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Eaton Vance Senior Income Trust
Eaton Vance Senior Income Trust, managed by Michael Machiorlete, has deployed capital in floating-rate senior secured loans since 1999.
Eaton Vance Senior Income Trust
Launched in 1999, the Eaton Vance Senior Income Trust operates as a publicly traded closed-end fund under the Eaton Vance umbrella, with portfolio manager Michael Machiorlete overseeing its allocation to first-lien, senior secured floating-rate loans. The trust draws on Eaton Vance's broader institutional credit platform, which sources loans from a network of bank syndication desks and direct origination channels. The trust's strategy concentrates on below-investment-grade senior secured bank loans, maintaining a portfolio that is overwhelmingly floating-rate to limit interest-rate sensitivity. Asset-class exposure spans corporate credit, with positions diversified across industries including technology, healthcare services, and business services. The trust may use leverage to enhance yield, a common feature among closed-end credit funds. Confirmed portfolio holdings have historically included names such as TransDigm and Asurion (per public record). As a closed-end fund, the trust issues a fixed number of shares that trade on an exchange, meaning the portfolio manager is not forced to sell assets to meet redemptions — a structural advantage when managing illiquid loan positions. The trust distributes income monthly, attracting income-oriented investors. The broader Eaton Vance platform, a subsidiary of Morgan Stanley since 2021, provides credit research and trading infrastructure. The trust's structural differentiator is its closed-end format applied to the senior loan asset class: unlike open-end mutual funds, the trust can hold less-liquid loan positions through market disruptions without facing redemption-driven selling pressure, giving the portfolio manager genuine staying power during credit drawdowns.
General information
Firm type
Asset Manager
Year founded
1999
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, MA, United States
Principals
Michael Machiorlete
Portfolio Manager
Sector focus
Frequently asked questions
What does the Eaton Vance Senior Income Trust invest in?
The trust invests primarily in senior secured floating-rate bank loans, commonly known as leveraged loans, to US and non-US corporate borrowers. The portfolio is concentrated in first-lien loans that stand at the top of the capital structure. These loans are typically below investment grade, generating higher yields than investment-grade bonds.
How does the closed-end structure affect the trust's investment approach?
Because the trust issues a fixed number of shares, it does not face daily redemptions like open-end mutual funds. Portfolio manager Michael Machiorlete can maintain positions through market volatility without being a forced seller. The trust may also use leverage — borrowing at short-term rates to invest in additional loans — which can amplify income but also adds risk.
What is the trust's interest-rate sensitivity?
The trust's assets are overwhelmingly floating-rate instruments whose coupons reset periodically based on a reference rate like SOFR. When short-term rates rise, the income generated by the portfolio adjusts upward. This makes the trust structurally less sensitive to interest-rate moves than fixed-rate bond funds, a feature that attracts income investors during tightening cycles.
Is the Eaton Vance Senior Income Trust part of Morgan Stanley?
Yes, indirectly. Morgan Stanley acquired Eaton Vance in 2021, and the trust operates as part of Morgan Stanley Investment Management. The trust's portfolio management team, led by Michael Machiorlete, draws on the combined credit research and origination resources of the broader platform.
How frequently does the trust distribute income?
The trust makes monthly distributions to shareholders, a cadence common among income-oriented closed-end funds. The distribution rate is supported by the interest income generated from the underlying loan portfolio, though a portion of distributions may include return of capital depending on the trust's realized gains and market conditions.
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