Eaton Vance Senior Floating-Rate Trust
Table of Contents

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21411
Eaton Vance Senior Floating-Rate Trust
(Exact Name of registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2009
Date of Reporting Period
 
 


TABLE OF CONTENTS

Item 1. Reports to Stockholders
Item 2. Code of Ethics
Item 3. Audit Committee Financial Expert
Item 4. Principal Accountant Fees and Services
Item 5. Audit Committee of Listed registrants
Item 6. Schedule of Investments
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Item 10. Submission of Matters to a Vote of Security Holders
Item 11. Controls and Procedures
Item 12. Exhibits
Signatures
EX-99.CERT Section 302 Certification
EX-99.906CERT Section 906 Certification


Table of Contents

Item 1. Reports to Stockholders


Table of Contents

EATONVANCE COVER


Table of Contents

 
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
 
  •  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
  •  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
  •  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
  •  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
 
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
 
For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
 
 
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
 
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
 
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
 
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
 
 
 
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.


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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
INVESTMENT UPDATE
Economic and Market Conditions
(Scott H Page)
Scott H. Page, CFA
Co-Portfolio Manager

(Peter M Campo)
Peter M. Campo, CFA
Co-Portfolio Manager

(Craig P Russ)
Craig P. Russ
Co-Portfolio Manager
  During the six months ending April 30, 2009, credit markets experienced unprecedented volatility in the early part of the period but staged a turnaround in the latter four months. While there is little doubt that a recession would bring higher default rates, it was difficult to reconcile bank loan prices with market fundamentals during November and December of 2008. A range of data and criteria used to monitor creditworthiness suggested that overall credit quality appeared to be in line with previous downturns. Despite this, bank loans traded far below levels consistent with default and recovery expectations, reflecting a full-scale breakdown in the credit markets. Some selling was forced, especially by hedge funds and structured investment vehicles unable to meet margin requirements. In the final four months of the period, however, the market for bank loans began to recover, and cash was put to work in a sector with no active sellers and a new issue market that remained largely closed. As a result, loan prices jumped. We believe that this could be the primary theme from the technical side of the market for the near term. Other positive developments included spread tightening and robust debt issuance in the investment-grade debt market and improvements in short-term financing and other liquidity measures as government stimulus programs began to take hold. We believe this thawing of the high end of the credit markets is beginning to gradually filter down to non-investment-grade sectors. We have also seen several instances in the below-investment-grade market in which issuers have successfully refinanced their debt and/or issued bonds to retire term loans. We are encouraged by these developments and believe they should contribute to improving technicals in our market. Ironically, as performance has improved in 2009, defaults have increased — a trend we expect may continue.
Management Discussion
  The Trust is a closed-end fund and trades on the New York Stock Exchange under the symbol “EFR.” The Trust’s investment objective is to provide a high level of current income. As a secondary objective, it may also seek preservation of capital to the extent consistent with its primary goal of high current income. Under normal market conditions, the Trust invests at least 80% of its total assets in senior, secured floating-rate loans (senior loans). In managing the Trust, the investment adviser seeks to invest in a portfolio of senior loans that it believes will be less volatile over time than the general loan market. The Trust may also invest in second lien loans and high-yield bonds, and, as discussed below, employs leverage, which may increase risk.
Eaton Vance Senior Floating-Rate Trust
Total Return Performance 10/31/08 – 4/30/09
                 
NYSE Symbol           EFR  
 
At Net Asset Value (NAV)1
            4.99 %
At Share Price1
            7.07  
S&P/LSTA Leveraged Loan Index2
            5.98  
Premium/(Discount) to NAV (4/30/09)
            -5.13 %
Total Distributions per common share
          $ 0.444  
Distribution Rate3
  At NAV     7.57 %
 
  At Share Price     7.98 %
Please refer to page 3 for additional performance information.
 
1   Performance results reflect the effects of leverage.
 
2   It is not possible to invest directly in an Index. The Index’s total return reflects changes in value of the loans constituting the Index and accrual of interest and does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the loans represented in the Index. Unlike the Trust, the Index’s return does not reflect the effect of leverage.
 
3   The Distribution Rate is based on the Trust’s most recent monthly distribution per share (annualized) divided by the Trust’s NAV or share price at the end of the period. The Trust’s monthly distributions may be comprised of ordinary income, net realized capital gains and return of capital.

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

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

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
INVESTMENT UPDATE
  As of April 30, 2009, the Trust’s investments included senior loans to 391 borrowers spanning 39 industries, with an average loan size of 0.24% of total investments, and no industry constituting more than 10% of total investments. Healthcare, business equipment and services, and cable and satellite television were among the top industry weightings.
  During the six-month period, the Trust’s return at net asset value lagged the S&P/LSTA Leveraged Loan Index1 (the Index), primarily because leverage hurt performance in the first two months of the period — November and December of 2008 — more than it helped during the credit recovery in the latter four months of the period.
  The Trust’s higher relative weightings in business equipment and services and in cable and satellite television, both of which outperformed the broader market, contributed positively to its relative performance. A higher relative percentage of single B and BB-rated issues, which outperformed lower-quality loans, was also helpful.
  As of April 30, 2009, the Trust employed leverage of 36.5% of total assets — 24.4% auction preferred shares (APS)2 and 12.1% borrowings. Use of leverage creates an opportunity for income, but at the same time creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
  As we move into this rising default environment in 2009, we believe that our experienced credit research analysts helped us to avoid some of the riskiest names, resulting in the Trust having fewer defaulted loans than many of its peers. In addition, we believe our diversified approach to the asset class — which includes keeping investments in individual issues relatively small — has helped to contain the degree of losses associated with the defaulted loans that the Trust does hold.
 
1   It is not possible to invest directly in an Index. The Index’s total return reflects changes in value of the loans constituting the Index and accrual of interest and does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the loans represented in the Index. Unlike the Trust, the Index’s return does not reflect the effect of leverage.
 
2   In the event of a rise in long-term interest rates, the value of the Trust’s investment portfolio could decline, which would reduce the asset coverage for its APS and borrowings. APS percentage represents the liquidation value of the Trust’s APS outstanding at 4/30/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and borrowings outstanding.

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

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Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
FUND PERFORMANCE
         
Trust Performance1
New York Stock Exchange Symbol (NYSE)
  EFR  
 
Average Annual Total Returns (by share price, NYSE)
       
Six Months
    7.07 %
One Year
    -28.99  
Five Years
    -6.28  
Life of Trust (11/28/03)
    -4.62  
Average Annual Total Returns (at net asset value)
       
Six Months
    4.99 %
One Year
    -29.44  
Five Years
    -4.20  
Life of Trust (11/28/03)
    -3.69  
 
1   Performance results reflect the effects of leverage.
Portfolio Composition
         
Top Ten Holdings2        
 
By total investments
       
Intelsat Corp.
    1.3 %
SunGard Data Systems, Inc.
    1.2  
UPC Broadband Holding B.V.
    1.2  
Community Health Systems, Inc.
    1.1  
Rite Aid Corp.
    1.1  
Georgia-Pacific Corp.
    1.1  
MCC Iowa, LLC
    1.0  
Cequel Communications, LLC
    0.9  
Graphic Packaging International, Inc.
    0.8  
Centennial Cellular Operating Co., LLC
    0.8  
 
2   Reflects the Trust’s investments as of 4/30/09. Holdings are shown as a percentage of the Trust’s total investments.
         
Top Five Industries3        
 
By total investments
       
Healthcare
    10.0 %
Business Equipment and Services
    7.6  
Cable and Satellite Television
    7.2  
Leisure Goods/Activities/Movies
    6.6  
Publishing
    5.2  
 
3   Reflects the Trust’s investments as of 4/30/09. Industries are shown as a percentage of the Trust’s total investments.
         
Credit Quality Ratings for
Total Loan Investments4
       
 
By total loan investments
       
Baa
    0.7 %
Ba
    34.5  
B
    38.5  
Caa
    10.0  
Defaulted
    6.0  
Non-Rated5
    10.3  
 
4   Credit Quality ratings are those provided by Moody’s Investor Services, Inc., a nationally recognized bond rating service. Reflects the Trust’s total loan investments as of 4/30/09. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
 
5   Certain loans in which the Trust invests are not rated by a rating agency. In management’s opinion, such securities are comparable to securities rated by a rating agency in the categories listed above.

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

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

 
See notes to financial statements

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

 
See notes to financial statements

5


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*     Borrower/Tranche Description   Value      
 
 
Business Equipment and Services (continued)
 
                     
Sitel (Client Logic)
  1,866,855     Term Loan, 6.42%, Maturing January 29, 2014   $ 1,166,784      
Solera Holdings, LLC
EUR 740,315     Term Loan, 3.44%, Maturing May 15, 2014     852,174      
SunGard Data Systems, Inc.
  7,141,161     Term Loan, 2.67%, Maturing February 11, 2013     6,445,891      
TDS Investor Corp.
  269,897     Term Loan, 3.47%, Maturing August 23, 2013     182,105      
  2,345,107     Term Loan, 3.47%, Maturing August 23, 2013     1,582,295      
EUR 1,054,228     Term Loan, 3.78%, Maturing August 23, 2013     902,002      
Transaction Network Services, Inc.
  552,695     Term Loan, 2.49%, Maturing May 4, 2012     521,836      
Valassis Communications, Inc.
  461,655     Term Loan, 2.18%, Maturing March 2, 2014     395,869      
  1,799,183     Term Loan, 2.18%, Maturing March 2, 2014     1,542,799      
West Corp.
  1,382,700     Term Loan, 2.83%, Maturing October 24, 2013     1,170,494      
 
 
            $ 38,949,167      
 
 
 
 
Cable and Satellite Television — 11.1%
 
Atlantic Broadband Finance, LLC
  2,684,604     Term Loan, 3.47%, Maturing February 10, 2011   $ 2,436,278      
Bragg Communications, Inc.
  2,117,750     Term Loan, 3.76%, Maturing August 31, 2014     1,980,096      
Bresnan Broadband Holdings, LLC
  500,000     Term Loan, 3.05%, Maturing March 29, 2014     459,584      
  1,200,000     Term Loan - Second Lien, 4.99%, Maturing March 29, 2014     960,000      
Cequel Communications, LLC
  493,703     Term Loan, 2.48%, Maturing November 5, 2013     448,776      
  1,550,000     Term Loan - Second Lien, 5.00%, Maturing May 5, 2014     1,242,768      
  3,908,909     Term Loan - Second Lien, 6.49%, Maturing May 5, 2014(2)     3,218,009      
Charter Communications Operating, Inc.
  2,375,567     Term Loan, 4.69%, Maturing April 28, 2013     2,010,323      
CSC Holdings, Inc.
  2,937,529     Term Loan, 2.20%, Maturing March 29, 2013     2,725,477      
CW Media Holdings, Inc.
  615,625     Term Loan, 4.47%, Maturing February 15, 2015     498,849      
Foxco Acquisition Sub., LLC
  583,643     Term Loan, 7.25%, Maturing July 2, 2015     358,941      
Insight Midwest Holdings, LLC
  3,594,375     Term Loan, 2.50%, Maturing April 6, 2014     3,302,332      
MCC Iowa, LLC
  5,762,802     Term Loan, 2.08%, Maturing January 31, 2015     5,143,301      
Mediacom Illinois, LLC
  3,711,967     Term Loan, 1.83%, Maturing January 31, 2015     3,322,210      
NTL Investment Holdings, Ltd.
GBP 372,729     Term Loan, 3.89%, Maturing March 30, 2012     457,246      
GBP 1,150,262     Term Loan, 3.81%, Maturing September 3, 2012     1,411,084      
ProSiebenSat.1 Media AG
EUR 409,546     Term Loan, 4.59%, Maturing March 2, 2015     88,054      
EUR 11,076     Term Loan, 3.75%, Maturing June 26, 2015     9,374      
EUR 272,924     Term Loan, 3.75%, Maturing June 26, 2015     230,979      
EUR 409,546     Term Loan, 4.84%, Maturing March 2, 2016     88,054      
EUR 358,308     Term Loan, 9.21%, Maturing March 2, 2017(2)     18,455      
EUR 519,952     Term Loan - Second Lien, 5.96%, Maturing September 2, 2016     31,646      
UPC Broadband Holding B.V.
EUR 4,050,000     Term Loan, 3.14%, Maturing October 16, 2011     4,395,230      
  1,950,000     Term Loan, 2.32%, Maturing December 31, 2014     1,806,188      
Virgin Media Investment Holdings
GBP 239,517     Term Loan, 5.31%, Maturing March 30, 2012     293,827      
YPSO Holding SA
EUR 209,021     Term Loan, 3.69%, Maturing July 28, 2014     185,292      
EUR 249,358     Term Loan, 3.69%, Maturing July 28, 2014     221,050      
EUR 541,621     Term Loan, 3.69%, Maturing July 28, 2014     480,134      
 
 
            $ 37,823,557      
 
 
 
 
Chemicals and Plastics — 7.4%
 
AZ Chem US, Inc.
  500,000     Term Loan - Second Lien, 5.93%, Maturing February 28, 2014   $ 275,000      
Brenntag Holding GmbH and Co. KG
  373,091     Term Loan, 2.50%, Maturing December 23, 2013     302,204      
  1,526,909     Term Loan, 3.18%, Maturing December 23, 2013     1,236,796      
  1,000,000     Term Loan - Second Lien, 5.50%, Maturing December 23, 2015     580,000      
Celanese Holdings, LLC
  4,140,500     Term Loan, 2.94%, Maturing April 2, 2014     3,685,985      
First Chemical Holding
EUR 965,273     Term Loan, 4.56%, Maturing December 18, 2014     391,128      
Foamex, L.P.
  1,452,328     Term Loan, 0.00%, Maturing February 12, 2013(3)     418,754      
Georgia Gulf Corp.
  655,225     Term Loan, 8.91%, Maturing October 3, 2013     423,713      
Hexion Specialty Chemicals, Inc.
  491,250     Term Loan, 3.50%, Maturing May 5, 2012     245,625      
  959,757     Term Loan, 3.50%, Maturing May 5, 2013     475,765      
  4,418,192     Term Loan, 3.50%, Maturing May 5, 2013     2,190,160      

 
See notes to financial statements

6


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*     Borrower/Tranche Description   Value      
 
 
Chemicals and Plastics (continued)
 
                     
Huntsman International, LLC
  1,500,000     Term Loan, 2.18%, Maturing August 16, 2012   $ 1,245,000      
INEOS Group
  2,294,637     Term Loan, 7.50%, Maturing December 14, 2013     1,231,456      
  2,199,602     Term Loan, 8.00%, Maturing December 14, 2014     1,180,454      
EUR 750,000     Term Loan - Second Lien, 7.71%, Maturing December 14, 2012     291,495      
Innophos, Inc.
  326,584     Term Loan, 3.43%, Maturing August 10, 2010     307,805      
ISP Chemco, Inc.
  1,564,576     Term Loan, 2.63%, Maturing June 4, 2014     1,424,742      
Kranton Polymers, LLC
  2,758,031     Term Loan, 3.25%, Maturing May 12, 2013     1,878,219      
Lucite International Group Holdings
  210,375     Term Loan, 2.68%, Maturing July 7, 2013     204,064      
  594,079     Term Loan, 2.68%, Maturing July 7, 2013     576,256      
MacDermid, Inc.
EUR 782,384     Term Loan, 3.21%, Maturing April 12, 2014     538,290      
Millenium Inorganic Chemicals
  313,967     Term Loan, 3.47%, Maturing April 30, 2014     204,079      
  975,000     Term Loan - Second Lien, 6.97%, Maturing October 31, 2014     589,875      
Momentive Performance Material
  1,685,254     Term Loan, 2.69%, Maturing December 4, 2013     1,135,440      
Propex Fabrics, Inc.
  645,995     Term Loan, 7.25%, Maturing July 31, 2012(2)     101,744      
Rockwood Specialties Group, Inc.
  3,225,975     Term Loan, 2.18%, Maturing December 10, 2012     2,910,291      
Schoeller Arca Systems Holding
EUR 144,523     Term Loan, 5.82%, Maturing November 16, 2015     86,048      
EUR 412,060     Term Loan, 5.82%, Maturing November 16, 2015     245,339      
EUR 443,417     Term Loan, 5.82%, Maturing November 16, 2015     264,008      
Solo Cup Co.
  484,813     Term Loan, 4.72%, Maturing February 27, 2011     455,421      
 
 
            $ 25,095,156      
 
 
 
 
Clothing/Textiles — 0.5%
 
Hanesbrands, Inc.
  850,000     Term Loan - Second Lien, 4.84%, Maturing March 5, 2014   $ 769,250      
St. John Knits International, Inc.
  504,530     Term Loan, 9.00%, Maturing March 23, 2012     340,557      
The William Carter Co.
  623,728     Term Loan, 2.01%, Maturing July 14, 2012     592,542      
 
 
            $ 1,702,349      
 
 
 
Conglomerates — 5.0%
 
Amsted Industries, Inc.
  1,684,378     Term Loan, 3.15%, Maturing October 15, 2010   $ 1,541,206      
Blount, Inc.
  249,524     Term Loan, 2.25%, Maturing August 9, 2010     231,433      
Doncasters (Dunde HoldCo 4 Ltd.)
  427,981     Term Loan, 2.99%, Maturing July 13, 2015     250,369      
  427,981     Term Loan, 3.49%, Maturing July 13, 2015     250,369      
GBP 500,000     Term Loan - Second Lien, 5.48%, Maturing November 15, 2016     323,608      
GenTek, Inc.
  497,238     Term Loan, 3.18%, Maturing February 25, 2011     431,354      
Jarden Corp.
  1,190,479     Term Loan, 2.97%, Maturing January 24, 2012     1,143,455      
  2,112,457     Term Loan, 2.97%, Maturing January 24, 2012     2,029,015      
Johnson Diversey, Inc.
  1,623,517     Term Loan, 3.18%, Maturing December 16, 2011     1,538,282      
Manitowoc Company, Inc. (The)
  1,246,875     Term Loan, 6.50%, Maturing August 21, 2014     957,600      
Polymer Group, Inc.
  2,293,477     Term Loan, 3.21%, Maturing November 22, 2012     1,983,858      
RBS Global, Inc.
  788,187     Term Loan, 2.44%, Maturing July 19, 2013     623,653      
  3,784,836     Term Loan, 3.36%, Maturing July 19, 2013     3,013,676      
RGIS Holdings, LLC
  2,710,315     Term Loan, 3.45%, Maturing April 30, 2014     2,028,218      
  135,516     Term Loan, 3.72%, Maturing April 30, 2014     101,411      
Vertrue, Inc.
  822,227     Term Loan, 4.22%, Maturing August 16, 2014     612,559      
 
 
            $ 17,060,066      
 
 
 
 
Containers and Glass Products — 4.7%
 
Berry Plastics Corp.
  2,000,000     Term Loan, 2.47%, Maturing April 3, 2015   $ 1,472,500      
Consolidated Container Co.
  1,000,000     Term Loan - Second Lien, 5.93%, Maturing September 28, 2014     415,000      
Crown Americas, Inc.
  606,250     Term Loan, 2.20%, Maturing November 15, 2012     584,273      
Graham Packaging Holdings Co.
  2,148,147     Term Loan, 2.76%, Maturing October 7, 2011     1,945,268      
Graphic Packaging International, Inc.
  4,475,625     Term Loan, 3.06%, Maturing May 16, 2014     4,065,358      
  478,069     Term Loan, 3.79%, Maturing May 16, 2014     441,417      
JSG Acquisitions
  1,845,000     Term Loan, 3.03%, Maturing December 31, 2013     1,465,622      
  1,845,000     Term Loan, 3.28%, Maturing December 13, 2014     1,465,622      

 
See notes to financial statements

7


Table of Contents

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

 
See notes to financial statements

8


Table of Contents

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

 
See notes to financial statements

9


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*     Borrower/Tranche Description   Value      
 
 
 
Food/Drug Retailers — 4.8%
 
General Nutrition Centers, Inc.
  3,382,016     Term Loan, 3.15%, Maturing September 16, 2013   $ 2,866,259      
Iceland Foods Group, Ltd.
GBP 1,250,000     Term Loan, 2.62%, Maturing May 2, 2014     1,728,989      
GBP 1,250,000     Term Loan, 3.37%, Maturing May 2, 2015     1,728,989      
Pantry, Inc. (The)
  224,361     Term Loan, 1.93%, Maturing May 15, 2014     199,681      
  779,315     Term Loan, 1.93%, Maturing May 15, 2014     693,590      
Rite Aid Corp.
  6,336,000     Term Loan, 2.20%, Maturing June 1, 2014     5,141,664      
  1,069,625     Term Loan, 6.00%, Maturing June 4, 2014     872,814      
Roundy’s Supermarkets, Inc.
  3,348,082     Term Loan, 3.20%, Maturing November 3, 2011     3,069,077      
 
 
            $ 16,301,063      
 
 
 
 
Forest Products — 2.6%
 
Appleton Papers, Inc.
  1,326,375     Term Loan, 6.50%, Maturing June 5, 2014   $ 961,622      
Georgia-Pacific Corp.
  6,272,978     Term Loan, 3.24%, Maturing December 20, 2012     5,867,197      
Newpage Corp.
  1,762,413     Term Loan, 4.79%, Maturing December 5, 2014     1,376,640      
Xerium Technologies, Inc.
  1,225,324     Term Loan, 6.72%, Maturing May 18, 2012     768,891      
 
 
            $ 8,974,350      
 
 
 
 
Healthcare — 15.0%
 
Accellent, Inc.
  2,263,755     Term Loan, 3.76%, Maturing November 22, 2012   $ 1,882,690      
Alliance Imaging, Inc.
  479,714     Term Loan, 3.66%, Maturing December 29, 2011     459,326      
American Medical Systems
  1,025,736     Term Loan, 2.69%, Maturing July 20, 2012     953,935      
AMN Healthcare, Inc.
  252,518     Term Loan, 2.97%, Maturing November 2, 2011     231,054      
AMR HoldCo, Inc.
  1,096,127     Term Loan, 2.47%, Maturing February 10, 2012     1,002,956      
Biomet, Inc.
  1,787,178     Term Loan, 4.15%, Maturing December 26, 2014     1,675,479      
EUR 1,206,625     Term Loan, 4.34%, Maturing December 26, 2014     1,464,775      
Bright Horizons Family Solutions, Inc.
  942,875     Term Loan, 7.50%, Maturing May 15, 2015     804,586      
Cardinal Health 409, Inc.
  4,215,036     Term Loan, 2.68%, Maturing April 10, 2014     2,967,386      
Carestream Health, Inc.
  2,669,163     Term Loan, 2.43%, Maturing April 30, 2013     2,316,833      
  1,000,000     Term Loan - Second Lien, 5.68%, Maturing October 30, 2013     554,000      
Carl Zeiss Vision Holding GmbH
  1,300,000     Term Loan, 2.93%, Maturing March 23, 2015     457,980      
Community Health Systems, Inc.
  329,634     Term Loan, 2.68%, Maturing July 25, 2014     298,357      
  6,458,990     Term Loan, 3.45%, Maturing July 25, 2014     5,846,122      
Concentra, Inc.
  611,565     Term Loan - Second Lien, 7.47%, Maturing June 25, 2015(2)     305,783      
ConMed Corp.
  466,889     Term Loan, 1.93%, Maturing April 13, 2013     382,849      
Convatec Cidron Healthcare
EUR 745,885     Term Loan, 5.25%, Maturing July 30, 2016     932,602      
CRC Health Corp.
  485,063     Term Loan, 3.47%, Maturing February 6, 2013     351,670      
  487,500     Term Loan, 3.47%, Maturing February 6, 2013     353,438      
Dako EQT Project Delphi
  500,000     Term Loan - Second Lien, 4.96%, Maturing December 12, 2016     187,500      
DaVita, Inc.
  547,997     Term Loan, 2.20%, Maturing October 5, 2012     517,001      
DJO Finance, LLC
  790,000     Term Loan, 3.77%, Maturing May 15, 2014     703,495      
Fenwal, Inc.
  500,000     Term Loan - Second Lien, 6.51%, Maturing August 28, 2014     287,500      
Fresenius Medical Care Holdings
  494,103     Term Loan, 2.61%, Maturing March 31, 2013     472,101      
Hanger Orthopedic Group, Inc.
  703,142     Term Loan, 2.44%, Maturing May 30, 2013     641,617      
HCA, Inc.
  3,547,144     Term Loan, 3.47%, Maturing November 18, 2013     3,210,165      
Health Management Association, Inc.
  3,190,878     Term Loan, 2.97%, Maturing February 28, 2014     2,776,463      
HealthSouth Corp.
  2,299,819     Term Loan, 2.96%, Maturing March 10, 2013     2,086,265      
Iasis Healthcare, LLC
  289,939     Term Loan, 2.43%, Maturing March 14, 2014     258,191      
  837,869     Term Loan, 2.43%, Maturing March 14, 2014     746,122      
  77,901     Term Loan, 2.44%, Maturing March 14, 2014     69,371      
Ikaria Acquisition, Inc.
  489,454     Term Loan, 3.03%, Maturing March 28, 2013     417,259      

 
See notes to financial statements

10


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*     Borrower/Tranche Description   Value      
 
 
Healthcare (continued)
 
                     
IM U.S. Holdings, LLC
  987,437     Term Loan, 2.78%, Maturing June 26, 2014   $ 912,392      
  625,000     Term Loan - Second Lien, 4.74%, Maturing June 26, 2015     543,750      
Invacare Corp.
  586,300     Term Loan, 3.21%, Maturing February 12, 2013     517,410      
LifePoint Hospitals, Inc.
  2,063,187     Term Loan, 2.89%, Maturing April 15, 2012     1,959,658      
MultiPlan Merger Corp.
  1,057,517     Term Loan, 2.94%, Maturing April 12, 2013     931,937      
  1,478,832     Term Loan, 2.94%, Maturing April 12, 2013     1,303,221      
Mylan, Inc.
  582,000     Term Loan, 4.34%, Maturing October 2, 2014     554,679      
National Mentor Holdings, Inc.
  61,600     Term Loan, 2.44%, Maturing June 29, 2013     41,991      
  1,009,844     Term Loan, 3.22%, Maturing June 29, 2013     688,377      
National Renal Institutes, Inc.
  809,095     Term Loan, 6.25%, Maturing March 31, 2013(2)     463,207      
Physiotherapy Associates, Inc.
  750,129     Term Loan, 7.50%, Maturing June 27, 2013     425,073      
RadNet Management, Inc.
  537,630     Term Loan, 5.06%, Maturing November 15, 2012     440,856      
ReAble Therapeutics Finance, LLC
  2,521,036     Term Loan, 2.89%, Maturing November 16, 2013     2,306,748      
Renal Advantage, Inc.
  838     Term Loan, 3.72%, Maturing October 5, 2012(2)     754      
Select Medical Holdings Corp.
  2,110,818     Term Loan, 3.25%, Maturing February 24, 2012     1,876,517      
Sunrise Medical Holdings, Inc.
  415,576     Term Loan, 4.82%, Maturing May 13, 2010     218,178      
Vanguard Health Holding Co., LLC
  2,144,262     Term Loan, 2.68%, Maturing September 23, 2011     2,026,999      
Viant Holdings, Inc.
  505,426     Term Loan, 3.47%, Maturing June 25, 2014     381,596      
 
 
            $ 51,208,214      
 
 
 
 
Home Furnishings — 2.2%
 
Hunter Fan Co.
  428,252     Term Loan, 3.01%, Maturing April 16, 2014   $ 226,973      
Interline Brands, Inc.
  679,130     Term Loan, 2.12%, Maturing June 23, 2013     519,535      
  935,541     Term Loan, 2.12%, Maturing June 23, 2013     715,689      
National Bedding Co., LLC
  1,476,124     Term Loan, 2.46%, Maturing August 31, 2011     870,913      
  2,050,000     Term Loan - Second Lien, 5.46%, Maturing August 31, 2012     729,800      
Sealy Mattress Co.
  2,700,000     Term Loan, 5.67%, Maturing August 25, 2011     2,227,500      
Simmons Co.
  2,799,380     Term Loan, 10.50%, Maturing December 19, 2011     2,219,676      
  1,047,019     Term Loan, 8.22%, Maturing February 15, 2012(2)     23,733      
 
 
            $ 7,533,819      
 
 
 
 
Industrial Equipment — 3.8%
 
Brand Energy and Infrastructure Services, Inc.
  788,000     Term Loan, 4.49%, Maturing February 7, 2014   $ 551,600      
CEVA Group PLC U.S.
  2,246,405     Term Loan, 3.43%, Maturing January 4, 2014     1,140,050      
  3,482,973     Term Loan, 3.44%, Maturing January 4, 2014     1,767,609      
  1,005,694     Term Loan, 4.22%, Maturing January 4, 2014     510,390      
EPD Holdings (Goodyear Engineering Products)
  146,582     Term Loan, 2.97%, Maturing July 13, 2014     74,268      
  1,023,477     Term Loan, 2.97%, Maturing July 13, 2014     518,562      
  775,000     Term Loan - Second Lien, 6.22%, Maturing July 13, 2015     138,531      
FR Brand Acquisition Corp.
  735,000     Term Loan, 3.49%, Maturing February 7, 2014     499,800      
Generac Acquisition Corp.
  1,744,302     Term Loan, 3.00%, Maturing November 7, 2013     1,143,971      
  500,000     Term Loan - Second Lien, 6.50%, Maturing April 7, 2014     149,375      
Gleason Corp.
  138,408     Term Loan, 2.97%, Maturing June 30, 2013     117,993      
  568,403     Term Loan, 2.97%, Maturing June 30, 2013     484,564      
Jason, Inc.
  399,538     Term Loan, 3.73%, Maturing April 30, 2010     209,757      
John Maneely Co.
  2,680,324     Term Loan, 4.11%, Maturing December 8, 2013     1,946,586      
KION Group GmbH
  250,000     Term Loan, 2.43%, Maturing December 23, 2014     85,312      
  250,000     Term Loan, 2.93%, Maturing December 23, 2015     85,313      
Polypore, Inc.
  2,972,063     Term Loan, 2.50%, Maturing July 3, 2014     2,555,974      
Sequa Corp.
  795,043     Term Loan, 3.74%, Maturing November 30, 2014     504,852      
TFS Acquisition Corp.
  682,500     Term Loan, 4.72%, Maturing August 11, 2013     315,656      
 
 
            $ 12,800,163      
 
 
 

 
See notes to financial statements

11


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*     Borrower/Tranche Description   Value      
 
 
 
Insurance — 2.8%
 
AmWINS Group, Inc.
  989,924     Term Loan, 3.77%, Maturing June 8, 2013   $ 596,429      
  500,000     Term Loan - Second Lien, 6.79%, Maturing June 8, 2014     127,500      
Applied Systems, Inc.
  1,234,636     Term Loan, 3.61%, Maturing September 26, 2013     1,067,960      
CCC Information Services Group, Inc.
  1,570,829     Term Loan, 2.68%, Maturing February 10, 2013     1,390,184      
Conseco, Inc.
  3,437,470     Term Loan, 6.50%, Maturing October 10, 2013     1,443,737      
Crawford & Company
  1,215,000     Term Loan, 3.72%, Maturing October 31, 2013     1,026,675      
Crump Group, Inc.
  859,467     Term Loan, 3.43%, Maturing August 4, 2014     644,601      
Hub International Holdings, Inc.
  499,511     Term Loan, 3.72%, Maturing June 13, 2014     389,619      
  2,222,865     Term Loan, 3.72%, Maturing June 13, 2014     1,733,835      
U.S.I. Holdings Corp.
  1,817,625     Term Loan, 3.97%, Maturing May 4, 2014     1,269,307      
 
 
            $ 9,689,847      
 
 
 
 
Leisure Goods/Activities/Movies — 10.1%
 
24 Hour Fitness Worldwide, Inc.
  1,624,750     Term Loan, 3.31%, Maturing June 8, 2012   $ 1,072,335      
AMC Entertainment, Inc.
  2,803,832     Term Loan, 1.94%, Maturing January 26, 2013     2,604,760      
AMF Bowling Worldwide, Inc.
  1,000,000     Term Loan - Second Lien, 7.54%, Maturing December 8, 2013     150,000      
Bombardier Recreational Products
  1,822,785     Term Loan, 3.95%, Maturing June 28, 2013     929,620      
Butterfly Wendel US, Inc.
  287,796     Term Loan, 3.24%, Maturing June 22, 2013     175,916      
  287,890     Term Loan, 2.74%, Maturing June 22, 2014     175,973      
Carmike Cinemas, Inc.
  721,656     Term Loan, 5.19%, Maturing May 19, 2012     614,610      
  956,483     Term Loan, 6.13%, Maturing May 19, 2012     814,605      
Cedar Fair, L.P.
  1,443,135     Term Loan, 2.43%, Maturing August 30, 2012     1,314,455      
Cinemark, Inc.
  3,522,644     Term Loan, 2.29%, Maturing October 5, 2013     3,295,141      
Deluxe Entertainment Services
  1,063,482     Term Loan, 3.00%, Maturing January 28, 2011     765,707      
  59,055     Term Loan, 3.47%, Maturing January 28, 2011     42,520      
  104,273     Term Loan, 3.47%, Maturing January 28, 2011     75,077      
Easton-Bell Sports, Inc.
  1,227,717     Term Loan, 2.85%, Maturing March 16, 2012     1,058,906      
Fender Musical Instruments Corp.
  333,046     Term Loan, 2.76%, Maturing June 9, 2014     171,519      
  656,090     Term Loan, 3.47%, Maturing June 9, 2014     337,886      
Mega Blocks, Inc.
  1,588,125     Term Loan, 9.75%, Maturing July 26, 2012     555,844      
Metro-Goldwyn-Mayer Holdings, Inc.
  4,823,432     Term Loan, 3.68%, Maturing April 8, 2012     2,365,493      
National CineMedia, LLC
  2,750,000     Term Loan, 3.08%, Maturing February 13, 2015     2,450,938      
Regal Cinemas Corp.
  4,436,098     Term Loan, 4.97%, Maturing November 10, 2010     4,287,072      
Revolution Studios Distribution Co., LLC
  1,023,881     Term Loan, 4.18%, Maturing December 21, 2014     834,463      
  800,000     Term Loan - Second Lien, 7.43%, Maturing June 21, 2015     240,000      
Six Flags Theme Parks, Inc.
  1,105,002     Term Loan, 3.37%, Maturing April 30, 2015     839,801      
Southwest Sports Group, LLC
  1,875,000     Term Loan, 5.75%, Maturing December 22, 2010     1,092,188      
Ticketmaster
  1,750,000     Term Loan, 4.23%, Maturing July 22, 2014     1,627,500      
Universal City Development Partners, Ltd.
  1,721,345     Term Loan, 6.00%, Maturing June 9, 2011     1,641,733      
WMG Acquisition Corp.
  875,000     Revolving Loan, 0.00%, Maturing February 28, 2010(4)     787,500      
  3,325,879     Term Loan, 2.80%, Maturing February 28, 2011     3,078,101      
Zuffa, LLC
  1,351,581     Term Loan, 2.50%, Maturing June 20, 2016     1,115,054      
 
 
            $ 34,514,717      
 
 
 
 
Lodging and Casinos — 1.9%
 
Ameristar Casinos, Inc.
  1,064,250     Term Loan, 3.26%, Maturing November 10, 2012   $ 957,825      
LodgeNet Entertainment Corp.
  2,160,792     Term Loan, 3.16%, Maturing April 4, 2014     1,519,756      
New World Gaming Partners, Ltd.
  204,167     Term Loan, 3.71%, Maturing June 30, 2014     101,062      
  1,008,073     Term Loan, 3.71%, Maturing June 30, 2014     498,996      
Penn National Gaming, Inc.
  370,978     Term Loan, 2.34%, Maturing October 3, 2012     348,101      
Venetian Casino Resort/Las Vegas Sands, Inc.
  858,513     Term Loan, 2.18%, Maturing May 14, 2014     523,302      
  3,399,450     Term Loan, 2.18%, Maturing May 23, 2014     2,072,118      

 
See notes to financial statements

12


Table of Contents

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

 
See notes to financial statements

13


Table of Contents

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

 
See notes to financial statements

14


Table of Contents

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

 
See notes to financial statements

15


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Aerospace and Defense (continued)
 
                     
Hawker Beechcraft Acquisition
  125     9.75%, 4/1/17   $ 31,250      
Vought Aircraft Industries, Inc., Sr. Notes
  85     8.00%, 7/15/11     35,063      
 
 
            $ 102,563      
 
 
 
 
Air Transport — 0.1%
 
Continental Airlines
  207     7.033%, 6/15/11   $ 169,802      
 
 
            $ 169,802      
 
 
 
 
Automotive — 0.1%
 
Altra Industrial Motion, Inc.
  335     9.00%, 12/1/11   $ 309,037      
Commercial Vehicle Group, Inc., Sr. Notes
  100     8.00%, 7/1/13     31,500      
Tenneco, Inc., Sr. Notes
  40     8.125%, 11/15/15     16,200      
 
 
            $ 356,737      
 
 
 
 
Broadcast Radio and Television — 0.0%
 
Warner Music Group, Sr. Sub. Notes
  85     7.375%, 4/15/14   $ 63,750      
 
 
            $ 63,750      
 
 
 
 
Brokers, Dealers and Investment Houses — 0.0%
 
Nuveen Investments, Inc., Sr. Notes
  115     10.50%, 11/15/15(6)   $ 58,650      
 
 
            $ 58,650      
 
 
 
 
Building and Development — 0.6%
 
Grohe Holding GMBH, Variable Rate
EUR 2,000     4.31%, 1/15/14   $ 1,455,410      
Panolam Industries International, Sr. Sub. Notes
  425     10.75%, 10/1/13(3)     23,375      
Texas Industries Inc., Sr. Notes
  115     7.25%, 7/15/13(6)     94,012      
Wintergames Acquisition ULC
  885     7.82%, 10/31/09     597,346      
 
 
            $ 2,170,143      
 
 
 
Business Equipment and Services — 0.4%
 
Affinion Group, Inc.
  95     10.125%, 10/15/13   $ 81,700      
  205     11.50%, 10/15/15     148,625      
Ceridian Corp., Sr. Notes
  275     11.25%, 11/15/15(6)     202,125      
Education Management, LLC, Sr. Notes
  415     8.75%, 6/1/14     403,587      
MediMedia USA, Inc., Sr. Sub. Notes
  170     11.375%, 11/15/14(6)     111,350      
Ticketmaster, Sr. Notes
  185     10.75%, 7/28/16(6)     127,188      
Travelport, LLC
  60     9.875%, 9/1/14     29,700      
West Corp.
  380     9.50%, 10/15/14     331,550      
 
 
            $ 1,435,825      
 
 
 
 
Cable and Satellite Television — 0.1%
 
Cablevision Systems Corp., Sr. Notes, Series B
  50     8.00%, 4/15/12   $ 50,000      
Kabel Deutschland GmbH
  190     10.625%, 7/1/14     194,750      
MCC Iowa, LLC
  120     8.50%, 10/15/15     113,400      
National Cable PLC
  40     8.75%, 4/15/14     39,800      
 
 
            $ 397,950      
 
 
 
 
Chemicals and Plastics — 0.1%
 
CII Carbon, LLC
  185     11.125%, 11/15/15(6)   $ 108,225      
Nova Chemicals Corp., Sr. Notes, Variable Rate
  195     5.72%, 11/15/13     154,050      
Reichhold Industries, Inc., Sr. Notes
  445     9.00%, 8/15/14(6)     82,325      
Wellman Holdings, Inc., Sr. Sub. Notes
  438     5.00%, 1/29/19(5)     129,955      
 
 
            $ 474,555      
 
 
 
 
Clothing/Textiles — 0.4%
 
Levi Strauss & Co., Sr. Notes
  505     9.75%, 1/15/15   $ 479,750      
  75     8.875%, 4/1/16     66,750      

 
See notes to financial statements

16


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Clothing/Textiles (continued)
 
                     
Oxford Industries, Inc., Sr. Notes
  490     8.875%, 6/1/11   $ 409,150      
Perry Ellis International, Inc., Sr. Sub. Notes
  360     8.875%, 9/15/13     246,600      
 
 
            $ 1,202,250      
 
 
 
 
 
Conglomerates — 0.1%
 
RBS Global & Rexnord Corp.
  155     11.75%, 8/1/16   $ 93,775      
  175     8.875%, 9/1/16     125,125      
 
 
            $ 218,900      
 
 
 
 
Containers and Glass Products — 0.6%
 
Berry Plastics Corp., Sr. Notes, Variable Rate
  2,000     5.881%, 2/15/15   $ 1,750,000      
Intertape Polymer US, Inc., Sr. Sub. Notes
  310     8.50%, 8/1/14     127,100      
Pliant Corp.
  345     11.625%, 6/15/09(2)(3)     123,915      
Smurfit-Stone Container Enterprises, Inc., Sr. Notes
  300     8.00%, 3/15/17(3)     66,000      
Solo Cup Co.
  25     8.50%, 2/15/14     21,125      
Stone Container Corp., Sr. Notes
  45     8.38%, 7/1/12(3)     9,675      
 
 
            $ 2,097,815      
 
 
 
 
Ecological Services and Equipment — 0.2%
 
Environmental Systems Products Holdings, Inc. Jr. Notes
  373     18.00%, 3/31/15(5)   $ 298,205      
Waste Services, Inc., Sr. Sub. Notes
  440     9.50%, 4/15/14     385,000      
 
 
            $ 683,205      
 
 
 
 
Electronics/Electrical — 0.3%
 
Advanced Micro Devices, Inc., Sr. Notes
  220     7.75%, 11/1/12   $ 126,500      
Amkor Technologies, Inc., Sr. Notes
  40     7.125%, 3/15/11     39,350      
  50     7.75%, 5/15/13     45,250      
  190     9.25%, 6/1/16     166,250      
Avago Technologies Finance
  170     10.125%, 12/1/13     164,050      
  215     11.875%, 12/1/15     188,663      
NXP BV/NXP Funding, LLC, Variable Rate
  775     3.881%, 10/15/13     223,781      
 
 
            $ 953,844      
 
 
 
 
Equipment Leasing — 0.0%
 
Hertz Corp.
  25     8.875%, 1/1/14   $ 19,500      
 
 
            $ 19,500      
 
 
 
 
Financial Intermediaries — 0.1%
 
Ford Motor Credit Co., Sr. Notes
  230     8.00%, 12/15/16   $ 175,679      
General Motors Acceptance Corp., Variable Rate
  110     2.488%, 5/15/09     108,762      
 
 
            $ 284,441      
 
 
 
 
Food Products — 0.1%
 
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes
  520     11.50%, 11/1/11   $ 447,200      
 
 
            $ 447,200      
 
 
 
 
Food Service — 0.2%
 
Aramark Services, Inc.
  85     8.50%, 2/1/15   $ 81,600      
El Pollo Loco, Inc.
  370     11.75%, 11/15/13     286,750      
NPC International, Inc., Sr. Sub. Notes
  340     9.50%, 5/1/14     306,000      
 
 
            $ 674,350      
 
 
 
 
Food/Drug Retailers — 0.3%
 
General Nutrition Center, Sr. Notes, Variable Rate
  665     6.429%, 3/15/14(2)   $ 508,725      
General Nutrition Center, Sr. Sub. Notes
  385     10.75%, 3/15/15     308,000      
 
 
            $ 816,725      
 
 
 

 
See notes to financial statements

17


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
 
Forest Products — 0.2%
 
Jefferson Smurfit Corp., Sr. Notes
  90     8.25%, 10/1/12(3)   $ 19,350      
  75     7.50%, 6/1/13(3)     14,625      
NewPage Corp.
  520     10.00%, 5/1/12     247,000      
  285     12.00%, 5/1/13     78,375      
NewPage Corp., Variable Rate
  135     7.42%, 5/1/12     58,725      
Verso Paper Holdings, LLC/Verso Paper, Inc.
  265     11.375%, 8/1/16     63,600      
 
 
            $ 481,675      
 
 
 
 
Healthcare — 0.7%
 
Accellent, Inc.
  285     10.50%, 12/1/13   $ 216,600      
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes
  325     10.00%, 2/15/15     331,500      
DJO Finance, LLC/DJO Finance Corp.
  190     10.875%, 11/15/14     146,300      
HCA, Inc.
  70     9.125%, 11/15/14     69,475      
  115     9.25%, 11/15/16     114,138      
MultiPlan, Inc., Sr. Sub. Notes
  485     10.375%, 4/15/16(6)     429,225      
National Mentor Holdings, Inc.
  290     11.25%, 7/1/14     256,650      
Res-Care, Inc., Sr. Notes
  195     7.75%, 10/15/13     175,987      
US Oncology, Inc.
  265     9.00%, 8/15/12     262,350      
  515     10.75%, 8/15/14     480,237      
 
 
            $ 2,482,462      
 
 
 
 
Home Furnishings — 0.0%
 
Interline Brands, Inc., Sr. Sub. Notes
  115     8.125%, 6/15/14   $ 110,400      
 
 
            $ 110,400      
 
 
 
 
Industrial Equipment — 0.1%
 
Chart Industries, Inc., Sr. Sub. Notes
  195     9.125%, 10/15/15   $ 153,075      
ESCO Corp., Sr. Notes
  145     8.625%, 12/15/13(6)     118,175      
ESCO Corp., Sr. Notes, Variable Rate
  145     5.201%, 12/15/13(6)     97,875      
 
 
            $ 369,125      
 
 
 
 
Insurance — 0.0%
 
Alliant Holdings I, Inc.
  100     11.00%, 5/1/15(6)   $ 69,500      
 
 
            $ 69,500      
 
 
 
 
Leisure Goods/Activities/Movies — 0.3%
 
Bombardier, Inc.
  130     8.00%, 11/15/14(6)   $ 114,400      
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.,
Variable Rate
  360     0.00%, 4/1/12(3)(6)     5,400      
Marquee Holdings, Inc., Sr. Disc. Notes
  665     9.505%, 8/15/14     520,362      
Royal Caribbean Cruises, Sr. Notes
  95     7.00%, 6/15/13     74,100      
  35     6.875%, 12/1/13     26,250      
  25     7.25%, 6/15/16     16,750      
  50     7.25%, 3/15/18     32,000      
Universal City Development Partners, Sr. Notes
  240     11.75%, 4/1/10     228,000      
 
 
            $ 1,017,262      
 
 
 
 
Lodging and Casinos — 0.9%
 
Buffalo Thunder Development Authority
  480     9.375%, 12/15/14(6)   $ 52,800      
CCM Merger, Inc.
  325     8.00%, 8/1/13(6)     146,250      
Chukchansi EDA, Sr. Notes, Variable Rate
  280     6.095%, 11/15/12(6)     120,400      
Fontainebleau Las Vegas Casino, LLC
  485     11.00%, 6/15/15(6)     19,400      
Galaxy Entertainment Finance
  300     9.875%, 12/15/12(6)     235,500      
Greektown Holdings, LLC, Sr. Notes
  95     10.75%, 12/1/13(3)(6)     6,175      
Host Hotels and Resorts, LP, Sr. Notes
  240     6.75%, 6/1/16     210,600      
Indianapolis Downs, LLC & Capital Corp., Sr. Notes
  145     11.00%, 11/1/12(6)     81,925      

 
See notes to financial statements

18


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Lodging and Casinos (continued)
 
                     
Inn of the Mountain Gods, Sr. Notes
  500     12.00%, 11/15/10   $ 107,500      
Majestic HoldCo, LLC
  140     12.50%, 10/15/11(3)(6)     770      
MGM Mirage, Inc.
  20     7.50%, 6/1/16     11,300      
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
  140     8.00%, 4/1/12     91,700      
  215     7.125%, 8/15/14     132,225      
  230     6.875%, 2/15/15     116,725      
OED Corp./Diamond Jo, LLC
  475     8.75%, 4/15/12     396,625      
Pinnacle Entertainment, Inc., Sr. Sub. Notes
  25     8.25%, 3/15/12     24,500      
  140     7.50%, 6/15/15     116,900      
Pokagon Gaming Authority, Sr. Notes
  102     10.375%, 6/15/14(6)     94,860      
San Pasqual Casino
  110     8.00%, 9/15/13(6)     88,550      
Scientific Games Corp.
  60     7.875%, 6/15/16(6)     54,900      
Seminole Hard Rock Entertainment, Variable Rate
  175     3.826%, 3/15/14(6)     116,375      
Tunica-Biloxi Gaming Authority, Sr. Notes
  310     9.00%, 11/15/15(6)     268,150      
Waterford Gaming, LLC, Sr. Notes
  289     8.625%, 9/15/14(6)     231,823      
Wynn Las Vegas, LLC
  390     6.625%, 12/1/14     331,500      
 
 
            $ 3,057,453      
 
 
 
 
Nonferrous Metals/Minerals — 0.2%
 
FMG Finance PTY, Ltd.
  675     10.625%, 9/1/16(6)   $ 594,000      
 
 
            $ 594,000      
 
 
 
 
Oil and Gas — 0.9%
 
Allis-Chalmers Energy, Inc., Sr. Notes
  335     9.00%, 1/15/14   $ 167,500      
Cimarex Energy Co., Sr. Notes
  120     7.125%, 5/1/17     106,800      
Clayton Williams Energy, Inc.
  175     7.75%, 8/1/13     120,750      
Compton Pet Finance Corp.
  360     7.625%, 12/1/13     139,500      
Denbury Resources, Inc., Sr. Sub. Notes
  50     7.50%, 12/15/15     47,250      
El Paso Corp., Sr. Notes
  225     9.625%, 5/15/12     229,031      
Encore Acquisition Co., Sr. Sub. Notes
  155     7.25%, 12/1/17     129,425      
Forbes Energy Services, Sr. Notes
  310     11.00%, 2/15/15     213,900      
OPTI Canada, Inc., Sr. Notes
  95     7.875%, 12/15/14     51,538      
  180     8.25%, 12/15/14     99,900      
Parker Drilling Co., Sr. Notes
  100     9.625%, 10/1/13     78,750      
Petrohawk Energy Corp., Sr. Notes
  535     9.125%, 7/15/13     526,975      
Petroleum Development Corp., Sr. Notes
  115     12.00%, 2/15/18     78,200      
Petroplus Finance, Ltd.
  465     7.00%, 5/1/17(6)     376,650      
Quicksilver Resources, Inc.
  290     7.125%, 4/1/16     182,700      
Sandridge Energy, Inc., Sr. Notes
  290     8.00%, 6/1/18(6)     255,200      
SemGroup, L.P., Sr. Notes
  540     8.75%, 11/15/15(3)(6)     20,250      
SESI, LLC, Sr. Notes
  60     6.875%, 6/1/14     52,800      
Stewart & Stevenson, LLC, Sr. Notes
  335     10.00%, 7/15/14     254,600      
 
 
            $ 3,131,719      
 
 
 
 
Publishing — 0.2%
 
Dex Media West/Finance, Series B
  112     9.875%, 8/15/13   $ 32,200      
Harland Clarke Holdings
  35     9.50%, 5/15/15     21,175      
Local Insight Regatta Holdings, Inc.
  90     11.00%, 12/1/17     22,050      
Nielsen Finance, LLC
  515     10.00%, 8/1/14     486,675      
  70     12.50%, (0.00% until 2011), 8/1/16     38,850      
Reader’s Digest Association, Inc. (The), Sr. Sub. Notes
  455     9.00%, 2/15/17     27,869      
 
 
            $ 628,819      
 
 
 

 
See notes to financial statements

19


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
 
Rail Industries — 0.2%
 
American Railcar Industry, Sr. Notes
  175     7.50%, 3/1/14   $ 137,375      
Kansas City Southern Mexico, Sr. Notes
  280     7.625%, 12/1/13     231,000      
  100     7.375%, 6/1/14     81,500      
  190     8.00%, 6/1/15     165,300      
 
 
            $ 615,175      
 
 
 
 
Retailers (Except Food and Drug) — 0.3%
 
Amscan Holdings, Inc., Sr. Sub. Notes
  400     8.75%, 5/1/14   $ 322,000      
Neiman Marcus Group, Inc.
  548     9.00%, 10/15/15     304,162      
  165     10.375%, 10/15/15     91,575      
Sally Holdings, LLC
  10     9.25%, 11/15/14     10,050      
Sally Holdings, LLC, Sr. Notes
  20     10.50%, 11/15/16     19,400      
Yankee Acquisition Corp., Series B
  545     8.50%, 2/15/15     386,950      
 
 
            $ 1,134,137      
 
 
 
 
Steel — 0.1%
 
RathGibson, Inc., Sr. Notes
  445     11.25%, 2/15/14   $ 111,250      
Steel Dynamics, Inc., Sr. Notes
  205     7.375%, 11/1/12     183,988      
 
 
            $ 295,238      
 
 
 
 
Surface Transport — 0.0%
 
CEVA Group, PLC, Sr. Notes
  210     10.00%, 9/1/14(6)   $ 105,000      
 
 
            $ 105,000      
 
 
 
 
Telecommunications — 0.7%
 
Centennial Cellular Operating Co./Centennial Communication Corp., Sr. Notes
  75     10.125%, 6/15/13   $ 78,187      
Digicel Group, Ltd., Sr. Notes
  300     9.25%, 9/1/12(6)     283,500      
  882     9.125%, 1/15/15(6)     604,170      
Nortel Networks, Ltd.
  130     10.75%, 7/15/16(3)     35,100      
  390     10.75%, 7/15/16(3)(6)     105,300      
Qwest Corp., Sr. Notes, Variable Rate
  925     4.57%, 6/15/13     841,750      
Windstream Corp., Sr. Notes
  190     8.125%, 8/1/13     190,000      
  60     8.625%, 8/1/16     60,000      
 
 
            $ 2,198,007      
 
 
 
 
Utilities — 0.2%
 
AES Corp.
  55     8.00%, 10/15/17   $ 50,600      
Edison Mission Energy, Sr. Notes
  25     7.50%, 6/15/13     21,375      
NGC Corp.
  390     7.625%, 10/15/26     224,250      
NRG Energy, Inc.
  165     7.25%, 2/1/14     159,638      
  355     7.375%, 1/15/17     339,912      
Reliant Energy, Inc., Sr. Notes
  20     7.625%, 6/15/14     18,150      
 
 
            $ 813,925      
 
 
     
Total Corporate Bonds & Notes
   
(identified cost $43,260,165)
  $ 29,732,102      
 
 
                     
                     
Asset-Backed Securities — 0.2%
 
Principal
               
Amount
               
(000’s omitted)     Security   Value      
 
 
$ 547     Alzette European CLO SA, Series 2004-1A,
Class E2, 7.82%, 12/15/20(7)
  $ 43,745      
  686     Avalon Capital Ltd. 3, Series 1A, Class D, 3.199%, 2/24/19(6)(7)     41,161      
  907     Babson Ltd., Series 2005-1A, Class C1, 3.081%, 4/15/19(6)(7)     54,428      
  1,000     Bryant Park CDO Ltd., Series 2005-1A, Class C, 3.181%, 1/15/19(6)(7)     30,000      
  1,000     Carlyle High Yield Partners, Series 2004-6A, Class C, 3.678%, 8/11/16(6)(7)     80,000      
  1,000     Centurion CDO 8 Ltd., Series 2005-8A, Class D, 7.693%, 3/8/17(7)     60,000      
  750     Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 5.863%, 7/17/19(7)     30,000      
  750     Comstock Funding Ltd., Series 2006-1A, Class D, 6.453%, 5/30/20(6)(7)     15,000      

 
See notes to financial statements

20


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Principal
               
Amount
               
(000’s omitted)     Security   Value      
 
 
$ 1,500     Dryden Leveraged Loan, Series 2004-6A, Class C1, 3.724%, 7/30/16(6)(7)   $ 75,000      
  1,000     First CLO Ltd., Series 2004-1A1, Class C, 3.459%, 7/27/16(6)(7)     60,000      
  1,000     Schiller Park CLO Ltd., Series 2007-1A, Class D, 2.909%, 4/25/21(6)(7)     60,000      
 
 
     
Total Asset-Backed Securities
   
(identified cost $9,899,694)
  $ 549,334      
 
 
                     
                     
Common Stocks — 0.0%
 
Shares     Security   Value      
 
 
 
Air Transport — 0.0%
 
  1,535     Delta Air Lines, Inc.(8)   $ 9,471      
 
 
            $ 9,471      
 
 
 
 
Chemicals and Plastics — 0.0%
 
  438     Wellman Holdings, Inc.(5)(8)   $ 112,731      
 
 
            $ 112,731      
 
 
 
 
Commercial Services — 0.0%
 
  6,211     Environmental Systems Products Holdings, Inc.(5)(8)(9)   $ 0      
 
 
            $ 0      
 
 
     
Total Common Stocks
   
(identified cost $131,956)
  $ 122,202      
 
 
                     
                     
Convertible Preferred Stocks — 0.0%
 
Shares     Security   Value      
 
 
 
Telecommunications — 0.0%
 
  484     Crown Castle International Corp., 6.25%(2)   $ 22,022      
 
 
     
Total Convertible Preferred Stocks
   
(identified cost $23,003)
  $ 22,022      
 
 
                     
                     
Preferred Stocks — 0.1%
 
Shares     Security   Value      
 
 
 
Commercial Services — 0.1%
 
  2,845     Environmental Systems Products Holdings, Inc., Series A(5)(8)(9)   $ 125,208      
 
 
     
Total Preferred Stocks
   
(identified cost $49,787)
  $ 125,208      
 
 
                     
                     
Miscellaneous — 0.0%
 
Shares     Security   Value      
 
 
 
Air Transport — 0.0%
 
  1,000,000     Delta Air Lines, Inc., Escrow Certificate(8)   $ 7,500      
 
 
     
Total Miscellaneous
   
(identified cost $0)
  $ 7,500      
 
 
 
                     
Short-Term Investments — 2.4%
 
Interest/Principal
             
Amount (000’s omitted)   Description   Value      
 
 
 
$7,198
    Cash Management Portfolio, 0.13%(10)   $ 7,197,700      
 
1,000
    State Street Bank and Trust Euro Time Deposit, 0.01%, 5/1/09     1,000,000      
 
 
     
Total Short-Term Investments
   
(identified cost $8,197,700)
    8,197,700      
 
 
     
Total Investments — 156.8%
   
(identified cost $743,240,135)
  $ 534,547,825      
 
 
             
Less Unfunded Loan
Commitments — (0.8)%
  $ (2,633,919 )    
 
 
     
Net Investments — 156.0%
   
(identified cost $740,606,216)
  $ 531,913,906      
 
 
             
Other Assets, Less
Liabilities — (17.5)%
  $ (59,627,172 )    
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (38.5)%
  $ (131,308,445 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 340,978,289      
 
 

 
See notes to financial statements

21


Table of Contents

 
Eaton Vance Senior Floating-Rate Trust as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
 
DIP - Debtor in Possession
 
EUR - Euro
 
GBP - British Pound Sterling
 
 
* In U.S. dollars unless otherwise indicated.
 
(1) Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”) and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
 
(2) Represents a payment-in-kind security which may pay all or a portion of interest/dividends in additional par/shares.
 
(3) Defaulted security. Currently the issuer is in default with respect to interest payments.
 
(4) Unfunded or partially unfunded loan commitments. See Note 1G for description.
 
(5) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
 
(6) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2009, the aggregate value of these securities is $5,895,987 or 1.7% of the Trust’s net assets applicable to common shares.
 
(7) Variable rate security. The stated interest rate represents the rate in effect at April 30, 2009.
 
(8) Non-income producing security.
 
(9) Restricted security. See Note 8.
 
(10) Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2009.

 
See notes to financial statements

22


Table of Contents

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