Eaton Vance Senior Floating-Rate Trust

Regulatory Filings • Jun 26, 2009

N-CSRS 1 b75887a1nvcsrs.htm EATON VANCE SENIOR FLOATING-RATE TRUST Eaton Vance Senior Floating-Rate Trust PAGEBREAK

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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: 811-21411

Eaton Vance Senior Floating-Rate Trust

(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, 2009 Date of Reporting Period

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TABLE OF CONTENTS

Item 2. Code of Ethics
Item 3. Audit Committee Financial Expert
Item 4. Principal Accountant Fees and Services
Item 5. Audit Committee of Listed registrants
Item 6. Schedule of Investments
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Item 10. Submission of Matters to a Vote of Security Holders
Item 11. Controls and Procedures
Item 12. Exhibits
Signatures
EX-99.CERT Section 302 Certification
EX-99.906CERT Section 906 Certification

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link2 "Item 1. Reports to Stockholders"

Item 1. Reports to Stockholders

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IMPORTANT NOTICES REGARDING PRIVACY, DELIVERY OF SHAREHOLDER DOCUMENTS, PORTFOLIO HOLDINGS AND PROXY VOTING

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

| • | Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information
such as name, address, social security number, tax status,
account balances and transactions. |
| --- | --- |
| • | None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In
the normal course of servicing a customer’s account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers. |
| • | Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information. |
| • | We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Policy periodically for changes by accessing the link on our
homepage: www.eatonvance.com. |

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

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Delivery of Shareholder Documents. The Securities and Exchange Commission (the “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 adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, 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 adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

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Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website 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. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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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. This description is also available on the SEC’s website at www.sec.gov.

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

INVESTMENT UPDATE

Economic and Market Conditions

Scott H. Page, CFA Co-Portfolio Manager

Peter M. Campo, CFA Co-Portfolio Manager

Craig P. Russ Co-Portfolio Manager

• During the six months ending April 30, 2009, credit markets experienced unprecedented volatility in the early part of the period but staged a turnaround in the latter four months. While there is little doubt that a recession would bring higher default rates, it was difficult to reconcile bank loan prices with market fundamentals during November and December of 2008. A range of data and criteria used to monitor creditworthiness suggested that overall credit quality appeared to be in line with previous downturns. Despite this, bank loans traded far below levels consistent with default and recovery expectations, reflecting a full-scale breakdown in the credit markets. Some selling was forced, especially by hedge funds and structured investment vehicles unable to meet margin requirements. In the final four months of the period, however, the market for bank loans began to recover, and cash was put to work in a sector with no active sellers and a new issue market that remained largely closed. As a result, loan prices jumped. We believe that this could be the primary theme from the technical side of the market for the near term. Other positive developments included spread tightening and robust debt issuance in the investment-grade debt market and improvements in short-term financing and other liquidity measures as government stimulus programs began to take hold. We believe this thawing of the high end of the credit markets is beginning to gradually filter down to non-investment-grade sectors. We have also seen several instances in the below-investment-grade market in which issuers have successfully refinanced their debt and/or issued bonds to retire term loans. We are encouraged by these developments and believe they should contribute to improving technicals in our market. Ironically, as performance has improved in 2009, defaults have increased — a trend we expect may continue.

Management Discussion

• The Trust is a closed-end fund and trades on the New York Stock Exchange under the symbol “EFR.” The Trust’s investment objective is to provide a high level of current income. As a secondary objective, it may also seek preservation of capital to the extent consistent with its primary goal of high current income. Under normal market conditions, the Trust invests at least 80% of its total assets in senior, secured floating-rate loans (senior loans). In managing the Trust, the investment adviser seeks to invest in a portfolio of senior loans that it believes will be less volatile over time than the general loan market. The Trust may also invest in second lien loans and high-yield bonds, and, as discussed below, employs leverage, which may increase risk.

Eaton Vance Senior Floating-Rate Trust Total Return Performance 10/31/08 – 4/30/09

NYSE Symbol — At Net Asset Value (NAV) 1		4.99 %
At Share Price 1		7.07
S&P/LSTA Leveraged Loan Index 2		5.98
Premium/(Discount) to NAV (4/30/09)		-5.13 %
Total Distributions per common share	$	0.444
Distribution Rate 3	At NAV	7.57 %
	At Share Price	7.98 %

Please refer to page 3 for additional performance information.

1	Performance results reflect the effects of leverage.
2	It is not possible to invest directly in
an Index. The Index’s total return reflects changes in
value of the loans constituting the Index and accrual
of interest and does not reflect the commissions or
expenses that would have been incurred if an investor
individually purchased or sold the loans represented
in the Index. Unlike the Trust, the Index’s return
does not reflect the effect of leverage.
3	The Distribution Rate is based on the
Trust’s most recent monthly distribution per share
(annualized) divided by the Trust’s NAV or share price
at the end of the period. The Trust’s monthly
distributions may be comprised of ordinary income, net
realized capital gains and return of capital.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Trust’s performance at share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. Absent an expense waiver by the investment adviser, the returns would be lower. For performance as of the most recent month end, please refer to www.eatonvance.com.

Trust shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

INVESTMENT UPDATE

• As of April 30, 2009, the Trust’s investments included senior loans to 391 borrowers spanning 39 industries, with an average loan size of 0.24% of total investments, and no industry constituting more than 10% of total investments. Healthcare, business equipment and services, and cable and satellite television were among the top industry weightings.

• During the six-month period, the Trust’s return at net asset value lagged the S&P/LSTA Leveraged Loan Index 1 (the Index), primarily because leverage hurt performance in the first two months of the period — November and December of 2008 — more than it helped during the credit recovery in the latter four months of the period.

• The Trust’s higher relative weightings in business equipment and services and in cable and satellite television, both of which outperformed the broader market, contributed positively to its relative performance. A higher relative percentage of single B and BB-rated issues, which outperformed lower-quality loans, was also helpful.

• As of April 30, 2009, the Trust employed leverage of 36.5% of total assets — 24.4% auction preferred shares (APS) 2 and 12.1% borrowings. Use of leverage creates an opportunity for income, but at the same time creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).

• As we move into this rising default environment in 2009, we believe that our experienced credit research analysts helped us to avoid some of the riskiest names, resulting in the Trust having fewer defaulted loans than many of its peers. In addition, we believe our diversified approach to the asset class — which includes keeping investments in individual issues relatively small — has helped to contain the degree of losses associated with the defaulted loans that the Trust does hold.

| 1 | It is not possible to invest directly in
an Index. The Index’s total return reflects
changes in value of the loans constituting the
Index and accrual of interest and does not
reflect the commissions or expenses that would
have been incurred if an investor individually
purchased or sold the loans represented in the
Index. Unlike the Trust, the Index’s return does
not reflect the effect of leverage. |
| --- | --- |
| 2 | In the event of a rise in long-term
interest rates, the value of the Trust’s investment
portfolio could decline, which would reduce the asset
coverage for its APS and borrowings. APS
percentage represents the liquidation value of the
Trust’s APS outstanding at 4/30/09 as a percentage
of the Trust’s net assets applicable to common
shares plus APS and borrowings outstanding. |

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Trust’s current or future investments and may change due to active management.

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

FUND PERFORMANCE

Trust Performance 1 New York Stock Exchange Symbol (NYSE)
Average Annual Total Returns (by share price, NYSE)
Six Months	7.07 %
One Year	-28.99
Five Years	-6.28
Life of Trust (11/28/03)	-4.62
Average Annual Total Returns (at net asset value)
Six Months	4.99 %
One Year	-29.44
Five Years	-4.20
Life of Trust (11/28/03)	-3.69

1 Performance results reflect the effects of leverage.

Portfolio Composition

Top Ten Holdings 2
By total investments
Intelsat Corp.	1.3 %
SunGard Data Systems, Inc.	1.2
UPC Broadband Holding B.V.	1.2
Community Health Systems, Inc.	1.1
Rite Aid Corp.	1.1
Georgia-Pacific Corp.	1.1
MCC Iowa, LLC	1.0
Cequel Communications, LLC	0.9
Graphic Packaging International, Inc.	0.8
Centennial Cellular Operating Co., LLC	0.8

2 Reflects the Trust’s investments as of 4/30/09. Holdings are shown as a percentage of the Trust’s total investments.

| Top
Five Industries 3 | |
| --- | --- |
| By total investments | |
| Healthcare | 10.0 % |
| Business Equipment and Services | 7.6 |
| Cable and Satellite Television | 7.2 |
| Leisure Goods/Activities/Movies | 6.6 |
| Publishing | 5.2 |

3 Reflects the Trust’s investments as of 4/30/09. Industries are shown as a percentage of the Trust’s total investments.

| Credit
Quality Ratings for Total Loan
Investments 4 | |
| --- | --- |
| By total loan investments | |
| Baa | 0.7 % |
| Ba | 34.5 |
| B | 38.5 |
| Caa | 10.0 |
| Defaulted | 6.0 |
| Non-Rated 5 | 10.3 |

| 4 | Credit Quality ratings are those provided
by Moody’s Investor Services, Inc., a nationally
recognized bond rating service. Reflects the Trust’s total loan investments
as of 4/30/09. Although the investment adviser
considers ratings when making investment
decisions, it performs its own credit and
investment analysis and does not rely primarily on
the ratings assigned by the rating services.
Credit quality can change from time to time, and
recently issued credit ratings may not fully
reflect the actual risks posed by a particular
security or the issuer’s current financial
condition. |
| --- | --- |
| 5 | Certain loans in which the Trust invests are not
rated by a rating agency. In management’s
opinion, such securities are comparable to
securities rated by a rating agency in the
categories listed above. |

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Trust’s performance at share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. Absent an expense waiver by the investment adviser, the returns would be lower. For performance as of the most recent month end, please refer to www.eatonvance.com.

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

| Senior Floating-Rate
Interests —
145.4% (1) | | | |
| --- | --- | --- | --- |
| Principal | | | |
| Amount* | | Borrower/Tranche
Description | Value |
| Aerospace
and Defense — 3.6% | | | |
| ACTS Aero Technical Support & Service, Inc. | | | |
| | 709,366 | Term Loan, 7.37%, Maturing October 5, 2014 | $ 138,326 |
| AWAS Capital, Inc. | | | |
| | 724,965 | Term Loan, 3.00%, Maturing March 22, 2013 | 514,725 |
| Colt Defense, LLC | | | |
| | 976,450 | Term Loan, 4.01%, Maturing July 9, 2014 | 878,805 |
| DAE Aviation Holdings, Inc. | | | |
| | 416,490 | Term Loan, 4.39%, Maturing July 31, 2014 | 245,729 |
| | 409,534 | Term Loan, 4.79%, Maturing July 31, 2014 | 241,625 |
| Evergreen International Aviation | | | |
| | 1,376,943 | Term Loan, 9.00%, Maturing October 31, 2011 | 724,616 |
| Hawker Beechcraft Acquisition | | | |
| | 256,285 | Term Loan, 3.22%, Maturing March 26, 2014 | 134,122 |
| | 4,353,422 | Term Loan, 3.22%, Maturing March 26, 2014 | 2,278,289 |
| Hexcel Corp. | | | |
| | 818,375 | Term Loan, 3.34%, Maturing March 1, 2012 | 752,905 |
| IAP Worldwide Services, Inc. | | | |
| | 882,173 | Term Loan, 8.25%, Maturing December 30,
2012 (2) | 507,250 |
| Spirit AeroSystems, Inc. | | | |
| | 1,589,406 | Term Loan, 2.89%, Maturing December 31, 2011 | 1,462,254 |
| TransDigm, Inc. | | | |
| | 1,625,000 | Term Loan, 3.23%, Maturing June 23, 2013 | 1,496,354 |
| Vought Aircraft Industries, Inc. | | | |
| | 2,097,896 | Term Loan, 2.93%, Maturing December 17, 2011 | 1,659,960 |
| | 496,475 | Term Loan, 7.50%, Maturing December 22, 2011 | 417,867 |
| Wesco Aircraft Hardware Corp. | | | |
| | 1,142,688 | Term Loan, 2.68%, Maturing September 29, 2013 | 948,431 |
| | | | $ 12,401,258 |
| Air
Transport — 0.8% | | | |
| Airport Development and Investment, Ltd. | | | |
| GBP | 782,900 | Term Loan - Second Lien, 5.54%, Maturing April 7, 2011 | $ 490,780 |
| Delta Air Lines, Inc. | | | |
| | 1,179,000 | Term Loan - Second Lien, 3.74%, Maturing April 30, 2014 | 609,641 |
| Northwest Airlines, Inc. | | | |
| | 1,916,833 | Term Loan, 2.46%, Maturing December 31, 2010 | 1,776,664 |
| | | | $ 2,877,085 |
| Automotive — 6.7% | | | |
| Accuride Corp. | | | |
| | 1,957,967 | Term Loan, 8.00%, Maturing January 31, 2012 | $ 1,198,031 |
| Adesa, Inc. | | | |
| | 2,543,805 | Term Loan, 3.10%, Maturing October 18, 2013 | 2,134,252 |
| Affina Group, Inc. | | | |
| | 1,325,940 | Term Loan, 4.04%, Maturing November 30, 2011 | 945,837 |
| Allison Transmission, Inc. | | | |
| | 1,903,055 | Term Loan, 3.22%, Maturing September 30, 2014 | 1,373,899 |
| Chrysler Financial | | | |
| | 2,473,656 | Term Loan, 4.45%, Maturing August 1, 2014 | 1,837,572 |
| CSA Acquisition Corp. | | | |
| | 353,889 | Term Loan, 3.75%, Maturing December 23, 2011 | 116,783 |
| | 884,071 | Term Loan, 3.75%, Maturing December 23, 2011 | 291,744 |
| | 483,750 | Term Loan, 3.75%, Maturing December 23, 2012 | 159,637 |
| Dayco Products, LLC | | | |
| | 1,728,451 | Term Loan, 0.00%, Maturing June 21,
2011 (3) | 264,453 |
| Delphi Corp. | | | |
| | 1,361,357 | DIP Loan, 0.00%, Maturing June 30,
2009 (3) | 231,431 |
| | 138,644 | DIP Loan, 10.50%, Maturing June 30, 2009 | 23,569 |
| Federal-Mogul Corp. | | | |
| | 1,492,610 | Term Loan, 2.43%, Maturing December 27, 2014 | 853,276 |
| | 3,135,523 | Term Loan, 2.39%, Maturing December 27, 2015 | 1,792,475 |
| Ford Motor Co. | | | |
| | 2,233,787 | Term Loan, 3.69%, Maturing December 15, 2013 | 1,414,901 |
| General Motors Corp. | | | |
| | 3,379,737 | Term Loan, 8.00%, Maturing November 29, 2013 | 2,222,177 |
| Goodyear Tire & Rubber Co. | | | |
| | 2,400,000 | Term Loan - Second Lien, 2.19%, Maturing April 30, 2010 | 2,016,430 |
| HLI Operating Co., Inc. | | | |
| EUR | 109,091 | Term Loan, 9.50%, Maturing May 30, 2014 | 57,014 |
| EUR | 1,853,091 | Term Loan, 9.50%, Maturing May 30, 2014 | 968,470 |
| Keystone Automotive Operations, Inc. | | | |
| | 1,330,251 | Term Loan, 4.33%, Maturing January 12, 2012 | 555,380 |
| LKQ Corp. | | | |
| | 952,504 | Term Loan, 2.71%, Maturing October 12, 2014 | 850,110 |
| TriMas Corp. | | | |
| | 234,375 | Term Loan, 2.75%, Maturing August 2, 2011 | 200,977 |
| | 1,980,082 | Term Loan, 3.09%, Maturing August 2, 2013 | 1,697,920 |
| TRW Automotive, Inc. | | | |
| | 1,000,000 | Term Loan, 2.00%, Maturing February 2, 2014 | 671,667 |
| United Components, Inc. | | | |
| | 1,137,153 | Term Loan, 3.50%, Maturing June 30, 2010 | 858,551 |
| | | | $ 22,736,556 |

See notes to financial statements

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Beverage
and Tobacco — 0.1% | | | |
| Culligan International Co. | | | |
| EUR | 975,000 | Term Loan - Second Lien, 6.25%, Maturing May 31, 2013 | $ 249,942 |
| | | | $ 249,942 |
| Brokers,
Dealers and Investment Houses — 0.2% | | | |
| AmeriTrade Holding Corp. | | | |
| | 730,172 | Term Loan, 1.95%, Maturing December 31, 2012 | $ 692,751 |
| | | | $ 692,751 |
| Building
and Development — 3.8% | | | |
| Beacon Sales Acquisition, Inc. | | | |
| | 1,146,000 | Term Loan, 3.13%, Maturing September 30, 2013 | $ 936,855 |
| Brickman Group Holdings, Inc. | | | |
| | 1,185,764 | Term Loan, 2.43%, Maturing January 23, 2014 | 1,036,061 |
| Epco/Fantome, LLC | | | |
| | 1,342,000 | Term Loan, 3.06%, Maturing November 23, 2010 | 1,026,630 |
| Forestar USA Real Estate Group, Inc. | | | |
| | 1,549,657 | Revolving Loan, 4.38%, Maturing December 1,
2010 (4) | 1,278,467 |
| | 1,550,000 | Term Loan, 4.44%, Maturing December 1, 2010 | 1,278,750 |
| Hovstone Holdings, LLC | | | |
| | 894,412 | Term Loan, 5.50%, Maturing July 1,
2009 (5) | 359,822 |
| LNR Property Corp. | | | |
| | 1,144,000 | Term Loan, 4.00%, Maturing July 3, 2011 | 610,896 |
| Metroflag BP, LLC | | | |
| | 500,000 | Term Loan - Second Lien, 0.00%, Maturing July 2,
2009 (3) | 37,500 |
| Mueller Water Products, Inc. | | | |
| | 1,762,318 | Term Loan, 2.66%, Maturing May 24, 2014 | 1,489,159 |
| NCI Building Systems, Inc. | | | |
| | 553,061 | Term Loan, 1.95%, Maturing June 18, 2010 | 445,214 |
| November 2005 Land Investors | | | |
| | 304,334 | Term Loan, 6.43%, Maturing May 9,
2011 (2) | 152,167 |
| Panolam Industries Holdings, Inc. | | | |
| | 1,000,288 | Term Loan, 5.00%, Maturing September 30, 2012 | 575,166 |
| Re/Max International, Inc. | | | |
| | 636,247 | Term Loan, 4.61%, Maturing December 17, 2012 | 448,554 |
| | 456,309 | Term Loan, 8.61%, Maturing December 17, 2012 | 321,698 |
| Realogy Corp. | | | |
| | 321,321 | Term Loan, 4.18%, Maturing September 1, 2014 | 209,433 |
| | 678,679 | Term Loan, 4.18%, Maturing September 1, 2014 | 442,353 |
| South Edge, LLC | | | |
| | 787,500 | Term Loan, 0.00%, Maturing October 31,
2009 (3) | 143,063 |
| TRU 2005 RE Holding Co. | | | |
| | 3,539,635 | Term Loan, 3.51%, Maturing December 9, 2009 | 2,238,819 |
| United Subcontractors, Inc. | | | |
| | 838,227 | Term Loan - Second Lien, 11.69%, Maturing June 27,
2013 (2)(5) | 55,323 |
| | | | $ 13,085,930 |
| Business
Equipment and Services — 11.4% | | | |
| ACCO Brands Corp. | | | |
| | 1,017,825 | Term Loan, 7.75%, Maturing August 17, 2012 | $ 646,319 |
| Activant Solutions, Inc. | | | |
| | 1,170,296 | Term Loan, 2.94%, Maturing May 1, 2013 | 803,604 |
| Affiliated Computer Services | | | |
| | 798,187 | Term Loan, 2.44%, Maturing March 20, 2013 | 754,509 |
| | 708,607 | Term Loan, 2.46%, Maturing March 20, 2013 | 669,830 |
| Affinion Group, Inc. | | | |
| | 2,378,933 | Term Loan, 3.73%, Maturing October 17, 2012 | 2,093,461 |
| Allied Barton Security Service | | | |
| | 995,379 | Term Loan, 6.75%, Maturing February 21, 2015 | 935,656 |
| Education Management, LLC | | | |
| | 4,654,175 | Term Loan, 3.00%, Maturing June 1, 2013 | 4,193,742 |
| Info USA, Inc. | | | |
| | 275,255 | Term Loan, 3.22%, Maturing February 14, 2012 | 222,268 |
| Intergraph Corp. | | | |
| | 1,000,000 | Term Loan, 3.26%, Maturing May 29, 2014 | 915,000 |
| | 1,000,000 | Term Loan - Second Lien, 6.74%, Maturing November 29,
2014 | 839,167 |
| iPayment, Inc. | | | |
| | 2,525,878 | Term Loan, 2.89%, Maturing May 10, 2013 | 1,717,597 |
| Kronos, Inc. | | | |
| | 1,044,274 | Term Loan, 3.47%, Maturing June 11, 2014 | 777,984 |
| Language Line, Inc. | | | |
| | 1,909,877 | Term Loan, 4.47%, Maturing June 11, 2011 | 1,680,692 |
| Mitchell International, Inc. | | | |
| | 1,000,000 | Term Loan - Second Lien, 6.50%, Maturing March 28, 2015 | 602,500 |
| N.E.W. Holdings I, LLC | | | |
| | 1,906,076 | Term Loan, 3.47%, Maturing May 22, 2014 | 1,329,488 |
| Protection One, Inc. | | | |
| | 891,370 | Term Loan, 2.68%, Maturing March 31, 2012 | 702,697 |
| Quantum Corp. | | | |
| | 221,000 | Term Loan, 4.50%, Maturing July 12, 2014 | 177,353 |
| Quintiles Transnational Corp. | | | |
| | 1,700,000 | Term Loan - Second Lien, 4.43%, Maturing March 31, 2014 | 1,411,000 |
| Sabre, Inc. | | | |
| | 6,057,297 | Term Loan, 3.07%, Maturing September 30, 2014 | 3,372,400 |
| Serena Software, Inc. | | | |
| | 477,000 | Term Loan, 2.92%, Maturing March 10, 2013 | 341,651 |

See notes to financial statements

5

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Business
Equipment and Services (continued) | | | |
| Sitel (Client Logic) | | | |
| | 1,866,855 | Term Loan, 6.42%, Maturing January 29, 2014 | $ 1,166,784 |
| Solera Holdings, LLC | | | |
| EUR | 740,315 | Term Loan, 3.44%, Maturing May 15, 2014 | 852,174 |
| SunGard Data Systems, Inc. | | | |
| | 7,141,161 | Term Loan, 2.67%, Maturing February 11, 2013 | 6,445,891 |
| TDS Investor Corp. | | | |
| | 269,897 | Term Loan, 3.47%, Maturing August 23, 2013 | 182,105 |
| | 2,345,107 | Term Loan, 3.47%, Maturing August 23, 2013 | 1,582,295 |
| EUR | 1,054,228 | Term Loan, 3.78%, Maturing August 23, 2013 | 902,002 |
| Transaction Network Services, Inc. | | | |
| | 552,695 | Term Loan, 2.49%, Maturing May 4, 2012 | 521,836 |
| Valassis Communications, Inc. | | | |
| | 461,655 | Term Loan, 2.18%, Maturing March 2, 2014 | 395,869 |
| | 1,799,183 | Term Loan, 2.18%, Maturing March 2, 2014 | 1,542,799 |
| West Corp. | | | |
| | 1,382,700 | Term Loan, 2.83%, Maturing October 24, 2013 | 1,170,494 |
| | | | $ 38,949,167 |
| Cable
and Satellite Television — 11.1% | | | |
| Atlantic Broadband Finance, LLC | | | |
| | 2,684,604 | Term Loan, 3.47%, Maturing February 10, 2011 | $ 2,436,278 |
| Bragg Communications, Inc. | | | |
| | 2,117,750 | Term Loan, 3.76%, Maturing August 31, 2014 | 1,980,096 |
| Bresnan Broadband Holdings, LLC | | | |
| | 500,000 | Term Loan, 3.05%, Maturing March 29, 2014 | 459,584 |
| | 1,200,000 | Term Loan - Second Lien, 4.99%, Maturing March 29,
2014 | 960,000 |
| Cequel Communications, LLC | | | |
| | 493,703 | Term Loan, 2.48%, Maturing November 5, 2013 | 448,776 |
| | 1,550,000 | Term Loan - Second Lien, 5.00%, Maturing May 5, 2014 | 1,242,768 |
| | 3,908,909 | Term Loan - Second Lien, 6.49%, Maturing May 5,
2014 (2) | 3,218,009 |
| Charter Communications Operating, Inc. | | | |
| | 2,375,567 | Term Loan, 4.69%, Maturing April 28, 2013 | 2,010,323 |
| CSC Holdings, Inc. | | | |
| | 2,937,529 | Term Loan, 2.20%, Maturing March 29, 2013 | 2,725,477 |
| CW Media Holdings, Inc. | | | |
| | 615,625 | Term Loan, 4.47%, Maturing February 15, 2015 | 498,849 |
| Foxco Acquisition Sub., LLC | | | |
| | 583,643 | Term Loan, 7.25%, Maturing July 2, 2015 | 358,941 |
| Insight Midwest Holdings, LLC | | | |
| | 3,594,375 | Term Loan, 2.50%, Maturing April 6, 2014 | 3,302,332 |
| MCC Iowa, LLC | | | |
| | 5,762,802 | Term Loan, 2.08%, Maturing January 31, 2015 | 5,143,301 |
| Mediacom Illinois, LLC | | | |
| | 3,711,967 | Term Loan, 1.83%, Maturing January 31, 2015 | 3,322,210 |
| NTL Investment Holdings, Ltd. | | | |
| GBP | 372,729 | Term Loan, 3.89%, Maturing March 30, 2012 | 457,246 |
| GBP | 1,150,262 | Term Loan, 3.81%, Maturing September 3, 2012 | 1,411,084 |
| ProSiebenSat.1 Media AG | | | |
| EUR | 409,546 | Term Loan, 4.59%, Maturing March 2, 2015 | 88,054 |
| EUR | 11,076 | Term Loan, 3.75%, Maturing June 26, 2015 | 9,374 |
| EUR | 272,924 | Term Loan, 3.75%, Maturing June 26, 2015 | 230,979 |
| EUR | 409,546 | Term Loan, 4.84%, Maturing March 2, 2016 | 88,054 |
| EUR | 358,308 | Term Loan, 9.21%, Maturing March 2,
2017 (2) | 18,455 |
| EUR | 519,952 | Term Loan - Second Lien, 5.96%, Maturing September 2,
2016 | 31,646 |
| UPC Broadband Holding B.V. | | | |
| EUR | 4,050,000 | Term Loan, 3.14%, Maturing October 16, 2011 | 4,395,230 |
| | 1,950,000 | Term Loan, 2.32%, Maturing December 31, 2014 | 1,806,188 |
| Virgin Media Investment Holdings | | | |
| GBP | 239,517 | Term Loan, 5.31%, Maturing March 30, 2012 | 293,827 |
| YPSO Holding SA | | | |
| EUR | 209,021 | Term Loan, 3.69%, Maturing July 28, 2014 | 185,292 |
| EUR | 249,358 | Term Loan, 3.69%, Maturing July 28, 2014 | 221,050 |
| EUR | 541,621 | Term Loan, 3.69%, Maturing July 28, 2014 | 480,134 |
| | | | $ 37,823,557 |
| Chemicals
and Plastics — 7.4% | | | |
| AZ Chem US, Inc. | | | |
| | 500,000 | Term Loan - Second Lien, 5.93%, Maturing February 28,
2014 | $ 275,000 |
| Brenntag Holding GmbH and Co. KG | | | |
| | 373,091 | Term Loan, 2.50%, Maturing December 23, 2013 | 302,204 |
| | 1,526,909 | Term Loan, 3.18%, Maturing December 23, 2013 | 1,236,796 |
| | 1,000,000 | Term Loan - Second Lien, 5.50%, Maturing December 23,
2015 | 580,000 |
| Celanese Holdings, LLC | | | |
| | 4,140,500 | Term Loan, 2.94%, Maturing April 2, 2014 | 3,685,985 |
| First Chemical Holding | | | |
| EUR | 965,273 | Term Loan, 4.56%, Maturing December 18, 2014 | 391,128 |
| Foamex, L.P. | | | |
| | 1,452,328 | Term Loan, 0.00%, Maturing February 12,
2013 (3) | 418,754 |
| Georgia Gulf Corp. | | | |
| | 655,225 | Term Loan, 8.91%, Maturing October 3, 2013 | 423,713 |
| Hexion Specialty Chemicals, Inc. | | | |
| | 491,250 | Term Loan, 3.50%, Maturing May 5, 2012 | 245,625 |
| | 959,757 | Term Loan, 3.50%, Maturing May 5, 2013 | 475,765 |
| | 4,418,192 | Term Loan, 3.50%, Maturing May 5, 2013 | 2,190,160 |

See notes to financial statements

6

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Chemicals
and Plastics (continued) | | | |
| Huntsman International, LLC | | | |
| | 1,500,000 | Term Loan, 2.18%, Maturing August 16, 2012 | $ 1,245,000 |
| INEOS Group | | | |
| | 2,294,637 | Term Loan, 7.50%, Maturing December 14, 2013 | 1,231,456 |
| | 2,199,602 | Term Loan, 8.00%, Maturing December 14, 2014 | 1,180,454 |
| EUR | 750,000 | Term Loan - Second Lien, 7.71%, Maturing December 14,
2012 | 291,495 |
| Innophos, Inc. | | | |
| | 326,584 | Term Loan, 3.43%, Maturing August 10, 2010 | 307,805 |
| ISP Chemco, Inc. | | | |
| | 1,564,576 | Term Loan, 2.63%, Maturing June 4, 2014 | 1,424,742 |
| Kranton Polymers, LLC | | | |
| | 2,758,031 | Term Loan, 3.25%, Maturing May 12, 2013 | 1,878,219 |
| Lucite International Group Holdings | | | |
| | 210,375 | Term Loan, 2.68%, Maturing July 7, 2013 | 204,064 |
| | 594,079 | Term Loan, 2.68%, Maturing July 7, 2013 | 576,256 |
| MacDermid, Inc. | | | |
| EUR | 782,384 | Term Loan, 3.21%, Maturing April 12, 2014 | 538,290 |
| Millenium Inorganic Chemicals | | | |
| | 313,967 | Term Loan, 3.47%, Maturing April 30, 2014 | 204,079 |
| | 975,000 | Term Loan - Second Lien, 6.97%, Maturing October 31,
2014 | 589,875 |
| Momentive Performance Material | | | |
| | 1,685,254 | Term Loan, 2.69%, Maturing December 4, 2013 | 1,135,440 |
| Propex Fabrics, Inc. | | | |
| | 645,995 | Term Loan, 7.25%, Maturing July 31,
2012 (2) | 101,744 |
| Rockwood Specialties Group, Inc. | | | |
| | 3,225,975 | Term Loan, 2.18%, Maturing December 10, 2012 | 2,910,291 |
| Schoeller Arca Systems Holding | | | |
| EUR | 144,523 | Term Loan, 5.82%, Maturing November 16, 2015 | 86,048 |
| EUR | 412,060 | Term Loan, 5.82%, Maturing November 16, 2015 | 245,339 |
| EUR | 443,417 | Term Loan, 5.82%, Maturing November 16, 2015 | 264,008 |
| Solo Cup Co. | | | |
| | 484,813 | Term Loan, 4.72%, Maturing February 27, 2011 | 455,421 |
| | | | $ 25,095,156 |
| Clothing/Textiles — 0.5% | | | |
| Hanesbrands, Inc. | | | |
| | 850,000 | Term Loan - Second Lien, 4.84%, Maturing March 5, 2014 | $ 769,250 |
| St. John Knits International, Inc. | | | |
| | 504,530 | Term Loan, 9.00%, Maturing March 23, 2012 | 340,557 |
| The William Carter Co. | | | |
| | 623,728 | Term Loan, 2.01%, Maturing July 14, 2012 | 592,542 |
| | | | $ 1,702,349 |
| Conglomerates — 5.0% | | | |
| Amsted Industries, Inc. | | | |
| | 1,684,378 | Term Loan, 3.15%, Maturing October 15, 2010 | $ 1,541,206 |
| Blount, Inc. | | | |
| | 249,524 | Term Loan, 2.25%, Maturing August 9, 2010 | 231,433 |
| Doncasters (Dunde HoldCo 4 Ltd.) | | | |
| | 427,981 | Term Loan, 2.99%, Maturing July 13, 2015 | 250,369 |
| | 427,981 | Term Loan, 3.49%, Maturing July 13, 2015 | 250,369 |
| GBP | 500,000 | Term Loan - Second Lien, 5.48%, Maturing November 15,
2016 | 323,608 |
| GenTek, Inc. | | | |
| | 497,238 | Term Loan, 3.18%, Maturing February 25, 2011 | 431,354 |
| Jarden Corp. | | | |
| | 1,190,479 | Term Loan, 2.97%, Maturing January 24, 2012 | 1,143,455 |
| | 2,112,457 | Term Loan, 2.97%, Maturing January 24, 2012 | 2,029,015 |
| Johnson Diversey, Inc. | | | |
| | 1,623,517 | Term Loan, 3.18%, Maturing December 16, 2011 | 1,538,282 |
| Manitowoc Company, Inc. (The) | | | |
| | 1,246,875 | Term Loan, 6.50%, Maturing August 21, 2014 | 957,600 |
| Polymer Group, Inc. | | | |
| | 2,293,477 | Term Loan, 3.21%, Maturing November 22, 2012 | 1,983,858 |
| RBS Global, Inc. | | | |
| | 788,187 | Term Loan, 2.44%, Maturing July 19, 2013 | 623,653 |
| | 3,784,836 | Term Loan, 3.36%, Maturing July 19, 2013 | 3,013,676 |
| RGIS Holdings, LLC | | | |
| | 2,710,315 | Term Loan, 3.45%, Maturing April 30, 2014 | 2,028,218 |
| | 135,516 | Term Loan, 3.72%, Maturing April 30, 2014 | 101,411 |
| Vertrue, Inc. | | | |
| | 822,227 | Term Loan, 4.22%, Maturing August 16, 2014 | 612,559 |
| | | | $ 17,060,066 |
| Containers
and Glass Products — 4.7% | | | |
| Berry Plastics Corp. | | | |
| | 2,000,000 | Term Loan, 2.47%, Maturing April 3, 2015 | $ 1,472,500 |
| Consolidated Container Co. | | | |
| | 1,000,000 | Term Loan - Second Lien, 5.93%, Maturing September 28,
2014 | 415,000 |
| Crown Americas, Inc. | | | |
| | 606,250 | Term Loan, 2.20%, Maturing November 15, 2012 | 584,273 |
| Graham Packaging Holdings Co. | | | |
| | 2,148,147 | Term Loan, 2.76%, Maturing October 7, 2011 | 1,945,268 |
| Graphic Packaging International, Inc. | | | |
| | 4,475,625 | Term Loan, 3.06%, Maturing May 16, 2014 | 4,065,358 |
| | 478,069 | Term Loan, 3.79%, Maturing May 16, 2014 | 441,417 |
| JSG Acquisitions | | | |
| | 1,845,000 | Term Loan, 3.03%, Maturing December 31, 2013 | 1,465,622 |
| | 1,845,000 | Term Loan, 3.28%, Maturing December 13, 2014 | 1,465,622 |

See notes to financial statements

7

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Containers
and Glass Products (continued) | | | |
| Owens-Brockway Glass Container | | | |
| | 1,555,938 | Term Loan, 1.95%, Maturing June 14, 2013 | $ 1,427,087 |
| Smurfit-Stone Container Corp. | | | |
| | 487,475 | Revolving Loan, 3.27%, Maturing December 31, 2009 | 382,668 |
| | 1,470,007 | Term Loan, 3.03%, Maturing November 1, 2009 | 1,153,956 |
| | 191,320 | Term Loan, 2.82%, Maturing November 1, 2011 | 148,847 |
| | 335,726 | Term Loan, 2.82%, Maturing November 1, 2011 | 258,844 |
| | 632,788 | Term Loan, 2.82%, Maturing November 1, 2011 | 492,309 |
| | 295,007 | Term Loan, 4.50%, Maturing November 1, 2011 | 227,450 |
| | | | $ 15,946,221 |
| Cosmetics/Toiletries — 0.7% | | | |
| American Safety Razor Co. | | | |
| | 490,545 | Term Loan, 3.45%, Maturing July 31, 2013 | $ 430,453 |
| | 900,000 | Term Loan - Second Lien, 6.68%, Maturing July 31, 2014 | 605,250 |
| KIK Custom Products, Inc. | | | |
| | 975,000 | Term Loan - Second Lien, 5.44%, Maturing November 30,
2014 | 222,625 |
| Prestige Brands, Inc. | | | |
| | 1,279,458 | Term Loan, 2.68%, Maturing April 7, 2011 | 1,234,677 |
| | | | $ 2,493,005 |
| Drugs — 1.3% | | | |
| Graceway Pharmaceuticals, LLC | | | |
| | 708,003 | Term Loan, 3.18%, Maturing May 3, 2012 | $ 523,037 |
| | 1,000,000 | Term Loan, 6.93%, Maturing May 3, 2013 | 321,667 |
| | 275,000 | Term Loan, 8.68%, Maturing November 3, 2013 | 68,750 |
| Pharmaceutical Holdings Corp. | | | |
| | 340,241 | Term Loan, 3.75%, Maturing January 30, 2012 | 302,814 |
| Stiefel Laboratories, Inc. | | | |
| | 709,915 | Term Loan, 3.39%, Maturing December 28, 2013 | 700,154 |
| | 928,148 | Term Loan, 3.39%, Maturing December 28, 2013 | 915,386 |
| Warner Chilcott Corp. | | | |
| | 444,655 | Term Loan, 2.43%, Maturing January 18, 2012 | 419,532 |
| | 1,267,842 | Term Loan, 2.87%, Maturing January 18, 2012 | 1,196,209 |
| | | | $ 4,447,549 |
| Ecological
Services and Equipment — 1.6% | | | |
| Blue Waste B.V. (AVR Acquisition) | | | |
| EUR | 1,000,000 | Term Loan, 3.24%, Maturing April 1, 2015 | $ 1,076,121 |
| Cory Environmental Holdings | | | |
| GBP | 500,000 | Term Loan - Second Lien, 8.06%, Maturing September 30,
2014 | 462,297 |
| Environmental Systems Products Holdings, Inc. | | | |
| | 1,165,123 | Term Loan - Second Lien, 13.50%, Maturing December 12,
2010 | 806,498 |
| Kemble Water Structure, Ltd. | | | |
| GBP | 1,250,000 | Term Loan - Second Lien, 5.63%, Maturing October 13,
2013 | 1,211,217 |
| Sensus Metering Systems, Inc. | | | |
| | 2,073,913 | Term Loan, 2.80%, Maturing December 17, 2010 | 1,876,891 |
| | | | $ 5,433,024 |
| Electronics/Electrical — 3.8% | | | |
| Aspect Software, Inc. | | | |
| | 888,607 | Term Loan, 4.25%, Maturing July 11, 2011 | $ 582,037 |
| | 1,800,000 | Term Loan - Second Lien, 8.31%, Maturing July 11, 2013 | 468,000 |
| FCI International S.A.S. | | | |
| | 207,823 | Term Loan, 4.15%, Maturing November 1, 2013 | 107,029 |
| | 207,823 | Term Loan, 4.15%, Maturing November 1, 2013 | 107,029 |
| | 215,870 | Term Loan, 4.15%, Maturing November 1, 2013 | 111,173 |
| | 215,870 | Term Loan, 4.15%, Maturing November 1, 2013 | 111,173 |
| Freescale Semiconductor, Inc. | | | |
| | 3,000,000 | Term Loan, 2.26%, Maturing December 1, 2013 | 1,767,189 |
| Infor Enterprise Solutions Holdings | | | |
| | 1,513,906 | Term Loan, 4.18%, Maturing July 28, 2012 | 1,090,012 |
| | 2,901,653 | Term Loan, 4.18%, Maturing July 28, 2012 | 2,089,190 |
| | 500,000 | Term Loan - Second Lien, 5.93%, Maturing March 2, 2014 | 163,750 |
| | 183,333 | Term Loan - Second Lien, 6.68%, Maturing March 2, 2014 | 60,042 |
| | 316,667 | Term Loan - Second Lien, 6.68%, Maturing March 2, 2014 | 109,250 |
| Network Solutions, LLC | | | |
| | 672,016 | Term Loan, 3.13%, Maturing March 7, 2014 | 487,211 |
| Open Solutions, Inc. | | | |
| | 2,058,368 | Term Loan, 3.23%, Maturing January 23, 2014 | 1,132,103 |
| Sensata Technologies Finance Co. | | | |
| | 2,742,697 | Term Loan, 2.80%, Maturing April 27, 2013 | 1,940,458 |
| Spectrum Brands, Inc. | | | |
| | 55,977 | Term Loan, 2.72%, Maturing March 30, 2013 | 44,628 |
| | 1,134,678 | Term Loan, 6.25%, Maturing March 30, 2013 | 904,622 |
| VeriFone, Inc. | | | |
| | 709,125 | Term Loan, 3.18%, Maturing October 31, 2013 | 631,121 |
| Vertafore, Inc. | | | |
| | 1,210,171 | Term Loan, 3.75%, Maturing January 31, 2012 | 1,101,255 |
| | | | $ 13,007,272 |

See notes to financial statements

8

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Equipment
Leasing — 0.5% | | | |
| AWAS Capital, Inc. | | | |
| | 1,654,583 | Term Loan - Second Lien, 7.25%, Maturing March 22, 2013 | $ 637,014 |
| Hertz Corp. | | | |
| | 14,807 | Term Loan, 2.22%, Maturing December 21, 2012 | 12,016 |
| | 1,080,861 | Term Loan, 2.22%, Maturing December 21, 2012 | 877,119 |
| | | | $ 1,526,149 |
| Farming/Agriculture — 0.7% | | | |
| BF Bolthouse HoldCo, LLC | | | |
| | 1,150,000 | Term Loan - Second Lien, 5.93%, Maturing December 16,
2013 | $ 822,250 |
| Central Garden & Pet Co. | | | |
| | 1,863,017 | Term Loan, 1.94%, Maturing February 28, 2014 | 1,474,112 |
| | | | $ 2,296,362 |
| Financial
Intermediaries — 2.3% | | | |
| Citco III, Ltd. | | | |
| | 2,642,561 | Term Loan, 3.58%, Maturing June 30, 2014 | $ 1,466,621 |
| Grosvenor Capital Management | | | |
| | 1,429,052 | Term Loan, 2.74%, Maturing December 5, 2013 | 1,071,789 |
| INVESTools, Inc. | | | |
| | 297,000 | Term Loan, 3.68%, Maturing August 13, 2012 | 289,575 |
| Jupiter Asset Management Group | | | |
| GBP | 404,847 | Term Loan, 3.71%, Maturing June 30, 2015 | 285,231 |
| LPL Holdings, Inc. | | | |
| | 4,010,744 | Term Loan, 2.66%, Maturing December 18, 2014 | 3,435,872 |
| Nuveen Investments, Inc. | | | |
| | 1,460,250 | Term Loan, 3.44%, Maturing November 2, 2014 | 963,309 |
| Oxford Acquisition III, Ltd. | | | |
| | 898,432 | Term Loan, 3.10%, Maturing May 24, 2014 | 309,959 |
| RJO Holdings Corp. (RJ O’Brien) | | | |
| | 450,476 | Term Loan, 3.47%, Maturing July 31, 2014 | 168,929 |
| | | | $ 7,991,285 |
| Food
Products — 3.2% | | | |
| Acosta, Inc. | | | |
| | 3,016,578 | Term Loan, 2.68%, Maturing July 28, 2013 | $ 2,628,194 |
| Advantage Sales & Marketing, Inc. | | | |
| | 686,533 | Term Loan, 2.48%, Maturing March 29, 2013 | 597,284 |
| Dean Foods Co. | | | |
| | 3,397,982 | Term Loan, 2.71%, Maturing April 2, 2014 | 3,174,755 |
| Pinnacle Foods Finance, LLC | | | |
| | 724,127 | Term Loan, 3.25%, Maturing April 2, 2014 | 607,136 |
| Provimi Group SA | | | |
| | 205,103 | Term Loan, 2.68%, Maturing June 28, 2015 | 146,289 |
| | 252,404 | Term Loan, 2.68%, Maturing June 28, 2015 | 180,027 |
| EUR | 265,285 | Term Loan, 3.22%, Maturing June 28, 2015 | 250,349 |
| EUR | 438,752 | Term Loan, 3.22%, Maturing June 28, 2015 | 414,050 |
| EUR | 457,186 | Term Loan, 3.22%, Maturing June 28, 2015 | 431,446 |
| EUR | 598,067 | Term Loan, 3.22%, Maturing June 28, 2015 | 564,397 |
| EUR | 24,182 | Term Loan - Second Lien, 5.22%, Maturing June 28, 2015 | 11,198 |
| | 282,126 | Term Loan - Second Lien, 4.68%, Maturing December 28,
2016 (4) | 98,744 |
| EUR | 697,446 | Term Loan - Second Lien, 5.22%, Maturing December 28,
2016 (4) | 322,977 |
| Reddy Ice Group, Inc. | | | |
| | 1,970,000 | Term Loan, 2.20%, Maturing August 9, 2012 | 1,329,750 |
| | | | $ 10,756,596 |
| Food
Service — 2.3% | | | |
| AFC Enterprises, Inc. | | | |
| | 417,838 | Term Loan, 2.97%, Maturing May 11, 2011 | $ 380,233 |
| Aramark Corp. | | | |
| GBP | 977,500 | Term Loan, 3.81%, Maturing January 27, 2014 | 1,261,691 |
| Buffets, Inc. | | | |
| | 46,833 | Term Loan, 7.73%, Maturing July 22,
2009 (2) | 7,025 |
| | 470,074 | Term Loan, 7.73%, Maturing July 22,
2009 (2) | 70,511 |
| | 1,000,000 | Term Loan, 18.00%, Maturing April 30, 2012 | 940,000 |
| | 137,318 | Term Loan, 7.43%, Maturing May 1,
2013 (2) | 11,500 |
| | 977,792 | Term Loan, 7.77%, Maturing November 1,
2013 (2) | 81,890 |
| CBRL Group, Inc. | | | |
| | 1,737,579 | Term Loan, 2.69%, Maturing April 27, 2013 | 1,539,929 |
| NPC International, Inc. | | | |
| | 346,291 | Term Loan, 2.68%, Maturing May 3, 2013 | 298,387 |
| OSI Restaurant Partners, LLC | | | |
| | 185,739 | Term Loan, 4.50%, Maturing May 9, 2013 | 131,642 |
| | 2,151,514 | Term Loan, 2.75%, Maturing May 9, 2014 | 1,524,886 |
| QCE Finance, LLC | | | |
| | 1,219,290 | Term Loan, 3.50%, Maturing May 5, 2013 | 729,542 |
| | 950,000 | Term Loan - Second Lien, 6.98%, Maturing November 5,
2013 | 323,000 |
| Sagittarius Restaurants, LLC | | | |
| | 356,111 | Term Loan, 9.50%, Maturing March 29, 2013 | 208,325 |
| Selecta | | | |
| EUR | 741,246 | Term Loan - Second Lien, 7.04%, Maturing December 28,
2015 | 232,926 |
| | | | $ 7,741,487 |

See notes to financial statements

9

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Food/Drug
Retailers — 4.8% | | | |
| General Nutrition Centers, Inc. | | | |
| | 3,382,016 | Term Loan, 3.15%, Maturing September 16, 2013 | $ 2,866,259 |
| Iceland Foods Group, Ltd. | | | |
| GBP | 1,250,000 | Term Loan, 2.62%, Maturing May 2, 2014 | 1,728,989 |
| GBP | 1,250,000 | Term Loan, 3.37%, Maturing May 2, 2015 | 1,728,989 |
| Pantry, Inc. (The) | | | |
| | 224,361 | Term Loan, 1.93%, Maturing May 15, 2014 | 199,681 |
| | 779,315 | Term Loan, 1.93%, Maturing May 15, 2014 | 693,590 |
| Rite Aid Corp. | | | |
| | 6,336,000 | Term Loan, 2.20%, Maturing June 1, 2014 | 5,141,664 |
| | 1,069,625 | Term Loan, 6.00%, Maturing June 4, 2014 | 872,814 |
| Roundy’s Supermarkets, Inc. | | | |
| | 3,348,082 | Term Loan, 3.20%, Maturing November 3, 2011 | 3,069,077 |
| | | | $ 16,301,063 |
| Forest
Products — 2.6% | | | |
| Appleton Papers, Inc. | | | |
| | 1,326,375 | Term Loan, 6.50%, Maturing June 5, 2014 | $ 961,622 |
| Georgia-Pacific Corp. | | | |
| | 6,272,978 | Term Loan, 3.24%, Maturing December 20, 2012 | 5,867,197 |
| Newpage Corp. | | | |
| | 1,762,413 | Term Loan, 4.79%, Maturing December 5, 2014 | 1,376,640 |
| Xerium Technologies, Inc. | | | |
| | 1,225,324 | Term Loan, 6.72%, Maturing May 18, 2012 | 768,891 |
| | | | $ 8,974,350 |
| Healthcare — 15.0% | | | |
| Accellent, Inc. | | | |
| | 2,263,755 | Term Loan, 3.76%, Maturing November 22, 2012 | $ 1,882,690 |
| Alliance Imaging, Inc. | | | |
| | 479,714 | Term Loan, 3.66%, Maturing December 29, 2011 | 459,326 |
| American Medical Systems | | | |
| | 1,025,736 | Term Loan, 2.69%, Maturing July 20, 2012 | 953,935 |
| AMN Healthcare, Inc. | | | |
| | 252,518 | Term Loan, 2.97%, Maturing November 2, 2011 | 231,054 |
| AMR HoldCo, Inc. | | | |
| | 1,096,127 | Term Loan, 2.47%, Maturing February 10, 2012 | 1,002,956 |
| Biomet, Inc. | | | |
| | 1,787,178 | Term Loan, 4.15%, Maturing December 26, 2014 | 1,675,479 |
| EUR | 1,206,625 | Term Loan, 4.34%, Maturing December 26, 2014 | 1,464,775 |
| Bright Horizons Family Solutions, Inc. | | | |
| | 942,875 | Term Loan, 7.50%, Maturing May 15, 2015 | 804,586 |
| Cardinal Health 409, Inc. | | | |
| | 4,215,036 | Term Loan, 2.68%, Maturing April 10, 2014 | 2,967,386 |
| Carestream Health, Inc. | | | |
| | 2,669,163 | Term Loan, 2.43%, Maturing April 30, 2013 | 2,316,833 |
| | 1,000,000 | Term Loan - Second Lien, 5.68%, Maturing October 30,
2013 | 554,000 |
| Carl Zeiss Vision Holding GmbH | | | |
| | 1,300,000 | Term Loan, 2.93%, Maturing March 23, 2015 | 457,980 |
| Community Health Systems, Inc. | | | |
| | 329,634 | Term Loan, 2.68%, Maturing July 25, 2014 | 298,357 |
| | 6,458,990 | Term Loan, 3.45%, Maturing July 25, 2014 | 5,846,122 |
| Concentra, Inc. | | | |
| | 611,565 | Term Loan - Second Lien, 7.47%, Maturing June 25,
2015 (2) | 305,783 |
| ConMed Corp. | | | |
| | 466,889 | Term Loan, 1.93%, Maturing April 13, 2013 | 382,849 |
| Convatec Cidron Healthcare | | | |
| EUR | 745,885 | Term Loan, 5.25%, Maturing July 30, 2016 | 932,602 |
| CRC Health Corp. | | | |
| | 485,063 | Term Loan, 3.47%, Maturing February 6, 2013 | 351,670 |
| | 487,500 | Term Loan, 3.47%, Maturing February 6, 2013 | 353,438 |
| Dako EQT Project Delphi | | | |
| | 500,000 | Term Loan - Second Lien, 4.96%, Maturing December 12,
2016 | 187,500 |
| DaVita, Inc. | | | |
| | 547,997 | Term Loan, 2.20%, Maturing October 5, 2012 | 517,001 |
| DJO Finance, LLC | | | |
| | 790,000 | Term Loan, 3.77%, Maturing May 15, 2014 | 703,495 |
| Fenwal, Inc. | | | |
| | 500,000 | Term Loan - Second Lien, 6.51%, Maturing August 28,
2014 | 287,500 |
| Fresenius Medical Care Holdings | | | |
| | 494,103 | Term Loan, 2.61%, Maturing March 31, 2013 | 472,101 |
| Hanger Orthopedic Group, Inc. | | | |
| | 703,142 | Term Loan, 2.44%, Maturing May 30, 2013 | 641,617 |
| HCA, Inc. | | | |
| | 3,547,144 | Term Loan, 3.47%, Maturing November 18, 2013 | 3,210,165 |
| Health Management Association, Inc. | | | |
| | 3,190,878 | Term Loan, 2.97%, Maturing February 28, 2014 | 2,776,463 |
| HealthSouth Corp. | | | |
| | 2,299,819 | Term Loan, 2.96%, Maturing March 10, 2013 | 2,086,265 |
| Iasis Healthcare, LLC | | | |
| | 289,939 | Term Loan, 2.43%, Maturing March 14, 2014 | 258,191 |
| | 837,869 | Term Loan, 2.43%, Maturing March 14, 2014 | 746,122 |
| | 77,901 | Term Loan, 2.44%, Maturing March 14, 2014 | 69,371 |
| Ikaria Acquisition, Inc. | | | |
| | 489,454 | Term Loan, 3.03%, Maturing March 28, 2013 | 417,259 |

See notes to financial statements

10

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | Borrower/Tranche
Description | Value |
| --- | --- | --- |
| Healthcare (continued) | | |
| IM U.S. Holdings, LLC | | |
| 987,437 | Term Loan, 2.78%, Maturing June 26, 2014 | $ 912,392 |
| 625,000 | Term Loan - Second Lien, 4.74%, Maturing June 26, 2015 | 543,750 |
| Invacare Corp. | | |
| 586,300 | Term Loan, 3.21%, Maturing February 12, 2013 | 517,410 |
| LifePoint Hospitals, Inc. | | |
| 2,063,187 | Term Loan, 2.89%, Maturing April 15, 2012 | 1,959,658 |
| MultiPlan Merger Corp. | | |
| 1,057,517 | Term Loan, 2.94%, Maturing April 12, 2013 | 931,937 |
| 1,478,832 | Term Loan, 2.94%, Maturing April 12, 2013 | 1,303,221 |
| Mylan, Inc. | | |
| 582,000 | Term Loan, 4.34%, Maturing October 2, 2014 | 554,679 |
| National Mentor Holdings, Inc. | | |
| 61,600 | Term Loan, 2.44%, Maturing June 29, 2013 | 41,991 |
| 1,009,844 | Term Loan, 3.22%, Maturing June 29, 2013 | 688,377 |
| National Renal Institutes, Inc. | | |
| 809,095 | Term Loan, 6.25%, Maturing March 31,
2013 (2) | 463,207 |
| Physiotherapy Associates, Inc. | | |
| 750,129 | Term Loan, 7.50%, Maturing June 27, 2013 | 425,073 |
| RadNet Management, Inc. | | |
| 537,630 | Term Loan, 5.06%, Maturing November 15, 2012 | 440,856 |
| ReAble Therapeutics Finance, LLC | | |
| 2,521,036 | Term Loan, 2.89%, Maturing November 16, 2013 | 2,306,748 |
| Renal Advantage, Inc. | | |
| 838 | Term Loan, 3.72%, Maturing October 5,
2012 (2) | 754 |
| Select Medical Holdings Corp. | | |
| 2,110,818 | Term Loan, 3.25%, Maturing February 24, 2012 | 1,876,517 |
| Sunrise Medical Holdings, Inc. | | |
| 415,576 | Term Loan, 4.82%, Maturing May 13, 2010 | 218,178 |
| Vanguard Health Holding Co., LLC | | |
| 2,144,262 | Term Loan, 2.68%, Maturing September 23, 2011 | 2,026,999 |
| Viant Holdings, Inc. | | |
| 505,426 | Term Loan, 3.47%, Maturing June 25, 2014 | 381,596 |
| | | $ 51,208,214 |
| Home
Furnishings — 2.2% | | |
| Hunter Fan Co. | | |
| 428,252 | Term Loan, 3.01%, Maturing April 16, 2014 | $ 226,973 |
| Interline Brands, Inc. | | |
| 679,130 | Term Loan, 2.12%, Maturing June 23, 2013 | 519,535 |
| 935,541 | Term Loan, 2.12%, Maturing June 23, 2013 | 715,689 |
| National Bedding Co., LLC | | |
| 1,476,124 | Term Loan, 2.46%, Maturing August 31, 2011 | 870,913 |
| 2,050,000 | Term Loan - Second Lien, 5.46%, Maturing August 31,
2012 | 729,800 |
| Sealy Mattress Co. | | |
| 2,700,000 | Term Loan, 5.67%, Maturing August 25, 2011 | 2,227,500 |
| Simmons Co. | | |
| 2,799,380 | Term Loan, 10.50%, Maturing December 19, 2011 | 2,219,676 |
| 1,047,019 | Term Loan, 8.22%, Maturing February 15,
2012 (2) | 23,733 |
| | | $ 7,533,819 |
| Industrial
Equipment — 3.8% | | |
| Brand Energy and Infrastructure Services, Inc. | | |
| 788,000 | Term Loan, 4.49%, Maturing February 7, 2014 | $ 551,600 |
| CEVA Group PLC U.S. | | |
| 2,246,405 | Term Loan, 3.43%, Maturing January 4, 2014 | 1,140,050 |
| 3,482,973 | Term Loan, 3.44%, Maturing January 4, 2014 | 1,767,609 |
| 1,005,694 | Term Loan, 4.22%, Maturing January 4, 2014 | 510,390 |
| EPD Holdings (Goodyear Engineering Products) | | |
| 146,582 | Term Loan, 2.97%, Maturing July 13, 2014 | 74,268 |
| 1,023,477 | Term Loan, 2.97%, Maturing July 13, 2014 | 518,562 |
| 775,000 | Term Loan - Second Lien, 6.22%, Maturing July 13, 2015 | 138,531 |
| FR Brand Acquisition Corp. | | |
| 735,000 | Term Loan, 3.49%, Maturing February 7, 2014 | 499,800 |
| Generac Acquisition Corp. | | |
| 1,744,302 | Term Loan, 3.00%, Maturing November 7, 2013 | 1,143,971 |
| 500,000 | Term Loan - Second Lien, 6.50%, Maturing April 7, 2014 | 149,375 |
| Gleason Corp. | | |
| 138,408 | Term Loan, 2.97%, Maturing June 30, 2013 | 117,993 |
| 568,403 | Term Loan, 2.97%, Maturing June 30, 2013 | 484,564 |
| Jason, Inc. | | |
| 399,538 | Term Loan, 3.73%, Maturing April 30, 2010 | 209,757 |
| John Maneely Co. | | |
| 2,680,324 | Term Loan, 4.11%, Maturing December 8, 2013 | 1,946,586 |
| KION Group GmbH | | |
| 250,000 | Term Loan, 2.43%, Maturing December 23, 2014 | 85,312 |
| 250,000 | Term Loan, 2.93%, Maturing December 23, 2015 | 85,313 |
| Polypore, Inc. | | |
| 2,972,063 | Term Loan, 2.50%, Maturing July 3, 2014 | 2,555,974 |
| Sequa Corp. | | |
| 795,043 | Term Loan, 3.74%, Maturing November 30, 2014 | 504,852 |
| TFS Acquisition Corp. | | |
| 682,500 | Term Loan, 4.72%, Maturing August 11, 2013 | 315,656 |
| | | $ 12,800,163 |

See notes to financial statements

11

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | Borrower/Tranche
Description | Value |
| --- | --- | --- |
| Insurance — 2.8% | | |
| AmWINS Group, Inc. | | |
| 989,924 | Term Loan, 3.77%, Maturing June 8, 2013 | $ 596,429 |
| 500,000 | Term Loan - Second Lien, 6.79%, Maturing June 8, 2014 | 127,500 |
| Applied Systems, Inc. | | |
| 1,234,636 | Term Loan, 3.61%, Maturing September 26, 2013 | 1,067,960 |
| CCC Information Services Group, Inc. | | |
| 1,570,829 | Term Loan, 2.68%, Maturing February 10, 2013 | 1,390,184 |
| Conseco, Inc. | | |
| 3,437,470 | Term Loan, 6.50%, Maturing October 10, 2013 | 1,443,737 |
| Crawford & Company | | |
| 1,215,000 | Term Loan, 3.72%, Maturing October 31, 2013 | 1,026,675 |
| Crump Group, Inc. | | |
| 859,467 | Term Loan, 3.43%, Maturing August 4, 2014 | 644,601 |
| Hub International Holdings, Inc. | | |
| 499,511 | Term Loan, 3.72%, Maturing June 13, 2014 | 389,619 |
| 2,222,865 | Term Loan, 3.72%, Maturing June 13, 2014 | 1,733,835 |
| U.S.I. Holdings Corp. | | |
| 1,817,625 | Term Loan, 3.97%, Maturing May 4, 2014 | 1,269,307 |
| | | $ 9,689,847 |
| Leisure
Goods/Activities/Movies — 10.1% | | |
| 24 Hour Fitness Worldwide, Inc. | | |
| 1,624,750 | Term Loan, 3.31%, Maturing June 8, 2012 | $ 1,072,335 |
| AMC Entertainment, Inc. | | |
| 2,803,832 | Term Loan, 1.94%, Maturing January 26, 2013 | 2,604,760 |
| AMF Bowling Worldwide, Inc. | | |
| 1,000,000 | Term Loan - Second Lien, 7.54%, Maturing December 8,
2013 | 150,000 |
| Bombardier Recreational Products | | |
| 1,822,785 | Term Loan, 3.95%, Maturing June 28, 2013 | 929,620 |
| Butterfly Wendel US, Inc. | | |
| 287,796 | Term Loan, 3.24%, Maturing June 22, 2013 | 175,916 |
| 287,890 | Term Loan, 2.74%, Maturing June 22, 2014 | 175,973 |
| Carmike Cinemas, Inc. | | |
| 721,656 | Term Loan, 5.19%, Maturing May 19, 2012 | 614,610 |
| 956,483 | Term Loan, 6.13%, Maturing May 19, 2012 | 814,605 |
| Cedar Fair, L.P. | | |
| 1,443,135 | Term Loan, 2.43%, Maturing August 30, 2012 | 1,314,455 |
| Cinemark, Inc. | | |
| 3,522,644 | Term Loan, 2.29%, Maturing October 5, 2013 | 3,295,141 |
| Deluxe Entertainment Services | | |
| 1,063,482 | Term Loan, 3.00%, Maturing January 28, 2011 | 765,707 |
| 59,055 | Term Loan, 3.47%, Maturing January 28, 2011 | 42,520 |
| 104,273 | Term Loan, 3.47%, Maturing January 28, 2011 | 75,077 |
| Easton-Bell Sports, Inc. | | |
| 1,227,717 | Term Loan, 2.85%, Maturing March 16, 2012 | 1,058,906 |
| Fender Musical Instruments Corp. | | |
| 333,046 | Term Loan, 2.76%, Maturing June 9, 2014 | 171,519 |
| 656,090 | Term Loan, 3.47%, Maturing June 9, 2014 | 337,886 |
| Mega Blocks, Inc. | | |
| 1,588,125 | Term Loan, 9.75%, Maturing July 26, 2012 | 555,844 |
| Metro-Goldwyn-Mayer Holdings, Inc. | | |
| 4,823,432 | Term Loan, 3.68%, Maturing April 8, 2012 | 2,365,493 |
| National CineMedia, LLC | | |
| 2,750,000 | Term Loan, 3.08%, Maturing February 13, 2015 | 2,450,938 |
| Regal Cinemas Corp. | | |
| 4,436,098 | Term Loan, 4.97%, Maturing November 10, 2010 | 4,287,072 |
| Revolution Studios Distribution Co., LLC | | |
| 1,023,881 | Term Loan, 4.18%, Maturing December 21, 2014 | 834,463 |
| 800,000 | Term Loan - Second Lien, 7.43%, Maturing June 21, 2015 | 240,000 |
| Six Flags Theme Parks, Inc. | | |
| 1,105,002 | Term Loan, 3.37%, Maturing April 30, 2015 | 839,801 |
| Southwest Sports Group, LLC | | |
| 1,875,000 | Term Loan, 5.75%, Maturing December 22, 2010 | 1,092,188 |
| Ticketmaster | | |
| 1,750,000 | Term Loan, 4.23%, Maturing July 22, 2014 | 1,627,500 |
| Universal City Development Partners, Ltd. | | |
| 1,721,345 | Term Loan, 6.00%, Maturing June 9, 2011 | 1,641,733 |
| WMG Acquisition Corp. | | |
| 875,000 | Revolving Loan, 0.00%, Maturing February 28,
2010 (4) | 787,500 |
| 3,325,879 | Term Loan, 2.80%, Maturing February 28, 2011 | 3,078,101 |
| Zuffa, LLC | | |
| 1,351,581 | Term Loan, 2.50%, Maturing June 20, 2016 | 1,115,054 |
| | | $ 34,514,717 |
| Lodging
and Casinos — 1.9% | | |
| Ameristar Casinos, Inc. | | |
| 1,064,250 | Term Loan, 3.26%, Maturing November 10, 2012 | $ 957,825 |
| LodgeNet Entertainment Corp. | | |
| 2,160,792 | Term Loan, 3.16%, Maturing April 4, 2014 | 1,519,756 |
| New World Gaming Partners, Ltd. | | |
| 204,167 | Term Loan, 3.71%, Maturing June 30, 2014 | 101,062 |
| 1,008,073 | Term Loan, 3.71%, Maturing June 30, 2014 | 498,996 |
| Penn National Gaming, Inc. | | |
| 370,978 | Term Loan, 2.34%, Maturing October 3, 2012 | 348,101 |
| Venetian Casino Resort/Las Vegas Sands, Inc. | | |
| 858,513 | Term Loan, 2.18%, Maturing May 14, 2014 | 523,302 |
| 3,399,450 | Term Loan, 2.18%, Maturing May 23, 2014 | 2,072,118 |

See notes to financial statements

12

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Lodging
and Casinos (continued) | | | |
| Wimar OpCo, LLC | | | |
| | 1,883,308 | Term Loan, 6.50%, Maturing January 3, 2012 | $ 522,618 |
| | | | $ 6,543,778 |
| Nonferrous
Metals / Minerals — 1.9% | | | |
| Alpha Natural Resources, LLC | | | |
| | 815,937 | Term Loan, 2.75%, Maturing October 26, 2012 | $ 754,742 |
| Euramax International, Inc. | | | |
| | 583,289 | Term Loan, 0.00%, Maturing June 28,
2012 (3) | 139,989 |
| | 249,928 | Term Loan - Second Lien, 0.00%, Maturing June 28,
2013 (3) | 11,247 |
| | 503,822 | Term Loan - Second Lien, 0.00%, Maturing June 28,
2013 (3) | 22,672 |
| Murray Energy Corp. | | | |
| | 853,160 | Term Loan, 6.94%, Maturing January 28, 2010 | 810,502 |
| Noranda Aluminum Acquisition | | | |
| | 2,091,859 | Term Loan, 2.45%, Maturing May 18, 2014 | 1,187,130 |
| Novelis, Inc. | | | |
| | 621,738 | Term Loan, 2.43%, Maturing June 28, 2014 | 447,341 |
| | 1,367,837 | Term Loan, 3.22%, Maturing June 28, 2014 | 984,159 |
| Oxbow Carbon and Mineral Holdings | | | |
| | 209,788 | Term Loan, 2.43%, Maturing May 8, 2014 | 183,915 |
| | 2,200,267 | Term Loan, 2.75%, Maturing May 8, 2014 | 1,928,901 |
| | | | $ 6,470,598 |
| Oil
and Gas — 2.6% | | | |
| Atlas Pipeline Partners, L.P. | | | |
| | 1,500,000 | Term Loan, 3.18%, Maturing July 20, 2014 | $ 1,398,750 |
| Big West Oil, LLC | | | |
| | 317,188 | Term Loan, 4.50%, Maturing May 1, 2014 | 256,922 |
| | 398,750 | Term Loan, 4.50%, Maturing May 1, 2014 | 322,988 |
| Dresser, Inc. | | | |
| | 1,431,601 | Term Loan, 3.45%, Maturing May 4, 2014 | 1,232,966 |
| | 1,000,000 | Term Loan - Second Lien, 6.99%, Maturing May 4, 2015 | 557,500 |
| Dynegy Holdings, Inc. | | | |
| | 112,376 | Term Loan, 1.93%, Maturing April 2, 2013 | 100,822 |
| | 1,385,342 | Term Loan, 1.93%, Maturing April 2, 2013 | 1,242,912 |
| Enterprise GP Holdings, L.P. | | | |
| | 1,113,750 | Term Loan, 3.12%, Maturing October 31, 2014 | 1,052,494 |
| Niska Gas Storage | | | |
| | 41,486 | Term Loan, 2.20%, Maturing May 13, 2011 | 37,683 |
| | 61,244 | Term Loan, 2.21%, Maturing May 13, 2011 | 55,630 |
| | 595,637 | Term Loan, 2.21%, Maturing May 12, 2013 | 541,037 |
| Targa Resources, Inc. | | | |
| | 944,269 | Term Loan, 2.44%, Maturing October 31, 2012 | 826,910 |
| | 1,365,968 | Term Loan, 2.44%, Maturing October 31, 2012 | 1,196,197 |
| | | | $ 8,822,811 |
| Publishing — 7.9% | | | |
| American Media Operations, Inc. | | | |
| | 4,155,025 | Term Loan, 10.00%, Maturing January 31, 2013 | $ 2,298,248 |
| Aster Zweite Beteiligungs GmbH | | | |
| | 775,000 | Term Loan, 4.01%, Maturing September 27, 2013 | 407,521 |
| CanWest MediaWorks, Ltd. | | | |
| | 786,000 | Term Loan, 3.26%, Maturing July 10, 2014 | 310,470 |
| Dex Media West, LLC | | | |
| | 2,870,000 | Term Loan, 0.00%, Maturing October 24,
2014 (3) | 1,942,631 |
| GateHouse Media Operating, Inc. | | | |
| | 2,078,261 | Term Loan, 2.44%, Maturing August 28, 2014 | 525,503 |
| | 871,739 | Term Loan, 2.47%, Maturing August 28, 2014 | 220,425 |
| | 675,000 | Term Loan, 2.72%, Maturing August 28, 2014 | 170,678 |
| Idearc, Inc. | | | |
| | 7,081,995 | Term Loan, 0.00%, Maturing November 17,
2014 (3) | 2,786,567 |
| Laureate Education, Inc. | | | |
| | 349,843 | Term Loan, 4.34%, Maturing August 17, 2014 | 259,584 |
| | 2,337,692 | Term Loan, 4.34%, Maturing August 17, 2014 | 1,734,567 |
| Local Insight Regatta Holdings, Inc. | | | |
| | 1,634,981 | Term Loan, 7.75%, Maturing April 23, 2015 | 766,397 |
| MediaNews Group, Inc. | | | |
| | 703,000 | Term Loan, 7.72%, Maturing August 2, 2013 | 138,257 |
| Mediannuaire Holding | | | |
| EUR | 500,000 | Term Loan - Second Lien, 5.91%, Maturing April 10, 2016 | 146,368 |
| Merrill Communications, LLC | | | |
| | 1,270,282 | Term Loan, 3.50%, Maturing August 9, 2009 | 835,210 |
| | 1,000,000 | Term Loan - Second Lien, 7.76%, Maturing November 15,
2013 | 275,000 |
| Nebraska Book Co., Inc. | | | |
| | 1,376,751 | Term Loan, 7.77%, Maturing March 4, 2011 | 1,252,844 |
| Nelson Education, Ltd. | | | |
| | 492,500 | Term Loan, 3.72%, Maturing July 5, 2014 | 307,812 |
| Nielsen Finance, LLC | | | |
| | 782,540 | Term Loan, 2.47%, Maturing August 9, 2013 | 665,515 |
| Philadelphia Newspapers, LLC | | | |
| | 708,076 | Term Loan, 0.00%, Maturing June 29,
2013 (3) | 174,659 |
| R.H. Donnelley Corp. | | | |
| | 2,795,298 | Term Loan, 6.75%, Maturing June 30, 2010 | 1,893,814 |
| Reader’s Digest Association, Inc. (The) | | | |
| | 6,734,000 | Term Loan, 3.29%, Maturing March 2, 2014 | 2,306,395 |

See notes to financial statements

13

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount* | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Publishing (continued) | | | |
| SGS International, Inc. | | | |
| | 633,572 | Term Loan, 4.02%, Maturing December 30, 2011 | $ 491,018 |
| Source Interlink Companies, Inc. | | | |
| | 1,984,887 | Term Loan, 0.00%, Maturing August 1,
2014 (3) | 793,955 |
| Trader Media Corp. | | | |
| GBP | 1,334,000 | Term Loan, 3.03%, Maturing March 23, 2015 | 1,123,881 |
| Tribune Co. | | | |
| | 1,546,802 | Term Loan, 0.00%, Maturing August 17,
2009 (3) | 451,666 |
| | 1,935,388 | Term Loan, 0.00%, Maturing May 17,
2014 (3) | 567,916 |
| | 2,989,950 | Term Loan, 0.00%, Maturing May 17,
2014 (3) | 771,159 |
| Xsys, Inc. | | | |
| | 1,856,807 | Term Loan, 4.01%, Maturing September 27, 2013 | 976,371 |
| | 1,896,271 | Term Loan, 4.01%, Maturing September 27, 2014 | 997,122 |
| Yell Group, PLC | | | |
| | 2,600,000 | Term Loan, 3.43%, Maturing February 10, 2013 | 1,341,785 |
| | | | $ 26,933,338 |
| Radio
and Television — 4.9% | | | |
| Block Communications, Inc. | | | |
| | 822,375 | Term Loan, 3.22%, Maturing December 22, 2011 | $ 686,683 |
| Citadel Broadcasting Corp. | | | |
| | 1,000,000 | Term Loan, 2.95%, Maturing June 12, 2014 | 413,750 |
| CMP KC, LLC | | | |
| | 961,188 | Term Loan, 4.50%, Maturing May 5,
2013 (5) | 275,861 |
| CMP Susquehanna Corp. | | | |
| | 1,655,582 | Term Loan, 2.48%, Maturing May 5, 2013 | 723,973 |
| Emmis Operating Co. | | | |
| | 763,996 | Term Loan, 3.08%, Maturing November 2, 2013 | 441,208 |
| Gray Television, Inc. | | | |
| | 1,089,435 | Term Loan, 4.00%, Maturing January 19, 2015 | 482,075 |
| HIT Entertainment, Inc. | | | |
| | 750,335 | Term Loan, 3.49%, Maturing March 20, 2012 | 408,932 |
| Intelsat Corp. | | | |
| | 2,453,042 | Term Loan, 2.99%, Maturing January 3, 2014 | 2,245,897 |
| | 2,453,042 | Term Loan, 2.99%, Maturing January 3, 2014 | 2,245,897 |
| | 2,453,787 | Term Loan, 2.99%, Maturing January 3, 2014 | 2,246,579 |
| NEP II, Inc. | | | |
| | 612,492 | Term Loan, 2.69%, Maturing February 16, 2014 | 523,681 |
| Nexstar Broadcasting, Inc. | | | |
| | 1,671,946 | Term Loan, 2.79%, Maturing October 1, 2012 | 1,036,607 |
| | 1,767,487 | Term Loan, 2.97%, Maturing October 1, 2012 | 1,095,842 |
| NextMedia Operating, Inc. | | | |
| | 68,108 | Term Loan, 5.25%, Maturing November 15, 2012 | 33,600 |
| | 153,244 | Term Loan, 6.25%, Maturing November 15, 2012 | 75,600 |
| Paxson Communications Corp. | | | |
| | 2,500,000 | Term Loan, 0.00%, Maturing January 15,
2012 (3) | 628,908 |
| Raycom TV Broadcasting, LLC | | | |
| | 875,000 | Term Loan, 2.00%, Maturing June 25, 2014 | 656,250 |
| SFX Entertainment | | | |
| | 1,052,465 | Term Loan, 4.14%, Maturing June 21, 2013 | 894,595 |
| Sirius Satellite Radio, Inc. | | | |
| | 492,500 | Term Loan, 2.69%, Maturing December 19, 2012 | 396,463 |
| Univision Communications, Inc. | | | |
| | 1,200,000 | Term Loan, 2.68%, Maturing September 29, 2014 | 738,300 |
| Young Broadcasting, Inc. | | | |
| | 709,275 | Term Loan, 4.75%, Maturing November 3, 2012 | 278,390 |
| | | | $ 16,529,091 |
| Rail
Industries — 0.9% | | | |
| Kansas City Southern Railway Co. | | | |
| | 1,969,312 | Term Loan, 2.75%, Maturing April 26, 2013 | $ 1,718,225 |
| Rail America, Inc. | | | |
| | 94,240 | Term Loan, 5.20%, Maturing August 14, 2009 | 84,345 |
| | 1,455,760 | Term Loan, 5.20%, Maturing August 13, 2010 | 1,302,905 |
| | | | $ 3,105,475 |
| Retailers
(Except Food and Drug) — 3.6% | | | |
| American Achievement Corp. | | | |
| | 211,701 | Term Loan, 2.70%, Maturing March 25, 2011 | $ 182,063 |
| Amscan Holdings, Inc. | | | |
| | 490,000 | Term Loan, 3.65%, Maturing May 25, 2013 | 421,400 |
| Cumberland Farms, Inc. | | | |
| | 1,529,055 | Term Loan, 2.82%, Maturing September 29, 2013 | 1,253,825 |
| Educate, Inc. | | | |
| | 500,000 | Term Loan - Second Lien, 6.47%, Maturing June 14, 2014 | 287,500 |
| FTD, Inc. | | | |
| | 1,442,750 | Term Loan, 6.75%, Maturing July 31, 2014 | 1,240,765 |
| Harbor Freight Tools USA, Inc. | | | |
| | 423,927 | Term Loan, 9.58%, Maturing July 15, 2010 | 340,202 |
| Josten’s Corp. | | | |
| | 1,509,741 | Term Loan, 2.50%, Maturing October 4, 2011 | 1,415,382 |
| Orbitz Worldwide, Inc. | | | |
| | 1,162,300 | Term Loan, 3.97%, Maturing July 25, 2014 | 428,113 |
| Oriental Trading Co., Inc. | | | |
| | 2,553,944 | Term Loan, 7.50%, Maturing July 31, 2013 | 1,522,151 |
| | 1,125,000 | Term Loan - Second Lien, 6.43%, Maturing January 31,
2013 | 243,281 |
| Rover Acquisition Corp. | | | |
| | 2,199,375 | Term Loan, 3.16%, Maturing October 26, 2013 | 1,988,235 |

See notes to financial statements

14

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

| Principal — Amount | | Borrower/Tranche
Description | Value |
| --- | --- | --- | --- |
| Retailers
(Except Food and Drug) (continued) | | | |
| Savers, Inc. | | | |
| | 334,074 | Term Loan, 3.25%, Maturing August 11, 2012 | $ 290,644 |
| | 365,502 | Term Loan, 3.25%, Maturing August 11, 2012 | 317,987 |
| Yankee Candle Company, Inc. (The) | | | |
| | 2,958,391 | Term Loan, 3.21%, Maturing February 6, 2014 | 2,479,502 |
| | | | $ 12,411,050 |
| Steel — 0.5% | | | |
| Algoma Acquisition Corp. | | | |
| | 1,038,164 | Term Loan, 2.93%, Maturing June 20, 2013 | $ 602,135 |
| Niagara Corp. | | | |
| | 1,994,500 | Term Loan, 5.60%, Maturing June 29, 2014 | 1,121,906 |
| | | | $ 1,724,041 |
| Surface
Transport — 0.4% | | | |
| Gainey Corp. | | | |
| | 1,217,425 | Term Loan, 0.00%, Maturing April 20,
2012 (3) | $ 138,786 |
| Oshkosh Truck Corp. | | | |
| | 794,217 | Term Loan, 7.24%, Maturing December 6, 2013 | 655,725 |
| Swift Transportation Co., Inc. | | | |
| | 804,039 | Term Loan, 3.81%, Maturing May 10, 2014 | 493,982 |
| | | | $ 1,288,493 |
| Telecommunications — 6.0% | | | |
| Alaska Communications Systems Holdings, Inc. | | | |
| | 985,347 | Term Loan, 2.97%, Maturing February 1, 2012 | $ 906,027 |
| Asurion Corp. | | | |
| | 1,900,000 | Term Loan, 3.78%, Maturing July 13, 2012 | 1,659,650 |
| | 1,000,000 | Term Loan - Second Lien, 6.97%, Maturing January 13,
2013 | 770,000 |
| Centennial Cellular Operating Co., LLC | | | |
| | 4,445,833 | Term Loan, 3.22%, Maturing February 9, 2011 | 4,410,107 |
| CommScope, Inc. | | | |
| | 1,767,528 | Term Loan, 3.57%, Maturing November 19, 2014 | 1,571,995 |
| FairPoint Communications, Inc. | | | |
| | 4,414,021 | Term Loan, 5.75%, Maturing March 31, 2015 | 2,231,535 |
| Intelsat Subsidiary Holding Co. | | | |
| | 950,625 | Term Loan, 2.99%, Maturing July 3, 2013 | 876,476 |
| Iowa Telecommunications Services | | | |
| | 1,616,000 | Term Loan, 2.89%, Maturing November 23, 2011 | 1,482,680 |
| IPC Systems, Inc. | | | |
| | 500,000 | Term Loan - Second Lien, 6.50%, Maturing May 31, 2015 | 98,334 |
| Macquarie UK Broadcast Ventures, Ltd. | | | |
| GBP | 754,894 | Term Loan, 2.85%, Maturing December 26, 2014 | 789,171 |
| NTelos, Inc. | | | |
| | 1,156,777 | Term Loan, 2.68%, Maturing August 24, 2011 | 1,102,987 |
| Palm, Inc. | | | |
| | 763,375 | Term Loan, 3.94%, Maturing April 24, 2014 | 486,652 |
| Stratos Global Corp. | | | |
| | 976,500 | Term Loan, 3.72%, Maturing February 13, 2012 | 932,557 |
| Trilogy International Partners | | | |
| | 850,000 | Term Loan, 4.72%, Maturing June 29, 2012 | 361,250 |
| Windstream Corp. | | | |
| | 3,035,833 | Term Loan, 2.07%, Maturing July 17, 2013 | 2,848,464 |
| | | | $ 20,527,885 |
| Utilities — 1.8% | | | |
| AEI Finance Holding, LLC | | | |
| | 269,751 | Term Loan, 3.44%, Maturing March 30, 2012 | $ 175,338 |
| | 1,901,311 | Term Loan, 4.22%, Maturing March 30, 2014 | 1,235,852 |
| Astoria Generating Co. | | | |
| | 1,000,000 | Term Loan - Second Lien, 4.20%, Maturing August 23,
2013 | 858,750 |
| BRSP, LLC | | | |
| | 1,658,831 | Term Loan, 5.55%, Maturing July 13, 2009 | 1,368,535 |
| Electricinvest Holding Co. | | | |
| GBP | 480,000 | Term Loan, 5.40%, Maturing December 21, 2012 | 465,818 |
| EUR | 476,616 | Term Loan - Second Lien, 5.50%, Maturing December 21,
2012 | 414,101 |
| Pike Electric, Inc. | | | |
| | 146,240 | Term Loan, 2.00%, Maturing July 1, 2012 | 134,541 |
| | 339,771 | Term Loan, 2.00%, Maturing December 10, 2012 | 312,590 |
| TXU Texas Competitive Electric Holdings Co., LLC | | | |
| | 338,522 | Term Loan, 3.97%, Maturing October 10, 2014 | 229,541 |
| | 1,332,276 | Term Loan, 3.97%, Maturing October 10, 2014 | 905,191 |
| | | | $ 6,100,257 |
| Total
Senior Floating-Rate Interests | | | |
| (identified
cost $681,677,830) | | | $ 495,791,757 |
| Corporate Bonds
& Notes — 8.7% | | | |
| Principal | | | |
| Amount | | | |
| (000’s
omitted) | | Security | Value |
| Aerospace
and Defense — 0.0% | | | |
| Alion Science and Technologies Corp. | | | |
| | 145 | 10.25%, 2/1/15 | $ 36,250 |

See notes to financial statements

15

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal
Amount*
(000’s
omitted)		Security	Value
Aerospace
and Defense (continued)
Hawker Beechcraft Acquisition
	125	9.75%, 4/1/17	$ 31,250
Vought Aircraft Industries, Inc., Sr. Notes
	85	8.00%, 7/15/11	35,063
			$ 102,563
Air
Transport — 0.1%
Continental Airlines
	207	7.033%, 6/15/11	$ 169,802
			$ 169,802
Automotive — 0.1%
Altra Industrial Motion, Inc.
	335	9.00%, 12/1/11	$ 309,037
Commercial Vehicle Group, Inc., Sr. Notes
	100	8.00%, 7/1/13	31,500
Tenneco, Inc., Sr. Notes
	40	8.125%, 11/15/15	16,200
			$ 356,737
Broadcast
Radio and Television — 0.0%
Warner Music Group, Sr. Sub. Notes
	85	7.375%, 4/15/14	$ 63,750
			$ 63,750
Brokers,
Dealers and Investment Houses — 0.0%
Nuveen Investments, Inc., Sr. Notes
	115	10.50%, 11/15/15 (6)	$ 58,650
			$ 58,650
Building
and Development — 0.6%
Grohe Holding GMBH, Variable Rate
EUR	2,000	4.31%, 1/15/14	$ 1,455,410
Panolam Industries International, Sr. Sub. Notes
	425	10.75%, 10/1/13 (3)	23,375
Texas Industries Inc., Sr. Notes
	115	7.25%, 7/15/13 (6)	94,012
Wintergames Acquisition ULC
	885	7.82%, 10/31/09	597,346
			$ 2,170,143
Business
Equipment and Services — 0.4%
Affinion Group, Inc.
	95	10.125%, 10/15/13	$ 81,700
	205	11.50%, 10/15/15	148,625
Ceridian Corp., Sr. Notes
	275	11.25%, 11/15/15 (6)	202,125
Education Management, LLC, Sr. Notes
	415	8.75%, 6/1/14	403,587
MediMedia USA, Inc., Sr. Sub. Notes
	170	11.375%, 11/15/14 (6)	111,350
Ticketmaster, Sr. Notes
	185	10.75%, 7/28/16 (6)	127,188
Travelport, LLC
	60	9.875%, 9/1/14	29,700
West Corp.
	380	9.50%, 10/15/14	331,550
			$ 1,435,825
Cable
and Satellite Television — 0.1%
Cablevision Systems Corp., Sr. Notes, Series B
	50	8.00%, 4/15/12	$ 50,000
Kabel Deutschland GmbH
	190	10.625%, 7/1/14	194,750
MCC Iowa, LLC
	120	8.50%, 10/15/15	113,400
National Cable PLC
	40	8.75%, 4/15/14	39,800
			$ 397,950
Chemicals
and Plastics — 0.1%
CII Carbon, LLC
	185	11.125%, 11/15/15 (6)	$ 108,225
Nova Chemicals Corp., Sr. Notes, Variable Rate
	195	5.72%, 11/15/13	154,050
Reichhold Industries, Inc., Sr. Notes
	445	9.00%, 8/15/14 (6)	82,325
Wellman Holdings, Inc., Sr. Sub. Notes
	438	5.00%, 1/29/19 (5)	129,955
			$ 474,555
Clothing/Textiles — 0.4%
Levi Strauss & Co., Sr. Notes
	505	9.75%, 1/15/15	$ 479,750
	75	8.875%, 4/1/16	66,750

See notes to financial statements

16

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal
Amount*
(000’s
omitted)	Security	Value
Clothing/Textiles (continued)
Oxford Industries, Inc., Sr. Notes
490	8.875%, 6/1/11	$ 409,150
Perry Ellis International, Inc., Sr. Sub. Notes
360	8.875%, 9/15/13	246,600
		$ 1,202,250
Conglomerates — 0.1%
RBS Global & Rexnord Corp.
155	11.75%, 8/1/16	$ 93,775
175	8.875%, 9/1/16	125,125
		$ 218,900
Containers
and Glass Products — 0.6%
Berry Plastics Corp., Sr. Notes, Variable Rate
2,000	5.881%, 2/15/15	$ 1,750,000
Intertape Polymer US, Inc., Sr. Sub. Notes
310	8.50%, 8/1/14	127,100
Pliant Corp.
345	11.625%, 6/15/09 (2)(3)	123,915
Smurfit-Stone Container Enterprises, Inc., Sr. Notes
300	8.00%, 3/15/17 (3)	66,000
Solo Cup Co.
25	8.50%, 2/15/14	21,125
Stone Container Corp., Sr. Notes
45	8.38%, 7/1/12 (3)	9,675
		$ 2,097,815
Ecological
Services and Equipment — 0.2%
Environmental Systems Products Holdings, Inc. Jr. Notes
373	18.00%, 3/31/15 (5)	$ 298,205
Waste Services, Inc., Sr. Sub. Notes
440	9.50%, 4/15/14	385,000
		$ 683,205
Electronics/Electrical — 0.3%
Advanced Micro Devices, Inc., Sr. Notes
220	7.75%, 11/1/12	$ 126,500
Amkor Technologies, Inc., Sr. Notes
40	7.125%, 3/15/11	39,350
50	7.75%, 5/15/13	45,250
190	9.25%, 6/1/16	166,250
Avago Technologies Finance
170	10.125%, 12/1/13	164,050
215	11.875%, 12/1/15	188,663
NXP BV/NXP Funding, LLC, Variable Rate
775	3.881%, 10/15/13	223,781
		$ 953,844
Equipment
Leasing — 0.0%
Hertz Corp.
25	8.875%, 1/1/14	$ 19,500
		$ 19,500
Financial
Intermediaries — 0.1%
Ford Motor Credit Co., Sr. Notes
230	8.00%, 12/15/16	$ 175,679
General Motors Acceptance Corp., Variable Rate
110	2.488%, 5/15/09	108,762
		$ 284,441
Food
Products — 0.1%
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes
520	11.50%, 11/1/11	$ 447,200
		$ 447,200
Food
Service — 0.2%
Aramark Services, Inc.
85	8.50%, 2/1/15	$ 81,600
El Pollo Loco, Inc.
370	11.75%, 11/15/13	286,750
NPC International, Inc., Sr. Sub. Notes
340	9.50%, 5/1/14	306,000
		$ 674,350
Food/Drug
Retailers — 0.3%
General Nutrition Center, Sr. Notes, Variable Rate
665	6.429%, 3/15/14 (2)	$ 508,725
General Nutrition Center, Sr. Sub. Notes
385	10.75%, 3/15/15	308,000
		$ 816,725

See notes to financial statements

17

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal
Amount*
(000’s
omitted)	Security	Value
Forest
Products — 0.2%
Jefferson Smurfit Corp., Sr. Notes
90	8.25%, 10/1/12 (3)	$ 19,350
75	7.50%, 6/1/13 (3)	14,625
NewPage Corp.
520	10.00%, 5/1/12	247,000
285	12.00%, 5/1/13	78,375
NewPage Corp., Variable Rate
135	7.42%, 5/1/12	58,725
Verso Paper Holdings, LLC/Verso Paper, Inc.
265	11.375%, 8/1/16	63,600
		$ 481,675
Healthcare — 0.7%
Accellent, Inc.
285	10.50%, 12/1/13	$ 216,600
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes
325	10.00%, 2/15/15	331,500
DJO Finance, LLC/DJO Finance Corp.
190	10.875%, 11/15/14	146,300
HCA, Inc.
70	9.125%, 11/15/14	69,475
115	9.25%, 11/15/16	114,138
MultiPlan, Inc., Sr. Sub. Notes
485	10.375%, 4/15/16 (6)	429,225
National Mentor Holdings, Inc.
290	11.25%, 7/1/14	256,650
Res-Care, Inc., Sr. Notes
195	7.75%, 10/15/13	175,987
US Oncology, Inc.
265	9.00%, 8/15/12	262,350
515	10.75%, 8/15/14	480,237
		$ 2,482,462
Home
Furnishings — 0.0%
Interline Brands, Inc., Sr. Sub. Notes
115	8.125%, 6/15/14	$ 110,400
		$ 110,400
Industrial
Equipment — 0.1%
Chart Industries, Inc., Sr. Sub. Notes
195	9.125%, 10/15/15	$ 153,075
ESCO Corp., Sr. Notes
145	8.625%, 12/15/13 (6)	118,175
ESCO Corp., Sr. Notes, Variable Rate
145	5.201%, 12/15/13 (6)	97,875
		$ 369,125
Insurance — 0.0%
Alliant Holdings I, Inc.
100	11.00%, 5/1/15 (6)	$ 69,500
		$ 69,500
Leisure
Goods/Activities/Movies — 0.3%
Bombardier, Inc.
130	8.00%, 11/15/14 (6)	$ 114,400
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital
Corp., Variable Rate
360	0.00%, 4/1/12 (3)(6)	5,400
Marquee Holdings, Inc., Sr. Disc. Notes
665	9.505%, 8/15/14	520,362
Royal Caribbean Cruises, Sr. Notes
95	7.00%, 6/15/13	74,100
35	6.875%, 12/1/13	26,250
25	7.25%, 6/15/16	16,750
50	7.25%, 3/15/18	32,000
Universal City Development Partners, Sr. Notes
240	11.75%, 4/1/10	228,000
		$ 1,017,262
Lodging
and Casinos — 0.9%
Buffalo Thunder Development Authority
480	9.375%, 12/15/14 (6)	$ 52,800
CCM Merger, Inc.
325	8.00%, 8/1/13 (6)	146,250
Chukchansi EDA, Sr. Notes, Variable Rate
280	6.095%, 11/15/12 (6)	120,400
Fontainebleau Las Vegas Casino, LLC
485	11.00%, 6/15/15 (6)	19,400
Galaxy Entertainment Finance
300	9.875%, 12/15/12 (6)	235,500
Greektown Holdings, LLC, Sr. Notes
95	10.75%, 12/1/13 (3)(6)	6,175
Host Hotels and Resorts, LP, Sr. Notes
240	6.75%, 6/1/16	210,600
Indianapolis Downs, LLC & Capital Corp., Sr. Notes
145	11.00%, 11/1/12 (6)	81,925

See notes to financial statements

18

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal
Amount*
(000’s
omitted)	Security	Value
Lodging
and Casinos (continued)
Inn of the Mountain Gods, Sr. Notes
500	12.00%, 11/15/10	$ 107,500
Majestic HoldCo, LLC
140	12.50%, 10/15/11 (3)(6)	770
MGM Mirage, Inc.
20	7.50%, 6/1/16	11,300
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
140	8.00%, 4/1/12	91,700
215	7.125%, 8/15/14	132,225
230	6.875%, 2/15/15	116,725
OED Corp./Diamond Jo, LLC
475	8.75%, 4/15/12	396,625
Pinnacle Entertainment, Inc., Sr. Sub. Notes
25	8.25%, 3/15/12	24,500
140	7.50%, 6/15/15	116,900
Pokagon Gaming Authority, Sr. Notes
102	10.375%, 6/15/14 (6)	94,860
San Pasqual Casino
110	8.00%, 9/15/13 (6)	88,550
Scientific Games Corp.
60	7.875%, 6/15/16 (6)	54,900
Seminole Hard Rock Entertainment, Variable Rate
175	3.826%, 3/15/14 (6)	116,375
Tunica-Biloxi Gaming Authority, Sr. Notes
310	9.00%, 11/15/15 (6)	268,150
Waterford Gaming, LLC, Sr. Notes
289	8.625%, 9/15/14 (6)	231,823
Wynn Las Vegas, LLC
390	6.625%, 12/1/14	331,500
		$ 3,057,453
Nonferrous
Metals/Minerals — 0.2%
FMG Finance PTY, Ltd.
675	10.625%, 9/1/16 (6)	$ 594,000
		$ 594,000
Oil
and Gas — 0.9%
Allis-Chalmers Energy, Inc., Sr. Notes
335	9.00%, 1/15/14	$ 167,500
Cimarex Energy Co., Sr. Notes
120	7.125%, 5/1/17	106,800
Clayton Williams Energy, Inc.
175	7.75%, 8/1/13	120,750
Compton Pet Finance Corp.
360	7.625%, 12/1/13	139,500
Denbury Resources, Inc., Sr. Sub. Notes
50	7.50%, 12/15/15	47,250
El Paso Corp., Sr. Notes
225	9.625%, 5/15/12	229,031
Encore Acquisition Co., Sr. Sub. Notes
155	7.25%, 12/1/17	129,425
Forbes Energy Services, Sr. Notes
310	11.00%, 2/15/15	213,900
OPTI Canada, Inc., Sr. Notes
95	7.875%, 12/15/14	51,538
180	8.25%, 12/15/14	99,900
Parker Drilling Co., Sr. Notes
100	9.625%, 10/1/13	78,750
Petrohawk Energy Corp., Sr. Notes
535	9.125%, 7/15/13	526,975
Petroleum Development Corp., Sr. Notes
115	12.00%, 2/15/18	78,200
Petroplus Finance, Ltd.
465	7.00%, 5/1/17 (6)	376,650
Quicksilver Resources, Inc.
290	7.125%, 4/1/16	182,700
Sandridge Energy, Inc., Sr. Notes
290	8.00%, 6/1/18 (6)	255,200
SemGroup, L.P., Sr. Notes
540	8.75%, 11/15/15 (3)(6)	20,250
SESI, LLC, Sr. Notes
60	6.875%, 6/1/14	52,800
Stewart & Stevenson, LLC, Sr. Notes
335	10.00%, 7/15/14	254,600
		$ 3,131,719
Publishing — 0.2%
Dex Media West/Finance, Series B
112	9.875%, 8/15/13	$ 32,200
Harland Clarke Holdings
35	9.50%, 5/15/15	21,175
Local Insight Regatta Holdings, Inc.
90	11.00%, 12/1/17	22,050
Nielsen Finance, LLC
515	10.00%, 8/1/14	486,675
70	12.50%, (0.00% until 2011), 8/1/16	38,850
Reader’s Digest Association, Inc. (The), Sr. Sub.
Notes
455	9.00%, 2/15/17	27,869
		$ 628,819

See notes to financial statements

19

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal
Amount*
(000’s
omitted)	Security	Value
Rail
Industries — 0.2%
American Railcar Industry, Sr. Notes
175	7.50%, 3/1/14	$ 137,375
Kansas City Southern Mexico, Sr. Notes
280	7.625%, 12/1/13	231,000
100	7.375%, 6/1/14	81,500
190	8.00%, 6/1/15	165,300
		$ 615,175
Retailers
(Except Food and Drug) — 0.3%
Amscan Holdings, Inc., Sr. Sub. Notes
400	8.75%, 5/1/14	$ 322,000
Neiman Marcus Group, Inc.
548	9.00%, 10/15/15	304,162
165	10.375%, 10/15/15	91,575
Sally Holdings, LLC
10	9.25%, 11/15/14	10,050
Sally Holdings, LLC, Sr. Notes
20	10.50%, 11/15/16	19,400
Yankee Acquisition Corp., Series B
545	8.50%, 2/15/15	386,950
		$ 1,134,137
Steel — 0.1%
RathGibson, Inc., Sr. Notes
445	11.25%, 2/15/14	$ 111,250
Steel Dynamics, Inc., Sr. Notes
205	7.375%, 11/1/12	183,988
		$ 295,238
Surface
Transport — 0.0%
CEVA Group, PLC, Sr. Notes
210	10.00%, 9/1/14 (6)	$ 105,000
		$ 105,000
Telecommunications — 0.7%
Centennial Cellular Operating Co./Centennial Communication
Corp., Sr. Notes
75	10.125%, 6/15/13	$ 78,187
Digicel Group, Ltd., Sr. Notes
300	9.25%, 9/1/12 (6)	283,500
882	9.125%, 1/15/15 (6)	604,170
Nortel Networks, Ltd.
130	10.75%, 7/15/16 (3)	35,100
390	10.75%, 7/15/16 (3)(6)	105,300
Qwest Corp., Sr. Notes, Variable Rate
925	4.57%, 6/15/13	841,750
Windstream Corp., Sr. Notes
190	8.125%, 8/1/13	190,000
60	8.625%, 8/1/16	60,000
		$ 2,198,007
Utilities — 0.2%
AES Corp.
55	8.00%, 10/15/17	$ 50,600
Edison Mission Energy, Sr. Notes
25	7.50%, 6/15/13	21,375
NGC Corp.
390	7.625%, 10/15/26	224,250
NRG Energy, Inc.
165	7.25%, 2/1/14	159,638
355	7.375%, 1/15/17	339,912
Reliant Energy, Inc., Sr. Notes
20	7.625%, 6/15/14	18,150
		$ 813,925
Total
Corporate Bonds & Notes
(identified
cost $43,260,165)		$ 29,732,102
Asset-Backed
Securities — 0.2%
Principal
Amount
(000’s
omitted)	Security	Value
$ 547	Alzette European CLO SA, Series 2004-1A, Class E2,
7.82%, 12/15/20 (7)	$ 43,745
686	Avalon Capital Ltd. 3, Series 1A, Class D,
3.199%, 2/24/19 (6)(7)	41,161
907	Babson Ltd., Series 2005-1A, Class C1,
3.081%, 4/15/19 (6)(7)	54,428
1,000	Bryant Park CDO Ltd., Series 2005-1A, Class C,
3.181%, 1/15/19 (6)(7)	30,000
1,000	Carlyle High Yield Partners, Series 2004-6A, Class C,
3.678%, 8/11/16 (6)(7)	80,000
1,000	Centurion CDO 8 Ltd., Series 2005-8A, Class D,
7.693%, 3/8/17 (7)	60,000
750	Centurion CDO 9 Ltd., Series 2005-9A, Class D1,
5.863%, 7/17/19 (7)	30,000
750	Comstock Funding Ltd., Series 2006-1A, Class D,
6.453%, 5/30/20 (6)(7)	15,000

See notes to financial statements

20

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal
Amount
(000’s
omitted)	Security	Value
$ 1,500	Dryden Leveraged Loan, Series 2004-6A, Class C1,
3.724%, 7/30/16 (6)(7)	$ 75,000
1,000	First CLO Ltd., Series 2004-1A1, Class C,
3.459%, 7/27/16 (6)(7)	60,000
1,000	Schiller Park CLO Ltd., Series 2007-1A, Class D,
2.909%, 4/25/21 (6)(7)	60,000
Total
Asset-Backed Securities
(identified
cost $9,899,694)		$ 549,334
Common
Stocks — 0.0%
Shares	Security	Value
Air
Transport — 0.0%
1,535	Delta Air Lines,
Inc. (8)	$ 9,471
		$ 9,471
Chemicals
and Plastics — 0.0%
438	Wellman Holdings,
Inc. (5)(8)	$ 112,731
		$ 112,731
Commercial
Services — 0.0%
6,211	Environmental Systems Products Holdings,
Inc. (5)(8)(9)	$ 0
		$ 0
Total
Common Stocks
(identified
cost $131,956)		$ 122,202
Convertible
Preferred Stocks — 0.0%
Shares	Security	Value
Telecommunications — 0.0%
484	Crown Castle International Corp.,
6.25% (2)	$ 22,022
Total
Convertible Preferred Stocks
(identified
cost $23,003)		$ 22,022
Preferred
Stocks — 0.1%
Shares	Security	Value
Commercial
Services — 0.1%
2,845	Environmental Systems Products Holdings, Inc.,
Series A (5)(8)(9)	$ 125,208
Total
Preferred Stocks
(identified
cost $49,787)		$ 125,208
Miscellaneous —
0.0%
Shares	Security	Value
Air
Transport — 0.0%
1,000,000	Delta Air Lines, Inc., Escrow
Certificate (8)	$ 7,500
Total
Miscellaneous
(identified
cost $0)		$ 7,500

| Short-Term
Investments — 2.4% | | | |
| --- | --- | --- | --- |
| Interest/Principal | | | |
| Amount
(000’s omitted) | Description | Value | |
| $7,198 | Cash Management Portfolio,
0.13% (10) | $ 7,197,700 | |
| 1,000 | State Street Bank and Trust Euro Time Deposit, 0.01%, 5/1/09 | 1,000,000 | |
| Total Short-Term Investments | | | |
| (identified
cost $8,197,700) | | 8,197,700 | |
| Total
Investments — 156.8% | | | |
| (identified
cost $743,240,135) | | $ 534,547,825 | |
| Less
Unfunded Loan Commitments — (0.8)% | | $ (2,633,919 | ) |
| Net
Investments — 156.0% | | | |
| (identified
cost $740,606,216) | | $ 531,913,906 | |
| Other
Assets, Less Liabilities — (17.5)% | | $ (59,627,172 | ) |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends — (38.5)% | | $ (131,308,445 | ) |
| Net
Assets Applicable to Common Shares — 100.0% | | $ 340,978,289 | |

See notes to financial statements

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

DIP - Debtor in Possession

EUR - Euro

GBP - British Pound Sterling

| * | In U.S. dollars unless otherwise
indicated. |
| --- | --- |
| (1) | Senior floating-rate interests
(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
have an expected average life of approximately two to four
years. The stated interest rate represents the weighted average
interest rate of all contracts within the senior loan facility.
Senior Loans typically have rates of interest which are
redetermined either daily, monthly, quarterly or semi-annually
by reference to a base lending rate, plus a premium. These base
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”) and the certificate of deposit (“CD”) rate
or other base lending rates used by commercial lenders. |
| (2) | Represents a payment-in-kind
security which may pay all or a portion of interest/dividends in
additional par/shares. |
| (3) | Defaulted security. Currently the
issuer is in default with respect to interest payments. |
| (4) | Unfunded or partially unfunded loan
commitments. See Note 1G for description. |
| (5) | Security valued at fair value using
methods determined in good faith by or at the direction of the
Trustees. |
| (6) | Security exempt from registration
under Rule 144A of the Securities Act of 1933. These securities
may be sold in transactions exempt from registration, normally
to qualified institutional buyers. At April 30, 2009, the
aggregate value of these securities is $5,895,987 or 1.7% of the
Trust’s net assets applicable to common shares. |
| (7) | Variable rate security. The stated
interest rate represents the rate in effect at April 30,
2009. |
| (8) | Non-income producing security. |
| (9) | Restricted security. See Note 8. |
| (10) | 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, 2009. |

See notes to financial statements

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

| As of
April 30, 2009 | | |
| --- | --- | --- |
| Assets | | |
| Unaffiliated investments, at value (identified cost,
$733,408,516) | $ 524,716,206 | |
| Affiliated investment, at value (identified cost, $7,197,700) | 7,197,700 | |
| Foreign currency, at value (identified cost, $71,752) | 72,254 | |
| Receivable for investments sold | 5,028,515 | |
| Interest and dividends receivable | 4,542,768 | |
| Interest receivable from affiliated investment | 840 | |
| Receivable for closed swap contracts (net of unrealized depreciation of $8,775) | 2,225 | |
| Prepaid expenses | 239,730 | |
| Total assets | $ 541,800,238 | |
| Liabilities | | |
| Notes payable | $ 65,000,000 | |
| Payable for investments purchased | 3,803,679 | |
| Payable for open forward foreign currency exchange contracts | 263,832 | |
| Payable to affiliates: | | |
| Investment adviser fee | 252,470 | |
| Trustees’ fees | 1,823 | |
| Accrued expenses | 191,701 | |
| Total liabilities | $ 69,513,505 | |
| Auction preferred shares (5,252 shares outstanding) at
liquidation value plus cumulative unpaid dividends | $ 131,308,444 | |
| Net assets applicable to common shares | $ 340,978,289 | |
| Sources
of Net Assets | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized, 33,629,955 shares issued and outstanding | $ 336,300 | |
| Additional paid-in capital | 662,285,718 | |
| Accumulated net realized loss | (113,466,362 | ) |
| Accumulated undistributed net investment income | 864,384 | |
| Net unrealized depreciation | (209,041,751 | ) |
| Net assets applicable to common shares | $ 340,978,289 | |
| Net
Asset Value Per Common Share | | |
| ($340,978,289 ¸ 33,629,955 common shares issued and outstanding) | $ 10.14 | |

Statement of Operations

| For the Six
Months Ended | | |
| --- | --- | --- |
| April 30,
2009 | | |
| Investment
Income | | |
| Interest | $ 21,605,362 | |
| Dividends | 756 | |
| Interest income allocated from affiliated investment | 42,901 | |
| Expenses allocated from affiliated investment | (13,019 | ) |
| Total investment income | $ 21,636,000 | |
| Expenses | | |
| Investment adviser fee | $ 1,934,199 | |
| Trustees’ fees and expenses | 11,300 | |
| Custodian fee | 153,035 | |
| Transfer and dividend disbursing agent fees | 10,386 | |
| Legal and accounting services | 135,302 | |
| Printing and postage | 25,190 | |
| Interest expense and fees | 3,209,301 | |
| Preferred shares service fee | 141,263 | |
| Miscellaneous | 67,550 | |
| Total expenses | $ 5,687,526 | |
| Deduct — | | |
| Reduction of investment adviser fee | $ 548,669 | |
| Reduction of custodian fee | 390 | |
| Total expense reductions | $ 549,059 | |
| Net expenses | $ 5,138,467 | |
| Net investment income | $ 16,497,533 | |
| Realized
and Unrealized Gain (Loss) | | |
| Net realized gain (loss) — | | |
| Investment transactions | $ (33,499,757 | ) |
| Swap contracts | (8,775 | ) |
| Foreign currency and forward foreign currency exchange contract
transactions | 670,083 | |
| Extinguishment of debt | (2,123,469 | ) |
| Net realized loss | $ (34,961,918 | ) |
| Change in unrealized appreciation (depreciation) — | | |
| Investments | $ 33,631,764 | |
| Swap contracts | 203 | |
| Foreign currency and forward foreign currency exchange contracts | (1,254,327 | ) |
| Net change in unrealized appreciation (depreciation) | $ 32,377,640 | |
| Net realized and unrealized loss | $ (2,584,278 | ) |
| Distributions to preferred shareholders | | |
| From net investment income | $ (707,665 | ) |
| Net increase in net assets from operations | $ 13,205,590 | |

See notes to financial statements

23

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

| Increase
(Decrease) | Six Months
Ended — April 30,
2009 | | Year Ended | |
| --- | --- | --- | --- | --- |
| in Net Assets | (Unaudited) | | October 31,
2008 | |
| From operations — | | | | |
| Net investment income | $ 16,497,533 | | $ 55,940,751 | |
| Net realized loss from investment transactions, swap contracts,
foreign currency and forward foreign currency exchange contract
transactions, and extinguishment of debt | (34,961,918 | ) | (36,470,609 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, swap contracts, foreign currency and forward
foreign currency exchange contracts | 32,377,640 | | (220,522,846 | ) |
| Distributions to preferred shareholders — | | | | |
| From net investment income | (707,665 | ) | (12,333,061 | ) |
| Net increase (decrease) in net assets from operations | $ 13,205,590 | | $ (213,385,765 | ) |
| Distributions to common shareholders — | | | | |
| From net investment income | $ (14,925,484 | ) | $ (38,359,137 | ) |
| Tax return of capital | — | | (4,011,498 | ) |
| Total distributions to common shareholders | $ (14,925,484 | ) | $ (42,370,635 | ) |
| Capital share transactions — | | | | |
| Reinvestment of distributions to common shareholders | $ 240,983 | | $ — | |
| Net increase in net assets from capital share transactions | $ 240,983 | | $ — | |
| Net decrease in net assets | $ (1,478,911 | ) | $ (255,756,400 | ) |
| Net
Assets Applicable to Common Shares | | | | |
| At beginning of period | $ 342,457,200 | | $ 598,213,600 | |
| At end of period | $ 340,978,289 | | $ 342,457,200 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | |
| At end of period | $ 864,384 | | $ — | |

Statement of Cash Flows

| Cash Flows From | Six Months
Ended — April 30,
2009 | |
| --- | --- | --- |
| Operating Activities | (Unaudited) | |
| Net increase in net assets from operations | $ 13,205,590 | |
| Distributions to preferred shareholders | 707,665 | |
| Net increase in net assets from operations excluding
distributions to preferred shareholders | 13,913,255 | |
| Adjustments to reconcile net increase in net assets from
operations to net cash provided by (used in) operating
activities: | | |
| Investments purchased | (16,391,616 | ) |
| Investments sold and principal repayments | 100,441,663 | |
| Decrease in short-term investments, net | 98,500 | |
| Net accretion/amortization of premium (discount) | (1,611,183 | ) |
| Amortizaion of structuring fee on notes payable | 234,962 | |
| Decrease in interest and dividends receivable | 1,631,954 | |
| Decrease in interest receivable from affiliated investment | 11,601 | |
| Decrease in receivable for investments sold | 1,873,175 | |
| Decrease in receivable for open forward foreign currency
exchange contracts | 777,274 | |
| Increase in receivable for closed swap contracts | (203 | ) |
| Decrease in prepaid expenses | 18,487 | |
| Increase in payable for investments purchased | 801,957 | |
| Increase in payable for open forward foreign currency exchange
contracts | 263,832 | |
| Decrease in payable to affiliate for investment adviser fee | (116,536 | ) |
| Increase in payable to affiliate for Trustees’ fees | 220 | |
| Decrease in accrued expenses | (930,572 | ) |
| Decrease in unfunded loan commitments | (974,941 | ) |
| Net change in unrealized (appreciation) depreciation of
investments | (33,631,764 | ) |
| Net realized (gain) loss on extinguishment of debt | 2,123,469 | |
| Net realized (gain) loss from investments | 33,499,757 | |
| Net cash provided by operating activities | $ 102,033,291 | |
| Cash
Flows From Financing Activities | | |
| Cash distributions paid to common shareholders, net of
reinvestments | $ (14,684,501 | ) |
| Distributions to preferred shareholders | (930,563 | ) |
| Proceeds from notes payable | 800,000 | |
| Repayment of notes payable | (90,000,000 | ) |
| Payment of structuring fee on notes payable | (225,000 | ) |
| Net cash used in financing activities | $ (105,040,064 | ) |
| Net decrease in cash | $ (3,006,773 | ) |
| Cash at beginning of
period (1) | $ 3,079,027 | |
| Cash at end of
period (1) | $ 72,254 | |
| Supplemental
disclosure of cash flow information: | | |
| Reinvestment of dividends and distributions | $ 240,983 | |
| Cash paid for interest and fees on borrowings | $ 3,964,150 | |

(1) Balance includes foreign currency, at value

See notes to financial statements

24

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Six Months
Ended | | Year Ended
October 31, | | | | | | | | Period Ended | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | April 30,
2009 | | | | | | | | | | October 31, | |
| | (Unaudited) | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 (1) | |
| Net asset value — Beginning of period (Common shares) | $ 10.190 | | $ 17.800 | | $ 18.690 | | $ 18.740 | | $ 18.970 | | $ 19.100 | (2) |
| Income
(loss) from operations | | | | | | | | | | | | |
| Net investment
income (3) | $ 0.491 | | $ 1.665 | | $ 2.177 | | $ 2.053 | | $ 1.547 | | $ 0.968 | |
| Net realized and unrealized gain (loss) | (0.076 | ) | (7.647 | ) | (0.861 | ) | (0.026 | ) | (0.193 | ) | 0.080 | |
| Distributions to preferred shareholders From net investment
income (3) | (0.021 | ) | (0.367 | ) | (0.634 | ) | (0.558 | ) | (0.354 | ) | (0.132 | ) |
| Total income (loss) from operations | $ 0.394 | | $ (6.349 | ) | $ 0.682 | | $ 1.469 | | $ 1.000 | | $ 0.916 | |
| Less
distributions to common shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.444 | ) | $ (1.142 | ) | $ (1.542 | ) | $ (1.519 | ) | $ (1.230 | ) | $ (0.900 | ) |
| Tax return of capital | — | | (0.119 | ) | (0.030 | ) | — | | — | | — | |
| Total distributions to common shareholders | $ (0.444 | ) | $ (1.261 | ) | $ (1.572 | ) | $ (1.519 | ) | $ (1.230 | ) | $ (0.900 | ) |
| Preferred and common shares offering costs charged to paid-in
capital (3) | $ — | | $ — | | $ — | | $ — | | $ — | | $ (0.027 | ) |
| Preferred shares underwriting
discounts (3) | $ — | | $ — | | $ — | | $ — | | $ — | | $ (0.119 | ) |
| Net asset value — End of period (Common shares) | $ 10.140 | | $ 10.190 | | $ 17.800 | | $ 18.690 | | $ 18.740 | | $ 18.970 | |
| Market Value — End of period (Common shares) | $ 9.620 | | $ 9.480 | | $ 16.200 | | $ 18.240 | | $ 17.210 | | $ 19.940 | |
| Total Investment Return on Net Asset
Value (4) | 4.99 | % (14) | (37.33 | )% | 3.93 | % | 8.47 | % | 5.57 | % | 4.13 | % (5)(14) |
| Total Investment Return on Market
Value (4) | 7.07 | % (14) | (35.90 | )% | (3.13 | )% | 15.27 | % | (7.77 | )% | 9.45 | % (5)(14) |

See notes to financial statements

25

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Six Months
Ended | | Year Ended
October 31, | | | | | | | | Period Ended | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | April 30,
2009 | | | | | | | | | | October 31, | |
| | (Unaudited) | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 (1) | |
| Ratios/Supplemental
Data | | | | | | | | | | | | |
| Net assets applicable to common shares, end of period
(000’s omitted) | $ 340,978 | | $ 342,457 | | $ 598,214 | | $ 625,925 | | $ 627,586 | | $ 633,584 | |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (6) | | | | | | | | | | | | |
| Expenses before custodian fee reduction excluding interest and
fees (7) | 1.32 | % (8) | 1.18 | % | 1.18 | % | 1.17 | % | 1.16 | % | 1.08 | % (8) |
| Interest and fee
expense (9) | 2.17 | % (8) | 0.99 | % | — | | — | | — | | — | |
| Total expenses | 3.49 | % (8) | 2.17 | % | 1.18 | % | 1.17 | % | 1.16 | % | 1.08 | % (8) |
| Net investment income | 11.17 | % (8) | 10.66 | % | 11.79 | % | 10.95 | % | 8.18 | % | 5.51 | % (8) |
| Portfolio Turnover | 3 | % (14) | 21 | % | 58 | % | 51 | % | 64 | % | 95 | % (14) |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares and borrowings,
are as follows: | | | | | | | | | | | | |
| Ratios (as a percentage of average daily net assets applicable
to common shares plus preferred shares and
borrowings): (6) | | | | | | | | | | | | |
| Expenses before custodian fee reduction excluding interest and
fees (7) | 0.75 | % (8) | 0.68 | % | 0.72 | % | 0.72 | % | 0.72 | % | 0.71 | % (8) |
| Interest and fee
expense (9) | 1.24 | % (8) | 0.57 | % | — | | — | | — | | — | |
| Total expenses | 1.99 | % (8) | 1.25 | % | 0.72 | % | 0.72 | % | 0.72 | % | 0.71 | % (8) |
| Net investment income | 6.37 | % (8) | 6.12 | % | 7.21 | % | 6.73 | % | 5.04 | % | 3.63 | % (8) |
| Senior Securities: | | | | | | | | | | | | |
| Total notes payable outstanding (in 000’s) | $ 65,000 | | $ 154,200 | | $ — | | $ — | | $ — | | $ — | |
| Asset coverage per $1,000 of notes
payable (10) | $ 8,266 | | $ 4,074 | | $ — | | $ — | | $ — | | $ — | |
| Total preferred shares outstanding | 5,252 | | 5,252 | | 15,760 | | 15,760 | | 15,760 | | 15,760 | |
| Asset coverage per preferred share | $ 68,427 | (11) | $ 55,060 | (11) | $ 63,001 | (12) | $ 64,753 | (12) | $ 64,853 | (12) | $ 65,223 | (12) |
| Involuntary liquidation preference per preferred
share (13) | $ 25,000 | | $ 25,000 | | $ 25,000 | | $ 25,000 | | $ 25,000 | | $ 25,000 | |
| Approximate market value per preferred
share (13) | $ 25,000 | | $ 25,000 | | $ 25,000 | | $ 25,000 | | $ 25,000 | | $ 25,000 | |

| (1) | For the period from the start of business, November 28,
2003, to October 31, 2004. |
| --- | --- |
| (2) | Net asset value at beginning of period reflects the deduction of
the sales load of $0.90 per share paid by the shareholder from
the $20.00 offering price. |
| (3) | Computed using average common shares outstanding. |
| (4) | Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested. |
| (5) | Total investment return on net asset value is calculated
assuming a purchase at the offering price of $20.00 less the
sales load of $0.90 per share paid by the shareholder on the
first day and a sale at the net asset value on the last day of
the period reported. Total investment return on market value is
calculated assuming a purchase at the offering price of $20.00
less the sales load of $0.90 per share paid by the shareholder
on the first day and a sale at the current market price on the
last day of the period reported with all distributions
reinvested. |
| (6) | Ratios do not reflect the effect of dividend payments to
preferred shareholders. |
| (7) | Excludes the effect of custody fee credits, if any, of less than
0.005%. |
| (8) | Annualized. |
| (9) | Interest and fee expense relates to the notes payable incurred
to partially redeem the Trust’s APS (see Note 10). |
| (10) | Calculated by subtracting the Trust’s total liabilities
(not including the notes payable and preferred shares) from the
Trust’s total assets, and dividing the result by the notes
payable balance in thousands. |
| (11) | Calculated by subtracting the Trust’s total liabilities
(not including the notes payables and preferred shares) from the
Trust’s total assets, dividing the result by the sum of the
value of the notes payables and liquidation value of preferred
shares, and multiplying the result by the liquidation value of
one preferred shares. Such amount equates to 274% and 220% at
April 30, 2009 and October 31, 2008, respectively. |
| (12) | Calculated by subtracting the Trust’s total liabilities
(not including the preferred shares) from the Trust’s total
assets, and dividing the result by the number of preferred
shares outstanding. |
| (13) | Plus accumulated and unpaid dividends. |
| (14) | Not annualized. |

See notes to financial statements

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009

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1 Significant Accounting Policies

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Eaton Vance Senior Floating-Rate Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s primary investment objective is to provide a high level of current income. The Trust may, as a secondary objective, also seek preservation of capital to the extent consistent with its primary objective.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation — 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 an independent 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 Trust 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 Trust. 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 Trust. 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 are valued in the same manner as Senior Loans.

Debt obligations, including listed securities and securities for which quotations are readily available, will normally be valued on the basis of reported trades or market quotations provided by independent pricing services, when in the services’ judgment, these prices are representative of the securities’ market values. For debt securities where market quotations are not readily available, the pricing services will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, issuer spreads, as well as industry and economic events. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service.

Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore 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 asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Forward foreign currency exchange contracts are generally valued using forward exchange rates supplied by a pricing vendor. Credit default swaps are normally valued using valuations provided by pricing vendors. The pricing vendors employ electronic data processing techniques to determine the present value based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing vendor using proprietary models. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The independent service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. 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 Trust in a manner that most fairly reflects the security’s value, or the amount that the Trust might

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reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all 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, 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 financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Trust may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act, pursuant to which Cash Management must comply with certain conditions. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Management may value its investment securities based on available market quotations provided by a pricing service.

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.

D Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

At October 31, 2008, the Trust, for federal income tax purposes, had a capital loss carryforward of $78,071,272 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. Such capital loss carryforward will expire on October 31, 2012 ($5,860,075), October 31, 2013 ($4,807,956), October 31, 2014 ($1,142,602), October 31, 2015 ($2,782,217) and October 31, 2016 ($63,478,422).

As of April 30, 2009, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trust’s federal tax returns filed in the 3-year period ended October 31, 2008 remains subject to examination by the Internal Revenue Service.

E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trust. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Trust maintains with SSBT. All credit balances, if any, used to reduce the Trust’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F 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.

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

H Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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

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reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I Indemnifications — Under the Trust’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 Trust, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

J Forward Foreign Currency Exchange Contracts — The Trust 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 Trust may enter into forward contracts for hedging purposes as well as non-hedging purposes. 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 or offset by another contract with the same broker for the same settlement date and currency. 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.

K Credit Default Swaps — The Trust may enter into credit default swap contacts to manage its credit risk, to gain exposure to credit in which the Trust may otherwise invest, or to enhance return. When the Trust is the buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Trust pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Trust would have spent the stream of payments and received no benefits from the contract. When the Trust is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Trust is the seller of protection and a credit event occurs, the maximum potential amount of future payments that the Trust could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Trust for the same referenced obligation. As the seller, the Trust effectively adds leverage to its portfolio because, in addition to its total net assets, the Trust is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Trust also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. Up-front payments or receipts, if any, are recorded as other assets or other liabilities, respectively, and amortized over the life of the swap contract as realized gains or losses. The Trust segregates assets in the form of cash or liquid securities in an amount equal to notional amount of the credit default swaps of which it is the seller. The Trust segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.

L Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

M Interim Financial Statements — The interim financial statements relating to April 30, 2009 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Auction Preferred Shares

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The Trust issued Auction Preferred Shares (APS) on January 26, 2004 in a public offering. The underwriting discount and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at rates which are reset weekly for Series A and Series B, and approximately monthly for Series C and Series D by an auction, unless a special dividend period has been set. Series of APS are

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identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 150% of the “AA” Financial Composite Commercial Paper Rate on the date of the auction.

The number of APS issued and outstanding as of April 30, 2009 is as follows:

Series A	1,313
Series B	1,313
Series C	1,313
Series D	1,313

The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust’s By-Laws and the 1940 Act. The Trust pays an annual fee equivalent to 0.15% (0.25% prior to March 2009) of the liquidation value of the APS to broker-dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

3 Distributions to Shareholders

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The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains, (reduced by available capital loss carryforwards from prior years, if any). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at April 30, 2009, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:

	APS	Dividends	Average APS	Dividend
	Dividend Rates at	Paid to APS	Dividend	Rate
Series	April 30,
2009	Shareholders	Rates	Ranges
A	0.53%	$ 159,164	0.98%	0.36%–4.74%
B	0.53%	$ 159,164	0.98%	0.36%–4.74%
C	0.45%	$ 202,804	1.25%	0.38%–4.29%
D	0.53%	$ 186,533	1.15%	0.36%–6.04%

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust’s APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rate. The table above reflects such maximum dividend rate for each series as of April 30, 2009.

The Trust distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

4 Investment Adviser Fee and Other Transactions with Affiliates

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The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.75% of the Trust’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. The portion of the adviser fee payable by Cash Management on the Trust’s investment of cash therein is credited against the Trust’s adviser fee. For the six months ended April 30, 2009, the Trust’s adviser fee totaled $1,946,799 of which $12,600 was allocated from Cash Management and $1,934,199 was paid or accrued directly by the Trust. EVM also serves as administrator of the Trust, but receives no compensation.

In addition, EVM has contractually agreed to reimburse the Trust for fees and other expenses at an annual rate of 0.20% of the Trust’s average daily gross assets during the first five full years of the Trust’s operations, 0.15% of the Trust’s average daily gross assets in year six, 0.10% in year seven and 0.05% in year eight. Pursuant to this agreement, EVM waived $548,669 of its adviser fee for the six months ended April 30, 2009.

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EVM has further agreed to waive its adviser fee to the extent that the cost of the outstanding borrowings to partially redeem the APS is greater than the dividends and preferred shares service fee that would have been incurred had the APS not been redeemed, hereafter referred to as “incremental cost”. Such waiver is calculated as the lesser of 50% of the Trust’s adviser fee on assets attributable to borrowings or the incremental cost and will remain in effect until October 31, 2009. Pursuant to this agreement, EVM waived $126,048 of its adviser fee for the six months ended April 30, 2009

Except for Trustees of the Trust who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM 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, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

5 Purchases and Sales of Investments

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Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $16,391,616 and $100,441,663, respectively, for the six months ended April 30, 2009.

6 Common Shares of Beneficial Interest

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The Trust may issue common shares pursuant to its dividend reinvestment plan. Common shares issued pursuant to the Trust’s dividend reinvestment plan for the six months ended April 30, 2009 were 29,134. There were no transactions in common shares for the year ended October 31, 2008.

7 Federal Income Tax Basis of Investments

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The cost and unrealized appreciation (depreciation) of investments of the Trust at April 30, 2009, as determined on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 1,294,604
Gross unrealized depreciation	(210,395,738	)
Net unrealized depreciation	$ (209,101,134	)

8 Restricted Securities

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At April 30, 2009, the Trust owned the following securities (representing less than 0.1% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description	Date of — Acquisition	Shares	Cost		Value
Common
Stocks
Environmental Systems Products Holdings, Inc.	10/25/07	6,211	$ 0	(1)	$ 0
Preferred Stocks
Environmental Systems Products Holdings, Inc., Series A	10/25/07	2,845	$ 49,788		$ 125,208
Total Restricted Stocks			$ 49,788		$ 125,208

(1) Less than $0.50.

9 Financial Instruments

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The Trust 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 Trust has in particular classes of financial instruments and does 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, 2009 is as follows:

| Forward Foreign
Currency Exchange Contracts | | | |
| --- | --- | --- | --- |
| Sales | | | |
| | | | Net Unrealized |
| Settlement
Date | Deliver | In Exchange
For | Depreciation |
| 5/29/09 | British Pound Sterling 8,119,519 | United States Dollar 11,908,898 | $(102,390) |
| 5/29/09 | Euro 13,738,357 | United States Dollar 18,014,283 | (161,442) |
| | | | $(263,832) |

At April 30, 2009, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

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10 Revolving Credit and Security Agreement

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Effective March 31, 2009, the Trust entered into a Revolving Credit and Security Agreement (the Agreement) with a bank to borrow up to an initial limit of $150 million. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the London Interbank Offered Rate (LIBOR) and is payable monthly. Under the terms of the Agreement, the Trust pays a commitment fee of 0.15% on the borrowing limit. The Trust also paid an up-front fee of $225,000 which is being amortized to interest expense through March 30, 2010, the termination date of the Agreement. The unamortized balance at April 30, 2009 is approximately $206,000 and is included in prepaid expenses on the Statement of Assets and Liabilities. The Trust is required to maintain certain net asset levels during the term of the Agreement. At April 30, 2009, the Trust had borrowings outstanding under the Agreement of $65,000,000 at an interest rate of 1.32%. Prior to March 31, 2009, the Trust had a Revolving Credit and Security Agreement with conduit lenders and a bank to borrow up to an initial limit of $262.7 million at a rate above the conduit’s commercial paper issuance rate. Under the terms of such agreement, the Trust paid a program fee of 1.25% per annum on its outstanding borrowings and a liquidity fee of 1.25% per annum on the borrowing limit. In connection with the Trust’s termination of the agreement, unamoritized structuring fees of approximately $2,123,000 were written off as a realized loss. For the six months ended April 30, 2009, the average borrowings under the agreements and the average interest rate (annualized) were $93,317,680 and 2.03%, respectively.

11 Risks Associated with Foreign Investments

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Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Trust, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.

12 Concentration of Credit Risk

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The Trust invests primarily in below investment grade floating-rate loans and floating-rate debt obligations, 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.

13 Fair Value Measurements

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The Trust adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective November 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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At April 30, 2009, the inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

| | Valuation
Inputs | Investments in — Securities | Other Financial — Instruments* | |
| --- | --- | --- | --- | --- |
| Level 1 | Quoted Prices | $ 7,219,722 | $ — | |
| Level 2 | Other Significant Observable Inputs | 523,337,079 | (263,832 | ) |
| Level 3 | Significant Unobservable Inputs | 1,357,105 | — | |
| Total | | $ 531,913,906 | $ (263,832 | ) |

• Other financial instruments are forward foreign currency exchange contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in
	Securities
Balance as of October 31, 2008	$ 993,778
Realized gains (losses)	14
Change in net unrealized appreciation (depreciation)*	(929,524	)
Net purchases (sales)	252,656
Accrued discount (premium)	(6,197	)
Net transfer to (from) Level 3	1,046,378
Balance as of April 30, 2009	$ 1,357,105
Change in net unrealized appreciation (depreciation) on
investments still held as of April 30, 2009*	$ (778,927	)

• Amount is included in the related amount on investments in the Statement of Operations.

14 Recently Issued Accounting Pronouncement

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In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities”. FAS 161 requires enhanced disclosures about an entity’s derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Trust’s financial statement disclosures.

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DIVIDEND REINVESTMENT PLAN

The Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have dividends and capital gains distributions reinvested in common shares (the Shares) of the Trust. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Trust’s transfer agent, American Stock Transfer & Trust Company, or you will not be able to participate.

The Plan Agent’s service fee for handling distributions will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.

Any inquiries regarding the Plan can be directed to the Plan Agent, American Stock Transfer & Trust Company, at 1-866-439-6787.

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Eaton Vance Senior Floating-Rate Trust

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

Begin box 1

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

End box 1

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

callerid=999 iwidth=480 length=0

Please print exact name on account:

callerid=999 iwidth=480 length=0

Shareholder signature Date

callerid=999 iwidth=480 length=0

Shareholder signature Date

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Senior Floating-Rate Trust

c/o American Stock Transfer & Trust Company

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

callerid=999 iwidth=480 length=0

Number of Employees

The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company and has no employees.

Number of Shareholders

As of April 30, 2009, our records indicate that there are 51 registered shareholders and approximately 25,105 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.

If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Trust, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange symbol

The New York Stock Exchange symbol is EFR.

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Eaton Vance Senior Floating-Rate Trust

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

| • | An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds; |
| --- | --- |
| • | An independent report comparing each fund’s total expense
ratio and its components to comparable funds; |
| • | An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods; |
| • | Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices; |
| • | Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund; |
| • | Profitability analyses for each adviser with respect to each
fund; |

Information about Portfolio Management

| • | Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel; |
| --- | --- |
| • | Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through “soft dollar” benefits received in
connection with the funds’ brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds; |
| • | Data relating to portfolio turnover rates of each fund; |
| • | The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes; |

Information about each Adviser

| • | Reports detailing the financial results and condition of each
adviser; |
| --- | --- |
| • | Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts; |
| • | Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes; |
| • | Copies of or descriptions of each adviser’s proxy voting
policies and procedures; |
| • | Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions; |
| • | Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates; |

Other Relevant Information

| • | Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates; |
| --- | --- |
| • | Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds’ administrator; and |
| • | The terms of each advisory agreement. |

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Eaton Vance Senior Floating-Rate Trust

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

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

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement between Eaton Vance Senior Floating-Rate Trust (the “Fund”), and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior secured floating-rate loans. Specifically, the Board noted the experience of the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Fund and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the

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Eaton Vance Senior Floating-Rate Trust

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls. In addition, the Board considered the Adviser’s actions with respect to the Auction Preferred Shares (“APS”) issued by the Fund, including the Adviser’s efforts to seek alternative forms of debt and other leverage that may over time reduce financing costs associated with APS and enable the Fund to restore liquidity for APS holders.

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

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one- and three-year periods ended September 30, 2008 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded, under the circumstances, that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that the Adviser had waived fees and/or paid expenses for the Fund.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.

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Eaton Vance Senior Floating-Rate Trust

OFFICERS AND TRUSTEES

Officers Payson F. Swaffield President Peter M. Campo Vice President Scott H. Page Vice President Craig P. Russ Vice President Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Helen Frame Peters Heidi L. Steiger Lynn A. Stout

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Investment Adviser and Administrator of

Eaton Vance Senior Floating-Rate Trust

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Eaton Vance Senior Floating-Rate Trust

Two International Place

Boston, MA 02110

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2025-6/09 CE-FLRTSRC

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link2 "Item 2. Code of Ethics"

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

link2 "Item 3. Audit Committee Financial Expert"

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).

link2 "Item 4. Principal Accountant Fees and Services"

Item 4. Principal Accountant Fees and Services

Not required in this filing

link2 "Item 5. Audit Committee of Listed registrants"

Item 5. Audit Committee of Listed registrants

Not required in this filing.

link2 "Item 6. Schedule of Investments"

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.

link2 "Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies"

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

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Contract Review Committee except as contemplated under the Fund Policy. The Board’s Contract Review Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where

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it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Contract Review Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov .

link2 "Item 8. Portfolio Managers of Closed-End Management Investment Companies"

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

Not required in this filing.

link2 "Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers"

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

No such purchases this period.

link2 "Item 10. Submission of Matters to a Vote of Security Holders"

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

No Material Changes.

link2 "Item 11. Controls and Procedures"

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.

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(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of 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.

link2 "Item 12. Exhibits"

Item 12. 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.

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link1 "Signatures"

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.

Eaton Vance Senior Floating-Rate Trust
By:	/s/ Scott H. Page
	Scott H. Page
	President

Date: June 16, 2009

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:
Barbara E. Campbell
Treasurer

Date: June 16, 2009

By:
Scott H. Page
President

Date: June 16, 2009

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