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 |
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Eaton Vance Senior Floating-Rate Trust |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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02109 |
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(Address of principal executive offices) |
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(Zip code) |
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Maureen A. Gemma |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
October 31 |
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Date of reporting period: |
April 30, 2008 |
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Item 1. Reports to Stockholders
Semiannual Report April 30, 2008
EATON VANCE
SENIOR
FLOATING-RATE
TRUST
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
INVESTMENT UPDATE
Scott
H. Page, CFA
Co-Portfolio Manager
Peter
M. Campo, CFA
Co-Portfolio Manager
Economic and Market Conditions
· The price dislocation in credit markets that began in the second half of 2007 worsened during the first quarter of 2008. What began as a reaction to the unrelated but growing subprime mortgage problem, grew into a substantial market-wide sell-off that affected not just the loan market but other fixed income and equity asset classes as well. This turmoil led to the collapse of Bear Stearns, and the Federal Reserves unprecedented action to provide liquidity to the broader market to avert a possible risk of financial market collapse. The impact on the bank loan asset class was significant and unprecedented. Average loan prices, which had fallen about 4-5% by December 2007, declined a further 7-8% by mid-February before recovering somewhat by the end of that month. Along with the tentative return of market confidence, loan prices have been rising steadily since mid-March 2008 and, as of April 30, 2008, were up approximately 4-5% from their mid-February bottom. Management is cautiously optimistic that the worst is behind us.
· Notwithstanding the market turmoil, management believes that the bank loan asset class fundamentals remain relatively benign. Default rates in the market place have increased to 1%, but remain well below historical averages of 3%. According to S&Ps Leveraged Commentary & Data, the market expectations are for default rates to reach 5% in 2008 and 2009. While default risks have certainly increased in the past several months due to the weakening economy, management believes they are contained and are already priced into the asset class. Actual realized credit losses from defaulted loans during the six months ended April 30, 2008 were minimal.
Craig
P. Russ
Co-Portfolio Manager
Management Discussion
· The Trusts investment objective is to seek to provide a high level of current income. As a secondary objective, it may also seek preservation of capital to the extent consistent with its primary goal of high current income. Under normal market conditions, the Trust invests at least 80% of its total assets in senior, secured floating-rate loans (senior loans). In managing the Trust, the investment adviser seeks to invest in a portfolio of senior loans that will be less volatile over time than the general loan market. The Trust may also invest in second lien loans and high yield bonds, and, as discussed on the next page, may employ leverage, which may increase risk.
· The Trusts investments included senior loans to 450 borrowers spanning 39 industries on April 30, 2008, with an average loan size of 0.20% of total investments, and no industry constituting more than 9% of total investments. Health care, business equipment and services, cable and satellite television, publishing, and chemicals and plastics were the top industry weightings.
· The Trust continues to have less than 1% exposure to home builders. The Trust did not have any exposure to subprime or prime mortgage lenders during the six-month period ended April 30, 2008.
· The Trusts net asset value declined in November 2007 through February 2008, as the dimensions of the credit crises widened, before rebounding in March and April 2008 reflecting conditions in the broader market. The Trust underperformed its benchmark during the period primarily due to the use of
Eaton Vance Senior Floating-Rate Trust
Total Return Performance 10/31/07 4/30/08
NYSE Symbol |
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EFR |
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At Market(1) |
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-3.35 |
% |
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At Net Asset Value(1) |
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-6.74 |
% |
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S&P/LSTA Leveraged Loan Index(2) |
|
-3.31 |
% |
||
Total Distributions per share |
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$ |
0.686 |
|
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Distribution Rate(3) |
At Market |
|
7.54 |
% |
|
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At NAV |
|
7.11 |
% |
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Please refer to page 3 for additional performance information.
(1) Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) It is not possible to invest directly in an Index. The Indexs total return reflects changes in value of the loans constituting the Index and accrual of interest and does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the loans represented in the Index. Unlike the Trust, the Indexs return does not reflect the effect of leverage.
(3) The Distribution Rate is based on the Trusts most recent monthly distribution per share (annualized) divided by the Trusts NAV or market price at the end of the period. The Trusts monthly distributions may be comprised of ordinary income, net realized capital gains and return of capital.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. Absent an expense waiver by the investment adviser, returns would be lower. For performance as of the most recent month end, please refer to www.eatonvance.com.
Trust shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
1
leverage. Unlike the Trust, the Indexs return does not reflect the effect of leverage.
· As of April 30, 2008, the Trust had leverage in the amount of approximately 42.5% of the Trusts total assets. The Trust employs leverage though the issuance of Auction Preferred Shares (APS).(1) Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of the Trusts APS rises and falls with changes in short-term interest rates. Such increases/ decreases in cost of the Trusts APS may be offset by increased/decreased income from the Trusts senior loan investments.
· As has been widely reported since mid-February 2008, the normal functioning of the auction market in the U.S. for certain types of auction rate securities has been disrupted by an imbalance between buy and sell orders. Consistent with patterns in the broader market for auction rate securities, the Trust has, since mid-February, experienced unsuccessful APS auctions. In the event of an unsuccessful auction, the affected APS shares remain outstanding, and the dividend rate reverts to the specified maximum payable rate.
· As of May 7, 2008, the Trust redeemed two-thirds of its outstanding APS, representing 10,508 shares and $262,700,000 in liquidation preferences, through debt financing. The Trust was not required to sell portfolio holdings, and the cost to the Trust of the new debt leverage is expected, over time, to be lower than the total cost of the APS based on the maximum applicable dividend rates that apply when auctions do not clear.
· Effective January 30, 2008. Peter M. Campo assumed co-portfolio management responsibilities for Eaton Vance Senior Floating-Rate Trust. Mr. Campo joined Eaton Vance in 2003 as an analyst in the bank loan group, and has been a Vice President since 2005. Previously, Mr. Campo worked as a bank loan analyst at CypressTree Investment Management.
(1) In the event of a rise in long-term interest rates, the value of the Trusts investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
Portfolio Composition
Top Ten Holdings(2)
By total investments
Sungard Data Systems, Inc. |
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1.3 |
% |
Charter Communications Operating, Inc. |
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1.2 |
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Univision Communications, Inc. |
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1.1 |
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WMG Acquisition Corp. |
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1.1 |
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Idearc, Inc. |
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0.9 |
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UPC Broadband Holding B.V. |
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0.9 |
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Georgia-Pacific Corp. |
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0.9 |
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HCA, Inc. |
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0.8 |
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Community Health Systems, Inc. |
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0.8 |
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Nielson Finance, LLC |
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0.8 |
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(2) Reflects the Trusts investments as of 4/30/08. Holdings are shown as a percentage of the Trusts total investments.
Top Five Industries(3)
By total investments
Health Care |
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9.0 |
% |
Business Equipment and Services |
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6.8 |
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Cable and Satellite Television |
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6.7 |
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Publishing |
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6.6 |
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Chemicals and Plastics |
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6.2 |
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(3) Reflects the Trusts investments as of 4/30/08. Industries are shown as a percentage of the Trusts total investments.
Credit Quality Ratings for Total Loan Investments(4)
By total loan investments
Baa |
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0.8 |
% |
Ba |
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51.3 |
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B |
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31.0 |
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Caa |
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3.0 |
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Non-Rated(5) |
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13.9 |
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(4) Credit Quality ratings are those provided by Moodys Investor Services, Inc., a nationally recognized bond rating service. Reflects the Trusts total loan investments as of 4/30/08.
(5) Certain loans in which the Trust invests are not rated by a rating agency. In managements opinion, such securities are comparable to securities rated by a rating agency in the categories listed above.
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an Eaton Vance fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of current or future investments and may change due to active management.
2
Eaton Vance Senior Floating-Rate Trust a s of April 30, 2008
FUND PERFORMANCE
Trust Performance(1)
New York Stock Exchange Symbol |
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EFR |
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Average Annual Total Return (by share price, NYSE) |
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Six Months |
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-3.35 |
% |
One Year |
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-14.72 |
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Life of Trust (11/28/03) |
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1.96 |
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Average Annual Total Return (at net asset value) |
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Six Months |
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-6.74 |
% |
One Year |
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-7.75 |
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Life of Trust (1 1/28/03) |
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3.33 |
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(1) Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. Absent an expense waiver by the investment adviser, the returns would be lower. For performance as of the most recent month end, please refer to www.eatonvance.com.
3
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited)
Senior Floating-Rate Interests 157.5%(1) |
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Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Aerospace and Defense 3.0% | |||||||||||
ACTS Aero Technical Support & Service, Inc. | |||||||||||
709,366 | Term Loan, 5.96%, Maturing October 5, 2014 | $ | 595,868 | ||||||||
AWAS Capital, Inc. | |||||||||||
1,000,000 | Term Loan, 4.38%, Maturing March 22, 2013 | 861,250 | |||||||||
Colt Defense, LLC | |||||||||||
986,389 | Term Loan, 6.11%, Maturing July 9, 2014 | 912,410 | |||||||||
DAE Aviation Holdings, Inc. | |||||||||||
416,490 | Term Loan, 6.52%, Maturing July 31, 2014 | 409,852 | |||||||||
413,692 | Term Loan, 6.65%, Maturing July 31, 2014 | 407,099 | |||||||||
Evergreen International Aviation | |||||||||||
1,391,630 | Term Loan, 7.75%, Maturing October 31, 2011 | 1,238,551 | |||||||||
Hawker Beechcraft Acquisition | |||||||||||
200,822 | Term Loan, 4.70%, Maturing March 26, 2014 | 191,973 | |||||||||
3,446,097 | Term Loan, 4.70%, Maturing March 26, 2014 | 3,294,255 | |||||||||
Hexcel Corp. | |||||||||||
820,506 | Term Loan, 4.54%, Maturing March 1, 2012 | 795,891 | |||||||||
IAP Worldwide Services, Inc. | |||||||||||
953,063 | Term Loan, 9.00%, Maturing December 30, 2012 | 795,807 | |||||||||
Spirit AeroSystems, Inc. | |||||||||||
1,605,708 | Term Loan, 4.57%, Maturing December 31, 2011 | 1,586,641 | |||||||||
TransDigm, Inc. | |||||||||||
1,625,000 | Term Loan, 4.66%, Maturing June 23, 2013 | 1,553,906 | |||||||||
Vought Aircraft Industries, Inc. | |||||||||||
2,118,165 | Term Loan, 5.12%, Maturing December 17, 2011 | 2,000,782 | |||||||||
Wesco Aircraft Hardware Corp. | |||||||||||
1,142,688 | Term Loan, 4.95%, Maturing September 29, 2013 | 1,117,454 | |||||||||
$ | 15,761,739 | ||||||||||
Air Transport 0.9% | |||||||||||
Airport Development and Investment, Ltd. | |||||||||||
GBP | 982,900 | Term Loan, 9.94%, Maturing April 7, 2011 | $ | 1,698,177 | |||||||
Delta Air Lines, Inc. | |||||||||||
1,191,000 | Term Loan, 6.15%, Maturing April 30, 2014 | 952,800 | |||||||||
Northwest Airlines, Inc. | |||||||||||
500,000 | DIP Loan, Maturing August 21, 2008(2) | 415,000 | |||||||||
2,079,000 | DIP Loan, 4.72%, Maturing August 21, 2008 | 1,832,598 | |||||||||
$ | 4,898,575 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Automotive 6.0% | |||||||||||
Accuride Corp. | |||||||||||
1,957,967 | Term Loan, 6.24%, Maturing January 31, 2012 | $ | 1,899,228 | ||||||||
Adesa, Inc. | |||||||||||
4,193,313 | Term Loan, 4.95%, Maturing October 18, 2013 | 3,986,268 | |||||||||
Affina Group, Inc. | |||||||||||
1,370,985 | Term Loan, 5.90%, Maturing November 30, 2011 | 1,220,177 | |||||||||
Allison Transmission, Inc. | |||||||||||
2,985,000 | Term Loan, 5.57%, Maturing September 30, 2014 | 2,805,634 | |||||||||
AxleTech International Holding, Inc. | |||||||||||
1,750,000 | Term Loan, 9.19%, Maturing April 21, 2013 | 1,618,750 | |||||||||
Chrysler Financial | |||||||||||
1,496,241 | Term Loan, 6.80%, Maturing August 1, 2014 | 1,365,528 | |||||||||
CSA Acquisition Corp. | |||||||||||
357,460 | Term Loan, 5.25%, Maturing December 23, 2011 | 344,949 | |||||||||
893,298 | Term Loan, 5.25%, Maturing December 23, 2011 | 862,032 | |||||||||
488,750 | Term Loan, 5.25%, Maturing December 23, 2012 | 471,644 | |||||||||
Dayco Products, LLC | |||||||||||
1,748,610 | Term Loan, 7.35%, Maturing June 21, 2011 | 1,383,588 | |||||||||
Delphi Corp. | |||||||||||
1,000,000 | DIP Loan, 6.88%, Maturing July 1, 2008 | 1,006,429 | |||||||||
Ford Motor Co. | |||||||||||
1,752,813 | Term Loan, 5.80%, Maturing December 15, 2013 | 1,615,052 | |||||||||
General Motors Corp. | |||||||||||
3,414,312 | Term Loan, 5.06%, Maturing November 29, 2013 | 3,216,388 | |||||||||
Goodyear Tire & Rubber Co. | |||||||||||
2,400,000 | Term Loan, 4.54%, Maturing April 30, 2010 | 2,280,000 | |||||||||
HLI Operating Co., Inc. | |||||||||||
EUR | 109,091 | Term Loan, 4.26%, Maturing May 30, 2014 | 147,764 | ||||||||
EUR | 1,876,727 | Term Loan, 7.39%, Maturing May 30, 2014 | 2,542,033 | ||||||||
Keystone Automotive Operations, Inc. | |||||||||||
1,343,859 | Term Loan, 6.30%, Maturing January 12, 2012 | 1,081,807 | |||||||||
LKQ Corp. | |||||||||||
971,251 | Term Loan, 4.97%, Maturing October 12, 2014 | 963,966 | |||||||||
TriMas Corp. | |||||||||||
234,375 | Term Loan, 5.39%, Maturing August 2, 2011 | 216,797 | |||||||||
1,000,000 | Term Loan, Maturing August 2, 2013(2) | 915,000 | |||||||||
1,000,391 | Term Loan, 5.16%, Maturing August 2, 2013 | 935,361 | |||||||||
United Components, Inc. | |||||||||||
1,137,153 | Term Loan, 5.05%, Maturing June 30, 2010 | 1,101,617 | |||||||||
$ | 31,980,012 |
See notes to financial statements
4
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Beverage and Tobacco 0.1% | |||||||||||
Culligan International Co. | |||||||||||
EUR | 975,000 | Term Loan, 9.12%, Maturing May 31, 2013 | $ | 812,118 | |||||||
$ | 812,118 | ||||||||||
Brokers, Dealers and Investment Houses 0.1% | |||||||||||
AmeriTrade Holding Corp. | |||||||||||
730,172 | Term Loan, 4.37%, Maturing December 31, 2012 | $ | 714,591 | ||||||||
$ | 714,591 | ||||||||||
Building and Development 5.8% | |||||||||||
Beacon Sales Acquisition, Inc. | |||||||||||
1,182,000 | Term Loan, 4.74%, Maturing September 30, 2013 | $ | 972,195 | ||||||||
Brickman Group Holdings, Inc. | |||||||||||
1,212,750 | Term Loan, 4.70%, Maturing January 23, 2014 | 1,136,953 | |||||||||
Building Materials Corp. of America | |||||||||||
1,407,276 | Term Loan, 5.69%, Maturing February 22, 2014 | 1,184,458 | |||||||||
Capital Automotive (REIT) | |||||||||||
1,232,598 | Term Loan, 4.46%, Maturing December 16, 2010 | 1,195,428 | |||||||||
Epco/Fantome, LLC | |||||||||||
1,403,000 | Term Loan, 5.49%, Maturing November 23, 2010 | 1,219,277 | |||||||||
Forestar USA Real Estate Group, Inc. | |||||||||||
1,550,000 | Term Loan, 0.00%, Maturing December 1, 2010(3) | 1,457,000 | |||||||||
1,550,000 | Term Loan, 6.72%, Maturing December 1, 2010 | 1,488,000 | |||||||||
Hovstone Holdings, LLC | |||||||||||
894,412 | Term Loan, 7.27%, Maturing February 28, 2009 | 750,590 | |||||||||
LNR Property Corp. | |||||||||||
1,144,000 | Term Loan, 6.36%, Maturing July 3, 2011 | 957,743 | |||||||||
Metroflag BP, LLC | |||||||||||
500,000 | Term Loan, 11.80%, Maturing July 1, 2008 | 412,500 | |||||||||
Mueller Water Products, Inc. | |||||||||||
1,780,255 | Term Loan, 4.62%, Maturing May 24, 2014 | 1,662,313 | |||||||||
NCI Building Systems, Inc. | |||||||||||
553,061 | Term Loan, 4.33%, Maturing June 18, 2010 | 532,321 | |||||||||
Nortek, Inc. | |||||||||||
2,697,151 | Term Loan, 5.30%, Maturing August 27, 2011 | 2,440,921 | |||||||||
November 2005 Land Investors | |||||||||||
305,720 | Term Loan, 6.86%, Maturing May 9, 2011 | 229,290 | |||||||||
Panolam Industries Holdings, Inc. | |||||||||||
1,000,288 | Term Loan, 5.44%, Maturing September 30, 2012 | 830,239 | |||||||||
PLY GEM Industries, Inc. | |||||||||||
1,837,104 | Term Loan, 5.45%, Maturing August 15, 2011 | 1,583,191 | |||||||||
57,461 | Term Loan, 5.45%, Maturing August 15, 2011 | 49,519 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Building and Development (continued) | |||||||||||
Re/Max International, Inc. | |||||||||||
690,472 | Term Loan, 6.23%, Maturing December 17, 2012 | $ | 597,258 | ||||||||
495,179 | Term Loan, 10.23%, Maturing December 17, 2012 | 428,329 | |||||||||
Realogy Corp. | |||||||||||
894,755 | Term Loan, 6.14%, Maturing September 1, 2014 | 767,951 | |||||||||
3,323,370 | Term Loan, 5.72%, Maturing September 1, 2014 | 2,852,386 | |||||||||
South Edge, LLC | |||||||||||
787,500 | Term Loan, 7.25%, Maturing October 31, 2009 | 496,125 | |||||||||
Tousa/Kolter, LLC | |||||||||||
1,297,200 | Term Loan, 6.00%, Maturing March 31, 2031(10) | 727,210 | |||||||||
TRU 2005 RE Holding Co. | |||||||||||
4,600,000 | Term Loan, 5.71%, Maturing December 9, 2008 | 4,255,000 | |||||||||
United Subcontractors, Inc. | |||||||||||
825,000 | Term Loan, 12.21%, Maturing June 27, 2013(4) | 412,500 | |||||||||
Wintergames Acquisition ULC | |||||||||||
2,605,948 | Term Loan, 6.14%, Maturing April 24, 2009 | 2,482,166 | |||||||||
$ | 31,120,863 | ||||||||||
Business Equipment and Services 11.1% | |||||||||||
ACCO Brands Corp. | |||||||||||
1,017,825 | Term Loan, 4.53%, Maturing August 17, 2012 | $ | 974,567 | ||||||||
Activant Solutions, Inc. | |||||||||||
500,000 | Term Loan, Maturing May 1, 2013(2) | 437,500 | |||||||||
721,446 | Term Loan, 4.76%, Maturing May 1, 2013 | 634,318 | |||||||||
Affiliated Computer Services | |||||||||||
2,136,938 | Term Loan, 4.79%, Maturing March 20, 2013 | 2,065,316 | |||||||||
806,437 | Term Loan, 4.89%, Maturing March 20, 2013 | 779,409 | |||||||||
Affinion Group, Inc. | |||||||||||
2,402,406 | Term Loan, 5.56%, Maturing October 17, 2012 | 2,270,274 | |||||||||
Allied Security Holdings, LLC | |||||||||||
1,228,037 | Term Loan, 5.87%, Maturing June 30, 2010 | 1,148,215 | |||||||||
DynCorp International, LLC | |||||||||||
1,070,836 | Term Loan, 4.63%, Maturing February 11, 2011 | 1,029,341 | |||||||||
Education Management, LLC | |||||||||||
1,000,000 | Term Loan, Maturing June 1, 2013(2) | 880,000 | |||||||||
3,702,991 | Term Loan, 4.50%, Maturing June 1, 2013 | 3,326,237 | |||||||||
Info USA, Inc. | |||||||||||
611,016 | Term Loan, 4.70%, Maturing February 14, 2012 | 586,575 | |||||||||
Intergraph Corp. | |||||||||||
1,000,000 | Term Loan, 5.08%, Maturing May 29, 2014 | 945,833 | |||||||||
1,000,000 | Term Loan, 9.09%, Maturing November 29, 2014 | 936,250 | |||||||||
iPayment, Inc. | |||||||||||
1,652,867 | Term Loan, 4.70%, Maturing May 10, 2013 | 1,371,880 |
See notes to financial statements
5
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
ista International GmbH | |||||||||||
EUR | 1,063,683 | Term Loan, 6.77%, Maturing May 14, 2015 | $ | 1,398,670 | |||||||
EUR | 211,317 | Term Loan, 6.77%, Maturing May 14, 2015 | 277,867 | ||||||||
Kronos, Inc. | |||||||||||
1,083,893 | Term Loan, 4.95%, Maturing June 11, 2014 | 987,697 | |||||||||
Language Line, Inc. | |||||||||||
2,072,233 | Term Loan, 5.95%, Maturing June 11, 2011 | 1,921,996 | |||||||||
Mitchell International, Inc. | |||||||||||
1,000,000 | Term Loan, 7.94%, Maturing March 28, 2015 | 955,000 | |||||||||
N.E.W. Holdings I, LLC | |||||||||||
1,000,000 | Term Loan, Maturing May 22, 2014(2) | 870,000 | |||||||||
981,955 | Term Loan, 5.43%, Maturing May 22, 2014 | 832,004 | |||||||||
Protection One, Inc. | |||||||||||
900,560 | Term Loan, 5.23%, Maturing March 31, 2012 | 778,984 | |||||||||
Quantum Corp. | |||||||||||
361,250 | Term Loan, 6.20%, Maturing July 12, 2014 | 326,931 | |||||||||
Quintiles Transnational Corp. | |||||||||||
1,700,000 | Term Loan, 6.70%, Maturing March 31, 2014 | 1,623,500 | |||||||||
Sabre, Inc. | |||||||||||
6,057,297 | Term Loan, 4.88%, Maturing September 30, 2014 | 5,141,512 | |||||||||
Serena Software, Inc. | |||||||||||
480,000 | Term Loan, 4.68%, Maturing March 10, 2013 | 434,400 | |||||||||
Sitel (Client Logic) | |||||||||||
1,995,594 | Term Loan, 5.14%, Maturing January 29, 2014 | 1,446,806 | |||||||||
Solera Holdings, LLC | |||||||||||
EUR | 774,936 | Term Loan, 6.63%, Maturing May 15, 2014 | 1,103,945 | ||||||||
SunGard Data Systems, Inc. | |||||||||||
12,742,206 | Term Loan, 4.88%, Maturing February 11, 2013 | 12,100,751 | |||||||||
TDS Investor Corp. | |||||||||||
1,000,000 | Term Loan, Maturing August 23, 2013(2) | 905,000 | |||||||||
269,897 | Term Loan, 4.95%, Maturing August 23, 2013 | 249,452 | |||||||||
1,345,107 | Term Loan, 5.11%, Maturing August 23, 2013 | 1,262,465 | |||||||||
EUR | 1,054,228 | Term Loan, 6.98%, Maturing August 23, 2013 | 1,464,884 | ||||||||
Transaction Network Services, Inc. | |||||||||||
616,170 | Term Loan, 4.72%, Maturing May 4, 2012 | 569,957 | |||||||||
Valassis Communications, Inc. | |||||||||||
1,152,685 | Term Loan, 4.45%, Maturing March 2, 2014 | 1,075,359 | |||||||||
238,601 | Term Loan, 6.00%, Maturing March 2, 2014 | 222,595 | |||||||||
VWR International, Inc. | |||||||||||
1,625,000 | Term Loan, 5.20%, Maturing June 28, 2013 | 1,519,375 | |||||||||
WAM Acquisition, S.A. | |||||||||||
EUR | 245,946 | Term Loan, 6.96%, Maturing May 4, 2014 | 358,677 | ||||||||
EUR | 148,939 | Term Loan, 6.96%, Maturing May 4, 2014 | 217,206 | ||||||||
EUR | 245,946 | Term Loan, 7.21%, Maturing May 4, 2015 | 358,677 | ||||||||
EUR | 148,939 | Term Loan, 7.21%, Maturing May 4, 2015 | 217,206 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
West Corp. | |||||||||||
3,406,961 | Term Loan, 5.28%, Maturing October 24, 2013 | $ | 3,122,810 | ||||||||
$ | 59,129,441 | ||||||||||
Cable and Satellite Television 11.4% | |||||||||||
Atlantic Broadband Finance, LLC | |||||||||||
4,219,612 | Term Loan, 4.95%, Maturing February 10, 2011 | $ | 3,939,008 | ||||||||
Bragg Communications, Inc. | |||||||||||
2,139,250 | Term Loan, 5.59%, Maturing August 31, 2014 | 2,139,250 | |||||||||
Bresnan Broadband Holdings, LLC | |||||||||||
500,000 | Term Loan, 5.02%, Maturing March 29, 2014 | 458,375 | |||||||||
1,200,000 | Term Loan, 7.47%, Maturing March 29, 2014 | 1,080,000 | |||||||||
Cequel Communications, LLC | |||||||||||
498,741 | Term Loan, 4.76%, Maturing November 5, 2013 | 455,974 | |||||||||
1,550,000 | Term Loan, 7.74%, Maturing May 5, 2014 | 1,259,375 | |||||||||
3,531,926 | Term Loan, 9.24%, Maturing May 5, 2014 | 2,818,477 | |||||||||
Charter Communications Operating, Inc. | |||||||||||
12,088,511 | Term Loan, 4.90%, Maturing April 28, 2013 | 10,708,402 | |||||||||
CSC Holdings, Inc. | |||||||||||
4,978,069 | Term Loan, 4.48%, Maturing March 29, 2013 | 4,806,948 | |||||||||
CW Media Holdings, Inc. | |||||||||||
621,875 | Term Loan, 5.95%, Maturing February 15, 2015 | 603,219 | |||||||||
Insight Midwest Holdings, LLC | |||||||||||
3,594,375 | Term Loan, 4.69%, Maturing April 6, 2014 | 3,426,852 | |||||||||
Mediacom Broadband Group | |||||||||||
5,821,757 | Term Loan, 4.52%, Maturing January 31, 2015 | 5,312,353 | |||||||||
Mediacom Illinois, LLC | |||||||||||
1,000,000 | Term Loan, Maturing January 31, 2015(2) | 917,500 | |||||||||
2,749,941 | Term Loan, 4.52%, Maturing January 31, 2015 | 2,473,853 | |||||||||
NTL Investment Holdings, Ltd. | |||||||||||
2,213,852 | Term Loan, 4.94%, Maturing March 30, 2012 | 2,038,588 | |||||||||
GBP | 471,050 | Term Loan, 7.68%, Maturing March 30, 2012 | 870,315 | ||||||||
GBP | 239,517 | Term Loan, 7.68%, Maturing March 30, 2012 | 442,533 | ||||||||
Orion Cable GmbH | |||||||||||
EUR | 1,075,000 | Term Loan, 7.44%, Maturing October 31, 2014 | 1,589,685 | ||||||||
EUR | 1,075,000 | Term Loan, 7.64%, Maturing October 31, 2015 | 1,590,881 | ||||||||
ProSiebenSat.1 Media AG | |||||||||||
EUR | 608,000 | Term Loan, 6.74%, Maturing March 2, 2015 | 680,760 | ||||||||
EUR | 11,076 | Term Loan, 6.25%, Maturing June 26, 2015 | 14,133 | ||||||||
EUR | 272,924 | Term Loan, 6.25%, Maturing June 26, 2015 | 348,253 | ||||||||
EUR | 608,000 | Term Loan, 6.96%, Maturing March 2, 2016 | 680,760 | ||||||||
EUR | 575,000 | Term Loan, 8.15%, Maturing September 2, 2016 | 495,353 | ||||||||
EUR | 380,637 | Term Loan, 7.90%, Maturing March 2, 2017 | 317,542 | ||||||||
UPC Broadband Holding B.V. | |||||||||||
EUR | 4,050,000 | Term Loan, 6.36%, Maturing October 16, 2011 | 5,746,625 | ||||||||
2,950,000 | Term Loan, 4.46%, Maturing December 31, 2014 | 2,781,298 |
See notes to financial statements
6
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Cable and Satellite Television (continued) | |||||||||||
YPSO Holding SA | |||||||||||
EUR | 541,621 | Term Loan, 6.89%, Maturing July 28, 2014 | $ | 695,212 | |||||||
EUR | 209,021 | Term Loan, 6.89%, Maturing July 28, 2014 | 268,295 | ||||||||
EUR | 249,358 | Term Loan, 6.89%, Maturing July 28, 2014 | 320,070 | ||||||||
EUR | 1,000,000 | Term Loan, 7.14%, Maturing July 28, 2015 | 1,291,578 | ||||||||
$ | 60,571,467 | ||||||||||
Chemicals and Plastics 10.2% | |||||||||||
AZ Chem US, Inc. | |||||||||||
500,000 | Term Loan, 8.59%, Maturing February 28, 2014 | $ | 300,000 | ||||||||
Brenntag Holding GmbH and Co. KG | |||||||||||
373,091 | Term Loan, 5.79%, Maturing December 23, 2013 | 345,575 | |||||||||
1,526,909 | Term Loan, 5.79%, Maturing December 23, 2013 | 1,414,300 | |||||||||
1,000,000 | Term Loan, 7.79%, Maturing December 23, 2015 | 852,500 | |||||||||
Celanese Holdings, LLC | |||||||||||
4,182,750 | Term Loan, 4.19%, Maturing April 2, 2014 | 4,049,425 | |||||||||
Cognis GmbH | |||||||||||
EUR | 803,279 | Term Loan, 6.61%, Maturing September 15, 2013 | 1,128,167 | ||||||||
EUR | 196,721 | Term Loan, 6.61%, Maturing September 15, 2013 | 276,286 | ||||||||
First Chemical Holding | |||||||||||
EUR | 1,000,000 | Term Loan, 6.59%, Maturing December 18, 2014(3) | 1,369,423 | ||||||||
Foamex L.P. | |||||||||||
1,459,647 | Term Loan, 5.97%, Maturing February 12, 2013 | 1,207,858 | |||||||||
Georgia Gulf Corp. | |||||||||||
750,469 | Term Loan, 5.25%, Maturing October 3, 2013 | 710,131 | |||||||||
Hercules, Inc. | |||||||||||
575,250 | Term Loan, 4.36%, Maturing October 8, 2010 | 566,621 | |||||||||
Hexion Specialty Chemicals, Inc. | |||||||||||
496,250 | Term Loan, 5.00%, Maturing May 5, 2012 | 469,112 | |||||||||
4,463,624 | Term Loan, 4.94%, Maturing May 5, 2013 | 4,219,521 | |||||||||
969,626 | Term Loan, 5.00%, Maturing May 5, 2013 | 916,600 | |||||||||
Huish Detergents, Inc. | |||||||||||
942,875 | Term Loan, 4.70%, Maturing April 26, 2014 | 813,230 | |||||||||
INEOS Group | |||||||||||
250,000 | Term Loan, Maturing December 14, 2013(2) | 230,000 | |||||||||
1,592,500 | Term Loan, 4.88%, Maturing December 14, 2013 | 1,493,314 | |||||||||
250,000 | Term Loan, Maturing December 14, 2014(2) | 230,000 | |||||||||
1,592,500 | Term Loan, 5.38%, Maturing December 14, 2014 | 1,493,314 | |||||||||
Innophos, Inc. | |||||||||||
576,590 | Term Loan, 4.70%, Maturing August 10, 2010 | 546,319 | |||||||||
Invista B.V. | |||||||||||
2,485,498 | Term Loan, 4.20%, Maturing April 29, 2011 | 2,390,221 | |||||||||
1,317,498 | Term Loan, 4.20%, Maturing April 29, 2011 | 1,266,995 | |||||||||
ISP Chemco, Inc. | |||||||||||
2,580,500 | Term Loan, 4.69%, Maturing June 4, 2014 | 2,445,831 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Chemicals and Plastics (continued) | |||||||||||
Kleopatra | |||||||||||
825,000 | Term Loan, 5.21%, Maturing January 3, 2016 | $ | 595,031 | ||||||||
EUR | 575,000 | Term Loan, 7.24%, Maturing January 3, 2016 | 645,116 | ||||||||
Kranton Polymers, LLC | |||||||||||
2,871,745 | Term Loan, 4.75%, Maturing May 12, 2013 | 2,401,496 | |||||||||
Lucite International Group Holdings | |||||||||||
600,188 | Term Loan, 5.15%, Maturing July 7, 2013 | 538,293 | |||||||||
212,516 | Term Loan, 5.15%, Maturing July 7, 2013 | 190,600 | |||||||||
MacDermid, Inc. | |||||||||||
EUR | 807,192 | Term Loan, 6.98%, Maturing April 12, 2014 | 1,112,195 | ||||||||
Millenium Inorganic Chemicals | |||||||||||
349,125 | Term Loan, 4.95%, Maturing April 30, 2014 | 303,957 | |||||||||
975,000 | Term Loan, 8.45%, Maturing October 31, 2014 | 745,875 | |||||||||
Momentive Performance Material | |||||||||||
1,000,000 | Term Loan, Maturing December 4, 2013(2) | 930,000 | |||||||||
2,685,254 | Term Loan, 5.13%, Maturing December 4, 2013 | 2,514,397 | |||||||||
Nalco Co. | |||||||||||
5,411,119 | Term Loan, 5.01%, Maturing November 4, 2010 | 5,341,792 | |||||||||
Propex Fabrics, Inc. | |||||||||||
1,000,000 | Term Loan, 4.13%, Maturing January 23, 2009(3) | 1,000,000 | |||||||||
783,973 | Term Loan, 9.24%, Maturing July 31, 2012 | 509,582 | |||||||||
Rockwood Specialties Group, Inc. | |||||||||||
4,316,500 | Term Loan, 4.40%, Maturing December 10, 2012 | 4,118,062 | |||||||||
Schoeller Arca Systems Holding | |||||||||||
EUR | 443,417 | Term Loan, 7.61%, Maturing November 16, 2015 | 612,898 | ||||||||
EUR | 412,060 | Term Loan, 7.61%, Maturing November 16, 2015 | 569,556 | ||||||||
EUR | 144,523 | Term Loan, 7.61%, Maturing November 16, 2015 | 199,761 | ||||||||
Solo Cup Co. | |||||||||||
1,655,455 | Term Loan, 6.30%, Maturing February 27, 2011 | 1,602,243 | |||||||||
Wellman, Inc. | |||||||||||
2,250,000 | Term Loan, 6.74%, Maturing February 10, 2009(10) | 1,597,500 | |||||||||
$ | 54,263,097 | ||||||||||
Clothing / Textiles 0.4% | |||||||||||
Hanesbrands, Inc. | |||||||||||
850,000 | Term Loan, 6.66%, Maturing March 5, 2014 | $ | 844,687 | ||||||||
St. John Knits International, Inc. | |||||||||||
528,149 | Term Loan, 5.90%, Maturing March 23, 2012 | 485,897 | |||||||||
The William Carter Co. | |||||||||||
630,209 | Term Loan, 4.39%, Maturing July 14, 2012 | 601,849 | |||||||||
$ | 1,932,433 |
See notes to financial statements
7
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Conglomerates 3.8% | |||||||||||
Amsted Industries, Inc. | |||||||||||
1,701,878 | Term Loan, 4.75%, Maturing October 15, 2010 | $ | 1,676,350 | ||||||||
Blount, Inc. | |||||||||||
278,080 | Term Loan, 4.46%, Maturing August 9, 2010 | 263,481 | |||||||||
Doncasters (Dunde HoldCo 4 Ltd.) | |||||||||||
431,763 | Term Loan, 5.22%, Maturing July 13, 2015 | 376,713 | |||||||||
431,763 | Term Loan, 5.72%, Maturing July 13, 2015 | 376,713 | |||||||||
GBP | 500,000 | Term Loan, 10.04%, Maturing January 13, 2016 | 816,977 | ||||||||
GenTek, Inc. | |||||||||||
502,418 | Term Loan, 4.76%, Maturing February 25, 2011 | 465,993 | |||||||||
ISS Holdings A/S | |||||||||||
EUR | 147,368 | Term Loan, 6.65%, Maturing December 31, 2013 | 214,320 | ||||||||
EUR | 1,052,632 | Term Loan, 6.65%, Maturing December 31, 2013 | 1,530,854 | ||||||||
Jarden Corp. | |||||||||||
2,144,855 | Term Loan, 4.45%, Maturing January 24, 2012 | 2,044,911 | |||||||||
1,208,675 | Term Loan, 4.45%, Maturing January 24, 2012 | 1,152,354 | |||||||||
Johnson Diversey, Inc. | |||||||||||
1,661,444 | Term Loan, 5.11%, Maturing December 16, 2011 | 1,580,449 | |||||||||
Polymer Group, Inc. | |||||||||||
2,319,227 | Term Loan, 4.92%, Maturing November 22, 2012 | 2,064,112 | |||||||||
RBS Global, Inc. | |||||||||||
296,250 | Term Loan, 4.98%, Maturing July 19, 2013 | 277,734 | |||||||||
2,284,836 | Term Loan, 5.31%, Maturing July 19, 2013 | 2,142,034 | |||||||||
RGIS Holdings, LLC | |||||||||||
141,845 | Term Loan, 5.20%, Maturing April 30, 2014 | 122,962 | |||||||||
2,836,899 | Term Loan, 5.30%, Maturing April 30, 2014 | 2,459,237 | |||||||||
US Investigations Services, Inc. | |||||||||||
1,915,351 | Term Loan, 5.60%, Maturing February 21, 2015 | 1,738,181 | |||||||||
Vertrue, Inc. | |||||||||||
845,750 | Term Loan, 5.70%, Maturing August 16, 2014 | 765,404 | |||||||||
$ | 20,068,779 | ||||||||||
Containers and Glass Products 4.4% | |||||||||||
Berry Plastics Corp. | |||||||||||
2,881,000 | Term Loan, 5.10%, Maturing April 3, 2015 | $ | 2,622,612 | ||||||||
Consolidated Container Co. | |||||||||||
1,000,000 | Term Loan, 8.55%, Maturing September 28, 2014 | 526,250 | |||||||||
Crown Americas, Inc. | |||||||||||
612,500 | Term Loan, 4.82%, Maturing November 15, 2012 | 589,531 | |||||||||
Graham Packaging Holdings Co. | |||||||||||
4,207,500 | Term Loan, 5.04%, Maturing October 7, 2011 | 3,997,415 | |||||||||
Graphic Packaging International, Inc. | |||||||||||
5,528,673 | Term Loan, 4.80%, Maturing May 16, 2014 | 5,276,046 | |||||||||
1,500,000 | Term Loan, 5.48%, Maturing May 16, 2014 | 1,450,624 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Containers and Glass Products (continued) | |||||||||||
JSG Acquisitions | |||||||||||
1,845,000 | Term Loan, 4.60%, Maturing December 31, 2013 | $ | 1,734,300 | ||||||||
1,845,000 | Term Loan, 4.85%, Maturing December 13, 2014 | 1,734,300 | |||||||||
Kranson Industries, Inc. | |||||||||||
834,138 | Term Loan, 4.91%, Maturing July 31, 2013 | 775,749 | |||||||||
Owens-Brockway Glass Container | |||||||||||
1,555,938 | Term Loan, 4.22%, Maturing June 14, 2013 | 1,495,256 | |||||||||
Smurfit-Stone Container Corp. | |||||||||||
650,961 | Term Loan, 4.60%, Maturing November 1, 2011 | 634,849 | |||||||||
628,909 | Term Loan, 4.71%, Maturing November 1, 2011 | 613,344 | |||||||||
729,847 | Term Loan, 5.01%, Maturing November 1, 2011 | 711,783 | |||||||||
1,427,827 | Term Loan, 5.03%, Maturing November 1, 2011 | 1,392,488 | |||||||||
$ | 23,554,547 | ||||||||||
Cosmetics / Toiletries 0.7% | |||||||||||
American Safety Razor Co. | |||||||||||
491,806 | Term Loan, 5.37%, Maturing July 31, 2013 | $ | 473,363 | ||||||||
900,000 | Term Loan, 9.03%, Maturing July 31, 2014 | 801,000 | |||||||||
Bausch & Lomb, Inc. | |||||||||||
110,000 | Term Loan, 5.95%, Maturing April 30, 2015(3) | 108,791 | |||||||||
438,900 | Term Loan, 5.95%, Maturing April 30, 2015 | 434,076 | |||||||||
KIK Custom Products, Inc. | |||||||||||
975,000 | Term Loan, 7.92%, Maturing November 30, 2014 | 360,750 | |||||||||
Prestige Brands, Inc. | |||||||||||
1,446,211 | Term Loan, 6.90%, Maturing April 7, 2011 | 1,399,209 | |||||||||
$ | 3,577,189 | ||||||||||
Drugs 1.2% | |||||||||||
Graceway Pharmaceuticals, LLC | |||||||||||
754,801 | Term Loan, 5.56%, Maturing May 3, 2012 | $ | 633,797 | ||||||||
1,000,000 | Term Loan, 9.20%, Maturing May 3, 2013 | 812,500 | |||||||||
275,000 | Term Loan, 10.95%, Maturing November 3, 2013 | 215,875 | |||||||||
Pharmaceutical Holdings Corp. | |||||||||||
475,289 | Term Loan, 6.14%, Maturing January 30, 2012 | 451,525 | |||||||||
Stiefel Laboratories, Inc. | |||||||||||
748,947 | Term Loan, 4.97%, Maturing December 28, 2013 | 722,733 | |||||||||
979,178 | Term Loan, 4.97%, Maturing December 28, 2013 | 944,907 | |||||||||
Warner Chilcott Corp. | |||||||||||
736,281 | Term Loan, 4.73%, Maturing January 18, 2012 | 708,977 | |||||||||
2,140,652 | Term Loan, 4.84%, Maturing January 18, 2012 | 2,061,270 | |||||||||
$ | 6,551,584 |
See notes to financial statements
8
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Ecological Services and Equipment 2.4% | |||||||||||
Allied Waste Industries, Inc. | |||||||||||
1,284,460 | Term Loan, 4.65%, Maturing January 15, 2012 | $ | 1,243,006 | ||||||||
2,136,226 | Term Loan, 4.38%, Maturing January 15, 2012 | 2,067,283 | |||||||||
Blue Waste B.V. (AVR Acquisition) | |||||||||||
EUR | 1,000,000 | Term Loan, 6.87%, Maturing April 1, 2015 | 1,427,483 | ||||||||
Cory Environmental Holdings | |||||||||||
GBP | 500,000 | Term Loan, 9.74%, Maturing September 30, 2014 | 873,224 | ||||||||
Environmental Systems Products Holdings, Inc. | |||||||||||
1,165,123 | Term Loan, 9.69%, Maturing December 12, 2010(4) | 1,165,123 | |||||||||
IESI Corp. | |||||||||||
970,588 | Term Loan, 6.14%, Maturing January 20, 2012 | 924,485 | |||||||||
Kemble Water Structure Ltd. | |||||||||||
GBP | 1,250,000 | Term Loan, 9.74%, Maturing October 13, 2013 | 2,265,254 | ||||||||
Sensus Metering Systems, Inc. | |||||||||||
2,113,043 | Term Loan, 5.46%, Maturing December 17, 2010 | 1,901,739 | |||||||||
145,761 | Term Loan, 6.88%, Maturing December 17, 2010 | 131,185 | |||||||||
Waste Services, Inc. | |||||||||||
633,630 | Term Loan, 5.15%, Maturing March 31, 2011 | 628,878 | |||||||||
$ | 12,627,660 | ||||||||||
Electronics / Electrical 4.4% | |||||||||||
Aspect Software, Inc. | |||||||||||
1,785,142 | Term Loan, 5.63%, Maturing July 11, 2011 | $ | 1,673,571 | ||||||||
1,800,000 | Term Loan, 9.75%, Maturing July 11, 2013 | 1,548,000 | |||||||||
EnerSys Capital, Inc. | |||||||||||
1,059,094 | Term Loan, 4.72%, Maturing March 17, 2011 | 994,224 | |||||||||
FCI International S.A.S. | |||||||||||
216,536 | Term Loan, 6.85%, Maturing November 1, 2013 | 198,130 | |||||||||
208,464 | Term Loan, 6.85%, Maturing November 1, 2013 | 190,745 | |||||||||
208,464 | Term Loan, 6.85%, Maturing November 1, 2013 | 189,181 | |||||||||
216,536 | Term Loan, 6.85%, Maturing November 1, 2013 | 196,506 | |||||||||
Freescale Semiconductor, Inc. | |||||||||||
4,270,938 | Term Loan, 4.46%, Maturing December 1, 2013 | 3,710,864 | |||||||||
Infor Enterprise Solutions Holdings | |||||||||||
1,000,000 | Term Loan, 5.45%, Maturing July 28, 2012 | 802,500 | |||||||||
2,931,414 | Term Loan, 6.45%, Maturing July 28, 2012 | 2,436,737 | |||||||||
1,529,433 | Term Loan, 6.45%, Maturing July 28, 2012 | 1,271,341 | |||||||||
500,000 | Term Loan, 8.20%, Maturing March 2, 2014 | 325,833 | |||||||||
183,333 | Term Loan, 8.95%, Maturing March 2, 2014 | 110,917 | |||||||||
316,667 | Term Loan, 8.95%, Maturing March 2, 2014 | 206,361 | |||||||||
Network Solutions, LLC | |||||||||||
712,538 | Term Loan, 5.24%, Maturing March 7, 2014 | 594,970 | |||||||||
Open Solutions, Inc. | |||||||||||
2,079,368 | Term Loan, 5.15%, Maturing January 23, 2014 | 1,729,775 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Electronics / Electrical (continued) | |||||||||||
Sensata Technologies Finance Co. | |||||||||||
2,770,899 | Term Loan, 4.66%, Maturing April 27, 2013 | $ | 2,530,754 | ||||||||
Spectrum Brands, Inc. | |||||||||||
57,701 | Term Loan, 6.71%, Maturing March 30, 2013 | 52,869 | |||||||||
1,145,560 | Term Loan, 6.89%, Maturing March 30, 2013 | 1,049,619 | |||||||||
TTM Technologies, Inc. | |||||||||||
216,000 | Term Loan, 5.16%, Maturing October 27, 2012 | 206,280 | |||||||||
VeriFone, Inc. | |||||||||||
724,625 | Term Loan, 5.65%, Maturing October 31, 2013 | 692,017 | |||||||||
Vertafore, Inc. | |||||||||||
2,227,584 | Term Loan, 5.59%, Maturing January 31, 2012 | 2,060,515 | |||||||||
850,000 | Term Loan, 9.09%, Maturing January 31, 2013 | 743,750 | |||||||||
$ | 23,515,459 | ||||||||||
Equipment Leasing 1.6% | |||||||||||
AWAS Capital, Inc. | |||||||||||
1,966,414 | Term Loan, 8.63%, Maturing March 22, 2013 | $ | 1,720,612 | ||||||||
Maxim Crane Works, L.P. | |||||||||||
868,438 | Term Loan, 4.71%, Maturing June 29, 2014 | 772,909 | |||||||||
The Hertz Corp. | |||||||||||
400,000 | Term Loan, 4.10%, Maturing December 21, 2012 | 384,227 | |||||||||
2,212,140 | Term Loan, 4.22%, Maturing December 21, 2012 | 2,124,911 | |||||||||
United Rentals, Inc. | |||||||||||
1,030,874 | Term Loan, 4.60%, Maturing February 14, 2011 | 1,005,961 | |||||||||
2,438,000 | Term Loan, 5.10%, Maturing February 14, 2011 | 2,379,081 | |||||||||
$ | 8,387,701 | ||||||||||
Farming / Agriculture 0.5% | |||||||||||
BF Bolthouse HoldCo, LLC | |||||||||||
1,150,000 | Term Loan, 8.20%, Maturing December 16, 2013 | $ | 1,069,500 | ||||||||
Central Garden & Pet Co. | |||||||||||
2,033,500 | Term Loan, 4.31%, Maturing February 28, 2014 | 1,787,786 | |||||||||
$ | 2,857,286 | ||||||||||
Financial Intermediaries 2.2% | |||||||||||
Citco III, Ltd. | |||||||||||
2,775,000 | Term Loan, 6.72%, Maturing June 30, 2014 | $ | 2,490,562 | ||||||||
Grosvenor Capital Management | |||||||||||
1,501,195 | Term Loan, 4.86%, Maturing December 5, 2013 | 1,441,148 | |||||||||
INVESTools, Inc. | |||||||||||
384,000 | Term Loan, 5.95%, Maturing August 13, 2012 | 349,440 | |||||||||
Jupiter Asset Management Group | |||||||||||
GBP | 418,271 | Term Loan, 7.84%, Maturing June 30, 2015 | 713,465 |
See notes to financial statements
9
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Financial Intermediaries (continued) | |||||||||||
LPL Holdings, Inc. | |||||||||||
4,051,670 | Term Loan, 4.70%, Maturing December 18, 2014 | $ | 3,778,183 | ||||||||
Nuveen Investments, Inc. | |||||||||||
1,475,000 | Term Loan, 5.87%, Maturing November 2, 2014 | 1,408,855 | |||||||||
Oxford Acquisition III, Ltd. | |||||||||||
916,637 | Term Loan, 4.67%, Maturing May 24, 2014 | 771,121 | |||||||||
RJO Holdings Corp. (RJ O'Brien) | |||||||||||
472,625 | Term Loan, 5.90%, Maturing July 31, 2014 | 319,022 | |||||||||
Travelex America Holdings, Inc. | |||||||||||
375,000 | Term Loan, 5.54%, Maturing October 31, 2013 | 349,688 | |||||||||
375,000 | Term Loan, 6.04%, Maturing October 31, 2014 | 349,688 | |||||||||
$ | 11,971,172 | ||||||||||
Food Products 3.7% | |||||||||||
Acosta, Inc. | |||||||||||
3,047,597 | Term Loan, 5.12%, Maturing July 28, 2013 | $ | 2,906,645 | ||||||||
Advantage Sales & Marketing, Inc. | |||||||||||
1,000,000 | Term Loan, Maturing March 29, 2013(2) | 937,500 | |||||||||
828,555 | Term Loan, 4.70%, Maturing March 29, 2013 | 790,485 | |||||||||
421,103 | Term Loan, 4.70%, Maturing March 29, 2013 | 397,942 | |||||||||
Black Lion Beverages III B.V. | |||||||||||
EUR | 147,059 | Term Loan, 6.71%, Maturing December 31, 2013 | 211,555 | ||||||||
EUR | 852,941 | Term Loan, 6.71%, Maturing December 31, 2014 | 1,227,020 | ||||||||
Dean Foods Co. | |||||||||||
4,437,731 | Term Loan, 4.45%, Maturing April 2, 2014 | 4,242,347 | |||||||||
Pinnacle Foods Finance, LLC | |||||||||||
3,746,688 | Term Loan, 5.44%, Maturing April 2, 2014 | 3,504,715 | |||||||||
Provimi Group SA | |||||||||||
252,404 | Term Loan, 4.97%, Maturing June 28, 2015 | 219,907 | |||||||||
205,103 | Term Loan, 4.97%, Maturing June 28, 2015 | 178,696 | |||||||||
EUR | 46,773 | Term Loan, 6.51%, Maturing June 28, 2015(3) | 59,714 | ||||||||
EUR | 457,186 | Term Loan, 6.61%, Maturing June 28, 2015 | 620,149 | ||||||||
EUR | 265,285 | Term Loan, 6.61%, Maturing June 28, 2015 | 359,845 | ||||||||
EUR | 438,752 | Term Loan, 6.61%, Maturing June 28, 2015 | 595,144 | ||||||||
EUR | 598,067 | Term Loan, 6.61%, Maturing June 28, 2015 | 811,248 | ||||||||
282,126 | Term Loan, 6.82%, Maturing December 28, 2016(3) | 231,343 | |||||||||
EUR | 697,446 | Term Loan, 4.09%, Maturing December 28, 2016(3) | 890,399 | ||||||||
Reddy Ice Group, Inc. | |||||||||||
1,970,000 | Term Loan, 4.46%, Maturing August 9, 2012 | 1,704,050 | |||||||||
$ | 19,888,704 | ||||||||||
Food Service 3.1% | |||||||||||
AFC Enterprises, Inc. | |||||||||||
432,850 | Term Loan, 5.00%, Maturing May 23, 2009 | $ | 396,057 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Food Service (continued) | |||||||||||
Aramark Corp. | |||||||||||
2,842,419 | Term Loan, 4.57%, Maturing January 26, 2014 | $ | 2,729,788 | ||||||||
180,813 | Term Loan, 5.20%, Maturing January 26, 2014 | 173,648 | |||||||||
GBP | 987,500 | Term Loan, 8.13%, Maturing January 27, 2014 | 1,838,446 | ||||||||
Buffets, Inc. | |||||||||||
1,154,448 | DIP Loan, 11.25%, Maturing January 22, 2009 | 1,157,334 | |||||||||
186,667 | Term Loan, 4.73%, Maturing May 1, 2013 | 108,033 | |||||||||
1,397,393 | Term Loan, 11.39%, Maturing November 1, 2013 | 808,741 | |||||||||
CBRL Group, Inc. | |||||||||||
1,757,352 | Term Loan, 4.62%, Maturing April 27, 2013 | 1,665,091 | |||||||||
Denny's, Inc. | |||||||||||
123,333 | Term Loan, 4.70%, Maturing March 31, 2012 | 116,858 | |||||||||
500,000 | Term Loan, 4.70%, Maturing March 31, 2012 | 473,750 | |||||||||
JRD Holdings, Inc. | |||||||||||
1,379,688 | Term Loan, 5.20%, Maturing June 26, 2014 | 1,331,398 | |||||||||
NPC International, Inc. | |||||||||||
373,356 | Term Loan, 4.50%, Maturing May 3, 2013 | 345,354 | |||||||||
OSI Restaurant Partners, LLC | |||||||||||
148,885 | Term Loan, 5.10%, Maturing May 9, 2013 | 129,965 | |||||||||
500,000 | Term Loan, Maturing May 9, 2014(2) | 425,000 | |||||||||
1,824,917 | Term Loan, 5.00%, Maturing May 9, 2014 | 1,604,459 | |||||||||
QCE Finance, LLC | |||||||||||
1,231,828 | Term Loan, 4.99%, Maturing May 5, 2013 | 1,047,493 | |||||||||
950,000 | Term Loan, 8.45%, Maturing November 5, 2013 | 767,916 | |||||||||
Sagittarius Restaurants, LLC | |||||||||||
392,000 | Term Loan, 9.50%, Maturing March 29, 2013 | 301,840 | |||||||||
Selecta | |||||||||||
EUR | 741,246 | Term Loan, 8.77%, Maturing December 28, 2015 | 960,743 | ||||||||
$ | 16,381,914 | ||||||||||
Food / Drug Retailers 3.5% | |||||||||||
General Nutrition Centers, Inc. | |||||||||||
3,431,474 | Term Loan, 4.95%, Maturing September 16, 2013 | $ | 3,051,867 | ||||||||
Iceland Foods Group, Ltd. | |||||||||||
GBP | 1,250,000 | Term Loan, 7.91%, Maturing May 2, 2014 | 2,325,084 | ||||||||
GBP | 1,250,000 | Term Loan, 8.41%, Maturing May 2, 2015 | 2,327,146 | ||||||||
Pantry, Inc. (The) | |||||||||||
238,889 | Term Loan, 4.14%, Maturing May 15, 2014(3) | 202,458 | |||||||||
829,840 | Term Loan, 4.62%, Maturing May 15, 2014 | 703,290 | |||||||||
Rite Aid Corp. | |||||||||||
6,400,000 | Term Loan, 4.53%, Maturing June 1, 2014 | 6,022,003 | |||||||||
Roundy's Supermarkets, Inc. | |||||||||||
4,348,366 | Term Loan, 5.47%, Maturing November 3, 2011 | 4,083,115 | |||||||||
$ | 18,714,963 |
See notes to financial statements
10
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Forest Products 2.3% | |||||||||||
Appleton Papers, Inc. | |||||||||||
1,339,875 | Term Loan, 4.60%, Maturing June 5, 2014 | $ | 1,237,151 | ||||||||
Georgia-Pacific Corp. | |||||||||||
8,650,875 | Term Loan, 4.73%, Maturing December 20, 2012 | 8,311,596 | |||||||||
Newpage Corp. | |||||||||||
1,496,250 | Term Loan, 6.31%, Maturing December 5, 2014 | 1,489,601 | |||||||||
Xerium Technologies, Inc. | |||||||||||
1,246,964 | Term Loan, 5.45%, Maturing May 18, 2012 | 1,010,041 | |||||||||
$ | 12,048,389 | ||||||||||
Healthcare 14.8% | |||||||||||
Accellent, Inc. | |||||||||||
2,319,372 | Term Loan, 5.84%, Maturing November 22, 2012 | $ | 2,014,955 | ||||||||
Advanced Medical Optics, Inc. | |||||||||||
997,481 | Term Loan, 5.44%, Maturing April 2, 2014 | 927,657 | |||||||||
Alliance Imaging, Inc. | |||||||||||
1,022,942 | Term Loan, 5.41%, Maturing December 29, 2011 | 974,353 | |||||||||
American Medical Systems | |||||||||||
1,352,082 | Term Loan, 5.38%, Maturing July 20, 2012 | 1,281,098 | |||||||||
AMN Healthcare, Inc. | |||||||||||
297,054 | Term Loan, 4.45%, Maturing November 2, 2011 | 285,172 | |||||||||
AMR HoldCo, Inc. | |||||||||||
1,874,383 | Term Loan, 5.00%, Maturing February 10, 2012 | 1,780,664 | |||||||||
Biomet, Inc. | |||||||||||
2,736,250 | Term Loan, 5.70%, Maturing December 26, 2014 | 2,688,935 | |||||||||
EUR | 1,218,875 | Term Loan, 7.73%, Maturing December 26, 2014 | 1,813,852 | ||||||||
Capio AB | |||||||||||
EUR | 227,051 | Term Loan, 7.09%, Maturing April 24, 2015 | 335,631 | ||||||||
EUR | 272,949 | Term Loan, 7.09%, Maturing April 24, 2015 | 403,479 | ||||||||
EUR | 227,051 | Term Loan, 7.21%, Maturing April 16, 2016 | 335,631 | ||||||||
EUR | 272,949 | Term Loan, 7.21%, Maturing April 24, 2016 | 403,479 | ||||||||
Cardinal Health 409, Inc. | |||||||||||
1,000,000 | Term Loan, Maturing April 10, 2014(2) | 860,000 | |||||||||
3,257,938 | Term Loan, 4.95%, Maturing April 10, 2014 | 2,940,209 | |||||||||
Carestream Health, Inc. | |||||||||||
2,859,924 | Term Loan, 5.47%, Maturing April 30, 2013 | 2,438,085 | |||||||||
1,000,000 | Term Loan, 8.13%, Maturing October 30, 2013 | 710,000 | |||||||||
Carl Zeiss Vision Holding GmbH | |||||||||||
1,300,000 | Term Loan, 5.14%, Maturing March 23, 2015 | 981,500 | |||||||||
Community Health Systems, Inc. | |||||||||||
385,151 | Term Loan, 0.00%, Maturing July 25, 2014(3) | 369,523 | |||||||||
7,528,298 | Term Loan, 5.34%, Maturing July 25, 2014 | 7,222,822 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
Concentra, Inc. | |||||||||||
600,000 | Term Loan, 8.20%, Maturing June 25, 2015 | $ | 402,000 | ||||||||
ConMed Corp. | |||||||||||
477,889 | Term Loan, 4.39%, Maturing April 13, 2013 | 458,773 | |||||||||
CRC Health Corp. | |||||||||||
492,500 | Term Loan, 4.92%, Maturing February 6, 2013 | 450,638 | |||||||||
490,038 | Term Loan, 4.92%, Maturing February 6, 2013 | 448,384 | |||||||||
Dako EQT Project Delphi | |||||||||||
500,000 | Term Loan, 6.44%, Maturing December 12, 2016 | 404,300 | |||||||||
DaVita, Inc. | |||||||||||
4,047,997 | Term Loan, 4.23%, Maturing October 5, 2012 | 3,883,778 | |||||||||
DJO Finance, LLC | |||||||||||
798,000 | Term Loan, 5.70%, Maturing May 15, 2014 | 779,048 | |||||||||
Fenwal, Inc. | |||||||||||
500,000 | Term Loan, 8.34%, Maturing August 28, 2014 | 370,000 | |||||||||
Fresenius Medical Care Holdings | |||||||||||
2,497,924 | Term Loan, 4.07%, Maturing March 31, 2013 | 2,420,253 | |||||||||
Hanger Orthopedic Group, Inc. | |||||||||||
712,159 | Term Loan, 4.87%, Maturing May 30, 2013 | 673,881 | |||||||||
HCA, Inc. | |||||||||||
500,000 | Term Loan, Maturing November 18, 2013(2) | 475,625 | |||||||||
6,690,313 | Term Loan, 4.95%, Maturing November 18, 2013 | 6,364,505 | |||||||||
Health Management Association, Inc. | |||||||||||
6,437,646 | Term Loan, 4.45%, Maturing February 28, 2014 | 5,957,121 | |||||||||
HealthSouth Corp. | |||||||||||
1,565,524 | Term Loan, 5.23%, Maturing March 10, 2013 | 1,489,694 | |||||||||
Iasis Healthcare, LLC | |||||||||||
292,130 | Term Loan, 4.86%, Maturing March 14, 2014 | 279,958 | |||||||||
846,419 | Term Loan, 4.88%, Maturing March 14, 2014 | 811,151 | |||||||||
77,901 | Term Loan, 4.88%, Maturing March 14, 2014 | 74,656 | |||||||||
Ikaria Acquisition, Inc. | |||||||||||
533,899 | Term Loan, 4.95%, Maturing March 28, 2013 | 504,535 | |||||||||
IM U.S. Holdings, LLC | |||||||||||
997,487 | Term Loan, 4.67%, Maturing June 26, 2014 | 926,001 | |||||||||
625,000 | Term Loan, 6.92%, Maturing June 26, 2015 | 564,063 | |||||||||
Invacare Corp. | |||||||||||
729,288 | Term Loan, 5.14%, Maturing February 12, 2013 | 680,061 | |||||||||
Leiner Health Products, Inc. | |||||||||||
400,481 | Term Loan, 0.00%, Maturing September 10, 2008(3) | 394,474 | |||||||||
819,588 | Term Loan, 0.00%, Maturing September 10, 2008(3) | 807,294 | |||||||||
960,175 | Term Loan, 8.75%, Maturing May 27, 2011(10) | 435,919 | |||||||||
LifeCare Holdings, Inc. | |||||||||||
853,125 | Term Loan, 6.95%, Maturing August 11, 2012 | 737,953 |
See notes to financial statements
11
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
LifePoint Hospitals, Inc. | |||||||||||
2,063,187 | Term Loan, 4.71%, Maturing April 15, 2012 | $ | 1,985,817 | ||||||||
Matria Healthcare, Inc. | |||||||||||
994,333 | Term Loan, 4.70%, Maturing January 19, 2012 | 969,475 | |||||||||
160,798 | Term Loan, 4.88%, Maturing January 19, 2012 | 156,778 | |||||||||
MultiPlan Merger Corp. | |||||||||||
1,648,397 | Term Loan, 5.38%, Maturing April 12, 2013 | 1,557,221 | |||||||||
1,174,425 | Term Loan, 5.38%, Maturing April 12, 2013 | 1,109,465 | |||||||||
Mylan, Inc. | |||||||||||
598,500 | Term Loan, 6.03%, Maturing October 2, 2014 | 588,109 | |||||||||
National Mentor Holdings, Inc. | |||||||||||
61,600 | Term Loan, 5.16%, Maturing June 29, 2013 | 52,976 | |||||||||
1,020,228 | Term Loan, 4.70%, Maturing June 29, 2013 | 877,396 | |||||||||
National Rental Institutes, Inc. | |||||||||||
817,415 | Term Loan, 5.00%, Maturing March 31, 2013 | 717,282 | |||||||||
Nyco Holdings | |||||||||||
EUR | 984,850 | Term Loan, 6.98%, Maturing December 29, 2014 | 1,301,612 | ||||||||
EUR | 984,850 | Term Loan, 7.73%, Maturing December 29, 2015 | 1,301,612 | ||||||||
Physiotherapy Associates, Inc. | |||||||||||
824,736 | Term Loan, 6.48%, Maturing June 27, 2013 | 701,026 | |||||||||
RadNet Management, Inc. | |||||||||||
543,127 | Term Loan, 7.26%, Maturing November 15, 2012 | 518,686 | |||||||||
ReAble Therapeutics Finance, LLC | |||||||||||
2,606,829 | Term Loan, 4.70%, Maturing November 16, 2013 | 2,461,824 | |||||||||
Renal Advantage, Inc. | |||||||||||
323,576 | Term Loan, 5.26%, Maturing October 5, 2012 | 303,353 | |||||||||
Select Medical Holding Corp. | |||||||||||
2,123,487 | Term Loan, 5.06%, Maturing February 24, 2012 | 1,945,114 | |||||||||
Sunrise Medical Holdings, Inc. | |||||||||||
675,653 | Term Loan, 7.09%, Maturing May 13, 2010 | 557,414 | |||||||||
Vanguard Health Holding Co., LLC | |||||||||||
2,165,840 | Term Loan, 5.13%, Maturing September 23, 2011 | 2,091,839 | |||||||||
Viant Holdings, Inc. | |||||||||||
521,063 | Term Loan, 4.95%, Maturing June 25, 2014 | 442,903 | |||||||||
$ | 79,201,012 | ||||||||||
Home Furnishings 1.8% | |||||||||||
Hunter Fan Co. | |||||||||||
462,752 | Term Loan, 5.57%, Maturing April 16, 2014 | $ | 373,672 | ||||||||
Interline Brands, Inc. | |||||||||||
985,704 | Term Loan, 4.61%, Maturing June 23, 2013 | 931,490 | |||||||||
681,060 | Term Loan, 4.61%, Maturing June 23, 2013 | 643,601 | |||||||||
National Bedding Co., LLC | |||||||||||
1,491,225 | Term Loan, 4.74%, Maturing August 31, 2011 | 1,200,436 | |||||||||
1,050,000 | Term Loan, 7.70%, Maturing August 31, 2012 | 745,500 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Home Furnishings (continued) | |||||||||||
Sealy Mattress Co. | |||||||||||
2,925,000 | Term Loan, 4.27%, Maturing August 25, 2011 | $ | 2,588,625 | ||||||||
Simmons Co. | |||||||||||
2,799,380 | Term Loan, 5.61%, Maturing December 19, 2011 | 2,519,442 | |||||||||
1,000,000 | Term Loan, 8.20%, Maturing February 15, 2012 | 655,000 | |||||||||
$ | 9,657,766 | ||||||||||
Industrial Equipment 3.8% | |||||||||||
Brand Energy & Infrastructure Services, Inc. | |||||||||||
792,480 | Term Loan, 6.02%, Maturing February 7, 2014 | $ | 715,213 | ||||||||
CEVA Group PLC U.S. | |||||||||||
833,485 | Term Loan, 5.70%, Maturing January 4, 2014 | 756,388 | |||||||||
2,065,632 | Term Loan, 5.72%, Maturing January 4, 2014 | 1,895,217 | |||||||||
2,270,595 | Term Loan, 5.86%, Maturing January 4, 2014 | 2,083,271 | |||||||||
EPD Holdings (Goodyear Engineering Products) | |||||||||||
148,066 | Term Loan, 5.37%, Maturing July 13, 2014 | 122,710 | |||||||||
1,033,867 | Term loan, 5.40%, Maturing July 13, 2014 | 856,817 | |||||||||
775,000 | Term Loan, 8.65%, Maturing July 13, 2015 | 496,000 | |||||||||
Flowserve Corp. | |||||||||||
1,985,018 | Term Loan, 4.25%, Maturing August 10, 2012 | 1,890,730 | |||||||||
FR Brand Acquisition Corp. | |||||||||||
739,217 | Term Loan, 5.01%, Maturing February 7, 2014 | 656,055 | |||||||||
Generac Acquisition Corp. | |||||||||||
1,762,302 | Term Loan, 5.18%, Maturing November 7, 2013 | 1,429,227 | |||||||||
500,000 | Term Loan, 8.68%, Maturing April 7, 2014 | 351,500 | |||||||||
Gleason Corp. | |||||||||||
568,403 | Term Loan, 4.65%, Maturing June 30, 2013 | 528,615 | |||||||||
138,408 | Term Loan, 4.65%, Maturing June 30, 2013 | 128,720 | |||||||||
Itron, Inc. | |||||||||||
EUR | 342,269 | Term Loan, 6.74%, Maturing April 18, 2014 | 478,258 | ||||||||
Jason, Inc. | |||||||||||
439,431 | Term Loan, 5.22%, Maturing April 30, 2010 | 388,897 | |||||||||
John Maneely Co. | |||||||||||
2,829,618 | Term Loan, 6.03%, Maturing December 8, 2013 | 2,555,750 | |||||||||
KION Group GmbH | |||||||||||
250,000 | Term Loan, 6.75%, Maturing December 23, 2014 | 233,125 | |||||||||
250,000 | Term Loan, 7.25%, Maturing December 23, 2015 | 233,125 | |||||||||
Polypore, Inc. | |||||||||||
3,002,313 | Term Loan, 5.11%, Maturing July 3, 2014 | 2,867,208 | |||||||||
Sequa Corp. | |||||||||||
997,500 | Term Loan, 5.95%, Maturing November 30, 2014 | 957,600 | |||||||||
TFS Acquisition Corp. | |||||||||||
689,500 | Term Loan, 6.20%, Maturing August 11, 2013 | 641,235 | |||||||||
$ | 20,265,661 |
See notes to financial statements
12
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Insurance 2.6% | |||||||||||
Alliant Holdings I, Inc. | |||||||||||
970,125 | Term Loan, 5.70%, Maturing August 21, 2014 | $ | 911,918 | ||||||||
AmWINS Group, Inc. | |||||||||||
1,000,000 | Term Loan, 5.43%, Maturing June 8, 2013 | 785,000 | |||||||||
500,000 | Term Loan, 8.23%, Maturing June 8, 2014 | 268,750 | |||||||||
Applied Systems, Inc. | |||||||||||
1,287,409 | Term Loan, 5.40%, Maturing September 26, 2013 | 1,197,290 | |||||||||
CCC Information Services Group, Inc. | |||||||||||
1,578,926 | Term Loan, 4.91%, Maturing February 10, 2013 | 1,531,558 | |||||||||
Conseco, Inc. | |||||||||||
3,477,753 | Term Loan, 4.86%, Maturing October 10, 2013 | 2,666,279 | |||||||||
Crawford & Company | |||||||||||
1,229,000 | Term Loan, 5.45%, Maturing October 31, 2013 | 1,146,043 | |||||||||
Crump Group, Inc. | |||||||||||
1,013,058 | Term Loan, 5.70%, Maturing August 4, 2014 | 932,014 | |||||||||
Hub International Holdings, Inc. | |||||||||||
606,670 | Term Loan, 4.40%, Maturing June 13, 2014(3) | 546,762 | |||||||||
2,701,217 | Term Loan, 5.20%, Maturing June 13, 2014 | 2,434,472 | |||||||||
U.S.I. Holdings Corp. | |||||||||||
1,836,125 | Term Loan, 5.45%, Maturing May 4, 2014 | 1,725,958 | |||||||||
$ | 14,146,044 | ||||||||||
Leisure Goods / Activities / Movies 10.2% | |||||||||||
24 Hour Fitness Worldwide, Inc. | |||||||||||
1,641,500 | Term Loan, 5.93%, Maturing June 8, 2012 | $ | 1,469,143 | ||||||||
AMC Entertainment, Inc. | |||||||||||
2,832,813 | Term Loan, 4.64%, Maturing January 26, 2013 | 2,682,067 | |||||||||
AMF Bowling Worldwide, Inc. | |||||||||||
1,000,000 | Term Loan, 9.24%, Maturing December 8, 2013 | 775,000 | |||||||||
Bombardier Recreational Products | |||||||||||
1,822,785 | Term Loan, 5.32%, Maturing June 28, 2013 | 1,619,240 | |||||||||
Butterfly Wendel US, Inc. | |||||||||||
295,675 | Term Loan, 7.65%, Maturing June 22, 2013 | 262,658 | |||||||||
295,675 | Term Loan, 7.40%, Maturing June 22, 2014 | 262,165 | |||||||||
Carmike Cinemas, Inc. | |||||||||||
891,045 | Term Loan, 6.49%, Maturing May 19, 2012 | 846,493 | |||||||||
997,436 | Term Loan, 6.60%, Maturing May 19, 2012 | 947,564 | |||||||||
Cedar Fair, L.P. | |||||||||||
3,984,062 | Term Loan, 4.86%, Maturing August 30, 2012 | 3,799,246 | |||||||||
Cinemark, Inc. | |||||||||||
4,557,615 | Term Loan, 4.66%, Maturing October 5, 2013 | 4,356,437 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Leisure Goods / Activities / Movies (continued) | |||||||||||
Deluxe Entertainment Services | |||||||||||
59,055 | Term Loan, 4.95%, Maturing January 28, 2011 | $ | 51,673 | ||||||||
112,305 | Term Loan, 4.95%, Maturing January 28, 2011 | 98,267 | |||||||||
1,198,718 | Term Loan, 5.04%, Maturing January 28, 2011 | 1,048,879 | |||||||||
Easton-Bell Sports, Inc. | |||||||||||
1,279,554 | Term Loan, 4.65%, Maturing March 16, 2012 | 1,129,207 | |||||||||
Fender Musical Instruments Corp. | |||||||||||
335,563 | Term Loan, 6.97%, Maturing June 9, 2014 | 278,517 | |||||||||
662,768 | Term Loan, 7.16%, Maturing June 9, 2014 | 550,097 | |||||||||
HEI Acquisition, LLC | |||||||||||
1,925,000 | Term Loan, 6.91%, Maturing April 13, 2014 | 1,636,250 | |||||||||
Mega Blocks, Inc. | |||||||||||
1,604,625 | Term Loan, 8.25%, Maturing July 26, 2012 | 1,410,064 | |||||||||
Metro-Goldwyn-Mayer Holdings, Inc. | |||||||||||
7,896,294 | Term Loan, 5.95%, Maturing April 8, 2012 | 6,344,183 | |||||||||
National CineMedia, LLC | |||||||||||
2,750,000 | Term Loan, 4.62%, Maturing February 13, 2015 | 2,563,393 | |||||||||
Regal Cinemas Corp. | |||||||||||
3,989,251 | Term Loan, 4.20%, Maturing November 10, 2010 | 3,797,268 | |||||||||
Revolution Studios Distribution Co., LLC | |||||||||||
1,142,135 | Term Loan, 6.62%, Maturing December 21, 2014 | 1,056,475 | |||||||||
800,000 | Term Loan, 9.87%, Maturing June 21, 2015 | 616,000 | |||||||||
Six Flags Theme Parks, Inc. | |||||||||||
3,126,375 | Term Loan, 5.20%, Maturing April 30, 2015 | 2,793,222 | |||||||||
Southwest Sports Group, LLC | |||||||||||
1,875,000 | Term Loan, 5.44%, Maturing December 22, 2010 | 1,650,000 | |||||||||
Universal City Development Partners, Ltd. | |||||||||||
1,721,345 | Term Loan, 4.63%, Maturing June 9, 2011 | 1,680,464 | |||||||||
WMG Acquisition Corp. | |||||||||||
875,000 | Revolving Loan, 0.00%, Maturing February 28, 2010(3) | 783,125 | |||||||||
9,663,595 | Term Loan, 4.98%, Maturing February 28, 2011 | 8,932,786 | |||||||||
Zuffa, LLC | |||||||||||
1,365,337 | Term Loan, 4.88%, Maturing June 20, 2016 | 921,603 | |||||||||
$ | 54,361,486 | ||||||||||
Lodging and Casinos 4.4% | |||||||||||
Ameristar Casinos, Inc. | |||||||||||
1,075,250 | Term Loan, 5.02%, Maturing November 10, 2012 | $ | 1,040,304 | ||||||||
Bally Technologies, Inc. | |||||||||||
4,577,041 | Term Loan, 7.36%, Maturing September 5, 2009 | 4,499,804 | |||||||||
CCM Merger, Inc. | |||||||||||
920,343 | Term Loan, 4.78%, Maturing April 25, 2012 | 865,122 |
See notes to financial statements
13
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Lodging and Casinos (continued) | |||||||||||
Isle of Capri Casinos, Inc. | |||||||||||
1,328,198 | Term Loan, 4.45%, Maturing November 30, 2013 | $ | 1,175,455 | ||||||||
400,467 | Term Loan, 4.45%, Maturing November 30, 2013 | 354,414 | |||||||||
531,279 | Term Loan, 4.45%, Maturing November 30, 2013 | 470,182 | |||||||||
LodgeNet Entertainment Corp. | |||||||||||
2,311,275 | Term Loan, 4.70%, Maturing April 4, 2014 | 2,045,478 | |||||||||
New World Gaming Partners, Ltd. | |||||||||||
1,018,281 | Term Loan, 5.19%, Maturing June 30, 2014 | 868,085 | |||||||||
204,167 | Term Loan, 5.19%, Maturing June 30, 2014 | 174,052 | |||||||||
Penn National Gaming, Inc. | |||||||||||
6,405,750 | Term Loan, 4.93%, Maturing October 3, 2012 | 6,210,016 | |||||||||
Venetian Casino Resort/Las Vegas Sands Inc. | |||||||||||
865,000 | Term Loan, 0.00%, Maturing May 14, 2014(3) | 796,488 | |||||||||
3,434,050 | Term Loan, 4.45%, Maturing May 23, 2014 | 3,162,056 | |||||||||
Wimar OpCo, LLC | |||||||||||
1,883,308 | Term Loan, 8.50%, Maturing January 3, 2012 | 1,816,804 | |||||||||
$ | 23,478,260 | ||||||||||
Nonferrous Metals / Minerals 2.4% | |||||||||||
Alpha Natural Resources, LLC | |||||||||||
815,937 | Term Loan, 4.42%, Maturing October 26, 2012 | $ | 797,579 | ||||||||
Euramax International, Inc. | |||||||||||
580,533 | Term Loan, 8.00%, Maturing June 28, 2012 | 487,067 | |||||||||
501,316 | Term Loan, 10.98%, Maturing June 28, 2013 | 351,548 | |||||||||
248,684 | Term Loan, 10.98%, Maturing June 28, 2013 | 174,390 | |||||||||
Magnum Coal Co. | |||||||||||
186,364 | Term Loan, 9.75%, Maturing March 15, 2013 | 185,199 | |||||||||
1,080,909 | Term Loan, 9.75%, Maturing March 15, 2013 | 1,074,153 | |||||||||
Murray Energy Corp. | |||||||||||
902,100 | Term Loan, 7.91%, Maturing January 28, 2010 | 856,995 | |||||||||
Neo Material Technologies, Inc. | |||||||||||
818,630 | Term Loan, 6.62%, Maturing August 31, 2009 | 806,351 | |||||||||
Noranda Aluminum Acquisition | |||||||||||
2,230,769 | Term Loan, 5.07%, Maturing May 18, 2014 | 2,119,230 | |||||||||
Novelis, Inc. | |||||||||||
628,066 | Term Loan, 4.70%, Maturing June 28, 2014 | 598,233 | |||||||||
1,381,746 | Term Loan, 4.70%, Maturing June 28, 2014 | 1,316,113 | |||||||||
Oxbow Carbon and Mineral Holdings | |||||||||||
273,862 | Term Loan, 4.86%, Maturing May 8, 2014 | 248,416 | |||||||||
3,059,083 | Term Loan, 4.88%, Maturing May 8, 2014 | 2,774,842 | |||||||||
Thompson Creek Metals Co. | |||||||||||
1,048,782 | Term Loan, 7.48%, Maturing October 26, 2012 | 1,038,294 | |||||||||
$ | 12,828,410 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Oil and Gas 2.5% | |||||||||||
Atlas Pipeline Partners, L.P. | |||||||||||
1,500,000 | Term Loan, 5.62%, Maturing July 20, 2014 | $ | 1,465,625 | ||||||||
Big West Oil, LLC | |||||||||||
398,750 | Term Loan, 4.97%, Maturing May 1, 2014(3) | 375,323 | |||||||||
320,813 | Term Loan, 5.00%, Maturing May 1, 2014 | 301,965 | |||||||||
Concho Resources, Inc. | |||||||||||
359,497 | Term Loan, 7.15%, Maturing March 27, 2012 | 357,250 | |||||||||
Dresser, Inc. | |||||||||||
1,448,620 | Term Loan, 5.31%, Maturing May 4, 2014 | 1,400,333 | |||||||||
1,000,000 | Term Loan, 8.82%, Maturing May 4, 2015 | 927,500 | |||||||||
Dynegy Holdings, Inc. | |||||||||||
2,772,266 | Term Loan, 4.36%, Maturing April 2, 2013 | 2,617,483 | |||||||||
227,163 | Term Loan, 4.36%, Maturing April 2, 2013 | 214,480 | |||||||||
Enterprise GP Holdings, L.P. | |||||||||||
1,125,000 | Term Loan, 4.96%, Maturing October 31, 2014 | 1,106,719 | |||||||||
Niska Gas Storage | |||||||||||
51,468 | Term Loan, 4.55%, Maturing May 13, 2011 | 49,409 | |||||||||
97,401 | Term Loan, 4.59%, Maturing May 13, 2011 | 93,667 | |||||||||
65,979 | Term Loan, 4.60%, Maturing May 13, 2011 | 63,339 | |||||||||
602,577 | Term Loan, 4.53%, Maturing May 12, 2013 | 579,479 | |||||||||
Primary Natural Resources, Inc. | |||||||||||
1,519,000 | Term Loan, 5.00%, Maturing July 28, 2010 | 1,440,923 | |||||||||
Targa Resources, Inc. | |||||||||||
1,365,968 | Term Loan, 4.57%, Maturing October 31, 2012 | 1,314,061 | |||||||||
967,009 | Term Loan, 6.83%, Maturing October 31, 2012 | 930,263 | |||||||||
$ | 13,237,819 | ||||||||||
Publishing 11.0% | |||||||||||
American Media Operations, Inc. | |||||||||||
4,275,000 | Term Loan, 7.25%, Maturing January 31, 2013 | $ | 3,916,969 | ||||||||
Aster Zweite Beteiligungs GmbH | |||||||||||
775,000 | Term Loan, 4.88%, Maturing September 27, 2013 | 674,250 | |||||||||
CanWest MediaWorks, Ltd. | |||||||||||
794,000 | Term Loan, 5.09%, Maturing July 10, 2014 | 762,240 | |||||||||
Dex Media West, LLC | |||||||||||
2,418,970 | Term Loan, 4.48%, Maturing March 9, 2010 | 2,363,334 | |||||||||
GateHouse Media Operating, Inc. | |||||||||||
871,739 | Term Loan, 4.75%, Maturing August 28, 2014 | 591,148 | |||||||||
2,078,261 | Term Loan, 5.09%, Maturing August 28, 2014 | 1,409,321 | |||||||||
675,000 | Term Loan, 5.25%, Maturing August 28, 2014 | 464,063 | |||||||||
Idearc, Inc. | |||||||||||
10,373,987 | Term Loan, 4.71%, Maturing November 17, 2014 | 8,584,474 |
See notes to financial statements
14
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Publishing (continued) | |||||||||||
Laureate Education, Inc. | |||||||||||
351,599 | Term Loan, 0.00%, Maturing August 17, 2014(3) | $ | 325,581 | ||||||||
2,361,425 | Term Loan, 5.97%, Maturing August 17, 2014 | 2,186,679 | |||||||||
Local Insight Regatta Holdings, Inc. | |||||||||||
1,700,000 | Term Loan, 7.75%, Maturing April 23, 2015 | 1,569,313 | |||||||||
MediaNews Group, Inc. | |||||||||||
957,938 | Term Loan, 5.13%, Maturing August 2, 2013 | 704,084 | |||||||||
Mediannuaire Holding | |||||||||||
EUR | 500,000 | Term Loan, 8.61%, Maturing April 10, 2016 | 638,573 | ||||||||
Merrill Communications, LLC | |||||||||||
1,284,129 | Term Loan, 4.95%, Maturing February 9, 2009 | 1,117,192 | |||||||||
1,000,000 | Term Loan, 9.52%, Maturing November 15, 2013 | 842,500 | |||||||||
Nebraska Book Co., Inc. | |||||||||||
1,391,243 | Term Loan, 5.13%, Maturing March 4, 2011 | 1,279,944 | |||||||||
Nelson Education, Ltd. | |||||||||||
497,500 | Term Loan, 5.20%, Maturing July 5, 2014 | 440,288 | |||||||||
Nielsen Finance, LLC | |||||||||||
6,821,155 | Term Loan, 5.10%, Maturing August 9, 2013 | 6,468,727 | |||||||||
Philadelphia Newspapers, LLC | |||||||||||
709,883 | Term Loan, 6.60%, Maturing June 29, 2013 | 606,950 | |||||||||
R.H. Donnelley Corp. | |||||||||||
2,884,769 | Term Loan, 4.41%, Maturing June 30, 2010 | 2,740,981 | |||||||||
Reader's Digest Association, Inc. (The) | |||||||||||
3,267,000 | Term Loan, 4.94%, Maturing March 2, 2014 | 2,750,814 | |||||||||
SGS International, Inc. | |||||||||||
684,250 | Term Loan, 6.91%, Maturing December 30, 2011 | 632,931 | |||||||||
Source Media, Inc. | |||||||||||
1,618,326 | Term Loan, 4.95%, Maturing November 8, 2011 | 1,480,769 | |||||||||
TL Acquisitions, Inc. | |||||||||||
1,915,375 | Term Loan, 5.34%, Maturing July 5, 2014 | 1,780,500 | |||||||||
Trader Media Corp. | |||||||||||
GBP | 2,334,000 | Term Loan, 8.00%, Maturing March 23, 2015 | 3,840,612 | ||||||||
Tribune Co. | |||||||||||
1,866,667 | Term Loan, 5.48%, Maturing May 17, 2009 | 1,780,333 | |||||||||
3,945,188 | Term Loan, 5.54%, Maturing May 17, 2014 | 2,934,233 | |||||||||
Xsys US, Inc. | |||||||||||
1,872,229 | Term Loan, 4.88%, Maturing September 27, 2013 | 1,628,840 | |||||||||
1,896,271 | Term Loan, 4.88%, Maturing September 27, 2014 | 1,652,917 | |||||||||
Yell Group, PLC | |||||||||||
2,600,000 | Term Loan, 4.86%, Maturing February 10, 2013 | 2,313,535 | |||||||||
$ | 58,482,095 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Radio and Television 6.8% | |||||||||||
Block Communications, Inc. | |||||||||||
830,875 | Term Loan, 4.70%, Maturing December 22, 2011 | $ | 789,331 | ||||||||
Citadel Broadcasting Corp. | |||||||||||
1,000,000 | Term Loan, 4.39%, Maturing June 12, 2014 | 862,500 | |||||||||
CMP KC, LLC | |||||||||||
971,188 | Term Loan, 6.75%, Maturing May 5, 2013 | 752,671 | |||||||||
CMP Susquehanna Corp. | |||||||||||
1,325,500 | Term Loan, 4.85%, Maturing May 5, 2013 | 1,038,308 | |||||||||
Discovery Communications, Inc. | |||||||||||
1,406,813 | Term Loan, 4.70%, Maturing April 30, 2014 | 1,365,928 | |||||||||
Emmis Operating Co. | |||||||||||
795,433 | Term Loan, 4.67%, Maturing November 2, 2013 | 692,822 | |||||||||
Entravision Communications Corp. | |||||||||||
1,245,500 | Term Loan, 4.20%, Maturing September 29, 2013 | 1,111,609 | |||||||||
Gray Television, Inc. | |||||||||||
1,259,094 | Term Loan, 4.19%, Maturing January 19, 2015 | 1,098,560 | |||||||||
HIT Entertainment, Inc. | |||||||||||
750,335 | Term Loan, 5.07%, Maturing March 20, 2012 | 679,053 | |||||||||
NEP II, Inc. | |||||||||||
618,746 | Term Loan, 4.95%, Maturing February 16, 2014 | 561,770 | |||||||||
Nexstar Broadcasting, Inc. | |||||||||||
1,785,803 | Term Loan, 4.45%, Maturing October 1, 2012 | 1,642,939 | |||||||||
1,690,591 | Term Loan, 4.65%, Maturing October 1, 2012 | 1,555,344 | |||||||||
NextMedia Operating, Inc. | |||||||||||
106,894 | Term Loan, 6.72%, Maturing November 15, 2012 | 95,136 | |||||||||
240,515 | Term Loan, 6.80%, Maturing November 15, 2012 | 214,058 | |||||||||
PanAmSat Corp. | |||||||||||
2,144,700 | Term Loan, 5.18%, Maturing January 3, 2014 | 2,038,136 | |||||||||
2,144,056 | Term Loan, 5.18%, Maturing January 3, 2014 | 2,037,524 | |||||||||
2,144,056 | Term Loan, 5.18%, Maturing January 3, 2014 | 2,037,524 | |||||||||
Paxson Communications Corp. | |||||||||||
2,500,000 | Term Loan, 5.96%, Maturing January 15, 2012 | 2,000,000 | |||||||||
Raycom TV Broadcasting, LLC | |||||||||||
875,000 | Term Loan, 4.44%, Maturing June 25, 2014 | 822,500 | |||||||||
SFX Entertainment | |||||||||||
1,142,062 | Term Loan, 5.45%, Maturing June 21, 2013 | 1,050,697 | |||||||||
Sirius Satellite Radio, Inc. | |||||||||||
497,500 | Term Loan, 5.13%, Maturing December 19, 2012 | 430,338 | |||||||||
Tyrol Acquisition 2 SAS | |||||||||||
EUR | 800,000 | Term Loan, 6.39%, Maturing January 19, 2015 | 1,054,729 | ||||||||
EUR | 800,000 | Term Loan, 6.65%, Maturing January 19, 2016 | 1,054,729 | ||||||||
Univision Communications, Inc. | |||||||||||
1,000,000 | Term Loan, Maturing March 29, 2009(2) | 960,000 | |||||||||
2,750,000 | Term Loan, 5.36%, Maturing March 29, 2009 | 2,646,251 | |||||||||
7,625,000 | Term Loan, 5.15%, Maturing September 29, 2014 | 6,440,746 |
See notes to financial statements
15
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Radio and Television (continued) | |||||||||||
Young Broadcasting, Inc. | |||||||||||
980,000 | Term Loan, 5.25%, Maturing November 3, 2012 | $ | 885,675 | ||||||||
714,788 | Term Loan, 5.36%, Maturing November 3, 2012 | 645,989 | |||||||||
$ | 36,564,867 | ||||||||||
Rail Industries 0.6% | |||||||||||
Kansas City Southern Railway Co. | |||||||||||
1,989,562 | Term Loan, 4.99%, Maturing April 26, 2013 | $ | 1,922,415 | ||||||||
RailAmerica, Inc. | |||||||||||
1,550,000 | Term Loan, 5.32%, Maturing August 14, 2008 | 1,511,250 | |||||||||
$ | 3,433,665 | ||||||||||
Retailers (Except Food and Drug) 3.3% | |||||||||||
American Achievement Corp. | |||||||||||
341,791 | Term Loan, 4.98%, Maturing March 25, 2011 | $ | 316,157 | ||||||||
Amscan Holdings, Inc. | |||||||||||
495,000 | Term Loan, 5.16%, Maturing May 25, 2013 | 423,225 | |||||||||
Claire's Stores, Inc. | |||||||||||
347,375 | Term Loan, 5.56%, Maturing May 24, 2014 | 277,792 | |||||||||
Cumberland Farms, Inc. | |||||||||||
1,543,345 | Term Loan, 4.86%, Maturing September 29, 2013 | 1,450,745 | |||||||||
Educate, Inc. | |||||||||||
500,000 | Term Loan, 7.95%, Maturing June 14, 2014 | 412,500 | |||||||||
Harbor Freight Tools USA, Inc. | |||||||||||
643,267 | Term Loan, 5.15%, Maturing July 15, 2010 | 563,663 | |||||||||
Josten's Corp. | |||||||||||
1,509,741 | Term Loan, 6.72%, Maturing October 4, 2011 | 1,454,384 | |||||||||
Mapco Express, Inc. | |||||||||||
501,025 | Term Loan, 5.62%, Maturing April 28, 2011 | 473,469 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
802,215 | Term Loan, 4.76%, Maturing April 5, 2013 | 767,954 | |||||||||
Orbitz Worldwide, Inc. | |||||||||||
1,174,100 | Term Loan, 5.79%, Maturing July 25, 2014 | 1,009,726 | |||||||||
Oriental Trading Co., Inc. | |||||||||||
1,125,000 | Term Loan, 8.87%, Maturing January 31, 2013 | 843,750 | |||||||||
2,580,881 | Term Loan, 5.23%, Maturing July 31, 2013 | 2,090,514 | |||||||||
Rent-A-Center, Inc. | |||||||||||
960,669 | Term Loan, 4.92%, Maturing November 15, 2012 | 904,230 | |||||||||
Rover Acquisition Corp. | |||||||||||
2,221,875 | Term Loan, 5.03%, Maturing October 26, 2013 | 2,023,017 | |||||||||
Savers, Inc. | |||||||||||
337,500 | Term Loan, 5.48%, Maturing August 11, 2012 | 317,250 | |||||||||
368,271 | Term Loan, 5.49%, Maturing August 11, 2012 | 346,175 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
The Yankee Candle Company, Inc. | |||||||||||
2,200,250 | Term Loan, 4.61%, Maturing February 6, 2014 | $ | 2,008,828 | ||||||||
Vivarte | |||||||||||
EUR | 750,000 | Term Loan, 6.35%, Maturing May 29, 2015 | 923,790 | ||||||||
EUR | 750,000 | Term Loan, 6.85%, Maturing May 29, 2016 | 924,321 | ||||||||
$ | 17,531,490 | ||||||||||
Steel 0.5% | |||||||||||
Algoma Acquisition Corp. | |||||||||||
1,046,089 | Term Loan, 7.33%, Maturing June 20, 2013 | $ | 970,248 | ||||||||
Niagara Corp. | |||||||||||
2,014,800 | Term Loan, 7.86%, Maturing June 29, 2014 | 1,672,284 | |||||||||
$ | 2,642,532 | ||||||||||
Surface Transport 0.5% | |||||||||||
Gainey Corp. | |||||||||||
1,212,597 | Term Loan, 9.82%, Maturing April 20, 2012 | $ | 585,078 | ||||||||
Oshkosh Truck Corp. | |||||||||||
925,625 | Term Loan, 4.76%, Maturing December 6, 2013 | 888,857 | |||||||||
Ozburn-Hessey Holding Co., LLC | |||||||||||
487,613 | Term Loan, 6.16%, Maturing August 9, 2012 | 443,728 | |||||||||
Swift Transportation Co., Inc. | |||||||||||
805,814 | Term Loan, 6.50%, Maturing May 10, 2014 | 600,499 | |||||||||
$ | 2,518,162 | ||||||||||
Telecommunications 5.9% | |||||||||||
Alaska Communications Systems Holdings, Inc. | |||||||||||
985,347 | Term Loan, 4.45%, Maturing February 1, 2012 | $ | 935,025 | ||||||||
Alltell Communication | |||||||||||
1,496,241 | Term Loan, 5.55%, Maturing May 16, 2014 | 1,377,892 | |||||||||
2,000,000 | Term Loan, Maturing May 16, 2015(2) | 1,832,500 | |||||||||
1,144,250 | Term Loan, 5.47%, Maturing May 16, 2015 | 1,063,049 | |||||||||
Asurion Corp. | |||||||||||
1,900,000 | Term Loan, 6.10%, Maturing July 13, 2012 | 1,758,292 | |||||||||
1,000,000 | Term Loan, 9.39%, Maturing January 13, 2013 | 898,750 | |||||||||
Centennial Cellular Operating Co., LLC | |||||||||||
4,445,833 | Term Loan, 4.72%, Maturing February 9, 2011 | 4,345,802 | |||||||||
CommScope, Inc. | |||||||||||
1,138,883 | Term Loan, 5.19%, Maturing November 19, 2014 | 1,089,057 | |||||||||
FairPoint Communications, Inc. | |||||||||||
1,000,000 | Term Loan, Maturing March 31, 2015(2) | 887,500 | |||||||||
3,425,000 | Term Loan, 5.63%, Maturing March 31, 2015 | 3,040,608 | |||||||||
Intelsat Bermuda, Ltd. | |||||||||||
1,075,000 | Term Loan, 5.20%, Maturing February 1, 2014 | 1,074,194 |
See notes to financial statements
16
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Telecommunications (continued) | |||||||||||
Intelsat Subsidiary Holding Co. | |||||||||||
960,375 | Term Loan, 5.18%, Maturing July 3, 2013 | $ | 920,039 | ||||||||
Iowa Telecommunications Services | |||||||||||
2,616,000 | Term Loan, 4.44%, Maturing November 23, 2011 | 2,553,870 | |||||||||
IPC Systems, Inc. | |||||||||||
1,091,750 | Term Loan, 4.95%, Maturing May 31, 2014 | 834,279 | |||||||||
500,000 | Term Loan, 7.95%, Maturing May 31, 2015 | 350,834 | |||||||||
Macquarie UK Broadcast Ventures, Ltd. | |||||||||||
GBP | 775,000 | Term Loan, 7.95%, Maturing December 26, 2014 | 1,335,386 | ||||||||
NTelos, Inc. | |||||||||||
1,168,801 | Term Loan, 5.27%, Maturing August 24, 2011 | 1,144,694 | |||||||||
Palm, Inc. | |||||||||||
771,125 | Term Loan, 6.39%, Maturing April 24, 2014 | 560,993 | |||||||||
Stratos Global Corp. | |||||||||||
987,000 | Term Loan, 5.44%, Maturing February 13, 2012 | 938,267 | |||||||||
Telesat Canada, Inc. | |||||||||||
51,523 | Term Loan, 5.89%, Maturing October 22, 2014(3) | 48,782 | |||||||||
601,417 | Term Loan, 5.90%, Maturing October 22, 2014 | 569,420 | |||||||||
Trilogy International Partners | |||||||||||
850,000 | Term Loan, 6.20%, Maturing June 29, 2012 | 726,750 | |||||||||
Windstream Corp. | |||||||||||
3,066,732 | Term Loan, 4.22%, Maturing July 17, 2013 | 2,999,374 | |||||||||
$ | 31,285,357 | ||||||||||
Utilities 3.6% | |||||||||||
AEI Finance Holding, LLC | |||||||||||
269,751 | Revolving Loan, 5.70%, Maturing March 30, 2012 | $ | 238,730 | ||||||||
1,989,275 | Term Loan, 5.69%, Maturing March 30, 2014 | 1,760,509 | |||||||||
Astoria Generating Co. | |||||||||||
1,000,000 | Term Loan, 6.35%, Maturing August 23, 2013 | 925,000 | |||||||||
BRSP, LLC | |||||||||||
1,775,173 | Term Loan, 7.91%, Maturing July 13, 2009 | 1,650,911 | |||||||||
Calpine Corp. | |||||||||||
841,516 | DIP Loan, 5.58%, Maturing March 30, 2009 | 793,204 | |||||||||
Covanta Energy Corp. | |||||||||||
569,072 | Term Loan, 4.09%, Maturing February 9, 2014 | 544,649 | |||||||||
1,144,369 | Term Loan, 5.08%, Maturing February 9, 2014 | 1,095,256 | |||||||||
Electricinvest Holding Co. | |||||||||||
EUR | 476,616 | Term Loan, 8.50%, Maturing October 24, 2012 | 654,235 | ||||||||
GBP | 480,000 | Term Loan, 9.63%, Maturing October 24, 2012 | 837,376 | ||||||||
LS Power Acquisition Co. | |||||||||||
580,904 | Term Loan, 6.45%, Maturing November 1, 2014 | 575,822 | |||||||||
Mirant North America, LLC | |||||||||||
658,100 | Term Loan, 4.61%, Maturing January 3, 2013 | 641,882 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Utilities (continued) | |||||||||||
NRG Energy, Inc. | |||||||||||
2,093,940 | Term Loan, 4.20%, Maturing June 1, 2014 | $ | 2,013,585 | ||||||||
4,287,047 | Term Loan, 4.20%, Maturing June 1, 2014 | 4,122,531 | |||||||||
Pike Electric, Inc. | |||||||||||
146,240 | Term Loan, 4.25%, Maturing July 1, 2012 | 139,294 | |||||||||
339,771 | Term Loan, 4.44%, Maturing December 10, 2012 | 323,632 | |||||||||
TXU Texas Competitive Electric Holdings Co., LLC | |||||||||||
1,500,000 | Term Loan, Maturing October 10, 2014(2) | 1,439,063 | |||||||||
845,750 | Term Loan, 6.58%, Maturing October 10, 2014 | 811,391 | |||||||||
845,750 | Term Loan, 6.58%, Maturing October 10, 2014 | 810,810 | |||||||||
$ | 19,377,880 | ||||||||||
Total Senior Floating-Rate Interests (identified cost $911,472,560) |
$ | 840,342,189 | |||||||||
Corporate Bonds & Notes 11.8% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Aerospace and Defense 0.1% | |||||||||||
Alion Science and Technologies, Corp. | |||||||||||
145 | 10.25%, 2/1/15 | $ | 92,981 | ||||||||
DRS Technologies, Inc., Sr. Sub. Notes | |||||||||||
80 | 7.625%, 2/1/18 | 82,000 | |||||||||
Hawker Beechcraft Acquisition | |||||||||||
120 | 9.75%, 4/1/17 | 127,200 | |||||||||
Vought Aircraft Industries, Inc., Sr. Notes | |||||||||||
55 | 8.00%, 7/15/11 | 52,525 | |||||||||
$ | 354,706 | ||||||||||
Air Transport 0.0% | |||||||||||
Continental Airlines | |||||||||||
212 | 7.033%, 6/15/11 | $ | 193,832 | ||||||||
$ | 193,832 | ||||||||||
Automotive 0.2% | |||||||||||
Allison Transmission, Inc. | |||||||||||
165 | 11.00%, 11/1/15(5) | $ | 162,937 | ||||||||
Altra Industrial Motion, Inc. | |||||||||||
225 | 9.00%, 12/1/11 | 223,875 | |||||||||
110 | 9.00%, 12/1/11 | 109,450 |
See notes to financial statements
17
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Automotive (continued) | |||||||||||
American Axle & Manufacturing, Inc. | |||||||||||
135 | 7.875%, 3/1/17 | $ | 121,500 | ||||||||
Commercial Vehicle Group, Inc., Sr. Notes | |||||||||||
100 | 8.00%, 7/1/13 | 86,250 | |||||||||
Tenneco, Inc., Sr. Notes | |||||||||||
55 | 8.125%, 11/15/15(5) | 56,650 | |||||||||
$ | 760,662 | ||||||||||
Broadcast Radio and Television 0.0% | |||||||||||
Warner Music Group, Sr. Sub. Notes | |||||||||||
85 | 7.375%, 4/15/14 | $ | 70,975 | ||||||||
$ | 70,975 | ||||||||||
Brokers / Dealers / Investment Houses 0.0% | |||||||||||
Nuveen Investments, Inc. | |||||||||||
30 | 5.00%, 9/15/10 | $ | 26,475 | ||||||||
Nuveen Investments, Inc., Sr. Notes | |||||||||||
180 | 10.50%, 11/15/15(5) | 174,150 | |||||||||
$ | 200,625 | ||||||||||
Building and Development 0.7% | |||||||||||
Grohe Holding GMBH, Variable Rate | |||||||||||
EUR | 2,000 | 7.622%, 1/15/14(8) | $ | 2,841,342 | |||||||
Interface, Inc. | |||||||||||
500 | 10.375%, 2/1/10 | 526,250 | |||||||||
Nortek, Inc., Sr. Sub. Notes | |||||||||||
150 | 8.50%, 9/1/14 | 110,625 | |||||||||
Panolam Industries International, Sr. Sub. Notes | |||||||||||
425 | 10.75%, 10/1/13 | 342,125 | |||||||||
Stanley Martin Co. | |||||||||||
80 | 9.75%, 8/15/15 | 39,600 | |||||||||
$ | 3,859,942 | ||||||||||
Business Equipment and Services 0.7% | |||||||||||
Affinion Group, Inc. | |||||||||||
95 | 10.125%, 10/15/13 | $ | 96,425 | ||||||||
205 | 11.50%, 10/15/15 | 202,181 | |||||||||
Ceridian Corp., Sr. Notes | |||||||||||
350 | 11.25%, 11/15/15(5) | 330,312 | |||||||||
Education Management, LLC, Sr. Notes | |||||||||||
415 | 8.75%, 6/1/14 | 371,425 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
Education Management, LLC, Sr. Sub. Notes | |||||||||||
595 | 10.25%, 6/1/16 | $ | 502,775 | ||||||||
KAR Holdings, Inc., Sr. Notes | |||||||||||
20 | 8.75%, 5/1/14 | 19,300 | |||||||||
KAR Holdings, Inc., Sr. Sub. Notes, Variable Rate | |||||||||||
130 | 7.239%, 5/1/14 | 118,137 | |||||||||
MediMedia USA, Inc., Sr. Sub. Notes | |||||||||||
170 | 11.375%, 11/15/14(5) | 174,250 | |||||||||
Neff Corp., Sr. Notes | |||||||||||
40 | 10.00%, 6/1/15 | 19,800 | |||||||||
Norcross Safety Products, LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B |
|||||||||||
15 | 9.875%, 8/15/11 | 15,797 | |||||||||
Rental Service Corp. | |||||||||||
340 | 9.50%, 12/1/14 | 306,000 | |||||||||
Safety Products Holdings, Inc. Sr. Notes (PIK) | |||||||||||
481 | 11.75%, 1/1/12 | 501,141 | |||||||||
SunGard Data Systems, Inc. | |||||||||||
85 | 9.125%, 8/15/13 | 89,250 | |||||||||
Travelport, LLC | |||||||||||
475 | 9.875%, 9/1/14 | 461,344 | |||||||||
70 | 11.875%, 9/1/16 | 64,400 | |||||||||
United Rentals North America, Inc. | |||||||||||
20 | 6.50%, 2/15/12 | 18,850 | |||||||||
West Corp. | |||||||||||
545 | 9.50%, 10/15/14 | 523,200 | |||||||||
$ | 3,814,587 | ||||||||||
Cable and Satellite Television 0.3% | |||||||||||
Cablevision Systems Corp., Sr. Notes, Series B | |||||||||||
75 | 8.00%, 4/15/12 | $ | 75,000 | ||||||||
CCO Holdings, LLC/CCO Capital Corp., Sr. Notes | |||||||||||
730 | 8.75%, 11/15/13 | 675,250 | |||||||||
Charter Communications, Inc., Sr. Notes | |||||||||||
180 | 10.875%, 9/15/14(5) | 191,250 | |||||||||
Kabel Deutschland GmbH | |||||||||||
190 | 10.625%, 7/1/14 | 198,550 | |||||||||
Mediacom Broadband Group Corp., LLC, Sr. Notes | |||||||||||
160 | 8.50%, 10/15/15 | 148,000 | |||||||||
National Cable PLC | |||||||||||
40 | 8.75%, 4/15/14 | 38,900 | |||||||||
$ | 1,326,950 |
See notes to financial statements
18
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Chemicals and Plastics 0.5% | |||||||||||
Berry Plastics, Variable Rate | |||||||||||
2,000 | 7.568%, 2/15/15(5)(8) | $ | 1,940,000 | ||||||||
CII Carbon, LLC | |||||||||||
100 | 11.125%, 11/15/15(5) | 96,500 | |||||||||
INEOS Group Holdings PLC | |||||||||||
225 | 8.50%, 2/15/16(5) | 183,375 | |||||||||
Nova Chemicals Corp., Sr. Notes, Variable Rate | |||||||||||
195 | 7.863%, 11/15/13 | 169,650 | |||||||||
Reichhold Industries, Inc., Sr. Notes | |||||||||||
445 | 9.00%, 8/15/14(5) | 447,225 | |||||||||
$ | 2,836,750 | ||||||||||
Clothing / Textiles 0.3% | |||||||||||
Levi Strauss & Co., Sr. Notes | |||||||||||
385 | 9.75%, 1/15/15 | $ | 404,250 | ||||||||
75 | 8.875%, 4/1/16 | 76,687 | |||||||||
Oxford Industries, Inc., Sr. Notes | |||||||||||
790 | 8.875%, 6/1/11 | 756,425 | |||||||||
Perry Ellis International, Inc., Sr. Sub. Notes | |||||||||||
325 | 8.875%, 9/15/13 | 310,375 | |||||||||
Phillips Van Heusen, Sr. Notes | |||||||||||
55 | 7.25%, 2/15/11 | 55,962 | |||||||||
$ | 1,603,699 | ||||||||||
Conglomerates 0.1% | |||||||||||
RBS Global & Rexnord Corp. | |||||||||||
175 | 9.50%, 8/1/14 | $ | 175,875 | ||||||||
155 | 11.75%, 8/1/16 | 149,575 | |||||||||
$ | 325,450 | ||||||||||
Containers and Glass Products 0.7% | |||||||||||
Berry Plastics Corp., Variable Rate | |||||||||||
2,000 | 7.568%, 2/15/15 | $ | 1,820,626 | ||||||||
Intertape Polymer US, Inc., Sr. Sub. Notes | |||||||||||
310 | 8.50%, 8/1/14 | 266,600 | |||||||||
Pliant Corp. (PIK) | |||||||||||
1,358 | 11.85%, 6/15/09 | 1,303,916 | |||||||||
Smurfit-Stone Container Enterprises, Inc., Sr. Notes | |||||||||||
345 | 8.00%, 3/15/17 | 293,250 | |||||||||
$ | 3,684,392 | ||||||||||
Cosmetics / Toiletries 0.0% | |||||||||||
Bausch & Lomb, Inc., Sr. Notes | |||||||||||
195 | 9.875%, 11/1/15(5) | $ | 208,162 | ||||||||
$ | 208,162 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Ecological Services and Equipment 0.1% | |||||||||||
Waste Services, Inc., Sr. Sub. Notes | |||||||||||
440 | 9.50%, 4/15/14 | $ | 433,400 | ||||||||
$ | 433,400 | ||||||||||
Electronics / Electrical 0.4% | |||||||||||
Advanced Micro Devices, Inc., Sr. Notes | |||||||||||
445 | 7.75%, 11/1/12 | $ | 363,787 | ||||||||
Amkor Technologies, Inc., Sr. Notes | |||||||||||
340 | 7.75%, 5/15/13 | 326,825 | |||||||||
Avago Technologies Finance | |||||||||||
170 | 10.125%, 12/1/13 | 181,900 | |||||||||
215 | 11.875%, 12/1/15 | 232,200 | |||||||||
NXP BV/NXP Funding, LLC | |||||||||||
105 | 7.875%, 10/15/14 | 104,212 | |||||||||
NXP BV/NXP Funding, LLC, Variable Rate | |||||||||||
775 | 5.463%, 10/15/13(8) | 715,906 | |||||||||
$ | 1,924,830 | ||||||||||
Equipment Leasing 0.1% | |||||||||||
Hertz Corp. | |||||||||||
330 | 10.50%, 1/1/16 | $ | 333,712 | ||||||||
$ | 333,712 | ||||||||||
Financial Intermediaries 0.4% | |||||||||||
E*Trade Financial Corp. | |||||||||||
190 | 7.875%, 12/1/15 | $ | 153,900 | ||||||||
Ford Motor Credit Co. | |||||||||||
715 | 7.375%, 10/28/09 | 688,513 | |||||||||
Ford Motor Credit Co., Sr. Notes | |||||||||||
50 | 5.80%, 1/12/09 | 48,898 | |||||||||
415 | 7.875%, 6/15/10 | 395,198 | |||||||||
15 | 9.875%, 8/10/11 | 14,524 | |||||||||
240 | 12.00%, 5/15/15 | 246,714 | |||||||||
General Motors Acceptance Corp. | |||||||||||
210 | 6.375%, 5/1/08 | 210,000 | |||||||||
160 | 7.75%, 1/19/10 | 147,275 | |||||||||
70 | 7.25%, 3/2/11 | 59,417 | |||||||||
General Motors Acceptance Corp., Variable Rate | |||||||||||
110 | 4.315%, 5/15/09 | 100,384 | |||||||||
$ | 2,064,823 |
See notes to financial statements
19
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Food Products 0.2% | |||||||||||
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes | |||||||||||
520 | 11.50% (0.00% until 2008), 11/1/11 | $ | 481,000 | ||||||||
Dole Foods Co., Sr. Notes | |||||||||||
495 | 8.625%, 5/1/09 | 481,387 | |||||||||
Pierre Foods, Inc., Sr. Sub. Notes | |||||||||||
55 | 9.875%, 7/15/12 | 26,675 | |||||||||
$ | 989,062 | ||||||||||
Food Service 0.1% | |||||||||||
El Pollo Loco, Inc. | |||||||||||
370 | 11.75%, 11/15/13 | $ | 360,750 | ||||||||
NPC International, Inc., Sr. Sub. Notes | |||||||||||
390 | 9.50%, 5/1/14 | 360,750 | |||||||||
$ | 721,500 | ||||||||||
Food / Drug Retailers 0.3% | |||||||||||
General Nutrition Center, Sr. Notes, Variable Rate (PIK) | |||||||||||
400 | 7.199%, 3/15/14 | $ | 351,000 | ||||||||
General Nutrition Center, Sr. Sub. Notes | |||||||||||
365 | 10.75%, 3/15/15 | 320,287 | |||||||||
Rite Aid Corp. | |||||||||||
685 | 6.125%, 12/15/08(5) | 673,012 | |||||||||
285 | 7.50%, 1/15/15 | 275,025 | |||||||||
120 | 7.50%, 3/1/17 | 111,900 | |||||||||
$ | 1,731,224 | ||||||||||
Forest Products 0.2% | |||||||||||
Georgia-Pacific Corp. | |||||||||||
5 | 9.50%, 12/1/11 | $ | 5,300 | ||||||||
Jefferson Smurfit Corp., Sr. Notes | |||||||||||
145 | 8.25%, 10/1/12 | 132,675 | |||||||||
75 | 7.50%, 6/1/13 | 65,062 | |||||||||
NewPage Corp. | |||||||||||
260 | 10.00%, 5/1/12(5) | 278,850 | |||||||||
245 | 10.00%, 5/1/12 | 262,762 | |||||||||
260 | 12.00%, 5/1/13 | 276,900 | |||||||||
NewPage Corp., Variable Rate | |||||||||||
135 | 9.489%, 5/1/12 | 141,412 | |||||||||
Rock-Tenn Co. | |||||||||||
60 | 9.25%, 3/15/16(5) | 63,300 | |||||||||
$ | 1,226,261 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Healthcare 0.7% | |||||||||||
Accellent, Inc. | |||||||||||
210 | 10.50%, 12/1/13 | $ | 180,600 | ||||||||
Advanced Medical Optics, Inc., Sr. Sub. Notes | |||||||||||
70 | 7.50%, 5/1/17 | 63,700 | |||||||||
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes | |||||||||||
325 | 10.00%, 2/15/15 | 346,938 | |||||||||
Biomet, Inc. | |||||||||||
400 | 11.625%, 10/15/17(5) | 427,000 | |||||||||
HCA, Inc. | |||||||||||
264 | 8.75%, 9/1/10 | 272,580 | |||||||||
30 | 7.875%, 2/1/11 | 30,525 | |||||||||
135 | 9.125%, 11/15/14 | 143,438 | |||||||||
285 | 9.25%, 11/15/16 | 307,088 | |||||||||
MultiPlan Inc., Sr. Sub. Notes | |||||||||||
485 | 10.375%, 4/15/16(5) | 472,875 | |||||||||
National Mentor Holdings, Inc. | |||||||||||
315 | 11.25%, 7/1/14 | 324,450 | |||||||||
Res-Care, Inc., Sr. Notes | |||||||||||
195 | 7.75%, 10/15/13 | 186,225 | |||||||||
Service Corp. International, Sr. Notes | |||||||||||
120 | 7.00%, 6/15/17 | 120,900 | |||||||||
US Oncology, Inc. | |||||||||||
265 | 9.00%, 8/15/12 | 270,300 | |||||||||
515 | 10.75%, 8/15/14 | 522,725 | |||||||||
$ | 3,669,344 | ||||||||||
Home Furnishings 0.0% | |||||||||||
Interline Brands, Inc., Sr. Sub. Notes | |||||||||||
135 | 8.125%, 6/15/14 | $ | 131,963 | ||||||||
$ | 131,963 | ||||||||||
Industrial Equipment 0.1% | |||||||||||
Chart Industries, Inc., Sr. Sub. Notes | |||||||||||
195 | 9.125%, 10/15/15 | $ | 199,875 | ||||||||
ESCO Corp., Sr. Notes | |||||||||||
145 | 8.625%, 12/15/13(5) | 145,000 | |||||||||
ESCO Corp., Sr. Notes, Variable Rate | |||||||||||
145 | 6.675%, 12/15/13(5) | 132,675 | |||||||||
$ | 477,550 | ||||||||||
Insurance 0.0% | |||||||||||
Alliant Holdings I, Inc. | |||||||||||
100 | 11.00%, 5/1/15(5) | $ | 82,500 | ||||||||
$ | 82,500 |
See notes to financial statements
20
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Leisure Goods / Activities / Movies 0.5% | |||||||||||
AMC Entertainment, Inc. | |||||||||||
420 | 11.00%, 2/1/16 | $ | 420,000 | ||||||||
Bombardier, Inc., Sr. Notes | |||||||||||
130 | 8.00%, 11/15/14(5) | 139,100 | |||||||||
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp. | |||||||||||
195 | 12.50%, 4/1/13(5) | 177,450 | |||||||||
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp., Variable Rate |
|||||||||||
360 | 7.383%, 4/1/12(5) | 329,400 | |||||||||
Marquee Holdings, Inc., Sr. Disc. Notes | |||||||||||
665 | 9.505%, 8/15/14 | 522,025 | |||||||||
Universal City Development Partners, Sr. Notes | |||||||||||
240 | 11.75%, 4/1/10 | 249,000 | |||||||||
Universal City Florida Holdings, Sr. Notes, Variable Rate | |||||||||||
680 | 7.989%, 5/1/10 | 675,750 | |||||||||
$ | 2,512,725 | ||||||||||
Lodging and Casinos 1.1% | |||||||||||
Buffalo Thunder Development Authority | |||||||||||
480 | 9.375%, 12/15/14(5) | $ | 328,800 | ||||||||
CCM Merger, Inc. | |||||||||||
230 | 8.00%, 8/1/13(5) | 198,950 | |||||||||
Chukchansi EDA, Sr. Notes, Variable Rate | |||||||||||
280 | 8.238%, 11/15/12(5) | 241,500 | |||||||||
Fontainebleau Las Vegas Casino, LLC | |||||||||||
485 | 10.25%, 6/15/15(5) | 350,413 | |||||||||
Galaxy Entertainment Finance | |||||||||||
300 | 9.875%, 12/15/12(5) | 304,500 | |||||||||
Greektown Holdings, LLC, Sr. Notes | |||||||||||
100 | 10.75%, 12/1/13(5) | 92,500 | |||||||||
Indianapolis Downs, LLC & Capital Corp., Sr. Notes | |||||||||||
165 | 11.00%, 11/1/12(5) | 149,325 | |||||||||
Inn of the Mountain Gods, Sr. Notes | |||||||||||
570 | 12.00%, 11/15/10 | 495,900 | |||||||||
Majestic HoldCo, LLC | |||||||||||
140 | 12.50% (0.00% until 2008), 10/15/11(5) | 14,700 | |||||||||
Majestic Star Casino, LLC | |||||||||||
340 | 9.50%, 10/15/10 | 299,200 | |||||||||
MGM Mirage, Inc. | |||||||||||
160 | 7.50%, 6/1/16 | 145,600 | |||||||||
Mohegan Tribal Gaming Authority, Sr. Sub. Notes | |||||||||||
45 | 8.00%, 4/1/12 | 42,300 | |||||||||
215 | 7.125%, 8/15/14 | 185,438 | |||||||||
180 | 6.875%, 2/15/15 | 153,450 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Lodging and Casinos (continued) | |||||||||||
OED Corp./Diamond Jo, LLC | |||||||||||
475 | 8.75%, 4/15/12 | $ | 434,625 | ||||||||
Park Place Entertainment | |||||||||||
530 | 7.875%, 3/15/10 | 500,850 | |||||||||
Pinnacle Entertainment, Inc. | |||||||||||
25 | 8.25%, 3/15/12 | 25,000 | |||||||||
Pinnacle Entertainment, Inc., Sr. Sub. Notes | |||||||||||
140 | 7.50%, 6/15/15(5) | 116,550 | |||||||||
Pokagon Gaming Authority, Sr. Notes | |||||||||||
102 | 10.375%, 6/15/14(5) | 109,395 | |||||||||
San Pasqual Casino | |||||||||||
110 | 8.00%, 9/15/13(5) | 103,125 | |||||||||
Seminole Hard Rock Entertainment, Variable Rate | |||||||||||
175 | 5.30%, 3/15/14(5) | 147,438 | |||||||||
Station Casinos, Inc. | |||||||||||
55 | 7.75%, 8/15/16 | 46,063 | |||||||||
Station Casinos, Inc., Sr. Notes | |||||||||||
240 | 6.00%, 4/1/12 | 203,700 | |||||||||
Trump Entertainment Resorts, Inc. | |||||||||||
845 | 8.50%, 6/1/15 | 547,138 | |||||||||
Tunica-Biloxi Gaming Authority, Sr. Notes | |||||||||||
310 | 9.00%, 11/15/15(5) | 303,800 | |||||||||
Turning Stone Resort Casinos, Sr. Notes | |||||||||||
75 | 9.125%, 9/15/14(5) | 74,250 | |||||||||
Waterford Gaming, LLC, Sr. Notes | |||||||||||
328 | 8.625%, 9/15/14(5) | 318,160 | |||||||||
$ | 5,932,670 | ||||||||||
Nonferrous Metals / Minerals 0.2% | |||||||||||
Aleris International, Inc., Sr. Notes | |||||||||||
405 | 9.00%, 12/15/14 | $ | 299,700 | ||||||||
Aleris International, Inc., Sr. Sub. Notes | |||||||||||
110 | 10.00%, 12/15/16 | 68,750 | |||||||||
FMG Finance PTY, Ltd. | |||||||||||
490 | 10.625%, 9/1/16(5) | 559,825 | |||||||||
FMG Finance PTY, Ltd., Variable Rate | |||||||||||
195 | 7.076%, 9/1/11(5) | 189,638 | |||||||||
$ | 1,117,913 | ||||||||||
Oil and Gas 1.1% | |||||||||||
Allis-Chalmers Energy, Inc., Sr. Notes | |||||||||||
425 | 9.00%, 1/15/14 | $ | 412,250 | ||||||||
Cimarex Energy Co., Sr. Notes | |||||||||||
120 | 7.125%, 5/1/17 | 122,400 |
See notes to financial statements
21
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Oil and Gas (continued) | |||||||||||
Clayton Williams Energy, Inc. | |||||||||||
160 | 7.75%, 8/1/13 | $ | 150,400 | ||||||||
Compton Pet Finance Corp. | |||||||||||
360 | 7.625%, 12/1/13 | 357,300 | |||||||||
Denbury Resources, Inc., Sr. Sub. Notes | |||||||||||
50 | 7.50%, 12/15/15 | 51,750 | |||||||||
El Paso Corp., Sr. Notes | |||||||||||
225 | 9.625%, 5/15/12 | 247,442 | |||||||||
Encore Acquisition Co., Sr. Sub. Notes | |||||||||||
155 | 7.25%, 12/1/17 | 151,125 | |||||||||
Forbes Energy Services, Sr. Notes | |||||||||||
225 | 11.00%, 2/15/15(5) | 226,125 | |||||||||
OPTI Canada, Inc., Sr. Notes | |||||||||||
95 | 7.875%, 12/15/14 | 97,138 | |||||||||
180 | 8.25%, 12/15/14 | 186,750 | |||||||||
Parker Drilling Co., Sr. Notes | |||||||||||
100 | 9.625%, 10/1/13 | 105,500 | |||||||||
Petrohawk Energy Corp., Sr. Notes | |||||||||||
795 | 9.125%, 7/15/13 | 844,688 | |||||||||
Petroleum Development Corp., Sr. Notes | |||||||||||
115 | 12.00%, 2/15/18(5) | 120,750 | |||||||||
Petroplus Finance, Ltd. | |||||||||||
350 | 7.00%, 5/1/17(5) | 327,250 | |||||||||
Plains Exploration & Production Co. | |||||||||||
255 | 7.00%, 3/15/17 | 252,450 | |||||||||
Quicksilver Resources, Inc. | |||||||||||
210 | 7.125%, 4/1/16 | 208,950 | |||||||||
SemGroup L.P., Sr. Notes | |||||||||||
540 | 8.75%, 11/15/15(5) | 514,350 | |||||||||
SESI, LLC, Sr. Notes | |||||||||||
60 | 6.875%, 6/1/14 | 59,100 | |||||||||
Stewart & Stevenson, LLC, Sr. Notes | |||||||||||
415 | 10.00%, 7/15/14 | 404,625 | |||||||||
United Refining Co., Sr. Notes | |||||||||||
865 | 10.50%, 8/15/12 | 847,700 | |||||||||
VeraSun Energy Corp. | |||||||||||
105 | 9.875%, 12/15/12 | 96,863 | |||||||||
$ | 5,784,906 | ||||||||||
Publishing 0.4% | |||||||||||
CanWest Media, Inc. | |||||||||||
310 | 8.00%, 9/15/12 | $ | 298,328 | ||||||||
Dex Media West/Finance, Series B | |||||||||||
127 | 9.875%, 8/15/13 | 120,015 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Publishing (continued) | |||||||||||
Harland Clarke Holdings | |||||||||||
160 | 9.50%, 5/15/15 | $ | 130,000 | ||||||||
Idearc, Inc., Sr. Notes | |||||||||||
270 | 8.00%, 11/15/16 | 176,850 | |||||||||
Nielsen Finance, LLC | |||||||||||
175 | 10.00%, 8/1/14 | 182,875 | |||||||||
365 | 10.00%, 8/1/14(5) | 381,425 | |||||||||
145 | 12.50% (0.00% until 2011), 8/1/16 | 105,125 | |||||||||
R.H. Donnelley Corp. | |||||||||||
580 | 8.875%, 10/15/17(5) | 377,000 | |||||||||
Reader's Digest Association, Inc., (The), Sr. Sub. Notes | |||||||||||
595 | 9.00%, 2/15/17(5) | 428,400 | |||||||||
$ | 2,200,018 | ||||||||||
Radio and Television 0.0% | |||||||||||
Rainbow National Services, LLC, Sr. Sub. Debs. | |||||||||||
145 | 10.375%, 9/1/14(5) | $ | 156,600 | ||||||||
$ | 156,600 | ||||||||||
Rail Industries 0.1% | |||||||||||
American Railcar Industry, Sr. Notes | |||||||||||
175 | 7.50%, 3/1/14 | $ | 158,375 | ||||||||
Kansas City Southern Mexico, Sr. Notes | |||||||||||
245 | 7.625%, 12/1/13 | 235,506 | |||||||||
100 | 7.375%, 6/1/14(5) | 95,125 | |||||||||
$ | 489,006 | ||||||||||
Retailers (Except Food and Drug) 0.9% | |||||||||||
Amscan Holdings, Inc., Sr. Sub. Notes | |||||||||||
400 | 8.75%, 5/1/14 | $ | 364,000 | ||||||||
GameStop Corp. | |||||||||||
1,255 | 8.00%, 10/1/12 | 1,342,850 | |||||||||
Michaels Stores, Inc., Sr. Notes | |||||||||||
160 | 10.00%, 11/1/14 | 156,000 | |||||||||
Michaels Stores, Inc., Sr. Sub. Notes | |||||||||||
225 | 11.375%, 11/1/16 | 203,063 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
310 | 9.00%, 10/15/15 | 323,950 | |||||||||
1,300 | 10.375%, 10/15/15 | 1,371,500 | |||||||||
Sally Holdings, LLC, Sr. Notes | |||||||||||
360 | 10.50%, 11/15/16 | 360,000 |
See notes to financial statements
22
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
Toys "R" US | |||||||||||
330 | 7.375%, 10/15/18 | $ | 246,675 | ||||||||
Yankee Acquisition Corp., Series B | |||||||||||
535 | 8.50%, 2/15/15 | 454,750 | |||||||||
185 | 9.75%, 2/15/17 | 149,388 | |||||||||
$ | 4,972,176 | ||||||||||
Steel 0.1% | |||||||||||
RathGibson, Inc., Sr. Notes | |||||||||||
445 | 11.25%, 2/15/14 | $ | 434,988 | ||||||||
Ryerson, Inc., Sr. Notes | |||||||||||
30 | 12.00%, 11/1/15(5) | 29,850 | |||||||||
Ryerson, Inc., Sr. Notes, Variable Rate | |||||||||||
20 | 10.614%, 11/1/14(5) | 18,300 | |||||||||
Steel Dynamics, Inc., Sr. Notes | |||||||||||
205 | 7.375%, 11/1/12(5) | 209,613 | |||||||||
$ | 692,751 | ||||||||||
Surface Transport 0.0% | |||||||||||
CEVA Group, PLC, Sr. Notes | |||||||||||
210 | 10.00%, 9/1/14(5) | $ | 217,350 | ||||||||
$ | 217,350 | ||||||||||
Telecommunications 0.6% | |||||||||||
Centennial Cellular Operating Co./ Centennial Communication Corp., Sr. Notes |
|||||||||||
205 | 10.125%, 6/15/13 | $ | 214,738 | ||||||||
Digicel Group, Ltd., Sr. Notes | |||||||||||
300 | 9.25%, 9/1/12(5) | 304,500 | |||||||||
205 | 8.875%, 1/15/15(5) | 176,300 | |||||||||
467 | 9.125%, 1/15/15(5) | 396,950 | |||||||||
Intelsat Bermuda, Ltd. | |||||||||||
325 | 9.25%, 6/15/16 | 329,469 | |||||||||
Qwest Communications International, Inc. | |||||||||||
500 | 7.50%, 2/15/14 | 493,750 | |||||||||
Qwest Corp., Sr. Notes | |||||||||||
140 | 7.625%, 6/15/15 | 141,050 | |||||||||
Qwest Corp., Sr. Notes, Variable Rate | |||||||||||
925 | 6.05%, 6/15/13 | 890,313 | |||||||||
Windstream Corp., Sr. Notes | |||||||||||
190 | 8.125%, 8/1/13 | 197,600 | |||||||||
60 | 8.625%, 8/1/16 | 63,150 | |||||||||
Windstream Regatta Holdings, Inc., Sr. Sub. Notes | |||||||||||
90 | 11.00%, 12/1/17(5) | 60,750 | |||||||||
$ | 3,268,570 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Utilities 0.4% | |||||||||||
AES Corp. | |||||||||||
55 | 8.00%, 10/15/17 | $ | 57,613 | ||||||||
Dynegy Holdings, Inc., Sr. Notes | |||||||||||
90 | 8.375%, 5/1/16 | 94,275 | |||||||||
30 | 7.75%, 6/1/19 | 30,000 | |||||||||
Edison Mission Energy, Sr. Notes | |||||||||||
25 | 7.50%, 6/15/13 | 26,125 | |||||||||
Energy Future Holdings, Sr. Notes | |||||||||||
370 | 10.875%, 11/1/17(5) | 395,900 | |||||||||
NGC Corp. | |||||||||||
390 | 7.625%, 10/15/26 | 359,775 | |||||||||
NRG Energy, Inc. | |||||||||||
140 | 7.25%, 2/1/14 | 144,200 | |||||||||
355 | 7.375%, 1/15/17 | 366,538 | |||||||||
NRG Energy, Inc., Sr. Notes | |||||||||||
120 | 7.375%, 2/1/16 | 123,900 | |||||||||
Reliant Energy, Inc., Sr. Notes | |||||||||||
20 | 7.625%, 6/15/14 | 20,900 | |||||||||
Texas Competitive Electric Holdings Co., LLC, Series A, Sr. Notes | |||||||||||
240 | 10.25%, 11/1/15(5) | 251,400 | |||||||||
Texas Competitive Electric Holdings Co., LLC, Series B, Sr. Notes | |||||||||||
195 | 10.25%, 11/1/15(5) | 204,262 | |||||||||
$ | 2,074,888 | ||||||||||
Total Corporate Bonds & Notes (identified cost $64,631,712) |
$ | 62,446,474 | |||||||||
Asset Backed Securities 1.4% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
$ | 750 |
Alzette European CLO SA, Series 2004-1A, Class E2, 9.300%, 12/15/20(5)(8) |
$ | 680,422 | |||||||
760 |
Avalon Capital Ltd. 3, Series 1A, Class D, 5.043%, 2/24/19(5)(8) |
540,292 | |||||||||
1,000 |
Babson Ltd., Series 2005-1A, Class C1, 4.663%, 4/15/19(5)(8) |
671,038 | |||||||||
1,000 |
Bryant Park CDO Ltd., Series 2005-1A, Class C, 4.763%, 1/15/19(5)(8) |
690,437 | |||||||||
1,000 |
Carlyle High Yield Partners, Series 2004-6A, Class C, 5.546%, 8/11/16(5)(8) |
735,226 | |||||||||
1,000 |
Centurion CDO 8 Ltd., Series 2005-8A, Class D, 8.49%, 3/8/17(8) |
752,670 | |||||||||
750 |
Centurion CDO 9 Ltd., Series 2005-9A, Class Note, 9.35%, 7/17/19 |
520,008 |
See notes to financial statements
23
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
$ | 750 |
Comstock Funding Ltd., Series 2006-1A, Class D, 9.61%, 5/30/20(5)(8) |
$ | 483,013 | |||||||
1,500 |
Dryden Leveraged Loan, Series 2004-6A, Class C1, 5.801%, 7/30/16(5)(8) |
1,066,414 | |||||||||
1,000 |
First CLO, Ltd., Series 2004- 1A1, Class C, 5.207%, 7/27/16(5)(8) |
734,488 | |||||||||
1,000 |
Schiller Park CLO Ltd., Series 2007-1A, Class D, 7.107%, 4/25/21(5)(8) |
649,640 | |||||||||
Total Asset Backed Securities (identified cost $10,264,732) |
$ | 7,523,648 | |||||||||
Common Stocks 0.1% | |||||||||||
Shares | Security | Value | |||||||||
Air Transport 0.1% | |||||||||||
22,932 | Delta Air Lines, Inc.(6) | $ | 195,151 | ||||||||
$ | 195,151 | ||||||||||
Commercial Services 0.0% | |||||||||||
6,211 | Environmental Systems Products Holdings, Inc.(4)(6)(7) | $ | 0 | ||||||||
$ | 0 | ||||||||||
Lodging and Casinos 0.0% | |||||||||||
28,848 | Trump Entertainment Resorts, Inc.(6) | $ | 80,486 | ||||||||
$ | 80,486 | ||||||||||
Total Common Stocks (identified cost $1,164,106) |
$ | 275,637 | |||||||||
Convertible Bonds 0.1% | |||||||||||
Principal Amount |
Security | Value | |||||||||
Aerospace & Defense 0.1% | |||||||||||
$ | 310,000 | L-3 Communications Corp. 3.00%, 8/1/35(5) | $ | 393,313 | |||||||
Total Convertible Bonds (identified cost $313,153) |
$ | 393,313 |
Convertible Preferred Stocks 0.0% | |||||||||||
Shares | Security | Value | |||||||||
Oil and Gas 0.0% | |||||||||||
1,007 | Chesapeake Energy Corp., 4.50% | $ | 129,651 | ||||||||
$ | 129,651 | ||||||||||
Telecommunications 0.0% | |||||||||||
484 | Crown Castle International Corp., 6.25% (PIK) | $ | 28,072 | ||||||||
$ | 28,072 | ||||||||||
Total Convertible Preferred Stocks (identified cost $120,732) |
$ | 157,723 | |||||||||
Preferred Stocks 0.1% | |||||||||||
Shares | Security | Value | |||||||||
Commercial Services 0.01% | |||||||||||
6,211 |
Environmental Systems Products Holdings, Series A(4)(6)(7) |
$ | 558,928 | ||||||||
Total Preferred Stocks (identified cost $108,693) |
$ | 558,928 | |||||||||
Miscellaneous 0.0% | |||||||||||
Shares | Security | Value | |||||||||
Air Transport 0.0% | |||||||||||
1,000,000 | Delta Air Lines, Inc., Escrow Certificate(6) | $ | 20,000 | ||||||||
Total Miscellaneous (identified cost $0) |
$ | 20,000 | |||||||||
Closed-End Investment Companies 2.4% | |||||||||||
Shares | Security | Value | |||||||||
43,021 | BlackRock Floating Rate Income Strategies Fund II, Inc. | $ | 671,127 | ||||||||
62,341 | BlackRock Floating Rate Income Strategies Fund, Inc. | 978,754 | |||||||||
20,864 | BlackRock Global Floating Rate Income Trust Fund | 325,896 | |||||||||
2,933 | First Trust/Four Corners Senior Floating Rate Income Fund | 42,440 | |||||||||
126,490 |
First Trust/Four Corners Senior Floating Rate Income Fund II |
1,892,290 | |||||||||
911,533 | ING Prime Rate Trust | 5,414,506 | |||||||||
98,332 | LMP Corporate Loan Fund, Inc. | 1,103,285 | |||||||||
50,752 | Nuveen Floating Rate Income Fund | 577,558 |
See notes to financial statements
24
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Shares | Security | Value | |||||||||
8,502 | Nuveen Floating Rate Income Opportunity Fund | $ | 95,902 | ||||||||
23,445 | Nuveen Senior Income Fund | 162,943 | |||||||||
136 | PIMCO Floating Rate Income Fund | 2,052 | |||||||||
1,620 | PIMCO Floating Rate Strategy Fund | 22,664 | |||||||||
292 | Pioneer Floating Rate Trust | 4,357 | |||||||||
268,136 | Van Kampen Senior Income Trust | 1,710,708 | |||||||||
Total Closed-End Investment Companies (identified cost $15,542,360) |
$ | 13,004,482 | |||||||||
Short-Term Investments 0.1% | |||||||||||
Description |
Interest (000's omitted) |
Value | |||||||||
Investment in Cash Management Portfolio, 2.49%(9) | $ | 501 | $ | 501,016 | |||||||
Total Short-Term Investments (identified cost $501,016) |
$ | 501,016 | |||||||||
Total Investments 173.5% (identified cost $1,004,119,064) |
$ | 925,223,410 | |||||||||
Less Unfunded Loan Commitments (1.4)% |
$ | (7,080,131 | ) | ||||||||
Net Investments 172.1% (identified cost $997,038,933) |
$ | 918,143,279 | |||||||||
Other Assets, Less Liabilities 1.8% | $ | 9,427,020 | |||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (73.9)% |
$ | (394,149,301 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 533,420,998 |
DIP - Debtor in Possession
PIK - Payment In Kind
REIT - Real Estate Investment Trust
EUR - Euro
GBP - British Pound Sterling
* In U.S. dollars unless otherwise indicated.
(1) Senior floating-rate interests 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, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base 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) This Senior Loan will settle after April 30, 2008, at which time the interest rate will be determined.
(3) Unfunded or partially unfunded loan commitments. See Note 1G for description.
(4) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(5) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2008, the aggregate value of the securities is $22,025,326 or 4.1% of the Trust's net assets.
(6) Non-income producing security.
(7) Restricted security.
(8) Variable rate mortgage security. The stated interest rate represents the rate in effect at April 30, 2008.
(9) 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, 2008.
(10) Defaulted security. Currently the issuer is in default with respect to interest payments.
See notes to financial statements
25
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of April 30, 2008
Assets | |||||||
Unaffiliated investments, at value (identified cost, $996,537,917) |
$ | 917,642,263 | |||||
Affiliated investment, at value (identified cost, $501,016) | 501,016 | ||||||
Cash | 5,494,880 | ||||||
Foreign currency, at value (identified cost, $95,446) | 94,900 | ||||||
Receivable for investments sold | 13,216,699 | ||||||
Dividends and interest receivable | 7,888,340 | ||||||
Interest receivable from affiliated investment | 41,048 | ||||||
Receivable for open forward foreign currency contracts | 272,726 | ||||||
Receivable for open swap contracts | 11,905 | ||||||
Prepaid expenses | 2,684,801 | ||||||
Total assets | $ | 947,848,578 | |||||
Liabilities | |||||||
Payable for investments purchased | $ | 19,596,867 | |||||
Payable to affiliate for investment adviser fee | 405,133 | ||||||
Payable to affiliate for Trustees' fees | 1,768 | ||||||
Accrued expenses | 274,511 | ||||||
Total liabilities | $ | 20,278,279 | |||||
Auction preferred shares (15,760 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$ | 394,149,301 | |||||
Net assets applicable to common shares | $ | 533,420,998 | |||||
Sources of Net Assets | |||||||
Common shares, $0.01 par value, unlimited number of shares authorized, 33,600,821 shares issued and outstanding |
$ | 336,008 | |||||
Additional paid-in capital | 633,908,462 | ||||||
Accumulated net realized loss (computed on the basis of identified cost) | (22,936,046 | ) | |||||
Accumulated undistributed net investment income | 739,910 | ||||||
Net unrealized depreciation (computed on the basis of identified cost) | (78,627,336 | ) | |||||
Net assets applicable to common shares | $ | 533,420,998 | |||||
Net Asset Value Per Common Share | |||||||
($533,420,998 ÷ 33,600,821 common shares issued and outstanding) | $ | 15.88 |
Statement of Operations
For the Six Months Ended
April 30, 2008
Investment Income | |||||||
Interest | $ | 35,793,096 | |||||
Dividends | 590,092 | ||||||
Interest income allocated from affiliated investment | 366,284 | ||||||
Expenses allocated from affiliated investment | (39,161 | ) | |||||
Total investment income | $ | 36,710,311 | |||||
Expenses | |||||||
Investment adviser fee | $ | 3,475,634 | |||||
Trustees' fees and expenses | 10,920 | ||||||
Preferred shares remarketing agent fee | 491,151 | ||||||
Custodian fee | 110,179 | ||||||
Legal and accounting services | 90,180 | ||||||
Printing and postage | 45,500 | ||||||
Transfer and dividend disbursing agent fees | 15,958 | ||||||
Interest expense | 81,396 | ||||||
Miscellaneous | 67,576 | ||||||
Total expenses | $ | 4,388,494 | |||||
Deduct Reduction of investment adviser fee |
$ | 936,651 | |||||
Reduction of custodian fee | 766 | ||||||
Total expense reductions | $ | 937,417 | |||||
Net expenses | $ | 3,451,077 | |||||
Net investment income | $ | 33,259,234 | |||||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) Investment transactions (identified cost basis) |
$ | (4,171,510 | ) | ||||
Swap contracts | 15,411 | ||||||
Foreign currency and forward foreign currency exchange contract transactions |
(3,645,622 | ) | |||||
Net realized loss | $ | (7,801,721 | ) | ||||
Change in unrealized appreciation (depreciation) Investments (identified cost basis) |
$ | (58,529,725 | ) | ||||
Swap contracts | (37,492 | ) | |||||
Foreign currency and forward foreign currency exchange contracts | 836,426 | ||||||
Net change in unrealized appreciation (depreciation) | $ | (57,730,791 | ) | ||||
Net realized and unrealized loss | $ | (65,532,512 | ) | ||||
Distributions to preferred shareholders | |||||||
From net investment income | (9,469,161 | ) | |||||
Net decrease in net assets from operations | $ | (41,742,439 | ) |
See notes to financial statements
26
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets |
Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, 2007 |
|||||||||
From operations Net investment income |
$ | 33,259,234 | $ | 73,053,413 | |||||||
Net realized loss from investment transactions, swap contracts, and foreign currency and forward foreign currency exchange contract transactions |
(7,801,721 | ) | (4,840,013 | ) | |||||||
Net change in unrealized appreciation (depreciation) of investments, swap contracts, and foreign currency and forward foreign currency exchange contracts |
(57,730,791 | ) | (24,014,466 | ) | |||||||
Distributions to preferred shareholders From net investment income |
(9,469,161 | ) | (21,281,589 | ) | |||||||
Net increase (decrease) in net assets from operations |
$ | (41,742,439 | ) | $ | 22,917,345 | ||||||
Distributions to common shareholders From net investment income |
$ | (23,050,163 | ) | $ | (51,735,131 | ) | |||||
Tax return of capital | | (1,005,278 | ) | ||||||||
Total distributions to common shareholders | $ | (23,050,163 | ) | $ | (52,740,409 | ) | |||||
Capital share transactions Reinvestment of distributions to common shareholders |
$ | | $ | 2,111,209 | |||||||
Total increase in net assets from capital share transactions |
$ | | $ | 2,111,209 | |||||||
Net decrease in net assets | $ | (64,792,602 | ) | $ | (27,711,855 | ) | |||||
Net Assets Applicable to Common Shares |
|||||||||||
At beginning of period | $ | 598,213,600 | $ | 625,925,455 | |||||||
At end of period | $ | 533,420,998 | $ | 598,213,600 | |||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||
At end of period | $ | 739,910 | $ | |
See notes to financial statements
27
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended April 30, 2008 |
Year Ended October 31, | Period Ended | |||||||||||||||||||||
(Unaudited)(1) | 2007(1) | 2006(1) | 2005(1) | October 31, 2004(1)(2) | |||||||||||||||||||
Net asset value Beginning of period (Common shares) | $ | 17.800 | $ | 18.690 | $ | 18.740 | $ | 18.970 | $ | 19.100 | (3) | ||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.990 | $ | 2.177 | $ | 2.053 | $ | 1.547 | $ | 0.968 | |||||||||||||
Net realized and unrealized gain (loss) | (1.942 | ) | (0.861 | ) | (0.026 | ) | (0.193 | ) | 0.080 | ||||||||||||||
Distributions to preferred shareholders from net investment income | (0.282 | ) | (0.634 | ) | (0.558 | ) | (0.354 | ) | (0.132 | ) | |||||||||||||
Total income (loss) from operations | $ | (1.234 | ) | $ | 0.682 | $ | 1.469 | $ | 1.000 | $ | 0.916 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.686 | ) | $ | (1.542 | ) | $ | (1.519 | ) | $ | (1.230 | ) | $ | (0.900 | ) | ||||||||
Tax return of capital | | (0.030 | ) | | | | |||||||||||||||||
Total distributions to common shareholders | $ | (0.686 | ) | $ | (1.572 | ) | $ | (1.519 | ) | $ | (1.230 | ) | $ | (0.900 | ) | ||||||||
Preferred and Common shares offering costs charged to paid-in capital |
$ | | $ | | $ | | $ | | $ | (0.027 | ) | ||||||||||||
Preferred shares underwriting discounts | $ | | $ | | $ | | $ | | $ | (0.119 | ) | ||||||||||||
Net asset value End of period (Common shares) | $ | 15.880 | $ | 17.800 | $ | 18.690 | $ | 18.740 | $ | 18.970 | |||||||||||||
Market value End of period (Common shares) | $ | 14.960 | $ | 16.200 | $ | 18.240 | $ | 17.210 | $ | 19.940 | |||||||||||||
Total Investment Return on Net Asset Value(4) | (6.74 | )%(11) | 3.93 | % | 8.47 | % | 5.57 | % | 4.13 | %(5)(11) | |||||||||||||
Total Investment Return on Market Value(4) | (3.35 | )%(11) | (3.13 | )% | 15.27 | % | (7.77 | )% | 9.45 | %(5)(11) |
See notes to financial statements
28
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended April 30, 2008 |
Year Ended October 31, | Period Ended | |||||||||||||||||||||
(Unaudited)(1) | 2007(1) | 2006(1) | 2005(1) | October 31, 2004(1)(2) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of period (000's omitted) | $ | 533,421 | $ | 598,214 | $ | 625,925 | $ | 627,586 | $ | 633,584 | |||||||||||||
Ratios (As a percentage of average daily net assets applicable to common shares):(6) | |||||||||||||||||||||||
Expenses before custodian fee reduction(7) | 1.29 | %(8) | 1.18 | % | 1.17 | % | 1.16 | % | 1.08 | %(8) | |||||||||||||
Net investment income | 12.24 | %(8) | 11.79 | % | 10.95 | % | 8.18 | % | 5.51 | %(8) | |||||||||||||
Portfolio Turnover | 13 | % | 58 | % | 51 | % | 64 | % | 95 | % |
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, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(6) | |||||||||||||||||||||||
Expenses before custodian fee reduction(7) | 0.75 | %(8) | 0.72 | % | 0.72 | % | 0.72 | % | 0.71 | %(8) | |||||||||||||
Net investment income | 7.11 | %(8) | 7.21 | % | 6.73 | % | 5.04 | % | 3.63 | %(8) | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 15,760 | 15,760 | 15,760 | 15,760 | 15,760 | ||||||||||||||||||
Asset coverage per preferred share(9) | $ | 58,856 | $ | 63,001 | $ | 64,753 | $ | 64,853 | $ | 65,223 | |||||||||||||
Involuntary liquidation preference per preferred share(10) | $ | 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 |
(1) Net investment income per share was computed using average common shares outstanding.
(2) For the period from the start of business, November 28, 2003, to October 31, 2004.
(3) Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholder from the $20.00 offering price.
(4) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all the distributions reinvested.
(5) Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported with all distributions reinvested. Total investment return on market value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the current market price on the last day of the period reported with all distributions reinvested.
(6) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(7) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(8) Annualized.
(9) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.
(10) Plus accumulated and unpaid dividends.
(11) Not annualized.
See notes to financial statements
29
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
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 Trust's primary investment objective is to provide a high level of current income. The Trust may, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal.
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 on the basis of prices furnished by an independent pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the following valuation techniques: (i) a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality; (ii) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (iii) a discounted cash flow analysis; or (iv) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser's Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior loans are valued in the same manner as Senior Loans.
Debt obligations, including listed securities and securities for which quotations are available, will normally be valued on the basis of market valuations provided by dealers or pricing services. The pricing services consider various factors relating to bonds and/or market transactions to determine market value. Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service.
Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Credit default swaps are valued by a broker-dealer (usually the counterparty to the agreement). Foreign forward currency exchange contracts are generally valued using prices supplied by a pricing vendor. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.
The Trust may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.
30
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
B Investment Transactions Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.
D Federal Taxes The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
At October 31, 2007, the Trust, for federal income tax purposes, had a capital loss carryforward of $14,592,850 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. Such capital loss carryforward will expire on October 31, 2012 ($5,860,075), October 31, 2013 ($4,807,956), October 31, 2014 ($1,142,602) and October 31, 2015 ($2,782,217).
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management has concluded that as of April 30, 2008, there are no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trust's federal tax returns filed in the 3-year period ended October 31, 2007 remains subject to examination by the Internal Revenue Service.
E Expense Reduction State Street Bank and Trust Company (SSBT) serves as custodian of the Trust. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Trust maintains with SSBT. All credit balances, if any, used to reduce the Trust's custodian fees are reported as a reduction of expenses in the Statement of Operations.
F Foreign Currency Translation Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G Unfunded Loan Commitments The Trust may enter into certain credit agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower's discretion. The commitments are disclosed in the accompanying Portfolio of Investments.
H Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
I Indemnifications Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Trust enters into
31
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
J Forward Foreign Currency Exchange Contracts The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The Trust enters into forward contracts for hedging purposes as well as non-hedging purposes. The forward foreign currency exchange contract is adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contract has been closed or offset by another contract with the same broker for the same settlement date and currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
K Credit Default Swaps The Trust may enter into credit default swap contacts to buy or sell protection against default on an individual issuer or a basket of issuers of bonds. When the Trust is a buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty to the contract in the event of default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust pays the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Trust would have spent the stream of payments and received no benefits from the contract. When the Trust is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligations. As the seller, the Trust effectively adds leverage to its portfolio because, in addition to its total net assets, the Trust is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Trust also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. Up-front payment or receipts, if any, are recorded as other assets or other liabilities, respectively, and amortized over the life of the swap contract as realized gains or losses. The Trust segregates assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swaps of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.
L Interim Financial Statements The interim financial statements relating to April 30, 2008 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Auction Preferred Shares
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 every seven days 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. The maximum applicable rate on the APS is 150% of the "AA" Financial Composite Commercial Paper Rate on the date of the auction.
The number of APS issued and outstanding as of April 30, 2008 is as follows:
APS Issued and Outstanding |
|||||||
Series A | 3,940 | ||||||
Series B | 3,940 | ||||||
Series C | 3,940 | ||||||
Series D | 3,940 |
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
32
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust's By-Laws and the 1940 Act. The Trust pays an annual fee equivalent to 0.25% of the liquidation value of the APS for the remarketing efforts associated with the APS auctions.
Effective April 11, 2008, the Trust's Trustees approved a committed financing arrangement (see Note 9) and the planned redemption of approximately two-thirds of the Trust's outstanding APS of each series at a liquidation price of $25,000 per share. The APS are expected to be redeemed at the next dividend payable date on or after May 1, 2008. As of May 27, 2008, 2,627 shares of each series of the Trust's APS were redeemed.
3 Distribution 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, 2008, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the six months then ended were as follows:
Series |
APS Dividend Rates at April 30, 2008 |
Dividends Paid to APS Shareholders |
Average APS Dividend Rates |
Dividend Rate Ranges |
|||||||||||||||
A | 3.64 | % | $ | 2,299,457 | 4.70 | % | 3.61% 5.60% | ||||||||||||
B | 3.64 | % | $ | 2,321,645 | 4.74 | % | 3.61% 5.60% | ||||||||||||
C | 3.61 | % | $ | 2,414,473 | 4.93 | % | 3.61% 6.60% | ||||||||||||
D | 3.86 | % | $ | 2,433,586 | 4.97 | % | 3.86% 6.20% |
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust's APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rate. The table above reflects such maximum dividend rate for each series as of April 30, 2008.
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.
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.75% of the Trust's average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. The portion of the adviser fee payable by Cash Management on the Trust's investment of cash therein is credited against the Trust's adviser fee. For the six months ended April 30, 2008, the Trust's adviser fee totaled $3,511,932 of which $36,298 was allocated from Cash Management and $3,475,634 was paid or accrued directly by the Trust. EVM also serves as administrator of the Trust, but receives no compensation.
In addition, EVM has contractually agreed to reimburse the Trust for fees and other expenses at an annual rate of 0.20% of the Trust's average daily gross assets during the first five full years of the Trust's operations, 0.15% of the Trust's average daily gross assets in year six, 0.10% in year seven and 0.05% in year eight. Pursuant to this agreement, EVM waived $936,651 of its adviser fee for the six months ended April 30, 2008.
Except for Trustees of the Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the
33
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2008, 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 and principal repayments on Senior Loans, aggregated $123,296,075 and $130,675,305, respectively, for the six months ended April 30, 2008.
6 Common Shares of Beneficial Interest
Common shares issued pursuant to the Trust's dividend reinvestment plan for the year ended October 31, 2007 were 112,331. There were no transactions in common shares for the six months ended April 30, 2008.
7 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Trust at April 30, 2008, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 997,523,484 | |||||
Gross unrealized appreciation | $ | 3,558,423 | |||||
Gross unrealized depreciation | (82,938,628 | ) | |||||
Net unrealized depreciation | $ | (79,380,205 | ) |
8 Restricted Securities
At April 30, 2008, the Trust owned the following securities (representing 0.1% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The fair value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
Description |
Date of Acquisition |
Shares | Cost | Value | |||||||||||||||
Preferred Stocks | |||||||||||||||||||
Environmental Systems Products Holdings, Series A |
10/25/07 | 6,211 | $ | 108,693 | $ | 558,928 |
9 Financial Instruments
The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments may include forward foreign currency exchange contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at April 30, 2008 is as follows:
Forward Foreign Currency Exchange Contracts
Sales | |||||||||||||||
Settlement Date | Deliver | In Exchange For |
Net Unrealized Appreciation |
||||||||||||
5/30/08 |
Euro 33,441,486 |
United States Dollar 52,201,826 |
$ | 188,827 | |||||||||||
5/30/08 |
British Pound Sterling 10,179,119 |
United States Dollar 20,206,366 |
83,899 | ||||||||||||
$ | 272,726 |
Credit Default Swaps
Counterparty |
Reference Entity |
Buy/ Sell |
Notional Amount (000's) omitted) |
Pay/ Receive Annual Fixed Rate |
Termination Date |
Net Unrealized Appreciation |
|||||||||||||||||||||
Lehman |
|||||||||||||||||||||||||||
Brothers, Inc. | Inergy, L.P. | Sell | $ | 2,000 | 2.20 | % | 3/22/10 | $ | 11,905 |
At April 30, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
10 Revolving Credit and Security Agreement
Effective April 11, 2008, the Trust entered into a Revolving Credit and Security Agreement (the Agreement) with conduit lenders and a bank to borrow up to an initial limit of $262,700,000 for a period of five years, the proceeds of which are intended to partially redeem the Trust's APS (see Note 2). The Agreement
34
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
provides for a renewable 364-day backstop financing arrangement, which ensures that alternate financing will continue to be available to the Trust should the conduits be unable to place their commercial paper. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits' commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, the Trust pays a monthly program fee of 0.60% per annum on its outstanding borrowings to administer the facility and a monthly liquidity fee of 0.40% per annum on the borrowing limit under the Agreement. The Trust also paid a structuring fee of $2,627,000, which is included on the Statement of Assets and Liabilities and is being amortized to interest expense over a period of five years. The Trust is required to maintain certain net asset levels during the term of the Agreement. For the period from April 11, 2008 through April 30, 2008, the Trust did not incur any borrowings under the Agreement.
11 Risk Associated with Foreign Investments
Investing in securities issued by entities 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.
12 Recently Issued Accounting Pronouncements
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of April 30, 2008, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements on changes in net assets for the period.
In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), "Disclosures about Derivative Instruments and Hedging Activities ". FAS 161 requires enhanced disclosures about an entity's derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Trust's financial statement disclosures.
35
Eaton Vance Senior Floating-Rate Trust as of April 30, 2008
ANNUAL MEETING OF SHAREHOLDERS (Unaudited)
The Trust held its Annual Meeting of Shareholders on August 17, 2007. The following action was taken by the shareholders of the Trust:
Item 1: The election of Benjamin C. Esty, Allen R. Freedman and Lynn A. Stout as Class I Trustees of the Trust for a three-year term expiring in 2010, the election of Thomas E. Faust Jr. as Class II Trustee of the Trust for a one-year term expiring in 2008, and the election of Heidi L. Steiger as Class III Trust of the Trust for a two-year term expiring in 2009:
Nominee for Trustee | Number of Shares | ||||||||||
Elected by All Shareholders | For | Withheld | |||||||||
Thomas E. Faust Jr. | 30,607,015 | 292,137 | |||||||||
Allen R. Freedman | 30,596,014 | 303,138 | |||||||||
Heidi L. Steiger | 30,601,556 | 297,596 | |||||||||
Lynn A. Stout | 30,604,049 | 295,103 | |||||||||
Nominee for Trustee | Number of Shares | ||||||||||
Elected by APS Shareholders | For | Withheld | |||||||||
Benjamin C. Esty | 12,582 | 360 |
36
Eaton Vance Senior Floating-Rate Trust
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have dividends and capital gains distributions reinvested in common shares (the Shares) of the Trust. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer and Trust Company as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Trust's transfer agent, American Stock Transfer and Trust Company, or you will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.
Any inquiries regarding the Plan can be directed to the Plan Agent, American Stock Transfer and Trust Company, at 1-866-706-0514.
37
Eaton Vance Senior Floating-Rate Trust
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account:
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the following address:
Eaton Vance Senior Floating-Rate Trust
c/o American Stock Transfer and Trust Company
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Number of Employees
The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company and has no employees.
Number of Shareholders
As of April 30, 2008, our records indicate that there are 14 registered shareholders and approximately 28,361 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Trust, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
New York Stock Exchange symbol
The New York Stock Exchange symbol is EFR.
38
Eaton Vance Senior Floating-Rate Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
An independent report comparing each fund's total expense ratio and its components to comparable funds;
An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management
Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
Data relating to portfolio turnover rates of each fund;
The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
Information about each Adviser
Reports detailing the financial results and condition of each adviser;
Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
Copies of or descriptions of each adviser's proxy voting policies and procedures;
Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
Other Relevant Information
Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and
The terms of each advisory agreement.
39
Eaton Vance Senior Floating-Rate Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement between the Eaton Vance Senior Floating-Rate Trust (the "Fund"), and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior secured floating-rate loans. Specifically, the Board noted the experience of the Adviser's large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission.
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.
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.
40
Eaton Vance Senior Floating-Rate Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
Fund Performance
The Board compared the Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one- and three-year periods ended September 30, 2007 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as "management fees"). As part of its review, the Board considered the management fees and the Fund's total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that the Adviser had waived fees and/or paid expenses for the Fund.
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund's total expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser's profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.
41
Eaton Vance Senior Floating-Rate Trust
INVESTMENT MANAGEMENT
Officers Thomas E. Faust Jr. President and Trustee Peter M. Campo Vice President Scott H. Page Vice President Craig Russ Vice President Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary Paul M. O'Neil Chief Compliance Officer |
Trustees Ralph F. Verni Chairman Benjamin C. Esty Allen R. Freedman William H. Park Ronald A. Pearlman Norton H. Reamer Heidi L. Steiger Lynn A. Stout |
||||||
42
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Investment Adviser and Administrator of Eaton Vance Senior Floating-Rate Trust
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
Custodian
State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer Agent
American Stock Transfer &
Trust Company
Attn. Eaton Vance
59 Maiden Lane
Plaza Level
New York, NY 10038
Eaton Vance Senior Floating-Rate Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109
2025-6/08 CE-FLRTSRC
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms). Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).
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
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Contract Review Committee except as contemplated under the Fund Policy. The Boards Contract Review Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is
generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Contract Review Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Peter M. Campo, Scott H. Page, Craig P. Russ, and other Eaton Vance Management (EVM) investment professionals comprise the investment team responsible for the overall management of the Funds investments as well as allocations among the Funds three principal investment categories.
Mr. Campo joined Eaton Vance in 2003 and is a Vice President of EVM and Boston Management and Research, an Eaton Vance subsidiary (BMR). Mr. Russ has been with Eaton Vance since 1997 and is a Vice President of EVM and BMR. Mr. Page has been an Eaton Vance portfolio manager since 1996 and is a Vice President of EVM and BMR. He is head of Eaton Vances Senior Loan Group. This information is provided as of the date of filing of this report.
The following tables show, as of the Funds most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.
|
|
Number |
|
Total Assets |
|
Number of |
|
Total assets of |
|
||
Peter M. Campo |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
1 |
|
$ |
1,027.4 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
Other Accounts |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
Scott H. Page |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
11 |
|
$ |
16,073.1 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
7 |
|
$ |
6,387.5 |
|
6 |
|
$ |
3,219.9 |
|
Other Accounts |
|
2 |
|
$ |
1,006.7 |
|
0 |
|
$ |
0 |
|
Craig P. Russ |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
7 |
|
$ |
12,236.4 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
1 |
|
$ |
3,167.5 |
|
0 |
|
$ |
0 |
|
Other Accounts |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
*In millions of dollars. For registered investment companies, assets represent net assets of all open-end investment companies and gross assets of all closed-end investment companies.
The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Funds most recent fiscal year end.
Portfolio |
|
Dollar Range of |
|
Peter M. Campo |
|
None |
|
Scott H. Page |
|
$100,001-$500,000 |
|
Craig P. Russ |
|
None |
|
Potential for Conflicts of Interest. The portfolio managers manage multiple investment portfolios. Conflicts of interest may arise between a portfolio managers management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio managers time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information. In addition,
some investment portfolios may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time and investment opportunities. EVM has adopted policies and procedures that it believes are reasonably designed to address these conflicts. There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.
Portfolio Manager Compensation Structure
Compensation of EVMs portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVCs nonvoting common stock and/or restricted shares of EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVMs employees. Compensation of EVMs investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVMs portfolio
managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.
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) |
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Treasurers Section 302 certification. |
(a)(2)(ii) |
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Presidents Section 302 certification. |
(b) |
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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/Thomas E. Faust Jr. |
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Thomas E. Faust, Jr. |
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President |
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Date: |
June 10, 2008 |
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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/Barbara E. Campbell |
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Barbara E. Campbell |
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Treasurer |
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Date: |
June 10, 2008 |
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By: |
/s/Thomas E. Faust Jr. |
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Thomas E. Faust, Jr. |
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President |
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Date: |
June 10, 2008 |
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