Eaton Vance Senior Floating-Rate Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21411

 

 

Eaton Vance Senior Floating-Rate Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2014

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Senior Floating-Rate Trust (EFR)

Annual Report

October 31, 2014

 

 

 

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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


Annual Report October 31, 2014

Eaton Vance

Senior Floating-Rate Trust

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance

     3   

Fund Profile

     4   

Endnotes and Additional Disclosures

     5   

Financial Statements

     6   

Report of Independent Registered Public Accounting Firm

     43   

Federal Tax Information

     44   

Annual Meeting of Shareholders

     45   

Dividend Reinvestment Plan

     46   

Management and Organization

     48   

Important Notices

     51   


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

The U.S. floating-rate loan market began the 12-month period ended October 31, 2014 on strong footing, as robust new issue supply was overcome by investor demand amid strong appetite for risk and a global search for yield. Aside from brief bouts of weakness in technical conditions in February and April, overall market tone was generally firm for the first seven months of the period, with total demand exceeding the supply of net new issuance by a meaningful margin.

Halfway through the period, on April 29, Energy Future Holdings (“EFH”, formerly TXU Corp.) filed for bankruptcy. The Fund did not hold a position in EFH at the time of default. Following this and amid an increasing number of negative headlines surrounding the asset class, retail investor demand began to wane, turning net negative after nearly two straight years of positive demand. Sluggish technical conditions followed, modestly weighing on loan prices in the final stretch of the period.

Overall, the S&P/LSTA Leveraged Loan Index2 (the
Index) — a broad barometer of the loan market — returned 3.36% for the 12-month period. Returns were comprised mainly of interest income. Lower-quality loans outpaced their higher-quality counterparts; loans rated BB, B, CCC and D (defaulted)
7 returned 2.40%, 3.49%, 8.41% and 15.10%, respectively, for the period.

EFH’s Chapter 11 bankruptcy filing caused the Index default rate to spike to 3.3% on a trailing 12-month basis as of October 31, 2014. Excluding EFH, however, the Index’s trailing 12-month default rate was a scant 0.25%, well below the market’s 10-year average of 2.5%, according to Standard & Poor’s Leveraged Commentary & Data (S&P/LCD).

Fund Performance

For the fiscal year ended October 31, 2014, Eaton Vance Senior Floating-Rate Trust (the Fund) at net asset value (NAV) had a total return of 3.60%. By comparison, the Fund’s benchmark, the S&P/LSTA Leveraged Loan Index (the Index), returned 3.36% for the period.

During the period, the Fund maintained portfolio quality at a level consistent with management’s views on appropriate credit risk. In contrast, the Index descended in credit quality over the 12-month period, with lower-quality issuers

awarded higher returns. As a result of the Fund’s historical positioning toward higher-quality credit tiers relative to the Index, the Fund’s underweighting to segments rated CCC and D (defaulted) and overweighting to loans rated BB detracted from performance relative to the Index for the year.

Among individual holdings, the Fund had underweight or no exposure to a number of high-beta9, lower-quality Index names that rallied significantly during the period, namely EFH, Cengage Learning, Avaya and SuperMedia. This detracted from performance relative to the Index. Out-of-Index Fund holdings in Vivarte, Media Holdco and IAP Worldwide Services also detracted from performance relative to the Index, as these issuers underperformed the overall loan market.

On the positive side, heavier-than-Index Fund holdings in Getty Images, Dell and MediaNews Group aided Fund performance relative to the Index, as these names outperformed the loan market at large. Meanwhile, underweight or no exposure in Gymboree, Ocean Rig and Templar Energy also helped the Fund’s performance versus the Index, as these issuers trailed the overall loan market.

Exposure to high-yield bonds and the employment of investment leverage bolstered Fund results relative to the Index. High-yield bonds generally outperformed loans during the period, while leverage amplified the positive returns of the Fund’s underlying assets. By comparison, the Index does not include high-yields bonds and is unlevered.

In terms of industry weightings, underweight exposure to the utilities sector — which outpaced the overall market — was the biggest detractor from results relative to the Index. In contrast, exposures to the air transport, lodging and casinos, health care and insurance sectors aided performance relative to the Index.

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Performance2,3

 

Portfolio Managers Scott H. Page, CFA, Craig P. Russ and Peter M. Campo, CFA

 

% Average Annual Total Returns    Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     11/28/2003         3.60      9.58      5.64

Fund at Market Price

             –4.99         8.86         4.21   

S&P/LSTA Leveraged Loan Index

             3.36      6.40      5.07
           
% Premium/Discount to NAV4                                
              –8.35
           
Distributions5                                

Total Distributions per share for the period

            $ 0.987   

Distribution Rate at NAV

              6.11

Distribution Rate at Market Price

              6.66
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              14.49

Borrowings

              23.18   

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  3  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Fund Profile

 

 

Top 10 Issuers (% of total investments)8       

Asurion LLC

    1.1

Dell Inc.

    0.9   

H.J. Heinz Company

    0.9   

Intelsat Jackson Holdings S.A.

    0.8   

Community Health Systems, Inc.

    0.8   

Laureate Education, Inc.

    0.8   

MEG Energy Corp.

    0.8   

Valeant Pharmaceuticals International, Inc.

    0.8   

Chrysler Group LLC

    0.8   

First Data Corporation

    0.7   

Total

    8.4
Top 10 Sectors (% of total investments)8       

Health Care

    9.9

Business Equipment and Services

    8.0   

Electronics/Electrical

    7.2   

Retailers (Except Food and Drug)

    5.8   

Chemicals and Plastics

    5.0   

Food Products

    4.9   

Oil and Gas

    4.3   

Financial Intermediaries

    4.0   

Lodging and Casinos

    3.7   

Automotive

    3.7   

Total

    56.5
 

 

Credit Quality (% of bond and loan holdings)7

 

 

LOGO

 

 

 

See Endnotes and Additional Disclosures in this report.

 

  4  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Endnotes and Additional Disclosures

 

 

1 

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

 

2 

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

3 

Performance results reflect the effects of leverage. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 

4 

The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

 

5 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at www.eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

6 

Leverage represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

 

7 

Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” are not rated by the national ratings agencies stated above.

 

8 

Excludes cash and cash equivalents.

 

9 

Beta is a measure of risk that shows a fund or strategies volatility relative to that fund’s stated benchmark. A fund or strategy with a beta of 1 performed exactly like the market index; a beta less than 1 means its performance was less volatile than the index, positive or negative.

 

   Fund profile subject to change due to active management.
 

 

  5  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments

 

 

Senior Floating-Rate Interests — 141.4%(1)   
     
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Aerospace and Defense — 2.0%

  

Atlantic Aviation FBO Inc.

     

Term Loan, 3.25%, Maturing June 1, 2020

      668      $ 659,680   

DAE Aviation Holdings, Inc.

     

Term Loan, 5.00%, Maturing November 2, 2018

      674        674,343   

Ducommun Incorporated

     

Term Loan, 4.75%, Maturing June 28, 2017

      739        738,550   

IAP Worldwide Services, Inc.

     

Revolving Loan, Maturing July 18, 2018(2)

      311        311,232   

Term Loan - Second Lien, 8.00%, Maturing July 18,
2019(3)

      430        343,658   

Silver II US Holdings, LLC

     

Term Loan, 4.00%, Maturing December 13, 2019

      1,862        1,825,225   

Standard Aero Limited

     

Term Loan, 5.00%, Maturing November 2, 2018

      306        305,702   

Transdigm, Inc.

     

Term Loan, 3.75%, Maturing February 28, 2020

      4,747        4,678,743   

Term Loan, 3.75%, Maturing June 4, 2021

      1,820        1,795,028   
                     
  $ 11,332,161   
                     

Automotive — 5.7%

  

Affinia Group Intermediate Holdings Inc.

     

Term Loan, 4.75%, Maturing April 27, 2020

      1,262      $ 1,257,281   

Allison Transmission, Inc.

     

Term Loan, 3.75%, Maturing August 23, 2019

      2,813        2,795,699   

Chrysler Group LLC

     

Term Loan, 3.50%, Maturing May 24, 2017

      4,899        4,878,945   

Term Loan, 3.25%, Maturing December 31, 2018

      2,090        2,073,177   

CS Intermediate Holdco 2 LLC

     

Term Loan, 4.00%, Maturing April 4, 2021

      648        642,702   

Dayco Products, LLC

     

Term Loan, 5.25%, Maturing December 12, 2019

      995        995,622   

Federal-Mogul Holdings Corporation

     

Term Loan, 4.75%, Maturing April 15, 2021

      3,915        3,896,156   

Goodyear Tire & Rubber Company (The)

     

Term Loan - Second Lien, 4.75%, Maturing April 30, 2019

      6,650        6,674,937   

INA Beteiligungsgesellschaft GmbH

     

Term Loan, Maturing May 15,
2020(2)

      1,025        1,014,750   

MPG Holdco I Inc.

     

Term Loan, 4.50%, Maturing October 20, 2021

      2,675        2,672,493   

TI Group Automotive Systems, LLC

     

Term Loan, 4.25%, Maturing July 2, 2021

      848        841,516   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Automotive (continued)

  

Tower Automotive Holdings USA, LLC

     

Term Loan, 4.00%, Maturing April 23, 2020

      788      $ 779,518   

Veyance Technologies, Inc.

     

Term Loan, 5.25%, Maturing September 8, 2017

      2,663        2,654,429   

Visteon Corporation

     

Term Loan, 3.50%, Maturing April 9, 2021

      1,072        1,061,589   
                     
  $ 32,238,814   
                     

Beverage and Tobacco — 0.3%

  

Flavors Holdings Inc.

     

Term Loan, 6.75%, Maturing April 3, 2020

      800      $ 774,000   

Term Loan - Second Lien, 11.00%, Maturing October 3, 2021

      1,000        965,000   
                     
  $ 1,739,000   
                     

Brokerage / Securities Dealers / Investment Houses — 0.1%

  

American Beacon Advisors, Inc.

     

Term Loan, 4.75%, Maturing November 22, 2019

      429      $ 428,369   
                     
  $ 428,369   
                     

Building and Development — 1.4%

  

ABC Supply Co., Inc.

     

Term Loan, 3.50%, Maturing April 16, 2020

      1,262      $ 1,235,585   

CPG International Inc.

     

Term Loan, 4.75%, Maturing September 30, 2020

      619        615,656   

Gates Global, Inc.

     

Term Loan, 4.25%, Maturing July 5, 2021

      1,500        1,485,402   

Quikrete Holdings, Inc.

     

Term Loan, 4.00%, Maturing September 28, 2020

      928        919,933   

RE/MAX International, Inc.

     

Term Loan, 4.00%, Maturing July 31, 2020

      1,571        1,549,068   

Realogy Corporation

     

Term Loan, 3.75%, Maturing March 5, 2020

      985        975,944   

Summit Materials Companies I, LLC

     

Term Loan, 5.00%, Maturing January 30, 2019

      464        465,140   

WireCo WorldGroup, Inc.

     

Term Loan, 6.00%, Maturing February 15, 2017

      607        608,787   
                     
  $ 7,855,515   
                     

Business Equipment and Services — 12.7%

  

Acosta Holdco, Inc.

     

Term Loan, 5.00%, Maturing September 26, 2021

      3,350      $ 3,353,477   
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

  

Altisource Solutions S.a.r.l.

     

Term Loan, 4.50%, Maturing December 9, 2020

      2,328      $ 2,095,065   

AVSC Holding Corp.

     

Term Loan, 4.50%, Maturing January 24, 2021

      423        420,937   

BakerCorp International, Inc.

     

Term Loan, 4.25%, Maturing February 14, 2020

      1,302        1,265,296   

Brickman Group Ltd. LLC

     

Term Loan, 4.00%, Maturing December 18, 2020

      819        805,128   

Brock Holdings III, Inc.

     

Term Loan, 6.00%, Maturing March 16, 2017

      1,048        1,031,369   

CCC Information Services, Inc.

     

Term Loan, 4.00%, Maturing December 20, 2019

      418        411,689   

Ceridian LLC

     

Term Loan, 4.12%, Maturing May 9, 2017

      593        592,881   

Term Loan, 4.50%, Maturing September 15, 2020

      618        613,921   

ClientLogic Corporation

     

Term Loan, 7.48%, Maturing January 30, 2017

      1,567        1,519,701   

Corporate Capital Trust, Inc.

     

Term Loan, 4.00%, Maturing May 15, 2019

      945        945,817   

CPM Acquisition Corp.

     

Term Loan, 6.25%, Maturing August 29, 2017

      471        470,900   

Term Loan - Second Lien, 10.25%, Maturing March 1, 2018

      1,000        1,015,000   

Crossmark Holdings, Inc.

     

Term Loan, 4.50%, Maturing December 20, 2019

      469        458,675   

Education Management LLC

     

Term Loan, 9.25%, Maturing March 29, 2018(8)

      2,069        941,180   

EIG Investors Corp.

     

Term Loan, 5.00%, Maturing November 9, 2019

      2,386        2,385,900   

Emdeon Business Services, LLC

     

Term Loan, 3.75%, Maturing November 2, 2018

      1,419        1,408,285   

Expert Global Solutions, Inc.

     

Term Loan, 8.50%, Maturing April 3, 2018

      643        642,319   

Extreme Reach, Inc.

     

Term Loan, 6.75%, Maturing February 10, 2020

      739        740,680   

Garda World Security Corporation

     

Term Loan, 3.98%, Maturing November 6, 2020

  CAD     1,358        1,178,885   

Term Loan, 4.00%, Maturing November 6, 2020

      111        108,560   

Term Loan, 4.00%, Maturing November 6, 2020

      434        424,370   

Genpact International, Inc.

     

Term Loan, 3.50%, Maturing August 30, 2019

      1,572        1,568,170   

IG Investment Holdings, LLC

     

Term Loan, 5.25%, Maturing October 31, 2019

      1,406        1,405,052   

IMS Health Incorporated

     

Term Loan, 3.50%, Maturing March 17, 2021

      1,957        1,934,090   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

  

Information Resources, Inc.

     

Term Loan, 4.75%, Maturing September 30, 2020

      1,188      $ 1,186,515   

ION Trading Technologies S.a.r.l.

     

Term Loan, 4.50%, Maturing June 10, 2021

  EUR     1,247        1,555,881   

Term Loan - Second Lien, 7.25%, Maturing May 15, 2022

      1,000        987,500   

KAR Auction Services, Inc.

     

Term Loan, 3.50%, Maturing March 11, 2021

      2,710        2,687,268   

Kronos Incorporated

     

Term Loan, 4.50%, Maturing October 30, 2019

      2,391        2,383,534   

Term Loan - Second Lien, 9.75%, Maturing April 30, 2020

      1,073        1,103,716   

Language Line, LLC

     

Term Loan, 6.25%, Maturing June 20, 2016

      1,352        1,351,020   

MCS AMS Sub-Holdings LLC

     

Term Loan, 7.00%, Maturing October 15, 2019

      1,015        918,151   

Monitronics International Inc.

     

Term Loan, 4.25%, Maturing March 23, 2018

      1,174        1,171,885   

PGX Holdings, Inc.

     

Term Loan, 6.25%, Maturing September 29, 2020

      575        573,562   

Quintiles Transnational Corporation

     

Term Loan, 3.75%, Maturing June 8, 2018

      5,440        5,399,558   

RCS Capital Corporation

     

Term Loan, 6.50%, Maturing April 29, 2019

      1,037        1,028,450   

Term Loan - Second Lien, 10.50%, Maturing April 29, 2021

      500        500,000   

Sensus USA Inc.

     

Term Loan, 4.50%, Maturing May 9, 2017

      651        635,108   

ServiceMaster Company

     

Term Loan, 4.25%, Maturing July 1, 2021

      2,425        2,406,286   

SGS Cayman, L.P.

     

Term Loan, 6.00%, Maturing April 23, 2021

      203        203,493   

SunGard Data Systems, Inc.

     

Term Loan, 3.90%, Maturing February 28, 2017

      887        884,304   

Term Loan, 4.00%, Maturing March 8, 2020

      5,622        5,604,835   

Sutherland Global Services Inc.

     

Term Loan, 6.00%, Maturing April 23, 2021

      872        874,195   

TNS, Inc.

     

Term Loan, 5.00%, Maturing February 14, 2020

      1,016        1,020,837   

TransUnion, LLC

     

Term Loan, 4.00%, Maturing April 9, 2021

      4,179        4,124,151   

Travelport Finance (Luxembourg) S.a.r.l.

     

Term Loan, 6.00%, Maturing September 2, 2021

      1,200        1,198,050   

U.S. Security Holdings, Inc.

     

Term Loan, 6.00%, Maturing July 28, 2017

      115        114,356   

Term Loan, 6.00%, Maturing July 28, 2017

      589        584,210   
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

  

WASH Multifamily Laundry Systems, LLC

     

Term Loan, 4.50%, Maturing February 21, 2019

      320      $ 316,924   

West Corporation

     

Term Loan, 3.25%, Maturing June 30, 2018

      3,217        3,174,380   

Zebra Technologies Corporation

     

Term Loan, 4.75%, Maturing September 30, 2021

      2,125        2,143,594   
                     
  $ 71,869,110   
                     

Cable and Satellite Television — 4.9%

  

Atlantic Broadband Finance, LLC

     

Term Loan, 3.25%, Maturing December 2, 2019

      762      $ 753,306   

Cequel Communications, LLC

     

Term Loan, 3.50%, Maturing February 14, 2019

      2,151        2,131,097   

Charter Communications Operating, LLC

     

Term Loan, 3.00%, Maturing July 1, 2020

      1,333        1,314,517   

Crown Media Holdings, Inc.

     

Term Loan, 4.00%, Maturing July 14, 2018

      299        297,532   

CSC Holdings, Inc.

     

Term Loan, 2.65%, Maturing April 17, 2020

      921        903,436   

ION Media Networks, Inc.

     

Term Loan, 5.00%, Maturing December 18, 2020

      1,514        1,521,604   

MCC Iowa LLC

     

Term Loan, 3.25%, Maturing January 29, 2021

      988        968,572   

Term Loan, 3.75%, Maturing June 30, 2021

      873        859,306   

Mediacom Illinois, LLC

     

Term Loan, 3.13%, Maturing October 23, 2017

      790        785,494   

Term Loan, 3.75%, Maturing June 30, 2021

      500        494,271   

Numericable U.S. LLC

     

Term Loan, 4.50%, Maturing May 21, 2020

      1,044        1,047,288   

Term Loan, 4.50%, Maturing May 21, 2020

      1,206        1,210,547   

Sterling Entertainment Enterprises, LLC

     

Term Loan, 3.16%, Maturing December 28, 2017

      735        708,540   

UPC Financing Partnership

     

Term Loan, 3.76%, Maturing March 31, 2021

  EUR     3,972        4,980,938   

Virgin Media Bristol LLC

     

Term Loan, 3.50%, Maturing June 7, 2020

      5,075        5,014,734   

Virgin Media Investment Holdings Limited

     

Term Loan, 4.25%, Maturing June 30, 2023

  GBP     1,475        2,346,470   

Ziggo B.V.

     

Term Loan, 3.00%, Maturing January 15, 2022(4)

  EUR     31        38,029   

Term Loan, 3.00%, Maturing January 15, 2022(4)

  EUR     445        550,147   

Term Loan, 3.00%, Maturing January 15, 2022(4)

  EUR     629        778,319   

Term Loan, 3.50%, Maturing January 15, 2022

  EUR     33        40,564   

Term Loan, 3.50%, Maturing January 15, 2022

  EUR     352        434,794   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Cable and Satellite Television (continued)

  

Ziggo B.V. (continued)

     

Term Loan, 3.50%, Maturing January 15, 2022

  EUR     561      $ 693,388   
                     
  $ 27,872,893   
                     

Chemicals and Plastics — 6.5%

  

Allnex (Luxembourg) & Cy S.C.A.

     

Term Loan, 4.50%, Maturing October 3, 2019

      276      $ 275,250   

Allnex USA, Inc.

     

Term Loan, 4.50%, Maturing October 3, 2019

      143        142,814   

Arysta LifeScience SPC, LLC

     

Term Loan, 4.50%, Maturing May 29, 2020

      2,296        2,293,423   

Axalta Coating Systems US Holdings Inc.

     

Term Loan, 3.75%, Maturing February 1, 2020

      3,776        3,721,806   

AZ Chem US Inc.

     

Term Loan, 4.50%, Maturing June 12, 2021

      670        670,413   

ECO Services Operations LLC

     

Term Loan, Maturing October 8, 2021(2)

      400        399,250   

Emerald Performance Materials, LLC

     

Term Loan, 4.50%, Maturing August 1, 2021

      525        517,781   

Term Loan - Second Lien, 7.75%, Maturing August 1, 2022

      550        542,667   

Flint Group GmbH

     

Term Loan, Maturing September 7, 2021(2)

      149        145,974   

Flint Group US LLC

     

Term Loan, Maturing September 7, 2021(2)

      901        883,026   

Gemini HDPE LLC

     

Term Loan, 4.75%, Maturing August 7, 2021

      1,945        1,937,024   

Huntsman International, LLC

     

Term Loan, 3.75%, Maturing August 12, 2021

      2,000        1,983,726   

Ineos US Finance LLC

     

Term Loan, 3.75%, Maturing May 4, 2018

      4,133        4,080,087   

Kronos Worldwide Inc.

     

Term Loan, 4.75%, Maturing February 18, 2020

      299        298,500   

MacDermid, Inc.

     

Term Loan, 4.00%, Maturing June 7, 2020

      1,315        1,288,596   

Minerals Technologies Inc.

     

Term Loan, 4.00%, Maturing May 9, 2021

      1,957        1,946,511   

OEP Pearl Dutch Acquisition B.V.

     

Term Loan, 6.50%, Maturing March 30, 2018

      88        88,691   

Omnova Solutions Inc.

     

Term Loan, 4.25%, Maturing May 31, 2018

      963        952,875   

Orion Engineered Carbons GmbH

     

Term Loan, 5.00%, Maturing July 25, 2021

      575        577,156   

Term Loan, 5.00%, Maturing July 25, 2021

  EUR     975        1,228,694   
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Chemicals and Plastics (continued)

  

OXEA Finance LLC

     

Term Loan, 4.25%, Maturing January 15, 2020

      693      $ 677,407   

Term Loan - Second Lien, 8.25%, Maturing July 15, 2020

      1,000        972,800   

Polarpak Inc.

     

Term Loan, 4.50%, Maturing June 5, 2020

      805        795,840   

PQ Corporation

     

Term Loan, 4.00%, Maturing August 7, 2017

      1,154        1,144,336   

Solenis International, LP

     

Term Loan, 4.50%, Maturing July 2, 2021

  EUR     975        1,227,167   

Term Loan, 4.25%, Maturing July 31, 2021

      300        294,563   

Sonneborn LLC

     

Term Loan, 6.50%, Maturing March 30, 2018

      501        502,580   

Tronox Pigments (Netherlands) B.V.

     

Term Loan, 4.00%, Maturing March 19, 2020

      2,982        2,956,494   

Univar Inc.

     

Term Loan, 5.00%, Maturing June 30, 2017

      3,544        3,526,718   

WNA Holdings Inc.

     

Term Loan, 4.50%, Maturing June 7, 2020

      574        568,015   
                     
  $ 36,640,184   
                     

Conglomerates — 1.5%

  

Bestway UK Holdco Limited

     

Term Loan, 5.31%, Maturing September 30, 2021

  GBP     2,000      $ 3,216,732   

RGIS Services, LLC

     

Term Loan, 5.50%, Maturing October 18, 2017

      2,835        2,700,159   

Spectrum Brands Europe GmbH

     

Term Loan, 3.75%, Maturing September 4, 2019

  EUR     968        1,215,437   

Spectrum Brands, Inc.

     

Term Loan, 3.50%, Maturing September 4, 2019

      1,040        1,033,653   
                     
  $ 8,165,981   
                     

Containers and Glass Products — 1.5%

  

Berry Plastics Holding Corporation

     

Term Loan, 3.50%, Maturing February 8, 2020

      2,142      $ 2,101,537   

Term Loan, 3.75%, Maturing January 6, 2021

      672        661,481   

Crown Americas, LLC

     

Term Loan, Maturing October 22, 2021(2)

      1,525        1,532,308   

Libbey Glass Inc.

     

Term Loan, 3.75%, Maturing April 9, 2021

      399        394,761   

Pelican Products, Inc.

     

Term Loan, 5.25%, Maturing April 10, 2020

      373        371,482   

Reynolds Group Holdings Inc.

     

Term Loan, 4.00%, Maturing December 1, 2018

      2,849        2,837,773   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Containers and Glass Products (continued)

  

TricorBraun, Inc.

     

Term Loan, 4.00%, Maturing May 3, 2018

      594      $ 588,209   
                     
  $ 8,487,551   
                     

Cosmetics / Toiletries — 0.7%

  

Prestige Brands, Inc.

     

Term Loan, 4.13%, Maturing January 31, 2019

      195      $ 195,198   

Term Loan, 4.50%, Maturing September 3, 2021

      650        652,302   

Revlon Consumer Products Corporation

     

Term Loan, 4.00%, Maturing October 8, 2019

      1,216        1,203,147   

Sun Products Corporation (The)

     

Term Loan, 5.50%, Maturing March 23, 2020

      2,126        1,913,804   
                     
  $ 3,964,451   
                     

Drugs — 2.4%

  

Alkermes, Inc.

     

Term Loan, 3.50%, Maturing September 18, 2019

      368      $ 363,432   

Auxilium Pharmaceuticals, Inc.

     

Term Loan, 6.25%, Maturing April 26, 2017

      703        706,888   

Endo Luxembourg Finance Company I S.a.r.l.

     

Term Loan, 3.25%, Maturing February 28, 2021

      398        394,020   

Ikaria, Inc.

     

Term Loan, 5.00%, Maturing February 12, 2021

      777        778,410   

Term Loan - Second Lien, 8.75%, Maturing February 14, 2022

      500        504,584   

Par Pharmaceutical Companies, Inc.

     

Term Loan, 4.00%, Maturing September 30, 2019

      1,878        1,848,399   

Valeant Pharmaceuticals International, Inc.

     

Term Loan, 3.50%, Maturing February 13, 2019

      1,593        1,581,797   

Term Loan, 3.50%, Maturing December 11, 2019

      2,561        2,540,855   

Term Loan, 3.50%, Maturing August 5, 2020

      3,125        3,105,540   

VWR Funding, Inc.

     

Term Loan, 3.40%, Maturing April 3, 2017

      1,838        1,823,894   
                     
  $ 13,647,819   
                     

Ecological Services and Equipment — 0.8%

  

ADS Waste Holdings, Inc.

     

Term Loan, 3.75%, Maturing October 9, 2019

      3,886      $ 3,807,113   

EnergySolutions, LLC

     

Term Loan, 6.75%, Maturing May 29, 2020

      848        854,940   
                     
  $ 4,662,053   
                     
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Electronics / Electrical — 11.5%

  

Allflex Holdings III, Inc.

     

Term Loan, 4.25%, Maturing July 17, 2020

      644      $ 631,434   

Answers Corporation

     

Term Loan, 6.25%, Maturing September 23, 2021

      1,100        1,067,000   

Attachmate Corporation

     

Term Loan, 7.25%, Maturing November 22, 2017

      2,869        2,872,940   

Term Loan - Second Lien, 11.00%, Maturing November 22, 2018

      1,000        1,015,625   

Avago Technologies Cayman Ltd.

     

Term Loan, 3.75%, Maturing May 6, 2021

      6,185        6,173,454   

Blue Coat Systems, Inc.

     

Term Loan - Second Lien, 9.50%, Maturing June 28, 2020

      825        827,063   

Campaign Monitor Finance Pty Limited

     

Term Loan, 6.25%, Maturing March 18, 2021

      721        714,161   

Carros Finance Luxembourg S.a.r.l.

     

Term Loan, 4.50%, Maturing September 30, 2021

      350        350,292   

Cinedigm Digital Funding I, LLC

     

Term Loan, 3.75%, Maturing February 28, 2018

      340        339,726   

CompuCom Systems, Inc.

     

Term Loan, 4.25%, Maturing May 11, 2020

      1,216        1,159,373   

Dealertrack Technologies, Inc.

     

Term Loan, 3.50%, Maturing February 28, 2021

      477        471,147   

Dell Inc.

     

Term Loan, 4.50%, Maturing April 29, 2020

      8,367        8,390,034   

Eagle Parent, Inc.

     

Term Loan, 4.00%, Maturing May 16, 2018

      3,393        3,373,497   

Entegris, Inc.

     

Term Loan, 3.50%, Maturing April 30, 2021

      472        457,429   

Excelitas Technologies Corp.

     

Term Loan, 6.00%, Maturing October 31, 2020

      833        834,136   

FIDJI Luxembourg (BC4) S.a.r.l.

     

Term Loan, 6.25%, Maturing December 24, 2020

      780        783,900   

Freescale Semiconductor, Inc.

     

Term Loan, 4.25%, Maturing February 28, 2020

      1,864        1,841,735   

Go Daddy Operating Company, LLC

     

Term Loan, 4.75%, Maturing May 13, 2021

      4,534        4,520,358   

Hyland Software, Inc.

     

Term Loan, 4.75%, Maturing February 19, 2021

      494        494,018   

Infor (US), Inc.

     

Term Loan, 3.75%, Maturing June 3, 2020

      5,239        5,166,552   

M/A-COM Technology Solutions Holdings, Inc.

     

Term Loan, 4.50%, Maturing May 7, 2021

      524        523,688   

Magic Newco LLC

     

Term Loan, 5.00%, Maturing December 12, 2018

      1,372        1,375,275   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Electronics / Electrical (continued)

  

MH Sub I, LLC

     

Term Loan, 4.00%, Maturing July 8, 2021(4)

      57      $ 56,827   

Term Loan, 5.00%, Maturing July 8, 2021

      816        814,153   

Microsemi Corporation

     

Term Loan, 3.25%, Maturing February 19, 2020

      1,254        1,237,374   

Orbotech, Inc.

     

Term Loan, 5.00%, Maturing August 6, 2020

      450        444,375   

Renaissance Learning, Inc.

     

Term Loan, 4.50%, Maturing April 9, 2021

      697        686,053   

Term Loan - Second Lien, 8.00%, Maturing April 11, 2022

      225        220,500   

Rocket Software, Inc.

     

Term Loan, 5.75%, Maturing February 8, 2018

      1,198        1,197,172   

Term Loan - Second Lien, 10.25%, Maturing February 8, 2019

      750        755,156   

RP Crown Parent, LLC

     

Term Loan, 6.00%, Maturing December 21, 2018

      4,553        4,426,556   

SGMS Escrow Corp.

     

Term Loan, 6.00%, Maturing October 1, 2021

      850        833,664   

Shield Finance Co. S.a.r.l.

     

Term Loan, 5.00%, Maturing January 29, 2021

      697        696,500   

Sirius Computer Solutions, Inc.

     

Term Loan, 7.00%, Maturing November 30, 2018

      451        456,229   

SkillSoft Corporation

     

Term Loan, 5.75%, Maturing April 28, 2021

      2,195        2,168,669   

Smart Technologies ULC

     

Term Loan, 10.50%, Maturing January 31, 2018

      601        598,244   

Sophia, L.P.

     

Term Loan, 4.00%, Maturing July 19, 2018

      1,244        1,235,175   

SunEdison Semiconductor B.V.

     

Term Loan, 6.50%, Maturing May 22, 2019

      848        837,277   

SurveyMonkey.com, LLC

     

Term Loan, 5.50%, Maturing February 5, 2019

      531        531,870   

Sybil Software LLC

     

Term Loan, 4.75%, Maturing March 20, 2020

      926        924,321   

Vantiv, LLC

     

Term Loan, 3.75%, Maturing June 13, 2021

      898        891,910   

Vertafore, Inc.

     

Term Loan, 4.25%, Maturing October 3, 2019

      968        963,464   

Wall Street Systems Delaware, Inc.

     

Term Loan, 4.50%, Maturing April 30, 2021

      1,503        1,495,242   
                     
  $ 64,853,568   
                     
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Equipment Leasing — 0.9%

  

Delos Finance S.a.r.l.

     

Term Loan, 3.50%, Maturing March 6, 2021

      2,450      $ 2,441,119   

Flying Fortress Inc.

     

Term Loan, 3.50%, Maturing June 30, 2017

      2,792        2,786,432   
                     
  $ 5,227,551   
                     

Financial Intermediaries — 5.5%

  

Armor Holding II LLC

     

Term Loan, 5.75%, Maturing June 26, 2020

      997      $ 989,006   

Term Loan - Second Lien, 10.25%, Maturing December 11, 2020

      1,000        990,000   

Citco Funding LLC

     

Term Loan, 4.25%, Maturing June 29, 2018

      2,014        2,001,315   

Clipper Acquisitions Corp.

     

Term Loan, 3.00%, Maturing February 6, 2020

      540        527,230   

First Data Corporation

     

Term Loan, 3.65%, Maturing March 23, 2018

      4,961        4,922,033   

Term Loan, 3.65%, Maturing September 24, 2018

      1,875        1,860,353   

Grosvenor Capital Management Holdings, LLP

     

Term Loan, 3.75%, Maturing January 4, 2021

      1,216        1,191,496   

Guggenheim Partners, LLC

     

Term Loan, 4.25%, Maturing July 22, 2020

      1,340        1,333,539   

Hamilton Lane Advisors, LLC

     

Term Loan, 4.00%, Maturing February 28, 2018

      515        508,435   

Harbourvest Partners, LLC

     

Term Loan, 3.25%, Maturing February 4, 2021

      819        802,463   

Home Loan Servicing Solutions, Ltd.

     

Term Loan, 4.50%, Maturing June 19, 2020

      1,062        1,000,841   

LPL Holdings, Inc.

     

Term Loan, 3.25%, Maturing March 29, 2019

      3,762        3,717,288   

Medley LLC

     

Term Loan, 6.50%, Maturing June 15, 2019

      497        494,108   

MIP Delaware, LLC

     

Term Loan, 4.00%, Maturing March 9, 2020

      577        576,281   

Moneygram International, Inc.

     

Term Loan, 4.25%, Maturing March 27, 2020

      419        392,461   

NXT Capital, Inc.

     

Term Loan, 6.25%, Maturing September 4, 2018

      124        123,439   

Term Loan, 6.25%, Maturing September 4, 2018

      743        736,931   

Ocwen Financial Corporation

     

Term Loan, 5.00%, Maturing February 15, 2018

      3,227        3,118,526   

Oz Management LP

     

Term Loan, 1.65%, Maturing November 15, 2016

      1,292        1,239,083   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Financial Intermediaries (continued)

  

Sesac Holdco II, LLC

     

Term Loan, 5.00%, Maturing February 8, 2019

      989      $ 986,184   

Starwood Property Trust, Inc.

     

Term Loan, 3.50%, Maturing April 17, 2020

      271        265,119   

Walker & Dunlop, Inc.

     

Term Loan, 5.25%, Maturing December 11, 2020

      645        641,899   

Walter Investment Management Corp.

     

Term Loan, 4.75%, Maturing December 11, 2020

      2,416        2,289,579   
                     
  $ 30,707,609   
                     

Food Products — 6.7%

  

AdvancePierre Foods, Inc.

     

Term Loan, 5.75%, Maturing July 10, 2017

      3,644      $ 3,630,406   

American Seafoods Group LLC

     

Term Loan, 4.50%, Maturing March 18, 2018

      572        546,030   

Big Heart Pet Brands

     

Term Loan, 3.50%, Maturing March 8, 2020

      3,413        3,290,763   

Blue Buffalo Company, Ltd.

     

Term Loan, 3.75%, Maturing August 8, 2019

      1,274        1,266,987   

Charger OpCo B.V.

     

Term Loan, 3.50%, Maturing June 30, 2021

  EUR     725        902,363   

Term Loan, 3.50%, Maturing July 23, 2021

      2,175        2,147,812   

Clearwater Seafoods Limited Partnership

     

Term Loan, 4.75%, Maturing June 24, 2019

      938        938,906   

CSM Bakery Solutions LLC

     

Term Loan, 5.00%, Maturing July 3, 2020

      1,037        1,029,536   

Del Monte Foods, Inc.

     

Term Loan, 4.25%, Maturing February 18, 2021

      1,468        1,381,452   

Diamond Foods, Inc.

     

Term Loan, 4.25%, Maturing August 20, 2018

      199        197,011   

Dole Food Company Inc.

     

Term Loan, 4.50%, Maturing November 1, 2018

      1,346        1,343,550   

H.J. Heinz Company

     

Term Loan, 3.50%, Maturing June 5, 2020

      8,369        8,327,217   

High Liner Foods Incorporated

     

Term Loan, 4.25%, Maturing April 24, 2021

      846        836,235   

JBS USA Holdings Inc.

     

Term Loan, 3.75%, Maturing May 25, 2018

      862        851,255   

Term Loan, 3.75%, Maturing September 18, 2020

      1,559        1,545,100   

NBTY, Inc.

     

Term Loan, 3.50%, Maturing October 1, 2017

      5,409        5,306,229   

Pinnacle Foods Finance LLC

     

Term Loan, 3.25%, Maturing April 29, 2020

      693        680,872   

Term Loan, 3.25%, Maturing April 29, 2020

      3,265        3,208,001   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Food Products (continued)

  

Post Holdings Inc.

     

Term Loan, 3.75%, Maturing June 2, 2021

      574      $ 571,451   
                     
  $ 38,001,176   
                     

Food Service — 4.1%

  

Aramark Services, Inc.

     

Term Loan, 3.66%, Maturing July 26, 2016

      169      $ 167,780   

Term Loan, 3.66%, Maturing July 26, 2016

      304        301,833   

ARG IH Corporation

     

Term Loan, 4.75%, Maturing November 15, 2020

      273        272,639   

Buffets, Inc.

     

Term Loan, 0.11%, Maturing April 22, 2015(3)

      92        73,465   

Burger King Corporation

     

Term Loan, 3.75%, Maturing September 28, 2019

      2,205        2,204,301   

Term Loan - Second Lien, Maturing September 4,
2015(2)

      1,080        1,079,892   

CEC Entertainment Concepts, L.P.

     

Term Loan, 4.25%, Maturing February 14, 2021

      721        699,133   

Centerplate, Inc.

     

Term Loan, 4.75%, Maturing November 26, 2019

      468        464,208   

Darling International Inc.

     

Term Loan, 3.50%, Maturing January 6, 2021

  EUR     970        1,213,281   

Dunkin’ Brands, Inc.

     

Term Loan, 3.25%, Maturing February 7, 2021

      2,987        2,935,930   

Landry’s, Inc.

     

Term Loan, 4.00%, Maturing April 24, 2018

      2,320        2,316,074   

NPC International, Inc.

     

Term Loan, 4.00%, Maturing December 28, 2018

      658        630,155   

P.F. Chang’s China Bistro Inc.

     

Term Loan, 4.25%, Maturing July 2, 2019

      407        393,710   

Seminole Hard Rock Entertainment, Inc.

     

Term Loan, 3.50%, Maturing May 14, 2020

      272        267,942   

US Foods, Inc.

     

Term Loan, 4.50%, Maturing March 31, 2019

      4,913        4,905,650   

Weight Watchers International, Inc.

     

Term Loan, 4.00%, Maturing April 2, 2020

      6,821        5,298,554   
                     
  $ 23,224,547   
                     

Food / Drug Retailers — 3.6%

  

Albertson’s Holdings LLC

     

Term Loan, 4.00%, Maturing August 25, 2019

      2,250      $ 2,248,360   

Term Loan, 4.50%, Maturing August 25, 2021

      900        901,187   

Albertson’s, LLC

     

Term Loan, 4.75%, Maturing March 21, 2019

      2,328        2,325,514   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Food / Drug Retailers (continued)

  

General Nutrition Centers, Inc.

     

Term Loan, 3.25%, Maturing March 4, 2019

      5,096      $ 4,984,991   

New Albertson’s, Inc.

     

Term Loan, 4.75%, Maturing June 27, 2021

      2,050        2,029,500   

Pantry, Inc. (The)

     

Term Loan, 4.75%, Maturing August 2, 2019

      417        418,062   

Rite Aid Corporation

     

Term Loan, 3.50%, Maturing February 21, 2020

      2,296        2,277,847   

Term Loan - Second Lien, 5.75%, Maturing August 21, 2020

      450        453,187   

Supervalu Inc.

     

Term Loan, 4.50%, Maturing March 21, 2019

      4,797        4,738,888   
                     
  $ 20,377,536   
                     

Health Care — 14.9%

  

Akorn, Inc.

     

Term Loan, 4.50%, Maturing April 16, 2021

      1,050      $ 1,045,178   

Alere, Inc.

     

Term Loan, 4.25%, Maturing June 30, 2017

      3,326        3,318,164   

Alliance Healthcare Services, Inc.

     

Term Loan, 4.25%, Maturing June 3, 2019

      1,234        1,219,721   

Amneal Pharmaceuticals LLC

     

Term Loan, 4.75%, Maturing November 1, 2019

      968        967,525   

Amsurg Corp.

     

Term Loan, 3.75%, Maturing July 16, 2021

      599        594,697   

Ardent Medical Services, Inc.

     

Term Loan, 6.75%, Maturing July 2, 2018

      2,790        2,800,176   

ATI Holdings, Inc.

     

Term Loan, 5.00%, Maturing December 20, 2019

      442        442,678   

Biomet Inc.

     

Term Loan, 3.65%, Maturing July 25, 2017

      5,487        5,476,804   

BSN Medical Inc.

     

Term Loan, 4.00%, Maturing August 28, 2019

      569        567,811   

CeramTec Acquisition Corporation

     

Term Loan, 4.25%, Maturing August 28, 2020

      33        32,930   

CHG Healthcare Services Inc.

     

Term Loan, 4.25%, Maturing November 19, 2019

      835        831,187   

Community Health Systems, Inc.

     

Term Loan, 4.25%, Maturing January 27, 2021

      7,411        7,427,331   

Convatec Inc.

     

Term Loan, 4.00%, Maturing December 22, 2016

      1,366        1,358,590   

CPI Buyer, LLC

     

Term Loan, 5.50%, Maturing August 18, 2021

      1,025        1,014,750   

DaVita HealthCare Partners, Inc.

     

Term Loan, 3.50%, Maturing June 24, 2021

      3,217        3,190,800   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

  

DJO Finance LLC

     

Term Loan, 4.25%, Maturing September 15, 2017

      576      $ 574,643   

Envision Healthcare Corporation

     

Term Loan, 4.00%, Maturing May 25, 2018

      1,998        1,986,308   

Faenza Acquisition GmbH

     

Term Loan, 4.25%, Maturing August 28, 2020

      100        99,977   

Term Loan, 4.25%, Maturing August 31, 2020

      334        332,113   

Gentiva Health Services, Inc.

     

Term Loan, 6.50%, Maturing October 18, 2019

      3,384        3,395,051   

Grifols Worldwide Operations USA, Inc.

     

Term Loan, 3.15%, Maturing February 27, 2021

      4,726        4,670,929   

Iasis Healthcare LLC

     

Term Loan, 4.50%, Maturing May 3, 2018

      1,617        1,618,405   

inVentiv Health, Inc.

     

Term Loan, 7.75%, Maturing May 15, 2018

      1,007        1,001,264   

Term Loan, 7.75%, Maturing May 15, 2018

      2,383        2,361,197   

JLL/Delta Dutch Newco B.V.

     

Term Loan, 4.25%, Maturing March 11, 2021

      873        850,369   

Term Loan, 4.50%, Maturing March 11, 2021

  EUR     299        373,880   

Kindred Healthcare, Inc.

     

Term Loan, 4.00%, Maturing April 9, 2021

      1,496        1,483,158   

Kinetic Concepts, Inc.

     

Term Loan, 4.00%, Maturing May 4, 2018

      4,485        4,459,403   

LHP Hospital Group, Inc.

     

Term Loan, 9.00%, Maturing July 3, 2018

      1,889        1,817,819   

Mallinckrodt International Finance S.A.

     

Term Loan, 3.50%, Maturing March 19, 2021

      1,125        1,116,161   

Term Loan, 3.50%, Maturing March 19, 2021

      1,517        1,505,318   

MedAssets, Inc.

     

Term Loan, 4.00%, Maturing December 13, 2019

      360        357,361   

Millennium Laboratories, Inc.

     

Term Loan, 5.25%, Maturing April 16, 2021

      4,090        4,097,418   

MMM Holdings, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      577        572,785   

MSO of Puerto Rico, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      420        415,377   

National Mentor Holdings, Inc.

     

Term Loan, 4.75%, Maturing January 31, 2021

      522        519,110   

Onex Carestream Finance LP

     

Term Loan, 5.00%, Maturing June 7, 2019

      2,705        2,712,049   

Opal Acquisition, Inc.

     

Term Loan, 5.00%, Maturing November 27, 2020

      1,638        1,636,091   

Ortho-Clinical Diagnostics, Inc.

     

Term Loan, 4.75%, Maturing June 30, 2021

      3,117        3,085,043   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

  

Pharmaceutical Product Development LLC

     

Term Loan, 4.00%, Maturing December 5, 2018

      1,891      $ 1,880,201   

PRA Holdings, Inc.

     

Term Loan, 4.50%, Maturing September 23, 2020

      1,262        1,249,627   

Radnet Management, Inc.

     

Term Loan, 4.28%, Maturing October 10, 2018

      1,736        1,718,204   

RegionalCare Hospital Partners, Inc.

     

Term Loan, 6.00%, Maturing April 19, 2019

      1,421        1,424,103   

Sage Products Holdings III, LLC

     

Term Loan, 4.25%, Maturing December 13, 2019

      433        431,842   

Salix Pharmaceuticals, Ltd.

     

Term Loan, 4.25%, Maturing January 2, 2020

      674        674,292   

Select Medical Corporation

     

Term Loan, 3.75%, Maturing June 1, 2018

      1,150        1,141,375   

Steward Health Care System LLC

     

Term Loan, 6.75%, Maturing April 12, 2020

      346        343,249   

TriZetto Corporation

     

Term Loan, 4.75%, Maturing May 2, 2018

      1,387        1,387,502   

Truven Health Analytics Inc.

     

Term Loan, 4.50%, Maturing June 6, 2019

      1,617        1,582,740   

U.S. Renal Care, Inc.

     

Term Loan, 4.25%, Maturing July 3, 2019

      796        791,450   
                     
  $ 83,954,156   
                     

Home Furnishings — 0.5%

  

Interline Brands, Inc.

     

Term Loan, 4.00%, Maturing March 17, 2021

      224      $ 219,164   

Serta Simmons Holdings, LLC

     

Term Loan, 4.25%, Maturing October 1, 2019

      1,537        1,525,095   

Tempur-Pedic International Inc.

     

Term Loan, 3.50%, Maturing March 18, 2020

      1,229        1,214,296   
                     
  $ 2,958,555   
                     

Industrial Equipment — 3.9%

  

Alliance Laundry Systems LLC

     

Term Loan, 4.25%, Maturing December 10, 2018

      308      $ 305,537   

Apex Tool Group, LLC

     

Term Loan, 4.50%, Maturing January 31, 2020

      714        678,419   

Delachaux S.A.

     

Term Loan, Maturing September 25, 2021(2)

      575        577,156   

Doosan Infracore International, Inc.

     

Term Loan, 4.50%, Maturing May 28, 2021

      1,097        1,099,535   

Filtration Group Corporation

     

Term Loan - Second Lien, 8.25%, Maturing November 21, 2021

      1,000        999,688   
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Industrial Equipment (continued)

  

Gardner Denver, Inc.

     

Term Loan, 4.25%, Maturing July 30, 2020

      1,832      $ 1,806,826   

Term Loan, 4.75%, Maturing July 30, 2020

  EUR     396        496,691   

Husky Injection Molding Systems Ltd.

     

Term Loan, 4.25%, Maturing June 30, 2021

      2,789        2,746,205   

Term Loan - Second Lien, 7.25%, Maturing June 30, 2022

      675        661,500   

Milacron LLC

     

Term Loan, 4.00%, Maturing March 30, 2020

      518        505,435   

NN, Inc.

     

Term Loan, 6.00%, Maturing August 27, 2021

      675        672,891   

Paladin Brands Holding, Inc.

     

Term Loan, 6.75%, Maturing August 16, 2019

      713        712,785   

Rexnord LLC

     

Term Loan, 4.00%, Maturing August 21, 2020

      4,579        4,518,654   

Signode Industrial Group US Inc.

     

Term Loan, 4.00%, Maturing May 1, 2021

      1,246        1,225,680   

Spansion LLC

     

Term Loan, 3.75%, Maturing December 19, 2019

      1,007        991,189   

STS Operating, Inc.

     

Term Loan, 4.75%, Maturing February 21, 2021

      299        298,173   

Tank Holding Corp.

     

Term Loan, 4.25%, Maturing July 9, 2019

      788        778,499   

Terex Corporation

     

Term Loan, 4.00%, Maturing July 31, 2021

  EUR     1,575        1,980,497   

Unifrax Corporation

     

Term Loan, 4.25%, Maturing November 28, 2018

      331        328,536   

Virtuoso US LLC

     

Term Loan, 4.75%, Maturing February 11, 2021

      423        419,571   
                     
  $ 21,803,467   
                     

Insurance — 4.5%

  

Alliant Holdings I, Inc.

     

Term Loan, 4.25%, Maturing December 20, 2019

      1,919      $ 1,892,877   

AmWINS Group, LLC

     

Term Loan, 5.00%, Maturing September 6, 2019

      4,747        4,745,772   

Applied Systems, Inc.

     

Term Loan, 4.25%, Maturing January 25, 2021

      844        836,243   

Asurion LLC

     

Term Loan, 5.00%, Maturing May 24, 2019

      8,428        8,440,329   

Term Loan, 4.25%, Maturing July 8, 2020

      963        950,627   

Term Loan - Second Lien, 8.50%, Maturing March 3, 2021

      1,025        1,043,899   

CGSC of Delaware Holding Corporation

     

Term Loan, 5.00%, Maturing April 16, 2020

      469        424,502   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Insurance (continued)

  

Cunningham Lindsey U.S. Inc.

     

Term Loan, 5.00%, Maturing December 10, 2019

      885      $ 867,108   

Term Loan - Second Lien, 9.25%, Maturing June 10, 2020

      1,000        1,002,188   

Hub International Limited

     

Term Loan, 4.25%, Maturing October 2, 2020

      2,797        2,761,161   

USI, Inc.

     

Term Loan, 4.25%, Maturing December 27, 2019

      2,362        2,337,974   
                     
  $ 25,302,680   
                     

Leisure Goods / Activities / Movies — 5.1%

  

Bally Technologies, Inc.

     

Term Loan, 4.25%, Maturing November 25, 2020

      988      $ 985,687   

Bombardier Recreational Products, Inc.

     

Term Loan, 4.00%, Maturing January 30, 2019

      3,225        3,174,591   

Bright Horizons Family Solutions, Inc.

     

Term Loan, 3.75%, Maturing January 30, 2020

      884        873,474   

ClubCorp Club Operations, Inc.

     

Term Loan, 4.50%, Maturing July 24, 2020

      2,928        2,906,942   

Dave & Buster’s, Inc.

     

Term Loan, 4.50%, Maturing July 25, 2020

      142        141,774   

Emerald Expositions Holding, Inc.

     

Term Loan, 4.75%, Maturing June 17, 2020

      1,020        1,020,413   

Equinox Holdings, Inc.

     

Term Loan, 4.25%, Maturing January 31, 2020

      2,527        2,504,587   

Fender Musical Instruments Corporation

     

Term Loan, 5.75%, Maturing April 3, 2019

      420        418,399   

Kasima, LLC

     

Term Loan, 3.25%, Maturing May 17, 2021

      946        937,452   

Live Nation Entertainment, Inc.

     

Term Loan, 3.50%, Maturing August 17, 2020

      2,546        2,515,765   

Nord Anglia Education Finance LLC

     

Term Loan, 4.50%, Maturing March 31, 2021

      1,471        1,458,438   

Sabre, Inc.

     

Term Loan, 4.00%, Maturing February 19, 2019

      1,179        1,163,231   

SeaWorld Parks & Entertainment, Inc.

     

Term Loan, 3.00%, Maturing May 14, 2020

      2,779        2,666,550   

Sonifi Solutions, Inc.

     

Term Loan, 6.75%, Maturing March 31, 2018(3)

      1,036        72,514   

SRAM, LLC

     

Term Loan, 4.01%, Maturing April 10, 2020

      1,744        1,717,406   

Town Sports International Inc.

     

Term Loan, 4.50%, Maturing November 16, 2020

      1,241        1,033,854   
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Leisure Goods / Activities / Movies (continued)

  

US Finco LLC

     

Term Loan, 4.00%, Maturing May 29, 2020

      469      $ 460,854   

Term Loan - Second Lien, 8.25%, Maturing November 30, 2020

      1,000        995,000   

WMG Acquisition Corp.

     

Term Loan, 3.75%, Maturing July 1, 2020

      1,045        1,013,382   

Zuffa LLC

     

Term Loan, 3.75%, Maturing February 25, 2020

      2,849        2,783,967   
                     
  $ 28,844,280   
                     

Lodging and Casinos — 5.3%

  

Affinity Gaming, LLC

     

Term Loan, 5.25%, Maturing November 9, 2017

      388      $ 388,495   

Amaya Holdings B.V.

     

Term Loan, 5.00%, Maturing August 1, 2021

      2,725        2,707,969   

Term Loan - Second Lien, 8.00%, Maturing August 1, 2022

      750        758,125   

Boyd Gaming Corporation

     

Term Loan, 4.00%, Maturing August 14, 2020

      471        467,636   

Caesars Entertainment Operating Company

     

Term Loan, 6.99%, Maturing March 1, 2017

      978        879,057   

CityCenter Holdings, LLC

     

Term Loan, 4.25%, Maturing October 16, 2020

      796        792,027   

Four Seasons Holdings Inc.

     

Term Loan - Second Lien, 6.25%, Maturing December 27, 2020

      3,577        3,603,717   

Gala Group Ltd.

     

Term Loan, 5.51%, Maturing May 28, 2018

  GBP     3,125        4,987,736   

Golden Nugget, Inc.

     

Term Loan, 5.50%, Maturing November 21, 2019

      141        142,757   

Term Loan, 5.50%, Maturing November 21, 2019

      330        333,100   

Hilton Worldwide Finance, LLC

     

Term Loan, 3.50%, Maturing October 26, 2020

      5,371        5,325,737   

La Quinta Intermediate Holdings LLC

     

Term Loan, 4.00%, Maturing April 14, 2021

      1,086        1,078,090   

MGM Resorts International

     

Term Loan, 3.50%, Maturing December 20, 2019

      2,456        2,430,536   

Pinnacle Entertainment, Inc.

     

Term Loan, 3.75%, Maturing August 13, 2020

      750        742,734   

Playa Resorts Holding B.V.

     

Term Loan, 4.00%, Maturing August 6, 2019

      495        488,813   

RHP Hotel Properties, LP

     

Term Loan, 3.75%, Maturing January 15, 2021

      673        669,385   

Scientific Games International, Inc.

     

Term Loan, 4.25%, Maturing October 18, 2020

      3,623        3,613,003   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Lodging and Casinos (continued)

  

Tropicana Entertainment Inc.

     

Term Loan, 4.00%, Maturing November 27, 2020

      371      $ 364,753   
                     
  $ 29,773,670   
                     

Nonferrous Metals / Minerals — 2.6%

  

Alpha Natural Resources, LLC

     

Term Loan, 3.50%, Maturing May 22, 2020

      1,773      $ 1,545,466   

Arch Coal Inc.

     

Term Loan, 6.25%, Maturing May 16, 2018

      3,575        3,175,184   

Fairmount Minerals Ltd.

     

Term Loan, 4.50%, Maturing September 5, 2019

      2,030        2,025,695   

Murray Energy Corporation

     

Term Loan, 5.25%, Maturing December 5, 2019

      1,368        1,357,864   

Noranda Aluminum Acquisition Corporation

     

Term Loan, 5.75%, Maturing February 28, 2019

      999        975,015   

Novelis, Inc.

     

Term Loan, 3.75%, Maturing March 10, 2017

      2,628        2,606,849   

Oxbow Carbon LLC

     

Term Loan, 4.25%, Maturing July 19, 2019

      445        439,746   

Term Loan - Second Lien, 8.00%, Maturing January 17, 2020

      775        759,500   

United Central Industrial Supply Company, L.L.C.

     

Term Loan - Second Lien, 12.50%, Maturing April 9, 2019

      500        495,000   

Walter Energy, Inc.

     

Term Loan, 7.25%, Maturing April 2, 2018

      1,607        1,394,079   
                     
  $ 14,774,398   
                     

Oil and Gas — 6.2%

  

Ameriforge Group, Inc.

     

Term Loan, 5.00%, Maturing December 19, 2019

      1,136      $ 1,132,094   

Term Loan - Second Lien, 8.75%, Maturing December 19, 2020

      2,800        2,814,000   

Bronco Midstream Funding LLC

     

Term Loan, 5.00%, Maturing August 17, 2020

      1,677        1,675,944   

Citgo Petroleum Corporation

     

Term Loan, 4.50%, Maturing July 29, 2021

      975        976,422   

Crestwood Holdings LLC

     

Term Loan, 7.00%, Maturing June 19, 2019

      1,854        1,854,963   

Drillships Ocean Ventures Inc.

     

Term Loan, 5.50%, Maturing July 25, 2021

      1,072        1,032,101   

Fieldwood Energy LLC

     

Term Loan, 3.88%, Maturing September 28, 2018

      1,040        1,019,539   

Floatel International, Ltd.

     

Term Loan, 6.00%, Maturing June 27, 2020

      2,220        2,157,198   
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

  

MEG Energy Corp.

     

Term Loan, 3.75%, Maturing March 31, 2020

      7,377      $ 7,264,493   

Obsidian Natural Gas Trust

     

Term Loan, 7.00%, Maturing November 2, 2015

      894        890,018   

Paragon Offshore Finance Company

     

Term Loan, 3.75%, Maturing July 18, 2021

      850        794,750   

Ruby Western Pipeline Holdings, LLC

     

Term Loan, 3.50%, Maturing March 27, 2020

      396        395,463   

Samson Investment Company

     

Term Loan - Second Lien, 5.00%, Maturing September 25, 2018

      1,850        1,720,500   

Seadrill Partners Finco LLC

     

Term Loan, 4.00%, Maturing February 21, 2021

      3,674        3,487,424   

Seventy Seven Operating LLC

     

Term Loan, 3.75%, Maturing June 25, 2021

      524        513,432   

Sheridan Investment Partners II, L.P.

     

Term Loan, 4.25%, Maturing December 16, 2020

      36        34,330   

Term Loan, 4.25%, Maturing December 16, 2020

      96        92,051   

Term Loan, 4.25%, Maturing December 16, 2020

      688        661,726   

Sheridan Production Partners I, LLC

     

Term Loan, 4.25%, Maturing October 1, 2019

      160        154,846   

Term Loan, 4.25%, Maturing October 1, 2019

      262        253,511   

Term Loan, 4.25%, Maturing October 1, 2019

      1,974        1,913,175   

Tallgrass Operations, LLC

     

Term Loan, 4.25%, Maturing November 13, 2018

      1,245        1,242,435   

Tervita Corporation

     

Term Loan, 6.25%, Maturing May 15, 2018

      3,099        3,014,002   
                     
  $ 35,094,417   
                     

Publishing — 4.0%

  

Advanstar Communications Inc.

     

Term Loan, 5.50%, Maturing April 29, 2019

      763      $ 764,488   

Ascend Learning, LLC

     

Term Loan, 6.00%, Maturing July 31, 2019

      1,265        1,272,556   

Getty Images, Inc.

     

Term Loan, 4.75%, Maturing October 18, 2019

      5,441        5,137,060   

Interactive Data Corporation

     

Term Loan, 4.75%, Maturing May 2, 2021

      1,596        1,597,995   

Laureate Education, Inc.

     

Term Loan, 5.00%, Maturing June 15, 2018

      7,661        7,412,430   

McGraw-Hill Global Education Holdings, LLC

     

Term Loan, 5.75%, Maturing March 22, 2019

      695        697,800   

Media General, Inc.

     

Term Loan, 4.25%, Maturing July 31, 2020

      1,020        1,015,884   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Publishing (continued)

  

Merrill Communications, LLC

     

Term Loan, 5.75%, Maturing March 8, 2018

      628      $ 631,090   

Multi Packaging Solutions, Inc.

     

Term Loan, 4.25%, Maturing September 30, 2020

      373        368,228   

Nelson Education Ltd.

     

Term Loan, 6.75%, Maturing July 3, 2014(18)

      431        357,043   

Penton Media, Inc.

     

Term Loan, 5.50%, Maturing October 3, 2019

      594        594,743   

ProQuest LLC

     

Term Loan, Maturing October 24, 2021(2)

      675        675,140   

Rentpath, Inc.

     

Term Loan, 6.25%, Maturing May 29, 2020

      1,037        1,038,819   

Springer Science+Business Media Deutschland GmbH

     

Term Loan, 4.75%, Maturing August 16, 2021

      1,114        1,107,274   
                     
  $ 22,670,550   
                     

Radio and Television — 2.8%

  

ALM Media Holdings, Inc.

     

Term Loan, 5.50%, Maturing July 31, 2020

      425      $ 423,938   

Block Communications, Inc.

     

Term Loan, Maturing October 21, 2021(2)

      225        225,141   

Clear Channel Communications, Inc.

     

Term Loan, 3.80%, Maturing January 29, 2016

      10        9,481   

Term Loan, 6.90%, Maturing January 30, 2019

      1,132        1,072,108   

Term Loan, 7.65%, Maturing July 30, 2019

      364        352,726   

Cumulus Media Holdings Inc.

     

Term Loan, 4.25%, Maturing December 23, 2020

      4,245        4,190,797   

Entercom Radio, LLC

     

Term Loan, 4.00%, Maturing November 23, 2018

      384        384,267   

Gray Television, Inc.

     

Term Loan, 3.75%, Maturing June 10, 2021

      274        271,855   

Hubbard Radio, LLC

     

Term Loan, 4.50%, Maturing April 29, 2019

      734        730,786   

LIN Television Corporation

     

Term Loan, 4.00%, Maturing December 21, 2018

      508        505,863   

Mission Broadcasting, Inc.

     

Term Loan, 3.75%, Maturing October 1, 2020

      636        626,961   

Nexstar Broadcasting, Inc.

     

Term Loan, 3.75%, Maturing October 1, 2020

      721        710,984   

Raycom TV Broadcasting, LLC

     

Term Loan, 3.75%, Maturing August 4, 2021

      849        842,384   

Sinclair Television Group Inc.

     

Term Loan, 3.00%, Maturing April 9, 2020

      493        480,607   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Radio and Television (continued)

  

TWCC Holding Corp.

     

Term Loan, 3.50%, Maturing February 13, 2017

      1,079      $ 1,066,085   

Univision Communications Inc.

     

Term Loan, 4.00%, Maturing March 1, 2020

      3,768        3,735,008   
                     
  $ 15,628,991   
                     

Retailers (Except Food and Drug) — 9.1%

  

99 Cents Only Stores

     

Term Loan, 4.50%, Maturing January 11, 2019

      1,926      $ 1,912,188   

B&M Retail Limited

     

Term Loan, 4.32%, Maturing May 21, 2019

  GBP     350        552,617   

Term Loan, 4.32%, Maturing April 28, 2020

  GBP     275        437,113   

B.C. Unlimited Liability Company

     

Term Loan, 4.50%, Maturing October 27, 2021

      6,500        6,504,966   

Bass Pro Group, LLC

     

Term Loan, 3.75%, Maturing November 20, 2019

      2,376        2,350,273   

Burlington Coat Factory Warehouse Corporation

     

Term Loan, 4.25%, Maturing July 17, 2021

      499        495,945   

CDW LLC

     

Term Loan, 3.25%, Maturing April 29, 2020

      4,902        4,802,250   

David’s Bridal, Inc.

     

Term Loan, 5.00%, Maturing October 11, 2019

      621        606,678   

Evergreen Acqco 1 LP

     

Term Loan, 5.00%, Maturing July 9, 2019

      660        656,547   

Harbor Freight Tools USA, Inc.

     

Term Loan, 4.75%, Maturing July 26, 2019

      1,111        1,112,326   

Hudson’s Bay Company

     

Term Loan, 4.75%, Maturing November 4, 2020

      3,631        3,641,404   

J. Crew Group, Inc.

     

Term Loan, 4.00%, Maturing March 5, 2021

      2,886        2,798,214   

Jo-Ann Stores, Inc.

     

Term Loan, 4.00%, Maturing March 16, 2018

      1,895        1,823,816   

Men’s Wearhouse, Inc. (The)

     

Term Loan, 4.50%, Maturing June 18, 2021

      1,450        1,448,188   

Michaels Stores, Inc.

     

Term Loan, 3.75%, Maturing January 28, 2020

      2,536        2,497,538   

Term Loan, 4.00%, Maturing January 28, 2020

      998        986,278   

Neiman Marcus Group, Inc. (The)

     

Term Loan, 4.25%, Maturing October 25, 2020

      4,257        4,196,949   

Party City Holdings Inc.

     

Term Loan, 4.00%, Maturing July 27, 2019

      2,336        2,293,737   

Pep Boys-Manny, Moe & Jack (The)

     

Term Loan, 4.25%, Maturing October 11, 2018

      467        464,937   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Retailers (Except Food and Drug) (continued)

  

Petco Animal Supplies, Inc.

     

Term Loan, 4.00%, Maturing November 24, 2017

      2,175      $ 2,160,198   

PFS Holding Corporation

     

Term Loan, 4.50%, Maturing January 31, 2021

      970        824,606   

Pier 1 Imports (U.S.), Inc.

     

Term Loan, 4.50%, Maturing April 30, 2021

      524        519,760   

Pilot Travel Centers LLC

     

Term Loan, 4.25%, Maturing October 1, 2021

      2,025        2,031,012   

Rent-A-Center, Inc.

     

Term Loan, 3.75%, Maturing March 19, 2021

      498        487,550   

Spin Holdco Inc.

     

Term Loan, 4.25%, Maturing November 14, 2019

      2,600        2,578,558   

Toys ‘R’ Us Property Company I, LLC

     

Term Loan, 6.00%, Maturing August 21, 2019

      817        778,465   

Vivarte SA

     

Term Loan, 5.01%, (1.26% Cash, 3.75% PIK), Maturing October 29, 2020(16)

  EUR     910        1,005,761   

Term Loan, 11.01%, (4.01% Cash, 7.00% PIK), Maturing July 24, 2019(17)

  EUR     589        768,605   

Wilton Brands LLC

     

Term Loan, 7.50%, Maturing August 30, 2018

      577        545,175   
                     
  $ 51,281,654   
                     

Steel — 2.1%

  

Essar Steel Algoma, Inc.

     

Term Loan, 10.25%, Maturing November 15, 2014

      1,032      $ 1,035,333   

FMG Resources (August 2006) Pty. Ltd.

     

Term Loan, 3.75%, Maturing June 30, 2019

      6,080        5,942,437   

JFB Firth Rixson Inc.

     

Term Loan, 5.00%, Maturing June 30, 2017

  GBP     737        1,178,412   

JMC Steel Group, Inc.

     

Term Loan, 4.75%, Maturing April 1, 2017

      676        667,789   

Neenah Foundry Company

     

Term Loan, 6.75%, Maturing April 26, 2017

      416        414,274   

Patriot Coal Corporation

     

Term Loan, 9.00%, Maturing December 15, 2018

      1,489        1,446,569   

Waupaca Foundry, Inc.

     

Term Loan, 4.00%, Maturing June 29, 2017

      1,379        1,376,615   
                     
  $ 12,061,429   
                     

Surface Transport — 0.8%

  

Hertz Corporation (The)

     

Term Loan, 3.75%, Maturing March 12, 2018

      1,769      $ 1,753,579   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Surface Transport (continued)

                   

Stena International S.a.r.l.

     

Term Loan, 4.00%, Maturing March 3, 2021

      1,567      $ 1,543,618   

Swift Transportation Co., LLC

     

Term Loan, 3.75%, Maturing June 9, 2021

      1,169        1,164,254   
                     
  $ 4,461,451   
                     

Telecommunications — 3.9%

                   

Cellular South, Inc.

     

Term Loan, 3.25%, Maturing May 22, 2020

      318      $ 314,379   

Intelsat Jackson Holdings S.A.

     

Term Loan, 3.75%, Maturing June 30, 2019

      7,550        7,502,812   

IPC Systems, Inc.

     

Term Loan, 6.00%, Maturing November 8, 2020

      1,047        1,047,703   

SBA Senior Finance II LLC

     

Term Loan, 3.25%, Maturing March 24, 2021

      1,820        1,791,615   

Syniverse Holdings, Inc.

     

Term Loan, 4.00%, Maturing April 23, 2019

      1,188        1,169,849   

Term Loan, 4.00%, Maturing April 23, 2019

      1,776        1,759,032   

Telesat Canada

     

Term Loan, 3.50%, Maturing March 28, 2019

      6,672        6,587,415   

Windstream Corporation

     

Term Loan, 3.50%, Maturing August 8, 2019

      1,894        1,877,892   
                     
  $ 22,050,697   
                     

Utilities — 2.9%

                   

Calpine Construction Finance Company, L.P.

     

Term Loan, 3.00%, Maturing May 3, 2020

      1,037      $ 1,009,657   

Term Loan, 3.25%, Maturing January 31, 2022

      395        385,134   

Calpine Corporation

     

Term Loan, 4.00%, Maturing April 1, 2018

      919        913,299   

Term Loan, 4.00%, Maturing April 1, 2018

      2,702        2,688,490   

Term Loan, 4.00%, Maturing October 9, 2019

      809        801,489   

Dynegy Holdings Inc.

     

Term Loan, 4.00%, Maturing April 23, 2020

      957        952,928   

EFS Cogen Holdings I LLC

     

Term Loan, 3.75%, Maturing December 17, 2020

      527        525,506   

Electrical Components International, Inc.

     

Term Loan, 5.75%, Maturing May 28, 2021

      374        374,764   

Energy Future Intermediate Holding Company LLC

     

DIP Loan, 4.25%, Maturing June 19, 2016

      1,725        1,723,653   

Equipower Resources Holdings LLC

     

Term Loan, 4.25%, Maturing December 31, 2019

      568        565,923   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Utilities (continued)

                   

Granite Acquisition Inc.

     

Term Loan, Maturing October 15, 2021(2)

      109      $ 109,000   

Term Loan, Maturing October 15, 2021(2)

      2,466        2,477,266   

La Frontera Generation, LLC

     

Term Loan, 4.50%, Maturing September 30, 2020

      579        575,988   

PowerTeam Services, LLC

     

Term Loan, 4.25%, Maturing May 6, 2020

      14        13,745   

Term Loan, 4.25%, Maturing May 6, 2020

      263        257,408   

Southcross Holdings Borrower LP

     

Term Loan, 6.00%, Maturing August 4, 2021

      399        395,259   

TerraForm Power Operating, LLC

     

Term Loan, 4.75%, Maturing July 23, 2019

      224        224,998   

TPF II Power, LLC

     

Term Loan, 5.50%, Maturing October 2, 2021

      1,350        1,354,219   

WTG Holdings III Corp.

     

Term Loan, 4.75%, Maturing January 15, 2021

      397        394,767   

Term Loan - Second Lien, 8.50%, Maturing January 15, 2022

      800        791,333   
                     
  $ 16,534,826   
                     

Total Senior Floating-Rate Interests
(identified cost $810,649,091)

   

  $ 798,491,109   
                     
Corporate Bonds & Notes — 12.5%   
Security        Principal
Amount*
(000’s omitted)
    Value  

Aerospace and Defense — 0.1%

  

Alliant Techsystems, Inc.

     

5.25%, 10/1/21(6)

      45      $ 46,013   

CBC Ammo, LLC/CBC FinCo, Inc.

     

7.25%, 11/15/21(6)

      75        74,625   

GenCorp, Inc.

     

7.125%, 3/15/21

      70        74,725   

TransDigm, Inc.

     

7.50%, 7/15/21

      10        10,850   

6.00%, 7/15/22(6)

      85        86,381   

6.50%, 7/15/24(6)

      65        67,275   
                     
  $ 359,869   
                     

Automotive — 0.1%

                   

American Axle & Manufacturing, Inc.

     

5.125%, 2/15/19

      20      $ 20,400   
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Automotive (continued)

                   

Chrysler Group, LLC/CG Co-Issuer, Inc.

     

8.25%, 6/15/21

      200      $ 224,500   

General Motors Financial Co., Inc.

     

4.75%, 8/15/17

      70        75,075   

3.25%, 5/15/18

      10        10,250   

Navistar International Corp.

     

8.25%, 11/1/21

      105        108,334   
                     
  $ 438,559   
                     

Beverage and Tobacco — 0.1%

                   

Constellation Brands, Inc.

     

6.00%, 5/1/22

      105      $ 117,862   

4.25%, 5/1/23

      105        105,788   

Cott Beverages, Inc.

     

5.375%, 7/1/22(6)

      70        69,475   
                     
  $ 293,125   
                     

Brokerage / Securities Dealers / Investment Houses — 0.0%(7)

  

Alliance Data Systems Corp.

     

6.375%, 4/1/20(6)

      55      $ 58,025   

Nielsen Co. Luxembourg S.a.r.l. (The)

     

5.50%, 10/1/21(6)

      35        36,488   
                     
  $ 94,513   
                     

Building and Development — 0.1%

                   

Brookfield Residential Properties, Inc.

     

6.50%, 12/15/20(6)

      55      $ 58,850   

HD Supply, Inc.

     

8.125%, 4/15/19

      35        37,975   

7.50%, 7/15/20

      110        117,700   

Interline Brands, Inc.

     

10.00%, 11/15/18(8)

      130        136,175   

Nortek, Inc.

     

10.00%, 12/1/18

      85        89,887   

8.50%, 4/15/21

      50        54,000   

USG Corp.

     

5.875%, 11/1/21(6)

      35        36,313   
                     
  $ 530,900   
                     

Business Equipment and Services — 0.1%

                   

Audatex North America, Inc.

     

6.00%, 6/15/21(6)

      50      $ 53,125   

Building Materials Corp. of America

     

5.375%, 11/15/24(9)

      130        130,975   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

                   

Ceridian, LLC/Comdata, Inc.

     

8.125%, 11/15/17(6)

      45      $ 45,113   

FTI Consulting, Inc.

     

6.00%, 11/15/22

      40        41,150   

IMS Health, Inc.

     

6.00%, 11/1/20(6)

      75        78,000   

ServiceMaster Co. (The)

     

8.00%, 2/15/20

      72        77,220   

7.00%, 8/15/20

      26        27,625   

TransUnion Holding Co., Inc.

     

8.125%, 6/15/18

      105        109,462   

United Rentals North America, Inc.

     

8.375%, 9/15/20

      20        21,750   

7.625%, 4/15/22

      40        44,800   

6.125%, 6/15/23

      35        37,800   

Zebra Technologies Corp.

     

7.25%, 10/15/22

      100        105,500   
                     
  $ 772,520   
                     

Cable and Satellite Television — 0.9%

                   

AMC Networks, Inc.

     

7.75%, 7/15/21

      45      $ 49,275   

4.75%, 12/15/22

      35        34,913   

CCO Holdings, LLC/CCO Holdings Capital Corp.

     

5.25%, 9/30/22

      155        156,550   

5.75%, 1/15/24

      70        71,838   

CSC Holdings, LLC

     

5.25%, 6/1/24(6)

      30        30,150   

DISH DBS Corp.

     

6.75%, 6/1/21

      205        228,063   

5.875%, 7/15/22

      70        74,375   

IAC/InterActiveCorp

     

4.875%, 11/30/18

      55        56,925   

Numericable Group SA

     

4.875%, 5/15/19(6)

      390        390,487   

Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH

     

5.50%, 1/15/23(6)

      1,000        1,047,500   

Virgin Media Secured Finance PLC

     

5.375%, 4/15/21(6)

      925        964,312   

6.00%, 4/15/21(6)

  GBP     950        1,595,853   

5.50%, 1/15/25(6)

      550        569,250   
                     
  $ 5,269,491   
                     
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Chemicals and Plastics — 1.7%

                   

Chemtura Corp.

     

5.75%, 7/15/21

      10      $ 10,025   

Hexion US Finance Corp.

     

6.625%, 4/15/20

      2,950        2,964,750   

Ineos Finance PLC

     

7.25%, 2/15/19(6)(10)

  EUR     1,000        1,290,745   

8.375%, 2/15/19(6)

      1,825        1,964,156   

7.50%, 5/1/20(6)

      800        859,000   

Rockwood Specialties Group, Inc.

     

4.625%, 10/15/20

      130        136,208   

Trinseo Materials Operating S.C.A.

     

8.75%, 2/1/19

      1,800        1,908,000   

Tronox Finance, LLC

     

6.375%, 8/15/20

      155        161,006   

W.R. Grace & Co.

     

5.125%, 10/1/21

      30        31,331   

5.625%, 10/1/24

      10        10,575   
                     
  $ 9,335,796   
                     

Clothing / Textiles — 0.0%(7)

                   

Levi Strauss & Co.

     

6.875%, 5/1/22

      65      $ 71,013   
                     
      $ 71,013   
                     

Commercial Services — 0.0%(7)

                   

Anna Merger Sub, Inc.

     

7.75%, 10/1/22

      140      $ 144,550   
                     
  $ 144,550   
                     

Conglomerates — 0.1%

                   

Belden, Inc.

     

5.50%, 9/1/22(6)

      20      $ 20,525   

Harbinger Group, Inc.

     

7.875%, 7/15/19

      65        70,688   

Spectrum Brands, Inc.

     

6.375%, 11/15/20

      50        53,250   

6.625%, 11/15/22

      70        75,425   

TMS International Corp.

     

7.625%, 10/15/21(6)

      60        63,000   
                     
  $ 282,888   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Containers and Glass Products — 0.7%

                   

Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holding II Issuer, Inc.

     

5.625%, 12/15/16(6)

      25      $ 25,125   

6.00%, 6/15/17(6)

      35        35,000   

Reynolds Group Holdings, Inc.

     

5.75%, 10/15/20

      3,875        4,049,375   

Sealed Air Corp.

     

8.375%, 9/15/21(6)

      10        11,375   
                     
  $ 4,120,875   
                     

Cosmetics / Toiletries — 0.1%

                   

Alphabet Holding Co., Inc.

     

7.75%, 11/1/17(8)

      235      $ 228,244   

Party City Holdings, Inc.

     

8.875%, 8/1/20

      120        130,800   
                     
  $ 359,044   
                     

Diversified Financial Services — 0.1%

                   

Icahn Enterprises, LP/Icahn Enterprises Finance Corp.

     

3.50%, 3/15/17

      45      $ 44,887   

6.00%, 8/1/20

      40        42,200   

JPMorgan Chase & Co.

     

6.75% to 2/1/24, 1/29/49(11)

      80        84,688   

Navient, LLC

     

5.50%, 1/15/19

      160        166,301   

6.125%, 3/25/24

      10        10,350   
                     
  $ 348,426   
                     

Drugs — 0.1%

                   

ConvaTec Finance International SA

     

8.25%, 1/15/19(6)(8)

      200      $ 204,400   

Valeant Pharmaceuticals International, Inc.

     

6.375%, 10/15/20(6)

      200        206,000   

7.50%, 7/15/21(6)

      50        53,687   
                     
  $ 464,087   
                     

Ecological Services and Equipment — 0.0%(7)

                   

ADS Waste Holdings, Inc.

     

8.25%, 10/1/20

      50      $ 52,625   

Clean Harbors, Inc.

     

5.25%, 8/1/20

      50        51,625   

5.125%, 6/1/21

      25        25,563   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Ecological Services and Equipment (continued)

                   

Covanta Holding Corp.

     

5.875%, 3/1/24

      45      $ 46,687   

Darling Ingredients, Inc.

     

5.375%, 1/15/22(6)

      40        40,250   
                     
  $ 216,750   
                     

Electronics / Electrical — 0.2%

                   

Alcatel-Lucent USA, Inc.

     

4.625%, 7/1/17(6)

      35      $ 35,744   

8.875%, 1/1/20(6)

      260        286,650   

CommScope Holding Co., Inc.

     

6.625%, 6/1/20(6)(8)

      55        58,162   

Dynegy Finance I, Inc./Dynegy Finance II, Inc.

     

6.75%, 11/1/19

      65        67,356   

7.375%, 11/1/22

      65        68,819   

7.625%, 11/1/24

      50        53,063   

Freescale Semiconductor, Inc.

     

6.00%, 1/15/22(6)

      55        56,512   

Infor US, Inc.

     

9.375%, 4/1/19

      60        65,475   

Nuance Communications, Inc.

     

5.375%, 8/15/20(6)

      120        121,200   

Sensata Technologies B.V.

     

5.625%, 11/1/24

      15        15,863   
                     
  $ 828,844   
                     

Equipment Leasing — 0.3%

                   

International Lease Finance Corp.

     

8.625%, 9/15/15

      1,000      $ 1,051,250   

6.75%, 9/1/16(6)

      350        372,750   

7.125%, 9/1/18(6)

      350        397,250   
                     
  $ 1,821,250   
                     

Financial Intermediaries — 1.1%

                   

CIT Group, Inc.

     

5.50%, 2/15/19(6)

      45      $ 48,150   

5.375%, 5/15/20

      10        10,725   

First Data Corp.

     

7.375%, 6/15/19(6)

      1,000        1,062,500   

6.75%, 11/1/20(6)

      962        1,031,745   

11.25%, 1/15/21

      42        48,510   

10.625%, 6/15/21

      42        48,615   

11.75%, 8/15/21

      56        65,351   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Financial Intermediaries (continued)

                   

Ford Motor Credit Co., LLC

     

12.00%, 5/15/15

      2,250      $ 2,382,678   

UPCB Finance II, Ltd.

     

6.375%, 7/1/20(6)

  EUR     1,000        1,320,507   
                     
  $ 6,018,781   
                     

Food Products — 1.1%

                   

Post Holdings, Inc.

     

6.75%, 12/1/21(6)

      30      $ 30,037   

6.00%, 12/15/22(6)

      35        33,862   

Stretford 79 PLC

     

4.81%, 7/15/20(6)(10)

  GBP     4,000        5,765,577   

6.25%, 7/15/21(6)

  GBP     400        540,699   

WhiteWave Foods Co. (The)

     

5.375%, 10/1/22

      25        26,313   
                     
  $ 6,396,488   
                     

Food Service — 0.0%(7)

                   

Pinnacle Operating Corp.

     

9.00%, 11/15/20(6)

      40      $ 43,200   
                     
  $ 43,200   
                     

Food / Drug Retailers — 0.0%(7)

                   

Albertsons Holdings, LLC/Saturn Acquisition Merger Sub, Inc.

     

7.75%, 10/15/22

      50      $ 49,500   

Pantry, Inc. (The)

     

8.375%, 8/1/20

      70        73,850   
                     
  $ 123,350   
                     

Health Care — 1.1%

                   

Air Medical Group Holdings, Inc.

     

9.25%, 11/1/18

      4      $ 4,195   

Alere, Inc.

     

8.625%, 10/1/18

      45        47,081   

6.50%, 6/15/20

      35        36,313   

Amsurg Corp.

     

5.625%, 11/30/20

      50        51,750   

5.625%, 7/15/22(6)

      45        46,851   

Biomet, Inc.

     

6.50%, 8/1/20

      170        182,325   

Capsugel SA

     

7.00%, 5/15/19(6)(8)

      25        25,469   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

                   

CHS/Community Health Systems, Inc.

     

5.125%, 8/15/18

      2,190      $ 2,283,075   

7.125%, 7/15/20

      120        130,050   

6.875%, 2/1/22(6)

      110        118,937   

HCA Holdings, Inc.

     

6.25%, 2/15/21

      85        91,694   

HCA, Inc.

     

6.50%, 2/15/20

      15        16,800   

4.75%, 5/1/23

      1,050        1,069,687   

Hologic, Inc.

     

6.25%, 8/1/20

      245        258,781   

INC Research, LLC

     

11.50%, 7/15/19(6)

      95        106,875   

Kinetic Concepts, Inc./KCI USA, Inc.

     

10.50%, 11/1/18

      45        49,725   

MPH Acquisition Holdings, LLC

     

6.625%, 4/1/22(6)

      175        183,531   

Opal Acquisition, Inc.

     

8.875%, 12/15/21(6)

      70        73,325   

Salix Pharmaceuticals, Ltd.

     

6.00%, 1/15/21(6)

      60        65,100   

Teleflex, Inc.

     

5.25%, 6/15/24(6)

      20        20,350   

Tenet Healthcare Corp.

     

5.00%, 3/1/19(6)

      25        25,094   

6.00%, 10/1/20

      55        59,263   

4.375%, 10/1/21

      600        599,250   

8.125%, 4/1/22

      105        120,619   

United Surgical Partners International, Inc.

     

9.00%, 4/1/20

      60        65,100   

VWR Funding, Inc.

     

7.25%, 9/15/17

      90        94,837   

WellCare Health Plans, Inc.

     

5.75%, 11/15/20

      95        98,306   
                     
  $ 5,924,383   
                     

Home Furnishings — 0.0%(7)

                   

Tempur Sealy International, Inc.

     

6.875%, 12/15/20

      40      $ 42,900   
                     
  $ 42,900   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Homebuilders / Real Estate — 0.0%(7)

                   

Weyerhaeuser Real Estate Co.

     

4.375%, 6/15/19(6)

      45      $ 44,944   

5.875%, 6/15/24(6)

      50        51,187   
                     
  $ 96,131   
                     

Industrial Equipment — 0.0%(7)

                   

BlueLine Rental Finance Corp.

     

7.00%, 2/1/19(6)

      25      $ 26,438   

Erikson Air-Crane, Inc., Promissory Note

     

6.00%, 11/2/20(3)(12)

      76        54,032   

Manitowoc Co., Inc. (The)

     

5.875%, 10/15/22

      40        41,400   

Vander Intermediate Holding II Corp.

     

9.75%, 2/1/19(6)(8)

      45        47,812   
                     
  $ 169,682   
                     

Insurance — 0.4%

                   

A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub, LLC

     

7.875%, 12/15/20(6)

      55      $ 56,925   

CNO Financial Group, Inc.

     

6.375%, 10/1/20(6)

      1,050        1,120,875   

Hub Holdings, LLC/Hub Holdings Finance, Inc.

     

8.125%, 7/15/19(6)(8)

      45        44,888   

Towergate Finance PLC

     

6.053%, 2/15/18(6)(10)

  GBP     650        873,436   

USI, Inc.

     

7.75%, 1/15/21(6)

      100        101,750   
                     
  $ 2,197,874   
                     

Leisure Goods / Activities / Movies — 0.2%

                   

Activision Blizzard, Inc.

     

6.125%, 9/15/23(6)

      35      $ 37,975   

National CineMedia, LLC

     

6.00%, 4/15/22

      790        803,825   

NCL Corp., Ltd.

     

5.00%, 2/15/18

      30        30,150   

Regal Entertainment Group

     

5.75%, 3/15/22

      30        29,475   

Royal Caribbean Cruises

     

7.25%, 6/15/16

      25        27,125   

7.25%, 3/15/18

      50        56,375   

Seven Seas Cruises, S. de R.L. LLC

     

9.125%, 5/15/19

      65        69,387   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Leisure Goods / Activities / Movies (continued)

                   

Viking Cruises, Ltd.

     

8.50%, 10/15/22(6)

      90      $ 97,875   
                     
  $ 1,152,187   
                     

Lodging and Casinos — 0.7%

                   

Buffalo Thunder Development Authority

     

9.375%, 12/15/14(5)(6)

      480      $ 192,000   

Caesars Entertainment Operating Co., Inc.

     

8.50%, 2/15/20

      2,100        1,585,500   

9.00%, 2/15/20

      525        399,000   

9.00%, 2/15/20

      1,175        887,125   

GLP Capital, LP/GLP Financing II, Inc.

     

4.875%, 11/1/20

      105        109,725   

Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp.

     

5.625%, 10/15/21(6)

      110        116,118   

MGM Resorts International

     

6.625%, 12/15/21

      90        99,000   

7.75%, 3/15/22

      30        34,650   

Penn National Gaming, Inc.

     

5.875%, 11/1/21

      45        43,200   

Station Casinos, LLC

     

7.50%, 3/1/21

      85        89,250   

Tunica-Biloxi Gaming Authority

     

9.00%, 11/15/15(6)

      310        192,200   

Waterford Gaming, LLC

     

8.625%, 9/15/14(3)(6)(19)

      113        19,492   
     
                     
  $ 3,767,260   
                     

Media — 0.0%(7)

                   

CCOH Safari, LLC

     

5.50%, 12/1/22

      80      $ 80,700   

5.75%, 12/1/24

      95        95,950   

Media General Financing Sub, Inc.

     

5.875%, 11/15/22

      20        19,900   
                     
  $ 196,550   
                     

Mining, Steel, Iron and Nonprecious Metals — 0.0%(7)

  

Signode Industrial Group Lux SA/Signode Industrial Group US, Inc.

     

6.375%, 5/1/22(6)

      40      $ 38,900   
                     
  $ 38,900   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Nonferrous Metals / Minerals — 0.1%

                   

Alpha Natural Resources, Inc.

     

7.50%, 8/1/20(6)

      15      $ 12,038   

CONSOL Energy, Inc.

     

5.875%, 4/15/22(6)

      70        71,312   

Eldorado Gold Corp.

     

6.125%, 12/15/20(6)

      120        119,400   

IAMGOLD Corp.

     

6.75%, 10/1/20(6)

      65        53,950   

Imperial Metals Corp.

     

7.00%, 3/15/19(6)

      30        28,350   

Kissner Milling Co., Ltd.

     

7.25%, 6/1/19(6)

      90        92,025   

New Gold, Inc.

     

7.00%, 4/15/20(6)

      40        40,800   

6.25%, 11/15/22(6)

      70        68,775   

SunCoke Energy Partners, LP/SunCoke Energy Partners Finance Corp.

     

7.375%, 2/1/20(6)

      35        36,750   
                     
  $ 523,400   
                     

Oil and Gas — 0.8%

                   

American Energy-Permian Basin, LLC/AEPB Finance Corp.

     

7.125%, 11/1/20(6)

      45      $ 39,797   

7.375%, 11/1/21(6)

      30        26,400   

Antero Resources Finance Corp.

     

6.00%, 12/1/20

      15        15,675   

5.375%, 11/1/21

      85        86,594   

Athlon Holdings LP/Athlon Finance Corp.

     

6.00%, 5/1/22(6)

      35        37,778   

Berry Petroleum Co.

     

6.375%, 9/15/22

      10        9,350   

Bonanza Creek Energy, Inc.

     

6.75%, 4/15/21

      70        70,525   

Bristow Group, Inc.

     

6.25%, 10/15/22

      80        83,500   

California Resources Corp.

     

5.50%, 9/15/21

      45        45,956   

6.00%, 11/15/24

      45        46,237   

Chesapeake Energy Corp.

     

7.25%, 12/15/18

      90        103,612   

6.125%, 2/15/21

      115        128,225   

CITGO Petroleum Corp.

     

6.25%, 8/15/22(6)

      700        715,750   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

                   

Concho Resources, Inc.

     

5.50%, 4/1/23

      240      $ 255,000   

CrownRock, LP/CrownRock Finance, Inc.

     

7.125%, 4/15/21(6)

      90        89,550   

CVR Refining, LLC/Coffeyville Finance, Inc.

     

6.50%, 11/1/22

      130        131,950   

Denbury Resources, Inc.

     

5.50%, 5/1/22

      30        29,588   

Endeavor Energy Resources, LP/EER Finance, Inc.

     

7.00%, 8/15/21(6)

      95        96,425   

Energy Transfer Equity, LP

     

5.875%, 1/15/24

      65        68,575   

EP Energy, LLC/Everest Acquisition Finance, Inc.

     

6.875%, 5/1/19

      65        67,925   

9.375%, 5/1/20

      210        230,475   

7.75%, 9/1/22

      35        37,100   

Gulfport Energy Corp.

     

7.75%, 11/1/20

      65        66,625   

Kodiak Oil & Gas Corp.

     

5.50%, 1/15/21

      15        15,300   

Laredo Petroleum, Inc.

     

7.375%, 5/1/22

      90        94,050   

MEG Energy Corp.

     

6.375%, 1/30/23(6)

      80        79,600   

Memorial Resource Development Corp.

     

5.875%, 7/1/22(6)

      25        24,438   

Murphy Oil USA, Inc.

     

6.00%, 8/15/23

      135        142,087   

Newfield Exploration Co.

     

5.625%, 7/1/24

      120        129,600   

Oasis Petroleum, Inc.

     

6.875%, 3/15/22(6)

      80        83,600   

6.875%, 1/15/23

      135        141,075   

Plains Exploration & Production Co.

     

6.875%, 2/15/23

      40        45,338   

Precision Drilling Corp.

     

6.50%, 12/15/21

      5        5,150   

Rice Energy, Inc.

     

6.25%, 5/1/22(6)

      75        72,891   

Rosetta Resources, Inc.

     

5.625%, 5/1/21

      60        58,500   

5.875%, 6/1/22

      85        82,025   

RSP Permian, Inc.

     

6.625%, 10/1/22

      35        34,949   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

                   

Sabine Pass Liquefaction, LLC

     

5.625%, 2/1/21

      170      $ 178,925   

5.625%, 4/15/23(6)

      100        104,000   

5.75%, 5/15/24(6)

      100        103,875   

Sabine Pass LNG, LP

     

6.50%, 11/1/20

      100        106,250   

Samson Investment Co.

     

9.75%, 2/15/20(6)

      45        32,850   

Seven Generations Energy, Ltd.

     

8.25%, 5/15/20(6)

      140        147,700   

Seventy Seven Energy, Inc.

     

6.50%, 7/15/22(6)

      35        33,075   

SM Energy Co.

     

6.50%, 1/1/23

      75        77,812   

Tesoro Corp.

     

5.375%, 10/1/22

      90        93,150   

Triangle USA Petroleum Corp.

     

6.75%, 7/15/22(6)

      35        30,800   

Ultra Petroleum Corp.

     

5.75%, 12/15/18(6)

      15        14,925   
                     
  $ 4,414,577   
                     

Pipelines — 0.0%(7)

                   

Tesoro Logistics, LP/Tesoro Logistics Finance Corp.

     

5.50%, 10/15/19

      15      $ 15,450   

6.25%, 10/15/22

      35        36,313   
                     
  $ 51,763   
                     

Publishing — 0.1%

                   

Laureate Education, Inc.

     

9.75%, 9/1/19(6)

      610      $ 631,350   

McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance

     

9.75%, 4/1/21

      120        136,200   

MHGE Parent, LLC/MHGE Parent Finance, Inc.

     

8.50%, 8/1/19(6)

      30        29,737   
                     
  $ 797,287   
                     

Radio and Television — 0.4%

                   

Clear Channel Communications, Inc.

     

9.00%, 12/15/19

      953      $ 966,699   

11.25%, 3/1/21

      60        63,675   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Radio and Television (continued)

                   

Clear Channel Worldwide Holdings, Inc.

     

Series A, 6.50%, 11/15/22

      50      $ 51,750   

Series B, 6.50%, 11/15/22

      90        93,600   

Crown Media Holdings, Inc.

     

10.50%, 7/15/19

      110        121,000   

Sirius XM Radio, Inc.

     

5.875%, 10/1/20(6)

      25        26,438   

6.00%, 7/15/24(6)

      85        88,825   

Starz, LLC/Starz Finance Corp.

     

5.00%, 9/15/19

      70        72,450   

Univision Communications, Inc.

     

6.75%, 9/15/22(6)

      746        831,790   
                     
  $ 2,316,227   
                     

Retailers (Except Food and Drug) — 0.2%

                   

1011778 B.C. Unlimited Liability Co./New Red

     

6.00%, 4/1/22

      125      $ 127,344   

Claire’s Stores, Inc.

     

9.00%, 3/15/19(6)

      135        138,712   

Hillman Group, Inc. (The)

     

6.375%, 7/15/22(6)

      75        73,313   

Hot Topic, Inc.

     

9.25%, 6/15/21(6)

      150        162,000   

Men’s Wearhouse, Inc. (The)

     

7.00%, 7/1/22(6)

      60        62,475   

Michaels FinCo Holdings, LLC/Michaels FinCo, Inc.

     

7.50%, 8/1/18(6)(8)

      51        52,020   

Michaels Stores, Inc.

     

5.875%, 12/15/20(6)

      45        45,675   

Neiman Marcus Group, Ltd., Inc.

     

8.75%, 10/15/21(6)(8)

      40        43,000   

New Academy Finance Co., LLC/New Academy Finance Corp.

     

8.00%, 6/15/18(6)(8)

      115        116,006   

Petco Holdings, Inc.

     

8.50%, 10/15/17(6)(8)

      125        125,937   

Radio Systems Corp.

     

8.375%, 11/1/19(6)

      60        65,175   

Sally Holdings, LLC/Sally Capital, Inc.

     

5.75%, 6/1/22

      120        128,400   
                     
  $ 1,140,057   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Software and Services — 0.0%(7)

                   

IHS, Inc.

     

5.00%, 11/1/22

      60      $ 61,200   

Infor Software Parent, LLC/Infor Software Parent, Inc.

     

7.125%, 5/1/21(6)(8)

      85        86,488   

SunGard Availability Services Capital, Inc.

     

8.75%, 4/1/22(6)

      70        51,800   
                     
  $ 199,488   
                     

Steel — 0.0%(7)

                   

AK Steel Corp.

     

8.75%, 12/1/18

      35      $ 38,369   

ArcelorMittal

     

6.75%, 2/25/22

      25        27,877   
                     
  $ 66,246   
                     

Surface Transport — 0.0%(7)

                   

Florida East Coast Holdings Corp.

     

6.75%, 5/1/19(6)

      25      $ 25,860   

Hertz Corp. (The)

     

6.25%, 10/15/22

      65        66,625   

Watco Cos., LLC/Watco Finance Corp.

     

6.375%, 4/1/23(6)

      35        35,700   

XPO Logistics, Inc.

     

7.875%, 9/1/19

      115        121,325   
                     
  $ 249,510   
                     

Telecommunications — 1.0%

                   

Avaya, Inc.

     

9.00%, 4/1/19(6)

      50      $ 51,500   

10.50%, 3/1/21(6)

      425        374,928   

CenturyLink, Inc.

     

6.75%, 12/1/23

      95        105,806   

Frontier Communications Corp.

     

6.25%, 9/15/21

      45        46,603   

7.625%, 4/15/24

      30        32,400   

6.875%, 1/15/25

      45        45,675   

Hughes Satellite Systems Corp.

     

6.50%, 6/15/19

      1,000        1,087,500   

Intelsat Jackson Holdings SA

     

7.25%, 10/15/20

      160        171,200   

Intelsat Luxembourg SA

     

7.75%, 6/1/21

      155        162,556   

8.125%, 6/1/23

      120        128,100   
 

 

  25   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Telecommunications (continued)

                   

NII International Telecom SCA

     

7.875%, 8/15/19(5)(6)

      70      $ 45,500   

SBA Communications Corp.

     

5.625%, 10/1/19

      60        62,700   

SBA Telecommunications, Inc.

     

5.75%, 7/15/20

      85        89,250   

Sprint Communications, Inc.

     

7.00%, 8/15/20

      655        697,575   

6.00%, 11/15/22

      5        5,006   

Sprint Corp.

     

7.25%, 9/15/21(6)

      60        63,600   

7.875%, 9/15/23(6)

      250        271,250   

T-Mobile USA, Inc.

     

6.25%, 4/1/21

      40        41,900   

6.633%, 4/28/21

      50        52,875   

6.731%, 4/28/22

      35        37,144   

6.00%, 3/1/23

      50        51,625   

6.625%, 4/1/23

      55        58,300   

6.836%, 4/28/23

      15        15,919   

6.375%, 3/1/25

      60        61,800   

Wind Acquisition Finance SA

     

5.338%, 4/30/19(6)(10)

  EUR     500        630,335   

6.50%, 4/30/20(6)

      475        495,781   

4.082%, 7/15/20(6)

  EUR     475        587,657   

7.375%, 4/23/21(6)

      230        225,400   

Windstream Corp.

     

7.75%, 10/1/21

      90        96,750   

6.375%, 8/1/23

      40        40,450   
                     
  $ 5,837,085   
                     

Utilities — 0.6%

                   

AES Corp. (The)

     

5.50%, 3/15/24

      30      $ 30,825   

Calpine Corp.

     

5.375%, 1/15/23

      50        50,562   

7.875%, 1/15/23(6)

      2,677        2,978,162   

5.75%, 1/15/25

      20        20,275   

RJS Power Holdings, LLC

     

5.125%, 7/15/19(6)

      45        45,113   
                     
  $ 3,124,937   
                     

Total Corporate Bonds & Notes
(identified cost $70,856,085)

   

  $ 70,640,763   
                     
Asset-Backed Securities — 3.7%   
     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Apidos CLO XVII, Series 2014-17A, Class B, 3.078%, 4/17/26(6)(10)

    $ 450      $ 432,040   

Apidos CLO XVII, Series 2014-17A, Class C, 3.528%, 4/17/26(6)(10)

      1,000        922,218   

Apidos CLO XVII, Series 2014-17A, Class D, 4.978%, 4/17/26(6)(10)

      1,000        882,392   

Apidos CLO XIX, Series 2014-19A, Class E, 5.681%, 10/17/26(9)(10)

      2,100        1,933,911   

Babson CLO, Ltd., Series 2013-IA, Class C, 2.931%, 4/20/25(6)(10)

      450        435,522   

Babson CLO, Ltd., Series 2013-IA, Class D, 3.731%, 4/20/25(6)(10)

      350        333,650   

Babson CLO, Ltd., Series 2013-IA, Class E, 4.631%, 4/20/25(6)(10)

      225        200,534   

Birchwood Park CLO, Ltd., Series 2014-1A, Class C1, 3.334%, 7/15/26(6)(10)

      500        491,090   

Birchwood Park CLO, Ltd., Series 2014-1A, Class E1, 5.334%, 7/15/26(6)(10)

      500        449,206   

Carlyle Global Market Strategies CLO, Ltd., Series 2014-4A, Class E, 5.433%, 10/15/26(10)

      2,000        1,831,288   

Cent CLO, Ltd., Series 2014-22A, Class D, 5.533%, 11/7/26(10)

      1,000        911,225   

Centurion CDO IX Ltd., Series 2005-9A, Class D1,
4.978%, 7/17/19(6)(10)

      750        744,357   

CIFC Funding, Ltd., Series 2013-2A, Class A3L, 2.881%, 4/21/25(6)(10)

      2,650        2,529,004   

Dryden Senior XXVIII Loan Fund, Series 2013-28A, Class A3L, 2.934%, 8/15/25(6)(10)

      1,500        1,446,985   

Dryden Senior XXVIII Loan Fund, Series 2013-28A, Class B1L, 3.434%, 8/15/25(6)(10)

      640        597,111   

Dryden Senior XXVIII Loan Fund, Series 2013-28A, Class B2L, 4.134%, 8/15/25(6)(10)

      430        361,757   

Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class C,
2.931%, 4/20/25(6)(10)

      400        386,526   

Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class D,
3.731%, 4/20/25(6)(10)

      450        428,674   

Octagon Investment Partners XVI Ltd., Series 2013-1A, Class C1, 2.978%, 7/17/25(6)(10)

      925        894,320   

Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.578%, 7/17/25(6)(10)

      925        861,654   

Octagon Investment Partners XVI Ltd., Series 2013-1A, Class E, 4.728%, 7/17/25(6)(10)

      1,125        985,348   

Race Point CLO, Ltd., Series 2012-7A, Class D, 4.475%, 11/8/24(6)(10)

      1,750        1,750,201   

Schiller Park CLO Ltd., Series 2007-1A, Class D, 2.484%, 4/25/21(6)(10)

      1,000        987,781   
                     

Total Asset-Backed Securities
(identified cost $21,337,207)

   

  $ 20,796,794   
                     
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

Common Stocks — 0.6%   
     
Security        Shares     Value  
     

Aerospace and Defense — 0.0%(7)

                   

IAP Worldwide Services, LLC(3)(12)(13)

      55      $ 52,656   
                     
  $ 52,656   
                     

Automotive — 0.2%

                   

Dayco Products, LLC(12)

      18,702      $ 986,531   
                     
  $ 986,531   
                     

Building and Development — 0.0%(7)

                   

Panolam Holdings Co.(3)(13)(14)

      253      $ 222,174   
                     
  $ 222,174   
                     

Food Service — 0.0%(7)

                   

Buffets Restaurants Holdings, Inc.(3)(12)(13)

      44,318      $ 18,170   
                     
  $ 18,170   
                     

Lodging and Casinos — 0.1%

                   

Tropicana Entertainment, Inc.(12)(13)

      35,670      $ 572,504   
                     
  $ 572,504   
                     

Publishing — 0.3%

                   

ION Media Networks, Inc.(3)(12)(13)

      3,990      $ 1,341,239   

MediaNews Group, Inc.(12)(13)

      10,718        357,263   
                     
  $ 1,698,502   
                     

Total Common Stocks
(identified cost $1,592,626)

   

  $ 3,550,537   
                     
Miscellaneous — 0.0%(7)   
     
Security        Shares     Value  
     

Oil and Gas — 0.0%(7)

                   

SemGroup Corp., Escrow Certificate(13)

      540,000      $ 10,800   
                     

Total Miscellaneous
(identified cost $0)

   

  $ 10,800   
                     
Short-Term Investments — 3.1%   
     
Description        Interest
(000’s omitted)
    Value  

Eaton Vance Cash Reserves Fund, LLC, 0.14%(15)

    $ 17,420      $ 17,419,557   
                     

Total Short-Term Investments
(identified cost $17,419,557)

   

  $ 17,419,557   
                     

Total Investments — 161.3%
(identified cost $921,854,566)

   

  $ 910,909,560   
                     

Less Unfunded Loan Commitments — (0.3)%

  

  $ (1,441,353
                     

Net Investments — 161.0%
(identified cost $920,413,213)

   

  $ 909,468,207   
                     

Other Assets, Less Liabilities — (37.8)%

  

  $ (213,337,154
                     

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (23.2)%

  

  $ (131,303,879
                     

Net Assets Applicable to Common Shares — 100.0%

  

  $ 564,827,174   
                     

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

CAD     Canadian Dollar
DIP     Debtor In Possession
EUR     Euro
GBP     British Pound Sterling
PIK     Payment in kind

 

  * In U.S. dollars unless otherwise indicated.

 

  (1) 

Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

 

  (2) 

This Senior Loan will settle after October 31, 2014, at which time the interest rate will be determined.

 

  (3) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12).

 

  (4) 

Unfunded or partially unfunded loan commitments. See Note 1G for description.

 

 

  27   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Portfolio of Investments — continued

 

 

 

  (5) 

Currently the issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

 

  (6) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At October 31, 2014, the aggregate value of these securities is $51,852,141 or 9.2% of the Trust’s net assets applicable to common shares.

 

  (7) 

Amount is less than 0.05%.

 

  (8) 

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. For corporate bonds, the interest rate paid in additional principal is generally higher than the indicated cash rate.

 

  (9) 

When-issued security.

 

(10) 

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2014.

 

(11) 

Security converts to floating rate after the indicated fixed-rate coupon period.

 

(12) 

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

 

(13) 

Non-income producing security.

 

(14) 

Restricted security (see Note 7).

 

(15) 

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 October 31, 2014.

 

(16) 

Includes Vivarte Class A preferred shares, Vivarte Class B ordinary shares and Luxco ordinary shares that trade with the loan.

 

(17) 

Includes new money preferred shares that trade with the loan.

 

(18) 

The issuer is in default on the payment of principal but continues to pay interest.

 

(19) 

Defaulted matured security.

 

 

  28   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Statement of Assets and Liabilities

 

 

Assets   October 31, 2014  

Unaffiliated investments, at value (identified cost, $902,993,656)

  $ 892,048,650   

Affiliated investment, at value (identified cost, $17,419,557)

    17,419,557   

Cash

    3,437,054   

Restricted cash*

    760,000   

Foreign currency, at value (identified cost, $1,720,407)

    1,720,744   

Interest receivable

    3,997,614   

Interest receivable from affiliated investment

    2,524   

Receivable for investments sold

    2,509,595   

Receivable for open forward foreign currency exchange contracts

    981,611   

Prepaid expenses

    35,118   

Total assets

  $ 922,912,467   
Liabilities        

Notes payable

  $ 210,000,000   

Cash collateral due to broker

    760,000   

Payable for investments purchased

    12,999,624   

Payable for when-issued securities

    2,064,886   

Payable to affiliates:

 

Investment adviser fee

    576,556   

Trustees’ fees

    3,463   

Accrued expenses

    376,885   

Total liabilities

  $ 226,781,414   

Auction preferred shares (5,252 shares outstanding) at liquidation value plus cumulative unpaid dividends

  $ 131,303,879   

Net assets applicable to common shares

  $ 564,827,174   
Sources of Net Assets        

Common shares, $0.01 par value, unlimited number of shares authorized, 36,841,535 shares issued and outstanding

  $ 368,415   

Additional paid-in capital

    687,194,181   

Accumulated net realized loss

    (112,899,208

Accumulated undistributed net investment income

    53,512   

Net unrealized depreciation

    (9,889,726

Net assets applicable to common shares

  $ 564,827,174   
Net Asset Value Per Common Share        

($564,827,174 ÷ 36,841,535 common shares issued and outstanding)

  $ 15.33   

 

* Represents restricted cash on deposit at the custodian for open derivative contracts.

 

  29   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Statement of Operations

 

 

Investment Income  

Year Ended

October 31, 2014

 

Interest and other income

  $ 43,695,417   

Dividends

    547,485   

Interest income allocated from affiliated investment

    19,489   

Expenses allocated from affiliated investment

    (2,509

Total investment income

  $ 44,259,882   
Expenses        

Investment adviser fee

  $ 6,895,998   

Trustees’ fees and expenses

    40,814   

Custodian fee

    341,644   

Transfer and dividend disbursing agent fees

    18,155   

Legal and accounting services

    178,769   

Printing and postage

    78,248   

Interest expense and fees

    2,291,832   

Preferred shares service fee

    199,914   

Miscellaneous

    150,320   

Total expenses

  $ 10,195,694   

Deduct —

 

Reduction of custodian fee

  $ 27   

Total expense reductions

  $ 27   

Net expenses

  $ 10,195,667   

Net investment income

  $ 34,064,215   
Realized and Unrealized Gain (Loss)        

Net realized gain (loss) —

 

Investment transactions

  $ 1,123,652   

Investment transactions allocated from affiliated investment

    177   

Foreign currency and forward foreign currency exchange contract transactions

    760,623   

Net realized gain

  $ 1,884,452   

Change in unrealized appreciation (depreciation) —

 

Investments

  $ (18,601,043

Foreign currency and forward foreign currency exchange contracts

    1,470,029   

Net change in unrealized appreciation (depreciation)

  $ (17,131,014

Net realized and unrealized loss

  $ (15,246,562

Distributions to preferred shareholders

       

From net investment income

  $ (151,177

Net increase in net assets from operations

  $ 18,666,476   

 

  30   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Statements of Changes in Net Assets

 

 

    Year Ended October 31,  
Increase (Decrease) in Net Assets   2014     2013  

From operations —

   

Net investment income

  $ 34,064,215      $ 36,008,699   

Net realized gain from investment, foreign currency and forward foreign currency exchange contract transactions

    1,884,452        3,580,230   

Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange contracts

    (17,131,014     1,025,244   

Distributions to preferred shareholders —

   

From net investment income

    (151,177     (204,473

Net increase in net assets from operations

  $ 18,666,476      $ 40,409,700   

Distributions to common shareholders —

   

From net investment income

  $ (36,362,595   $ (36,970,442

Total distributions to common shareholders

  $ (36,362,595   $ (36,970,442

Capital share transactions —

   

Proceeds from shelf offering, net of offering costs (see Note 6)

  $      $ 49,800,858   

Reinvestment of distributions to common shareholders

           818,431   

Net increase in net assets from capital share transactions

  $      $ 50,619,289   

Net increase (decrease) in net assets

  $ (17,696,119   $ 54,058,547   
Net Assets Applicable to Common Shares                

At beginning of year

  $ 582,523,293      $ 528,464,746   

At end of year

  $ 564,827,174      $ 582,523,293   
Accumulated undistributed net investment income
included in net assets
               

At end of year

  $ 53,512      $ 3,073,969   

 

  31   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Statement of Cash Flows

 

 

Cash Flows From Operating Activities  

Year Ended

October 31, 2014

 

Net increase in net assets from operations

  $ 18,666,476   

Distributions to preferred shareholders

    151,177   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 18,817,653   

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (321,258,922

Investments sold and principal repayments

    330,517,092   

Increase in short-term investments, net

    (11,304,486

Net amortization/accretion of premium (discount)

    (768,214

Decrease in restricted cash

    359,081   

Decrease in interest receivable

    196,581   

Increase in interest receivable from affiliated investment

    (787

Increase in receivable for open forward foreign currency exchange contracts

    (922,573

Decrease in receivable from the transfer agent

    66,386   

Decrease in prepaid expenses

    5,183   

Increase in cash collateral due to brokers

    760,000   

Decrease in payable for open forward foreign currency exchange contracts

    (379,169

Decrease in payable to affiliate for investment adviser fee

    (10,770

Increase in payable to affiliate for Trustees’ fees

    378   

Decrease in accrued expenses

    (208,869

Increase in unfunded loan commitments

    297,520   

Net change in unrealized (appreciation) depreciation from investments

    18,601,043   

Net realized gain from investments

    (1,123,652

Return of capital distributions from investments

    1,140,581   

Net cash provided by operating activities

  $ 34,784,056   
Cash Flows From Financing Activities        

Distributions paid to common shareholders, net of reinvestments

  $ (36,362,595

Cash distributions paid to preferred shareholders

    (153,122

Net cash used in financing activities

  $ (36,515,717

Net decrease in cash*

  $ (1,731,661

Cash at beginning of year(1)

  $ 6,889,459   

Cash at end of year(1)

  $ 5,157,798   
Supplemental disclosure of cash flow information:        

Cash paid for interest and fees on borrowings

  $ 2,459,112   

 

(1) 

Balance includes foreign currency, at value.

 

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $1,070.

 

  32   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Financial Highlights

 

Selected data for a common share outstanding during the years stated

 

    Year Ended October 31,  
     2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 15.810      $ 15.630      $ 14.910      $ 14.980      $ 13.700   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.925      $ 1.009      $ 1.097      $ 1.014      $ 1.025   

Net realized and unrealized gain (loss)

    (0.414     0.145        0.681        (0.013     1.374   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.004     (0.006     (0.006     (0.009     (0.011

Total income from operations

  $ 0.507      $ 1.148      $ 1.772      $ 0.992      $ 2.388   
Less Distributions                                        

From net investment income

  $ (0.987   $ (1.038   $ (1.052   $ (1.062   $ (1.108

Total distributions to common shareholders

  $ (0.987   $ (1.038   $ (1.052   $ (1.062   $ (1.108

Premium from common shares sold through shelf offering (see Note 6)(1)

  $      $ 0.070      $      $      $   

Net asset value — End of year (Common shares)

  $ 15.330      $ 15.810      $ 15.630      $ 14.910      $ 14.980   

Market value — End of year (Common shares)

  $ 14.050      $ 15.800      $ 16.250      $ 14.550      $ 15.640   

Total Investment Return on Net Asset Value(2)

    3.60     7.98     12.31     6.69     17.93

Total Investment Return on Market Value(2)

    (4.99 )%      3.79     19.66     (0.28 )%      29.96

 

  33   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the years stated

 

    Year Ended October 31,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 564,827      $ 582,523      $ 528,465      $ 503,383      $ 505,197   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.36     1.37     1.38     1.29     1.22

Interest and fee expense(5)

    0.40     0.40     0.42     0.44     0.49

Total expenses

    1.76     1.77     1.80     1.73     1.71

Net investment income

    5.89     6.38     7.20     6.69     7.11

Portfolio Turnover

    35     45     54     49     36

Senior Securities:

         

Total notes payable outstanding (in 000’s)

  $ 210,000      $ 210,000      $ 175,000      $ 165,000      $ 150,000   

Asset coverage per $1,000 of notes payable(6)

  $ 4,315      $ 4,399      $ 4,770      $ 4,847      $ 5,243   

Total preferred shares outstanding

    5,252        5,252        5,252        5,252        5,252   

Asset coverage per preferred share(7)

  $ 66,374      $ 67,670      $ 68,133      $ 67,473      $ 69,900   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the notes payable primarily incurred to redeem the Trust’s APS (see Note 9).

 

(6) 

Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.

 

(7) 

Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 265%, 273%, 270%, 280% and 264% at October 31, 2014, 2013, 2012, 2011 and 2010, respectively.

 

(8) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended October 31,  
    2014     2013     2012     2011     2010  

Expenses excluding interest and fees

    0.86     0.87     0.87     0.83     0.77

Interest and fee expense

    0.25     0.25     0.27     0.28     0.31

Total expenses

    1.11     1.12     1.14     1.11     1.08

Net investment income

    3.70     4.06     4.54     4.28     4.50

 

  34   See Notes to Financial Statements.


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements

 

 

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 objective.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Trust’s investment in Cash Reserves Fund reflects the Trust’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or

 

  35  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements — continued

 

 

of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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.

As of October 31, 2014, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trust. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Trust maintains with SSBT. All credit balances, if any, used to reduce the 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. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 2014, the Trust had sufficient cash and/or securities to cover these commitments.

H  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP 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. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The 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 forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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  When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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

 

  36  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements — continued

 

 

2  Auction Preferred Shares

The Trust issued Auction Preferred Shares (APS) on January 26, 2004 in a public offering. The underwriting discount and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at rates which are reset weekly for Series A and Series B, and approximately monthly for Series C and Series D by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 150% of the “AA” Financial Composite Commercial Paper Rate at the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The number of APS issued and outstanding as of October 31, 2014 is as follows:

 

     APS Issued and
Outstanding
 

Series A

    1,313   

Series B

    1,313   

Series C

    1,313   

Series D

    1,313   

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

3  Distributions to Shareholders and Income Tax Information

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). 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 October 31, 2014, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:

 

     APS Dividend
Rates at
October 31, 2014
     Dividends
Accrued to APS
Shareholders
     Average APS
Dividend
Rates
     Dividend
Rate
Ranges (%)
 

Series A

    0.11    $ 37,358         0.11      0.06–0.17   

Series B

    0.11         37,358         0.11         0.06–0.17   

Series C

    0.11         39,578         0.12         0.09–0.17   

Series D

    0.12         36,883         0.11         0.06–0.23   

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 rates. The table above reflects such maximum dividend rate for each series as of October 31, 2014.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

 

  37  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements — continued

 

 

The tax character of distributions declared for the years ended October 31, 2014 and October 31, 2013 was as follows:

 

    Year Ended October 31,  
     2014      2013  

Distributions declared from:

    

Ordinary income

  $ 36,513,772       $ 37,174,915   

During the year ended October 31, 2014, accumulated undistributed net investment income was decreased by $570,900, accumulated net realized loss was increased by $1,947,908 and paid-in capital was increased by $2,518,808 due to expired capital loss carryforwards and differences between book and tax accounting, primarily for premium amortization, accretion of market discount, mixed straddles, investments in partnerships, and foreign currency gain (loss). These reclassifications had no effect on the net assets or net asset value per share of the Trust.

As of October 31, 2014, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

 

Undistributed ordinary income

  $ 73,500   

Capital loss carryforward and deferred capital losses

  $ (112,301,959

Net unrealized depreciation

  $ (10,506,963

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, defaulted bond interest, investments in partnerships, accretion of market discount and premium amortization.

At October 31, 2014, the Trust, for federal income tax purposes, had a capital loss carryforward of $112,052,153 and deferred capital losses of $249,806 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, 2015 ($2,782,217), October 31, 2016 ($63,478,422), October 31, 2017 ($33,311,438), October 31, 2018 ($11,668,372) and October 31, 2019 ($811,704) and its character is short-term. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of the Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. Of the deferred capital losses at October 31, 2014, $249,806 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Trust at October 31, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

  $ 921,030,450   

Gross unrealized appreciation

  $ 6,854,511   

Gross unrealized depreciation

    (18,416,754

Net unrealized depreciation

  $ (11,562,243

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.75% of the 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. For the year ended October 31, 2014, the Trust’s investment adviser fee amounted to $6,895,998. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Trust, but receives no compensation.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms

 

  38  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements — continued

 

 

of the Trustees Deferred Compensation Plan. For the year ended October 31, 2014, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $322,355,176 and $328,441,748, respectively, for the year ended October 31, 2014.

6  Common Shares of Beneficial Interest and Shelf Offering

The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the year ended October 31, 2014. Common shares issued by the Trust pursuant to its dividend reinvestment plan for the year ended October 31, 2013 were 51,566.

Pursuant to a registration statement filed with and originally declared effective on November 14, 2012 by the SEC, the Trust is authorized to issue up to an additional 3,380,550 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share. On May 30, 2013, and as approved by the Trustees, the Trust filed a registration statement with the SEC to allow it to issue additional common shares through a shelf offering, which is subject to the effectiveness of such registration statement.

During the year ended October 31, 2014, the Trust did not sell any common shares through its shelf offering. During the year ended October 31, 2013, the Trust sold 2,979,799 common shares and received proceeds (net of offering costs) of $49,800,858 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $2,463,769.

Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Trust’s shares and is entitled to receive a sales commission from the Trust of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Trust was informed that EVD did not retain any sales commissions during the year ended October 31, 2014.

On November 11, 2013, the Board of Trustees of the Trust authorized the repurchase by the Trust of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trust for the year ended October 31, 2014.

7  Restricted Securities

At October 31, 2014, the Trust owned the following securities (representing less than 0.05% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

 

Description  

Date of

Acquisition

     Shares      Cost      Value  

Common Stocks

          

Panolam Holdings Co.

    12/30/09         253       $ 139,024       $ 222,174   

Total Common Stocks

                    $ 139,024       $ 222,174   

8  Financial Instruments

The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

 

  39  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements — continued

 

 

A summary of obligations under these financial instruments at October 31, 2014 is as follows:

 

Forward Foreign Currency Exchange Contracts  
Settlement
Date
  Deliver   In Exchange For   Counterparty   Unrealized
Appreciation
    Unrealized
(Depreciation)
    Net
Unrealized
Appreciation
 
11/28/14   Canadian Dollar
1,349,880
  United States Dollar 1,240,904   JPMorgan Chase Bank, N.A.   $ 43,927      $         —      $ 43,927   
11/28/14   Euro
6,014,824
  United States Dollar 7,938,395   Goldman Sachs International     399,763               399,763   
12/31/14   British Pound Sterling
10,648,586
  United States Dollar 17,338,720   Goldman Sachs International     311,828               311,828   
12/31/14   Euro
9,178,235
  United States Dollar 11,653,146   HSBC Bank USA, N.A.     147,224               147,224   
1/30/15   British Pound Sterling
2,955,232
  United States Dollar 4,765,548   HSBC Bank USA, N.A.     41,401               41,401   
1/30/15   Euro
3,226,313
  United States Dollar 4,082,915   State Street Bank and Trust Company     37,468               37,468   
    $ 981,611      $      $ 981,611   

At October 31, 2014, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.

The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trust’s net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At October 31, 2014, the Trust had no open derivatives with credit-related contingent features in a net liability position.

The over-the-counter (OTC) derivatives in which the Trust invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Trust has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trust’s net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trust’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Trust, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Trust as collateral, if any, are identified as such in the Portfolio of Investments.

 

  40  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements — continued

 

 

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at October 31, 2014 was as follows:

 

    Fair Value  
Derivative   Asset Derivative      Liability Derivative  

Forward foreign currency exchange contracts

  $ 981,611 (1)     $         —   

 

(1) 

Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized depreciation.

During the current reporting period, the Trust adopted the new disclosure requirements for offsetting assets and liabilities, pursuant to which an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The Trust’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Trust’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Trust for assets as of October 31, 2014.

 

Counterparty   Derivative
Assets Subject to
Master Netting
Agreement
     Derivatives
Available
for Offset
     Non-cash
Collateral
Received
(a)
     Cash
Collateral
Received
(a)
     Net Amount
of Derivative
Assets
(b)
 

Goldman Sachs International

  $ 711,591       $         —       $       $ (711,591    $   

HSBC Bank USA, N.A.

    188,625                 (188,625                

JPMorgan Chase Bank, N.A.

    43,927                                 43,927   

State Street Bank and Trust Company

    37,468                                 37,468   
    $ 981,611       $       $ (188,625    $ (711,591    $ 81,395   

 

(a) 

In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

 

(b) 

Net amount represents the net amount due from the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended October 31, 2014 was as follows:

 

Derivative  

Realized Gain (Loss)

on Derivatives Recognized
in Income

    

Change in Unrealized
Appreciation (Depreciation) on

Derivatives Recognized in Income

 

Forward foreign currency exchange contracts

  $ 1,152,302 (1)     $ 1,301,742 (2) 

 

(1) 

Statement of Operations location: Net realized gain (loss) – Foreign currency and forward foreign currency exchange contract transactions.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Foreign currency and forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts outstanding during the year ended October 31, 2014, which is indicative of the volume of this derivative type, was approximately $54,930,000.

9  Credit Agreement

The Trust has entered into a Credit Agreement (the Agreement) with a bank to borrow up to a limit of $220 million ($210 million prior to March 25, 2014) pursuant to a 364-day revolving line of credit. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the London Interbank Offered Rate (LIBOR) and is payable monthly. Under the terms of the Agreement in effect through March 24, 2015, the Trust pays a commitment fee of 0.15% on the borrowing limit. The Trust is required to maintain certain net asset levels during the term of the Agreement. At October 31, 2014, the Trust had borrowings outstanding under the Agreement of $210,000,000 at an interest rate of 0.92%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at October 31, 2014 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 12) at October 31, 2014. For the year ended October 31, 2014, the average borrowings under the Agreement and the average interest rate (excluding fees) were $210,000,000 and 0.93%, respectively.

 

  41  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Notes to Financial Statements — continued

 

 

10  Risks Associated with Foreign Investments

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

11  Credit Risk

The Trust invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

12  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2014, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description   Level 1     Level 2     Level 3*     Total  

Senior Floating-Rate Interests (Less Unfunded Loan Commitments)

  $      $ 796,560,119      $ 489,637      $ 797,049,756   

Corporate Bonds & Notes

           70,567,239        73,524        70,640,763   

Asset-Backed Securities

           20,796,794               20,796,794   

Common Stocks

    572,504        1,343,794        1,634,239        3,550,537   

Miscellaneous

           10,800               10,800   

Short-Term Investments

           17,419,557               17,419,557   

Total Investments

  $ 572,504      $ 906,698,303      $ 2,197,400      $ 909,468,207   

Forward Foreign Currency Exchange Contracts

  $      $ 981,611      $      $ 981,611   

Total

  $ 572,504      $ 907,679,914      $ 2,197,400      $ 910,449,818   

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2014 is not presented.

At October 31, 2014, there were no investments transferred between Level 1 and Level 2 during the year then ended.

 

  42  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Report of Independent Registered Public Accounting Firm

 

 

To the Trustees and Shareholders of Eaton Vance Senior Floating-Rate Trust:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Senior Floating-Rate Trust (the “Trust”), including the portfolio of investments, as of October 31, 2014, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian, brokers, and selling or agent banks; where replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Senior Floating-Rate Trust as of October 31, 2014, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 17, 2014

 

  43  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Federal Tax Information (Unaudited)

 

 

The Form 1099-DIV you receive in February 2015 will show the tax status of all distributions paid to your account in calendar year 2014. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals.

Qualified Dividend Income.  For the fiscal year ended October 31, 2014, the Fund designates approximately $378,750, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

 

  44  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Annual Meeting of Shareholders (Unaudited)

 

 

The Trust held its Annual Meeting of Shareholders on August 21, 2014. The following action was taken by the shareholders:

Item 1:  The election of Thomas E. Faust Jr., William H. Park and Ralph F. Verni as Class II Trustees of the Trust for a three-year term expiring in 2017. Mr. Verni was elected solely by APS shareholders.

 

Nominee for Trustee

Elected by All Shareholders

  Number of Shares  
  For      Withheld  

Thomas E. Faust Jr.

    30,905,982         926,206   

William H. Park

    30,890,015         942,173   

Nominee for Trustee

Elected by APS Shareholders

  Number of Shares  
  For        Withheld  

Ralph F. Verni

    3,438           169   

 

  45  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Dividend Reinvestment Plan

 

 

The Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of the Trust. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV 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 NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by AST, the Plan agent (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 the Trust’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Trust. Plan participants 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 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 Agent to sell part or all of his or her Shares and remit the proceeds, the 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 Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

 

  46  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

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 DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

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

Eaton Vance Senior Floating-Rate Trust

c/o American Stock Transfer & Trust Company, LLC

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 closed-end management investment company and has no employees.

Number of Shareholders

As of October 31, 2014, Trust records indicate that there are 10 registered shareholders and approximately 21,438 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.

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

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange symbol

The New York Stock Exchange symbol is EFR.

 

  47  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Management and Organization

 

 

Fund Management.  The Trustees of Eaton Vance Senior Floating-Rate Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 180 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.

 

Name and Year of Birth   

Position(s)

with the

Trust

    

Term Expiring;

Trustee Since(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr.

1958

  

Class II

Trustee

    

Until 2017.

Trustee

since 2007.

    

Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 180 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust.

Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc.

            

Noninterested Trustees

Scott E. Eston

1956

  

Class I

Trustee

    

Until 2016.

Trustee

since 2011.

    

Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997).

Directorships in the Last Five Years.(2) None.

Cynthia E. Frost(3)

1961

  

Class I

Trustee

    

Until 2016.

Trustee

since 2014.

    

Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (1989-1995); Consultant, Bain and Company (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985).

Directorships in the Last Five Years. None.

George J. Gorman(3)

1952

  

Class III

Trustee

    

Until 2015.

Trustee

since 2014.

    

Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009).

Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).

Valerie A. Mosley(4)

1960

  

Class I

Trustee

    

Until 2016.

Trustee

since

2014.

    

Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).

Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

William H. Park

1947

  

Class II

Trustee

    

Until 2017.

Trustee

since 2003.

    

Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).

Directorships in the Last Five Years.(1) None.

 

  48  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the

Trust

    

Term Expiring;

Trustee Since(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Ronald A. Pearlman

1940

  

Class III

Trustee

    

Until 2015.

Trustee

since 2003.

    

Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990).

Directorships in the Last Five Years.(1) None.

Helen Frame Peters(A)

1948

  

Class III

Trustee

    

Until 2015.

Trustee

since 2008.

    

Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).

Directorships in the Last Five Years.(1) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Harriett Tee Taggart

1948

  

Class III

Trustee

    

Until 2015.

Trustee

since 2011.

    

Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).

Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni(A)

1943

  

Chairman of the Board and

Class II

Trustee

    

Until 2017.

Trustee

since 2005 and Chairman

since 2007.

    

Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).

Directorships in the Last Five Years.(1) None.

            

Principal Officers who are not Trustees

Name and Year of Birth   

Position(s)

with the

Trust

    

Officer

Since(5)

    

Principal Occupation(s)

During Past Five Years

Scott H. Page

1959

   President      1996      Vice President of EVM and BMR.

Payson F. Swaffield

1956

   Vice President      2003      Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma

1960

   Vice President, Secretary and Chief Legal Officer      2005      Vice President of EVM and BMR.

James F. Kirchner

1967

   Treasurer      2007      Vice President of EVM and BMR.

Paul M. O’Neil

1953

   Chief Compliance Officer      2004      Vice President of EVM and BMR.

 

(1) 

Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.

(2) 

During their respective tenures, the Trustees (except for Ms. Frost and Mr. Gorman) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in

 

  49  


Eaton Vance

Senior Floating-Rate Trust

October 31, 2014

 

Management and Organization — continued

 

 

  2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).
(3) 

Ms. Frost and Mr. Gorman began serving as Trustees effective May 29, 2014.

(4) 

Ms. Mosley began serving as a Trustee effective January 1, 2014.

(5)

Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

(A) 

APS Trustee

 

  50  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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

 

Ÿ  

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.

 

Ÿ  

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.

 

Ÿ  

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

Ÿ  

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’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 (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the 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 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Trust’s Board of Trustees has approved a share repurchase program authorizing the Trust to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Trust to purchase a specific amount of shares. The Trust’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Trust’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

  51  


 

 

This Page Intentionally Left Blank


Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

2025    10.31.14


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 registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2013 and October 31, 2014 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

 

Fiscal Years Ended

   10/31/13      10/31/14  

Audit Fees

   $ 85,580       $ 89,997   

Audit-Related Fees(1)

   $ 5,330       $ 0   

Tax Fees(2)

   $ 15,600       $ 16,410   

All Other Fees(3)

   $ 0       $ 0   
  

 

 

    

 

 

 

Total

   $ 106,510       $ 106,407   
  

 

 

    

 

 

 

 

(1)  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s auction preferred shares.
(2)  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3)  All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.


(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2013 and October 31, 2014; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

 

Fiscal Years Ended

   10/31/13      10/31/14  

Registrant

   $ 20,930       $ 16,410   

Eaton Vance(1)

   $ 526,385       $ 99,750   

 

(1) Certain subsidiaries of Eaton Vance Corp. provide ongoing services to the registrant.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park (Chair), Scott E. Eston, Ronald A. Pearlman, Helen Frame Peters and Ralph F. Verni are the members of the registrant’s audit committee.

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

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of


proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them 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 Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expect 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 Special Committee.

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

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

Peter M. Campo, Scott H. Page and Craig P. Russ and other Eaton Vance Management (“EVM” or “Eaton Vance”) investment professionals comprise the investment team responsible for the overall and day-to-day management of the Trust’s investments as well as allocations of the Trust’s assets between common and preferred stocks. Messrs. Campo, Page and Russ are the portfolio managers responsible for the day-to-day management of the Trust’s investments.

Mr. Campo has been an EVM portfolio manager since 2008. Mr. Page has been an EVM portfolio manager since 1996 and is Co-Director of EVM’s Bank Loan Investment Group. Mr. Russ has been an EVM portfolio manager since 2001 and is Co-Director of EVM’s Bank Loan Investment Group. Messrs. Campo, Page and Russ are Vice Presidents of EVM. This information is provided as of the date of filing of this report.


The following table shows, as of the Trust’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) 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 millions of dollars) in those accounts.

 

     Number of All
Accounts
     Total Assets of All
Accounts
   

Number of

Accounts

Paying a

Performance Fee

     Total Assets of
Accounts Paying a
Performance Fee
 

Peter M. Campo

          

Registered Investment Companies

     1       $ 905.9        0       $ 0   

Other Pooled Investment Vehicles

     0       $ 0        0       $ 0   

Other Accounts

     0       $ 0        0       $ 0   

Scott H. Page

          

Registered Investment Companies

     18       $ 32,381.3        0       $ 0   

Other Pooled Investment Vehicles

     8       $ 11,005.4 (1)      1       $ 143.9   

Other Accounts

     3       $ 1,901.6        0       $ 0   

Craig P. Russ

          

Registered Investment Companies

     14       $ 27,377.8        0       $ 0   

Other Pooled Investment Vehicles

     1       $ 7,756.2        0       $ 0   

Other Accounts

     3       $ 1,901.6        0       $ 0   

 

(1) Certain of these “Other Pooled Investment Vehicles” invest a substantial portion of their assets either in a registered investment company or in a separate pooled investment vehicle managed by this portfolio manager or another Eaton Vance portfolio manager.

The following table shows the dollar range of Trust shares beneficially owned by each portfolio manager as of the Trust’s most recent fiscal year end.

 

Portfolio Manager    Dollar Range of Equity
Securities Owned in the Trust

Peter M. Campo

   None

Scott H. Page

   $100,001 - $500,000

Craig P. Russ

   None

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Trust’s investments on the one hand and investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Trust and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Trust and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Trust. In some


cases, another account managed by a portfolio manager may compensate the investment 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, resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies which govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocation, cross trades and best execution.

Compensation Structure for EVM

Compensation of EVM’s 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 EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s 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 the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. 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. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s 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 EVM’s 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 registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)   Treasurer’s Section 302 certification.
(a)(2)(ii)   President’s Section 302 certification.
(b)   Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Senior Floating-Rate Trust

 

By:  

/s/ Scott H. Page

  Scott H. Page
  President

Date: December 11, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer

Date: December 11, 2014

 

By:  

/s/ Scott H. Page

  Scott H. Page
  President

Date: December 11, 2014