		2,222,818
Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing June 30, 2023		2,856		2,265,331
Go Wireless, Inc.
Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,685		2,606,691
Harbor Freight Tools USA, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing October 19, 2027		12,850		12,684,351
Hoya Midco, LLC
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024		7,774		6,639,987
LSF9 Atlantis Holdings, LLC
Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		13,677		13,465,710
PetSmart, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 11, 2022		16,418		16,304,992
PFS Holding Corporation
Term Loan, 0.00%, Maturing January 31, 2021(7)		11,258		4,390,701
Pier 1 Imports (U.S.), Inc.
Term Loan, 0.00%, Maturing April 30, 2021(4)(7)		5,027		2,864,017
			$	94,343,384

38 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Steel — 1.4%
Atkore International, Inc.
Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 22, 2023		21,285	$	21,214,393
GrafTech Finance, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		12,276		12,138,223
Neenah Foundry Company
Term Loan, 10.00%, (2 mo. USD LIBOR + 9.00%, Floor 1.00%), Maturing December 13, 2022		6,987		6,113,267
Phoenix Services International, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		8,363		8,028,208
Zekelman Industries, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 24, 2027		27,910		27,164,029
			$	74,658,120
Surface Transport — 0.5%
Avis Budget Car Rental, LLC
Term Loan, Maturing August 6, 2027(5)		2,500	$	2,251,875
Kenan Advantage Group, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		3,899		3,773,631
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		16,566		16,034,186
XPO Logistics, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		2,789		2,741,346
			$	24,801,038
Telecommunications — 5.0%
Cablevision Lightpath, LLC
Term Loan, Maturing September 15, 2027(5)		225	$	222,047
CenturyLink, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027		64,425		62,140,455
Ciena Corporation
Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025		9,328		9,324,605
Colorado Buyer, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024		19,289		16,921,334

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Digicel International Finance Limited
Term Loan, 3.80%, (6 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			19,522	$	17,143,135
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		25,162		28,510,899
Global Eagle Entertainment, Inc.
DIP Loan, 11.25%, (1 mo. USD LIBOR + 10.00%, Floor 1.25%), Maturing January 22, 2021			3,654		3,626,561
Term Loan, 0.00%, Maturing January 6, 2023(7)			23,177		16,223,819
Intelsat Jackson Holdings S.A.
DIP Loan, 6.50%, (6 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing July 13, 2022(3)			4,000		4,076,526
Term Loan, 8.75%, (USD Prime + 5.50%), Maturing January 2, 2024			13,500		13,639,212
IPC Corp.
Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021(4)			8,930		6,376,021
Onvoy, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			17,768		16,901,724
Syniverse Holdings, Inc.
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 9, 2023			12,192		9,560,676
Telesat Canada
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			6,291		6,090,595
Zayo Group Holdings, Inc.
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		4,552		5,182,346
Ziggo Financing Partnership
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028			57,575		55,359,975
				$	271,299,930
Utilities — 0.4%
Calpine Construction Finance Company, L.P.
Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025			7,283	$	7,084,580
Calpine Corporation
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024			14,924		14,587,924

39 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Utilities (continued)
Longview Power, LLC
Term Loan, 11.50%, (3 mo. USD LIBOR + 10.00%, Floor 1.50%), Maturing July 30, 2025(4)			1,433	$	1,146,073
				$	22,818,577
Total Senior Floating-Rate Loans (identified cost $6,537,871,757)				$	6,223,059,591
Corporate Bonds & Notes — 4.3%
Security		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.2%
Spirit AeroSystems, Inc.
5.50%, 1/15/25(9)			3,750	$	3,820,312
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.
8.00%, 9/20/25(9)			3,175		3,369,469
TransDigm, Inc.
8.00%, 12/15/25(9)			1,500		1,623,375
6.25%, 3/15/26(9)			1,500		1,565,633
				$	10,378,789
Air Transport — 0.4%
Delta Air Lines, Inc.
7.00%, 5/1/25(9)			5,300	$	5,789,224
Delta Air Lines, Inc./SkyMiles IP, Ltd.
4.50%, 10/20/25 (9)			7,925		8,049,644
4.75%, 10/20/28 (9)			7,925		8,105,504
				$	21,944,372
Automotive — 0.3%
Clarios Global, L.P.
6.75%, 5/15/25(9)			2,425	$	2,568,487
Clarios Global, L.P./Clarios US Finance Co.
6.25%, 5/15/26(9)			4,975		5,205,094
Tenneco, Inc.
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(9)(10)	EUR		6,000		6,498,747
				$	14,272,328

Security		Principal Amount* (000’s omitted)		Value
Building and Development — 0.1%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/28(9)			875	$	891,406
Cushman & Wakefield U.S. Borrower, LLC
6.75%, 5/15/28(9)			3,625		3,867,422
Forterra Finance, LLC/FRTA Finance Corp.
6.50%, 7/15/25(9)			1,100		1,163,938
Winnebago Industries, Inc.
6.25%, 7/15/28(9)			1,100		1,165,312
				$	7,088,078
Business Equipment and Services — 0.7%
Allied Universal Holdco, LLC/Allied Universal Finance Corp.
6.625%, 7/15/26(9)			2,475	$	2,592,563
Prime Security Services Borrower, LLC/Prime Finance, Inc.
5.25%, 4/15/24 (9)			9,125		9,556,795
5.75%, 4/15/26 (9)			17,950		19,139,187
Sabre GLBL, Inc.
9.25%, 4/15/25(9)			2,925		3,228,469
7.375%, 9/1/25(9)			2,675		2,732,513
				$	37,249,527
Cable and Satellite Television — 0.2%
Altice France S.A.
5.125%, 1/15/29(9)			1,600	$	1,600,480
Virgin Media Secured Finance PLC
4.50%, 8/15/30(9)			7,625		7,756,531
				$	9,357,011
Chemicals and Plastics — 0.2%
INEOS Finance PLC
3.375%, 3/31/26(9)	EUR		2,000	$	2,281,200
Tronox, Inc.
6.50%, 5/1/25(9)			8,000		8,450,000
				$	10,731,200
Containers and Glass Products — 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
5.125%, 7/15/23 (9)			10	$	10,130
4.00%, 10/15/27 (9)			6,325		6,427,781
				$	6,437,911

40 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Principal Amount* (000’s omitted)		Value
Diversified Financial Services — 0.1%
AG Issuer, LLC
6.25%, 3/1/28(9)		4,975	$	4,863,063
			$	4,863,063
Drugs — 0.1%
Bausch Health Cos., Inc.
5.50%, 11/1/25(9)		2,700	$	2,776,410
			$	2,776,410
Ecological Services and Equipment — 0.1%
GFL Environmental, Inc.
4.25%, 6/1/25(9)		6,025	$	6,156,797
			$	6,156,797
Electronics/Electrical — 0.2%
Veritas US, Inc./Veritas Bermuda, Ltd.
7.50%, 9/1/25(9)		7,900	$	8,021,265
			$	8,021,265
Entertainment — 0.0%(6)
Six Flags Theme Parks, Inc.
7.00%, 7/1/25(9)		2,400	$	2,545,500
			$	2,545,500
Food Products — 0.2%
Del Monte Foods, Inc.
11.875%, 5/15/25(9)		9,400	$	10,040,375
			$	10,040,375
Food/Drug Retailers — 0.2%
Fresh Market, Inc. (The)
9.75%, 5/1/23(9)		8,600	$	8,245,293
			$	8,245,293
Health Care — 0.0%(6)
HCA, Inc.
5.25%, 4/15/25		1,250	$	1,448,590
			$	1,448,590

Security	Principal Amount* (000’s omitted)		Value
Industrial Equipment — 0.0%(6)
Clark Equipment Company
5.875%, 6/1/25(9)		1,200	$	1,251,750
			$	1,251,750
Insurance — 0.0%(6)
NFP Corp.
7.00%, 5/15/25(9)		500	$	530,938
			$	530,938
Leisure Goods / Activities / Movies — 0.0%(6)
SeaWorld Parks & Entertainment, Inc.
8.75%, 5/1/25(9)		2,425	$	2,552,312
			$	2,552,312
Machinery — 0.1%
Vertical U.S. Newco, Inc.
5.25%, 7/15/27(9)		4,950	$	5,103,821
			$	5,103,821
Oil and Gas — 0.2%
CITGO Petroleum Corporation
7.00%, 6/15/25(9)		12,175	$	11,315,141
			$	11,315,141
Packaging & Containers — 0.0%(6)
Intelligent Packaging, Ltd. Finco, Inc./ Intelligent Packaging, Ltd. Co-Issuer, LLC
6.00%, 9/15/28(9)		550	$	560,656
			$	560,656
Radio and Television — 0.2%
iHeartCommunications, Inc.
6.375%, 5/1/26		1,159	$	1,209,431
8.375%, 5/1/27		2,101		2,053,271
5.25%, 8/15/27 (9)		2,500		2,471,875
4.75%, 1/15/28 (9)		2,975		2,846,153
			$	8,580,730
Real Estate Investment Trusts (REITs) — 0.1%
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer
5.875%, 10/1/28(9)		7,925	$	7,781,359
			$	7,781,359

41 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Principal Amount* (000’s omitted)		Value
Software and Services — 0.2%
Boxer Parent Co., Inc.
7.125%, 10/2/25(9)		4,850	$	5,206,766
LogMeIn, Inc.
5.50%, 9/1/27(9)		5,250		5,328,750
			$	10,535,516
Telecommunications — 0.4%
CenturyLink, Inc.
4.00%, 2/15/27(9)		5,400	$	5,528,250
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.
8.75%, 5/25/24(9)		7,250		7,268,125
VMED O2 UK Financing I PLC
4.25%, 1/31/31(9)		10,575		10,601,438
			$	23,397,813
Total Corporate Bonds & Notes (identified cost $227,975,917)			$	233,166,545
Asset-Backed Securities — 4.9%
Security	Principal Amount (000’s omitted)		Value
Alinea CLO, Ltd.
Series 2018-1A, Class D, 3.318%, (3 mo. USD LIBOR + 3.10%), 7/20/31(9)(10)	$	2,500	$	2,303,896
Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 6.00%), 7/20/31(9)(10)		3,000		2,608,184
ALM Loan Funding, Ltd.
Series 2013-7RA, Class DR, 7.377%, (3 mo. USD LIBOR + 7.14%), 10/15/28(9)(10)		3,000		2,866,197
AMMC CLO 15, Ltd.
Series 2014-15A, Class ERR, 7.147%, (3 mo. USD LIBOR + 6.91%), 1/15/32(9)(10)		5,000		4,361,086
AMMC CLO XII, Ltd.
Series 2013-12A, Class ER, 6.423%, (3 mo. USD LIBOR + 6.18%), 11/10/30(9)(10)		3,525		2,737,617
Apidos CLO XX
Series 2015-20A, Class DR, 5.93%, (3 mo. USD LIBOR + 5.70%), 7/16/31(9)(10)		2,375		2,071,533
Ares LII CLO, Ltd.
Series 2019-52A, Class E, 6.766%, (3 mo. USD LIBOR + 6.55%), 4/22/31(9)(10)		1,250		1,156,581
Ares XL CLO, Ltd.
Series 2016-40A, Class CR, 3.637%, (3 mo. USD LIBOR + 3.40%), 1/15/29(9)(10)		2,500		2,423,833

Security	Principal Amount (000’s omitted)		Value
Ares XL CLO, Ltd. (continued)
Series 2016-40A, Class DR, 6.587%, (3 mo. USD LIBOR + 6.35%), 1/15/29(9)(10)	$	3,500	$	3,143,796
Ares XLIX CLO, Ltd.
Series 2018-49A, Class D, 3.216%, (3 mo. USD LIBOR + 3.00%), 7/22/30(9)(10)		2,500		2,329,630
Series 2018-49A, Class E, 5.916%, (3 mo. USD LIBOR + 5.70%), 7/22/30(9)(10)		3,500		3,055,928
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class C, 3.18%, (3 mo. USD LIBOR + 2.90%), 5/15/30(9)(10)		5,000		4,627,860
Series 2014-32RA, Class D, 6.13%, (3 mo. USD LIBOR + 5.85%), 5/15/30(9)(10)		1,000		873,102
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,000		3,505,283
Babson CLO, Ltd.
Series 2015-1A, Class DR, 2.818%, (3 mo. USD LIBOR + 2.60%), 1/20/31(9)(10)		2,500		2,247,753
Series 2016-1A, Class DR, 3.259%, (3 mo. USD LIBOR + 3.05%), 7/23/30(9)(10)		1,250		1,124,249
Series 2016-1A, Class ER, 6.209%, (3 mo. USD LIBOR + 6.00%), 7/23/30(9)(10)		3,500		2,965,612
Series 2018-1A, Class C, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		3,500		3,131,137
Bain Capital Credit CLO
Series 2018-1A, Class D, 2.909%, (3 mo. USD LIBOR + 2.70%), 4/23/31(9)(10)		5,000		4,400,671
Benefit Street Partners CLO V-B, Ltd.
Series 2018-5BA, Class C, 3.148%, (3 mo. USD LIBOR + 2.93%), 4/20/31(9)(10)		5,000		4,414,827
Series 2018-5BA, Class D, 6.168%, (3 mo. USD LIBOR + 5.95%), 4/20/31(9)(10)		3,500		2,892,037
Benefit Street Partners CLO VIII, Ltd.
Series 2015-8A, Class DR, 5.818%, (3 mo. USD LIBOR + 5.60%), 1/20/31(9)(10)		5,401		4,246,162
Benefit Street Partners CLO XIV, Ltd.
Series 2018-14A, Class D, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		1,500		1,315,895
Benefit Street Partners CLO XVI, Ltd.
Series 2018-16A, Class D, 3.918%, (3 mo. USD LIBOR + 3.70%), 1/17/32(9)(10)		2,000		1,934,469
Series 2018-16A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 1/17/32(9)(10)		2,250		2,036,353
Benefit Street Partners CLO XVII, Ltd.
Series 2019-17A, Class E, 6.837%, (3 mo. USD LIBOR + 6.60%), 7/15/32(9)(10)		1,750		1,622,770
Betony CLO 2, Ltd.
Series 2018-1A, Class C, 3.168%, (3 mo. USD LIBOR + 2.90%), 4/30/31(9)(10)		2,500		2,282,250

42 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Betony CLO 2, Ltd. (continued)
Series 2018-1A, Class D, 5.198%, (3 mo. USD LIBOR + 5.65%), 4/30/31(9)(10)	$	4,550	$	3,894,675
BlueMountain CLO, Ltd.
Series 2015-3A, Class CR, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		5,000		4,304,412
Series 2015-3A, Class DR, 5.618%, (3 mo. USD LIBOR + 5.40%), 4/20/31(9)(10)		3,000		2,266,897
Series 2016-3A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 11/15/30(9)(10)		1,500		1,315,508
Series 2016-3A, Class ER, 6.23%, (3 mo. USD LIBOR + 5.95%), 11/15/30(9)(10)		1,500		1,182,994
Series 2018-1A, Class D, 3.318%, (3 mo. USD LIBOR + 3.05%), 7/30/30(9)(10)		2,500		2,191,733
Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 5.95%), 7/30/30(9)(10)		2,000		1,595,933
Canyon Capital CLO, Ltd.
Series 2012-1RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,875		4,121,493
Series 2016-1A, Class DR, 3.037%, (3 mo. USD LIBOR + 2.80%), 7/15/31(9)(10)		3,000		2,728,950
Series 2016-1A, Class ER, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		4,000		3,418,125
Series 2016-2A, Class ER, 6.237%, (3 mo. USD LIBOR + 6.00%), 10/15/31(9)(10)		4,500		3,805,183
Series 2018-1A, Class D, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/31(9)(10)		3,000		2,733,151
Series 2018-1A, Class E, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		2,750		2,352,233
Carlyle C17 CLO, Ltd.
Series C17A, Class CR, 3.014%, (3 mo. USD LIBOR + 2.80%), 4/30/31(9)(10)		5,000		4,507,052
Series C17A, Class DR, 6.214%, (3 mo. USD LIBOR + 6.00%), 4/30/31(9)(10)		3,500		2,900,355
Carlyle Global Market Strategies CLO, Ltd.
Series 2012-3A, Class CR2, 3.724%, (3 mo. USD LIBOR + 3.50%), 1/14/32(9)(10)		2,500		2,247,334
Series 2012-3A, Class DR2, 6.724%, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(10)		1,500		1,146,904
Series 2014-3RA, Class C, 3.167%, (3 mo. USD LIBOR + 2.95%), 7/27/31(9)(10)		1,000		855,027
Series 2014-3RA, Class D, 5.617%, (3 mo. USD LIBOR + 5.40%), 7/27/31(9)(10)		2,150		1,658,194
Series 2014-4RA, Class C, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/30(9)(10)		2,750		2,387,799
Series 2014-4RA, Class D, 5.887%, (3 mo. USD LIBOR + 5.65%), 7/15/30(9)(10)		3,500		2,643,759
Cole Park CLO, Ltd.
Series 2015-1A, Class ER, 6.818%, (3 mo. USD LIBOR + 6.60%), 10/20/28(9)(10)		2,000		1,809,606

Security	Principal Amount (000’s omitted)		Value
Dryden CLO, Ltd.
Series 2016-42A, Class ER, 5.787%, (3 mo. USD LIBOR + 5.55%), 7/15/30(9)(10)	$	3,500	$	3,074,431
Series 2018-55A, Class D, 3.087%, (3 mo. USD LIBOR + 2.85%), 4/15/31(9)(10)		1,500		1,337,390
Series 2018-55A, Class E, 5.637%, (3 mo. USD LIBOR + 5.40%), 4/15/31(9)(10)		2,000		1,709,969
Dryden Senior Loan Fund
Series 2015-40A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 8/15/31(9)(10)		3,000		2,860,872
Series 2015-40A, Class ER, 6.03%, (3 mo. USD LIBOR + 5.75%), 8/15/31(9)(10)		2,350		2,077,304
Series 2015-41A, Class DR, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		7,000		6,400,604
Series 2015-41A, Class ER, 5.537%, (3 mo. USD LIBOR + 5.30%), 4/15/31(9)(10)		1,268		1,072,805
Series 2016-42A, Class DR, 3.167%, (3 mo. USD LIBOR + 2.93%), 7/15/30(9)(10)		2,500		2,322,640
Fort Washington CLO, Ltd.
Series 2019-1A, Class E, 7.468%, (3 mo. USD LIBOR + 7.25%), 10/20/32(9)(10)		1,000		905,908
Galaxy XV CLO, Ltd.
Series 2013-15A, Class ER, 6.882%, (3 mo. USD LIBOR + 6.65%), 10/15/30(9)(10)		4,500		3,920,031
Galaxy XXV CLO, Ltd.
Series 2015-19A, Class D1R, 6.745%, (3 mo. USD LIBOR + 6.53%), 7/24/30(9)(10)		2,000		1,732,955
Series 2018-25A, Class D, 3.315%, (3 mo. USD LIBOR + 3.10%), 10/25/31(9)(10)		2,500		2,306,738
Series 2018-25A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		3,500		3,032,547
Goldentree Loan Management US CLO 5, Ltd.
Series 2019-5A, Class D, 4.068%, (3 mo. USD LIBOR + 3.85%), 10/20/32(9)(10)		1,500		1,482,662
Golub Capital Partners CLO, Ltd.
Series 2018-37A, Class D, 3.518%, (3 mo. USD LIBOR + 3.30%), 7/20/30(9)(10)		4,000		3,533,797
Series 2018-37A, Class E, 5.968%, (3 mo. USD LIBOR + 5.75%), 7/20/30(9)(10)		4,750		4,067,792
Series 2020-48A, Class D, 4.018%, (3 mo. USD LIBOR + 3.80%), 4/17/33(9)(10)		2,000		1,868,567
ICG US CLO, Ltd.
Series 2018-2A, Class D, 3.316%, (3 mo. USD LIBOR + 3.10%), 7/22/31(9)(10)		2,000		1,791,335
Series 2018-2A, Class E, 5.966%, (3 mo. USD LIBOR + 5.75%), 7/22/31(9)(10)		3,000		2,341,945
Kayne CLO 5, Ltd.
Series 2019-5A, Class E, 6.915%, (3 mo. USD LIBOR + 6.70%), 7/24/32(9)(10)		500		476,502

43 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Neuberger Berman CLO XVIII, Ltd.
Series 2014-18A, Class DR2, 6.129%, (3 mo. USD LIBOR + 5.92%), 10/21/30(9)(10)	$	2,000	$	1,799,190
Neuberger Berman CLO XXII, Ltd.
Series 2016-22A, Class DR, 3.318%, (3 mo. USD LIBOR + 3.10%), 10/17/30(9)(10)		2,500		2,365,642
Series 2016-22A, Class ER, 6.278%, (3 mo. USD LIBOR + 6.06%), 10/17/30(9)(10)		3,000		2,698,184
Neuberger Berman Loan Advisers CLO, Ltd.
Series 2018-28A, Class E, 5.818%, (3 mo. USD LIBOR + 5.60%), 4/20/30(9)(10)		1,950		1,742,218
Series 2019-33A, Class E, 7.03%, (3 mo. USD LIBOR + 6.80%), 10/16/32(9)(10)		950		918,046
Oaktree CLO, Ltd.
Series 2019-3A, Class D, 4.178%, (3 mo. USD LIBOR + 3.96%), 7/20/31(9)(10)		2,625		2,468,598
Series 2019-3A, Class E, 6.988%, (3 mo. USD LIBOR + 6.77%), 7/20/31(9)(10)		1,121		928,695
OHA Credit Partners VII, Ltd.
Series 2012-7A, Class ER, 7.753%, (3 mo. USD LIBOR + 7.50%), 11/20/27(9)(10)		3,000		2,879,495
Palmer Square CLO, Ltd.
Series 2013-2A, Class CRR, 3.418%, (3 mo. USD LIBOR + 3.20%), 10/17/31(9)(10)		2,500		2,394,664
Series 2013-2A, Class DRR, 6.068%, (3 mo. USD LIBOR + 5.85%), 10/17/31(9)(10)		3,250		2,890,790
Series 2015-1A, Class DR2, 6.497%, (3 mo. USD LIBOR + 6.25%), 5/21/29(9)(10)		1,850		1,705,517
Series 2018-1A, Class C, 2.718%, (3 mo. USD LIBOR + 2.50%), 4/18/31(9)(10)		3,000		2,775,618
Series 2018-1A, Class D, 5.368%, (3 mo. USD LIBOR + 5.15%), 4/18/31(9)(10)		2,000		1,803,734
Series 2018-2A, Class D, 5.83%, (3 mo. USD LIBOR + 5.60%), 7/16/31(9)(10)		2,000		1,760,195
Regatta XIII Funding, Ltd.
Series 2018-2A, Class C, 3.337%, (3 mo. USD LIBOR + 3.10%), 7/15/31(9)(10)		2,500		2,308,727
Series 2018-2A, Class D, 6.187%, (3 mo. USD LIBOR + 5.95%), 7/15/31(9)(10)		5,000		4,257,507
Regatta XIV Funding, Ltd.
Series 2018-3A, Class D, 3.415%, (3 mo. USD LIBOR + 3.20%), 10/25/31(9)(10)		2,500		2,311,237
Series 2018-3A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		4,500		3,909,726
Regatta XV Funding, Ltd.
Series 2018-4A, Class D, 6.715%, (3 mo. USD LIBOR + 6.50%), 10/25/31(9)(10)		3,875		3,469,500
Southwick Park CLO, LLC
Series 2019-4A, Class D, 4.068%, (3 mo. USD LIBOR + 3.85%), 7/20/32(9)(10)		1,500		1,487,165

Security	Principal Amount (000’s omitted)		Value
Southwick Park CLO, LLC (continued)
Series 2019-4A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 7/20/32(9)(10)	$	1,750	$	1,666,096
Upland CLO, Ltd.
Series 2016-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 4/20/31(9)(10)		4,500		4,066,236
Series 2016-1A, Class DR, 6.118%, (3 mo. USD LIBOR + 5.90%), 4/20/31(9)(10)		4,625		4,005,348
Vibrant CLO IX, Ltd.
Series 2018-9A, Class C, 3.418%, (3 mo. USD LIBOR + 3.20%), 7/20/31(9)(10)		2,500		2,154,295
Series 2018-9A, Class D, 6.468%, (3 mo. USD LIBOR + 6.25%), 7/20/31(9)(10)		3,500		2,689,321
Vibrant CLO X, Ltd.
Series 2018-10A, Class C, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/20/31(9)(10)		5,000		4,358,253
Series 2018-10A, Class D, 6.408%, (3 mo. USD LIBOR + 6.19%), 10/20/31(9)(10)		5,000		3,973,883
Voya CLO, Ltd.
Series 2014-1A, Class DR2, 6.218%, (3 mo. USD LIBOR + 6.00%), 4/18/31(9)(10)		3,250		2,596,843
Series 2015-3A, Class CR, 3.368%, (3 mo. USD LIBOR + 3.15%), 10/20/31(9)(10)		2,500		2,212,318
Series 2015-3A, Class DR, 6.418%, (3 mo. USD LIBOR + 6.20%), 10/20/31(9)(10)		5,500		4,520,161
Series 2016-3A, Class CR, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/18/31(9)(10)		2,000		1,750,408
Series 2016-3A, Class DR, 6.298%, (3 mo. USD LIBOR + 6.08%), 10/18/31(9)(10)		3,375		2,777,897
Series 2018-1A, Class C, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/19/31(9)(10)		5,000		4,406,553
Webster Park CLO, Ltd.
Series 2015-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 7/20/30(9)(10)		2,000		1,874,432
Series 2015-1A, Class DR, 5.718%, (3 mo. USD LIBOR + 5.50%), 7/20/30(9)(10)		2,500		2,190,337
Total Asset-Backed Securities (identified cost $306,155,088)			$	269,179,651
Common Stocks — 1.5%
Security	Shares		Value
Aerospace and Defense — 0.0%(6)
IAP Global Services, LLC(4)(11)(12)		168	$	2,500,092
			$	2,500,092

44 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Automotive — 0.0%(6)
Dayco Products, LLC(11)(12)		48,926	$	366,945
			$	366,945
Business Equipment and Services — 0.0%(6)
Crossmark Holdings, Inc.(11)(12)		37,581	$	2,160,908
			$	2,160,908
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(11)(12)		454,988	$	4,675,002
			$	4,675,002
Electronics/Electrical — 0.6%
Answers Corp.(4)(11)(12)		642,963	$	475,793
Software Luxembourg Holding S.A., Class A(11)(12)		161,663		32,332,600
			$	32,808,393
Health Care — 0.2%
Akorn Holding Company, LLC, Class A(11)(12)		792,089	$	8,811,990
			$	8,811,990
Nonferrous Metals/Minerals — 0.0%(6)
ACNR Holdings, Inc., Class A(11)(12)		30,298	$	348,427
			$	348,427
Oil and Gas — 0.2%
AFG Holdings, Inc.(4)(11)(12)		281,241	$	6,192,927
Fieldwood Energy, Inc.(11)(12)		20,537		2,054
Fieldwood Energy, Inc.(11)(12)		88,944		8,894
McDermott International, Ltd.(11)(12)		1,382,889		2,350,911
RDV Resources, Inc., Class A(4)(11)(12)		197,614		0
Samson Resources II, LLC, Class A(4)(11)		387,972		2,521,818
Sunrise Oil & Gas, Inc., Class A(11)(12)		121,973		853,811
			$	11,930,415
Publishing — 0.2%
ION Media Networks, Inc.(4)(11)(12)		13,247	$	8,671,221
Tweddle Group, Inc.(4)(11)(12)		18,167		39,059
			$	8,710,280
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(11)(12)		482,097	$	430,995
Cumulus Media, Inc., Class A(11)(12)		371,654		1,880,569
iHeartMedia, Inc., Class A(11)(12)		205,018		1,685,248
			$	3,996,812

Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%(6)
David’s Bridal, LLC(4)(11)(12)		195,511	$	1,708,766
			$	1,708,766
Utilities — 0.1%
Longview Intermediate Holdings, LLC, Class A(4)(11)(12)		359,046	$	2,904,682
			$	2,904,682
Total Common Stocks (identified cost $94,656,391)			$	80,922,712
Preferred Stocks— 0.1%
Security	Shares		Value
Financial Services — 0.0%(6)
DBI Investors, Inc., Series A-1(4)(11)(12)		9,245	$	742,651
			$	742,651
Nonferrous Metals/Minerals — 0.0%(6)
ACNR Holdings, Inc., 15.00% (PIK)(11)(12)		14,309	$	214,635
			$	214,635
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
			$	2,229,275
Total Preferred Stocks (identified cost $1,794,235)			$	3,186,561
Miscellaneous — 0.0%(6)
Security	Shares		Value
Oil and Gas — 0.0%(6)
Paragon Offshore Finance Company, Class A(11)(12)		16,581	$	4,974
Paragon Offshore Finance Company, Class B(11)(12)		8,290		101,553
Total Miscellaneous (identified cost $180,309)			$	106,527

45 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Warrants — 0.0%
Security	Shares		Value
Health Care — 0.0%
THAIHOT Investment Company US Limited, Exp. 10/13/27(4)(11)(12)		266	$	0
THAIHOT Investment Company US Limited, Exp. 10/13/27(4)(11)(12)		1,725		0
THAIHOT Investment Company US Limited, Exp. 10/13/27 (Contingent Warrants)(4)(11)(12)		111,530		0
			$	0
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
Exchange-Traded Funds — 0.7%
Security	Shares		Value
SPDR Blackstone/GSO Senior Loan ETF		803,000	$	35,540,780
Total Exchange-Traded Funds (identified cost $36,809,412)			$	35,540,780
Short-Term Investments — 2.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%(13)		111,394,225	$	111,394,225
Total Short-Term Investments (identified cost $111,394,225)			$	111,394,225
Total Investments — 127.7% (identified cost $7,316,837,334)			$	6,956,556,592
Less Unfunded Loan Commitments — (0.3)%			$	(16,434,068	)
Net Investments — 127.4% (identified cost $7,300,403,266)			$	6,940,122,524
Other Assets, Less Liabilities — (27.4)%			$	(1,490,688,271	)
Net Assets — 100.0%			$	5,449,434,253

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. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽²⁾ The stated interest rate represents the weighted average interest rate at October 31, 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 October 31, 2020, the total value of unfunded loan commitments is $15,620,613.

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

⁽⁵⁾ This Senior Loan will settle after October 31, 2020, at which time the interest rate will be determined.

⁽⁶⁾ Amount is less than 0.05%.

⁽⁷⁾ 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 reflect non-accrual status.

⁽⁸⁾ Fixed-rate loan.

⁽⁹⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2020, the aggregate value of these securities is $497,634,904 or 9.1% of the Portfolio’s net assets.

⁽¹⁰⁾ Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹¹⁾ Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹²⁾ Non-income producing security.

⁽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 annualized seven-day yield as of October 31, 2020.

46 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	155,537,410	EUR	132,552,680	Standard Chartered Bank		11/3/20	$	1,159,921	$	—
USD	147,378,054	EUR	124,569,292	HSBC Bank USA, N.A.		11/30/20		2,212,091		—
USD	9,470,182	EUR	8,000,000	State Street Bank and Trust Company		11/30/20		147,437		—
USD	31,418,149	GBP	23,789,121	State Street Bank and Trust Company		11/30/20		594,203		—
USD	154,499,562	EUR	132,552,680	Standard Chartered Bank		12/2/20		23,410		—
USD	158,803,677	EUR	134,859,392	Goldman Sachs International		1/29/21		1,407,481		—
USD	2,355,730	EUR	2,000,000	HSBC Bank USA, N.A.		1/29/21		21,504		—
							$	5,566,047	$	—

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

47 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Statement of Assets and Liabilities

Assets	October 31, 2020
Unaffiliated investments, at value (identified cost, $7,189,009,041)	$	6,828,728,299
Affiliated investment, at value (identified cost, $111,394,225)		111,394,225
Cash		60,056,685
Deposits for derivatives collateral — forward foreign currency exchange contracts		2,450,000
Foreign currency, at value (identified cost, $440,176)		440,695
Interest receivable		20,345,374
Dividends receivable from affiliated investment		10,839
Receivable for investments sold		91,437,051
Receivable for open forward foreign currency exchange contracts		5,566,047
Prepaid upfront fees and other fees on notes payable		2,111,271
Prepaid expenses		388,645
Total assets	$	7,122,929,131
Liabilities
Notes payable	$	1,480,000,000
Cash collateral due to brokers		2,450,000
Payable for investments purchased		186,536,475
Payable to affiliates:
Investment adviser fee		2,508,657
Trustees’ fees		9,042
Accrued expenses		1,990,704
Total liabilities	$	1,673,494,878
Net Assets applicable to investors’ interest in Portfolio	$	5,449,434,253

48 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Statement of Operations

Investment Income	Year Ended October 31, 2020
Interest and other income	$	368,429,713
Dividends		2,422,685
Dividends from affiliated investment		1,038,505
Total investment income	$	371,890,903
Expenses
Investment adviser fee	$	32,244,296
Trustees’ fees and expenses		108,500
Custodian fee		949,004
Legal and accounting services		958,394
Interest expense and fees		37,094,201
Miscellaneous		444,497
Total expenses	$	71,798,892
Net investment income	$	300,092,011
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(392,923,637	)
Investment transactions — affiliated investment		(13,083	)
Foreign currency transactions		(3,180,669	)
Forward foreign currency exchange contracts		(15,923,521	)
Net realized loss	$	(412,040,910	)
Change in unrealized appreciation (depreciation) —
Investments	$	11,089,598
Investments — affiliated investment		(716	)
Foreign currency		668,445
Forward foreign currency exchange contracts		10,714,424
Net change in unrealized appreciation (depreciation)	$	22,471,751
Net realized and unrealized loss	$	(389,569,159	)
Net decrease in net assets from operations	$	(89,477,148	)

49 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	300,092,011		$	495,243,530
Net realized loss		(412,040,910	)		(66,923,739	)
Net change in unrealized appreciation (depreciation)		22,471,751			(288,934,917	)
Net increase (decrease) in net assets from operations	$	(89,477,148	)	$	139,384,874
Capital transactions —
Contributions	$	656,651,110		$	189,465,590
Withdrawals		(2,461,193,007	)		(3,954,556,464	)
Net decrease in net assets from capital transactions	$	(1,804,541,897	)	$	(3,765,090,874	)
Net decrease in net assets	$	(1,894,019,045	)	$	(3,625,706,000	)
Net Assets
At beginning of year	$	7,343,453,298		$	10,969,159,298
At end of year	$	5,449,434,253		$	7,343,453,298

50 See Notes to Financial Statements.

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Statement of Cash Flows

Cash Flows From Operating Activities	Year Ended October 31, 2020
Net decrease in net assets from operations	$	(89,477,148	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(2,270,434,034	)
Investments sold and principal repayments		4,131,225,060
Increase in short-term investments, net		(31,755,325	)
Net amortization/accretion of premium (discount)		(7,696,081	)
Amortization of prepaid upfront fees and other fees on notes payable		4,908,616
Decrease in interest receivable		4,230,802
Decrease in dividends receivable from affiliated investment		208,151
Increase in receivable for open forward foreign currency exchange contracts		(5,517,094	)
Decrease in prepaid expenses		302,907
Increase in payable for cash collateral due to brokers		960,996
Decrease in payable for open forward foreign currency exchange contracts		(5,197,330	)
Decrease in payable to affiliate for investment adviser fee		(815,609	)
Decrease in accrued expenses		(3,451,169	)
Increase in unfunded loan commitments		13,956,307
Net change in unrealized (appreciation) depreciation from investments		(11,088,882	)
Net realized loss from investments		392,936,720
Net cash provided by operating activities	$	2,123,296,887
Cash Flows From Financing Activities
Proceeds from capital contributions	$	656,651,110
Payments for capital withdrawals		(2,461,193,007	)
Proceeds from notes payable		1,475,000,000
Repayments of notes payable		(1,835,000,000	)
Payment of prepaid upfront fees and other fees on notes payable		(5,906,250	)
Net cash used in financing activities	$	(2,170,448,147	)
Net decrease in cash and restricted cash*	$	(47,151,260	)
Cash and restricted cash at beginning of year(1)	$	110,098,640
Cash and restricted cash at end of year(1)	$	62,947,380
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$	40,732,997

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $2,484.

⁽¹⁾  Balance includes foreign currency, at value.

51 See Notes to Financial Statements.

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Statement of Cash Flows — continued

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

	October 31, 2020
Cash	$	60,056,685
Deposit for derivatives collateral —
Forward foreign currency exchange contracts		2,450,000
Foreign currency		440,695
Total cash and restricted cash as shown on the Statement of Cash Flows	$	62,947,380

52 See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.56	%		0.55	%		0.51	%		0.52	%		0.58	%
Interest and fee expense		0.60	%		0.88	%		0.47	%		0.34	%		0.44	%
Total expenses		1.16	%		1.43	%		0.98	%		0.86	%		1.02	%
Net investment income		4.86	%		5.63	%		4.92	%		4.68	%		5.52	%
Portfolio Turnover		30	%		17	%		29	%		39	%		38	%
Total Return		0.39	%		2.04	%		5.41	%		6.43	%		8.32	%
Net assets, end of year (000’s omitted)	$	5,449,434		$	7,343,453		$	10,969,159		$	7,797,557		$	5,325,638

53 See Notes to Financial Statements.

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements

1  Significant Accounting Policies

Senior Debt Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 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 98.1%, 1.0% 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 or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the 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 Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

54

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

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, 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 the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of October 31, 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 fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain credit agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 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.

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 and an indirect subsidiary of Eaton Vance Corp., 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

55

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

including $1 billion, 0.45% over $1 billion up to and including $2 billion, 0.40% over $2 billion up to and including $7 billion, 0.3875% over $7 billion up to and including $10 billion, 0.375% over $10 billion up to and including $15 billion and 0.3625% on gross assets over $15 billion, and is payable monthly. Gross assets of the Portfolio are calculated by deducting all liabilities of the Portfolio except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Portfolio. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee totaled $32,244,296 or 0.52% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 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 $2,315,389,889 and $4,123,986,680, respectively, for the year ended October 31, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	7,313,208,020
Gross unrealized appreciation	$	50,309,473
Gross unrealized depreciation		(423,394,969	)
Net unrealized depreciation	$	(373,085,496	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Portfolio of Investments. At October 31, 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 October 31, 2020, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

The over-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

56

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 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 October 31, 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 October 31, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative
Forward foreign currency exchange contracts	$	5,566,047	$	—

⁽¹⁾   Statement of Assets and Liabilities location: Receivable 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 table presents the Portfolio’s derivative assets 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 as of October 31, 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)
Goldman Sachs International	$	1,407,481	$	—	$	—		$	(990,000	)	$	417,481
HSBC Bank USA, N.A.		2,233,595		—		(1,917,997	)		—			315,598
Standard Chartered Bank		1,183,331		—		—			(780,000	)		403,331
State Street Bank and Trust Company		741,640		—		(61,640	)		(680,000	)		—
	$	5,566,047	$	—	$	(1,979,637	)	$	(2,450,000	)	$	1,136,410

^(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.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended October 31, 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	$	(15,923,521	)	$	10,714,424

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

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

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the year ended October 31, 2020, which is indicative of the volume of this derivative type, was approximately $720,137,000.

57

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 pays one-month LIBOR (or such other duration as approved by the Agent) on advances rather than the CP Rate. In the event that the Conduit Lenders are unable to fund their commitment and the Secondary Lenders provide backstop liquidity, the Portfolio is charged an interest rate similar to that paid to the Direct Lenders but a drawn fee that is substantially higher than the drawn fee paid to the Direct Lenders. Drawn and liquidity fees for the year ended October 31, 2020 totaled $15,938,603 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 October 31, 2020 is approximately $2,111,000 and is included in prepaid upfront fees and other fees on notes payable on the Statement of Assets and Liabilities. At October 31, 2020, the Portfolio had borrowings outstanding under the Loan Facility of $1,480,000,000 at an annual interest rate of 0.18%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at October 31, 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 October 31, 2020. For the year ended October 31, 2020, the average borrowings under the Loan Facility and the average interest rate (excluding fees) were $1,530,846,995 and 1.05%, respectively.

7  Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $111,394,225, which represents 2.0% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 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	$	3,226,883,695	$	(3,195,128,370	)	$	(13,083	)	$	(716	)	$	111,394,225	$	1,038,505		111,394,225

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.

58

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 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)	$	—	$	6,192,920,386	$	13,705,137	$	6,206,625,523
Corporate Bonds & Notes		—		233,166,545		—		233,166,545
Asset-Backed Securities		—		269,179,651		—		269,179,651
Common Stocks		11,022,725		44,885,629		25,014,358		80,922,712
Preferred Stocks		—		214,635		2,971,926		3,186,561
Miscellaneous		—		106,527		—		106,527
Warrants		—		—		0		0
Exchange-Traded Funds		35,540,780		—		—		35,540,780
Short-Term Investments		—		111,394,225		—		111,394,225
Total Investments	$	46,563,505	$	6,851,867,598	$	41,691,421	$	6,940,122,524
Forward Foreign Currency Exchange Contracts	$	—	$	5,566,047	$	—	$	5,566,047
Total	$	46,563,505	$	6,857,433,645	$	41,691,421	$	6,945,688,571

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

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

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 higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

59

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

10  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.

60

Senior Debt Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Senior Debt Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Senior Debt Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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

61

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

62

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Senior Debt Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

63

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Trust/Portfolio Portfolio	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

64

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Portfolio	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

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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 Ltd., 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 call 1-800-262-1122.

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 at 1-800-262-1122, 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 to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser of Senior Debt Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

3232    10.31.20

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other

mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2019 and October 31, 2020 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	117,538	$	117,688
Audit-Related Fees(1)	$	18,000	$	0
Tax Fees(2)	$	22,414	$	21,704
All Other Fees(3)	$	0	$	0
Total	$	157,952	$	139,392

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

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

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

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

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

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

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2019 and October 31, 2020; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	10/31/19		10/31/20
Registrant	$	40,414	$	21,704
Eaton Vance(1)	$	59,903	$	51,800

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

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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 Form N-CSR.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-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 for Closed-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/ Eric A. Stein
	Eric A. Stein
	President
Date:	December 21, 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:	December 21, 2020

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	December 21, 2020