Regulatory Filings • Jun 25, 2013
Preview not available for this file type.
Download Source FileN-CSRS 1 d555554dncsrs.htm EATON VANCE SENIOR FLOATING-RATE TRUST Eaton Vance Senior Floating-Rate Trust
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
(Registrants Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2013
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Senior Floating-Rate Trust (EFR)
Semiannual Report
April 30, 2013
Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (CFTC) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term commodity pool operator under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, the Funds adviser is registered with the CFTC as a commodity pool operator.
Fund 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.
Semiannual Report April 30, 2013
Eaton Vance
Senior Floating-Rate Trust
Table of Contents
| Performance | 2 |
|---|---|
| Fund Profile | 3 |
| Endnotes and Additional Disclosures | 4 |
| Financial Statements | 5 |
| Board of Trustees Contract Approval | 39 |
| Officers and Trustees | 42 |
| Important Notices | 43 |
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Performance 1,2
Portfolio Managers Scott H. Page, CFA, Craig P. Russ and Peter M. Campo, CFA
| % Average Annual Total Returns — Fund at NAV | 11/28/2003 | 5.92 % | 11.23 % | 8.12 % | 5.84 % |
|---|---|---|---|---|---|
| Fund at Market Price | | 10.60 | 18.98 | 11.21 | 6.77 |
| S&P/LSTA Leveraged Loan Index | 11/28/2003 | 3.85 % | 7.76 % | 6.73 % | 5.39 % |
| % Premium/Discount to NAV | |||||
| 8.56 % | |||||
| Distributions 3 | |||||
| Total Distributions per share for the period | $ | 0.545 | |||
| Distribution Rate at NAV | 6.45 % | ||||
| Distribution Rate at Market Price | 5.94 % | ||||
| % Total Leverage 4 | |||||
| Auction Preferred Shares (APS) | 14.78 % | ||||
| Borrowings | 20.26 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
2
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Fund Profile
Top 10 Issuers (% of total investments) 5
| HJ Heinz Co. | 1.2 |
|---|---|
| Intelsat Jackson Holdings Ltd. | 1.1 |
| Alliance Boots Holdings Limited | 1.1 |
| HCA, Inc. | 1.1 |
| Asurion LLC | 1.0 |
| Aramark Corporation | 1.0 |
| Calpine Corp. (corporate bond) | 0.9 |
| UPC Financing Partnership | 0.9 |
| MEG Energy Corp. | 0.8 |
| Laureate Education, Inc. | 0.8 |
| Total | 9.9 % |
Top 10 Sectors (% of total investments) 5
| Health Care | 11.1 |
|---|---|
| Business Equipment and Services | 8.2 |
| Electronics/Electrical | 5.8 |
| Telecommunications | 4.9 |
| Financial Intermediaries | 4.6 |
| Cable and Satellite Television | 4.3 |
| Retailers (Except Food and Drug) | 4.0 |
| Food Service | 4.0 |
| Publishing | 3.9 |
| Leisure Goods/Activities/Movies | 3.9 |
| Total | 54.7 % |
Credit Quality (% of loan holdings) 6
See Endnotes and Additional Disclosures in this report.
3
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Endnotes and Additional Disclosures
1 S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2 Performance results reflect the effects of leverage. The Funds performance for certain periods reflect the effects of expense reductions. Absent these reductions, performance would have been lower.
3 The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV or market price at the end of the period. The Funds distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital.
4 Leverage represents the liquidation value of the Funds APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund is required to maintain prescribed asset coverage for its APS and borrowings, which could be reduced if Fund asset values decline.
5 Excludes cash and cash equivalents.
6 Ratings are based on Moodys, S&P or Fitch, as applicable. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuers creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&Ps measures. Ratings of BBB or higher by Standard and Poors or Fitch (Baa or higher by Moodys) are considered to be investment grade quality. Credit ratings are based largely on the rating agencys analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition and does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. Holdings designated as Not Rated are not rated by the national rating agencies stated above.
Fund profile subject to change due to active management.
4
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited)
| Senior Floating-Rate Interests
139.5% (1) — Borrower/Tranche Description | Principal Amount* (000s omitted) | | Value |
| --- | --- | --- | --- |
| Aerospace and Defense 2.7% | | | |
| AVIO S.p.A. | | | |
| Term Loan, 3.07%, Maturing June 14, 2017 | | 625 | $ 626,484 |
| Term Loan, 3.87%, Maturing December 14, 2017 | EUR | 550 | 726,948 |
| Term Loan, 3.95%, Maturing December 14, 2017 | | 650 | 651,544 |
| Booz Allen Hamilton Inc. | | | |
| Term Loan, 4.50%, Maturing July 31, 2019 | | 821 | 832,983 |
| DAE Aviation Holdings, Inc. | | | |
| Term Loan, 6.25%, Maturing October 29, 2018 | | 685 | 691,907 |
| Term Loan, 6.25%, Maturing November 2, 2018 | | 310 | 313,665 |
| Ducommun Incorporated | | | |
| Term Loan, 4.75%, Maturing June 27, 2017 | | 1,177 | 1,202,109 |
| Hawker Beechcraft Acquisition Company LLC | | | |
| Term Loan, 5.75%, Maturing February 14, 2020 | | 800 | 802,334 |
| IAP Worldwide Services, Inc. | | | |
| Term Loan, 10.00%, Maturing December 31, 2015 | | 1,660 | 1,295,139 |
| Sequa Corporation | | | |
| Term Loan, 5.25%, Maturing June 19, 2017 | | 1,546 | 1,571,894 |
| Silver II US Holdings, LLC | | | |
| Term Loan, 4.00%, Maturing December 13, 2019 | | 1,970 | 1,988,004 |
| TASC, Inc. | | | |
| Term Loan, 4.50%, Maturing December 18, 2015 | | 1,422 | 1,430,990 |
| Transdigm, Inc. | | | |
| Term Loan, 3.75%, Maturing February 28, 2020 | | 3,516 | 3,572,383 |
| | | | $ 15,706,384 |
| Air Transport 0.1% | | | |
| Evergreen International Aviation, Inc. | | | |
| Term Loan, 0.00%, Maturing June 30,
2015 (2) | | 805 | $ 791,823 |
| | | | $ 791,823 |
| Automotive 5.9% | | | |
| Affinia Group Intermediate Holdings Inc. | | | |
| Term Loan, 4.75%, Maturing April 30, 2020 | | 550 | $ 557,563 |
| Allison Transmission, Inc. | | | |
| Term Loan, 4.25%, Maturing August 23, 2019 | | 2,856 | 2,902,370 |
| Autoparts Holdings Limited | | | |
| Term Loan, 6.50%, Maturing July 28, 2017 | | 386 | 391,419 |
| Chrysler Group LLC | | | |
| Term Loan, 6.00%, Maturing May 24, 2017 | | 6,887 | 7,003,401 |
| Federal-Mogul Corporation | | | |
| Term Loan, 2.14%, Maturing December 29, 2014 | | 2,394 | 2,274,873 |
| Term Loan, 2.14%, Maturing December 28, 2015 | | 3,009 | 2,858,715 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Automotive (continued) | ||
| Goodyear Tire & Rubber Company (The) | ||
| Term Loan - Second Lien, 4.75%, Maturing April 30, 2019 | 6,650 | $ 6,731,715 |
| HHI Holdings LLC | ||
| Term Loan, 5.00%, Maturing October 5, 2018 | 1,988 | 2,009,995 |
| Metaldyne Company LLC | ||
| Term Loan, 5.00%, Maturing December 18, 2018 | 1,297 | 1,324,306 |
| SRAM, LLC | ||
| Term Loan, 4.00%, Maturing June 7, 2018 | 1,975 | 1,965,125 |
| Tomkins LLC | ||
| Term Loan, 3.75%, Maturing September 29, 2016 | 1,442 | 1,465,898 |
| Tower International Inc. | ||
| Term Loan, 5.75%, Maturing April 16, 2020 | 800 | 814,000 |
| TriMas Corporation | ||
| Term Loan, 3.75%, Maturing October 10, 2019 | 871 | 878,243 |
| Veyance Technologies, Inc. | ||
| Term Loan, 5.25%, Maturing September 8, 2017 | 2,900 | 2,924,772 |
| $ 34,102,395 | ||
| Beverage and Tobacco 0.1% | ||
| Constellation Brands, Inc. | ||
| Term Loan, Maturing April 25, 2020 (3) | 825 | $ 826,891 |
| $ 826,891 | ||
| Building and Development 1.0% | ||
| ABC Supply Co., Inc. | ||
| Term Loan, 3.50%, Maturing April 20, 2020 | 1,275 | $ 1,286,815 |
| Armstrong World Industries, Inc. | ||
| Term Loan, 3.50%, Maturing March 16, 2020 | 550 | 553,323 |
| Preferred Proppants, LLC | ||
| Term Loan, 9.00%, Maturing December 15, 2016 | 716 | 680,141 |
| RE/MAX International, Inc. | ||
| Term Loan, 5.50%, Maturing April 15, 2016 | 1,605 | 1,629,404 |
| Realogy Corporation | ||
| Term Loan, 6.20%, Maturing October 10, 2013 | 96 | 96,315 |
| Term Loan, Maturing March 5, 2020 (3) | 1,000 | 1,013,625 |
| Starwood Property Trust, Inc. | ||
| Term Loan, 3.50%, Maturing February 11, 2020 | 275 | 276,375 |
| Summit Materials Companies I, LLC | ||
| Term Loan, 5.00%, Maturing January 30, 2019 | 470 | 475,171 |
| $ 6,011,169 |
5 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Business Equipment and Services 12.8% | ||
| ACCO Brands Corporation | ||
| Term Loan, 4.25%, Maturing April 30, 2019 | 345 | $ 347,196 |
| Acosta, Inc. | ||
| Term Loan, 5.00%, Maturing March 2, 2018 | 2,904 | 2,952,458 |
| Advantage Sales & Marketing, Inc. | ||
| Term Loan, 4.25%, Maturing December 18, 2017 | 2,428 | 2,460,310 |
| Affinion Group, Inc. | ||
| Term Loan, 6.50%, Maturing October 10, 2016 | 3,046 | 3,001,141 |
| Allied Security Holdings, LLC | ||
| Term Loan, 5.25%, Maturing February 3, 2017 | 564 | 568,791 |
| Altegrity, Inc. | ||
| Term Loan, 7.75%, Maturing February 20, 2015 | 692 | 701,158 |
| Term Loan, 5.00%, Maturing February 21, 2015 | 1,207 | 1,201,312 |
| Altisource Solutions S.a.r.l. | ||
| Term Loan, 5.75%, Maturing November 27, 2019 | 798 | 809,970 |
| Audio Visual Services Group, Inc. | ||
| Term Loan, 6.75%, Maturing November 9, 2018 | 1,070 | 1,090,973 |
| BAR/BRI Review Courses, Inc. | ||
| Term Loan, 6.00%, Maturing June 16, 2017 | 632 | 633,235 |
| Brand Energy & Infrastructure Services, Inc. | ||
| Term Loan, 6.25%, Maturing October 23, 2018 | 159 | 161,461 |
| Term Loan, 6.25%, Maturing October 23, 2018 | 662 | 672,753 |
| Brickman Group Holdings Inc. | ||
| Term Loan, 5.50%, Maturing October 14, 2016 | 1,422 | 1,440,002 |
| Brock Holdings III, Inc. | ||
| Term Loan, 6.01%, Maturing March 16, 2017 | 1,075 | 1,089,920 |
| CDW LLC | ||
| Term Loan, 3.50%, Maturing April 29, 2020 | 2,025 | 2,034,366 |
| ClientLogic Corporation | ||
| Term Loan, 7.03%, Maturing January 30, 2017 | 1,567 | 1,554,952 |
| Corporate Executive Board Company, The | ||
| Term Loan, 5.00%, Maturing July 2, 2019 | 524 | 528,270 |
| CPM Acquisition Corp. | ||
| Term Loan, 6.25%, Maturing August 29, 2017 | 498 | 502,475 |
| Term Loan - Second Lien, 10.25%, Maturing February 28, 2018 | 1,000 | 1,010,000 |
| DynCorp International LLC | ||
| Term Loan, 6.25%, Maturing July 7, 2016 | 517 | 521,106 |
| Education Management LLC | ||
| Term Loan, 8.25%, Maturing March 29, 2018 | 2,053 | 1,782,034 |
| EIG Investors Corp. | ||
| Term Loan, 6.25%, Maturing November 8, 2019 | 1,995 | 2,012,456 |
| Term Loan - Second Lien, 10.25%, Maturing May 8, 2020 | 525 | 527,625 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Business Equipment and Services (continued) | ||
| Expert Global Solutions, Inc. | ||
| Term Loan, 8.50%, Maturing April 3, 2018 | 1,924 | $ 1,953,746 |
| Genesys Telecom Holdings, U.S., Inc. | ||
| Term Loan, 4.00%, Maturing February 7, 2020 | 493 | 498,355 |
| Genpact International, Inc. | ||
| Term Loan, 4.25%, Maturing August 30, 2019 | 1,592 | 1,618,865 |
| Go Daddy Operating Company, LLC | ||
| Term Loan, 4.25%, Maturing December 17, 2018 | 3,103 | 3,125,594 |
| IG Investment Holdings, LLC | ||
| Term Loan, 6.00%, Maturing October 31, 2019 | 773 | 782,243 |
| IMS Health Incorporated | ||
| Term Loan, 3.75%, Maturing September 1, 2017 | 1,970 | 1,988,020 |
| KAR Auction Services, Inc. | ||
| Term Loan, 3.75%, Maturing May 19, 2017 | 2,738 | 2,777,945 |
| Kronos Incorporated | ||
| Term Loan, 4.50%, Maturing October 30, 2019 | 1,571 | 1,590,701 |
| Term Loan - Second Lien, 9.75%, Maturing April 30, 2020 | 900 | 952,875 |
| Language Line, LLC | ||
| Term Loan, 6.25%, Maturing June 20, 2016 | 1,994 | 1,974,122 |
| Meritas LLC | ||
| Term Loan, 7.50%, Maturing July 28, 2017 | 653 | 652,622 |
| Mitchell International, Inc. | ||
| Term Loan - Second Lien, 5.56%, Maturing March 30, 2015 | 1,000 | 1,011,500 |
| Monitronics International Inc. | ||
| Term Loan, 4.25%, Maturing March 23, 2018 | 842 | 855,179 |
| National CineMedia, LLC | ||
| Term Loan, 3.45%, Maturing November 23, 2019 | 525 | 528,938 |
| Quintiles Transnational Corp. | ||
| Term Loan, 4.50%, Maturing June 8, 2018 | 368 | 373,228 |
| Term Loan, 4.50%, Maturing June 8, 2018 | 4,193 | 4,252,370 |
| Renaissance Learning, Inc. | ||
| Term Loan, 5.75%, Maturing November 13, 2018 | 572 | 579,992 |
| Sabre, Inc. | ||
| Term Loan, 5.25%, Maturing February 19, 2019 | 1,197 | 1,216,445 |
| Sensus USA Inc. | ||
| Term Loan, 4.75%, Maturing May 9, 2017 | 662 | 664,394 |
| Softlayer Technologies, Inc. | ||
| Term Loan, 7.25%, Maturing November 5, 2016 | 635 | 640,140 |
| SunGard Data Systems, Inc. | ||
| Term Loan, 3.95%, Maturing February 28, 2017 | 946 | 952,521 |
| Term Loan, 4.00%, Maturing March 8, 2020 | 6,450 | 6,540,706 |
| SymphonyIRI Group, Inc. | ||
| Term Loan, 4.50%, Maturing December 1, 2017 | 811 | 820,697 |
6 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Business Equipment and Services (continued) | |||
| Trans Union, LLC | |||
| Term Loan, 4.25%, Maturing February 10, 2019 | 2,819 | $ 2,858,440 | |
| Travelport LLC | |||
| Term Loan, 4.88%, Maturing August 21, 2015 | EUR | 741 | 966,357 |
| Term Loan, 5.53%, Maturing August 21, 2015 | 74 | 73,615 | |
| Term Loan, 5.53%, Maturing August 21, 2015 | 1,335 | 1,335,005 | |
| U.S. Security Holdings, Inc. | |||
| Term Loan, 6.00%, Maturing July 28, 2017 | 117 | 118,236 | |
| Term Loan, 6.00%, Maturing July 28, 2017 | 598 | 604,076 | |
| WASH Multifamily Laundry Systems, LLC | |||
| Term Loan, 5.25%, Maturing February 21, 2019 | 325 | 329,063 | |
| West Corporation | |||
| Term Loan, 4.25%, Maturing June 29, 2018 | 3,709 | 3,773,735 | |
| $ 74,013,689 | |||
| Cable and Satellite Television 6.6% | |||
| Atlantic Broadband Finance, LLC | |||
| Term Loan, 4.50%, Maturing December 2, 2019 | 846 | $ 860,551 | |
| BBHI Acquisition LLC | |||
| Term Loan, 4.50%, Maturing December 14, 2017 | 1,165 | 1,172,547 | |
| Bragg Communications Incorporated | |||
| Term Loan, 3.50%, Maturing February 28, 2018 | 396 | 401,940 | |
| Cequel Communications, LLC | |||
| Term Loan, 3.50%, Maturing February 14, 2019 | 4,356 | 4,393,435 | |
| Charter Communications Operating, LLC | |||
| Term Loan, 3.45%, Maturing September 6, 2016 | 178 | 178,384 | |
| Term Loan, 4.00%, Maturing May 15, 2019 | 297 | 298,175 | |
| Term Loan, Maturing April 10, 2020 (3) | 1,350 | 1,348,910 | |
| Term Loan, Maturing January 19, 2021 (3) | 675 | 675,703 | |
| Crown Media Holdings, Inc. | |||
| Term Loan, 5.25%, Maturing July 14, 2018 | 430 | 432,460 | |
| CSC Holdings, Inc. | |||
| Term Loan, 2.70%, Maturing April 15, 2020 | 3,325 | 3,322,922 | |
| ION Media Networks, Inc. | |||
| Term Loan, 7.25%, Maturing July 31, 2018 | 823 | 835,282 | |
| Kabel Deutschland GmbH | |||
| Term Loan, 3.25%, Maturing February 1, 2019 | 1,075 | 1,082,614 | |
| Term Loan, 2.84%, Maturing April 17, 2020 | EUR | 700 | 926,129 |
| Lavena Holdings 4 GmbH | |||
| Term Loan, 2.62%, Maturing March 6, 2015 | EUR | 619 | 813,094 |
| Term Loan, 3.00%, Maturing March 4, 2016 | EUR | 619 | 813,094 |
| Term Loan, 7.37%, Maturing March 6, | |||
| 2017 (4) | EUR | 413 | 542,317 |
| Term Loan - Second Lien, 4.12%, Maturing September 2, 2016 | EUR | 520 | 677,808 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Cable and Satellite Television (continued) | |||
| Mediacom Broadband LLC | |||
| Term Loan, 4.50%, Maturing October 23, 2017 | 1,434 | $ 1,449,977 | |
| Mediacom Illinois, LLC | |||
| Term Loan, 4.50%, Maturing October 23, 2017 | 802 | 808,230 | |
| P7S1 Broadcasting Holding II B.V. | |||
| Term Loan, 2.71%, Maturing July 1, 2016 | EUR | 1,781 | 2,344,278 |
| UPC Financing Partnership | |||
| Term Loan, 4.00%, Maturing January 29, 2021 | 775 | 783,719 | |
| Term Loan, 3.87%, Maturing March 26, 2021 | EUR | 3,972 | 5,271,990 |
| Term Loan, 3.25%, Maturing June 30, 2021 | 1,674 | 1,671,965 | |
| Virgin Media Investment Holdings Limited | |||
| Term Loan, Maturing February 15, 2020 (3) | GBP | 1,475 | 2,320,307 |
| Term Loan, Maturing February 17, 2020 (3) | 4,075 | 4,080,412 | |
| WaveDivision Holdings, LLC | |||
| Term Loan, 4.00%, Maturing October 15, 2019 | 324 | 327,995 | |
| $ 37,834,238 | |||
| Chemicals and Plastics 3.8% | |||
| AI Chemical & Cy S.C.A. | |||
| Term Loan, 4.50%, Maturing October 3, 2019 | 145 | $ 147,270 | |
| Term Loan, 4.50%, Maturing October 3, 2019 | 280 | 283,839 | |
| AZ Chemicals US Inc. | |||
| Term Loan, 5.25%, Maturing December 22, 2017 | 1,820 | 1,856,509 | |
| Chemtura Corporation | |||
| Term Loan, 5.50%, Maturing August 27, 2016 | 249 | 252,735 | |
| Emerald Performance Materials, LLC | |||
| Term Loan, 6.75%, Maturing May 18, 2018 | 695 | 699,961 | |
| General Chemical Corporation | |||
| Term Loan, 5.00%, Maturing October 6, 2015 | 488 | 494,703 | |
| Huntsman International, LLC | |||
| Term Loan, 2.74%, Maturing April 19, 2017 | 1,532 | 1,541,950 | |
| Ineos US Finance LLC | |||
| Term Loan, 6.50%, Maturing May 4, 2018 | 3,416 | 3,464,598 | |
| Milacron LLC | |||
| Term Loan, 4.25%, Maturing March 28, 2020 | 400 | 403,747 | |
| OEP Pearl Dutch Acquisition B.V. | |||
| Term Loan, 6.50%, Maturing March 30, 2018 | 94 | 95,595 | |
| Omnova Solutions Inc. | |||
| Term Loan, 4.25%, Maturing May 31, 2018 | 978 | 990,941 | |
| PQ Corporation | |||
| Term Loan, 4.50%, Maturing August 7, 2017 | 1,172 | 1,187,342 |
7 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Chemicals and Plastics (continued) | |||
| Schoeller Arca Systems Holding B.V. | |||
| Term Loan, 4.71%, Maturing November 16, | |||
| 2015 (5) | EUR | 145 | $ 131,327 |
| Term Loan, 4.71%, Maturing November 16, | |||
| 2015 (5) | EUR | 412 | 374,437 |
| Term Loan, 4.71%, Maturing November 16, | |||
| 2015 (5) | EUR | 443 | 402,931 |
| Sonneborn LLC | |||
| Term Loan, 6.50%, Maturing March 30, 2018 | 528 | 538,327 | |
| Taminco NV | |||
| Term Loan, 4.25%, Maturing February 15, 2019 | 371 | 376,130 | |
| Tronox Pigments (Netherlands) B.V. | |||
| Term Loan, 4.50%, Maturing February 8, 2018 | 2,025 | 2,058,540 | |
| U.S. Coatings Acquisition Inc. | |||
| Term Loan, 4.75%, Maturing February 3, 2020 | 2,800 | 2,839,668 | |
| Univar Inc. | |||
| Term Loan, 5.00%, Maturing June 30, 2017 | 3,509 | 3,535,913 | |
| $ 21,676,463 | |||
| Clothing / Textiles 0.1% | |||
| Wolverine Worldwide, Inc. | |||
| Term Loan, 4.00%, Maturing July 31, 2019 | 448 | $ 453,812 | |
| $ 453,812 | |||
| Conglomerates 2.5% | |||
| ISS Holdings A/S | |||
| Term Loan, Maturing March 15, 2018 (3) | 475 | $ 480,245 | |
| Jason Incorporated | |||
| Term Loan, 5.00%, Maturing February 28, 2019 | 525 | 527,625 | |
| Rexnord LLC | |||
| Term Loan, 3.75%, Maturing April 2, 2018 | 2,717 | 2,748,212 | |
| RGIS Services, LLC | |||
| Term Loan, 4.53%, Maturing October 18, 2016 | 2,495 | 2,516,726 | |
| Term Loan, 5.50%, Maturing October 18, 2017 | 1,386 | 1,407,656 | |
| Rocket Software, Inc. | |||
| Term Loan, 5.75%, Maturing February 8, 2018 | 1,234 | 1,243,637 | |
| Term Loan - Second Lien, 10.25%, Maturing February 8, 2019 | 750 | 750,313 | |
| Spectrum Brands, Inc. | |||
| Term Loan, 4.50%, Maturing December 17, 2019 | 3,317 | 3,372,657 | |
| Walter Energy, Inc. | |||
| Term Loan, 5.75%, Maturing April 2, 2018 | 1,607 | 1,633,121 | |
| $ 14,680,192 | |||
| Containers and Glass Products 1.6% | |||
| Berry Plastics Holding Corporation | |||
| Term Loan, 3.50%, Maturing February 7, 2020 | 2,175 | $ 2,176,057 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Containers and Glass Products (continued) | ||
| BWAY Corporation | ||
| Term Loan, 4.50%, Maturing August 7, 2017 | 2,618 | $ 2,657,714 |
| Pelican Products, Inc. | ||
| Term Loan, 7.00%, Maturing July 11, 2018 | 496 | 502,453 |
| Reynolds Group Holdings Inc. | ||
| Term Loan, 4.75%, Maturing September 28, 2018 | 2,886 | 2,938,316 |
| Sealed Air Corporation | ||
| Term Loan, 4.00%, Maturing October 3, 2018 | 540 | 549,929 |
| TricorBraun, Inc. | ||
| Term Loan, 5.50%, Maturing May 3, 2018 | 620 | 625,740 |
| $ 9,450,209 | ||
| Cosmetics / Toiletries 1.1% | ||
| Bausch & Lomb, Inc. | ||
| Term Loan, 5.25%, Maturing May 17, 2019 | 2,978 | $ 3,002,157 |
| KIK Custom Products, Inc. | ||
| Term Loan - Second Lien, 5.20%, Maturing November 28, 2014 | 975 | 856,375 |
| Prestige Brands, Inc. | ||
| Term Loan, 3.75%, Maturing January 31, 2019 | 337 | 342,936 |
| Sun Products Corporation (The) | ||
| Term Loan, 5.50%, Maturing March 23, 2020 | 2,175 | 2,199,469 |
| $ 6,400,937 | ||
| Drugs 1.2% | ||
| Aptalis Pharma, Inc. | ||
| Term Loan, 5.50%, Maturing February 10, 2017 | 495 | $ 501,497 |
| Term Loan, 5.50%, Maturing February 10, 2017 | 1,960 | 1,978,925 |
| Par Pharmaceutical Companies, Inc. | ||
| Term Loan, 4.25%, Maturing September 30, 2019 | 1,169 | 1,181,241 |
| Warner Chilcott Company, LLC | ||
| Term Loan, 4.25%, Maturing March 15, 2018 | 446 | 453,172 |
| Warner Chilcott Corporation | ||
| Term Loan, 4.25%, Maturing March 15, 2018 | 548 | 556,707 |
| Term Loan, 4.25%, Maturing March 15, 2018 | 1,258 | 1,278,884 |
| WC Luxco S.a.r.l. | ||
| Term Loan, 4.25%, Maturing March 15, 2018 | 992 | 1,007,775 |
| $ 6,958,201 | ||
| Ecological Services and Equipment 0.5% | ||
| ADS Waste Holdings, Inc. | ||
| Term Loan, 4.25%, Maturing October 9, 2019 | 1,945 | $ 1,971,458 |
8 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Ecological Services and Equipment (continued) | |||
| Envirotest Systems Holding Corp. | |||
| Term Loan - Second Lien, 15.50%, Maturing | |||
| March 31, 2017 (5) | 104 | $ 106,812 | |
| Progressive Waste Solutions Ltd. | |||
| Term Loan, 3.50%, Maturing October 24, 2019 | 524 | 530,725 | |
| Viking Consortium Borrower Limited | |||
| Term Loan - Second Lien, 6.68%, Maturing | |||
| March 31, 2016 (4)(5) | GBP | 532 | 215,007 |
| $ 2,824,002 | |||
| Electronics / Electrical 9.1% | |||
| Aeroflex Incorporated | |||
| Term Loan, 5.75%, Maturing May 9, 2018 | 1,822 | $ 1,851,313 | |
| Aspect Software, Inc. | |||
| Term Loan, 7.00%, Maturing May 6, 2016 | 1,285 | 1,306,888 | |
| Attachmate Corporation | |||
| Term Loan, 7.25%, Maturing November 22, 2017 | 3,260 | 3,307,631 | |
| Cinedigm Digital Funding I, LLC | |||
| Term Loan, 3.75%, Maturing February 28, 2018 | 536 | 539,706 | |
| CommScope, Inc. | |||
| Term Loan, 3.75%, Maturing January 12, 2018 | 2,083 | 2,112,436 | |
| CompuCom Systems, Inc. | |||
| Term Loan, 6.50%, Maturing October 4, 2018 | 798 | 803,652 | |
| Dealer Computer Services, Inc. | |||
| Term Loan, 3.75%, Maturing April 20, 2018 | 1,225 | 1,232,513 | |
| DG FastChannel, Inc. | |||
| Term Loan, 7.25%, Maturing July 26, 2018 | 1,791 | 1,773,900 | |
| Eagle Parent, Inc. | |||
| Term Loan, 4.50%, Maturing May 16, 2018 | 2,555 | 2,599,303 | |
| Edwards (Cayman Islands II) Limited | |||
| Term Loan, 4.75%, Maturing March 26, 2020 | 1,350 | 1,357,594 | |
| Freescale Semiconductor, Inc. | |||
| Term Loan, 5.00%, Maturing March 2, 2020 | 2,900 | 2,939,423 | |
| Hyland Software, Inc. | |||
| Term Loan, 5.50%, Maturing October 25, 2019 | 349 | 352,180 | |
| Infor (US), Inc. | |||
| Term Loan, 5.25%, Maturing April 5, 2018 | 5,037 | 5,127,229 | |
| Internet Brands, Inc. | |||
| Term Loan, 6.25%, Maturing March 15, 2019 | 950 | 956,531 | |
| Magic Newco LLC | |||
| Term Loan, 7.25%, Maturing December 12, 2018 | 1,393 | 1,420,425 | |
| Microsemi Corporation | |||
| Term Loan, 3.75%, Maturing February 19, 2020 | 1,356 | 1,373,281 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Electronics / Electrical (continued) | ||
| NXP B.V. | ||
| Term Loan, 4.50%, Maturing March 3, 2017 | 2,150 | $ 2,202,872 |
| Term Loan, 4.75%, Maturing January 11, 2020 | 923 | 946,523 |
| Rovi Solutions Corporation | ||
| Term Loan, 3.50%, Maturing March 29, 2019 | 775 | 781,781 |
| RP Crown Parent, LLC | ||
| Term Loan, 6.75%, Maturing December 21, 2018 | 2,643 | 2,709,047 |
| Term Loan - Second Lien, 11.25%, Maturing December 20, 2019 | 575 | 610,937 |
| SafeNet Inc. | ||
| Term Loan, 2.70%, Maturing April 12, 2014 | 221 | 221,016 |
| Semtech Corporation | ||
| Term Loan, 5.50%, Maturing March 20, 2017 | 396 | 399,836 |
| Sensata Technologies Finance Company, LLC | ||
| Term Loan, 3.75%, Maturing May 11, 2018 | 1,220 | 1,236,522 |
| Serena Software, Inc. | ||
| Term Loan, 4.20%, Maturing March 10, 2016 | 474 | 476,962 |
| Term Loan, 5.00%, Maturing March 10, 2016 | 350 | 352,333 |
| Shield Finance Co. S.A.R.L. | ||
| Term Loan, 6.50%, Maturing May 10, 2019 | 993 | 1,006,147 |
| Sirius Computer Solutions, Inc. | ||
| Term Loan, 7.00%, Maturing November 30, 2018 | 542 | 550,442 |
| SkillSoft Corporation | ||
| Term Loan, 5.00%, Maturing May 26, 2017 | 1,216 | 1,240,632 |
| Sophia, L.P. | ||
| Term Loan, 4.50%, Maturing July 19, 2018 | 1,354 | 1,373,430 |
| Spansion LLC | ||
| Term Loan, 5.25%, Maturing December 11, 2018 | 746 | 755,792 |
| SS&C Technologies Inc. | ||
| Term Loan, 5.00%, Maturing June 7, 2019 | 120 | 120,832 |
| Term Loan, 5.00%, Maturing June 7, 2019 | 1,158 | 1,168,039 |
| SumTotal Systems LLC | ||
| Term Loan, 6.25%, Maturing November 16, 2018 | 1,272 | 1,290,890 |
| SurveyMonkey.com, LLC | ||
| Term Loan, 5.50%, Maturing February 5, 2019 | 550 | 559,625 |
| VeriFone Inc. | ||
| Term Loan, 4.25%, Maturing December 28, 2018 | 214 | 214,657 |
| Vertafore, Inc. | ||
| Term Loan, 4.25%, Maturing October 2, 2019 | 1,000 | 1,010,000 |
| Wall Street Systems, Inc. | ||
| Term Loan, 5.75%, Maturing October 24, 2019 | 1,172 | 1,186,713 |
| Term Loan - Second Lien, 9.25%, Maturing April 24, 2020 | 500 | 510,000 |
9 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Electronics / Electrical (continued) | ||
| Web.com Group, Inc. | ||
| Term Loan, 4.50%, Maturing October 27, 2017 | 2,488 | $ 2,515,509 |
| $ 52,494,542 | ||
| Equipment Leasing 0.9% | ||
| BakerCorp International, Inc. | ||
| Term Loan, 4.25%, Maturing February 14, 2020 | 1,322 | $ 1,334,905 |
| Delos Aircraft Inc. | ||
| Term Loan, 4.75%, Maturing April 12, 2016 | 1,275 | 1,287,750 |
| Flying Fortress Inc. | ||
| Term Loan, 3.50%, Maturing June 30, 2017 | 2,792 | 2,819,583 |
| $ 5,442,238 | ||
| Financial Intermediaries 5.9% | ||
| American Capital Holdings, Inc. | ||
| Term Loan, 5.50%, Maturing August 22, 2016 | 825 | $ 838,922 |
| Asset Acceptance Capital Corp. | ||
| Term Loan, 8.75%, Maturing November 14, 2017 | 1,219 | 1,233,984 |
| Citco Funding LLC | ||
| Term Loan, 4.25%, Maturing May 23, 2018 | 2,045 | 2,052,726 |
| Clipper Acquisitions Corp. | ||
| Term Loan, 4.00%, Maturing February 6, 2020 | 549 | 554,111 |
| First Data Corporation | ||
| Term Loan, 4.20%, Maturing March 23, 2018 | 4,136 | 4,127,701 |
| Term Loan, 4.20%, Maturing September 24, 2018 | 1,875 | 1,870,313 |
| Grosvenor Capital Management Holdings, LLP | ||
| Term Loan, 4.25%, Maturing December 5, 2016 | 1,272 | 1,266,948 |
| Hamilton Lane Advisors, LLC | ||
| Term Loan, 5.25%, Maturing February 23, 2018 | 652 | 656,449 |
| Harbourvest Partners, LLC | ||
| Term Loan, 4.75%, Maturing November 21, 2017 | 840 | 845,880 |
| iPayment, Inc. | ||
| Term Loan, 5.75%, Maturing May 8, 2017 | 904 | 909,124 |
| LPL Holdings, Inc. | ||
| Term Loan, 4.00%, Maturing March 29, 2019 | 3,044 | 3,073,743 |
| Mercury Payment Systems Canada, LLC | ||
| Term Loan, 5.50%, Maturing July 3, 2017 | 987 | 1,009,079 |
| MIP Delaware, LLC | ||
| Term Loan, 4.00%, Maturing March 31, 2020 | 973 | 980,810 |
| Moneygram International, Inc. | ||
| Term Loan, 4.25%, Maturing March 20, 2020 | 425 | 429,250 |
| Nuveen Investments, Inc. | ||
| Term Loan, 4.20%, Maturing May 13, 2017 | 6,197 | 6,281,079 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Financial Intermediaries (continued) | ||
| Ocwen Financial Corporation | ||
| Term Loan, 5.00%, Maturing February 15, 2018 | 1,250 | $ 1,272,656 |
| Oz Management LP | ||
| Term Loan, 1.70%, Maturing November 15, 2016 | 1,312 | 1,225,695 |
| RJO Holdings Corp. | ||
| Term Loan, 6.20%, Maturing December 10, | ||
| 2015 (5) | 7 | 5,773 |
| Term Loan, 6.95%, Maturing December 10, | ||
| 2015 (5) | 221 | 173,786 |
| RPI Finance Trust | ||
| Term Loan, 3.50%, Maturing May 9, 2018 | 3,427 | 3,466,526 |
| Vantiv, LLC | ||
| Term Loan, 3.75%, Maturing March 27, 2019 | 470 | 472,748 |
| Walter Investment Management Corp. | ||
| Term Loan, 5.75%, Maturing November 28, 2017 | 1,253 | 1,276,284 |
| $ 34,023,587 | ||
| Food Products 5.8% | ||
| AdvancePierre Foods, Inc. | ||
| Term Loan, 5.75%, Maturing July 10, 2017 | 1,272 | $ 1,291,685 |
| American Seafoods Group LLC | ||
| Term Loan, 4.25%, Maturing March 16, 2018 | 633 | 626,203 |
| Blue Buffalo Company, Ltd. | ||
| Term Loan, 4.75%, Maturing August 8, 2019 | 1,294 | 1,309,273 |
| Clearwater Seafoods Limited Partnership | ||
| Term Loan, 6.75%, Maturing June 6, 2018 | 987 | 995,897 |
| Del Monte Foods Company | ||
| Term Loan, 4.00%, Maturing March 8, 2018 | 5,234 | 5,282,223 |
| Dole Food Company Inc. | ||
| Term Loan, Maturing April 1, 2020 (3) | 725 | 730,891 |
| Hearthside Food Solutions, LLC | ||
| Term Loan, 6.50%, Maturing June 7, 2018 | 1,166 | 1,177,858 |
| High Liner Foods Incorporated | ||
| Term Loan, 4.75%, Maturing December 31, 2017 | 605 | 612,634 |
| HJ Heinz Co. | ||
| Term Loan, Maturing March 27, 2020 (3) | 10,475 | 10,583,353 |
| JBS USA Holdings Inc. | ||
| Term Loan, 3.75%, Maturing May 25, 2018 | 983 | 988,678 |
| Michael Foods Group, Inc. | ||
| Term Loan, 4.25%, Maturing February 23, 2018 | 629 | 639,299 |
| NBTY, Inc. | ||
| Term Loan, 3.50%, Maturing October 1, 2017 | 5,409 | 5,476,612 |
| Pinnacle Foods Finance LLC | ||
| Term Loan, 3.25%, Maturing April 29, 2020 | 3,775 | 3,798,579 |
| $ 33,513,185 |
10 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Food Service 6.2% | |||
| Aramark Corporation | |||
| Term Loan, 3.70%, Maturing July 26, 2016 | 169 | $ 170,739 | |
| Term Loan, 3.70%, Maturing July 26, 2016 | 304 | 306,870 | |
| Term Loan, 3.70%, Maturing July 26, 2016 | 4,621 | 4,666,168 | |
| Term Loan, 3.75%, Maturing July 26, 2016 | 2,094 | 2,116,691 | |
| Term Loan, 4.01%, Maturing July 26, 2016 | GBP | 950 | 1,453,547 |
| Brasa Holdings, Inc. | |||
| Term Loan, 7.50%, Maturing July 19, 2019 | 448 | 453,347 | |
| Buffets, Inc. | |||
| Term Loan, 0.16%, Maturing April 22, | |||
| 2015 (5) | 93 | 93,158 | |
| Burger King Corporation | |||
| Term Loan, 3.75%, Maturing September 27, 2019 | 2,239 | 2,269,869 | |
| Centerplate, Inc. | |||
| Term Loan, 5.75%, Maturing October 15, 2018 | 373 | 377,789 | |
| DineEquity, Inc. | |||
| Term Loan, 3.75%, Maturing October 19, 2017 | 1,015 | 1,031,699 | |
| Dunkin Brands, Inc. | |||
| Term Loan, 3.75%, Maturing February 14, 2020 | 3,023 | 3,058,824 | |
| Landrys, Inc. | |||
| Term Loan, 4.75%, Maturing April 24, 2018 | 2,559 | 2,598,580 | |
| NPC International, Inc. | |||
| Term Loan, 4.50%, Maturing December 28, 2018 | 663 | 673,393 | |
| OSI Restaurant Partners, LLC | |||
| Term Loan, 3.50%, Maturing October 25, 2019 | 2,584 | 2,602,051 | |
| P.F. Changs China Bistro Inc. | |||
| Term Loan, 5.25%, Maturing July 2, 2019 | 423 | 431,332 | |
| Sagittarius Restaurants, LLC | |||
| Term Loan, 7.25%, Maturing October 1, 2018 | 600 | 606,000 | |
| US Foods, Inc. | |||
| Term Loan, 5.75%, Maturing March 31, 2017 | 4,612 | 4,679,097 | |
| Weight Watchers International, Inc. | |||
| Term Loan, 3.75%, Maturing April 2, 2020 | 6,225 | 6,221,109 | |
| Wendys International, Inc. | |||
| Term Loan, 4.75%, Maturing May 15, 2019 | 1,940 | 1,954,196 | |
| $ 35,764,459 | |||
| Food / Drug Retailers 4.2% | |||
| Albertsons, LLC | |||
| Term Loan, 5.75%, Maturing March 21, 2016 | 1,975 | $ 2,002,310 | |
| Alliance Boots Holdings Limited | |||
| Term Loan, 3.58%, Maturing July 10, 2017 | EUR | 1,000 | 1,319,969 |
| Term Loan, 3.99%, Maturing July 10, 2017 | GBP | 5,775 | 8,979,010 |
| General Nutrition Centers, Inc. | |||
| Term Loan, 3.75%, Maturing March 2, 2018 | 6,117 | 6,185,460 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Food / Drug Retailers (continued) | ||
| Pantry, Inc. (The) | ||
| Term Loan, 5.75%, Maturing August 2, 2019 | 423 | $ 430,265 |
| Rite Aid Corporation | ||
| Term Loan, 4.00%, Maturing February 21, 2020 | 2,325 | 2,356,097 |
| Term Loan - Second Lien, 5.75%, Maturing August 21, 2020 | 450 | 467,812 |
| Supervalu Inc. | ||
| Term Loan, 6.25%, Maturing March 21, 2019 | 2,275 | 2,312,917 |
| $ 24,053,840 | ||
| Health Care 16.5% | ||
| Alere, Inc. | ||
| Term Loan, 4.25%, Maturing June 30, 2017 | 470 | $ 477,598 |
| Term Loan, 4.25%, Maturing June 30, 2017 | 568 | 576,685 |
| Term Loan, 4.25%, Maturing June 30, 2017 | 2,339 | 2,375,928 |
| Alkermes, Inc. | ||
| Term Loan, 3.50%, Maturing September 18, 2019 | 374 | 375,814 |
| Alliance Healthcare Services, Inc. | ||
| Term Loan, 7.25%, Maturing June 1, 2016 | 847 | 855,577 |
| Apria Healthcare Group I | ||
| Term Loan, 6.75%, Maturing April 5, 2020 | 575 | 576,707 |
| Ardent Medical Services, Inc. | ||
| Term Loan, 6.75%, Maturing July 2, 2018 | 1,546 | 1,573,182 |
| ATI Holdings, Inc. | ||
| Term Loan, 5.75%, Maturing December 20, 2019 | 449 | 456,450 |
| Biomet Inc. | ||
| Term Loan, 3.97%, Maturing July 25, 2017 | 4,890 | 4,959,973 |
| BSN Medical Acquisition Holding GmbH | ||
| Term Loan, 5.00%, Maturing August 28, 2019 | 575 | 582,187 |
| Catalent Pharma Solutions Inc. | ||
| Term Loan, 3.70%, Maturing September 15, 2016 | 2,105 | 2,124,864 |
| Term Loan, 4.25%, Maturing September 15, 2017 | 1,112 | 1,125,780 |
| CHG Buyer Corporation | ||
| Term Loan, 5.00%, Maturing November 22, 2019 | 642 | 652,492 |
| Community Health Systems, Inc. | ||
| Term Loan, 3.79%, Maturing January 25, 2017 | 6,865 | 6,942,313 |
| Convatec Inc. | ||
| Term Loan, 5.00%, Maturing December 22, 2016 | 1,470 | 1,498,919 |
| CRC Health Corporation | ||
| Term Loan, 4.78%, Maturing November 16, 2015 | 1,883 | 1,896,947 |
| DaVita, Inc. | ||
| Term Loan, 4.50%, Maturing October 20, 2016 | 2,933 | 2,969,156 |
| Term Loan, 4.00%, Maturing November 1, 2019 | 3,117 | 3,157,443 |
11 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Health Care (continued) | ||
| DJO Finance LLC | ||
| Term Loan, 4.75%, Maturing September 15, 2017 | 585 | $ 595,262 |
| Drumm Investors LLC | ||
| Term Loan, 5.00%, Maturing May 4, 2018 | 1,967 | 1,926,038 |
| Emdeon Business Services, LLC | ||
| Term Loan, 3.75%, Maturing November 2, 2018 | 1,442 | 1,450,179 |
| Emergency Medical Services Corporation | ||
| Term Loan, 4.00%, Maturing May 25, 2018 | 2,029 | 2,058,225 |
| Grifols Inc. | ||
| Term Loan, 4.25%, Maturing June 1, 2017 | 2,916 | 2,956,138 |
| Hanger Orthopedic Group, Inc. | ||
| Term Loan, 4.00%, Maturing December 1, 2016 | 658 | 664,820 |
| HCA, Inc. | ||
| Term Loan, 3.53%, Maturing March 31, 2017 | 6,843 | 6,871,579 |
| Term Loan, 2.95%, Maturing May 1, 2018 | 3,347 | 3,359,688 |
| Health Management Associates, Inc. | ||
| Term Loan, 3.50%, Maturing November 16, 2018 | 1,264 | 1,278,108 |
| Hologic Inc. | ||
| Term Loan, 4.50%, Maturing August 1, 2019 | 1,861 | 1,888,347 |
| Iasis Healthcare LLC | ||
| Term Loan, 4.50%, Maturing May 3, 2018 | 1,642 | 1,666,967 |
| inVentiv Health, Inc. | ||
| Term Loan, 7.50%, Maturing August 4, 2016 | 1,007 | 1,000,215 |
| Term Loan, 7.75%, Maturing May 15, 2018 | 896 | 891,400 |
| Kindred Healthcare, Inc. | ||
| Term Loan, 5.25%, Maturing June 1, 2018 | 1,639 | 1,656,222 |
| Kinetic Concepts, Inc. | ||
| Term Loan, 5.50%, Maturing May 4, 2018 | 3,975 | 4,051,774 |
| LHP Hospital Group, Inc. | ||
| Term Loan, 9.00%, Maturing July 3, 2018 | 546 | 560,204 |
| MedAssets, Inc. | ||
| Term Loan, 4.00%, Maturing December 13, 2019 | 569 | 574,658 |
| Medpace, Inc. | ||
| Term Loan, 5.50%, Maturing June 16, 2017 | 711 | 716,641 |
| MMM Holdings, Inc. | ||
| Term Loan, 9.75%, Maturing October 9, 2017 | 709 | 714,530 |
| MSO of Puerto Rico, Inc. | ||
| Term Loan, 9.75%, Maturing October 26, 2017 | 516 | 523,526 |
| Multiplan, Inc. | ||
| Term Loan, 4.00%, Maturing August 25, 2017 | 2,861 | 2,897,854 |
| MX USA, Inc. | ||
| Term Loan, 6.50%, Maturing April 28, 2017 | 569 | 572,096 |
| One Call Medical, Inc. | ||
| Term Loan, 5.50%, Maturing August 16, 2019 | 896 | 902,776 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Health Care (continued) | ||
| Onex Carestream Finance LP | ||
| Term Loan, 5.00%, Maturing February 25, 2017 | 1,417 | $ 1,430,196 |
| Pharmaceutical Product Development, Inc. | ||
| Term Loan, 4.25%, Maturing December 5, 2018 | 1,920 | 1,950,634 |
| Physiotherapy Associates Holdings, Inc. | ||
| Term Loan, 6.00%, Maturing April 30, 2018 | 473 | 465,659 |
| Radnet Management, Inc. | ||
| Term Loan, 4.26%, Maturing October 10, 2018 | 1,668 | 1,682,739 |
| Sage Products, Inc. | ||
| Term Loan, 4.25%, Maturing December 13, 2019 | 600 | 606,750 |
| Select Medical Corporation | ||
| Term Loan, 5.50%, Maturing June 1, 2018 | 2,991 | 3,028,788 |
| Sheridan Holdings, Inc. | ||
| Term Loan, 4.50%, Maturing June 29, 2018 | 646 | 654,686 |
| Steward Health Care System LLC | ||
| Term Loan, 6.75%, Maturing April 15, 2020 | 350 | 354,375 |
| TriZetto Group, Inc. (The) | ||
| Term Loan, 4.75%, Maturing May 2, 2018 | 1,449 | 1,464,133 |
| Truven Health Analytics Inc. | ||
| Term Loan, 4.50%, Maturing June 1, 2019 | 1,642 | 1,667,381 |
| Universal Health Services, Inc. | ||
| Term Loan, 3.75%, Maturing November 15, 2016 | 1,072 | 1,084,071 |
| Valeant Pharmaceuticals International, Inc. | ||
| Term Loan, 3.50%, Maturing February 13, 2019 | 1,863 | 1,887,306 |
| Term Loan, 3.50%, Maturing December 11, 2019 | 1,995 | 2,020,249 |
| Vanguard Health Holding Company II, LLC | ||
| Term Loan, 3.75%, Maturing January 29, 2016 | 2,054 | 2,083,896 |
| VWR Funding, Inc. | ||
| Term Loan, 4.20%, Maturing April 3, 2017 | 773 | 782,243 |
| Term Loan, 4.45%, Maturing April 3, 2017 | 1,094 | 1,109,701 |
| $ 95,228,069 | ||
| Home Furnishings 0.6% | ||
| Serta Simmons Holdings, LLC | ||
| Term Loan, 5.00%, Maturing October 1, 2019 | 1,646 | $ 1,671,004 |
| Tempur-Pedic International Inc. | ||
| Term Loan, 5.00%, Maturing December 12, 2019 | 1,796 | 1,827,483 |
| $ 3,498,487 | ||
| Industrial Equipment 2.1% | ||
| Alliance Laundry Systems LLC | ||
| Term Loan, 4.50%, Maturing December 7, 2018 | 348 | $ 352,581 |
| Apex Tool Group, LLC | ||
| Term Loan, 4.50%, Maturing February 1, 2020 | 725 | 735,774 |
12 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Industrial Equipment (continued) | ||
| Colfax Corporation | ||
| Term Loan, 3.25%, Maturing January 11, 2019 | 698 | $ 705,320 |
| Excelitas Technologies Corp. | ||
| Term Loan, 5.00%, Maturing November 23, 2016 | 975 | 979,889 |
| Generac Power Systems, Inc. | ||
| Term Loan, 6.25%, Maturing May 30, 2018 | 1,404 | 1,432,562 |
| Grede LLC | ||
| Term Loan, 7.00%, Maturing April 3, 2017 | 972 | 976,474 |
| Husky Injection Molding Systems Ltd. | ||
| Term Loan, 4.25%, Maturing June 29, 2018 | 3,147 | 3,207,140 |
| Manitowoc Company, Inc. (The) | ||
| Term Loan, 4.25%, Maturing November 13, 2017 | 127 | 129,128 |
| Neenah Foundry Company | ||
| Term Loan, Maturing October 12, 2016 (3) | 475 | 472,625 |
| Schaeffler AG | ||
| Term Loan, 4.25%, Maturing January 27, 2017 | 775 | 787,202 |
| Tank Holding Corp. | ||
| Term Loan, 4.25%, Maturing July 9, 2019 | 976 | 981,220 |
| Terex Corporation | ||
| Term Loan, 4.50%, Maturing April 28, 2017 | 690 | 698,068 |
| Unifrax Corporation | ||
| Term Loan, 4.25%, Maturing November 28, 2018 | 337 | 341,283 |
| $ 11,799,266 | ||
| Insurance 4.5% | ||
| Alliant Holdings I, Inc. | ||
| Term Loan, 5.00%, Maturing December 20, 2019 | 1,970 | $ 1,997,767 |
| AmWINS Group, Inc. | ||
| Term Loan, 5.00%, Maturing September 6, 2019 | 3,990 | 4,038,630 |
| Applied Systems, Inc. | ||
| Term Loan, 4.25%, Maturing June 8, 2017 | 2,314 | 2,339,887 |
| Asurion LLC | ||
| Term Loan, 4.50%, Maturing May 24, 2019 | 8,703 | 8,825,963 |
| CCC Information Services, Inc. | ||
| Term Loan, 5.25%, Maturing December 20, 2019 | 299 | 304,487 |
| Compass Investors Inc. | ||
| Term Loan, 5.25%, Maturing December 27, 2019 | 2,120 | 2,149,717 |
| Cooper Gay Swett & Crawford Ltd. | ||
| Term Loan, Maturing April 6, 2020 (3) | 475 | 479,948 |
| Cunningham Lindsey U.S. Inc. | ||
| Term Loan, 5.00%, Maturing December 10, 2019 | 673 | 686,779 |
| Hub International Limited | ||
| Term Loan, 3.71%, Maturing June 13, 2017 | 3,518 | 3,557,509 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Insurance (continued) | |||
| Towergate Finance, PLC | |||
| Term Loan, 6.50%, Maturing August 4, 2017 | GBP | 1,000 | $ 1,554,321 |
| $ 25,935,008 | |||
| Leisure | |||
| Goods / Activities / Movies 5.5% | |||
| AMC Entertainment, Inc. | |||
| Term Loan, Maturing April 30, 2020 (3) | 2,375 | $ 2,369,062 | |
| Bombardier Recreational Products, Inc. | |||
| Term Loan, 5.00%, Maturing January 30, 2019 | 4,275 | 4,325,766 | |
| Bright Horizons Family Solutions, Inc. | |||
| Term Loan, 4.00%, Maturing January 30, 2020 | 898 | 907,663 | |
| Cedar Fair, L.P. | |||
| Term Loan, 3.25%, Maturing March 6, 2020 | 1,200 | 1,216,117 | |
| ClubCorp Club Operations, Inc. | |||
| Term Loan, 5.00%, Maturing November 30, 2016 | 2,509 | 2,554,824 | |
| Dave & Busters, Inc. | |||
| Term Loan, 5.50%, Maturing June 1, 2016 | 968 | 973,287 | |
| Delta 2 (LUX) S.a.r.l. | |||
| Term Loan, 6.00%, Maturing April 30, 2019 | 1,980 | 2,016,681 | |
| Equinox Holdings, Inc. | |||
| Term Loan, 4.50%, Maturing January 31, 2020 | 1,200 | 1,215,000 | |
| Fender Musical Instruments Corporation | |||
| Term Loan, 5.75%, Maturing April 3, 2019 | 475 | 477,660 | |
| Live Nation Entertainment, Inc. | |||
| Term Loan, 4.50%, Maturing November 7, 2016 | 2,578 | 2,616,481 | |
| LodgeNet Interactive Corp. | |||
| Term Loan, 6.75%, Maturing March 31, 2018 | 1,052 | 816,376 | |
| Regal Cinemas, Inc. | |||
| Term Loan, 2.86%, Maturing August 23, 2017 | 2,812 | 2,834,769 | |
| Revolution Studios Distribution Company, LLC | |||
| Term Loan, 3.95%, Maturing December 21, | |||
| 2014 (5) | 722 | 605,096 | |
| Term Loan - Second Lien, 7.20%, Maturing June 21, | |||
| 2015 (5) | 800 | 426,000 | |
| SeaWorld Parks & Entertainment, Inc. | |||
| Term Loan, 4.00%, Maturing August 17, 2017 | 2,230 | 2,252,528 | |
| Six Flags Theme Parks, Inc. | |||
| Term Loan, 4.00%, Maturing December 20, 2018 | 1,452 | 1,475,682 | |
| Town Sports International Inc. | |||
| Term Loan, 5.75%, Maturing May 11, 2018 | 1,739 | 1,766,785 | |
| Zuffa LLC | |||
| Term Loan, 4.50%, Maturing February 25, 2020 | 2,893 | 2,914,446 | |
| $ 31,764,223 |
13 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Lodging and Casinos 2.9% | |||
| Affinity Gaming, LLC | |||
| Term Loan, 5.50%, Maturing November 9, 2017 | 410 | $ 417,206 | |
| Ameristar Casinos, Inc. | |||
| Term Loan, 4.00%, Maturing April 16, 2018 | 1,012 | 1,020,104 | |
| Caesars Entertainment Operating Company | |||
| Term Loan, 9.50%, Maturing October 31, 2016 | 2,902 | 2,963,264 | |
| Term Loan, 5.45%, Maturing January 26, 2018 | 2,460 | 2,239,141 | |
| Gala Group LTD | |||
| Term Loan, 5.50%, Maturing May 25, 2018 | GBP | 3,125 | 4,863,752 |
| Las Vegas Sands LLC | |||
| Term Loan, 2.70%, Maturing November 23, 2016 | 215 | 215,897 | |
| Term Loan, 2.70%, Maturing November 23, 2016 | 598 | 600,108 | |
| MGM Resorts International | |||
| Term Loan, 4.25%, Maturing December 20, 2019 | 2,494 | 2,536,179 | |
| Penn National Gaming, Inc. | |||
| Term Loan, 3.75%, Maturing July 16, 2018 | 341 | 345,428 | |
| Pinnacle Entertainment, Inc. | |||
| Term Loan, 4.00%, Maturing March 19, 2019 | 569 | 573,875 | |
| Seminole Tribe of Florida | |||
| Term Loan, 3.00%, Maturing April 20, 2020 | 650 | 655,379 | |
| Tropicana Entertainment Inc. | |||
| Term Loan, 7.50%, Maturing March 16, 2018 | 347 | 350,831 | |
| $ 16,781,164 | |||
| Nonferrous | |||
| Metals / Minerals 2.5% | |||
| Arch Coal Inc. | |||
| Term Loan, 5.75%, Maturing May 16, 2018 | 2,880 | $ 2,929,355 | |
| Constellium Holdco B.V. | |||
| Term Loan, 6.25%, Maturing March 25, 2020 | 525 | 542,062 | |
| Fairmount Minerals LTD | |||
| Term Loan, 5.25%, Maturing March 15, 2017 | 3,015 | 3,049,482 | |
| Noranda Aluminum Acquisition Corporation | |||
| Term Loan, 5.75%, Maturing February 28, 2019 | 1,015 | 1,027,434 | |
| Novelis, Inc. | |||
| Term Loan, 3.75%, Maturing March 10, 2017 | 2,669 | 2,715,457 | |
| Oxbow Carbon and Mineral Holdings LLC | |||
| Term Loan, 3.70%, Maturing May 8, 2016 | 2,295 | 2,307,404 | |
| United Distribution Group, Inc. | |||
| Term Loan, 7.50%, Maturing October 9, 2018 | 1,166 | 1,116,062 | |
| Term Loan - Second Lien, 12.50%, Maturing April 12, 2019 | 500 | 477,500 | |
| $ 14,164,756 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Oil and Gas 5.3% | ||
| Citgo Petroleum Corporation | ||
| Term Loan, 8.00%, Maturing June 24, 2015 | 167 | $ 169,319 |
| Term Loan, 9.00%, Maturing June 23, 2017 | 2,192 | 2,240,818 |
| Crestwood Holdings LLC | ||
| Term Loan, 9.75%, Maturing March 26, 2018 | 1,997 | 2,040,292 |
| Dynegy Holdings Inc. | ||
| Term Loan, 4.00%, Maturing April 23, 2020 | 606 | 607,056 |
| Term Loan, 4.00%, Maturing April 23, 2020 | 969 | 971,290 |
| Energy Transfer Equity, L.P. | ||
| Term Loan, 3.75%, Maturing March 24, 2017 | 1,181 | 1,189,095 |
| Frac Tech International LLC | ||
| Term Loan, 8.50%, Maturing May 6, 2016 | 1,472 | 1,454,575 |
| Gibson Energy ULC | ||
| Term Loan, 4.75%, Maturing June 15, 2018 | 2,302 | 2,339,153 |
| MEG Energy Corp. | ||
| Term Loan, 3.75%, Maturing March 31, 2020 | 7,491 | 7,581,242 |
| Obsidian Natural Gas Trust | ||
| Term Loan, 7.00%, Maturing November 2, 2015 | 2,176 | 2,198,252 |
| Plains Exploration & Production | ||
| Term Loan, 4.00%, Maturing November 30, 2019 | 2,000 | 2,008,000 |
| Ruby Western Pipeline Holdings, LLC | ||
| Term Loan, 3.50%, Maturing March 27, 2020 | 475 | 479,750 |
| Samson Investment Company | ||
| Term Loan - Second Lien, 6.00%, Maturing September 25, 2018 | 850 | 861,156 |
| Sheridan Production Partners I, LLC | ||
| Term Loan, 5.00%, Maturing September 14, 2019 | 2,009 | 2,042,433 |
| Term Loan, 5.00%, Maturing September 25, 2019 | 163 | 165,308 |
| Term Loan, 5.00%, Maturing September 25, 2019 | 266 | 270,639 |
| Tallgrass Operations, LLC | ||
| Term Loan, 5.71%, Maturing November 13, 2018 | 2,120 | 2,145,300 |
| Tervita Corporation | ||
| Term Loan, 6.25%, Maturing May 15, 2018 | 1,646 | 1,672,326 |
| $ 30,436,004 | ||
| Publishing 5.6% | ||
| Ascend Learning, Inc. | ||
| Term Loan, 7.00%, Maturing May 23, 2017 | 3,171 | $ 3,170,164 |
| Aster Zweite Beteiligungs GmbH | ||
| Term Loan, 5.46%, Maturing December 31, 2014 | 1,614 | 1,627,010 |
| Term Loan, 5.47%, Maturing December 31, 2014 | 1,543 | 1,548,909 |
| Term Loan, 5.53%, Maturing December 31, 2014 | 93 | 93,701 |
| Cengage Learning Acquisitions, Inc. | ||
| Term Loan, 2.70%, Maturing July 3, 2014 | 502 | 392,928 |
14 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | |
|---|---|---|
| Publishing (continued) | ||
| GateHouse Media Operating, Inc. | ||
| Term Loan, 2.20%, Maturing August 28, 2014 | 852 | $ 312,127 |
| Term Loan, 2.20%, Maturing August 28, 2014 | 2,030 | 744,122 |
| Term Loan, 2.45%, Maturing August 28, 2014 | 659 | 241,684 |
| Getty Images, Inc. | ||
| Term Loan, 4.75%, Maturing October 18, 2019 | 4,763 | 4,838,228 |
| Instant Web, Inc. | ||
| Term Loan, 3.57%, Maturing August 7, 2014 | 163 | 118,848 |
| Term Loan, 3.57%, Maturing August 7, 2014 | 1,562 | 1,140,100 |
| Interactive Data Corporation | ||
| Term Loan, 3.75%, Maturing February 11, 2018 | 3,138 | 3,177,024 |
| John Henry Holdings, Inc. | ||
| Term Loan, 6.00%, Maturing December 6, 2018 | 599 | 609,722 |
| Lamar Media Corporation | ||
| Term Loan, 4.00%, Maturing December 30, 2016 | 39 | 38,835 |
| Laureate Education, Inc. | ||
| Term Loan, 5.25%, Maturing June 18, 2018 | 7,478 | 7,549,708 |
| McGraw-Hill Global Education Holdings, LLC | ||
| Term Loan, 9.00%, Maturing March 22, 2019 | 825 | 823,762 |
| MediaNews Group Inc. | ||
| Term Loan, 8.50%, Maturing March 19, 2014 | 34 | 34,868 |
| Merrill Communications, LLC | ||
| Term Loan, 7.25%, Maturing March 8, 2018 | 698 | 705,233 |
| Nelson Education Ltd. | ||
| Term Loan, 2.78%, Maturing July 3, 2014 | 462 | 376,698 |
| Nielsen Finance LLC | ||
| Term Loan, 2.95%, Maturing May 2, 2016 | 1,933 | 1,959,980 |
| Source Interlink Companies, Inc. | ||
| Term Loan, 14.98%, Maturing March 18, | ||
| 2014 (4)(5) | 805 | 133,986 |
| Term Loan - Second Lien, 10.75%, Maturing June 18, | ||
| 2013 (5) | 884 | 692,360 |
| Tribune Company | ||
| Term Loan, 4.00%, Maturing December 31, 2019 | 1,696 | 1,718,634 |
| $ 32,048,631 | ||
| Radio and Television 3.4% | ||
| Clear Channel Communications, Inc. | ||
| Term Loan, 3.85%, Maturing January 29, 2016 | 1,516 | $ 1,392,395 |
| Cumulus Media Holdings Inc. | ||
| Term Loan, 4.50%, Maturing September 17, 2018 | 4,613 | 4,701,785 |
| Term Loan - Second Lien, 7.50%, Maturing September 16, 2019 | 1,000 | 1,042,083 |
| Entercom Radio, LLC | ||
| Term Loan, 5.02%, Maturing November 23, 2018 | 480 | 488,592 |
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Radio and Television (continued) | |||
| Foxco Acquisition Sub, LLC | |||
| Term Loan, 5.50%, Maturing July 14, 2017 | 1,368 | $ 1,393,495 | |
| Gray Television, Inc. | |||
| Term Loan, 4.75%, Maturing October 15, 2019 | 482 | 489,212 | |
| Hubbard Radio, LLC | |||
| Term Loan, 4.50%, Maturing April 28, 2017 | 806 | 821,595 | |
| LIN Television Corp. | |||
| Term Loan, 4.00%, Maturing December 21, 2018 | 593 | 598,428 | |
| Mission Broadcasting, Inc. | |||
| Term Loan, 4.50%, Maturing December 3, 2019 | 409 | 416,232 | |
| Nexstar Broadcasting, Inc. | |||
| Term Loan, 4.50%, Maturing December 3, 2019 | 966 | 984,549 | |
| Nine Entertainment Group Limited | |||
| Term Loan, 3.50%, Maturing February 5, 2020 | 750 | 756,406 | |
| Raycom TV Broadcasting, Inc. | |||
| Term Loan, 4.25%, Maturing May 31, 2017 | 860 | 868,284 | |
| Sinclair Television Group Inc. | |||
| Term Loan, 3.00%, Maturing April 9, 2020 | 500 | 504,063 | |
| Univision Communications Inc. | |||
| Term Loan, 4.75%, Maturing March 2, 2020 | 3,825 | 3,868,096 | |
| Weather Channel | |||
| Term Loan, 3.50%, Maturing February 13, 2017 | 1,112 | 1,129,934 | |
| $ 19,455,149 | |||
| Retailers (Except Food and | |||
| Drug) 6.1% | |||
| 99 Cents Only Stores | |||
| Term Loan, 5.25%, Maturing January 11, 2019 | 1,484 | $ 1,505,710 | |
| B&M Retail Limited | |||
| Term Loan, 5.99%, Maturing February 18, 2020 | GBP | 1,075 | 1,674,722 |
| Bass Pro Group, LLC | |||
| Term Loan, 4.00%, Maturing November 20, 2019 | 1,347 | 1,363,790 | |
| Davids Bridal, Inc. | |||
| Term Loan, 5.00%, Maturing October 11, 2019 | 648 | 658,502 | |
| Evergreen Acqco 1 LP | |||
| Term Loan, 5.00%, Maturing July 9, 2019 | 670 | 680,972 | |
| FTD, Inc. | |||
| Term Loan, 4.75%, Maturing June 11, 2018 | 1,131 | 1,142,724 | |
| Harbor Freight Tools USA, Inc. | |||
| Term Loan, 5.50%, Maturing November 14, 2017 | 993 | 1,007,884 | |
| J Crew Group, Inc. | |||
| Term Loan, 4.00%, Maturing March 7, 2018 | 2,062 | 2,084,528 | |
| Jo-Ann Stores, Inc. | |||
| Term Loan, 4.00%, Maturing March 16, 2018 | 1,924 | 1,946,231 |
15 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Value | ||
|---|---|---|---|
| Retailers (Except Food and Drug) (continued) | |||
| Michaels Stores, Inc. | |||
| Term Loan, 3.75%, Maturing January 28, 2020 | 2,575 | $ 2,603,508 | |
| National Vision, Inc. | |||
| Term Loan, 7.00%, Maturing August 2, 2018 | 790 | 809,750 | |
| Neiman Marcus Group, Inc. (The) | |||
| Term Loan, 4.00%, Maturing May 16, 2018 | 4,725 | 4,769,665 | |
| Ollies Bargain Outlet, Inc. | |||
| Term Loan, 5.25%, Maturing September 27, 2019 | 474 | 478,551 | |
| Party City Holdings Inc. | |||
| Term Loan, 4.25%, Maturing July 29, 2019 | 2,372 | 2,395,032 | |
| Pep Boys-Manny, Moe & Jack (The) | |||
| Term Loan, 5.00%, Maturing October 11, 2018 | 474 | 482,092 | |
| Petco Animal Supplies, Inc. | |||
| Term Loan, 4.00%, Maturing November 24, 2017 | 2,209 | 2,243,079 | |
| Pilot Travel Centers LLC | |||
| Term Loan, 3.75%, Maturing March 30, 2018 | 1,764 | 1,746,245 | |
| Term Loan, 4.25%, Maturing August 7, 2019 | 597 | 592,523 | |
| ServiceMaster Company | |||
| Term Loan, 4.25%, Maturing January 31, 2017 | 1,446 | 1,460,230 | |
| Term Loan, 4.46%, Maturing January 31, 2017 | 2,437 | 2,459,164 | |
| Visant Holding Corp. | |||
| Term Loan, 5.25%, Maturing December 22, 2016 | 1,280 | 1,247,844 | |
| Vivarte SA | |||
| Term Loan, 2.33%, Maturing March 9, 2015 | EUR | 29 | 33,846 |
| Term Loan, 2.33%, Maturing March 9, 2015 | EUR | 62 | 74,001 |
| Term Loan, 2.33%, Maturing March 9, 2015 | EUR | 347 | 411,310 |
| Term Loan, 2.83%, Maturing March 8, 2016 | EUR | 18 | 21,799 |
| Term Loan, 2.83%, Maturing March 8, 2016 | EUR | 71 | 84,327 |
| Term Loan, 2.83%, Maturing March 8, 2016 | EUR | 440 | 522,026 |
| Wilton Brands LLC | |||
| Term Loan, 7.50%, Maturing August 30, 2018 | 634 | 642,464 | |
| $ 35,142,519 | |||
| Steel 2.1% | |||
| Ameriforge Group, Inc. | |||
| Term Loan, 6.00%, Maturing December 19, 2019 | 524 | $ 532,198 | |
| Term Loan - Second Lien, 8.75%, Maturing December 18, 2020 | 200 | 206,500 | |
| Essar Steel Algoma, Inc. | |||
| Term Loan, 8.75%, Maturing September 19, 2014 | 1,045 | 1,067,821 | |
| FMG America Finance, Inc. | |||
| Term Loan, 5.25%, Maturing October 18, 2017 | 5,796 | 5,899,314 | |
| JFB Firth Rixson Inc. | |||
| Term Loan, 5.00%, Maturing June 30, 2017 | GBP | 748 | 1,173,140 |
| Borrower/Tranche Description | Value | |
|---|---|---|
| Steel (continued) | ||
| JMC Steel Group, Inc. | ||
| Term Loan, 4.75%, Maturing April 3, 2017 | 686 | $ 695,017 |
| Patriot Coal Corporation | ||
| DIP Loan, 9.25%, Maturing October 4, 2013 | 825 | 819,328 |
| SunCoke Energy, Inc. | ||
| Term Loan, 4.00%, Maturing July 26, 2018 | 152 | 152,428 |
| Waupaca Foundry, Inc. | ||
| Term Loan, 4.75%, Maturing June 29, 2017 | 1,144 | 1,151,518 |
| WireCo WorldGroup, Inc. | ||
| Term Loan, 6.00%, Maturing February 15, 2017 | 622 | 631,203 |
| $ 12,328,467 | ||
| Surface Transport 1.1% | ||
| Hertz Corporation (The) | ||
| Term Loan, 3.00%, Maturing March 11, 2018 | 3,455 | $ 3,472,830 |
| Term Loan, 3.75%, Maturing March 11, 2018 | 1,796 | 1,819,439 |
| Swift Transportation Co., Inc. | ||
| Term Loan, 4.00%, Maturing December 21, 2017 | 1,201 | 1,223,185 |
| $ 6,515,454 | ||
| Telecommunications 6.2% | ||
| Alaska Communications Systems Holdings, Inc. | ||
| Term Loan, 5.75%, Maturing October 21, 2016 | 603 | $ 596,407 |
| Arris Group, Inc. | ||
| Term Loan, 3.50%, Maturing February 7, 2020 | 1,050 | 1,053,445 |
| Cellular South, Inc. | ||
| Term Loan, 4.50%, Maturing July 27, 2017 | 835 | 843,476 |
| Cricket Communications, Inc. | ||
| Term Loan, 4.75%, Maturing October 10, 2019 | 474 | 476,892 |
| Term Loan, 4.75%, Maturing February 21, 2020 | 3,075 | 3,096,141 |
| Crown Castle International Corporation | ||
| Term Loan, 3.25%, Maturing January 31, 2019 | 1,852 | 1,862,846 |
| Intelsat Jackson Holdings Ltd. | ||
| Term Loan, 4.25%, Maturing April 2, 2018 | 10,170 | 10,330,536 |
| MetroPCS Wireless, Inc. | ||
| Term Loan, 4.88%, Maturing March 16, 2018 | 3,920 | 3,934,633 |
| Mitel Networks Corporation | ||
| Term Loan, 7.00%, Maturing February 27, 2019 | 750 | 760,781 |
| Oberthur Technologies Holding SAS | ||
| Term Loan, 6.25%, Maturing March 30, 2019 | 572 | 575,701 |
| SBA Finance | ||
| Term Loan, 3.75%, Maturing June 29, 2018 | 343 | 346,092 |
| Term Loan, 3.75%, Maturing September 27, 2019 | 156 | 157,691 |
16 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Borrower/Tranche Description | Principal Amount* (000s omitted) | Value |
|---|---|---|
| Telecommunications (continued) | ||
| Syniverse Holdings, Inc. | ||
| Term Loan, 1.00%, Maturing April 23, | ||
| 2019 (6) | 1,225 | $ 1,233,422 |
| Term Loan, 5.00%, Maturing April 23, 2019 | 1,836 | 1,850,471 |
| Telesat LLC | ||
| Term Loan, 3.50%, Maturing March 28, 2019 | 6,774 | 6,854,252 |
| TNS, Inc. | ||
| Term Loan, 5.00%, Maturing February 14, 2020 | 883 | 888,854 |
| Windstream Corporation | ||
| Term Loan, 4.00%, Maturing August 8, 2019 | 918 | 928,295 |
| $ 35,789,935 | ||
| Utilities 3.0% | ||
| AES Corporation | ||
| Term Loan, 3.75%, Maturing June 1, 2018 | 2,691 | $ 2,734,336 |
| Calpine Corporation | ||
| Term Loan, 4.00%, Maturing April 2, 2018 | 933 | 947,570 |
| Term Loan, 4.00%, Maturing April 2, 2018 | 2,744 | 2,786,019 |
| Term Loan, 4.00%, Maturing October 9, 2019 | 821 | 833,041 |
| LSP Madison Funding, LLC | ||
| Term Loan, 5.50%, Maturing June 28, 2019 | 713 | 723,187 |
| NRG Energy, Inc. | ||
| Term Loan, 3.25%, Maturing July 2, 2018 | 4,348 | 4,407,794 |
| Raven Power Finance, LLC | ||
| Term Loan, 7.25%, Maturing November 15, 2018 | 499 | 511,219 |
| Texas Competitive Electric Holdings Company, LLC | ||
| Term Loan, 4.73%, Maturing October 10, 2017 | 5,832 | 4,298,150 |
| $ 17,241,316 | ||
| Total Senior Floating-Rate Interests (identified cost $800,759,308) | $ 805,150,704 | |
| Corporate Bonds & Notes 12.5% | ||
| Security | Principal Amount* (000s omitted) | Value |
| Aerospace and Defense 0.0% (7) | ||
| GenCorp, Inc. | ||
| 7.125%, 3/15/21 (8) | 50 | $ 54,125 |
| $ 54,125 | ||
| Automotive 0.0% (7) | ||
| American Axle & Manufacturing, Inc. | ||
| 9.25%, 1/15/17 (8) | 92 | $ 100,970 |
| Security | Value | |
|---|---|---|
| Automotive (continued) | ||
| General Motors Financial Co., Inc. | ||
| 4.75%, 8/15/17 (8) | 70 | $ 74,200 |
| Navistar International Corp. | ||
| 8.25%, 11/1/21 | 105 | 109,856 |
| $ 285,026 | ||
| Beverage and Tobacco 0.0% (7) | ||
| Constellation Brands, Inc. | ||
| 6.00%, 5/1/22 | 105 | $ 121,669 |
| 4.25%, 5/1/23 | 105 | 105,000 |
| $ 226,669 | ||
| Brokers, Dealers and Investment Houses 0.0% (7) | ||
| Alliance Data Systems Corp. | ||
| 6.375%, 4/1/20 (8) | 55 | $ 59,675 |
| E*TRADE Financial Corp. | ||
| 6.00%, 11/15/17 | 15 | 15,938 |
| 6.375%, 11/15/19 | 45 | 48,600 |
| $ 124,213 | ||
| Building and Development 0.1% | ||
| Brookfield Residential Properties, Inc. | ||
| 6.50%, 12/15/20 (8) | 55 | $ 59,469 |
| HD Supply, Inc. | ||
| 8.125%, 4/15/19 | 35 | 39,769 |
| 7.50%, 7/15/20 (8) | 30 | 32,550 |
| 11.50%, 7/15/20 | 35 | 41,737 |
| Isabelle Acquisition Sub, Inc. | ||
| 10.00%, 11/15/18 (4)(8) | 130 | 145,112 |
| Nortek, Inc. | ||
| 10.00%, 12/1/18 | 85 | 95,944 |
| 8.50%, 4/15/21 (8) | 50 | 56,000 |
| $ 470,581 | ||
| Business Equipment and | ||
| Services 0.1% | ||
| Education Management, LLC/Education Management Finance Corp. | ||
| 15.00%, 7/1/18 (8) | 56 | $ 58,085 |
| FTI Consulting, Inc. | ||
| 6.00%, 11/15/22 (8) | 40 | 42,900 |
| HDTFS, Inc. | ||
| 6.25%, 10/15/22 | 50 | 56,188 |
| IMS Health, Inc. | ||
| 6.00%, 11/1/20 (8) | 75 | 80,437 |
17 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Security | Value | ||
|---|---|---|---|
| Business Equipment and Services (continued) | |||
| MDC Partners, Inc. | |||
| 6.75%, 4/1/20 (8) | 35 | $ 36,575 | |
| TransUnion Holding Co., Inc. | |||
| 8.125%, 6/15/18 (4)(8) | 100 | 108,000 | |
| $ 382,185 | |||
| Cable and Satellite | |||
| Television 0.3% | |||
| AMC Networks, Inc. | |||
| 4.75%, 12/15/22 | 35 | $ 36,138 | |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | |||
| 5.25%, 9/30/22 | 190 | 194,512 | |
| 5.75%, 1/15/24 | 70 | 73,062 | |
| DISH DBS Corp. | |||
| 6.75%, 6/1/21 | 170 | 184,450 | |
| Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | |||
| 5.50%, 1/15/23 (8) | 1,000 | 1,040,000 | |
| $ 1,528,162 | |||
| Chemicals and Plastics 1.6% | |||
| Ashland, Inc. | |||
| 3.00%, 3/15/16 (8) | 15 | $ 15,413 | |
| Hexion US Finance Corp. | |||
| 6.625%, 4/15/20 (8) | 950 | 995,125 | |
| 6.625%, 4/15/20 | 2,000 | 2,095,000 | |
| Ineos Finance PLC | |||
| 7.25%, 2/15/19 (8) | EUR | 1,000 | 1,407,491 |
| 8.375%, 2/15/19 (8) | 1,825 | 2,064,531 | |
| 7.50%, 5/1/20 (8) | 800 | 898,000 | |
| Milacron, LLC/Mcron Finance Corp. | |||
| 7.75%, 2/15/21 (8) | 20 | 20,900 | |
| Rockwood Specialties Group, Inc. | |||
| 4.625%, 10/15/20 | 130 | 137,637 | |
| TPC Group, Inc. | |||
| 8.75%, 12/15/20 (8) | 55 | 58,300 | |
| Trinseo Materials Operating S.C.A. | |||
| 8.75%, 2/1/19 (8) | 1,500 | 1,503,750 | |
| Tronox Finance, LLC | |||
| 6.375%, 8/15/20 (8) | 155 | 155,194 | |
| $ 9,351,341 |
| Security | Value | ||
|---|---|---|---|
| Clothing / Textiles 0.0% (7) | |||
| Levi Strauss & Co. | |||
| 6.875%, 5/1/22 (8) | 40 | $ 44,850 | |
| $ 44,850 | |||
| Conglomerates 0.1% | |||
| Belden, Inc. | |||
| 5.50%, 9/1/22 (8) | 50 | $ 51,750 | |
| General Cable Corp. | |||
| 5.75%, 10/1/22 (8) | 75 | 78,000 | |
| Harbinger Group, Inc. | |||
| 7.875%, 7/15/19 (8) | 35 | 37,625 | |
| Spectrum Brands Escrow Corp. | |||
| 6.375%, 11/15/20 (8) | 50 | 54,750 | |
| 6.625%, 11/15/22 (8) | 70 | 77,350 | |
| $ 299,475 | |||
| Containers and Glass Products 0.7% | |||
| BOE Merger Corp. | |||
| 9.50%, 11/1/17 (4)(8) | 80 | $ 86,800 | |
| Crown Americas, LLC/Crown Americas Capital Corp. IV | |||
| 4.50%, 1/15/23 (8) | 85 | 87,231 | |
| Reynolds Group Holdings Inc. | |||
| 5.75%, 10/15/20 | 3,875 | 4,068,750 | |
| Sealed Air Corp. | |||
| 8.375%, 9/15/21 (8) | 10 | 11,750 | |
| $ 4,254,531 | |||
| Cosmetics / Toiletries 0.1% | |||
| Alphabet Holding Co., Inc. | |||
| 7.75%, 11/1/17 (4)(8) | 125 | $ 130,938 | |
| Party City Holdings, Inc. | |||
| 8.875%, 8/1/20 (8) | 120 | 136,200 | |
| Sun Products Corp. (The) | |||
| 7.75%, 3/15/21 (8) | 70 | 72,625 | |
| $ 339,763 | |||
| Diversified Financial Services 0.3% | |||
| KION Finance SA | |||
| 4.726%, 2/15/20 (8)(9) | EUR | 1,300 | $ 1,748,416 |
| $ 1,748,416 |
18 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Drugs 0.0% (7) | ||
| Valeant Pharmaceuticals International | ||
| 6.375%, 10/15/20 (8) | 240 | $ 267,000 |
| $ 267,000 | ||
| Ecological Services and Equipment 0.1% | ||
| ADS Waste Holdings, Inc. | ||
| 8.25%, 10/1/20 (8) | 50 | $ 54,875 |
| Clean Harbors, Inc. | ||
| 5.25%, 8/1/20 | 50 | 53,125 |
| 5.125%, 6/1/21 (8) | 25 | 26,313 |
| Environmental Systems Product Holdings, Inc. | ||
| 18.00%, 3/31/15 (5)(8) | 523 | 443,347 |
| $ 577,660 | ||
| Electronics / Electrical 0.1% | ||
| Brocade Communications Systems, Inc. | ||
| 6.875%, 1/15/20 | 30 | $ 33,150 |
| Ceridian Corp. | ||
| 11.00%, 3/15/21 (8) | 20 | 22,700 |
| Infor US, Inc. | ||
| 9.375%, 4/1/19 | 60 | 68,700 |
| NCR Corp. | ||
| 5.00%, 7/15/22 (8) | 60 | 61,050 |
| Nuance Communications, Inc. | ||
| 5.375%, 8/15/20 (8) | 120 | 125,400 |
| $ 311,000 | ||
| Equipment Leasing 0.4% | ||
| Air Lease Corp. | ||
| 4.50%, 1/15/16 | 260 | $ 271,700 |
| International Lease Finance Corp. | ||
| 5.65%, 6/1/14 | 1,000 | 1,050,000 |
| 6.75%, 9/1/16 (8) | 350 | 399,875 |
| 7.125%, 9/1/18 (8) | 350 | 418,250 |
| $ 2,139,825 | ||
| Financial Intermediaries 1.4% | ||
| Ally Financial, Inc. | ||
| 2.487%, 12/1/14 (9) | 55 | $ 55,174 |
| 0.00%, 6/15/15 | 80 | 75,700 |
| 4.625%, 6/26/15 | 500 | 527,145 |
| Security | Value | ||
|---|---|---|---|
| Financial Intermediaries (continued) | |||
| CIT Group, Inc. | |||
| 5.50%, 2/15/19 (8) | 45 | $ 50,963 | |
| 5.375%, 5/15/20 | 10 | 11,325 | |
| 5.00%, 8/15/22 | 20 | 22,474 | |
| First Data Corp. | |||
| 7.375%, 6/15/19 (8) | 1,000 | 1,092,500 | |
| 6.75%, 11/1/20 (8) | 1,480 | 1,594,700 | |
| 11.25%, 1/15/21 (8) | 65 | 68,250 | |
| 10.625%, 6/15/21 (8) | 65 | 67,194 | |
| Ford Motor Credit Co., LLC | |||
| 12.00%, 5/15/15 | 2,250 | 2,727,027 | |
| Lender Processing Services, Inc. | |||
| 5.75%, 4/15/23 | 75 | 80,438 | |
| Nuveen Investments, Inc. | |||
| 9.50%, 10/15/20 (8) | 130 | 140,725 | |
| UPCB Finance II, Ltd. | |||
| 6.375%, 7/1/20 (8) | EUR | 1,000 | 1,425,599 |
| $ 7,939,214 | |||
| Food Products 0.0% (7) | |||
| Hawk Acquisition Sub, Inc. | |||
| 4.25%, 10/15/20 (8) | 70 | $ 71,050 | |
| Michael Foods Holding, Inc. | |||
| 8.50%, 7/15/18 (4)(8) | 50 | 52,625 | |
| Smithfield Foods, Inc. | |||
| 6.625%, 8/15/22 | 95 | 105,688 | |
| $ 229,363 | |||
| Food Service 0.0% (7) | |||
| Aramark Corp. | |||
| 5.75%, 3/15/20 (8) | 35 | $ 36,838 | |
| $ 36,838 | |||
| Food / Drug Retailers 0.0% (7) | |||
| Pantry, Inc. | |||
| 8.375%, 8/1/20 (8) | 70 | $ 76,825 | |
| $ 76,825 | |||
| Health Care 0.9% | |||
| Accellent, Inc. | |||
| 8.375%, 2/1/17 | 135 | $ 144,450 | |
| Air Medical Group Holdings, Inc. | |||
| 9.25%, 11/1/18 | 4 | 4,450 |
19 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Health Care (continued) | ||
| Alere, Inc. | ||
| 8.625%, 10/1/18 | 45 | $ 48,488 |
| Amsurg Corp. | ||
| 5.625%, 11/30/20 (8) | 20 | 21,200 |
| Biomet, Inc. | ||
| 6.50%, 8/1/20 (8) | 115 | 125,781 |
| CDRT Holding Corp. | ||
| 9.25%, 10/1/17 (4)(8) | 90 | 94,387 |
| Community Health Systems, Inc. | ||
| 5.125%, 8/15/18 | 2,190 | 2,348,775 |
| 7.125%, 7/15/20 | 120 | 134,250 |
| DaVita, Inc. | ||
| 5.75%, 8/15/22 | 215 | 230,050 |
| DJO Finance, LLC/DJO Finance Corp. | ||
| 8.75%, 3/15/18 | 20 | 22,550 |
| HCA Holdings, Inc. | ||
| 6.25%, 2/15/21 | 85 | 93,287 |
| HCA, Inc. | ||
| 4.75%, 5/1/23 | 1,050 | 1,097,250 |
| Hologic, Inc. | ||
| 6.25%, 8/1/20 | 245 | 265,825 |
| INC Research, LLC | ||
| 11.50%, 7/15/19 (8) | 55 | 60,500 |
| Kinetic Concepts, Inc./KCI USA, Inc. | ||
| 10.50%, 11/1/18 | 45 | 50,738 |
| United Surgical Partners International, Inc. | ||
| 9.00%, 4/1/20 | 60 | 68,100 |
| VWR Funding, Inc. | ||
| 7.25%, 9/15/17 (8) | 185 | 197,950 |
| $ 5,008,031 | ||
| Home Furnishings 0.2% | ||
| Libbey Glass, Inc. | ||
| 6.875%, 5/15/20 | 662 | $ 729,027 |
| Mead Products, LLC/ACCO Brands Corp. | ||
| 6.75%, 4/30/20 (8) | 85 | 90,738 |
| Tempur-Pedic International, Inc. | ||
| 6.875%, 12/15/20 (8) | 40 | 43,850 |
| $ 863,615 | ||
| Homebuilders / Real Estate 0.0% (7) | ||
| BC Mountain, LLC/BC Mountain Finance, Inc. | ||
| 7.00%, 2/1/21 (8) | 65 | $ 70,038 |
| $ 70,038 |
| Security | Value | |
|---|---|---|
| Industrial Equipment 0.0% (7) | ||
| Manitowoc Co., Inc. (The) | ||
| 5.875%, 10/15/22 | 65 | $ 69,388 |
| $ 69,388 | ||
| Insurance 0.2% | ||
| A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub, LLC | ||
| 7.875%, 12/15/20 (8) | 45 | $ 47,756 |
| CNO Financial Group, Inc. | ||
| 6.375%, 10/1/20 (8) | 1,050 | 1,136,625 |
| Hub International, Ltd. | ||
| 8.125%, 10/15/18 (8) | 70 | 75,688 |
| Onex USI Acquisition Corp. | ||
| 7.75%, 1/15/21 (8) | 115 | 119,025 |
| $ 1,379,094 | ||
| Leisure Goods / Activities / Movies | ||
| 0.3% | ||
| AMC Entertainment, Inc. | ||
| 8.75%, 6/1/19 | 110 | $ 121,687 |
| Bombardier, Inc. | ||
| 4.25%, 1/15/16 (8) | 50 | 52,437 |
| 6.125%, 1/15/23 (8) | 35 | 38,019 |
| National CineMedia, LLC | ||
| 6.00%, 4/15/22 | 790 | 865,050 |
| NCL Corp., Ltd. | ||
| 5.00%, 2/15/18 (8) | 30 | 31,313 |
| Regal Entertainment Group | ||
| 5.75%, 2/1/25 | 25 | 25,313 |
| Royal Caribbean Cruises | ||
| 7.00%, 6/15/13 | 95 | 95,594 |
| 6.875%, 12/1/13 | 35 | 36,181 |
| 7.25%, 6/15/16 | 25 | 28,500 |
| 7.25%, 3/15/18 | 50 | 57,937 |
| Seven Seas Cruises, S. de R.L. | ||
| 9.125%, 5/15/19 | 65 | 71,419 |
| Viking Cruises, Ltd. | ||
| 8.50%, 10/15/22 (8) | 60 | 67,350 |
| $ 1,490,800 | ||
| Lodging and Casinos 1.1% | ||
| Buffalo Thunder Development Authority | ||
| 9.375%, 12/15/14 (2)(8) | 480 | $ 134,400 |
20 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Lodging and Casinos (continued) | ||
| Caesars Entertainment Operating Co., Inc. | ||
| 5.375%, 12/15/13 | 20 | $ 19,950 |
| 11.25%, 6/1/17 | 1,500 | 1,593,750 |
| 8.50%, 2/15/20 | 2,100 | 2,033,062 |
| Caesars Operating Escrow, LLC/Caesars Escrow Corp. | ||
| 9.00%, 2/15/20 (8) | 555 | 549,450 |
| 9.00%, 2/15/20 (8) | 1,175 | 1,163,250 |
| Inn of the Mountain Gods Resort & Casino | ||
| 8.75%, 11/30/20 (8) | 58 | 58,290 |
| MGM Resorts International | ||
| 6.625%, 12/15/21 | 120 | 130,500 |
| 7.75%, 3/15/22 | 30 | 34,425 |
| Mohegan Tribal Gaming Authority | ||
| 10.50%, 12/15/16 (8) | 95 | 95,000 |
| 11.00%, 9/15/18 (8) | 50 | 48,250 |
| Station Casinos, LLC | ||
| 7.50%, 3/1/21 (8) | 85 | 90,100 |
| Tunica-Biloxi Gaming Authority | ||
| 9.00%, 11/15/15 (8) | 310 | 285,200 |
| Waterford Gaming, LLC | ||
| 8.625%, 9/15/14 (5)(8) | 157 | 79,658 |
| $ 6,315,285 | ||
| Mining, Steel, Iron and Nonprecious Metals | ||
| 0.1% | ||
| ArcelorMittal | ||
| 6.75%, 2/25/22 | 25 | $ 27,471 |
| Eldorado Gold Corp. | ||
| 6.125%, 12/15/20 (8) | 135 | 138,375 |
| IAMGOLD Corp. | ||
| 6.75%, 10/1/20 (8) | 125 | 118,750 |
| Inmet Mining Corp. | ||
| 8.75%, 6/1/20 (8) | 30 | 32,550 |
| 7.50%, 6/1/21 (8) | 50 | 52,500 |
| $ 369,646 | ||
| Nonferrous Metals / Minerals 0.0% (7) | ||
| New Gold, Inc. | ||
| 7.00%, 4/15/20 (8) | 40 | $ 42,600 |
| 6.25%, 11/15/22 (8) | 70 | 72,450 |
| $ 115,050 |
| Security | Value | |
|---|---|---|
| Oil and Gas 0.6% | ||
| Atlas Energy Holdings Operating Co., LLC | ||
| 7.75%, 1/15/21 (8) | 50 | $ 49,250 |
| Bonanza Creek Energy, Inc. | ||
| 6.75%, 4/15/21 (8) | 55 | 58,300 |
| Bristow Group, Inc. | ||
| 6.25%, 10/15/22 | 80 | 87,500 |
| Chesapeake Energy Corp. | ||
| 6.125%, 2/15/21 | 135 | 149,175 |
| 5.75%, 3/15/23 | 115 | 125,062 |
| Concho Resources, Inc. | ||
| 5.50%, 4/1/23 | 80 | 85,600 |
| Continental Resources, Inc. | ||
| 5.00%, 9/15/22 | 160 | 174,800 |
| 4.50%, 4/15/23 (8) | 70 | 74,725 |
| CrownRock, LP/CrownRock Finance, Inc. | ||
| 7.125%, 4/15/21 (8) | 70 | 71,400 |
| CVR Refining, LLC/Coffeyville Finance, Inc. | ||
| 6.50%, 11/1/22 (8) | 125 | 129,375 |
| EP Energy, LLC/EP Energy Finance, Inc. | ||
| 6.875%, 5/1/19 | 290 | 319,000 |
| 9.375%, 5/1/20 | 210 | 245,700 |
| EP Energy, LLC/Everest Acquisition Finance, Inc. | ||
| 7.75%, 9/1/22 | 35 | 40,338 |
| EPL Oil & Gas, Inc. | ||
| 8.25%, 2/15/18 (8) | 75 | 81,000 |
| FTS International Services, LLC/FTS International Bonds, Inc. | ||
| 8.125%, 11/15/18 (8) | 30 | 32,250 |
| Kodiak Oil & Gas Corp. | ||
| 5.50%, 1/15/21 (8) | 15 | 15,844 |
| Laredo Petroleum, Inc. | ||
| 7.375%, 5/1/22 | 90 | 99,450 |
| MEG Energy Corp. | ||
| 6.375%, 1/30/23 (8) | 100 | 106,000 |
| Newfield Exploration Co. | ||
| 5.625%, 7/1/24 | 120 | 129,600 |
| Oasis Petroleum, Inc. | ||
| 6.875%, 1/15/23 | 135 | 150,525 |
| Offshore Group Investment, Ltd. | ||
| 7.125%, 4/1/23 (8) | 20 | 20,900 |
| Plains Exploration & Production Co. | ||
| 6.875%, 2/15/23 | 200 | 228,750 |
| Rockies Express Pipeline, LLC | ||
| 6.00%, 1/15/19 (8) | 70 | 69,125 |
21 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Oil and Gas (continued) | ||
| Rosetta Resources, Inc. | ||
| 5.625%, 5/1/21 | 60 | $ 62,625 |
| Sabine Pass Liquefaction, LLC | ||
| 5.625%, 2/1/21 (8) | 170 | 176,375 |
| Sabine Pass LNG, L.P. | ||
| 6.50%, 11/1/20 (8) | 100 | 107,750 |
| SandRidge Energy, Inc. | ||
| 7.50%, 3/15/21 | 30 | 31,275 |
| 8.125%, 10/15/22 | 5 | 5,350 |
| Seadrill, Ltd. | ||
| 5.625%, 9/15/17 (8) | 270 | 277,425 |
| SM Energy Co. | ||
| 6.50%, 1/1/23 | 75 | 83,250 |
| Tesoro Corp. | ||
| 5.375%, 10/1/22 | 105 | 112,350 |
| $ 3,400,069 | ||
| Publishing 0.1% | ||
| Laureate Education, Inc. | ||
| 9.25%, 9/1/19 (8) | 605 | $ 688,187 |
| McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance | ||
| 9.75%, 4/1/21 (8) | 105 | 108,675 |
| $ 796,862 | ||
| Radio and Television 0.5% | ||
| Clear Channel Communications, Inc. | ||
| 9.00%, 12/15/19 (8) | 953 | $ 957,765 |
| 11.25%, 3/1/21 (8) | 50 | 53,250 |
| Clear Channel Worldwide Holdings, Inc., Series A | ||
| 6.50%, 11/15/22 (8) | 50 | 53,375 |
| Clear Channel Worldwide Holdings, Inc., Series B | ||
| 6.50%, 11/15/22 (8) | 130 | 140,075 |
| Entravision Communications Corp. | ||
| 8.75%, 8/1/17 | 844 | 913,630 |
| Starz, LLC/Starz Finance Corp. | ||
| 5.00%, 9/15/19 | 70 | 73,412 |
| Univision Communications, Inc. | ||
| 6.75%, 9/15/22 (8) | 825 | 919,875 |
| WMG Acquisition Corp. | ||
| 6.00%, 1/15/21 (8) | 50 | 53,750 |
| $ 3,165,132 |
| Security | Value | |
|---|---|---|
| Rail Industries 0.1% | ||
| Kansas City Southern Mexico | ||
| 8.00%, 2/1/18 | 500 | $ 546,850 |
| $ 546,850 | ||
| Real Estate Investment Trusts (REITs) 0.0% (7) | ||
| RHP Hotel Properties LP/RHP Finance Corp. | ||
| 5.00%, 4/15/21 (8) | 50 | $ 51,219 |
| $ 51,219 | ||
| Retailers (Except Food and Drug) 0.2% | ||
| American Builders & Contractors Supply Co., Inc. | ||
| 5.625%, 4/15/21 (8) | 35 | $ 36,444 |
| Burlington Holdings, LLC/Burlington Holding Finance, Inc. | ||
| 9.00%, 2/15/18 (8) | 55 | 57,337 |
| Claires Stores, Inc. | ||
| 8.875%, 3/15/19 | 15 | 16,163 |
| 9.00%, 3/15/19 (8) | 130 | 149,662 |
| 6.125%, 3/15/20 (8) | 45 | 47,756 |
| CST Brands, Inc. | ||
| 5/1/23 (8) | 30 | 30,938 |
| Michaels Stores, Inc. | ||
| 7.75%, 11/1/18 | 190 | 209,712 |
| New Academy Finance Co., LLC/New Academy Finance Corp. | ||
| 8.00%, 6/15/18 (4)(8) | 115 | 120,319 |
| Petco Holdings, Inc. | ||
| 8.50%, 10/15/17 (4)(8) | 200 | 209,750 |
| Radio Systems Corp. | ||
| 8.375%, 11/1/19 (8) | 60 | 65,400 |
| Sally Holdings, LLC/Sally Capital, Inc. | ||
| 5.75%, 6/1/22 | 175 | 189,437 |
| ServiceMaster Company | ||
| 7.00%, 8/15/20 (8) | 35 | 36,444 |
| $ 1,169,362 | ||
| Steel 0.0% (7) | ||
| AK Steel Corp. | ||
| 8.75%, 12/1/18 (8) | 35 | $ 38,981 |
| $ 38,981 | ||
| Surface Transport 0.0% (7) | ||
| Watco Cos., LLC/Watco Finance Corp. | ||
| 6.375%, 4/1/23 (8) | 35 | $ 36,663 |
| $ 36,663 |
22 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Security | Value | ||
|---|---|---|---|
| Telecommunications 1.4% | |||
| Avaya, Inc. | |||
| 9.00%, 4/1/19 (8) | 50 | $ 51,250 | |
| 10.50%, 3/1/21 (8) | 745 | 690,987 | |
| Crown Castle International Corp. | |||
| 5.25%, 1/15/23 | 100 | 105,125 | |
| Frontier Communications Corp. | |||
| 7.625%, 4/15/24 | 55 | 57,613 | |
| Hughes Satellite Systems Corp. | |||
| 6.50%, 6/15/19 | 1,000 | 1,117,500 | |
| Intelsat Jackson Holdings SA | |||
| 7.25%, 10/15/20 | 160 | 178,200 | |
| Intelsat Luxembourg SA | |||
| 7.75%, 6/1/21 (8) | 155 | 164,300 | |
| 8.125%, 6/1/23 (8) | 120 | 128,250 | |
| Lynx I Corp. | |||
| 5.375%, 4/15/21 (8) | 925 | 992,062 | |
| 6.00%, 4/15/21 (8) | GBP | 950 | 1,562,379 |
| MetroPCS Wireless, Inc. | |||
| 6.25%, 4/1/21 (8) | 135 | 145,462 | |
| 6.625%, 4/1/23 (8) | 205 | 221,144 | |
| SBA Communications Corp. | |||
| 5.625%, 10/1/19 (8) | 60 | 63,375 | |
| SBA Telecommunications, Inc. | |||
| 5.75%, 7/15/20 (8) | 85 | 90,844 | |
| Softbank Corp. | |||
| 4.50%, 4/15/20 (8) | 200 | 207,522 | |
| Sprint Nextel Corp. | |||
| 7.00%, 8/15/20 | 1,045 | 1,149,500 | |
| 6.00%, 11/15/22 | 115 | 120,462 | |
| Wind Acquisition Finance SA | |||
| 5.456%, 4/30/19 (8) | EUR | 500 | 673,291 |
| 6.50%, 4/30/20 (8) | 475 | 499,344 | |
| Windstream Corp. | |||
| 6.375%, 8/1/23 | 40 | 41,600 | |
| $ 8,260,210 | |||
| Utilities 1.5% | |||
| AES Corp. (The) | |||
| 4.875%, 5/15/23 | 35 | $ 35,787 | |
| Calpine Corp. | |||
| 7.50%, 2/15/21 (8) | 4,253 | 4,827,155 | |
| 7.875%, 1/15/23 (8) | 3,015 | 3,467,250 |
| Security | Principal Amount* (000s omitted) | Value |
|---|---|---|
| Utilities (continued) | ||
| Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc. | ||
| 6.875%, 8/15/17 (8) | 35 | $ 37,275 |
| $ 8,367,467 | ||
| Total Corporate Bonds & Notes (identified cost $67,618,309) | $ 72,200,824 | |
| Asset-Backed Securities 1.2% | ||
| Security | Principal Amount (000s omitted) | Value |
| Avalon Capital Ltd. 3, Series 1A, Class D, 2.238%, | ||
| 2/24/19 (8)(9) | $ 589 | $ 534,859 |
| Babson Ltd., Series 2005-1A, Class C1, 2.227%, | ||
| 4/15/19 (8)(9) | 753 | 699,364 |
| Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.78%, | ||
| 3/8/17 (9) | 985 | 1,000,972 |
| Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 5.028%, | ||
| 7/17/19 (9) | 750 | 735,065 |
| Comstock Funding Ltd., Series 2006-1A, Class D, 4.537%, | ||
| 5/30/20 (8)(9) | 692 | 648,480 |
| Oak Hill Credit Partners, Series 2013-8A, Class C, 3.028%, | ||
| 4/20/25 (8)(9) | 400 | 387,000 |
| Oak Hill Credit Partners, Series 2013-8A, Class D, 3.778%, | ||
| 4/20/25 (8)(9) | 450 | 450,000 |
| Race Point CLO, Ltd., Series 2012-7A, Class D, 4.543%, | ||
| 11/8/24 (8)(9) | 1,750 | 1,765,174 |
| Schiller Park CLO Ltd., Series 2007-1A, Class D, 2.526%, | ||
| 4/25/21 (8)(9) | 1,000 | 924,129 |
| Total Asset-Backed Securities (identified cost $7,196,422) | $ 7,145,043 | |
| Common Stocks 1.3% | ||
| Security | Shares | Value |
| Air Transport 0.0% (7) | ||
| Delta Air Lines, Inc. (10)(11) | 3,971 | $ 68,063 |
| $ 68,063 | ||
| Automotive 0.1% | ||
| Dayco Products, LLC (5)(10)(11) | 18,702 | $ 579,762 |
| $ 579,762 |
23 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Building and Development 0.1% | ||
| Panolam Holdings Co. (5)(10)(12) | 253 | $ 332,111 |
| United Subcontractors, Inc. (5)(10)(11) | 536 | 22,331 |
| $ 354,442 | ||
| Ecological Services and Equipment 0.1% | ||
| Environmental Systems Products | ||
| Holdings, Inc. (5)(10)(12) | 6,211 | $ 448,621 |
| $ 448,621 | ||
| Financial Intermediaries 0.0% (7) | ||
| RTS Investor Corp. (5)(10)(11) | 78 | $ 8,409 |
| $ 8,409 | ||
| Food Service 0.1% | ||
| Buffets Restaurants Holdings, Inc. (5)(10)(11) | 44,318 | $ 401,078 |
| $ 401,078 | ||
| Leisure Goods / Activities / Movies | ||
| 0.3% | ||
| Metro-Goldwyn-Mayer Holdings, Inc. (10)(11) | 50,438 | $ 1,995,453 |
| $ 1,995,453 | ||
| Lodging and Casinos 0.1% | ||
| Greektown Superholdings, Inc. (10) | 71 | $ 6,390 |
| Tropicana Entertainment, Inc. (5)(10)(11) | 35,670 | 557,344 |
| $ 563,734 | ||
| Nonferrous Metals / Minerals 0.0% (7) | ||
| Euramax International, Inc. (5)(10)(11) | 701 | $ 157,770 |
| $ 157,770 | ||
| Oil and Gas 0.0% (7) | ||
| SemGroup Corp. (10) | 1,397 | $ 72,434 |
| $ 72,434 | ||
| Publishing 0.5% | ||
| Ion Media Networks, Inc. (5)(10)(11) | 3,990 | $ 2,537,640 |
| MediaNews Group, Inc. (5)(10)(11) | 10,718 | 224,862 |
| Source Interlink Companies, Inc. (5)(10)(11) | 2,290 | 0 |
| $ 2,762,502 | ||
| Total Common Stocks (identified cost $4,030,287) | $ 7,412,268 |
| Preferred Stocks 0.0% (7) — Security | Shares | Value | |
|---|---|---|---|
| Ecological Services and Equipment 0.0% (7) | |||
| Environmental Systems Products Holdings, Inc., | |||
| Series A (5)(10)(12) | 1,422 | $ 89,586 | |
| Total Preferred Stocks (identified cost $24,885) | $ 89,586 | ||
| Warrants 0.0% (7) | |||
| Security | Shares | Value | |
| Oil and Gas 0.0% (7) | |||
| SemGroup Corp., Expires 11/30/14 (10) | 1,470 | $ 40,895 | |
| Total Warrants (identified cost $15) | $ 40,895 | ||
| Miscellaneous 0.0% (7) | |||
| Security | Shares | Value | |
| Oil and Gas 0.0% (7) | |||
| SemGroup Corp., Escrow Certificate (10) | 540,000 | $ 24,300 | |
| Total Miscellaneous (identified cost $0) | $ 24,300 | ||
| Short-Term Investments 2.4% | |||
| Description | Interest (000s omitted) | Value | |
| Eaton Vance Cash Reserves Fund, LLC, | |||
| 0.10% (13) | $ 13,564 | $ 13,563,720 | |
| Total Short-Term Investments (identified cost $13,563,720) | $ 13,563,720 | ||
| Total Investments 156.9% (identified cost $893,192,946) | $ 905,627,340 | ||
| Less Unfunded Loan Commitments (0.2)% | $ (1,225,000 | ) | |
| Net Investments 156.7% (identified cost $891,967,946) | $ 904,402,340 | ||
| Other Assets, Less Liabilities (34.0)% | $ (195,799,969 | ) | |
| Auction Preferred Shares Plus Cumulative Unpaid Dividends (22.7)% | $ (131,303,423 | ) | |
| Net Assets Applicable to Common Shares 100.0% | $ 577,298,948 |
24 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Portfolio of Investments (Unaudited) continued
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
| DIP | | Debtor In Possession |
|---|---|---|
| EUR | | Euro |
| GBP | | British Pound Sterling |
(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 and includes commitment fees on unfunded loan commitments, if any. 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 lending rates are primarily the London Interbank Offered Rate (LIBOR) and secondarily, the prime rate offered by one or more major United States banks (the Prime Rate) and the certificate of deposit (CD) rate or other base lending rates used by commercial lenders.
(2) Currently the issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.
(3) This Senior Loan will settle after April 30, 2013, at which time the interest rate will be determined.
(4) Represents a payment-in-kind security which may pay all or a portion of interest in additional par.
(5) For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 13).
(6) Unfunded or partially unfunded loan commitments. See Note 1G for description.
(7) Amount is less than 0.05%.
(8) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At April 30, 2013, the aggregate value of these securities is $47,771,126 or 8.3% of the Trusts net assets applicable to common shares.
(9) Variable rate security. The stated interest rate represents the rate in effect at April 30, 2013.
(10) Non-income producing security.
(11) Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.
(12) Restricted security (see Note 8).
(13) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2013.
25 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Statement of Assets and Liabilities (Unaudited)
| Assets | April 30, 2013 | |
|---|---|---|
| Unaffiliated investments, at value (identified cost, $878,404,226) | $ 890,838,620 | |
| Affiliated investment, at value (identified cost, $13,563,720) | 13,563,720 | |
| Cash | 8,431,591 | |
| Foreign currency, at value (identified cost, $1,634,042) | 1,626,001 | |
| Interest receivable | 3,957,712 | |
| Interest receivable from affiliated investment | 2,207 | |
| Receivable for investments sold | 981,079 | |
| Receivable for shares sold through shelf offering | 1,135,275 | |
| Prepaid expenses | 41,070 | |
| Total assets | $ 920,577,275 | |
| Liabilities | ||
| Notes payable | $ 180,000,000 | |
| Payable for investments purchased | 30,277,553 | |
| Payable for open forward foreign currency exchange contracts | 703,346 | |
| Payable to affiliates: | ||
| Investment adviser fee | 544,003 | |
| Trustees fees | 2,772 | |
| Accrued expenses | 447,230 | |
| Total liabilities | $ 211,974,904 | |
| Auction preferred shares (5,252 shares outstanding) at liquidation value plus cumulative unpaid | ||
| dividends | $ 131,303,423 | |
| Net assets applicable to common shares | $ 577,298,948 | |
| Sources of Net Assets | ||
| Common shares, $0.01 par value, unlimited number of shares authorized, 36,074,786 shares issued and outstanding | $ 360,748 | |
| Additional paid-in capital | 674,865,743 | |
| Accumulated net realized loss | (111,953,222 | ) |
| Accumulated undistributed net investment income | 2,382,950 | |
| Net unrealized appreciation | 11,642,729 | |
| Net assets applicable to common shares | $ 577,298,948 | |
| Net Asset Value Per Common Share | ||
| ($577,298,948 ÷ 36,074,786 common shares issued and outstanding) | $ 16.00 |
26 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Statement of Operations (Unaudited)
| Investment Income | Six Months Ended April 30, 2013 | |
|---|---|---|
| Interest and other income | $ 22,906,703 | |
| Dividends | 134,543 | |
| Interest income allocated from affiliated investment | 11,044 | |
| Expenses allocated from affiliated investment | (1,043 | ) |
| Total investment income | $ 23,051,247 | |
| Expenses | ||
| Investment adviser fee | $ 3,185,831 | |
| Trustees fees and expenses | 16,657 | |
| Custodian fee | 188,555 | |
| Transfer and dividend disbursing agent fees | 9,038 | |
| Legal and accounting services | 74,740 | |
| Printing and postage | 54,406 | |
| Interest expense and fees | 1,063,273 | |
| Preferred shares service fee | 99,136 | |
| Miscellaneous | 81,833 | |
| Total expenses | $ 4,773,469 | |
| Deduct | ||
| Reduction of custodian fee | $ 26 | |
| Total expense reductions | $ 26 | |
| Net expenses | $ 4,773,443 | |
| Net investment income | $ 18,277,804 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) | ||
| Investment transactions | $ 5,456,565 | |
| Investment transactions allocated from affiliated investment | 274 | |
| Foreign currency and forward foreign currency exchange contract transactions | 789,579 | |
| Net realized gain | $ 6,246,418 | |
| Change in unrealized appreciation (depreciation) | ||
| Investments | $ 5,719,697 | |
| Foreign currency and forward foreign currency exchange contracts | (293,012 | ) |
| Net change in unrealized appreciation (depreciation) | $ 5,426,685 | |
| Net realized and unrealized gain | $ 11,673,103 | |
| Distributions to preferred shareholders | ||
| From net investment income | $ (115,191 | ) |
| Net increase in net assets from operations | $ 29,835,716 |
27 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Statements of Changes in Net Assets
| Increase (Decrease) in Net Assets | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||
|---|---|---|---|---|
| From operations | ||||
| Net investment income | $ 18,277,804 | $ 37,073,434 | ||
| Net realized gain from investment, foreign currency and forward foreign currency exchange contract transactions | 6,246,418 | 6,136,350 | ||
| Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange | ||||
| contracts | 5,426,685 | 16,979,301 | ||
| Distributions to preferred shareholders From net investment income | (115,191 | ) | (218,137 | ) |
| Net increase in net assets from operations | $ 29,835,716 | $ 59,970,948 | ||
| Distributions to common shareholders | ||||
| From net investment income | $ (18,856,355 | ) | $ (35,540,737 | ) |
| Total distributions to common shareholders | $ (18,856,355 | ) | $ (35,540,737 | ) |
| Capital share transactions | ||||
| Reinvestment of distributions to common shareholders | $ 413,474 | $ 651,989 | ||
| Proceeds from shelf offering, net of offering costs (see Note 6) | 37,441,367 | | ||
| Net increase in net assets from capital share transactions | $ 37,854,841 | $ 651,989 | ||
| Net increase in net assets | $ 48,834,202 | $ 25,082,200 | ||
| Net Assets Applicable to Common Shares | ||||
| At beginning of period | $ 528,464,746 | $ 503,382,546 | ||
| At end of period | $ 577,298,948 | $ 528,464,746 | ||
| Accumulated undistributed net investment income included in net assets applicable to common shares | ||||
| At end of period | $ 2,382,950 | $ 3,076,692 |
28 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Statement of Cash Flows (Unaudited)
| Cash Flows From Operating Activities | Six Months Ended April 30, 2013 | |
|---|---|---|
| Net increase in net assets from operations | $ 29,835,716 | |
| Distributions to preferred shareholders | 115,191 | |
| Net increase in net assets from operations excluding distributions to preferred shareholders | $ 29,950,907 | |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | ||
| Investments purchased | (250,708,386 | ) |
| Investments sold and principal repayments | 214,008,244 | |
| Decrease in short-term investments, net | 1,552,610 | |
| Net amortization/accretion of premium (discount) | (1,196,535 | ) |
| Decrease in restricted cash | 410,000 | |
| Increase in interest receivable | (166,161 | ) |
| Decrease in interest receivable from affiliated investment | 33 | |
| Decrease in receivable for open forward foreign currency exchange contracts | 6,074 | |
| Decrease in receivable from the transfer agent | 73,008 | |
| Increase in prepaid expenses | (2,827 | ) |
| Increase in payable for open forward foreign currency exchange contracts | 277,691 | |
| Increase in payable to affiliate for investment adviser fee | 11,821 | |
| Increase in payable to affiliate for Trustees fees | 33 | |
| Increase in accrued expenses | 86,735 | |
| Increase in unfunded loan commitments | 1,103,378 | |
| Net change in unrealized (appreciation) depreciation from investments | (5,719,697 | ) |
| Net realized gain from investments | (5,456,565 | ) |
| Net cash used in operating activities | $ (15,769,637 | ) |
| Cash Flows From Financing Activities | ||
| Distributions paid to common shareholders, net of reinvestments | $ (18,442,881 | ) |
| Cash distributions paid to preferred shareholders | (115,899 | ) |
| Proceeds from notes payable | 5,000,000 | |
| Proceeds from shelf offering, net of offering costs | 36,306,092 | |
| Net cash provided by financing activities | $ 22,747,312 | |
| Net increase in cash* | $ 6,977,675 | |
| Cash at beginning of period (1) | $ 3,079,917 | |
| Cash at end of | ||
| period (1) | $ 10,057,592 | |
| Supplemental disclosure of cash flow information: | ||
| Noncash financing activities not included herein consist of: | ||
| Reinvestment of dividends and distributions | $ 413,474 | |
| Cash paid for interest and fees on borrowings | 908,718 |
(1) Balance includes foreign currency, at value.
29 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Financial Highlights
Selected data for a common share outstanding during the periods stated
| Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||
| Net asset value Beginning of period (Common | ||||||||||||
| shares) | $ 15.630 | $ 14.910 | $ 14.980 | $ 13.700 | $ 10.190 | $ 17.800 | ||||||
| Income (Loss) From Operations | ||||||||||||
| Net investment income (1) | $ 0.528 | $ 1.097 | $ 1.014 | $ 1.025 | $ 0.978 | $ 1.665 | ||||||
| Net realized and unrealized gain (loss) | 0.334 | 0.681 | (0.013 | ) | 1.374 | 3.423 | (7.647 | ) | ||||
| Distributions to preferred shareholders | ||||||||||||
| From net investment | ||||||||||||
| income (1) | (0.003 | ) | (0.006 | ) | (0.009 | ) | (0.011 | ) | (0.028 | ) | (0.367 | ) |
| Total income (loss) from operations | $ 0.859 | $ 1.772 | $ 0.992 | $ 2.388 | $ 4.373 | $ (6.349 | ) | |||||
| Less Distributions to Common Shareholders | ||||||||||||
| From net investment income | $ (0.545 | ) | $ (1.052 | ) | $ (1.062 | ) | $ (1.108 | ) | $ (0.863 | ) | $ (1.142 | ) |
| Tax return of capital | | | | | | (0.119 | ) | |||||
| Total distributions to common shareholders | $ (0.545 | ) | $ (1.052 | ) | $ (1.062 | ) | $ (1.108 | ) | $ (0.863 | ) | $ (1.261 | ) |
| Premium from common shares sold through shelf offering (see Note 6) (1) | $ 0.056 | $ | $ | $ | $ | $ | ||||||
| Net asset value End of period (Common shares) | $ 16.000 | $ 15.630 | $ 14.910 | $ 14.980 | $ 13.700 | $ 10.190 | ||||||
| Market value End of period (Common shares) | $ 17.370 | $ 16.250 | $ 14.550 | $ 15.640 | $ 12.980 | $ 9.480 | ||||||
| Total Investment Return on Net Asset Value (2) | 5.92 | % (3) | 12.31 | % | 6.69 | % | 17.93 | % | 46.90 | % | (37.33 | )% |
| Total Investment Return on Market Value (2) | 10.60 | % (3) | 19.66 | % | (0.28 | )% | 29.96 | % | 49.61 | % | (35.90 | )% |
30 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Financial Highlights continued
Selected data for a common share outstanding during the periods stated
| Ratios/Supplemental Data | Six Months Ended April 30, 2013 (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|
| Net assets applicable to common shares, end of period (000s omitted) | $ 577,299 | $ | 528,465 | $ 503,383 | $ 505,197 | $ 460,700 | $ 342,457 |
| Ratios (as a percentage of average daily net assets applicable to common shares): (4) | |||||||
| Expenses excluding interest and fees (5) | 1.37 | % (6) | 1.38 % | 1.29 % | 1.22 % | 1.21 % | 1.18 % |
| Interest and fee expense (7) | 0.39 | % (6) | 0.42 % | 0.44 % | 0.49 % | 1.15 % | 0.99 % |
| Total expenses | 1.76 | % (6) | 1.80 % | 1.73 % | 1.71 % | 2.36 % | 2.17 % |
| Net investment income | 6.74 | % (6) | 7.20 % | 6.69 % | 7.11 % | 9.21 % | 10.66 % |
| Portfolio Turnover | 25 | % (3) | 54 % | 49 % | 36 % | 42 % | 21 % |
| 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): (4) | |||||||
| Expenses excluding interest and fees (5) | 0.87 | % (6) | 0.87 % | 0.83 % | 0.77 % | 0.74 % | 0.68 % |
| Interest and fee expense (7) | 0.25 | % (6) | 0.27 % | 0.28 % | 0.31 % | 0.70 % | 0.57 % |
| Total expenses | 1.12 | % (6) | 1.14 % | 1.11 % | 1.08 % | 1.44 % | 1.25 % |
| Net investment income | 4.30 | % (6) | 4.54 % | 4.28 % | 4.50 % | 5.63 % | 6.12 % |
| Senior Securities: | |||||||
| Total notes payable outstanding (in 000s) | $ 180,000 | $ | 175,000 | $ 165,000 | $ 150,000 | $ 150,000 | $ 154,200 |
| Asset coverage per $1,000 of notes payable (8) | $ 4,937 | $ | 4,770 | $ 4,847 | $ 5,243 | $ 4,947 | $ 4,074 |
| Total preferred shares outstanding | 5,252 | 5,252 | 5,252 | 5,252 | 5,252 | 5,252 | |
| Asset coverage per preferred share (9) | $ 71,362 | $ | 68,133 | $ 67,473 | $ 69,900 | $ 65,945 | $ 55,060 |
| Involuntary liquidation preference per preferred | |||||||
| share (10) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred share (10) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
(1) Computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trusts dividend reinvestment plan.
(3) Not annualized.
(4) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(5) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(6) Annualized.
(7) Interest and fee expense relates to the notes payable incurred to redeem the Trusts APS (see Note 10).
(8) Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts total assets, and dividing the result by the notes payable balance in thousands.
(9) Calculated by subtracting the Trusts total liabilities (not including the notes payable and preferred shares) from the Trusts total assets, dividing the result by the sum of the value of the notes payable and liquidation value of preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 285% at April 30, 2013, and 273%, 270%, 280%, 264% and 220% at October 31, 2012, 2011, 2010, 2009 and 2008, respectively.
(10) Plus accumulated and unpaid dividends.
31 See Notes to Financial Statements.
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
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 Trusts 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 a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrowers 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 borrowers 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 advisers Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.
Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and 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 a third party pricing service that 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, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trusts forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. 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 fairly reflects the securitys value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys or entitys 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 Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Trusts investment in Cash Reserves Fund reflects the Trusts proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. 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
32
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Notes to Financial Statements (Unaudited) continued
amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.
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 Trusts 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, 2012, the Trust, for federal income tax purposes, had a capital loss carryforward of $117,881,749 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, 2013 ($4,686,994), October 31, 2014 ($1,142,602), October 31, 2015 ($2,782,217), October 31, 2016 ($63,478,422), October 31, 2017 ($33,311,438), October 31, 2018 ($11,668,372) and October 31, 2019 ($811,704). In addition, such capital loss carryforward cannot be utilized prior to the utilization of new capital losses, if any, created after October 31, 2012.
As of April 30, 2013, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E 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 Trusts 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 borrowers discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2013, the Trust had sufficient cash and/or securities to cover these commitments.
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 reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
I Indemnifications Under the Trusts 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. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trusts Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trusts 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 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 Statement of Cash Flows The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trusts Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.
33
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Notes to Financial Statements (Unaudited) continued
L Interim Financial Statements The interim financial statements relating to April 30, 2013 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Auction Preferred Shares
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 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 at the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.
The number of APS issued and outstanding as of April 30, 2013 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 Trusts By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% 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
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, 2013, and the amount of dividends accrued (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:
| Series A | 0.15 % | Dividends Accrued to APS Shareholders — $ 28,123 | 0.17 % | 0.080.24 |
|---|---|---|---|---|
| Series B | 0.15 | 28,289 | 0.17 | 0.080.24 |
| Series C | 0.15 | 27,687 | 0.17 | 0.110.24 |
| Series D | 0.15 | 31,092 | 0.19 | 0.080.24 |
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts 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, 2013.
34
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Notes to Financial Statements (Unaudited) continued
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
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 Trusts average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. For the six months ended April 30, 2013, the Trusts investment adviser fee amounted to $3,185,831. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Trust, but receives no compensation.
Trustees and officers of the Trust who are members of EVMs organization 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, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $257,880,453 and $211,616,878, respectively, for the six months ended April 30, 2013.
6 Common Shares of Beneficial Interest and Shelf Offering
Common shares issued by the Trust pursuant to its dividend reinvestment plan for the six months ended April 30, 2013 and the year ended October 31, 2012 were 26,128 and 42,479, respectively.
Pursuant to a registration statement filed with and originally declared effective on November 14, 2012 by the SEC, the Trust is authorized to issue up to an additional 3,380,550 common shares through an equity shelf offering program (the shelf offering). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trusts net asset value per common share.
During the six months ended April 30, 2013, the Trust sold 2,238,488 common shares and received proceeds (net of offering costs) of $37,441,367 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold was $1,945,330.
Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Trusts shares and is entitled to receive a sales commission from the Trust of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Trust was informed that the sales commissions retained by EVD during the six months ended April 30, 2013 were $75,641.
7 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Trust at April 30, 2013, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ | |
|---|---|---|
| Gross unrealized appreciation | $ 20,429,535 | |
| Gross unrealized depreciation | (8,423,986 | ) |
| Net unrealized appreciation | $ 12,005,549 |
8 Restricted Securities
At April 30, 2013, the Trust owned the following securities (representing 0.2% 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
35
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Notes to Financial Statements (Unaudited) continued
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 | Cost | Value | ||
|---|---|---|---|---|
| Common Stocks | ||||
| Environmental Systems Products Holdings, Inc. | 10/25/07 | 6,211 | $ 0 | $ 448,621 |
| Panolam Holdings Co. | 12/30/09 | 253 | 139,024 | 332,111 |
| Total Common Stocks | $ 139,024 | $ 780,732 | ||
| Preferred Stocks | ||||
| Environmental Systems Products Holdings, Inc., Series A | 10/25/07 | 1,422 | $ 24,885 | $ 89,586 |
| Total Restricted Securities | $ 163,909 | $ 870,318 |
9 Financial Instruments
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 do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at April 30, 2013 is as follows:
| Forward Foreign Currency Exchange Contracts | |||||
|---|---|---|---|---|---|
| Sales | |||||
| Settlement Date | Deliver | In Exchange For | Counterparty | Net Unrealized Depreciation | |
| 5/31/13 | British Pound Sterling 1,512,944 | United States Dollar 2,290,438 | Goldman Sachs International | $ (59,240 | ) |
| 5/31/13 | Euro 6,247,081 | United States Dollar 8,170,182 | Citibank NA | (58,381 | ) |
| 6/28/13 | British Pound Sterling 7,848,210 | United States Dollar 11,878,030 | Citibank NA | (308,636 | ) |
| 6/28/13 | Euro 6,431,875 | United States Dollar 8,273,192 | HSBC Bank USA | (200,388 | ) |
| 7/31/13 | British Pound Sterling 5,934,587 | United States Dollar 9,183,061 | HSBC Bank USA | (30,595 | ) |
| 7/31/13 | Euro 3,288,925 | United States Dollar 4,287,854 | Deutsche Bank | (46,106 | ) |
| $ (703,346 | ) |
At April 30, 2013, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts. The Trust also enters into such contracts to hedge the currency risk of investments it anticipates purchasing.
36
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Notes to Financial Statements (Unaudited) continued
The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trusts net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At April 30, 2013, the fair value of derivatives with credit-related contingent features in a net liability position was $703,346.
The non-exchange traded derivatives in which the Trust invests, including forward foreign currency exchange contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2013 was as follows:
| Derivative | Fair Value — Asset Derivative | Liability Derivative | |
|---|---|---|---|
| Forward foreign currency exchange contracts | $ | $ (703,346 | ) (1) |
(1) Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized appreciation.
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2013 was as follows:
| Derivative — Forward foreign currency exchange contracts | Realized Gain (Loss) on Derivatives Recognized in Income — $ 823,772 | (1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income — $ (283,765 | ) (2) |
|---|---|---|---|---|
(1) Statement of Operations location: Net realized gain (loss) Foreign currency and forward foreign currency exchange contract transactions.
(2) Statement of Operations location: Change in unrealized appreciation (depreciation) Foreign currency and forward foreign currency exchange contracts.
The average notional amount of forward foreign currency exchange contracts outstanding during the six months ended April 30, 2013, which is indicative of the volume of this derivative type, was approximately $37,823,000.
10 Credit Agreement
The Trust has entered into a Credit Agreement (the Agreement) with a bank to borrow up to a limit of $210 million ($185 million prior to March 26, 2013) pursuant to a 364-day revolving line of credit. 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 is required to maintain certain net asset levels during the term of the Agreement. At April 30, 2013, the Trust had borrowings outstanding under the Agreement of $180,000,000 at an interest rate of 0.97%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at April 30, 2013 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 13) at April 30, 2013. For the six months ended April 30, 2013, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $178,812,155 and 1.03%, respectively.
11 Risks Associated with Foreign Investments
Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Trust, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.
37
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Notes to Financial Statements (Unaudited) continued
12 Credit Risk
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 loans value.
13 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical investments
Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At April 30, 2013, the hierarchy of inputs used in valuing the Trusts investments and open derivative instruments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3* | Total | ||
|---|---|---|---|---|---|---|
| Senior Floating-Rate Interests (Less Unfunded Loan Commitments) | $ | $ 800,565,031 | $ 3,360,673 | $ 803,925,704 | ||
| Corporate Bonds & Notes | | 71,677,819 | 523,005 | 72,200,824 | ||
| Asset-Backed Securities | | 7,145,043 | | 7,145,043 | ||
| Common Stocks | 140,497 | 2,001,843 | 5,269,928 | 7,412,268 | ||
| Preferred Stocks | | | 89,586 | 89,586 | ||
| Warrants | | 40,895 | | 40,895 | ||
| Miscellaneous | | 24,300 | | 24,300 | ||
| Short-Term Investments | | 13,563,720 | | 13,563,720 | ||
| Total Investments | $ 140,497 | $ 895,018,651 | $ 9,243,192 | $ 904,402,340 | ||
| Liability Description | ||||||
| Forward Foreign Currency Exchange Contracts | $ | $ (703,346 | ) | $ | $ (703,346 | ) |
| Total | $ | $ (703,346 | ) | $ | $ (703,346 | ) |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2013 is not presented.
At April 30, 2013, there were no investments transferred between Level 1 and Level 2 during the six months then ended.
14 Subsequent Event
On May 30, 2013, and as approved by the Trustees, the Trust filed a registration statement with the SEC to allow it to issue additional common shares through a shelf offering, the issuance of which is subject to the effectiveness of the registration statement.
38
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Board of Trustees Contract Approval
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 continuation is approved at least annually by the funds 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 22, 2013, 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, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2013, as well as information considered during prior meetings of the committee. 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 funds total expense ratio and its components to comparable funds;
An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;
For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;
Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management and Trading
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 about 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 client commission arrangements and the funds policies with respect to soft dollar arrangements;
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 advisers processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;
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 advisers policies and procedures relating to proxy voting, the handling of corporate actions and class actions;
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;
A description of Eaton Vance Managements procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
39
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Board of Trustees Contract Approval continued
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.
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, 2013, with respect to one or more funds, the Board met eight 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 eight, twenty-one, five, nine and thirteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each funds investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters.
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 funds 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 continuation of the investment advisory agreement of Eaton Vance Senior Floating-Rate Trust (the Fund) with 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 Advisers 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. In particular, the Board considered the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior floating rate loans. The Board noted the experience of the Advisers 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 methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
The Board 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 in recent years 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.
40
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Board of Trustees Contract Approval continued
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 Funds investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices, as well as a customized peer group of similarly managed funds approved by the Board. The Board reviewed comparative performance data for the one-, three-, and five-year periods ended September 30, 2012 for the Fund. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates payable by the Fund (referred to as management fees). As part of its review, the Board considered the management fees and the Funds total expense ratio for the year ended September 30, 2012, as compared to a group of similarly managed funds selected by an independent data provider. The Board noted that the Adviser had waived fees and/or paid expenses for the Fund. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.
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 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 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 their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
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 reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. The Board also considered the fact that the Fund is not continuously offered and that the Funds assets are not expected to increase materially in the foreseeable future. The Board concluded that, in light of the level of the Advisers profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time.
41
Eaton Vance
Senior Floating-Rate Trust
April 30, 2013
Officers and Trustees
Officers of Eaton Vance Senior Floating-Rate Trust
Scott H. Page
President
Payson F. Swaffield
Vice President
Maureen A. Gemma
Vice President, Secretary and
Chief Legal Officer
James F. Kirchner
Treasurer
Paul M. ONeil
Chief Compliance Officer
Trustees of Eaton Vance Senior Floating-Rate Trust
Ralph F. Verni
Chairman
Scott E. Eston
Benjamin C. Esty
Thomas E. Faust Jr.*
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Lynn A. Stout
Harriett Tee Taggart
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 closed-end management investment company and has no employees.
Number of Shareholders
As of April 30, 2013, Trust records indicate that there are 11 registered shareholders and approximately 22,795 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 Trust 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.
42
Eaton Vance Funds
IMPORTANT NOTICES
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 customers 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 Privacy 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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Managements Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customers account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisors privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vances Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called householding and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. 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 advisor.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of 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 at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SECs website at www.sec.gov. Form N-Q may also be reviewed and copied at the SECs public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds and Portfolios Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SECs website at www.sec.gov.
Additional Notice to Shareholders. A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount. If applicable, a Fund may also redeem or purchase its outstanding auction preferred shares (APS) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. The Eaton Vance closed-end funds make certain fund performance data and information about portfolio characteristics (such as top holdings and asset allocation) available on the Eaton Vance website after the end of each month. Certain fund performance data for the funds, including total returns, are posted to the website shortly after the end of each month. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under Individual Investors Closed-End Funds.
43
This Page Intentionally Left Blank
Investment Adviser and Administrator
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
Fund Offices
Two International Place
Boston, MA 02110
2025-6/13 CE-FLRTSRC
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial reporting.
Item 12. Exhibits
(a)(1) Registrants Code of Ethics Not applicable (please see Item 2).
(a)(2)(i) Treasurers Section 302 certification.
(a)(2)(ii) Presidents Section 302 certification.
(b) Combined Section 906 certification.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Senior Floating-Rate Trust
| By: | /s/ Scott H. Page |
|---|---|
| Scott H. Page | |
| President | |
| Date: | June 11, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner |
|---|---|
| James F. Kirchner | |
| Treasurer | |
| Date: | June 11, 2013 |
| By: | /s/ Scott H. Page |
|---|---|
| Scott H. Page | |
| President | |
| Date: | June 11, 2013 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.