Senior Debt Portfolio N-CSRS Certified semi-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

April 30, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited)

Asset-Backed Securities — 4.0%
Security	Principal Amount (000’s omitted)			Value
Alinea CLO, Ltd.:
Series 2018-1A, Class D, 3.288%, (3 mo. USD LIBOR + 3.10%), 7/20/31(1)(2)		$	2,500	$	2,501,975
Series 2018-1A, Class E, 6.188%, (3 mo. USD LIBOR + 6.00%), 7/20/31(1)(2)			3,000		2,963,337
AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 7.094%, (3 mo. USD LIBOR + 6.91%), 1/15/32(1)(2)			5,000		4,932,365
AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 6.375%, (3 mo. USD LIBOR + 6.18%), 11/10/30(1)(2)			3,525		3,216,989
Apidos CLO XX, Series 2015-20A, Class DR, 5.884%, (3 mo. USD LIBOR + 5.70%), 7/16/31(1)(2)			2,375		2,236,371
Ares LII CLO, Ltd., Series 2019-52A, Class E, 6.734%, (3 mo. USD LIBOR + 6.55%), 4/22/31(1)(2)			1,250		1,250,766
Ares XLIX CLO, Ltd.:
Series 2018-49A, Class D, 3.184%, (3 mo. USD LIBOR + 3.00%), 7/22/30(1)(2)			2,500		2,501,807
Series 2018-49A, Class E, 5.884%, (3 mo. USD LIBOR + 5.70%), 7/22/30(1)(2)			3,500		3,437,742
Ares XXXIIR CLO, Ltd.:
Series 2014-32RA, Class C, 3.094%, (3 mo. USD LIBOR + 2.90%), 5/15/30(1)(2)			5,000		4,938,455
Series 2014-32RA, Class D, 6.044%, (3 mo. USD LIBOR + 5.85%), 5/15/30(1)(2)			1,000		980,052
Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 5.884%, (3 mo. USD LIBOR + 5.70%), 7/15/30(1)(2)			4,000		3,904,756
Babson CLO, Ltd.:
Series 2015-1A, Class DR, 2.788%, (3 mo. USD LIBOR + 2.60%), 1/20/31(1)(2)			2,500		2,437,743
Series 2018-1A, Class C, 2.784%, (3 mo. USD LIBOR + 2.60%), 4/15/31(1)(2)			3,500		3,378,378
Bain Capital Credit CLO, Ltd., Series 2018-1A, Class D, 2.873%, (3 mo. USD LIBOR + 2.70%), 4/23/31(1)(2)			5,000		4,819,660
Benefit Street Partners CLO V-B, Ltd.:
Series 2018-5BA, Class C, 3.118%, (3 mo. USD LIBOR + 2.93%), 4/20/31(1)(2)			5,000		4,838,355
Series 2018-5BA, Class D, 6.138%, (3 mo. USD LIBOR + 5.95%), 4/20/31(1)(2)			3,500		3,298,578
Benefit Street Partners CLO VIII, Ltd., Series 2015-8A, Class DR, 5.788%, (3 mo. USD LIBOR + 5.60%), 1/20/31(1)(2)			5,401		4,979,938
Benefit Street Partners CLO XIV, Ltd., Series 2018-14A, Class D, 2.788%, (3 mo. USD LIBOR + 2.60%), 4/20/31(1)(2)			1,500		1,450,176

Security	Principal Amount (000’s omitted)			Value
Benefit Street Partners CLO XVI, Ltd.:
Series 2018-16A, Class D, 3.89%, (3 mo. USD LIBOR + 3.70%), 1/17/32(1)(2)		$	2,000	$	2,003,630
Series 2018-16A, Class E, 6.89%, (3 mo. USD LIBOR + 6.70%), 1/17/32(1)(2)			2,250		2,241,927
Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class E, 6.784%, (3 mo. USD LIBOR + 6.60%), 7/15/32(1)(2)			1,750		1,751,279
Betony CLO 2, Ltd.:
Series 2018-1A, Class C, 3.086%, (3 mo. USD LIBOR + 2.90%), 4/30/31(1)(2)			2,500		2,478,420
Series 2018-1A, Class D, 5.836%, (3 mo. USD LIBOR + 5.65%), 4/30/31(1)(2)			4,550		4,334,521
BlueMountain CLO, Ltd.:
Series 2015-3A, Class CR, 2.788%, (3 mo. USD LIBOR + 2.60%), 4/20/31(1)(2)			5,000		4,731,750
Series 2015-3A, Class DR, 5.588%, (3 mo. USD LIBOR + 5.40%), 4/20/31(1)(2)			3,000		2,696,997
Series 2016-3A, Class DR, 3.294%, (3 mo. USD LIBOR + 3.10%), 11/15/30(1)(2)			1,500		1,446,851
Series 2016-3A, Class ER, 6.144%, (3 mo. USD LIBOR + 5.95%), 11/15/30(1)(2)			1,500		1,394,640
Series 2018-1A, Class D, 3.236%, (3 mo. USD LIBOR + 3.05%), 7/30/30(1)(2)			2,500		2,397,095
Series 2018-1A, Class E, 6.136%, (3 mo. USD LIBOR + 5.95%), 7/30/30(1)(2)			2,000		1,873,076
BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, (3 mo. USD LIBOR + 6.84%), 4/20/34(1)(3)			1,250		1,249,253
Canyon Capital CLO, Ltd.:
Series 2012-1RA, Class E, 5.884%, (3 mo. USD LIBOR + 5.70%), 7/15/30(1)(2)			4,875		4,623,279
Series 2016-1A, Class DR, 2.984%, (3 mo. USD LIBOR + 2.80%), 7/15/31(1)(2)			3,000		2,969,025
Series 2016-1A, Class ER, 5.934%, (3 mo. USD LIBOR + 5.75%), 7/15/31(1)(2)			4,000		3,859,692
Series 2016-2A, Class ER, 6.184%, (3 mo. USD LIBOR + 6.00%), 10/15/31(1)(2)			4,500		4,290,511
Series 2018-1A, Class D, 3.084%, (3 mo. USD LIBOR + 2.90%), 7/15/31(1)(2)			3,000		2,972,481
Series 2018-1A, Class E, 5.934%, (3 mo. USD LIBOR + 5.75%), 7/15/31(1)(2)			2,750		2,684,709
Carlyle C17 CLO, Ltd.:
Series C17A, Class CR, 3.005%, (3 mo. USD LIBOR + 2.80%), 4/30/31(1)(2)			5,000		4,912,015
Series C17A, Class DR, 6.205%, (3 mo. USD LIBOR + 6.00%), 4/30/31(1)(2)			3,500		3,353,647
Carlyle Global Market Strategies CLO, Ltd.:
Series 2012-3A, Class CR2, 3.686%, (3 mo. USD LIBOR + 3.50%), 1/14/32(1)(2)			2,500		2,453,650

18 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)			Value
Carlyle Global Market Strategies CLO, Ltd.: (continued)
Series 2012-3A, Class DR2, 6.686%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2)		$	1,500	$	1,423,932
Series 2014-3RA, Class C, 3.131%, (3 mo. USD LIBOR + 2.95%), 7/27/31(1)(2)			1,000		961,377
Series 2014-3RA, Class D, 5.581%, (3 mo. USD LIBOR + 5.40%), 7/27/31(1)(2)			2,150		1,988,464
Series 2014-4RA, Class C, 3.084%, (3 mo. USD LIBOR + 2.90%), 7/15/30(1)(2)			2,750		2,627,364
Series 2014-4RA, Class D, 5.834%, (3 mo. USD LIBOR + 5.65%), 7/15/30(1)(2)			3,500		3,174,171
Dryden CLO, Ltd.:
Series 2018-55A, Class D, 3.034%, (3 mo. USD LIBOR + 2.85%), 4/15/31(1)(2)			1,500		1,480,919
Series 2018-55A, Class E, 5.584%, (3 mo. USD LIBOR + 5.40%), 4/15/31(1)(2)			2,000		1,930,686
Dryden Senior Loan Fund:
Series 2015-41A, Class DR, 2.784%, (3 mo. USD LIBOR + 2.60%), 4/15/31(1)(2)			7,000		6,815,648
Series 2015-41A, Class ER, 5.484%, (3 mo. USD LIBOR + 5.30%), 4/15/31(1)(2)			1,268		1,208,345
Series 2016-42A, Class DR, 3.114%, (3 mo. USD LIBOR + 2.93%), 7/15/30(1)(2)			2,500		2,478,035
Series 2016-42A, Class ER, 5.734%, (3 mo. USD LIBOR + 5.55%), 7/15/30(1)(2)			3,500		3,387,881
Fort Washington CLO, Ltd., Series 2019-1A, Class E, 7.438%, (3 mo. USD LIBOR + 7.25%), 10/20/32(1)(2)			1,000		1,002,342
Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 6.829%, (3 mo. USD LIBOR + 6.65%), 10/15/30(1)(2)			4,500		4,427,806
Galaxy XXV CLO, Ltd.:
Series 2015-19A, Class D1R, 6.706%, (3 mo. USD LIBOR + 6.53%), 7/24/30(1)(2)			2,000		1,959,786
Series 2018-25A, Class D, 3.276%, (3 mo. USD LIBOR + 3.10%), 10/25/31(1)(2)			2,500		2,495,385
Series 2018-25A, Class E, 6.126%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2)			3,500		3,382,872
Goldentree Loan Management US CLO 5, Ltd., Series 2019-5A, Class D, 4.038%, (3 mo. USD LIBOR + 3.85%), 10/20/32(1)(2)			1,500		1,507,152
Golub Capital Partners CLO 37B, Ltd., Series 2018-37A, Class E, 5.938%, (3 mo. USD LIBOR + 5.75%), 7/20/30(1)(2)			4,750		4,364,015
Golub Capital Partners CLO Ltd.:
Series 2018-37A, Class D, 3.488%, (3 mo. USD LIBOR + 3.30%), 7/20/30(1)(2)			4,000		3,942,320
Series 2020-48A, Class D, 3.99%, (3 mo. USD LIBOR + 3.80%), 4/17/33(1)(2)			2,000		2,002,318

Security	Principal Amount (000’s omitted)			Value
Harriman Park CLO, Ltd., Series 2020-1A, Class ER, (3 mo. USD LIBOR + 6.40%), 4/20/34(1)(4)		$	1,000	$	1,000,000
ICG US CLO, Ltd.:
Series 2018-2A, Class D, 3.284%, (3 mo. USD LIBOR + 3.10%), 7/22/31(1)(2)			2,000		1,947,500
Series 2018-2A, Class E, 5.934%, (3 mo. USD LIBOR + 5.75%), 7/22/31(1)(2)			3,000		2,780,841
Kayne CLO 5, Ltd., Series 2019-5A, Class E, 6.876%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2)			1,750		1,752,310
Kayne CLO 11, Ltd., Series 2021-11A, Class E, 6.416%, (3 mo. USD LIBOR + 6.25%), 4/15/34(1)(2)			750		750,302
Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR2, 6.106%, (3 mo. USD LIBOR + 5.92%), 10/21/30(1)(2)			2,000		1,968,364
Neuberger Berman CLO XXII, Ltd.:
Series 2016-22A, Class DR, 3.29%, (3 mo. USD LIBOR + 3.10%), 10/17/30(1)(2)			2,500		2,502,225
Series 2016-22A, Class ER, 6.25%, (3 mo. USD LIBOR + 6.06%), 10/17/30(1)(2)			3,000		2,971,374
Neuberger Berman Loan Advisers CLO Ltd.:
Series 2018-28A, Class E, 5.788%, (3 mo. USD LIBOR + 5.60%), 4/20/30(1)(2)			1,950		1,907,303
Series 2019-33A, Class E, 6.984%, (3 mo. USD LIBOR + 6.80%), 10/16/32(1)(2)			950		952,822
Oaktree CLO, Ltd.:
Series 2019-3A, Class D, 4.148%, (3 mo. USD LIBOR + 3.96%), 7/20/31(1)(2)			2,625		2,627,402
Series 2019-3A, Class E, 6.958%, (3 mo. USD LIBOR + 6.77%), 7/20/31(1)(2)			1,121		1,102,310
Palmer Square CLO, Ltd.:
Series 2013-2A, Class CRR, 3.39%, (3 mo. USD LIBOR + 3.20%), 10/17/31(1)(2)			2,500		2,503,385
Series 2013-2A, Class DRR, 6.04%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2)			3,250		3,201,211
Series 2015-1A, Class DR2, 6.432%, (3 mo. USD LIBOR + 6.25%), 5/21/29(1)(2)			1,850		1,851,027
Series 2018-1A, Class C, 2.69%, (3 mo. USD LIBOR + 2.50%), 4/18/31(1)(2)			3,000		2,971,416
Series 2018-1A, Class D, 5.34%, (3 mo. USD LIBOR + 5.15%), 4/18/31(1)(2)			2,000		1,936,978
Series 2018-2A, Class D, 5.784%, (3 mo. USD LIBOR + 5.60%), 7/16/31(1)(2)			2,000		1,964,506
Series 2021-2A, Class E, (3 mo. USD LIBOR + 6.35%), 7/15/34(1)(3)			1,000		1,000,000
Regatta XIII Funding, Ltd.:
Series 2018-2A, Class C, 3.284%, (3 mo. USD LIBOR + 3.10%), 7/15/31(1)(2)			2,500		2,501,383

19 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)			Value
Regatta XIII Funding, Ltd.: (continued)
Series 2018-2A, Class D, 6.134%, (3 mo. USD LIBOR + 5.95%), 7/15/31(1)(2)		$	5,000	$	4,812,040
Regatta XIV Funding, Ltd.:
Series 2018-3A, Class D, 3.376%, (3 mo. USD LIBOR + 3.20%), 10/25/31(1)(2)			2,500		2,497,643
Series 2018-3A, Class E, 6.126%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2)			4,500		4,372,659
Regatta XV Funding, Ltd., Series 2018-4A, Class D, 6.676%, (3 mo. USD LIBOR + 6.50%), 10/25/31(1)(2)			3,875		3,820,324
Southwick Park CLO, LLC:
Series 2019-4A, Class D, 4.038%, (3 mo. USD LIBOR + 3.85%), 7/20/32(1)(2)			1,500		1,503,417
Series 2019-4A, Class E, 6.888%, (3 mo. USD LIBOR + 6.70%), 7/20/32(1)(2)			1,750		1,752,534
Upland CLO, Ltd.:
Series 2016-1A, Class CR, 3.088%, (3 mo. USD LIBOR + 2.90%), 4/20/31(1)(2)			4,500		4,448,956
Series 2016-1A, Class DR, 6.088%, (3 mo. USD LIBOR + 5.90%), 4/20/31(1)(2)			4,625		4,464,605
Vibrant CLO IX, Ltd.:
Series 2018-9A, Class C, 3.388%, (3 mo. USD LIBOR + 3.20%), 7/20/31(1)(2)			2,500		2,405,268
Series 2018-9A, Class D, 6.438%, (3 mo. USD LIBOR + 6.25%), 7/20/31(1)(2)			3,500		3,226,184
Vibrant CLO X, Ltd.:
Series 2018-10A, Class C, 3.438%, (3 mo. USD LIBOR + 3.25%), 10/20/31(1)(2)			5,000		4,834,010
Series 2018-10A, Class D, 6.378%, (3 mo. USD LIBOR + 6.19%), 10/20/31(1)(2)			5,000		4,674,390
Voya CLO, Ltd.:
Series 2014-1A, Class DR2, 6.19%, (3 mo. USD LIBOR + 6.00%), 4/18/31(1)(2)			3,250		3,009,493
Series 2015-3A, Class CR, 3.338%, (3 mo. USD LIBOR + 3.15%), 10/20/31(1)(2)			2,500		2,413,570
Series 2015-3A, Class DR, 6.388%, (3 mo. USD LIBOR + 6.20%), 10/20/31(1)(2)			5,500		5,217,822
Series 2016-3A, Class CR, 3.44%, (3 mo. USD LIBOR + 3.25%), 10/18/31(1)(2)			2,000		1,920,288
Series 2016-3A, Class DR, 6.27%, (3 mo. USD LIBOR + 6.08%), 10/18/31(1)(2)			3,375		3,132,837
Series 2018-1A, Class C, 2.79%, (3 mo. USD LIBOR + 2.60%), 4/19/31(1)(2)			5,000		4,888,150
Webster Park CLO, Ltd.:
Series 2015-1A, Class CR, 3.088%, (3 mo. USD LIBOR + 2.90%), 7/20/30(1)(2)			2,000		1,999,742
Series 2015-1A, Class DR, 5.688%, (3 mo. USD LIBOR + 5.50%), 7/20/30(1)(2)			2,500		2,482,033
Total Asset-Backed Securities (identified cost $287,462,915)				$	279,415,333

Common Stocks — 1.1%
Security	Shares		Value
Aerospace and Defense — 0.0%(5)
IAP Global Services, LLC(6)(7)(8)		168	$	1,850,364
			$	1,850,364
Automotive — 0.0%(5)
Dayco Products, LLC(7)(8)		48,926	$	146,778
			$	146,778
Business Equipment and Services — 0.0%(5)
Crossmark Holdings, Inc.(7)(8)		37,581	$	2,254,860
			$	2,254,860
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(7)(8)		454,988	$	7,279,808
			$	7,279,808
Containers and Glass Products — 0.0%(5)
LG Newco Holdco, Inc., Class A(7)(8)		342,076	$	641,392
			$	641,392
Electronics / Electrical — 0.4%
Software Luxembourg Holding S.A., Class A(7)(8)		161,663	$	28,291,025
			$	28,291,025
Health Care — 0.2%
Akorn Holding Company, LLC, Class A(7)(8)		792,089	$	12,326,885
			$	12,326,885
Nonferrous Metals / Minerals — 0.0%(5)
ACNR Holdings, Inc., Class A(7)(8)		30,298	$	454,470
			$	454,470
Oil and Gas — 0.1%
AFG Holdings, Inc.(6)(7)(8)		281,241	$	3,068,339
Fieldwood Energy, Inc.(6)(7)(8)		109,481		0
McDermott International, Ltd.(7)(8)		1,382,889		622,300
RDV Resources, Inc., Class A(7)(8)		197,614		34,583
Sunrise Oil & Gas, Inc., Class A(7)(8)		121,973		36,592
			$	3,761,814
Publishing — 0.0%(5)
Tweddle Group, Inc.(6)(7)(8)		18,167	$	86,657
			$	86,657

20 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Shares		Value
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(7)(8)			482,097	$	1,210,063
Cumulus Media, Inc., Class A(7)(8)			371,654		3,571,595
iHeartMedia, Inc., Class A(7)(8)			205,018		3,924,045
				$	8,705,703
Retailers (Except Food and Drug) — 0.0%(5)
David’s Bridal, LLC(6)(7)(8)			195,511	$	0
Phillips Pet Holding Corp.(6)(7)(8)			2,960		1,141,057
				$	1,141,057
Telecommunications — 0.1%
GEE Acquisition Holdings Corp.(6)(7)(8)			390,679	$	7,868,275
				$	7,868,275
Utilities — 0.1%
Longview Intermediate Holdings, LLC, Class A(6)(7)(8)			359,046	$	2,847,235
				$	2,847,235
Total Common Stocks (identified cost $94,386,908)				$	77,656,323
Convertible Preferred Stocks — 0.1%
Security		Shares		Value
Containers and Glass Products — 0.1%
LG Newco Holdco, Inc., Series A, 13.00%(7)(8)			51,966	$	4,053,353
Total Convertible Preferred Stocks (identified cost $2,728,218)				$	4,053,353
Corporate Bonds — 6.2%
Security	Principal Amount* (000’s omitted)			Value
Aerospace and Defense — 0.2%
Spirit AeroSystems, Inc., 5.50%, 1/15/25(1)			3,750	$	3,970,312
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, 9/20/25(1)			3,175		3,579,305
TransDigm, Inc.:
6.25%, 3/15/26(1)			1,500		1,590,000
8.00%, 12/15/25(1)			1,500		1,631,310
				$	10,770,927

Security	Principal Amount* (000’s omitted)		Value
Air Transport — 0.9%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:
5.50%, 4/20/26(1)		19,300	$	20,289,125
5.75%, 4/20/29(1)		14,475		15,528,056
Delta Air Lines, Inc., 7.00%, 5/1/25(1)		5,300		6,166,225
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(1)		7,925		8,708,973
United Airlines, Inc.:
4.375%, 4/15/26(1)		5,050		5,246,799
4.625%, 4/15/29(1)		5,050		5,254,272
			$	61,193,450
Automotive — 0.3%
Clarios Global, L.P., 6.75%, 5/15/25(1)		2,425	$	2,607,651
Clarios Global, L.P./Clarios US Finance Co., 6.25%, 5/15/26(1)		4,975		5,283,139
Tenneco, Inc.:
5.125%, 4/15/29(1)		10,125		10,061,719
7.875%, 1/15/29(1)		550		619,985
			$	18,572,494
Building and Development — 0.1%
American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28(1)		875	$	889,219
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 5/15/28(1)		3,625		3,890,078
Forterra Finance, LLC/FRTA Finance Corp., 6.50%, 7/15/25(1)		1,100		1,189,375
Winnebago Industries, Inc., 6.25%, 7/15/28(1)		1,100		1,194,462
			$	7,163,134
Business Equipment and Services — 0.7%
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(1)		2,475	$	2,620,480
Celestial-Saturn Merger Sub, Inc., 4.50%, 5/1/28(1)		6,000		5,998,680
Prime Security Services Borrower, LLC/Prime Finance, Inc.:
5.25%, 4/15/24(1)		9,125		9,758,777
5.75%, 4/15/26(1)		17,950		19,656,686
Sabre GLBL, Inc.:
7.375%, 9/1/25(1)		2,675		2,916,419
9.25%, 4/15/25(1)		2,925		3,499,031
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1)		6,275		6,526,000
			$	50,976,073

21 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Cable and Satellite Television — 1.0%
Altice France S.A.:
5.125%, 1/15/29(1)		1,600	$	1,608,112
5.125%, 7/15/29(1)		63,200		63,358,000
Virgin Media Secured Finance PLC, 4.50%, 8/15/30(1)		7,625		7,675,734
			$	72,641,846
Chemicals and Plastics — 0.2%
INEOS Finance PLC, 3.375%, 3/31/26(1)	EUR	2,000	$	2,485,651
INEOS Quattro Finance 2 PLC, 3.375%, 1/15/26(1)		3,700		3,700,000
Tronox, Inc., 6.50%, 5/1/25(1)		8,000		8,554,960
			$	14,740,611
Containers and Glass Products — 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 4.00%, 10/15/27(1)		6,325	$	6,261,940
			$	6,261,940
Cosmetics / Toiletries — 0.0%(5)
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(1)		1,300	$	1,313,098
			$	1,313,098
Diversified Financial Services — 0.1%
AG Issuer, LLC, 6.25%, 3/1/28(1)		4,975	$	5,167,781
			$	5,167,781
Drugs — 0.4%
Bausch Health Companies, Inc., 5.50%, 11/1/25(1)		2,700	$	2,787,750
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(1)		16,900		16,752,125
Jazz Securities DAC, 4.375%, 1/15/29(1)		10,050		10,288,687
			$	29,828,562
Ecological Services and Equipment — 0.1%
GFL Environmental, Inc., 4.25%, 6/1/25(1)		6,025	$	6,217,047
			$	6,217,047
Electronics / Electrical — 0.5%
Imola Merger Corp., 4.75%, 5/15/29(1)		20,200	$	21,006,990
LogMeIn, Inc., 5.50%, 9/1/27(1)		5,250		5,479,057
Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 9/1/25(1)		7,900		8,186,375
			$	34,672,422

Security	Principal Amount* (000’s omitted)		Value
Entertainment — 0.0%(5)
Six Flags Theme Parks, Inc., 7.00%, 7/1/25(1)		2,400	$	2,598,864
			$	2,598,864
Food Products — 0.2%
Del Monte Foods, Inc., 11.875%, 5/15/25(1)		9,400	$	10,724,930
			$	10,724,930
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The), 9.75%, 5/1/23(1)		8,600	$	8,841,875
			$	8,841,875
Health Care — 0.1%
CHS/Community Health Systems, Inc., 4.75%, 2/15/31(1)		2,625	$	2,608,778
HCA, Inc., 5.25%, 4/15/25		1,250		1,437,907
RP Escrow Issuer, LLC, 5.25%, 12/15/25(1)		2,650		2,762,174
			$	6,808,859
Industrial Equipment — 0.0%(5)
Clark Equipment Company, 5.875%, 6/1/25(1)		1,200	$	1,277,250
			$	1,277,250
Insurance — 0.0%(5)
NFP Corp., 7.00%, 5/15/25(1)		500	$	539,375
			$	539,375
Leisure Goods / Activities / Movies — 0.0%(5)
SeaWorld Parks & Entertainment, Inc., 8.75%, 5/1/25(1)		2,425	$	2,647,797
			$	2,647,797
Machinery — 0.1%
Vertical U.S. Newco, Inc., 5.25%, 7/15/27(1)		4,950	$	5,188,244
			$	5,188,244
Oil and Gas — 0.2%
CITGO Petroleum Corporation:
6.375%, 6/15/26(1)		2,100	$	2,155,409
7.00%, 6/15/25(1)		12,175		12,570,687
			$	14,726,096

22 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)			Value
Radio and Television — 0.2%
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1)			6,700	$	4,899,375
iHeartCommunications, Inc.:
4.75%, 1/15/28(1)			2,975		3,072,639
5.25%, 8/15/27(1)			2,500		2,593,200
6.375%, 5/1/26			1,159		1,237,351
8.375%, 5/1/27			2,101		2,257,502
				$	14,060,067
Real Estate Investment Trusts (REITs) — 0.1%
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 5.875%, 10/1/28(1)			7,925	$	8,420,907
				$	8,420,907
Retailers (Except Food and Drug) — 0.0%(5)
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/28(1)			1,575	$	1,626,841
				$	1,626,841
Software and Services — 0.1%
Boxer Parent Co., Inc., 7.125%, 10/2/25(1)			4,850	$	5,219,619
				$	5,219,619
Telecommunications — 0.5%
Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24(1)			7,250	$	7,603,437
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(1)			7,600		7,806,644
Lumen Technologies, Inc., 4.00%, 2/15/27(1)			6,650		6,783,865
VMED O2 UK Financing I PLC, 4.25%, 1/31/31(1)			10,575		10,244,531
				$	32,438,477
Total Corporate Bonds (identified cost $418,540,739)				$	434,638,586
Exchange-Traded Funds — 0.5%
Security		Shares		Value
SPDR Blackstone Senior Loan ETF			803,000	$	36,865,730
Total Exchange-Traded Funds (identified cost $36,809,412)				$	36,865,730

Preferred Stocks — 0.0%(5)
Security		Shares		Value
Financial Services — 0.0%
DBI Investors, Inc., Series A-1(6)(7)(8)			9,245	$	0
				$	0
Nonferrous Metals / Minerals — 0.0%(5)
ACNR Holdings, Inc., 15.00% (PIK)(7)(8)			14,309	$	1,266,346
				$	1,266,346
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Series A, 8.00% (PIK)(6)(7)(8)			5,438	$	0
David’s Bridal, LLC, Series B, 10.00% (PIK)(6)(7)(8)			22,162		0
				$	0
Total Preferred Stocks (identified cost $1,794,236)				$	1,266,346
Senior Floating-Rate Loans — 109.4%(9)
Borrower Description	Principal Amount* (000’s omitted)			Value
Aerospace and Defense — 2.7%
Aernnova Aerospace S.A.U.:
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 2/22/27	EUR		1,071	$	1,212,984
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 2/26/27	EUR		4,179		4,730,639
AI Convoy (Luxembourg) S.a.r.l.:
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/18/27	EUR		3,300		3,969,658
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), 1/17/27			9,247		9,255,674
Brown Group Holding, LLC, Term Loan, 4/27/28(10)			11,825		11,782,134
Dynasty Acquisition Co., Inc.:
Term Loan, 3.703%, (3 mo. USD LIBOR + 3.50%), 4/6/26			13,244		12,905,187
Term Loan, 3.703%, (3 mo. USD LIBOR + 3.50%), 4/6/26			24,627		23,997,454
IAP Worldwide Services, Inc.:
Revolving Loan, 0.75%, (3 mo. USD LIBOR + 5.50%, Floor 1.50%), 7/18/23(11)			944		943,569
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), 7/18/23(6)			1,216		992,512
Spirit Aerosystems, Inc., Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), 1/15/25			3,766		3,800,865

23 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Aerospace and Defense (continued)
TransDigm, Inc.:
Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 8/22/24		30,405	$	30,091,129
Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 12/9/25		51,702		51,129,188
WP CPP Holdings, LLC, Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), 4/30/25(12)		34,459		33,529,570
			$	188,340,563
Air Transport — 0.9%
AAdvantage Loyalty IP, Ltd., Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), 4/20/28		9,625	$	9,904,722
JetBlue Airways Corporation, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/17/24		6,041		6,205,686
Mileage Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27		6,925		7,398,933
SkyMiles IP, Ltd., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/20/27		28,150		29,633,730
United Airlines, Inc., Term Loan, 4/21/28(10)		7,750		7,853,106
			$	60,996,177
Automotive — 4.5%
Adient US, LLC, Term Loan, 3.61%, (1 mo. USD LIBOR + 3.50%), 4/8/28		8,925	$	8,931,970
American Axle and Manufacturing, Inc., Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 4/6/24		17,194		17,140,055
Autokiniton US Holdings, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.50%, Floor 0.50%), 4/6/28		12,275		12,397,750
Belron Finance US, LLC:
Term Loan, 2.75%, (1 week EURIBOR + 2.75%), 4/13/28	EUR	3,925		4,708,014
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 4/13/28		8,725		8,700,465
Bright Bidco B.V., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), 6/30/24		20,073		15,413,818
Chassix, Inc., Term Loan, 6.50%, (USD LIBOR + 5.50%, Floor 1.00%), 11/15/23(12)		7,763		7,665,716
Clarios Global, L.P.:
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), 4/30/26	EUR	23,983		28,653,793
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 4/30/26		27,233		26,990,668

Borrower Description	Principal Amount* (000’s omitted)		Value
Automotive (continued)
CS Intermediate Holdco 2, LLC, Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), 11/2/23		3,939	$	3,841,210
Dayco Products, LLC, Term Loan, 4.44%, (3 mo. USD LIBOR + 4.25%), 5/19/23		11,641		10,666,023
Garrett LX I S.a.r.l.:
Term Loan, 3/5/28(10)		6,400		6,368,000
Term Loan, 3/5/28(10)	EUR	13,250		15,850,159
Gates Global, LLC:
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 4/1/24	EUR	7,753		9,307,947
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), 3/31/27		17,296		17,263,156
Goodyear Tire & Rubber Company (The), Term Loan - Second Lien, 2.12%, (1 mo. USD LIBOR + 2.00%), 3/7/25		6,883		6,747,098
Les Schwab Tire Centers, Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 11/2/27		27,237		27,327,530
Tenneco, Inc., Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 10/1/25		36,497		35,728,007
Thor Industries, Inc., Term Loan, 3.125%, (1 mo. USD LIBOR + 3.00%), 2/1/26		9,047		9,077,233
TI Group Automotive Systems, LLC:
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 12/16/26	EUR	3,890		4,706,500
Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 12/16/26		6,602		6,609,825
Truck Hero, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/31/28		20,275		20,261,071
Visteon Corporation, Term Loan, 1.874%, (USD LIBOR + 1.75%), 3/25/24(12)		2,500		2,490,625
Wheel Pros, LLC, Term Loan, 4/23/28(10)		7,825		7,829,891
			$	314,676,524
Beverage and Tobacco — 0.3%
City Brewing Company, LLC, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 4/5/28		7,825	$	7,854,344
Triton Water Holdings, Inc., Term Loan, 3/31/28(10)		12,550		12,524,222
			$	20,378,566
Brokerage / Securities Dealers / Investment Houses — 0.6%
Advisor Group, Inc., Term Loan, 4.613%, (1 mo. USD LIBOR + 4.50%), 7/31/26		12,792	$	12,803,588
Clipper Acquisitions Corp., Term Loan, 1.861%, (1 mo. USD LIBOR + 1.75%), 3/3/28		12,052		11,951,819

24 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Brokerage / Securities Dealers / Investment Houses (continued)
Hudson River Trading, LLC, Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 3/20/28		19,400	$	19,254,500
			$	44,009,907
Building and Development — 3.5%
ACProducts, Inc., Term Loan, 7.50%, (6 mo. USD LIBOR + 6.50%, Floor 1.00%), 8/18/25		4,266	$	4,371,822
Advanced Drainage Systems, Inc., Term Loan, 2.375%, (1 mo. USD LIBOR + 2.25%), 7/31/26		2,276		2,278,354
American Builders & Contractors Supply Co., Inc., Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 1/15/27		23,413		23,261,789
American Residential Services, LLC, Term Loan, 4.25%, (2 mo. USD LIBOR + 3.50%, Floor 0.75%), 10/15/27		5,162		5,171,741
APi Group DE, Inc.:
Term Loan, 2.613%, (1 mo. USD LIBOR + 2.50%), 10/1/26		16,096		16,040,911
Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 10/1/26		2,643		2,631,260
Brookfield Property REIT, Inc.:
Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 8/28/23		10,319		10,107,927
Term Loan, 2.613%, (1 mo. USD LIBOR + 2.50%), 8/27/25		4,201		3,996,522
Core & Main L.P., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 8/1/24		8,701		8,678,846
Cornerstone Building Brands, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/12/28		14,050		13,962,306
CPG International, Inc., Term Loan, 3.25%, (12 mo. USD LIBOR + 2.50%, Floor 0.75%), 5/5/24		8,656		8,649,822
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 8/21/25		36,201		35,416,304
Foundation Building Materials Holding Company, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 2/3/28		13,350		13,257,031
MI Windows and Doors, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/18/27		7,415		7,439,131
Northstar Group Services, Inc., Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), 11/9/26		10,981		11,049,568
Park River Holdings, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 12/28/27		8,975		8,941,344
Quikrete Holdings, Inc., Term Loan, 2.613%, (1 mo. USD LIBOR + 2.50%), 2/1/27		4,865		4,823,304

Borrower Description	Principal Amount* (000’s omitted)		Value
Building and Development (continued)
RE/MAX International, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 12/15/23		16,035	$	16,035,142
Realogy Group, LLC, Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 2/8/25		1,837		1,826,032
Werner FinCo L.P., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 7/24/24		11,710		11,695,353
White Cap Buyer, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 4.00%, Floor 0.50%), 10/19/27		19,154		19,180,087
WireCo WorldGroup, Inc.:
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), 9/30/23		8,053		7,924,307
Term Loan - Second Lien, 10.00%, (6 mo. USD LIBOR + 9.00%, Floor 1.00%), 9/30/24		8,525		7,853,656
			$	244,592,559
Business Equipment and Services — 9.9%
Adevinta ASA:
Term Loan, 4/20/28(10)		6,475	$	6,482,084
Term Loan, 4/20/28(10)	EUR	9,950		11,989,084
Adtalem Global Education, Inc., Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 4/11/25		6,151		6,125,431
AlixPartners, LLP:
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/4/28	EUR	4,200		5,047,474
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 2/4/28		13,375		13,329,485
Allied Universal Holdco, LLC, Term Loan, 4.363%, (1 mo. USD LIBOR + 4.25%), 7/10/26		5,880		5,877,696
Amentum Government Services Holdings, LLC, Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 1/29/27		10,992		10,930,108
AppLovin Corporation, Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 8/15/25		46,056		45,993,918
ASGN Incorporated, Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 4/2/25		3,433		3,440,087
Asplundh Tree Expert, LLC, Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 9/7/27		10,398		10,375,000
Belfor Holdings, Inc., Term Loan, 4.113%, (1 mo. USD LIBOR + 4.00%), 4/6/26		6,989		7,010,415
Blitz 20-487 GmbH, Term Loan, 2/12/28(10)	EUR	6,525		7,842,498
Bracket Intermediate Holding Corp., Term Loan, 4.444%, (3 mo. USD LIBOR + 4.25%), 9/5/25		9,468		9,462,088
Brand Energy & Infrastructure Services, Inc., Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 6/21/24		11,409		11,110,187

25 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Camelot U.S. Acquisition 1 Co.:
Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 10/30/26		9,228	$	9,152,652
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 10/30/26		10,075		10,097,418
Cardtronics USA, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), 6/29/27		5,161		5,175,513
Cast and Crew Payroll, LLC, Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 2/9/26		6,483		6,421,057
Ceridian HCM Holding, Inc., Term Loan, 2.587%, (1 week USD LIBOR + 2.50%), 4/30/25		23,155		22,803,717
CM Acquisition Co., Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 7/26/23		1,986		1,971,112
CoreLogic, Inc., Term Loan, 4/13/28(10)		52,500		52,303,125
Deerfield Dakota Holding, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 4/9/27		3,995		4,008,962
EAB Global, Inc., Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), 11/15/24(12)		12,375		12,369,844
Endure Digital, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/10/28		28,975		28,802,946
First Advantage Holdings, LLC, Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 1/31/27		4,883		4,845,319
Garda World Security Corporation, Term Loan, 4.36%, (1 mo. USD LIBOR + 4.25%), 10/30/26		8,983		9,007,707
Grab Holdings, Inc., Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), 1/29/26		25,200		25,735,500
Greeneden U.S. Holdings II, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/1/27		12,419		12,463,893
IG Investment Holdings, LLC, Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 5/23/25		27,529		27,576,798
IRI Holdings, Inc.:
Term Loan, 4.363%, (1 mo. USD LIBOR + 4.25%), 12/1/25		28,110		28,110,481
Term Loan, 5.113%, (1 mo. USD LIBOR + 5.00%), 12/1/25		7,662		7,902,071
Iron Mountain, Inc., Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 1/2/26		9,191		9,116,075
Ivanti Software, Inc.:
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/1/27		6,375		6,287,344
Term Loan, 5.75%, (3 mo. USD LIBOR + 4.75%, Floor 1.00%), 12/1/27		22,650		22,583,930
Term Loan - Second Lien, 9.50%, (3 mo. USD LIBOR + 8.50%, Floor 1.00%), 12/1/28		5,000		5,028,125
KAR Auction Services, Inc., Term Loan, 2.375%, (1 mo. USD LIBOR + 2.25%), 9/19/26		5,288		5,226,506

Borrower Description	Principal Amount* (000’s omitted)			Value
Business Equipment and Services (continued)
KUEHG Corp.:
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 2/21/25			27,282	$	26,981,169
Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), 8/22/25			4,075		3,949,356
LGC Group Holdings, Ltd., Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), 4/21/27	EUR		4,025		4,787,640
Loire Finco Luxembourg S.a.r.l., Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 4/21/27			3,573		3,528,404
Magnite, Inc., Term Loan, 3/31/28(10)			6,650		6,633,375
MedAssets Software Intermediate Holdings, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/28/28			9,875		9,840,615
Monitronics International, Inc., Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), 3/29/24			15,243		14,976,559
Nielsen Consumer, Inc.:
Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), 3/6/28	EUR		3,375		4,067,737
Term Loan, 4.111%, (1 mo. USD LIBOR + 4.00%), 3/6/28			6,350		6,345,371
PGX Holdings, Inc., Term Loan, 10.50%, (12 mo. USD LIBOR + 9.50%, Floor 1.00%), 6.25% cash, 4.25% PIK, 9/29/23			7,747		7,398,656
Pike Corporation, Term Loan, 3.12%, (1 mo. USD LIBOR + 3.00%), 1/21/28		��	4,125		4,113,949
Prime Security Services Borrower, LLC, Term Loan, 3.50%, (USD LIBOR + 2.75%, Floor 0.75%), 9/23/26(12)			1,347		1,346,367
Rockwood Service Corporation, Term Loan, 4.113%, (1 mo. USD LIBOR + 4.00%), 1/23/27			4,897		4,918,148
Sabre GLBL, Inc.:
Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 2/22/24			6,537		6,470,226
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/17/27			3,392		3,427,535
Sotheby’s, Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), 1/15/27			7,881		7,965,008
Speedster Bidco GmbH, Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 3/31/27	EUR		2,550		3,047,213
Spin Holdco, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 3/1/28			38,950		38,831,748
team.blue Finco S.a.r.l.:
Term Loan, 3/8/28(10)	EUR		669		802,323
Term Loan, 3/18/28(10)	EUR		11,706		14,040,643
Teneo Holdings, LLC, Term Loan, 7/11/25(10)			3,050		3,054,956
TTF Holdings, LLC, Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/24/28			4,425		4,430,531

26 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)			Value
Business Equipment and Services (continued)
Vestcom Parent Holdings, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 12/19/23			7,492	$	7,492,405
West Corporation:
Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), 10/10/24(12)			4,935		4,791,076
Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), 10/10/24			4,965		4,855,508
WEX, Inc., Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 3/31/28			4,450		4,437,487
Zephyr Bidco Limited:
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), 7/23/25		EUR	5,025		6,029,977
Term Loan, 4.796%, (1 mo. GBP LIBOR + 4.75%), 7/23/25		GBP	8,725		11,924,859
				$	692,494,491
Cable and Satellite Television — 4.4%
Altice France S.A.:
Term Loan, 3.871%, (3 mo. USD LIBOR + 3.69%), 1/31/26			10,751	$	10,689,133
Term Loan, 4.198%, (3 mo. USD LIBOR + 4.00%), 8/14/26			10,520		10,510,955
Charter Communications Operating, LLC, Term Loan, 1.87%, (1 mo. USD LIBOR + 1.75%), 2/1/27			12,118		12,075,508
CSC Holdings, LLC:
Term Loan, 2.365%, (1 mo. USD LIBOR + 2.25%), 7/17/25			44,322		43,978,062
Term Loan, 2.365%, (1 mo. USD LIBOR + 2.25%), 1/15/26			5,736		5,687,746
LCPR Loan Financing, LLC, Term Loan, 3.865%, (1 mo. USD LIBOR + 3.75%), 10/15/28			1,800		1,807,031
Mediacom Illinois, LLC, Term Loan, 1.84%, (1 week USD LIBOR + 1.75%), 2/15/24			785		785,125
Numericable Group S.A.:
Term Loan, 2.936%, (3 mo. USD LIBOR + 2.75%), 7/31/25			17,385		17,072,256
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 7/31/25		EUR	6,340		7,524,109
Telenet Financing USD, LLC, Term Loan, 2.115%, (1 mo. USD LIBOR + 2.00%), 4/30/28			38,225		37,765,115
Telenet International Finance S.a.r.l., Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), 4/30/29		EUR	6,565		7,868,459
UPC Broadband Holding B.V.:
Term Loan, 2.365%, (1 mo. USD LIBOR + 2.25%), 4/30/28			8,800		8,677,900
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/31/29		EUR	14,775		17,807,647

Borrower Description	Principal Amount* (000’s omitted)			Value
Cable and Satellite Television (continued)
UPC Broadband Holding B.V.: (continued)
Term Loan, 3.607%, (1 mo. USD LIBOR + 3.50%), 1/31/29			29,000	$	29,009,048
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), 4/30/29		EUR	3,150		3,773,476
Virgin Media Bristol, LLC:
Term Loan, 2.615%, (1 mo. USD LIBOR + 2.50%), 1/31/28			44,255		43,945,620
Term Loan, 1/31/29(10)			500		499,955
Virgin Media SFA Finance Limited:
Term Loan, 3.299%, (1 mo. GBP LIBOR + 3.25%), 1/15/27		GBP	9,825		13,409,989
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), 1/31/29		EUR	13,800		16,534,586
Ziggo B.V., Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 1/31/29		EUR	15,300		18,315,581
				$	307,737,301
Chemicals and Plastics — 6.2%
Aruba Investments, Inc.:
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), 11/24/27		EUR	4,275	$	5,158,891
Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 11/24/27			6,300		6,307,875
Atotech B.V.:
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), 3/18/28		EUR	2,975		3,556,574
Term Loan, 3.00%, (3 mo. USD LIBOR + 2.50%, Floor 0.50%), 3/18/28			13,800		13,731,000
Axalta Coating Systems US Holdings, Inc., Term Loan, 1.953%, (3 mo. USD LIBOR + 1.75%), 6/1/24			22,728		22,618,745
Caldic B.V.:
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), 7/18/24		EUR	500		592,859
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), 7/18/24		EUR	2,266		2,687,394
Charter NEX US, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), 12/1/27			3,815		3,833,984
Chemours Company (The), Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), 4/3/25		EUR	5,683		6,827,423
CPC Acquisition Corp., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/29/27			20,100		19,911,563
Element Solutions, Inc., Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 1/31/26			8,007		7,979,544
Emerald Performance Materials, LLC, Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), 8/12/25			2,604		2,611,177

27 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)			Value
Chemicals and Plastics (continued)
Ferro Corporation:
Term Loan, 2.453%, (3 mo. USD LIBOR + 2.25%), 2/14/24			1,534	$	1,529,953
Term Loan, 2.453%, (3 mo. USD LIBOR + 2.25%), 2/14/24			1,636		1,631,794
Term Loan, 2.453%, (3 mo. USD LIBOR + 2.25%), 2/14/24			1,671		1,667,267
Flint Group GmbH:
Term Loan, 5.75%, (3 mo. EURIBOR + 5.00%, Floor 0.75%), 5.00% cash, 0.75% PIK, 9/21/23(12)		EUR	1,206		1,420,842
Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, 9/21/23(12)			1,933		1,893,145
Flint Group US, LLC:
Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, 9/21/23(12)			2,894		2,835,159
Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, 9/21/23(12)			11,691		11,451,976
Gemini HDPE, LLC, Term Loan, 3.50%, (3 mo. USD LIBOR + 3.00%, Floor 0.50%), 12/31/27			6,341		6,338,655
Hexion, Inc., Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 7/1/26		EUR	7,800		9,412,713
Illuminate Buyer, LLC, Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 6/30/27			14,563		14,480,959
INEOS 226 Limited, Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), 1/29/26		EUR	30,000		35,875,899
INEOS Enterprises Holdings II Limited, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 8/31/26		EUR	2,325		2,794,065
INEOS Enterprises Holdings US Finco, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/28/26			2,509		2,516,431
INEOS Finance PLC, Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), 4/1/24		EUR	8,002		9,590,603
INEOS Styrolution US Holding, LLC, Term Loan, 3.25%, (3 mo. USD LIBOR + 2.75%, Floor 0.50%), 1/29/26			21,450		21,396,375
Kraton Polymers, LLC, Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), 3/5/25		EUR	526		633,075
Lonza Group AG:
Term Loan, 4/29/28(10)		EUR	7,875		9,420,377
Term Loan, 4/29/28(10)			13,425		13,391,438
LSF11 Skyscraper Holdco S.a.r.l.:
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 9/29/27		EUR	13,775		16,538,814
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 9/29/27			5,675		5,675,000

Borrower Description	Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Messer Industries GmbH:
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), 3/1/26	EUR	2,747	$	3,303,717
Term Loan, 2.703%, (3 mo. USD LIBOR + 2.50%), 3/1/26		7,617		7,550,869
Minerals Technologies, Inc., Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 2/14/24(12)		11,548		11,591,593
Momentive Performance Materials, Inc., Term Loan, 3.37%, (1 mo. USD LIBOR + 3.25%), 5/15/24		1,131		1,120,913
PMHC II, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 3/31/25		14,148		13,670,621
PQ Corporation:
Term Loan, 2.436%, (3 mo. USD LIBOR + 2.25%), 2/7/27		15,073		15,002,574
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), 2/7/27		14,832		14,852,953
Pregis TopCo Corporation:
Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 7/31/26		2,394		2,388,827
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), 8/1/26		1,650		1,656,188
Ravago Holdings America, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), 2/18/28		2,075		2,062,031
Rohm Holding GmbH:
Term Loan, 4.978%, (6 mo. USD LIBOR + 4.75%), 7/31/26		12,773		12,786,237
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), 7/31/26	EUR	2,350		2,835,882
Solenis Holdings, LLC:
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 6/26/25	EUR	2,095		2,522,933
Term Loan, 4.125%, (3 mo. USD LIBOR + 4.00%), 6/26/25		13,597		13,583,249
Starfruit Finco B.V., Term Loan, 2.865%, (1 mo. USD LIBOR + 2.75%), 10/1/25		10,588		10,465,967
Trinseo Materials Operating S.C.A., Term Loan, 3/18/28(10)		8,600		8,559,683
Tronox Finance, LLC, Term Loan, 2.657%, (3 mo. USD LIBOR + 2.50%), 3/13/28		18,500		18,377,771
Univar, Inc., Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 7/1/24		23,481		23,478,495
			$	432,122,072
Clothing / Textiles — 0.1%
Samsonite International S.A., Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 4/25/25		4,552	$	4,488,700
			$	4,488,700

28 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Conglomerates — 0.1%
Penn Engineering & Manufacturing Corp., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 6/27/24		1,688	$	1,687,765
Spectrum Brands, Inc., Term Loan, 2.50%, (3 mo. USD LIBOR + 2.00%, Floor 0.50%), 3/3/28		5,000		4,990,625
			$	6,678,390
Containers and Glass Products — 2.0%
Berry Global, Inc., Term Loan, 1.861%, (1 mo. USD LIBOR + 1.75%), 7/1/26		12,453	$	12,363,669
BWAY Holding Company, Term Loan, 3.443%, (3 mo. USD LIBOR + 3.25%), 4/3/24		11,101		10,742,245
Flex Acquisition Company, Inc.:
Term Loan, 3.452%, (3 mo. USD LIBOR + 3.25%), 6/29/25		3,845		3,792,837
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 2/23/28		40,695		40,322,265
Libbey Glass, Inc., Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 11/12/25		10,342		10,263,991
Proampac PG Borrower, LLC, Term Loan, 5.00%, (USD LIBOR + 4.00%, Floor 1.00%), 11/3/25(12)		15,015		15,066,841
Reynolds Group Holdings, Inc.:
Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 2/5/23		16,497		16,486,760
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 2/5/26		12,668		12,574,556
TricorBraun Holdings, Inc.:
Term Loan, 1.696%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/3/28(11)		969		960,962
Term Loan, 3.75%, (3 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/3/28		4,306		4,272,276
Trident TPI Holdings, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), 10/17/24		12,583		12,536,145
			$	139,382,547
Cosmetics / Toiletries — 0.2%
Kronos Acquisition Holdings, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.75%, Floor 0.50%), 12/22/26		11,845	$	11,703,418
			$	11,703,418
Drugs — 5.2%
Aenova Holding GmbH, Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), 3/6/25	EUR	2,875	$	3,477,352
Akorn, Inc., Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 10/1/25		9,304		9,571,387

Borrower Description	Principal Amount* (000’s omitted)		Value
Drugs (continued)
Albany Molecular Research, Inc.:
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 8/30/24(12)		6,855	$	6,871,836
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/30/24(12)		3,520		3,532,761
Alkermes, Inc., Term Loan, 3.00%, (3 mo. USD LIBOR + 2.50%, Floor 0.50%), 3/9/26		13,028		12,995,324
Amneal Pharmaceuticals, LLC, Term Loan, 3.625%, (1 mo. USD LIBOR + 3.50%), 5/4/25		27,802		27,340,260
Arbor Pharmaceuticals, Inc., Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 7/5/23		6,734		6,644,187
Bausch Health Companies, Inc., Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 6/2/25		36,100		36,090,386
Cambrex Corporation, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 12/4/26		6,148		6,164,574
Catalent Pharma Solutions, Inc., Term Loan, 2.50%, (1 mo. USD LIBOR + 2.00%, Floor 0.50%), 2/22/28		10,190		10,215,671
Elanco Animal Health Incorporated, Term Loan, 1.865%, (1 mo. USD LIBOR + 1.75%), 8/2/27		6,392		6,313,725
Grifols Worldwide Operations USA, Inc., Term Loan, 2.087%, (1 week USD LIBOR + 2.00%), 11/15/27		36,273		35,902,530
Horizon Therapeutics USA, Inc.:
Term Loan, 2.125%, (1 mo. USD LIBOR + 2.00%), 5/22/26		13,469		13,445,394
Term Loan, 2.50%, (1 mo. USD LIBOR + 2.00%, Floor 0.50%), 3/15/28		18,850		18,806,796
Jazz Financing Lux S.a.r.l., Term Loan, 4/21/28(10)		17,000		17,059,500
Mallinckrodt International Finance S.A.:
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.25%, Floor 0.75%), 9/24/24		51,484		50,546,468
Term Loan, 6.25%, (6 mo. USD LIBOR + 5.50%, Floor 0.75%), 2/24/25		14,131		13,821,870
Nidda Healthcare Holding AG:
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 8/21/26	EUR	1,000		1,194,940
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 8/21/26	EUR	6,425		7,676,176
PPD, Inc., Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 1/13/28		61,400		61,392,325
Recipharm AB, Term Loan, 3/17/28(10)	EUR	15,275		18,361,076
			$	367,424,538
Ecological Services and Equipment — 0.4%
EnergySolutions, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 5/9/25		19,973	$	19,917,215
GFL Environmental, Inc., Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 5/30/25		574		574,414

29 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Ecological Services and Equipment (continued)
TruGreen Limited Partnership, Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 11/2/27		5,062	$	5,067,587
US Ecology Holdings, Inc., Term Loan, 2.613%, (1 mo. USD LIBOR + 2.50%), 11/1/26		3,061		3,065,713
			$	28,624,929
Electronics / Electrical — 21.6%
Applied Systems, Inc.:
Term Loan, 3.50%, (3 mo. USD LIBOR + 3.00%, Floor 0.50%), 9/19/24		48,131	$	48,003,246
Term Loan - Second Lien, 6.25%, (3 mo. USD LIBOR + 5.50%, Floor 0.75%), 9/19/25		3,957		4,009,971
Aptean, Inc.:
Term Loan, 4.363%, (1 mo. USD LIBOR + 4.25%), 4/23/26		23,216		23,206,360
Term Loan - Second Lien, 7.75%, (1 mo. USD LIBOR + 7.00%, Floor 0.75%), 4/23/27		6,500		6,500,000
Astra Acquisition Corp.:
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 3/1/27		7,766		7,824,560
Term Loan - Second Lien, 10.125%, (1 mo. USD LIBOR + 9.125%, Floor 1.00%), 2/28/28		5,000		5,000,000
Banff Merger Sub, Inc.:
Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 10/2/25		45,410		45,234,812
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/2/25	EUR	16,098		19,411,038
Barracuda Networks, Inc.:
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/12/25		1,350		1,350,675
Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), 10/30/28		3,600		3,672,000
Buzz Merger Sub, Ltd.:
Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 1/29/27		4,874		4,846,103
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 1/29/27		549		550,213
Cambium Learning Group, Inc., Term Loan, 5.25%, (3 mo. USD LIBOR + 4.50%, Floor 0.75%), 12/18/25		15,280		15,334,890
Celestica, Inc.:
Term Loan, 2.236%, (1 mo. USD LIBOR + 2.13%), 6/27/25		4,072		4,061,775
Term Loan, 2.611%, (1 mo. USD LIBOR + 2.50%), 6/27/25		2,799		2,795,002
CentralSquare Technologies, LLC, Term Loan, 3.953%, (3 mo. USD LIBOR + 3.75%), 8/29/25		4,010		3,839,637

Borrower Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Cloudera, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), 12/22/27		5,187	$	5,175,651
CommScope, Inc., Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 4/6/26		19,603		19,503,849
Concorde Midco, Ltd., Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), 3/1/28	EUR	4,675		5,631,932
Constant Contact, Inc.:
Term Loan, 4.50%, 2/10/28(11)		3,849		3,839,201
Term Loan, 4.75%, (6 mo. USD LIBOR + 4.00%, Floor 0.75%), 2/10/28		14,326		14,290,361
Cornerstone OnDemand, Inc., Term Loan, 3.36%, (1 mo. USD LIBOR + 3.25%), 4/22/27		13,299		13,298,659
CPI International, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 7/26/24		14,142		14,124,374
Cvent, Inc., Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 11/29/24		12,093		11,764,309
DEI Sales, Inc., Term Loan, 4/23/28(10)		3,000		2,962,500
Delta TopCo, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/1/27		12,875		12,896,463
E2open, LLC, Term Loan, 4.00%, (3 mo. USD LIBOR + 3.50%, Floor 0.50%), 10/29/27		12,584		12,584,481
ECI Macola Max Holdings, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 11/9/27		15,513		15,556,840
Electro Rent Corporation, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 1/31/24		23,516		23,563,382
Energizer Holdings, Inc., Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 12/22/27		9,159		9,138,497
Epicor Software Corporation:
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), 7/30/27		54,968		54,965,179
Term Loan - Second Lien, 8.75%, (1 mo. USD LIBOR + 7.75%, Floor 1.00%), 7/31/28		7,650		7,881,887
EXC Holdings III Corp.:
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 12/2/24	EUR	1,693		2,033,015
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 12/2/24		3,515		3,514,861
Finastra USA, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), 6/13/24		47,223		46,487,754
Fiserv Investment Solutions, Inc., Term Loan, 4.189%, (3 mo. USD LIBOR + 4.00%), 2/18/27		5,781		5,798,177
Gainwell Acquisition Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/1/27		52,111		52,200,516
GlobalLogic Holdings, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 9/14/27		6,766		6,784,322

30 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Go Daddy Operating Company, LLC:
Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 2/15/24		53,989	$	53,638,899
Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 8/10/27		10,049		9,998,033
Hyland Software, Inc.:
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 7/1/24		57,130		57,268,058
Term Loan - Second Lien, 7.00%, (1 mo. USD LIBOR + 6.25%, Floor 0.75%), 7/7/25		7,940		7,977,352
IGT Holding IV AB, Term Loan, 3/23/28(10)		6,200		6,192,250
Imprivata, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), 12/1/27		10,925		10,938,656
Informatica, LLC:
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/25/27	EUR	2,846		3,405,861
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 2/25/27		60,080		59,610,750
Term Loan - Second Lien, 7.125%, 2/25/25(13)		11,275		11,542,781
Liftoff Mobile, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 3/17/28		4,339		4,320,141
LogMeIn, Inc., Term Loan, 4.86%, (1 mo. USD LIBOR + 4.75%), 8/31/27		15,711		15,707,813
MA FinanceCo., LLC:
Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 6/21/24		3,844		3,807,491
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 6/5/25	EUR	6,427		7,846,212
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 6/5/25		16,068		16,181,778
MACOM Technology Solutions Holdings, Inc., Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 5/17/24		1,630		1,622,824
Marcel LUX IV S.a.r.l.:
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 3/15/26		1,749		1,733,884
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 3/16/26	EUR	3,350		4,025,019
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/31/27		4,065		4,069,894
Maverick Bidco, Inc.:
Term Loan, 4/28/28(10)		9,650		9,601,750
Term Loan - Second Lien, 4/28/29(10)		1,000		995,000
MaxLinear, Inc.:
Term Loan, 4.359%, (1 mo. USD LIBOR + 4.25%), 7/31/23		8,053		8,052,991
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), 5/12/24		6,947		6,956,052

Borrower Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
N-Able, Inc., Term Loan, 4/15/28(10)		4,450	$	4,450,000
NCR Corporation, Term Loan, 2.69%, (3 mo. USD LIBOR + 2.50%), 8/28/26		9,091		9,023,246
Panther Commercial Holdings L.P., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.50%, Floor 0.50%), 1/7/28		16,063		16,067,512
PointClickCare Technologies, Inc., Term Loan, 3.75%, (6 mo. USD LIBOR + 3.00%, Floor 0.75%), 12/29/27		5,200		5,203,250
ProQuest, LLC, Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 10/23/26		26,719		26,488,426
Rackspace Technology Global, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 2/15/28		12,650		12,572,519
RealPage, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/24/28		40,000		39,872,240
Recorded Books, Inc., Term Loan, 4.111%, (1 mo. USD LIBOR + 4.00%), 8/29/25		2,658		2,660,878
Redstone Buyer, LLC:
Term Loan, 4/15/28(10)		3,122		3,097,603
Term Loan, 4/15/28(10)		7,978		7,930,306
Renaissance Holding Corp.:
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 5/30/25		1,047		1,034,871
Term Loan - Second Lien, 7.113%, (1 mo. USD LIBOR + 7.00%), 5/29/26		3,175		3,181,614
Seattle Spinco, Inc., Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 6/21/24		25,956		25,712,924
SkillSoft Corporation:
Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 12/27/24		5,212		5,357,002
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 4/27/25		17,218		17,207,025
Skopima Merger Sub, Inc., Term Loan, 4/30/28(10)		10,700		10,676,588
SolarWinds Holdings, Inc., Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 2/5/24		69,553		68,718,199
Solera, LLC, Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 3/3/23		53,625		53,457,784
Sophia L.P., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 10/7/27		10,227		10,237,531
SS&C European Holdings S.a.r.l., Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 4/16/25		6,013		5,948,473
SS&C Technologies, Inc.:
Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 4/16/25		5,235		5,182,661
Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 4/16/25		8,108		8,019,580

31 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)			Value
Electronics / Electrical (continued)
SurveyMonkey, Inc., Term Loan, 3.84%, (1 week USD LIBOR + 3.75%), 10/10/25			9,223	$	9,211,971
Symplr Software, Inc., Term Loan, 5.25%, (6 mo. USD LIBOR + 4.50%, Floor 0.75%), 12/22/27			2,825		2,834,888
Syncsort Incorporated, Term Loan, 4/23/28(10)			7,400		7,387,664
Tech Data Corporation, Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 6/30/25			10,298		10,344,592
Thoughtworks, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 3/23/28			7,250		7,235,805
Tibco Software, Inc.:
Term Loan, 3.87%, (1 mo. USD LIBOR + 3.75%), 6/30/26			35,407		35,292,326
Term Loan - Second Lien, 7.37%, (1 mo. USD LIBOR + 7.25%), 3/3/28			9,275		9,411,231
TTM Technologies, Inc., Term Loan, 2.615%, (1 mo. USD LIBOR + 2.50%), 9/28/24			6,035		6,032,391
Uber Technologies, Inc.:
Term Loan, 3.606%, (1 mo. USD LIBOR + 3.50%), 4/4/25			43,850		43,868,156
Term Loan, 3.606%, (1 mo. USD LIBOR + 3.50%), 2/16/27			14,521		14,513,315
Ultimate Software Group, Inc. (The):
Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 5/4/26			25,563		25,608,710
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 5/4/26			39,036		39,129,906
Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), 5/3/27			2,350		2,424,417
Ultra Clean Holdings, Inc., Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 8/27/25			17,059		17,096,650
Valkyr Purchaser, LLC, Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/29/27			6,375		6,410,859
Verifone Systems, Inc., Term Loan, 4.182%, (3 mo. USD LIBOR + 4.00%), 8/20/25			18,907		18,611,254
Verisure Holding AB, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 1/15/28		EUR	11,550		13,867,182
Veritas US, Inc., Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), 9/1/25			23,661		23,886,279
VS Buyer, LLC, Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 2/28/27			17,741		17,637,690
Vungle, Inc., Term Loan, 5.607%, (1 mo. USD LIBOR + 5.50%), 9/30/26			7,609		7,647,171
Weld North Education, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/21/27			3,990		3,993,743
Zebra Buyer, LLC, Term Loan, 4/21/28(10)			1,500		1,500,312
				$	1,511,176,725

Borrower Description	Principal Amount* (000’s omitted)			Value
Equipment Leasing — 1.0%
Avolon TLB Borrower 1 (US), LLC:
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), 1/15/25			23,925	$	23,816,319
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), 12/1/27			15,860		15,874,667
Boels Topholding B.V., Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 2/6/27		EUR	5,250		6,336,793
Delos Finance S.a.r.l., Term Loan, 1.953%, (3 mo. USD LIBOR + 1.75%), 10/6/23			15,593		15,588,321
Fly Funding II S.a.r.l., Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), 10/8/25			10,554		10,633,533
				$	72,249,633
Financial Intermediaries — 2.8%
Aretec Group, Inc., Term Loan, 4.363%, (1 mo. USD LIBOR + 4.25%), 10/1/25			26,185	$	26,174,060
Citco Funding, LLC, Term Loan, 2.703%, (3 mo. USD LIBOR + 2.50%), 9/28/23			17,415		17,398,211
Ditech Holding Corporation, Term Loan, 0.00%, 6/30/22(14)			18,677		3,688,615
Edelman Financial Center, LLC, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 4/7/28			16,400		16,354,900
EIG Management Company, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/22/25			2,740		2,730,829
FinCo I, LLC, Term Loan, 2.613%, (1 mo. USD LIBOR + 2.50%), 6/27/25			8,965		8,953,579
Focus Financial Partners, LLC, Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 7/3/24			22,832		22,593,995
Franklin Square Holdings, L.P., Term Loan, 2.375%, (1 mo. USD LIBOR + 2.25%), 8/1/25			6,654		6,616,930
Greenhill & Co., Inc., Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 4/12/24			6,236		6,235,820
GreenSky Holdings, LLC:
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 3/29/25			4,342		4,342,187
Term Loan, 3.375%, (1 mo. USD LIBOR + 3.25%), 3/31/25			11,524		11,178,335
Guggenheim Partners, LLC, Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), 7/21/23			33,175		33,181,515
LPL Holdings, Inc., Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 11/12/26			19,651		19,513,077
Nets Holding A/S, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/6/25		EUR	1,000		1,201,932
Victory Capital Holdings, Inc., Term Loan, 2.444%, (3 mo. USD LIBOR + 2.25%), 7/1/26			11,900		11,788,022

32 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Virtus Investment Partners, Inc., Term Loan, 3.00%, (6 mo. USD LIBOR + 2.25%, Floor 0.75%), 6/1/24		6,440	$	6,448,024
			$	198,400,031
Food Products — 3.2%
Alphabet Holding Company, Inc., Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 9/26/24		28,136	$	28,149,808
B&G Foods, Inc., Term Loan, 2.613%, (1 mo. USD LIBOR + 2.50%), 10/10/26		4,614		4,615,877
Badger Buyer Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 9/30/24		9,745		9,513,676
Froneri International, Ltd.:
Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 1/29/27		21,488		21,205,600
Term Loan - Second Lien, 5.863%, (1 mo. USD LIBOR + 5.75%), 1/31/28		1,125		1,134,375
H Food Holdings, LLC:
Term Loan, 3.801%, (1 mo. USD LIBOR + 3.69%), 5/23/25		11,567		11,491,781
Term Loan, 4.113%, (1 mo. USD LIBOR + 4.00%), 5/23/25		6,232		6,207,415
HLF Financing S.a.r.l., Term Loan, 2.613%, (1 mo. USD LIBOR + 2.50%), 8/18/25		25,984		25,938,061
JBS USA LUX S.A., Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 5/1/26		55,020		54,928,616
Nomad Foods Europe Midco Limited, Term Loan, 2.365%, (1 mo. USD LIBOR + 2.25%), 5/15/24		18,939		18,808,721
Shearer’s Foods, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 9/23/27		3,557		3,557,813
Simply Good Foods USA, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 7/7/24		3,481		3,496,730
Sunshine Investments B.V.:
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 3/28/25	EUR	10,618		12,767,194
Term Loan, 3.809%, (3 mo. GBP LIBOR + 3.75%), 3/28/25	GBP	750		1,035,355
UTZ Quality Foods, LLC, Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 1/20/28		1,297		1,297,662
Valeo F1 Company Limited (Ireland):
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 8/27/27	EUR	10,275		12,332,523
Term Loan, 5.566%, (3 mo. GBP LIBOR + 5.50%), 8/27/27	GBP	2,500		3,451,184
Wsof I New Finco B.V., Term Loan, 3/19/28(10)	EUR	6,525		7,834,873
			$	227,767,264

Borrower Description	Principal Amount* (000’s omitted)		Value
Food Service — 1.5%
1011778 B.C. Unlimited Liability Company, Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 11/19/26		49,016	$	48,369,504
IRB Holding Corp.:
Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), 2/5/25(12)		4,823		4,795,602
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 12/15/27		26,890		26,839,706
US Foods, Inc., Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 6/27/23		20,766		20,555,636
WW International, Inc., Term Loan, 4/13/28(10)		5,425		5,437,434
			$	105,997,882
Food / Drug Retailers — 0.3%
L1R HB Finance Limited:
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), 8/9/24	EUR	8,523	$	10,025,465
Term Loan, 5.337%, (3 mo. GBP LIBOR + 5.25%), 9/2/24	GBP	6,773		9,108,087
Murphy USA, Inc., Term Loan, 2.25%, (1 mo. USD LIBOR + 1.75%, Floor 0.50%), 1/31/28		2,900		2,909,062
			$	22,042,614
Forest Products — 0.3%
Clearwater Paper Corporation, Term Loan, 3.125%, (1 mo. USD LIBOR + 3.00%), 7/26/26		1,756	$	1,762,229
Journey Personal Care Corp., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/1/28		16,713		16,738,605
Neenah, Inc., Term Loan, 3.50%, (2 mo. USD LIBOR + 3.00%, Floor 0.50%), 4/6/28		3,975		3,979,969
			$	22,480,803
Health Care — 9.6%
Accelerated Health Systems, LLC, Term Loan, 3.608%, (1 mo. USD LIBOR + 3.50%), 10/31/25		5,265	$	5,238,941
ADMI Corp., Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 4/30/25		5,394		5,342,532
Alliance Healthcare Services, Inc.:
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 10/24/23		8,773		8,316,448
Term Loan - Second Lien, 12.00%, (1 mo. USD LIBOR + 11.00%, Floor 1.00%), 4/24/24		5,442		2,857,153
athenahealth, Inc., Term Loan, 4.453%, (3 mo. USD LIBOR + 4.25%), 2/11/26		22,859		22,982,717

33 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Health Care (continued)
Avantor Funding, Inc.:
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.00%, Floor 1.00%), 11/21/24		4,887	$	4,894,319
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), 11/8/27		3,441		3,448,258
Biogroup-LCD, Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/28/28	EUR	2,000		2,393,633
BW NHHC Holdco, Inc., Term Loan, 5.189%, (3 mo. USD LIBOR + 5.00%), 5/15/25		14,923		13,948,344
Cano Health, LLC:
Term Loan, 5.145%, (6 mo. USD LIBOR + 4.75%, Floor 0.75%), 11/19/27(11)		2,899		2,901,029
Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), 11/19/27		7,931		7,937,216
CCRR Parent, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/6/28		4,350		4,366,312
CeramTec AcquiCo GmbH, Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), 3/7/25	EUR	18,677		22,002,869
Certara L.P., Term Loan, 3.703%, (3 mo. USD LIBOR + 3.50%), 8/15/24		7,459		7,468,538
Change Healthcare Holdings, LLC, Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 3/1/24(12)		12		12,205
CHG Healthcare Services, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 6/7/23		1,845		1,843,285
CryoLife, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 12/1/24		5,104		5,122,701
Dedalus Finance GmbH:
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 5/4/27	EUR	6,875		8,302,917
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 8/16/27	EUR	10,000		12,076,970
DuPage Medical Group Ltd., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 3/12/28		4,600		4,588,500
Elsan S.A.S., Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 10/31/24	EUR	4,150		4,991,975
Ensemble RCM, LLC, Term Loan, 3.936%, (3 mo. USD LIBOR + 3.75%), 8/3/26		13,814		13,806,909
Envision Healthcare Corporation, Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 10/10/25		58,273		49,459,115
eResearchTechnology, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/4/27		2,650		2,660,974
Gentiva Health Services, Inc., Term Loan, 2.875%, (1 mo. USD LIBOR + 2.75%), 7/2/25		30,153		30,121,494
Greatbatch, Ltd., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 10/27/22		8,748		8,774,350

Borrower Description	Principal Amount* (000’s omitted)		Value
Health Care (continued)
Hanger, Inc., Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 3/6/25		23,156	$	23,152,731
Inovalon Holdings, Inc., Term Loan, 2.875%, (1 mo. USD LIBOR + 2.75%), 4/2/25		12,075		11,996,439
IQVIA, Inc.:
Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 3/7/24		2,660		2,656,767
Term Loan, 1.863%, (1 mo. USD LIBOR + 1.75%), 1/17/25		14,707		14,691,947
IVC Acquisition Ltd.:
Term Loan, 2/13/26(10)	GBP	1,050		1,452,950
Term Loan, 2/13/26(10)	EUR	6,775		8,160,514
Medical Solutions, LLC, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 6/14/24		5,488		5,505,604
MPH Acquisition Holdings, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), 6/7/23		31,031		30,913,138
National Mentor Holdings, Inc.:
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/18/28		569		567,684
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/18/28		17,055		17,052,733
Term Loan, 1.875%, 3/2/28(11)		1,876		1,875,801
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 7.25%, Floor 0.75%), 2/16/29		6,475		6,572,125
Navicure, Inc., Term Loan, 4.113%, (1 mo. USD LIBOR + 4.00%), 10/22/26		17,459		17,480,918
Ortho-Clinical Diagnostics S.A.:
Term Loan, 3.361%, (1 mo. USD LIBOR + 3.25%), 6/30/25		17,274		17,271,482
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 6/30/25	EUR	4,183		5,027,141
Pacific Dental Services, LLC, Term Loan, 4/20/28(10)		5,225		5,233,161
Parexel International Corporation, Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 9/27/24		1,290		1,279,692
PetVet Care Centers, LLC, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/14/25		1,571		1,569,376
Phoenix Guarantor, Inc.:
Term Loan, 3.358%, (1 mo. USD LIBOR + 3.25%), 3/5/26		21,162		21,003,164
Term Loan, 3.61%, (1 mo. USD LIBOR + 3.50%), 3/5/26		12,612		12,551,625
Press Ganey Holdings, Inc., Term Loan, 7/25/26(10)		2,500		2,487,500
Project Ruby Ultimate Parent Corp., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), 3/3/28		13,225		13,175,406
Radiology Partners, Inc., Term Loan, 4.361%, (1 mo. USD LIBOR + 4.25%), 7/9/25		20,767		20,723,096

34 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Health Care (continued)
RadNet, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 4/22/28		10,750	$	10,718,642
Ramsay Generale de Sante S.A., Term Loan, 4/13/27(10)	EUR	9,900		11,946,905
Select Medical Corporation, Term Loan, 2.37%, (1 mo. USD LIBOR + 2.25%), 3/6/25		37,393		37,194,272
Sotera Health Holdings, LLC, Term Loan, 3.25%, (3 mo. USD LIBOR + 2.75%, Floor 0.50%), 12/11/26		5,125		5,099,375
Sunshine Luxembourg VII S.a.r.l., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 10/1/26		10,500		10,524,066
Surgery Center Holdings, Inc.:
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), 9/3/24		18,954		18,916,539
Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), 9/3/24		2,475		2,534,813
Term Loan, 8/31/26(10)		5,193		5,167,186
Synlab Bondco PLC, Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 7/1/27	EUR	2,600		3,119,632
Team Health Holdings, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 2/6/24		6,937		6,494,943
U.S. Anesthesia Partners, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 6/23/24		26,646		26,286,591
US Radiology Specialists, Inc., Term Loan, 6.25%, (3 mo. USD LIBOR + 5.50%, Floor 0.75%), 12/10/27		9,550		9,606,376
Verscend Holding Corp., Term Loan, 4.113%, (1 mo. USD LIBOR + 4.00%), 8/27/25		28,447		28,551,214
			$	674,421,252
Home Furnishings — 1.0%
Mattress Firm, Inc., Term Loan, 6.25%, (6 mo. USD LIBOR + 5.25%, Floor 1.00%), 11/26/27		12,449	$	12,666,644
Serta Simmons Bedding, LLC:
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23		14,092		14,291,149
Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23		46,579		44,715,962
			$	71,673,755
Industrial Equipment — 5.0%
Aegion Corporation, Term Loan, 3/31/28(10)		4,775	$	4,792,906
AI Alpine AT Bidco GmbH, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 10/31/25	EUR	6,125		7,268,278

Borrower Description	Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Alliance Laundry Systems, LLC, Term Loan, 4.25%, (USD LIBOR + 3.50%, Floor 0.75%), 10/8/27(12)		11,930	$	11,941,815
Altra Industrial Motion Corp., Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 10/1/25		7,215		7,192,353
American Trailer World Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/3/28		9,675		9,614,531
Apex Tool Group, LLC, Term Loan, 6.75%, (1 mo. USD LIBOR + 5.50%, Floor 1.25%), 8/1/24		19,622		19,660,212
CFS Brands, LLC, Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 3/20/25		6,679		6,478,925
Clark Equipment Company, Term Loan, 1.953%, (3 mo. USD LIBOR + 1.75%), 5/18/24		13,111		13,039,854
CPM Holdings, Inc., Term Loan, 3.615%, (1 mo. USD LIBOR + 3.50%), 11/17/25		5,666		5,613,944
Delachaux Group S.A.:
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 4/16/26	EUR	2,610		3,140,093
Term Loan, 4.686%, (3 mo. USD LIBOR + 4.50%), 4/16/26		5,782		5,767,545
DexKo Global, Inc.:
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 7/24/24	EUR	2,340		2,812,104
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 7/24/24	EUR	5,851		7,030,302
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 7/24/24		12,566		12,567,976
DXP Enterprises, Inc., Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), 12/16/27		5,237		5,263,059
Dynacast International, LLC:
Term Loan, 5.75%, (3 mo. USD LIBOR + 4.75%, Floor 1.00%), 7/19/25		7,775		7,764,868
Term Loan, 10.25%, (3 mo. USD LIBOR + 9.25%, Floor 1.00%), 2/4/28		3,001		3,135,904
Engineered Machinery Holdings, Inc.:
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), 7/19/24		17,670		17,631,825
Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 7/19/24		1,994		1,995,297
EWT Holdings III Corp., Term Loan, 2.625%, (1 mo. USD LIBOR + 2.50%), 4/1/28		9,525		9,475,394
Filtration Group Corporation:
Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 3/29/25		23,016		22,807,686
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 3/29/25	EUR	3,615		4,329,699
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/29/25		3,085		3,091,891
GrafTech Finance, Inc., Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 2/12/25		8,866		8,872,951

35 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Granite Holdings US Acquisition Co., Term Loan, 4.203%, (3 mo. USD LIBOR + 4.00%), 9/30/26		14,965	$	14,946,274
Harsco Corporation, Term Loan, 2.75%, (1 mo. USD LIBOR + 2.25%, Floor 0.50%), 3/5/28		3,875		3,851,990
Hayward Industries, Inc., Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 8/5/24		1,926		1,927,255
Hillman Group, Inc. (The):
Term Loan, 2/24/28(10)		1,232		1,226,843
Term Loan, 2/24/28(10)		6,066		6,042,201
LTI Holdings, Inc.:
Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 9/6/25		8,285		8,166,890
Term Loan, 4.863%, (1 mo. USD LIBOR + 4.75%), 7/24/26		2,413		2,384,593
Minimax Viking GmbH, Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), 7/31/25	EUR	1,934		2,326,147
Pro Mach Group, Inc., Term Loan, 3/7/25(10)		2,000		1,999,376
Quimper AB, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 2/16/26	EUR	23,350		28,074,466
Robertshaw US Holding Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 2/28/25		21,031		20,321,336
SiteOne Landscape Supply, LLC, Term Loan, 2.50%, (3 mo. USD LIBOR + 2.00%, Floor 0.50%), 3/23/28		4,875		4,862,813
Terex Corporation, Term Loan, 2.75%, (3 mo. USD LIBOR + 2.00%, Floor 0.75%), 1/31/24		8,720		8,714,492
Thermon Industries, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/30/24		2,588		2,587,813
Titan Acquisition Limited, Term Loan, 3.267%, (6 mo. USD LIBOR + 3.00%), 3/28/25		26,795		26,264,899
Vertical Midco GmbH:
Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), 7/29/27	EUR	1,000		1,210,105
Term Loan, 4.478%, (6 mo. USD LIBOR + 4.25%), 7/30/27		6,123		6,141,686
Welbilt, Inc., Term Loan, 2.611%, (1 mo. USD LIBOR + 2.50%), 10/23/25		1,000		991,875
Zephyr German BidCo GmbH, Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), 3/10/28	EUR	5,175		6,263,638
			$	349,594,104
Insurance — 2.7%
Alliant Holdings Intermediate, LLC:
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 5/9/25		3,222	$	3,191,199
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 5/9/25		5,674		5,610,497

Borrower Description	Principal Amount* (000’s omitted)		Value
Insurance (continued)
AmWINS Group, Inc., Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 2/19/28		37,182	$	36,853,163
Andromeda Investissements, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 6/12/26	EUR	2,250		2,701,680
AssuredPartners, Inc., Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 2/12/27		6,068		6,019,622
Asurion, LLC:
Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 11/3/23		28,234		28,196,545
Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 11/3/24		2,431		2,420,424
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 12/23/26		5,546		5,514,903
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 7/31/27		11,750		11,677,785
Term Loan - Second Lien, 5.363%, (1 mo. USD LIBOR + 5.25%), 1/31/28		14,360		14,589,760
Financiere CEP S.A.S., Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 6/18/27	EUR	1,825		2,209,190
Hub International Limited, Term Loan, 3.176%, (3 mo. USD LIBOR + 3.00%), 4/25/25		18,343		18,123,852
NFP Corp., Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 2/15/27		33,436		33,025,877
Ryan Specialty Group, LLC, Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 9/1/27		7,836		7,840,522
USI, Inc.:
Term Loan, 3.203%, (3 mo. USD LIBOR + 3.00%), 5/16/24		6,483		6,422,424
Term Loan, 3.453%, (3 mo. USD LIBOR + 3.25%), 12/2/26		7,332		7,274,096
			$	191,671,539
Leisure Goods / Activities / Movies — 3.5%
AMC Entertainment Holdings, Inc., Term Loan, 3.195%, (3 mo. USD LIBOR + 3.00%), 4/22/26		10,286	$	9,074,358
Amer Sports Oyj, Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 3/30/26	EUR	20,475		24,590,412
Bombardier Recreational Products, Inc., Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 5/24/27		37,559		37,136,411
ClubCorp Holdings, Inc., Term Loan, 2.953%, (3 mo. USD LIBOR + 2.75%), 9/18/24		21,252		20,393,952
Crown Finance US, Inc.:
Term Loan, 2.625%, (6 mo. EURIBOR + 2.625%), 2/28/25	EUR	4,869		5,022,328
Term Loan, 3.50%, (6 mo. USD LIBOR + 2.50%, Floor 1.00%), 2/28/25		18,437		15,877,556
Term Loan, 15.45%, (3 mo. USD LIBOR + 15.25), 7.20% cash, 8.25% PIK, 5/23/24		6,919		8,723,083

36 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Delta 2 (LUX) S.a.r.l., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), 2/1/24		16,500	$	16,431,244
Etraveli Holding AB, Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), 8/2/24	EUR	9,600		11,224,203
Lindblad Expeditions, Inc.:
Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), 4.75% cash, 1.25% PIK, 3/27/25		1,170		1,105,201
Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), 4.75% cash, 1.25% PIK, 3/27/25		4,678		4,420,805
Match Group, Inc., Term Loan, 1.948%, (3 mo. USD LIBOR + 1.75%), 2/13/27		7,625		7,583,299
Playtika Holding Corp., Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 3/13/28		24,708		24,616,963
SeaWorld Parks & Entertainment, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 3/31/24		4,377		4,338,583
SRAM, LLC, Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 3/15/24		7,605		7,595,344
Steinway Musical Instruments, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 2/14/25		2,244		2,225,311
Travel Leaders Group, LLC, Term Loan, 4.113%, (1 mo. USD LIBOR + 4.00%), 1/25/24		20,073		19,073,554
UFC Holdings, LLC, Term Loan, 3.75%, (6 mo. USD LIBOR + 3.00%, Floor 0.75%), 4/29/26		23,218		23,177,056
Vue International Bidco PLC, Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), 7/3/26	EUR	3,433		3,723,095
WMG Acquisition Corp., Term Loan, 2.235%, (1 mo. USD LIBOR + 2.13%), 1/20/28		500		497,239
			$	246,829,997
Lodging and Casinos — 2.4%
Aristocrat Technologies, Inc., Term Loan, 1.938%, (3 mo. USD LIBOR + 1.75%), 10/19/24		10,829	$	10,778,642
Azelis Finance S.A., Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 11/7/25	EUR	3,750		4,483,545
Boyd Gaming Corporation, Term Loan, 2.337%, (1 week USD LIBOR + 2.25%), 9/15/23		991		990,832
Churchill Downs Incorporated, Term Loan, 2.12%, (1 mo. USD LIBOR + 2.00%), 12/27/24		3,386		3,387,662
CityCenter Holdings, LLC, Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), 4/18/24		13,436		13,308,242
ESH Hospitality, Inc., Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 9/18/26		2,252		2,241,135
Golden Nugget, Inc.:
Term Loan, 3.25%, (2 mo. USD LIBOR + 2.50%, Floor 0.75%), 10/4/23		33,419		33,074,492

Borrower Description	Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
Golden Nugget, Inc.: (continued)
Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), 10/4/23		1,875	$	2,128,125
GVC Holdings (Gibraltar) Limited, Term Loan, 3.00%, (6 mo. USD LIBOR + 2.00%, Floor 1.00%), 3/29/24		23,352		23,300,769
GVC Holdings PLC, Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), 3/29/24	EUR	21,325		25,588,441
Playa Resorts Holding B.V., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 4/29/24		17,002		16,306,369
Sportradar Capital S.a.r.l., Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), 11/22/27	EUR	4,400		5,307,255
Stars Group Holdings B.V. (The):
Term Loan, 3.703%, (3 mo. USD LIBOR + 3.50%), 7/10/25		20,537		20,622,164
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 7/10/25	EUR	5,340		6,447,598
			$	167,965,271
Nonferrous Metals / Minerals — 0.4%
American Consolidated Natural Resources, Inc., Term Loan, 17.00%, (3 mo. USD LIBOR + 16.00%, Floor 1.00%), 14.00% cash, 3.00% PIK, 9/16/25		4,357	$	4,302,166
Oxbow Carbon, LLC, Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), 10/13/25		6,353		6,349,851
Rain Carbon GmbH, Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 1/16/25	EUR	12,950		15,462,095
			$	26,114,112
Oil and Gas — 2.7%
Ameriforge Group, Inc.:
Term Loan, 8.242%, (1 mo. USD LIBOR + 13.00%, Floor 1.00%), 12/31/23(11)		1,008	$	630,259
Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, 12/31/23		15,764		9,852,433
Apergy Corporation:
Term Loan, 2.625%, (1 mo. USD LIBOR + 2.50%), 5/9/25		1,687		1,683,584
Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 6/3/27		1,877		1,919,105
Blackstone CQP Holdco L.P., Term Loan, 3.687%, (3 mo. USD LIBOR + 3.50%), 9/30/24		21,081		21,080,552
Buckeye Partners L.P., Term Loan, 2.359%, (3 mo. USD LIBOR + 2.25%), 11/1/26		11,332		11,299,413

37 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Centurion Pipeline Company, LLC:
Term Loan, 4.113%, (1 mo. USD LIBOR + 4.00%), 9/28/25		2,020	$	2,008,575
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 9/29/25		3,397		3,383,368
CITGO Holding, Inc., Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), 8/1/23		2,955		2,874,970
CITGO Petroleum Corporation, Term Loan, 7.25%, (6 mo. USD LIBOR + 6.25%, Floor 1.00%), 3/28/24		28,660		28,802,834
Delek US Holdings, Inc.:
Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 3/31/25		4,131		4,023,995
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), 3/31/25		5,198		5,238,649
Fieldwood Energy, LLC:
DIP Loan, 3.675%, (1 mo. USD LIBOR + 8.75%, Floor 1.00%), 8/4/21(11)		3,983		4,152,530
Term Loan, 0.00%, 4/11/22(14)		26,962		10,245,735
Gulf Finance, LLC, Term Loan, 8/25/23(10)		2,000		1,720,000
Lealand Finance Company B.V., Term Loan, 4.11%, (1 mo. USD LIBOR + 4.00%), 1.11% cash, 3.00% PIK, 6/30/25		3,183		1,602,708
Matador Bidco S.a.r.l., Term Loan, 4.863%, (1 mo. USD LIBOR + 4.75%), 10/15/26		22,332		22,369,473
McDermott Technology Americas, Inc., Term Loan, 3.384%, (3 mo. USD LIBOR + 4.75%), 6/28/24(11)		10,000		9,100,000
Prairie ECI Acquiror L.P., Term Loan, 4.863%, (1 mo. USD LIBOR + 4.75%), 3/11/26		17,798		17,348,977
PSC Industrial Holdings Corp., Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 10/11/24		11,214		10,975,681
RDV Resources Properties, LLC, Term Loan, 9.50%, (1 mo. USD LIBOR + 8.50%, Floor 1.00%), 3/29/24		3,422		1,762,194
Sunrise Oil & Gas Properties, LLC:
Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), 1/17/23		797		729,299
Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), 1/17/23		834		645,974
Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), 1/17/23		963		500,730
UGI Energy Services, LLC, Term Loan, 3.863%, (1 mo. USD LIBOR + 3.75%), 8/13/26		11,937		11,959,758
			$	185,910,796

Borrower Description	Principal Amount* (000’s omitted)		Value
Publishing — 0.7%
Alchemy Copyrights, LLC, Term Loan, 3.50%, (1 mo. USD LIBOR + 3.00%, Floor 0.50%), 3/10/28		4,403	$	4,397,399
Ascend Learning, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 7/12/24		3,383		3,390,930
Axel Springer S.E., Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), 12/18/26	EUR	2,000		2,414,519
Getty Images, Inc.:
Term Loan, 4.613%, (1 mo. USD LIBOR + 4.50%), 2/19/26		17,251		17,152,166
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), 2/19/26	EUR	3,724		4,491,705
LSC Communications, Inc., Term Loan, 0.00%, 9/30/22(14)		7,366		432,773
Nielsen Finance, LLC:
Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 10/4/23		10,750		10,744,825
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 6/4/25		5,771		5,794,047
Tweddle Group, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 9/17/23		1,719		1,674,452
			$	50,492,816
Radio and Television — 2.2%
Cumulus Media New Holdings, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/31/26		4,076	$	4,042,679
Diamond Sports Group, LLC, Term Loan, 3.37%, (1 mo. USD LIBOR + 3.25%), 8/24/26		28,949		20,747,034
Entercom Media Corp., Term Loan, 2.611%, (1 mo. USD LIBOR + 2.50%), 11/18/24		4,309		4,250,297
Entravision Communications Corporation, Term Loan, 2.863%, (1 mo. USD LIBOR + 2.75%), 11/29/24		8,169		8,100,804
Gray Television, Inc., Term Loan, 2.615%, (1 mo. USD LIBOR + 2.50%), 1/2/26		3,553		3,536,656
Hubbard Radio, LLC, Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 3/28/25		9,329		9,235,906
iHeartCommunications, Inc.:
Term Loan, 3.113%, (1 mo. USD LIBOR + 3.00%), 5/1/26		1,254		1,240,122
Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 5/1/26		3,523		3,486,672
Nexstar Broadcasting, Inc.:
Term Loan, 2.356%, (1 mo. USD LIBOR + 2.25%), 1/17/24		19,488		19,434,735
Term Loan, 2.615%, (1 mo. USD LIBOR + 2.50%), 9/18/26		5,349		5,333,143

38 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
Sinclair Television Group, Inc.:
Term Loan, 2.62%, (1 mo. USD LIBOR + 2.50%), 9/30/26		7,437	$	7,353,087
Term Loan, 3.12%, (1 mo. USD LIBOR + 3.00%), 4/1/28		25,766		25,572,824
Terrier Media Buyer, Inc., Term Loan, 3.613%, (1 mo. USD LIBOR + 3.50%), 12/17/26		25,476		25,332,677
Univision Communications, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 3/15/24		17,275		17,257,761
			$	154,924,397
Retailers (Except Food and Drug) — 1.7%
Apro, LLC, Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), 11/14/26		4,080	$	4,087,320
Ascena Retail Group, Inc., Term Loan, 0.00%, 8/21/22(14)		12,420		2,152,752
BJ’s Wholesale Club, Inc., Term Loan, 2.111%, (1 mo. USD LIBOR + 2.00%), 2/3/24		2,779		2,780,188
CNT Holdings I Corp., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 11/8/27		6,275		6,271,078
David’s Bridal, Inc.:
Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), 6/30/23		2,945		2,651,286
Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 6.00% cash, 5.00% PIK, 6/23/23		2,531		2,499,095
Go Wireless, Inc., Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), 12/22/24		7,669		7,670,041
Great Outdoors Group, LLC, Term Loan, 5.00%, (6 mo. USD LIBOR + 4.25%, Floor 0.75%), 3/6/28		34,226		34,427,203
Harbor Freight Tools USA, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), 10/19/27		21,769		21,786,766
Hoya Midco, LLC, Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), 6/30/24		7,733		7,693,191
PetSmart, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/12/28		17,850		17,923,631
Phillips Feed Service, Inc., Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), 11/13/24(6)		552		441,455
Pier 1 Imports (U.S.), Inc., Term Loan, 0.00%, 4/30/22(6)(14)		1,054		843,053
Protective Industrial Products, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 1/20/28		6,825		6,820,734
			$	118,047,793

Borrower Description	Principal Amount* (000’s omitted)		Value
Steel — 0.9%
Atkore International, Inc., Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), 12/22/23		20,237	$	20,300,194
Neenah Foundry Company, Term Loan, 10.00%, (2 mo. USD LIBOR + 9.00%, Floor 1.00%), 12/13/22		6,498		5,685,857
Phoenix Services International, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), 3/1/25		8,320		8,247,032
TMS International Corp., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 8/14/24		2,195		2,194,500
Zekelman Industries, Inc., Term Loan, 2.11%, (1 mo. USD LIBOR + 2.00%), 1/24/27		27,230		26,991,962
			$	63,419,545
Surface Transport — 0.5%
Avis Budget Car Rental, LLC, Term Loan, 2.37%, (1 mo. USD LIBOR + 2.25%), 8/6/27		2,487	$	2,439,794
Kenan Advantage Group, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 3/24/26		22,344		22,292,788
PODS, LLC, Term Loan, 3/31/28(10)		7,600		7,579,640
XPO Logistics, Inc., Term Loan, 1.861%, (1 mo. USD LIBOR + 1.75%), 2/24/25		2,789		2,778,096
			$	35,090,318
Telecommunications — 4.0%
Avaya, Inc., Term Loan, 4.115%, (1 mo. USD LIBOR + 4.00%), 12/15/27		1,900	$	1,905,046
CenturyLink, Inc., Term Loan, 2.363%, (1 mo. USD LIBOR + 2.25%), 3/15/27		66,594		65,900,052
Ciena Corporation, Term Loan, 1.866%, (1 mo. USD LIBOR + 1.75%), 9/26/25		9,281		9,293,573
Cyxtera DC Holdings, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), 5/1/24		19,190		18,748,411
Digicel International Finance Limited, Term Loan, 3.51%, (6 mo. USD LIBOR + 3.25%), 5/28/24		19,422		18,814,893
Gamma Infrastructure III B.V., Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/9/25	EUR	27,987		33,499,772
GEE Holdings 2, LLC:
Term Loan, 9.00%, (3 mo. USD LIBOR + 8.00%, Floor 1.00%), 3/24/25		9,869		9,687,917
Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), 3/23/26		6,642		6,209,865
Intelsat Jackson Holdings S.A.:
DIP Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), 7/13/22		4,000		4,054,529
Term Loan, 8.75%, (USD Prime + 5.50%), 1/2/24		13,500		13,810,082

39 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower Description	Principal Amount* (000’s omitted)				Value
Telecommunications (continued)
IPC Corp., Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), 8/6/21(6)				8,930	$	7,410,231
Onvoy, LLC, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), 2/10/24				17,676		17,680,267
Syniverse Holdings, Inc., Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 3/9/23				12,130		11,983,057
Zayo Group Holdings, Inc., Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), 3/9/27		EUR		4,529		5,439,844
Ziggo Financing Partnership, Term Loan, 2.615%, (1 mo. USD LIBOR + 2.50%), 4/30/28				57,575		57,063,216
					$	281,500,755
Utilities — 0.4%
Brookfield WEC Holdings, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 8/1/25				4,289	$	4,249,930
Calpine Construction Finance Company L.P., Term Loan, 2.113%, (1 mo. USD LIBOR + 2.00%), 1/15/25				7,246		7,152,751
Calpine Corporation:
Term Loan, 2.12%, (1 mo. USD LIBOR + 2.00%), 4/5/26				5,384		5,318,748
Term Loan, 2.62%, (1 mo. USD LIBOR + 2.50%), 12/16/27				9,820		9,780,658
Longview Power, LLC, Term Loan, 11.50%, (3 mo. USD LIBOR + 10.00%, Floor 1.50%), 7/30/25(6)				1,425		1,140,328
					$	27,642,415
Total Senior Floating-Rate Loans (identified cost $7,738,826,135)					$	7,669,064,499
Warrants — 0.0%
Security			Shares		Value
Health Care — 0.0%
THAIHOT Investment Company US Limited, Exp. 10/13/27(6)(7)(8)				266	$	0
THAIHOT Investment Company US Limited, Exp. 10/13/27(6)(7)(8)				1,725		0
THAIHOT Investment Company US Limited, Exp. 10/13/27 (Contingent Warrants)(6)(7)(8)				111,530		0
					$	0
Leisure Goods / Activities / Movies — 0.0%
Cineworld Group PLC, Exp. 11/23/25(7)(8)				2,180,552	$	1,663,826
					$	1,663,826

Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Exp. 11/26/22(6)(7)(8)		37,742	$	0
			$	0
Total Warrants (identified cost $0)			$	1,663,826
Miscellaneous — 0.0%(5)
Security	Shares		Value
Oil and Gas — 0.0%(5)
Paragon Offshore Finance Company, Class A(6)(7)(8)		16,581	$	0
Paragon Offshore Finance Company, Class B(7)(8)		8,290		55,958
Total Miscellaneous (identified cost $180,309)			$	55,958
Short-Term Investments — 3.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%(15)		216,261,966	$	216,261,966
Total Short-Term Investments (identified cost $216,261,966)			$	216,261,966
Total Investments — 124.4% (identified cost $8,796,990,838)			$	8,720,941,920
Less Unfunded Loan Commitments — (0.3)%			$	(22,787,321	)
Net Investments — 124.1% (identified cost $8,774,203,517)			$	8,698,154,599
Other Assets, Less Liabilities — (24.1)%			$	(1,688,014,092	)
Net Assets — 100.0%			$	7,010,140,507

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⁾  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 April 30, 2021, the aggregate value of these securities is $709,121,159 or 10.1% of the Portfolio’s net assets.

⁽²⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2021.

⁽³⁾  When-issued, variable rate security whose interest rate will be determined after April 30, 2021.

⁽⁴⁾  Variable rate security whose interest rate will be determined after April 30, 2021.

40 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

⁽⁵⁾  Amount is less than 0.05%.

⁽⁶⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁷⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽⁸⁾  Non-income producing security.

⁽⁹⁾  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.

⁽¹⁰⁾  This Senior Loan will settle after April 30, 2021, at which time the interest rate will be determined.

⁽¹¹⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At April 30, 2021, the total value of unfunded loan commitments is $22,058,252.

⁽¹²⁾  The stated interest rate represents the weighted average interest rate at April 30, 2021 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.

⁽¹³⁾  Fixed-rate loan.

⁽¹⁴⁾  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.

⁽¹⁵⁾  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 April 30, 2021.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	190,826,272	EUR	162,273,060	Standard Chartered Bank		5/4/21	$	—	$	(4,266,457	)
USD	3,987,550	EUR	3,358,125	State Street Bank and Trust Company		5/4/21		—		(49,755	)
USD	195,451,217	EUR	162,273,060	Standard Chartered Bank		6/2/21		247,739		—
USD	192,678,859	EUR	163,420,121	Goldman Sachs International		6/30/21		—		(4,022,413	)
USD	7,766,936	EUR	6,533,625	HSBC Bank USA, N.A.		6/30/21		—		(97,288	)
USD	3,373,571	EUR	2,800,281	HSBC Bank USA, N.A.		6/30/21		3,002		—
USD	17,347,633	EUR	14,400,144	State Street Bank and Trust Company		6/30/21		14,843		—
USD	209,430,888	EUR	172,441,071	HSBC Bank USA, N.A.		7/30/21		1,741,922		—
USD	41,061,370	GBP	29,446,465	State Street Bank and Trust Company		7/30/21		384,862		—
							$	2,392,368	$	(8,435,913	)

Abbreviations:

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

Currency Abbreviations:

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

41 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2021
Unaffiliated investments, at value (identified cost, $8,557,941,551)	$	8,481,892,633
Affiliated investment, at value (identified cost, $216,261,966)		216,261,966
Cash		26,248,552
Deposits for derivatives collateral — forward foreign currency exchange contracts		11,580,000
Interest receivable		20,596,298
Dividends receivable from affiliated investment		10,614
Receivable for investments sold		9,229,704
Receivable for open forward foreign currency exchange contracts		2,392,368
Prepaid upfront fees on notes payable		3,486,680
Prepaid expenses		238,335
Total assets	$	8,771,937,150
Liabilities
Notes payable	$	1,225,000,000
Cash collateral due to brokers		50,000
Payable for investments purchased		516,340,899
Payable for when-issued securities		2,249,253
Payable for open forward foreign currency exchange contracts		8,435,913
Due to custodian — foreign currency, at value (identified cost, $4,277,903)		4,272,369
Payable to affiliates:
Investment adviser fee		2,737,724
Trustees’ fees		9,042
Accrued expenses		2,701,443
Total liabilities	$	1,761,796,643
Net Assets applicable to investors’ interest in Portfolio	$	7,010,140,507

42 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2021
Interest and other income	$	154,370,965
Dividends (net of foreign taxes, $121,906)		3,335,332
Dividends from affiliated investment		69,825
Total investment income	$	157,776,122
Expenses
Investment adviser fee	$	15,347,730
Trustees’ fees and expenses		54,250
Custodian fee		627,653
Legal and accounting services		252,736
Interest expense and fees		11,342,974
Miscellaneous		130,814
Total expenses	$	27,756,157
Net investment income	$	130,019,965
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(16,507,430	)
Foreign currency transactions		498,025
Forward foreign currency exchange contracts		(3,191,132	)
Net realized loss	$	(19,200,537	)
Change in unrealized appreciation (depreciation) —
Investments	$	284,231,824
Foreign currency		(1,478,047	)
Forward foreign currency exchange contracts		(11,609,592	)
Net change in unrealized appreciation (depreciation)	$	271,144,185
Net realized and unrealized gain	$	251,943,648
Net increase in net assets from operations	$	381,963,613

43 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
From operations —
Net investment income	$	130,019,965		$	300,092,011
Net realized loss		(19,200,537	)		(412,040,910	)
Net change in unrealized appreciation (depreciation)		271,144,185			22,471,751
Net increase (decrease) in net assets from operations	$	381,963,613		$	(89,477,148	)
Capital transactions —
Contributions	$	1,415,048,918		$	656,651,110
Withdrawals		(236,306,277	)		(2,461,193,007	)
Net increase (decrease) in net assets from capital transactions	$	1,178,742,641		$	(1,804,541,897	)
Net increase (decrease) in net assets	$	1,560,706,254		$	(1,894,019,045	)
Net Assets
At beginning of period	$	5,449,434,253		$	7,343,453,298
At end of period	$	7,010,140,507		$	5,449,434,253

44 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Statement of Cash Flows (Unaudited)

Cash Flows From Operating Activities	Six Months Ended April 30, 2021
Net increase in net assets from operations	$	381,963,613
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Investments purchased		(2,202,590,351	)
Investments sold and principal repayments		1,230,094,333
Increase in short-term investments, net		(104,867,741	)
Net amortization/accretion of premium (discount)		(5,036,151	)
Amortization of prepaid upfront fees and other fees on notes payable		2,712,091
Increase in interest receivable		(250,924	)
Decrease in dividends receivable from affiliated investment		225
Decrease in receivable for open forward foreign currency exchange contracts		3,173,679
Decrease in prepaid expenses		150,310
Decrease in payable for cash collateral due to brokers		(2,400,000	)
Increase in payable for open forward foreign currency exchange contracts		8,435,913
Increase in payable to affiliate for investment adviser fee		229,067
Increase in accrued expenses		710,739
Increase in unfunded loan commitments		6,353,253
Net change in unrealized (appreciation) depreciation from investments		(284,231,824	)
Net realized loss from investments		16,507,430
Net cash used in operating activities	$	(949,046,338	)
Cash Flows From Financing Activities
Proceeds from capital contributions	$	1,415,048,918
Payments for capital withdrawals		(236,306,277	)
Proceeds from notes payable		370,000,000
Repayments of notes payable		(625,000,000	)
Payment of prepaid upfront fees on notes payable		(4,087,500	)
Increase in due to custodian — foreign currency		4,272,369
Net cash provided by financing activities	$	923,927,510
Net decrease in cash and restricted cash*	$	(25,118,828	)
Cash and restricted cash at beginning of period	$	62,947,380
Cash and restricted cash at end of period	$	37,828,552
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$	12,560,559

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $(519).

45 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Statement of Cash Flows (Unaudited) — continued

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

	April 30, 2021
Cash	$	26,248,552
Deposits for derivatives collateral —
forward foreign currency exchange contracts		11,580,000
Total cash and restricted cash as shown on the Statement of Cash Flows	$	37,828,552

46 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Financial Highlights

	Six Months Ended April 30, 2021 (Unaudited)			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		0.55	%(1)		0.56	%		0.55	%		0.51	%		0.52	%		0.58	%
Interest and fee expense		0.38	%(1)		0.60	%		0.88	%		0.47	%		0.34	%		0.44	%
Total expenses		0.93	%(1)		1.16	%		1.43	%		0.98	%		0.86	%		1.02	%
Net investment income		4.35	%(1)		4.86	%		5.63	%		4.92	%		4.68	%		5.52	%
Portfolio Turnover		15	%(2)		30	%		17	%		29	%		39	%		38	%
Total Return		6.92	%(2)		0.39	%		2.04	%		5.41	%		6.43	%		8.32	%
Net assets, end of period (000’s omitted)	$	7,010,141		$	5,449,434		$	7,343,453		$	10,969,159		$	7,797,557		$	5,325,638

⁽¹⁾   Annualized.

⁽²⁾  Not annualized.

47 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Senior Debt Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as 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 April 30, 2021, 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 95.3%, 3.6% and 1.1%, 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.

48

Senior Debt Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — 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. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of April 30, 2021, 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 April 30, 2021, the Portfolio had sufficient cash and/or securities to cover these commitments.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Securities purchased on a delayed delivery or when-issued basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

49

Senior Debt Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

K  Interim Financial Statements — The interim financial statements relating to April 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement with BMR in effect prior to March 1, 2021), the fee is computed at an annual rate of 0.5000% of the Portfolio’s average daily gross assets up to and including $1 billion, 0.4500% in excess of $1 billion up to and including $2 billion, 0.4000% in excess of $2 billion up to and including $7 billion, 0.3875% in excess of $7 billion up to and including $10 billion, 0.3750% in excess of $10 billion up to and including $15 billion and 0.3625% of average daily gross assets in excess of $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. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee totaled $15,347,730 or 0.51% (annualized) of the Portfolio’s average daily net assets. The Portfolio may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2021, 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 $2,534,644,028 and $1,147,886,986, respectively, for the six months ended April 30, 2021.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	8,780,143,657
Gross unrealized appreciation	$	77,596,516
Gross unrealized depreciation		(165,629,119	)
Net unrealized depreciation	$	(88,032,603	)

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 April 30, 2021 is included in the Portfolio of Investments. At April 30, 2021, 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

50

Senior Debt Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2021, the fair value of derivatives with credit-related contingent features in a net liability position was $8,435,913. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $11,530,000 at April 30, 2021.

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

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2021.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2021 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(2)
Forward foreign currency exchange contracts	$	2,392,368	$	(8,435,913	)

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

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

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2021.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
HSBC Bank USA, N.A.	$	1,744,924	$	(97,288	)	$	(626,682	)	$	—	$	1,020,954
Standard Chartered Bank		247,739		(247,739	)		—			—		—
State Street Bank and Trust Company		399,705		(49,755	)		(349,950	)		—		—
	$	2,392,368	$	(394,782	)	$	(976,632	)	$	—	$	1,020,954

51

Senior Debt Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Goldman Sachs International	$	(4,022,413	)	$	—	$	—	$	4,022,413	$	—
HSBC Bank USA, N.A.		(97,288	)		97,288		—		—		—
Standard Chartered Bank		(4,266,457	)		247,739		—		4,018,718		—
State Street Bank and Trust Company		(49,755	)		49,755		—		—		—
	$	(8,435,913	)	$	394,782	$	—	$	8,041,131	$	—

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2021 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	$	(3,191,132	)	$	(11,609,592	)

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

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

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2021, which is indicative of the volume of this derivative type, was approximately $760,258,000.

6  Revolving Credit and Security Agreement

The Portfolio has entered into a Revolving Credit and Security Agreement, as amended (the Loan Facility) with certain Citibank, N.A. (“Citi”) sponsored conduits (the “Conduit Lenders”) that issue commercial paper, certain banks (the “Direct Lenders”) and Citi as secondary lender (together with any other secondary lenders, the “Secondary Lenders”) and as agent (the “Agent”) for the Conduit Lenders, the Direct Lenders and the Secondary Lenders that allows it to borrow up to $2.725 billion ($2.625 billion prior to March 8, 2021) 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 7, 2022. 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 0.90% per annum (0.85% prior to March 8, 2021) 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 0.15% (0.10% prior to March 8, 2021) of the total commitment amount under the Loan Facility. The Portfolio pays substantially similar fees with respect to borrowings from the Direct Lenders, but it pays one-month LIBOR (or such other duration as approved by the Agent) on advances rather than the CP Rate. In the event that the Conduit Lenders are unable to fund their commitment and the Secondary Lenders provide backstop liquidity, the Portfolio is charged an interest rate similar to that paid to the Direct Lenders but a drawn fee that is substantially higher than the drawn fee paid to the Direct Lenders. Drawn and liquidity fees for the six months ended April 30, 2021 totaled $7,466,827 and are included in interest expense and fees on the Statement of Operations. In connection with the renewal of the Loan Facility on March 8, 2021, the Portfolio paid upfront fees of $4,087,500. These upfront fees are being amortized to interest expense through March 7, 2022. The unamortized balance at April 30, 2021 is approximately $3,487,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. At April 30, 2021, the Portfolio had borrowings outstanding under the Loan Facility of $1,225,000,000 at an annual interest rate of 0.13%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at April 30, 2021 approximated its fair value. If measured at fair value, borrowings under the Loan Facility would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2021. For the six months ended April 30, 2021, the average borrowings under the Loan Facility and the average annual interest rate (excluding fees) were $1,356,878,453 and 0.17%, respectively.

52

Senior Debt Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

7  Investments in Affiliated Funds

At April 30, 2021, the value of the Portfolio’s investment in affiliated funds was $216,261,966, which represents 3.1% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2021 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	$	111,394,225	$	1,586,825,888	$	(1,481,958,147	)	$	—	$	—	$	216,261,966	$	69,825		216,261,966

8  Fair Value Measurements

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

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

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

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

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

At April 30, 2021, 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
Asset-Backed Securities	$	—	$	279,415,333		$	—	$	279,415,333
Common Stocks		16,607,811		44,186,585			16,861,927		77,656,323
Convertible Preferred Stocks		—		4,053,353			—		4,053,353
Corporate Bonds		—		434,638,586			—		434,638,586
Exchange-Traded Funds		36,865,730		—			—		36,865,730
Preferred Stocks		—		1,266,346			0		1,266,346
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		7,635,449,599			10,827,579		7,646,277,178
Warrants		—		1,663,826			0		1,663,826
Miscellaneous		—		55,958			0		55,958
Short-Term Investments		—		216,261,966			—		216,261,966
Total Investments	$	53,473,541	$	8,616,991,552		$	27,689,506	$	8,698,154,599
Forward Foreign Currency Exchange Contracts	$	—	$	2,392,368		$	—	$	2,392,368
Total	$	53,473,541	$	8,619,383,920		$	27,689,506	$	8,700,546,967
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(8,435,913	)	$	—	$	(8,435,913	)
Total	$	—	$	(8,435,913	)	$	—	$	(8,435,913	)

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

53

Senior Debt Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2021 is not presented.

9  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

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.

LIBOR Transition Risk

Certain instruments held by the Portfolio may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, is expected to cease publishing certain LIBOR settings on December 31, 2021, and the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR is expected to be defined in advance of the anticipated discontinuation, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate or rates. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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 Fund’s performance, or the performance of the securities in which the Fund invests.

54

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Floating-Rate Advantage Fund (the “Fund”) held a Joint Special Meeting of Shareholders on February 18, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Eaton Vance Management to serve as the Fund’s investment adviser (“Proposal 1”); and (2) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment advisory agreement with Boston Management and Research to serve as investment adviser to Senior Debt Portfolio (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		275,366,898.504		4,252,055.087		12,553,917.967		0
Proposal 2		275,081,902.513		4,144,836.051		12,946,132.995		0

⁽¹⁾   Fractional shares were voted proportionately.

⁽²⁾  Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on Proposal 1 and Proposal 2.

Interestholder Meeting

Senior Debt Portfolio (the “Portfolio”) held a Joint Special Meeting of Interestholders on February 19, 2021 in order to approve a new investment advisory agreement with Boston Management and Research to serve as the Portfolio’s investment adviser (the “Proposal”). The interestholder meeting results are as follows:

For	Against			Abstain(1)
94.120%		1.424	%		4.446	%

Results may not total 100% due to rounding.

⁽¹⁾ Abstentions were treated as interests that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

55

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Floating-Rate Advantage Fund and Senior Debt Portfolio. As defined below, Eaton Vance Floating-Rate Advantage Fund is a New IAA Series.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Floating-Rate Advantage Fund	Eaton Vance Management	None
Senior Debt Portfolio	Boston Management and Research	None

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund, including the portfolios (each, a “Portfolio”) in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), which also includes each Fund organized as a feeder fund in a master-feeder structure that does not currently have an investment advisory agreement or, as applicable, an investment sub-advisory agreement in place (the “New IAA Series”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

56

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Board of Trustees’ Contract Approval — continued

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds other than the New IAA Series

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about the New Agreements for the New IAA Series

• Information regarding the terms of the New Agreements;

• Information confirming that no increase in management fees will result from the New Agreements because the Adviser will not charge a management fee with respect to New IAA Series assets invested in an underlying Portfolio or other investment company for which the Adviser or its affiliates serve as investment adviser and receive an advisory fee;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

57

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Board of Trustees’ Contract Approval — continued

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

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

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

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

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

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by the Advisers and their affiliates;

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

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

58

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Board of Trustees’ Contract Approval — continued

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements (for the New IAA Series, the Board considered the nature, extent and quality of services provided to the respective Portfolios, as applicable). In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

59

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Board of Trustees’ Contract Approval — continued

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund. The Board also considered that, for the New IAA Series, no increase in management fees will result from the New Agreements because the Adviser will not charge a management fee with respect to New IAA Series assets invested in an underlying Portfolio or other investment company for which the Adviser or its affiliates serve as investment adviser and receive an advisory fee.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the

60

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Board of Trustees’ Contract Approval — continued

Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

61

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2021

Officers and Trustees

Officers of Eaton Vance Floating-Rate Advantage Fund

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Senior Debt Portfolio

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

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

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

62

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

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Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

64

Eaton Vance Funds

IMPORTANT NOTICES

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

Investment Adviser and Administrator of Eaton Vance Floating-Rate Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by 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.

7763    4.30.21

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this 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: June 24, 2021

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date: June 24, 2021
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date: June 24, 2021