If You Invested in Eaton Vance Senior Income Trust (EVF)

Eaton Vance Senior Income Trust (NYSE: EVF) is a diversified, closed-end management investment company in the United States. According to its stated investment objective, the fund seeks to provide a high level of current income consistent with the preservation of capital by investing in senior, secured floating-rate loans. These loans are generally below-investment-grade and are considered speculative because of the credit risk of their issuers.

Fund structure and investment focus

Eaton Vance Senior Income Trust is organized as a Massachusetts business trust and issues common shares of beneficial interest that are listed on the New York Stock Exchange under the symbol EVF. As a closed-end fund, its common shares trade in the secondary market at market-determined prices, which may be above (at a premium to) or below (at a discount to) the fund’s net asset value (NAV). The fund’s portfolio includes below-investment-grade floating-rate loans across sectors such as aerospace and defense, automotive, beverage, building and development, business equipment and services, cable and satellite television, and other areas, as disclosed in its portfolio information.

The fund’s investment approach centers on senior, secured floating-rate loans. These instruments typically have interest rates that adjust periodically based on a reference rate, and they are senior and secured in an issuer’s capital structure. The fund’s focus on such loans aligns with its objective of seeking a high level of current income while aiming to preserve capital, recognizing that the below-investment-grade nature of many holdings introduces higher credit risk.

Management and advisory relationship

Eaton Vance Senior Income Trust is advised by Eaton Vance Management, as reflected in shareholder communications describing the fund’s investment advisory agreement. Eaton Vance applies in-depth fundamental analysis to the active management of equity, income, alternative and multi-asset strategies. Its investment teams emphasize ongoing risk management, tax management where applicable, and the pursuit of consistent long-term returns across the global capital markets. Eaton Vance is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

Shareholder materials describe a new investment advisory agreement between the fund and Eaton Vance Management that was approved by shareholders at a special meeting. This agreement governs how Eaton Vance Management provides investment advisory services to the fund, subject to oversight by the fund’s Board of Trustees.

Trading characteristics and discounts to NAV

Fund disclosures note that, except for sales of shares pursuant to a tender offer, common shares of Eaton Vance Senior Income Trust are available for purchase or sale only through secondary market trading at their current market price. Shares of closed-end funds such as this fund often trade at a discount from their NAV. The market price of the fund’s shares may vary from NAV based on factors affecting the supply and demand for shares, including:

• Fund distribution rates relative to similar investments
• Investors’ expectations for future distribution changes
• The clarity of the fund’s investment strategy and future return expectations
• Investors’ confidence in the underlying markets in which the fund invests

Fund shares are subject to investment risk, including possible loss of principal invested. The fund is not a complete investment program, and an investment in the fund may not be appropriate for all investors. Disclosures emphasize that shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Prospective investors are encouraged in fund materials to consider carefully the fund’s investment objective, strategies, risks, charges and expenses before investing.

Tender offers and capital management

Eaton Vance Senior Income Trust has used tender offers as a capital management tool. The fund’s Board of Trustees authorized a conditional cash tender offer for up to a specified percentage of the fund’s outstanding common shares at a price per share tied to a percentage of NAV, contingent on shareholder approval of a new investment advisory agreement. In addition, the fund announced plans for conditional tender offers in certain years for up to a portion of its then-outstanding common shares if its shares traded at an average discount to NAV of more than a stated threshold during a defined measurement period.

Subsequent press releases describe the commencement, preliminary results, and final results of cash tender offers for up to 10% of the fund’s outstanding common shares. Under the terms and conditions of these tender offers, if the number of common shares properly tendered exceeded the number of common shares offered to purchase, the fund would purchase common shares properly tendered on a pro rata basis, disregarding fractional shares. The purchase price in these tender offers was defined as a fixed percentage of the fund’s NAV per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expired.

Governance and shareholder meetings

The fund is overseen by a Board of Trustees. SEC filings and press releases describe annual and special meetings of shareholders at which shareholders are asked to elect trustees and, in some cases, approve investment advisory agreements. The fund’s proxy materials explain that the Board is divided into classes of trustees with staggered terms and that certain trustees are elected by holders of common shares and auction preferred shares voting together, while other trustees may be elected by holders of auction preferred shares voting separately as a single class.

Fund communications also describe procedures for shareholders to participate in and vote at shareholder meetings, including requirements for record holders and beneficial owners who hold shares through intermediaries. Proxy statements and related materials emphasize the importance of shareholder voting and outline how proxies can be executed, delivered, and, if desired, revoked.

Regulatory status and listings

According to SEC filings, Eaton Vance Senior Income Trust is registered under the Investment Company Act of 1940, with its common shares of beneficial interest, par value $0.01 per share, listed on the New York Stock Exchange under the trading symbol EVF. Filings identify the fund as a Massachusetts business trust and provide its Commission File Number and other regulatory identifiers.

Filings also note that the fund’s Board of Trustees may change in size and composition over time, reflecting events such as the election of new trustees, the passing of a former chairperson of the Board, and the appointment of an acting or new chairperson for a defined term. These governance updates are reported in current reports on Form 8-K under Item 8.01 (Other Events).

Risk considerations

Fund disclosures emphasize that an investment in Eaton Vance Senior Income Trust involves risk. The fund invests in below-investment-grade floating-rate loans that are considered speculative because of the credit risk of their issuers. As with other closed-end funds, its shares can trade at a discount to NAV, and investors may experience losses, including loss of principal. The fund is not described as a complete investment program, and materials repeatedly state that an investment may not be appropriate for all investors. Prospective investors are directed in fund communications to review the fund’s objective, strategies, risks, charges, and expenses carefully before investing.