Eaton Vance Senior Floating-Rate Trust
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811- 21411
Eaton Vance Senior Floating-Rate Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
October 31, 2010
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

(COVER PAGE)

 


 

 
IMPORTANT NOTICES
 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:
 
  •  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
  •  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a 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 Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc. Our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial 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(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.
 
 
 
 
Additional Notice to Shareholders. The Fund may redeem or purchase its outstanding auction preferred shares (APS) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. The Fund may also purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that the Fund will take such action or that such purchases would reduce the discount.


 

Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
(PHOTO OF SCOTT H. PAGE)
Scott H. Page, CFA
Co-Portfolio Manager
(PHOTO OF PETER M. CAMPO)
Peter M. Campo, CFA
Co-Portfolio Manager
(PHOTO OF CRAIG P. RUSS)
Craig P. Russ
Co-Portfolio Manager
Economic and Market Conditions
  The bank loan market continued to recover from its 2008 lows for most of the 12-month period ending October 31, 2010. In spite of a small negative return during the April-June quarter, the market, as measured by the S&P/LSTA Leveraged Loan Index1 (the Index), produced double-digit performance for the year. The market’s recovery was driven by stronger demand and greater liquidity in the marketplace, along with improved corporate fundamentals.
 
  The market’s healthier tone is attributed to receding fears over deflation and a possible double-dip recession in the U.S. As a result, investors in search of yield have somewhat returned to taking on incremental credit risk, evidenced by improved inflows into high yield bond and bank loan mutual funds. These greater inflows have led to more robust demand in the secondary market, as well as increased refinancing activity, bond for loan take outs, and a general improvement in the overall tone of the market, all contributing to the lift in prices.
 
  Bank loan issuer fundamentals, which have been improving for the past several quarters, continued this trend into the latter months of the fiscal year. Corporate operating earnings growth was up 12.1% in the second calendar quarter of 2010 for public filers in the Index—the fourth consecutive quarter of such increases. Ratings downgrades and new defaults have also diminished to more modest levels, providing additional evidence of fundamental improvements. Our expectation is for continued moderate declines in default rates as older defaults fall off of the rolling 12-month figures and are replaced by fewer new defaults.
Management Discussion
  The Trust is a closed-end fund and trades on the New York Stock Exchange (NYSE) 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 to acquire additional income-producing securities, which may increase risk.
 
  As of October 31, 2010, the Trust’s investments included senior loans to 371 borrowers spanning 37 industries, with an average loan representing 0.24% of total investments, and no industry constituting more
Total Return Performance 10/31/09 – 10/31/10
                 
NYSE Symbol           EFR
 
At Net Asset Value (NAV)2
            17.93 %
At Market Price2
            29.96 %
S&P/LSTA Leveraged Loan Index1
            11.91 %
Premium/(Discount) to NAV (10/31/10)
            4.41 %
Total Distributions per common share
          $ 1.108  
Distribution Rate3
  At NAV     7.05 %
 
  At Market Price     6.75 %
See page 3 for more performance information.
 
1   It is not possible to invest directly in an Index. The Index’s total return does not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Unlike the Trust, the Index’s total return does not reflect the effect of leverage.
 
2   Performance results reflect the effects of leverage.
 
3   The Distribution Rate is based on the Trust’s last regular distribution per share in the period (annualized) divided by the Trust’s NAV or market price at the end of the period. The Trust’s distributions may be comprised of ordinary income, net realized capital gains and return of capital. Absent an expense waiver by the investment adviser, the returns would be lower.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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. For performance as of the most recent month end, please refer to www.eatonvance.com.

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

1


 

Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
    than 11.5% of total investments. Health care, business equipment and services, and cable and satellite television were among the top industry weightings.
 
  Management’s use of leverage was a significant factor in the Trust’s outperformance of the Index, as its loans acquired with borrowings were bolstered by generally strong conditions in the credit markets during the year. As of October 31, 2010, the Trust employed leverage of 35.8% of total assets—16.7% auction preferred shares (APS)1 and 19.1% borrowings. Use of leverage creates an opportunity for added return, but at the same time creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
 
  The Trust continued to maintain smaller allocations to large, lower-quality loans—notably, some significant issues that came to market in 2007—than did the market, an underweighting that we believe may lead to better long-term performance. During the period, however, this underweighting detracted from performance. The price of these issues rallied more than the overall market as investors sought higher discount opportunities. The Trust’s lower allocation to B-rated loans, which rallied the most after the May/ June volatility, slightly detracted from relative performance during the summer months, as did an underweight to CCC-rated loans earlier in the year. In addition, the Trust’s investments in European loans contributed positively to its performance during the period.
 
  We believe the credit fundamentals of the Trust’s holdings may continue to exhibit improvements consistent with a stabilizing U.S. economy. Loan defaults in the Trust range between 1% and 2% of total assets, and we believe that they will likely stabilize around current levels over the next few quarters, an opinion shared by many in the market, including the major rating agencies.
 
  We continue to believe that the Trust is well positioned for the current market environment. The Trust invests broadly across the floating-rate loan market, providing shareholders with diversified exposure to the asset class. The cornerstones of the Trust’s investment approach have always been—and continue to be—bottom-up credit research and dedication to diversification. This approach helps the Trust seek lower volatility relative to the overall loan market, while helping to contain risk in difficult credit environments.
 
1   APS percentage represents the liquidation value of the Trust’s APS outstanding at 10/31/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and borrowings outstanding. 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.

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.

2


 

Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
FUND PERFORMANCE
Trust Performance 1
         
NYSE Symbol   EFR
 
Average Annual Total Returns (by market price, NYSE)
       
One Year
    29.96 %
Five Years
    6.83  
Life of Trust (11/28/03)
    5.03  
 
       
Average Annual Total Returns (at net asset value)
       
One Year
    17.93 %
Five Years
    4.12  
Life of Trust (11/28/03)
    4.38  
 
1   Performance results reflect the effects of leverage resulting from the Trust’s issuance of APS. Absent an expense waiver by the investment adviser, the returns would be lower.
Portfolio Composition
Top 10 Holdings2
By total investments
         
Community Health Systems, Inc.
    1.3 %
UPC Broadband Holding B.V.
    1.2 %
Georgia-Pacific Corp.
    1.2 %
SunGard Data Systems, Inc.
    1.1 %
HCA, Inc.
    1.1 %
Aramark Corp.
    1.1 %
Charter Communications Operating, LLC
    1.1 %
Rite Aid Corp.
    1.1 %
Nielsen Finance, LLC
    1.0 %
INEOS Group
    0.9 %
 
2   Top 10 Holdings represented 11.1% of the Trust’s total investments as of 10/31/10.
Top Five Industries3
By total investments
         
Health Care
    11.5 %
Business Equipment and Services
    7.6  
Cable and Satellite Television
    7.2  
Leisure Goods/Activities/Movies
    5.2  
Chemicals and Plastics
    4.5  
 
3   Industries are shown as a percentage of the Trust’s total investments as of 10/31/10.
Credit Quality Ratings for
Total Loan Investments
4
By total loan investments
         
Baa
    2.3 %
Ba
    49.5  
B
    34.3  
Ca
    0.2  
Caa
    3.3  
Defaulted
    0.4  
Non-Rated5
    10.0  
 
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 10/31/10. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.
 
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 market price (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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. For performance as of the most recent month end, please refer to www.eatonvance.com.

3


 

Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Senior Floating-Rate Interests — 140.7%(1)
 
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
 
Aerospace and Defense — 3.2%
 
Aveos Fleet Performance, Inc.
  31     Revolving Loan, 8.18%, Maturing March 12, 2013(2)   $ 30,932      
  47     Term Loan, 11.25%, Maturing March 12, 2013     46,516      
  125     Term Loan - Second Lien, 10.75%, Maturing March 12, 2015(3)     117,052      
                                
Booz Allen Hamilton, Inc.
  496     Term Loan, 6.00%, Maturing July 31, 2015     498,855      
DAE Aviation Holdings, Inc.
  403     Term Loan, 4.04%, Maturing July 31, 2014     388,174      
  416     Term Loan, 4.04%, Maturing July 31, 2014     400,871      
Delos Aircraft, Inc.
  625     Term Loan, 7.00%, Maturing March 17, 2016     640,625      
Doncasters (Dunde HoldCo 4 Ltd.)
  394     Term Loan, 4.26%, Maturing July 13, 2015     354,798      
  394     Term Loan, 4.76%, Maturing July 13, 2015     354,798      
GBP 500     Term Loan - Second Lien, 6.57%, Maturing January 13, 2016     621,913      
DynCorp International, LLC
  900     Term Loan, 6.25%, Maturing July 5, 2016     906,604      
Evergreen International Aviation
  910     Term Loan, 10.50%, Maturing October 31, 2011(3)     898,699      
Hawker Beechcraft Acquisition
  4,287     Term Loan, 2.26%, Maturing March 26, 2014     3,601,570      
  256     Term Loan, 2.29%, Maturing March 26, 2014     215,319      
IAP Worldwide Services, Inc.
  829     Term Loan, 8.25%, Maturing December 30, 2012(3)     814,692      
International Lease Finance Co.
  850     Term Loan, 6.75%, Maturing March 17, 2015     872,237      
Spirit Aerosystems, Inc.
  1,565     Term Loan, 3.54%, Maturing September 30, 2016     1,563,242      
TransDigm, Inc.
  1,625     Term Loan, 2.27%, Maturing June 23, 2013     1,609,156      
Triumph Group, Inc.
  574     Term Loan, 4.50%, Maturing June 16, 2016     578,223      
Wesco Aircraft Hardware Corp.
  1,014     Term Loan, 2.51%, Maturing September 30, 2013     1,007,165      
Wyle Laboratories, Inc.
  873     Term Loan, 7.75%, Maturing March 25, 2016     876,084      
 
 
            $ 16,397,525      
 
 
 
Air Transport — 0.1%
 
Delta Air Lines, Inc.
  742     Term Loan, 2.28%, Maturing April 30, 2012   $ 729,913      
 
 
            $ 729,913      
 
 
 
 
Automotive — 5.8%
 
Adesa, Inc.
  2,071     Term Loan, 3.01%, Maturing October 18, 2013   $ 2,024,594      
Allison Transmission, Inc.
  3,822     Term Loan, 3.03%, Maturing August 7, 2014     3,675,565      
Autotrader.com, Inc.
  1,100     Term Loan, 6.00%, Maturing June 14, 2016     1,104,813      
Dayco Products, LLC
  414     Term Loan, 10.50%, Maturing May 13, 2014     413,263      
  65     Term Loan, 12.50%, Maturing November 13, 2014(3)     63,904      
Federal-Mogul Corp.
  2,457     Term Loan, 2.20%, Maturing December 29, 2014     2,187,333      
  3,088     Term Loan, 2.20%, Maturing December 28, 2015     2,748,708      
Ford Motor Co.
  3,893     Term Loan, 3.04%, Maturing December 16, 2013     3,859,894      
Goodyear Tire & Rubber Co.
  5,400     Term Loan - Second Lien, 2.21%, Maturing April 30, 2014     5,208,748      
HHI Holdings, LLC
  975     Term Loan, 9.75%, Maturing March 30, 2015     989,625      
Keystone Automotive Operations, Inc.
  1,310     Term Loan, 3.79%, Maturing January 12, 2012     1,113,362      
LKQ Corp. U.S.
  885     Term Loan, 2.51%, Maturing October 12, 2013     882,805      
Metaldyne Co., LLC
  925     Term Loan, 7.75%, Maturing October 28, 2016     933,094      
TriMas Corp.
  284     Term Loan, 6.00%, Maturing August 2, 2011     284,817      
  2,747     Term Loan, 6.00%, Maturing December 15, 2015     2,754,314      
United Components, Inc.
  1,025     Term Loan, 6.25%, Maturing March 23, 2017     1,035,763      
 
 
            $ 29,280,602      
 
 
 
 
Building and Development — 2.0%
 
Beacon Sales Acquisition, Inc.
  1,104     Term Loan, 2.28%, Maturing September 30, 2013   $ 1,051,972      
Brickman Group Holdings, Inc.
  1,175     Term Loan, 7.25%, Maturing October 14, 2016     1,188,954      

 
See notes to financial statements

4


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Building and Development (continued)
 
                     
Forestar USA Real Estate Group, Inc.
  244     Revolving Loan, 1.18%, Maturing
December 1, 2010(2)
  $ 229,723      
  2,240     Term Loan, 6.50%, Maturing December 1, 2010     2,195,317      
Metroflag BP, LLC
  500     Term Loan - Second Lien, 0.00%, Maturing January 6, 2009(4)(5)     0      
NCI Building Systems, Inc.
  257     Term Loan, 8.00%, Maturing April 18, 2014     247,876      
November 2005 Land Investors, LLC
  305     Term Loan, 0.00%, Maturing March 31, 2011(6)     64,017      
Panolam Industries Holdings, Inc.
  1,689     Term Loan, 8.25%, Maturing December 31, 2013     1,559,377      
RE/MAX International, Inc.
  1,891     Term Loan, 5.50%, Maturing April 15, 2016     1,896,408      
Realogy Corp.
  160     Term Loan, 3.26%, Maturing October 10, 2013     145,952      
  668     Term Loan, 3.26%, Maturing October 10, 2013     608,884      
South Edge, LLC
  1,588     Term Loan, 0.00%, Maturing October 31, 2009(4)     754,063      
WCI Communities, Inc.
  251     Term Loan, 11.00%, Maturing September 3, 2014     249,896      
 
 
            $ 10,192,439      
 
 
 
 
Business Equipment and Services — 11.5%
 
Activant Solutions, Inc.
  1,077     Term Loan, 2.31%, Maturing May 2, 2013   $ 1,040,750      
Advantage Sales & Marketing, Inc.
  2,189     Term Loan, 5.00%, Maturing May 5, 2016     2,188,453      
Affinion Group, Inc.
  3,706     Term Loan, 5.00%, Maturing October 10, 2016     3,664,678      
Allied Barton Security Services
  971     Term Loan, 7.75%, Maturing February 18, 2015     975,895      
Dealer Computer Services, Inc.
  1,672     Term Loan, 5.25%, Maturing April 21, 2017     1,674,032      
Education Management, LLC
  4,581     Term Loan, 2.06%, Maturing June 3, 2013     4,267,238      
Fifth Third Processing Solution
  925     Term Loan, Maturing November 1, 2016(7)     915,750      
First American Corp.
  923     Term Loan, 4.75%, Maturing April 12, 2016     929,031      
Infogroup, Inc.
  723     Term Loan, 6.25%, Maturing July 1, 2016     728,009      
iPayment, Inc.
  2,252     Term Loan, 2.28%, Maturing May 10, 2013     2,133,590      
Kronos, Inc.
  1,012     Term Loan, 2.04%, Maturing June 11, 2014     991,819      
Language Line, Inc.
  2,010     Term Loan, 5.50%, Maturing November 4, 2015     1,993,483      
Mitchell International, Inc.
  1,000     Term Loan - Second Lien, 5.56%, Maturing March 30, 2015     876,250      
NE Customer Service
  1,699     Term Loan, 6.00%, Maturing March 23, 2016     1,688,842      
Protection One Alarm Monitor, Inc.
  1,746     Term Loan, 6.00%, Maturing May 16, 2016     1,749,989      
Quantum Corp.
  175     Term Loan, 3.77%, Maturing July 14, 2014     166,233      
Quintiles Transnational Corp.
  984     Term Loan, 2.29%, Maturing March 29, 2013     974,652      
  1,700     Term Loan - Second Lien, 4.29%, Maturing March 31, 2014     1,687,250      
Sabre, Inc.
  6,002     Term Loan, 2.27%, Maturing September 30, 2014     5,713,623      
Safenet, Inc.
  1,985     Term Loan, 2.76%, Maturing April 12, 2014     1,906,471      
Serena Software, Inc.
  474     Term Loan, 2.29%, Maturing March 10, 2013     462,150      
Sitel (Client Logic)
  1,567     Term Loan, 5.79%, Maturing January 30, 2014     1,435,490      
Solera Holdings, LLC
EUR 729     Term Loan, 2.69%, Maturing May 16, 2014     1,001,782      
SunGard Data Systems, Inc.
  2,215     Term Loan, 2.01%, Maturing February 28, 2014     2,158,390      
  6,791     Term Loan, 4.03%, Maturing February 26, 2016     6,722,210      
Trans Union, LLC
  1,920     Term Loan, 6.75%, Maturing June 15, 2017     1,956,792      
Travelport, LLC
  437     Term Loan, 4.79%, Maturing August 21, 2015     432,180      
  3,178     Term Loan, 4.96%, Maturing August 21, 2015     3,142,827      
EUR 1,054     Term Loan, 5.33%, Maturing August 21, 2015     1,445,754      
West Corp.
  283     Term Loan, 2.63%, Maturing October 24, 2013     277,687      
  694     Term Loan, 4.51%, Maturing July 15, 2016     692,697      
  1,971     Term Loan, 4.51%, Maturing July 15, 2016     1,963,883      
 
 
            $ 57,957,880      
 
 
 

 
See notes to financial statements

5


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
 
Cable and Satellite Television — 10.9%
 
Atlantic Broadband Finance, LLC
  95     Term Loan, 2.54%, Maturing September 1, 2011   $ 94,205      
  2,546     Term Loan, 6.75%, Maturing May 31, 2013     2,560,802      
Bragg Communications, Inc.
  2,086     Term Loan, 2.80%, Maturing August 31, 2014     2,046,397      
Bresnan Broadband Holdings, LLC
  493     Term Loan, 2.26%, Maturing June 30, 2013     490,422      
Casema NV
EUR 1,000     Term Loan - Second Lien, 5.60%, Maturing March 14, 2016     1,388,321      
Cequel Communications, LLC
  2,157     Term Loan, 2.26%, Maturing November 5, 2013     2,131,782      
Charter Communications Operating, LLC
  8,683     Term Loan, 2.26%, Maturing March 6, 2014     8,534,097      
CSC Holdings, Inc.
  2,893     Term Loan, 2.01%, Maturing March 29, 2016     2,841,684      
CW Media Holdings, Inc.
  545     Term Loan, 3.26%, Maturing February 16, 2015     544,467      
Foxco Acquisition Sub., LLC
  563     Term Loan, 7.50%, Maturing July 14, 2015     558,527      
Insight Midwest Holdings, LLC
  3,304     Term Loan, 2.02%, Maturing April 7, 2014     3,197,655      
MCC Iowa, LLC
  5,674     Term Loan, 2.00%, Maturing January 31, 2015     5,433,210      
Mediacom Broadband, LLC
  1,471     Term Loan, 4.50%, Maturing October 23, 2017     1,459,052      
Mediacom Illinois, LLC
  3,655     Term Loan, 2.00%, Maturing January 31, 2015     3,469,971      
  990     Term Loan, 5.50%, Maturing March 31, 2017     983,194      
Mediacom, LLC
  823     Term Loan, 4.50%, Maturing October 23, 2017     810,593      
ProSiebenSat.1 Media AG
EUR 93     Term Loan, 2.39%, Maturing July 2, 2014     117,837      
EUR 904     Term Loan, 2.39%, Maturing July 2, 2014     1,151,077      
EUR 410     Term Loan, 3.52%, Maturing March 6, 2015     458,466      
EUR 2,187     Term Loan, 2.77%, Maturing June 26, 2015     2,803,922      
EUR 97     Term Loan, 2.77%, Maturing July 3, 2015     124,613      
EUR 410     Term Loan, 3.77%, Maturing March 4, 2016     458,467      
EUR 378     Term Loan, 8.14%, Maturing March 6, 2017(3)     377,332      
EUR 520     Term Loan - Second Lien, 4.89%, Maturing September 2, 2016     543,786      
UPC Broadband Holding B.V.
  1,686     Term Loan, 4.25%, Maturing December 30, 2016     1,650,015      
EUR 2,353     Term Loan, 4.37%, Maturing December 31, 2016     3,104,310      
  1,264     Term Loan, 4.25%, Maturing December 29, 2017     1,232,163      
EUR 2,697     Term Loan, 4.62%, Maturing December 31, 2017     3,565,772      
Virgin Media Investment Holding
GBP 1,000     Term Loan, 4.78%, Maturing December 31, 2015     1,597,510      
YPSO Holding SA
EUR 252     Term Loan, 4.59%, Maturing June 16, 2014(3)     283,473      
EUR 211     Term Loan, 4.60%, Maturing June 16, 2014(3)     237,618      
EUR 547     Term Loan, 4.60%, Maturing June 16, 2014(3)     615,721      
 
 
            $ 54,866,461      
 
 
 
 
Chemicals and Plastics — 7.0%
 
Arizona Chemical, Inc.
  500     Term Loan - Second Lien, 5.80%, Maturing February 28, 2014   $ 499,375      
Brenntag Holding GmbH and Co. KG
  1,493     Term Loan, 4.02%, Maturing January 20, 2014     1,504,500      
  220     Term Loan, 4.03%, Maturing January 20, 2014     221,765      
  1,000     Term Loan - Second Lien, 6.45%, Maturing July 17, 2015     1,007,500      
Celanese Holdings, LLC
  1,481     Term Loan, 3.29%, Maturing October 31, 2016     1,489,626      
Hexion Specialty Chemicals, Inc.
  484     Term Loan, 4.06%, Maturing May 5, 2015     470,447      
  768     Term Loan, 4.06%, Maturing May 5, 2015     751,049      
  1,726     Term Loan, 4.06%, Maturing May 5, 2015     1,687,254      
Huntsman International, LLC
  2,136     Term Loan, 1.78%, Maturing April 21, 2014     2,088,430      
  855     Term Loan, 2.52%, Maturing June 30, 2016     839,083      
INEOS Group
  2,766     Term Loan, 7.50%, Maturing December 16, 2013     2,832,668      
  2,672     Term Loan, 8.00%, Maturing December 16, 2014     2,736,340      
EUR 1,250     Term Loan, 9.00%, Maturing December 16, 2015     1,748,014      
ISP Chemco, Inc.
  1,541     Term Loan, 1.81%, Maturing June 4, 2014     1,507,469      
Kraton Polymers, LLC
  1,871     Term Loan, 2.31%, Maturing May 13, 2013     1,833,372      
Lyondell Chemical Co.
  673     Term Loan, 5.50%, Maturing April 8, 2016     679,836      
MacDermid, Inc.
  496     Term Loan, 2.26%, Maturing April 12, 2014     474,065      
EUR 687     Term Loan, 3.05%, Maturing April 11, 2014     892,029      
Millenium Inorganic Chemicals
  1,309     Term Loan, 2.54%, Maturing May 15, 2014     1,257,648      
Momentive Performance Material
  1,660     Term Loan, 2.56%, Maturing December 4, 2013     1,621,342      
Nalco Co.
  1,400     Term Loan, 4.50%, Maturing October 5, 2017     1,417,938      

 
See notes to financial statements

6


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Chemicals and Plastics (continued)
 
                     
Rockwood Specialties Group, Inc.
  2,675     Term Loan, 6.00%, Maturing May 15, 2014   $ 2,681,635      
Schoeller Arca Systems Holding
EUR 145     Term Loan, 5.24%, Maturing November 16, 2015     136,780      
EUR 412     Term Loan, 5.24%, Maturing November 16, 2015     389,984      
EUR 443     Term Loan, 5.24%, Maturing November 16, 2015     419,661      
Solutia, Inc.
  2,551     Term Loan, 4.75%, Maturing March 17, 2017     2,572,943      
Styron S.A.R.L.
  1,555     Term Loan, 7.50%, Maturing June 17, 2016     1,583,989      
 
 
            $ 35,344,742      
 
 
 
 
Clothing / Textiles — 0.4%
 
Hanesbrands, Inc.
  1,036     Term Loan, 5.25%, Maturing December 10, 2015   $ 1,049,924      
Phillips Van Heusen Corp.
  1,041     Term Loan, 4.75%, Maturing May 6, 2016     1,051,590      
 
 
            $ 2,101,514      
 
 
 
 
Conglomerates — 3.6%
 
Gentek
  600     Term Loan, 6.75%, Maturing October 6, 2015   $ 606,750      
Goodman Global Holdings, Inc.
  1,800     Term Loan, Maturing October 28, 2016(7)     1,826,775      
Jarden Corp.
  1,657     Term Loan, 3.54%, Maturing January 26, 2015     1,660,352      
Manitowoc Company, Inc. (The)
  1,366     Term Loan, 8.00%, Maturing November 6, 2014     1,371,616      
Polymer Group, Inc.
  1,909     Term Loan, 7.00%, Maturing November 24, 2014     1,911,807      
RBS Global, Inc.
  776     Term Loan, 2.56%, Maturing July 19, 2013     750,222      
  3,785     Term Loan, 2.81%, Maturing July 19, 2013     3,685,484      
RGIS Holdings, LLC
  2,547     Term Loan, 2.78%, Maturing April 30, 2014     2,355,988      
  127     Term Loan, 2.79%, Maturing April 30, 2014     117,799      
Service Master Co.
  136     Term Loan, 2.76%, Maturing July 24, 2014     129,201      
  1,364     Term Loan, 2.76%, Maturing July 24, 2014     1,297,394      
US Investigations Services, Inc.
  987     Term Loan, 3.29%, Maturing February 21, 2015     924,308      
  823     Term Loan, 7.75%, Maturing February 21, 2015     827,052      
Vertrue, Inc.
  804     Term Loan, 3.29%, Maturing August 16, 2014     723,993      
 
 
            $ 18,188,741      
 
 
 
 
Containers and Glass Products — 4.0%
 
Berry Plastics Corp.
  1,969     Term Loan, 2.38%, Maturing April 3, 2015   $ 1,859,705      
BWAY Corp.
  798     Term Loan, 5.52%, Maturing June 16, 2017     801,491      
  75     Term Loan, 5.56%, Maturing June 16, 2017     75,140      
Crown Americas, Inc.
  258     Term Loan, 2.01%, Maturing November 15, 2012     256,368      
Graham Packaging Holdings Co.
  1,685     Term Loan, 6.75%, Maturing April 5, 2014     1,702,453      
  2,250     Term Loan, 6.00%, Maturing September 23, 2016     2,276,017      
Graphic Packaging International, Inc.
  3,915     Term Loan, 2.29%, Maturing May 16, 2014     3,848,592      
  418     Term Loan, 3.04%, Maturing May 16, 2014     415,388      
JSG Acquisitions
  1,189     Term Loan, 3.91%, Maturing December 31, 2014     1,181,469      
Reynolds Group Holdings, Inc.
  1,200     Term Loan, 2.38%, Maturing May 5, 2016(2)     1,210,660      
  894     Term Loan, 6.25%, Maturing May 5, 2016     901,080      
  1,950     Term Loan, 6.75%, Maturing May 5, 2016     1,969,285      
Smurfit Kappa Acquisitions
  1,189     Term Loan, 3.66%, Maturing December 31, 2014     1,181,469      
Smurfit-Stone Container Corp.
  2,419     Term Loan, 6.75%, Maturing February 22, 2016     2,445,546      
 
 
            $ 20,124,663      
 
 
 
 
Cosmetics / Toiletries — 1.3%
 
Alliance Boots Holdings, Ltd.
GBP 775     Term Loan, 3.56%, Maturing July 5, 2015   $ 1,123,694      
EUR 1,000     Term Loan, 3.80%, Maturing July 5, 2015     1,297,419      
American Safety Razor Co.
  1     Term Loan, 8.75%, Maturing July 31, 2013(3)     742      
  900     Term Loan - Second Lien, 0.00%, Maturing January 30, 2014(6)     177,750      
Bausch & Lomb, Inc.
  292     Term Loan, 3.51%, Maturing April 24, 2015     285,227      
  1,204     Term Loan, 3.53%, Maturing April 24, 2015     1,176,183      
KIK Custom Products, Inc.
  975     Term Loan - Second Lien, 5.29%, Maturing November 30, 2014     663,000      

 
See notes to financial statements

7


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Cosmetics / Toiletries (continued)
 
                     
Prestige Brands, Inc.
  1,719     Term Loan, 4.75%, Maturing March 24, 2016   $ 1,732,799      
 
 
            $ 6,456,814      
 
 
 
 
Drugs — 0.9%
 
Graceway Pharmaceuticals, LLC
  1,250     Term Loan, 5.05%, Maturing May 3, 2012   $ 764,360      
  292     Term Loan, 10.01%, Maturing November 3, 2013(3)     7,292      
  1,500     Term Loan - Second Lien, 0.00%, Maturing May 3, 2013(6)     193,125      
Pharmaceutical Holdings Corp.
  125     Term Loan, 4.54%, Maturing January 30, 2012     123,450      
Valeant Pharmaceuticals
  775     Term Loan, 4.55%, Maturing September 27, 2016(2)     783,671      
Warner Chilcott Corp.
  695     Term Loan, 6.00%, Maturing October 30, 2014     694,773      
  335     Term Loan, 6.25%, Maturing April 30, 2015     337,195      
  558     Term Loan, 6.25%, Maturing April 30, 2015     561,491      
  245     Term Loan, Maturing February 22, 2016(7)     246,827      
  755     Term Loan, Maturing February 22, 2016(7)     761,437      
 
 
            $ 4,473,621      
 
 
 
 
Ecological Services and Equipment — 2.0%
 
Cory Environmental Holdings
GBP 500     Term Loan - Second Lien, 4.99%, Maturing September 30, 2014   $ 620,911      
Environmental Systems Products Holdings, Inc.
  893     Term Loan - Second Lien, 13.50%, Maturing September 12, 2014     780,908      
Kemble Water Structure, Ltd.
GBP 4,250     Term Loan - Second Lien, 5.03%, Maturing October 13, 2013     6,537,592      
Sensus Metering Systems, Inc.
  2,048     Term Loan, 7.00%, Maturing June 3, 2013     2,060,789      
 
 
            $ 10,000,200      
 
 
 
 
Electronics / Electrical — 4.6%
 
Aspect Software, Inc.
  1,567     Term Loan, 6.25%, Maturing April 19, 2016   $ 1,565,820      
Christie/Aix, Inc.
  706     Term Loan, 5.25%, Maturing April 29, 2016     702,717      
FCI International S.A.S.
  156     Term Loan, 3.66%, Maturing November 1, 2013     150,658      
  162     Term Loan, 3.66%, Maturing November 1, 2013     156,492      
  156     Term Loan, 3.66%, Maturing October 31, 2014     150,658      
  162     Term Loan, 3.66%, Maturing October 31, 2014     156,492      
Freescale Semiconductor, Inc.
  2,784     Term Loan, 4.51%, Maturing December 1, 2016     2,626,403      
Infor Enterprise Solutions Holdings
  500     Term Loan, 5.76%, Maturing March 2, 2014     322,500      
  1,491     Term Loan, 6.01%, Maturing July 28, 2015     1,380,682      
  2,857     Term Loan, 6.01%, Maturing July 28, 2015     2,658,807      
  183     Term Loan - Second Lien, 6.51%, Maturing March 2, 2014     122,375      
  317     Term Loan - Second Lien, 6.51%, Maturing March 2, 2014     215,333      
Network Solutions, LLC
  492     Term Loan, 2.52%, Maturing March 7, 2014     465,875      
Open Solutions, Inc.
  2,027     Term Loan, 2.42%, Maturing January 23, 2014     1,724,865      
Sensata Technologies Finance Co.
  2,700     Term Loan, 2.04%, Maturing April 26, 2013     2,636,934      
Shield Finance Co. S.A.R.L.
  868     Term Loan, 7.75%, Maturing June 15, 2016     868,437      
Spansion, LLC
  995     Term Loan, 7.50%, Maturing January 8, 2015     1,005,779      
Spectrum Brands, Inc.
  3,250     Term Loan, 8.00%, Maturing June 16, 2016     3,320,080      
VeriFone, Inc.
  2,013     Term Loan, 3.01%, Maturing October 31, 2013     2,003,308      
Vertafore, Inc.
  998     Term Loan, 6.75%, Maturing July 29, 2016     1,002,737      
 
 
            $ 23,236,952      
 
 
 
 
Equipment Leasing — 0.2%
 
Hertz Corp.
  1,065     Term Loan, 2.01%, Maturing December 21, 2012   $ 1,056,985      
  15     Term Loan, 2.09%, Maturing December 21, 2012     14,699      
 
 
            $ 1,071,684      
 
 
 
 
Farming / Agriculture — 0.7%
 
CF Industries, Inc.
  1,752     Term Loan, 4.50%, Maturing April 6, 2015   $ 1,768,102      
WM. Bolthouse Farms, Inc.
  1,716     Term Loan, 5.50%, Maturing February 11, 2016     1,718,950      
 
 
            $ 3,487,052      
 
 
 

 
See notes to financial statements

8


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
 
Financial Intermediaries — 4.8%
 
Citco III, Ltd.
  2,654     Term Loan, 4.75%, Maturing May 30, 2014   $ 2,554,189      
Fidelity National Information Services, Inc.
  2,450     Term Loan, 5.25%, Maturing July 18, 2016     2,480,179      
First Data Corp.
  951     Term Loan, 3.01%, Maturing September 24, 2014     856,485      
  1,906     Term Loan, 3.01%, Maturing September 24, 2014     1,717,136      
Grosvenor Capital Management
  1,353     Term Loan, 4.31%, Maturing December 5, 2016     1,336,311      
Interactive Data Corp.
  1,471     Term Loan, 6.75%, Maturing January 27, 2017     1,498,127      
Jupiter Asset Management Group
GBP 302     Term Loan, 4.71%, Maturing March 17, 2015     463,591      
LPL Holdings, Inc.
  952     Term Loan, 2.04%, Maturing June 28, 2013     947,960      
  2,998     Term Loan, 4.25%, Maturing June 25, 2015     2,988,277      
  2,164     Term Loan, 5.25%, Maturing June 28, 2017     2,160,067      
MSCI, Inc.
  3,267     Term Loan, 4.75%, Maturing June 1, 2016     3,290,804      
Nuveen Investments, Inc.
  3,580     Term Loan, 3.29%, Maturing November 13, 2014     3,362,494      
Oxford Acquisition III, Ltd.
  374     Term Loan, 2.04%, Maturing May 12, 2014     343,287      
RJO Holdings Corp. (RJ O’Brien)
  459     Term Loan, 5.26%, Maturing July 12, 2014(3)     305,392      
 
 
            $ 24,304,299      
 
 
 
 
Food Products — 3.5%
 
Acosta, Inc.
  2,970     Term Loan, 2.51%, Maturing July 28, 2013   $ 2,914,361      
American Seafoods Group, LLC
  698     Term Loan, 5.50%, Maturing May 7, 2015     698,900      
Dole Food Company, Inc.
  1,686     Term Loan, 5.04%, Maturing March 2, 2017     1,698,631      
  679     Term Loan, 5.06%, Maturing March 2, 2017     683,898      
Michael Foods Holdings, Inc.
  723     Term Loan, 6.25%, Maturing June 29, 2016     734,035      
Pierre Foods, Inc.
  1,250     Term Loan, 7.00%, Maturing September 30, 2016     1,239,063      
Pinnacle Foods Finance, LLC
  6,568     Term Loan, 2.76%, Maturing April 2, 2014     6,407,871      
Provimi Group SA
  205     Term Loan, 2.51%, Maturing June 28, 2015     194,677      
  252     Term Loan, 2.51%, Maturing June 28, 2015     239,573      
EUR 265     Term Loan, 3.10%, Maturing June 28, 2015     350,454      
EUR 428     Term Loan, 3.10%, Maturing June 28, 2015     565,461      
EUR 457     Term Loan, 3.10%, Maturing June 28, 2015     603,965      
EUR 590     Term Loan, 3.10%, Maturing June 28, 2015     778,843      
  148     Term Loan - Second Lien, 4.51%, Maturing December 28, 2016     128,720      
EUR 24     Term Loan - Second Lien, 5.10%, Maturing December 28, 2016     29,225      
EUR 331     Term Loan - Second Lien, 5.10%, Maturing December 28, 2016     400,264      
 
 
            $ 17,667,941      
 
 
 
 
Food Service — 5.1%
 
AFC Enterprises, Inc.
  255     Term Loan, 7.00%, Maturing May 11, 2013   $ 255,655      
Aramark Corp.
  169     Term Loan, 2.28%, Maturing January 27, 2014     164,688      
GBP 963     Term Loan, 2.86%, Maturing January 27, 2014     1,476,717      
  2,094     Term Loan, 2.16%, Maturing January 27, 2014     2,041,665      
  304     Term Loan, 3.36%, Maturing July 26, 2016     302,220      
  4,621     Term Loan, 3.54%, Maturing July 26, 2016     4,595,459      
Buffets, Inc.
  1,241     Term Loan, 12.00%, Maturing April 21, 2015(3)     1,165,170      
  117     Term Loan, 7.39%, Maturing April 22, 2015(3)     90,434      
Burger King Corp.
  4,825     Term Loan, 6.25%, Maturing October 19, 2016     4,875,059      
CBRL Group, Inc.
  906     Term Loan, 1.96%, Maturing April 29, 2013     897,793      
  579     Term Loan, 2.96%, Maturing April 27, 2016     574,143      
Denny’ s, Inc.
  750     Term Loan, 6.50%, Maturing September 20, 2016     752,344      
DineEquity, Inc.
  1,950     Term Loan, 6.00%, Maturing October 19, 2017     1,972,751      
NPC International, Inc.
  308     Term Loan, 2.03%, Maturing May 3, 2013     297,018      
OSI Restaurant Partners, LLC
  264     Term Loan, 3.90%, Maturing June 14, 2013     248,671      
  2,864     Term Loan, 2.63%, Maturing June 14, 2014     2,697,743      
QCE Finance, LLC
  1,123     Term Loan, 5.06%, Maturing May 5, 2013     972,281      
Sagittarius Restaurants, LLC
  594     Term Loan, 7.50%, Maturing May 18, 2015     594,746      
Selecta
EUR 741     Term Loan - Second Lien, 5.04%, Maturing December 28, 2015     750,537      

 
See notes to financial statements

9


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Food Service (continued)
 
                     
Wendy’s/Arby’s Restaurants, LLC
  873     Term Loan, 5.00%, Maturing May 24, 2017   $ 878,722      
 
 
            $ 25,603,816      
 
 
 
 
Food / Drug Retailers — 4.4%
 
General Nutrition Centers, Inc.
  6,285     Term Loan, 2.53%, Maturing September 16, 2013   $ 6,143,318      
NBTY, Inc.
  2,100     Term Loan, 6.25%, Maturing October 2, 2017     2,130,179      
Pantry, Inc. (The)
  221     Term Loan, 2.01%, Maturing May 15, 2014     212,123      
  767     Term Loan, 2.01%, Maturing May 15, 2014     736,720      
Rite Aid Corp.
  8,217     Term Loan, 2.01%, Maturing June 4, 2014     7,417,485      
  1,054     Term Loan, 6.00%, Maturing June 4, 2014     1,046,257      
Roundy’s Supermarkets, Inc.
  3,297     Term Loan, 7.00%, Maturing November 3, 2013     3,311,128      
  1,000     Term Loan - Second Lien, 10.00%, Maturing April 18, 2016     1,021,875      
 
 
            $ 22,019,085      
 
 
 
 
Forest Products — 1.8%
 
Georgia-Pacific Corp.
  1,769     Term Loan, 2.29%, Maturing December 20, 2012   $ 1,769,089      
  5,914     Term Loan, 2.29%, Maturing December 21, 2012     5,914,911      
  1,550     Term Loan, 3.54%, Maturing December 23, 2014     1,555,842      
 
 
            $ 9,239,842      
 
 
 
 
Health Care — 17.7%
 
1-800-Contacts, Inc.
  941     Term Loan, 7.70%, Maturing March 4, 2015   $ 935,804      
Alliance Healthcare Services
  1,216     Term Loan, 5.50%, Maturing June 1, 2016     1,207,834      
American Medical Systems
  39     Term Loan, 2.56%, Maturing July 20, 2012     37,890      
Ardent Medical Services, Inc.
  1,144     Term Loan, 6.50%, Maturing September 15, 2015     1,137,098      
Aveta Holdings LLC
  602     Term Loan, 8.00%, Maturing April 14, 2015     588,403      
  602     Term Loan, 8.00%, Maturing April 14, 2015     588,403      
Biomet, Inc.
  3,735     Term Loan, 3.28%, Maturing March 25, 2015     3,687,369      
EUR 1,188     Term Loan, 3.81%, Maturing March 25, 2015     1,611,428      
Bright Horizons Family Solutions, Inc.
  929     Term Loan, 7.50%, Maturing May 28, 2015     933,268      
Cardinal Health 409, Inc.
  2,161     Term Loan, 2.51%, Maturing April 10, 2014     2,030,860      
Carestream Health, Inc.
  2,461     Term Loan, 2.26%, Maturing April 30, 2013     2,411,015      
Carl Zeiss Vision Holding GmbH
  1,170     Term Loan, 1.83%, Maturing October 24, 2014     1,020,825      
  130     Term Loan, 4.00%, Maturing September 30, 2019     94,738      
CDRL MS, Inc.
  1,000     Term Loan, 6.75%, Maturing September 29, 2016     1,008,125      
Community Health Systems, Inc.
  524     Term Loan, 2.55%, Maturing July 25, 2014     514,625      
  10,187     Term Loan, 2.55%, Maturing July 25, 2014     10,009,092      
Concentra, Inc.
  634     Term Loan - Second Lien, 5.79%, Maturing June 25, 2015     607,075      
ConMed Corp.
  450     Term Loan, 1.76%, Maturing April 12, 2013     423,366      
ConvaTec Cidron Healthcare
EUR 745     Term Loan, 4.87%, Maturing July 30, 2016     1,005,731      
CRC Health Corp.
  473     Term Loan, 2.54%, Maturing February 6, 2013     451,350      
  475     Term Loan, 2.54%, Maturing February 6, 2013     453,618      
Dako EQT Project Delphi
  500     Term Loan - Second Lien, 4.04%, Maturing December 12, 2016     361,250      
DaVita, Inc.
  3,000     Term Loan, 4.50%, Maturing October 20, 2016     3,028,437      
DJO Finance, LLC
  642     Term Loan, 3.26%, Maturing May 20, 2014     625,789      
Fresenius Medical Care Holdings
  486     Term Loan, 1.66%, Maturing March 31, 2013     481,075      
Grifols SA
  2,150     Term Loan, Maturing October 15, 2016(7)     2,175,531      
Hanger Orthopedic Group, Inc.
  694     Term Loan, 2.26%, Maturing May 28, 2013     691,806      
Harvard Drug Group, LLC
  118     Term Loan, 6.50%, Maturing April 8, 2016     111,670      
  857     Term Loan, 6.50%, Maturing April 8, 2016     812,143      
HCA, Inc.
  2,572     Term Loan, 2.54%, Maturing November 18, 2013     2,520,148      
  6,168     Term Loan, 3.54%, Maturing March 31, 2017     6,062,285      
Health Management Association, Inc.
  7,059     Term Loan, 2.04%, Maturing February 28, 2014     6,906,572      

 
See notes to financial statements

10


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Health Care (continued)
 
                     
Iasis Healthcare, LLC
  78     Term Loan, 2.25%, Maturing March 14, 2014   $ 75,824      
  286     Term Loan, 2.26%, Maturing March 14, 2014     277,942      
  825     Term Loan, 2.26%, Maturing March 14, 2014     803,043      
Ikaria Acquisition, Inc.
  1,000     Term Loan, 7.00%, Maturing May 16, 2016     959,583      
IM U.S. Holdings, LLC
  972     Term Loan, 2.27%, Maturing June 26, 2014     940,152      
  625     Term Loan - Second Lien, 4.51%, Maturing June 26, 2015     606,836      
IMS Health, Inc.
  1,287     Term Loan, 5.25%, Maturing February 26, 2016     1,301,660      
inVentiv Health, Inc.
  798     Term Loan, 6.50%, Maturing August 4, 2016     803,611      
Lifepoint Hospitals, Inc.
  2,022     Term Loan, 3.07%, Maturing April 15, 2015     2,023,811      
MPT Operating Partnership, L.P.
  1,097     Term Loan, 5.00%, Maturing May 17, 2016     1,097,250      
MultiPlan, Inc.
  2,626     Term Loan, 6.50%, Maturing August 26, 2017     2,639,898      
Mylan, Inc.
  2,960     Term Loan, 3.56%, Maturing October 2, 2014     2,969,185      
National Mentor Holdings, Inc.
  62     Term Loan, 2.15%, Maturing June 29, 2013     57,211      
  994     Term Loan, 2.29%, Maturing June 29, 2013     923,427      
National Renal Institutes, Inc.
  696     Term Loan, 9.00%, Maturing March 31, 2013     698,294      
Nyco Holdings
EUR 472     Term Loan, 4.60%, Maturing December 29, 2014     617,774      
EUR 471     Term Loan, 5.35%, Maturing December 29, 2015     617,623      
Physiotherapy Associates, Inc.
  650     Term Loan, 7.50%, Maturing June 27, 2013     591,503      
Prime Healthcare Services, Inc.
  2,313     Term Loan, 7.25%, Maturing April 22, 2015     2,220,840      
RadNet Management, Inc.
  1,095     Term Loan, 5.75%, Maturing April 1, 2016     1,081,503      
ReAble Therapeutics Finance, LLC
  2,480     Term Loan, 2.26%, Maturing November 16, 2013     2,432,248      
RehabCare Group, Inc.
  771     Term Loan, 6.00%, Maturing November 24, 2015     774,682      
Select Medical Holdings Corp.
  2,353     Term Loan, 4.09%, Maturing August 22, 2014     2,347,378      
Skillsoft Corp.
  998     Term Loan, 6.50%, Maturing May 26, 2017     1,007,891      
Sunrise Medical Holdings, Inc.
EUR 291     Term Loan, 8.00%, Maturing May 13, 2014     374,808      
TZ Merger Sub., Inc. (TriZetto)
  723     Term Loan, 6.75%, Maturing August 4, 2015     723,353      
Universal Health Services, Inc.
  2,300     Term Loan, Maturing July 28, 2016(7)     2,326,277      
Vanguard Health Holding Co., LLC
  1,592     Term Loan, 5.00%, Maturing January 29, 2016     1,595,824      
VWR Funding, Inc.
  2,228     Term Loan, 2.76%, Maturing June 30, 2014     2,147,532      
 
 
            $ 89,571,586      
 
 
 
 
Home Furnishings — 1.0%
 
Hunter Fan Co.
  365     Term Loan, 2.76%, Maturing April 16, 2014   $ 320,971      
Interline Brands, Inc.
  936     Term Loan, 2.01%, Maturing June 23, 2013     898,119      
  255     Term Loan, 2.01%, Maturing June 23, 2013     244,487      
National Bedding Co., LLC
  1,453     Term Loan, 2.38%, Maturing February 28, 2013     1,404,417      
  2,050     Term Loan - Second Lien, 5.38%, Maturing February 28, 2014     1,952,625      
 
 
            $ 4,820,619      
 
 
 
 
Industrial Equipment — 4.3%
 
Brand Energy and Infrastructure Services, Inc.
  2,688     Term Loan, 2.56%, Maturing February 7, 2014   $ 2,543,312      
  737     Term Loan, 3.56%, Maturing February 7, 2014     702,383      
Bucyrus International, Inc.
  1,294     Term Loan, 4.50%, Maturing February 19, 2016     1,309,133      
Butterfly Wendel US, Inc.
  280     Term Loan, 3.91%, Maturing June 23, 2014     253,578      
  280     Term Loan, 4.16%, Maturing June 22, 2015     253,496      
EPD Holdings, (Goodyear Engineering Products)
  238     Term Loan, 2.76%, Maturing July 31, 2014     207,385      
  1,664     Term Loan, 2.76%, Maturing July 31, 2014     1,447,965      
  775     Term Loan - Second Lien, 6.01%, Maturing July 13, 2015     611,766      
Generac Acquisition Corp.
  1,401     Term Loan, 2.79%, Maturing November 11, 2013     1,325,616      
Gleason Corp.
  707     Term Loan, 2.07%, Maturing June 30, 2013     696,209      
Jason, Inc.
  69     Term Loan, 8.25%, Maturing September 21, 2014     67,910      
  177     Term Loan, 8.25%, Maturing September 21, 2014     173,412      
John Maneely Co.
  4,143     Term Loan, 3.54%, Maturing December 9, 2013     4,056,818      

 
See notes to financial statements

11


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Industrial Equipment (continued)
 
                     
KION Group GmbH
  1,014     Term Loan, 4.01%, Maturing December 23, 2014(3)   $ 817,570      
  1,014     Term Loan, 4.26%, Maturing December 23, 2015(3)     817,570      
Pinafore, LLC
  2,150     Term Loan, 6.75%, Maturing September 29, 2016     2,178,051      
Polypore, Inc.
  3,825     Term Loan, 2.26%, Maturing July 3, 2014     3,745,721      
Sequa Corp.
  794     Term Loan, 3.54%, Maturing December 3, 2014     753,247      
 
 
            $ 21,961,142      
 
 
 
 
Insurance — 3.7%
 
Alliant Holdings I, Inc.
  2,446     Term Loan, 3.29%, Maturing August 21, 2014   $ 2,378,770      
AmWINS Group, Inc.
  956     Term Loan, 2.80%, Maturing June 8, 2013     892,533      
  500     Term Loan - Second Lien, 5.80%, Maturing June 8, 2014     427,500      
Applied Systems, Inc.
  2,106     Term Loan, 2.76%, Maturing September 26, 2013     1,992,075      
CCC Information Services Group, Inc.
  1,547     Term Loan, 2.51%, Maturing February 10, 2013     1,510,452      
Conseco, Inc.
  3,627     Term Loan, 7.50%, Maturing October 10, 2013     3,582,482      
Crawford & Company
  1,155     Term Loan, 5.25%, Maturing October 30, 2013     1,135,346      
Crump Group, Inc.
  650     Term Loan, 3.26%, Maturing August 1, 2014     612,091      
HUB International Holdings, Inc.
  492     Term Loan, 2.79%, Maturing June 13, 2014     471,921      
  2,189     Term Loan, 2.79%, Maturing June 13, 2014     2,099,977      
  569     Term Loan, 6.75%, Maturing June 13, 2014     564,981      
U.S.I. Holdings Corp.
  3,007     Term Loan, 2.76%, Maturing May 5, 2014     2,821,147      
 
 
            $ 18,489,275      
 
 
 
 
Leisure Goods / Activities / Movies — 8.0%
 
24 Hour Fitness Worldwide, Inc.
  998     Term Loan, 6.75%, Maturing April 22, 2016   $ 954,795      
AMC Entertainment, Inc.
  3,747     Term Loan, 1.76%, Maturing January 28, 2013     3,697,542      
AMF Bowling Worldwide, Inc.
  1,000     Term Loan - Second Lien, 6.51%, Maturing December 8, 2013     820,000      
Bombardier Recreational Products
  1,823     Term Loan, 3.39%, Maturing June 28, 2013     1,638,228      
Carmike Cinemas, Inc.
  2,426     Term Loan, 5.50%, Maturing January 27, 2016     2,439,623      
Cedar Fair, L.P.
  1,995     Term Loan, 5.50%, Maturing December 15, 2016     2,023,850      
CFV I, LLC/Hicks Sports Group
  86     Term Loan, 11.77%, Maturing December 1, 2010(2)(3)     89,685      
Cinemark, Inc.
  3,469     Term Loan, 3.55%, Maturing April 29, 2016     3,482,327      
Dave & Buster’s, Inc.
  995     Term Loan, 6.00%, Maturing June 1, 2016     995,000      
Deluxe Entertainment Services
  59     Term Loan, 6.25%, Maturing May 11, 2013     56,195      
  974     Term Loan, 6.25%, Maturing May 11, 2013     927,212      
Fender Musical Instruments Corp.
  570     Term Loan, 2.54%, Maturing June 9, 2014     493,046      
  289     Term Loan, 2.55%, Maturing June 9, 2014     250,323      
Formula One (Alpha D2, Ltd.)
  2,000     Term Loan - Second Lien, 3.80%, Maturing June 30, 2014     1,764,250      
Metro-Goldwyn-Mayer Holdings, Inc.
  2,786     Term Loan, 0.00%, Maturing April 9, 2012(6)     1,304,840      
National CineMedia, LLC
  2,750     Term Loan, 2.05%, Maturing February 13, 2015     2,672,656      
Regal Cinemas Corp.
  5,061     Term Loan, 3.79%, Maturing November 21, 2016     5,082,508      
Revolution Studios Distribution Co., LLC
  971     Term Loan, 4.01%, Maturing December 21, 2014     767,074      
  800     Term Loan - Second Lien, 7.26%, Maturing June 21, 2015(5)     376,000      
Six Flags Theme Parks, Inc.
  2,516     Term Loan, 6.00%, Maturing June 30, 2016     2,529,722      
SW Acquisition Co., Inc.
  1,861     Term Loan, 5.75%, Maturing June 1, 2016     1,876,930      
Universal City Development Partners, Ltd.
  2,599     Term Loan, 5.50%, Maturing November 6, 2014     2,623,633      
Zuffa, LLC
  3,943     Term Loan, 2.31%, Maturing June 22, 2015     3,761,371      
 
 
            $ 40,626,810      
 
 
 
 
Lodging and Casinos — 2.5%
 
Ameristar Casinos, Inc.
  1,048     Term Loan, 3.54%, Maturing November 10, 2012   $ 1,047,532      

 
See notes to financial statements

12


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Lodging and Casinos (continued)
 
                     
Gateway Casinos & Entertainment
  412     Term Loan, 10.50%, Maturing September 16, 2014   $ 413,217      
Harrah’s Operating Co.
  1,223     Term Loan, 3.29%, Maturing January 28, 2015     1,082,448      
  2,978     Term Loan, 9.50%, Maturing October 31, 2016     3,104,458      
Isle of Capri Casinos, Inc.
  300     Term Loan, 5.00%, Maturing November 25, 2013     294,010      
  341     Term Loan, 5.00%, Maturing November 25, 2013     334,284      
  852     Term Loan, 5.00%, Maturing November 25, 2013     835,710      
Las Vegas Sands, LLC
  555     Term Loan, 3.03%, Maturing November 23, 2016     519,450      
  2,196     Term Loan, 3.03%, Maturing November 23, 2016     2,057,937      
LodgeNet Entertainment Corp.
  1,540     Term Loan, 2.29%, Maturing April 4, 2014     1,465,434      
Penn National Gaming, Inc.
  354     Term Loan, 2.03%, Maturing October 3, 2012     351,851      
Tropicana Entertainment, Inc.
  184     Term Loan, 15.00%, Maturing December 29, 2012     203,158      
VML US Finance, LLC
  994     Term Loan, 4.78%, Maturing May 27, 2013     994,238      
 
 
            $ 12,703,727      
 
 
 
 
Nonferrous Metals / Minerals — 1.5%
 
Euramax International, Inc.
  307     Term Loan, 10.00%, Maturing June 29, 2013   $ 289,771      
  291     Term Loan, 14.00%, Maturing June 29, 2013(3)     274,560      
Fairmount Minerals, Ltd.
  1,025     Term Loan, 6.25%, Maturing August 5, 2016     1,038,240      
Noranda Aluminum Acquisition
  1,279     Term Loan, 2.05%, Maturing May 18, 2014     1,246,916      
Novelis, Inc.
  612     Term Loan, 2.26%, Maturing July 6, 2014     602,461      
  1,347     Term Loan, 2.26%, Maturing July 7, 2014     1,325,506      
Oxbow Carbon and Mineral Holdings
  2,912     Term Loan, 2.29%, Maturing May 8, 2014     2,822,425      
 
 
            $ 7,599,879      
 
 
 
 
Oil and Gas — 3.4%
 
Big West Oil, LLC
  1,270     Term Loan, 12.00%, Maturing July 23, 2015   $ 1,293,160      
CITGO Petroleum Corp.
  568     Term Loan, 8.00%, Maturing June 24, 2015     579,098      
  2,569     Term Loan, 9.00%, Maturing June 15, 2017     2,644,014      
Crestwood Holdings, LLC
  475     Term Loan, 10.75%, Maturing September 30, 2016     481,531      
Dresser, Inc.
  1,420     Term Loan, 2.61%, Maturing May 4, 2014     1,415,597      
  1,000     Term Loan - Second Lien, 6.11%, Maturing May 4, 2015     1,000,000      
Dynegy Holdings, Inc.
  332     Term Loan, 4.01%, Maturing April 2, 2013     328,827      
  5,161     Term Loan, 4.01%, Maturing April 2, 2013     5,105,769      
Enterprise GP Holdings, L.P.
  1,103     Term Loan, 2.51%, Maturing November 10, 2014     1,100,433      
Hercules Offshore, Inc.
  3     Term Loan, 6.00%, Maturing July 11, 2013     2,439      
Precision Drilling Corp.
  851     Term Loan, 4.26%, Maturing December 23, 2013     845,516      
SemGroup Corp.
  832     Term Loan, 3.78%, Maturing November 30, 2012     838,187      
Sheridan Production Partners I, LLC
  108     Term Loan, 7.50%, Maturing April 20, 2017     107,776      
  176     Term Loan, 7.50%, Maturing April 20, 2017     176,450      
  1,329     Term Loan, 7.50%, Maturing April 20, 2017     1,331,611      
 
 
            $ 17,250,408      
 
 
 
 
Publishing — 5.8%
 
American Media Operations, Inc.
  2,174     Term Loan, 10.00%, Maturing January 30, 2013(3)   $ 2,149,145      
Aster Zweite Beteiligungs GmbH
  1,775     Term Loan, 2.71%, Maturing September 27, 2013     1,658,516      
GateHouse Media Operating, Inc.
  870     Term Loan, 2.26%, Maturing August 28, 2014     321,430      
  2,074     Term Loan, 2.26%, Maturing August 28, 2014     766,302      
  674     Term Loan, 2.51%, Maturing August 28, 2014     248,888      
Getty Images, Inc.
  3,314     Term Loan, 6.25%, Maturing July 2, 2015     3,322,721      
Lamar Media Corp.
  985     Term Loan, 4.25%, Maturing December 30, 2016     992,228      
Laureate Education, Inc.
  345     Term Loan, 3.54%, Maturing August 17, 2014     323,735      
  2,302     Term Loan, 3.54%, Maturing August 17, 2014     2,162,528      
  1,485     Term Loan, 7.00%, Maturing August 31, 2014     1,474,976      
MediaNews Group, Inc.
  144     Term Loan, 8.50%, Maturing March 19, 2014     136,790      
Merrill Communications, LLC
  1,225     Term Loan, 8.50%, Maturing December 24, 2012(3)     1,185,487      

 
See notes to financial statements

13


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Publishing (continued)
 
                     
Nelson Education, Ltd.
  473     Term Loan, 2.79%, Maturing July 5, 2014   $ 423,155      
Nielsen Finance, LLC
  5,734     Term Loan, 2.26%, Maturing August 9, 2013     5,620,509      
  1,982     Term Loan, 4.01%, Maturing May 2, 2016     1,964,072      
SGS International, Inc.
  483     Term Loan, 3.76%, Maturing December 30, 2011     480,777      
Source Interlink Companies, Inc.
  905     Term Loan, 10.75%, Maturing June 18, 2013     863,808      
  555     Term Loan, 15.00%, Maturing March 18, 2014(3)     349,423      
Trader Media Corp.
GBP 1,287     Term Loan, 2.57%, Maturing March 23, 2015     1,985,227      
Xsys, Inc.
  1,509     Term Loan, 2.71%, Maturing September 27, 2013     1,410,423      
  1,699     Term Loan, 2.71%, Maturing September 27, 2014     1,587,965      
 
 
            $ 29,428,105      
 
 
 
 
Radio and Television — 2.6%
 
Block Communications, Inc.
  810     Term Loan, 2.29%, Maturing December 22, 2011   $ 769,144      
CMP KC, LLC
  956     Term Loan, 0.00%, Maturing May 3, 2011(5)(6)     274,426      
CMP Susquehanna Corp.
  1,552     Term Loan, 2.31%, Maturing May 5, 2013     1,392,114      
Gray Television, Inc.
  665     Term Loan, 3.76%, Maturing December 31, 2014     646,381      
HIT Entertainment, Inc.
  746     Term Loan, 5.68%, Maturing June 1, 2012     727,056      
Live Nation Worldwide, Inc.
  2,289     Term Loan, 4.50%, Maturing November 7, 2016     2,282,779      
Mission Broadcasting, Inc.
  525     Term Loan, 5.00%, Maturing September 30, 2016     525,184      
Nexstar Broadcasting, Inc.
  821     Term Loan, 5.01%, Maturing September 30, 2016     821,441      
Raycom TV Broadcasting, LLC
  871     Term Loan, 1.81%, Maturing June 25, 2014     809,681      
Univision Communications, Inc.
  1,853     Term Loan, 2.51%, Maturing September 29, 2014     1,754,771      
  1,853     Term Loan, 4.51%, Maturing March 31, 2017     1,740,654      
Weather Channel
  1,141     Term Loan, 5.00%, Maturing September 14, 2015     1,147,830      
 
 
            $ 12,891,461      
 
 
 
Rail Industries — 0.4%
 
Kansas City Southern Railway Co.
  1,939     Term Loan, 2.05%, Maturing April 26, 2013   $ 1,896,523      
 
 
            $ 1,896,523      
 
 
 
 
Retailers (Except Food and Drug) — 3.4%
 
American Achievement Corp.
  104     Term Loan, 6.26%, Maturing March 25, 2011   $ 103,295      
Amscan Holdings, Inc.
  455     Term Loan, 2.54%, Maturing May 25, 2013     439,514      
Educate, Inc.
  498     Term Loan - Second Lien, 8.51%, Maturing June 16, 2014     485,076      
FTD, Inc.
  1,108     Term Loan, 6.75%, Maturing August 26, 2014     1,112,290      
Harbor Freight Tools USA, Inc.
  873     Term Loan, 5.02%, Maturing February 24, 2016     873,354      
Michaels Stores, Inc.
  1,000     Term Loan, 2.63%, Maturing October 31, 2013     971,625      
Neiman Marcus Group, Inc.
  3,346     Term Loan, 2.29%, Maturing April 5, 2013     3,269,906      
Orbitz Worldwide, Inc.
  1,108     Term Loan, 3.28%, Maturing July 25, 2014     1,078,891      
Oriental Trading Co., Inc.
  1,125     Term Loan - Second Lien, 0.00%, Maturing January 31, 2014(6)     37,969      
Pilot Travel Centers, LLC
  1,057     Term Loan, 5.25%, Maturing June 30, 2016     1,072,679      
Rover Acquisition Corp.
  2,166     Term Loan, 2.53%, Maturing October 25, 2013     2,124,632      
Savers, Inc.
  1,194     Term Loan, 5.75%, Maturing March 11, 2016     1,198,478      
Visant Corp.
  1,100     Term Loan, 7.00%, Maturing December 22, 2016     1,110,771      
Vivarte
EUR 500     Term Loan, Maturing March 9, 2015(7)     588,819      
EUR 500     Term Loan, Maturing March 8, 2016(7)     588,818      
Yankee Candle Company, Inc. (The)
  2,421     Term Loan, 2.26%, Maturing February 6, 2014     2,350,172      
 
 
            $ 17,406,289      
 
 
 
 
Steel — 0.3%
 
Niagara Corp.
  1,385     Term Loan, 10.50%, Maturing June 29, 2014(3)(5)   $ 1,308,290      
 
 
            $ 1,308,290      
 
 
 

 
See notes to financial statements

14


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
 
Surface Transport — 0.3%
 
CEVA Group PLC U.S.
  857     Term Loan, 3.26%, Maturing November 4, 2013   $ 770,110      
Swift Transportation Co., Inc.
  789     Term Loan, 8.25%, Maturing May 9, 2014     777,241      
 
 
            $ 1,547,351      
 
 
 
 
Telecommunications — 4.5%
 
Alaska Communications Systems Holdings, Inc.
  1,825     Term Loan, 6.25%, Maturing October 15, 2016   $ 1,836,786      
Asurion Corp.
  1,375     Term Loan, Maturing March 31, 2015(7)     1,352,227      
  3,861     Term Loan, 3.28%, Maturing July 3, 2014     3,612,931      
CommScope, Inc.
  1,103     Term Loan, 2.79%, Maturing December 26, 2014     1,103,206      
Intelsat Corp.
  2,415     Term Loan, 2.79%, Maturing January 3, 2014     2,358,150      
  2,415     Term Loan, 2.79%, Maturing January 3, 2014     2,358,150      
  2,416     Term Loan, 2.79%, Maturing January 3, 2014     2,358,878      
Intelsat Subsidiary Holding Co.
  936     Term Loan, 2.79%, Maturing July 3, 2013     913,478      
Macquarie UK Broadcast Ventures, Ltd.
GBP 755     Term Loan, 2.57%, Maturing December 1, 2014     1,020,302      
NTelos, Inc.
  1,485     Term Loan, 5.75%, Maturing August 7, 2015     1,494,286      
Telesat Canada, Inc.
  79     Term Loan, 3.26%, Maturing October 31, 2014     77,431      
  916     Term Loan, 3.26%, Maturing October 31, 2014     901,467      
TowerCo Finance, LLC
  422     Term Loan, 6.00%, Maturing November 24, 2014     426,734      
Windstream Corp.
  2,990     Term Loan, 3.04%, Maturing December 17, 2015     3,000,591      
 
 
            $ 22,814,617      
 
 
 
 
Utilities — 3.5%
 
AEI Finance Holding, LLC
  270     Revolving Loan, 3.29%, Maturing March 30, 2012   $ 262,038      
  1,769     Term Loan, 3.29%, Maturing March 30, 2014     1,718,770      
Astoria Generating Co.
  1,000     Term Loan - Second Lien, 4.04%, Maturing August 23, 2013     988,333      
BRSP, LLC
  972     Term Loan, 7.50%, Maturing June 4, 2014     976,643      
Calpine Corp.
  2,775     Term Loan, 3.17%, Maturing March 29, 2014     2,766,010      
New Development Holdings, Inc.
  998     Term Loan, 7.00%, Maturing July 3, 2017     1,018,386      
NRG Energy, Inc.
  332     Term Loan, 1.78%, Maturing February 1, 2013     325,021      
  1     Term Loan, 3.64%, Maturing February 1, 2013     767      
  1,249     Term Loan, 3.54%, Maturing August 31, 2015     1,250,061      
  2,045     Term Loan, 3.54%, Maturing August 31, 2015     2,033,379      
Pike Electric, Inc.
  110     Term Loan, 2.06%, Maturing July 2, 2012     104,538      
  256     Term Loan, 2.06%, Maturing December 10, 2012     242,882      
TXU Texas Competitive Electric Holdings Co., LLC
  990     Term Loan, 3.76%, Maturing October 10, 2014     778,722      
  1,318     Term Loan, 3.76%, Maturing October 10, 2014     1,037,810      
  3,774     Term Loan, 3.92%, Maturing October 10, 2014     2,969,129      
Vulcan Energy Corp.
  1,084     Term Loan, 5.50%, Maturing September 29, 2015     1,093,882      
 
 
            $ 17,566,371      
 
 
     
Total Senior Floating-Rate Interests
   
(identified cost $720,940,483)
  $ 710,628,239      
 
 
                     
                     
Corporate Bonds & Notes — 10.6%
 
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
 
Aerospace and Defense — 0.2%
 
International Lease Finance Corp., Sr. Notes
  350     6.50%, 9/1/14(8)   $ 379,750      
  350     6.75%, 9/1/16(8)     383,250      
  350     7.125%, 9/1/18(8)     386,750      
 
 
            $ 1,149,750      
 
 
 
 
Air Transport — 0.0%(9)
 
Continental Airlines
  154     7.033%, 6/15/11   $ 157,415      
 
 
            $ 157,415      
 
 
 
 
Automotive — 0.2%
 
Allison Transmission, Inc.
  665     11.25%, 11/1/15(3)(8)   $ 724,019      
American Axle & Manufacturing Holdings, Inc., Sr. Notes
  115     9.25%, 1/15/17(8)     130,956      

 
See notes to financial statements

15


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Automotive (continued)
 
                     
Commercial Vehicle Group, Inc., Sr. Notes
  100     8.00%, 7/1/13   $ 91,500      
 
 
            $ 946,475      
 
 
 
 
Broadcast Radio and Television — 0.5%
 
Clear Channel Communications, Inc., Sr. Notes
  1,000     6.25%, 3/15/11   $ 1,002,500      
Entravision Communications, Sr. Notes
  1,000     8.75%, 8/1/17(8)     1,076,250      
XM Satellite Radio Holdings, Inc.
  485     13.00%, 8/1/13(8)     580,787      
 
 
            $ 2,659,537      
 
 
 
 
Building and Development — 0.5%
 
Grohe Holding GmbH, Variable Rate
EUR 2,000     3.86%, 1/15/14(10)   $ 2,651,379      
 
 
            $ 2,651,379      
 
 
 
 
Business Equipment and Services — 0.5%
 
Brocade Communications Systems, Inc., Sr. Notes
  30     6.625%, 1/15/18(8)   $ 32,100      
  30     6.875%, 1/15/20(8)     32,400      
Education Management, LLC, Sr. Notes
  390     8.75%, 6/1/14     393,900      
MediMedia USA, Inc., Sr. Sub. Notes
  170     11.375%, 11/15/14(8)     147,050      
RSC Equipment Rental, Inc., Sr. Notes
  750     10.00%, 7/15/17(8)     841,875      
SunGard Data Systems, Inc., Sr. Notes
  500     10.625%, 5/15/15(8)     561,250      
Ticketmaster Entertainment, Inc.
  185     10.75%, 8/1/16     205,812      
West Corp.
  240     9.50%, 10/15/14     252,600      
 
 
            $ 2,466,987      
 
 
 
 
Cable and Satellite Television — 0.5%
 
Virgin Media Finance PLC, Sr. Notes
  2,500     6.50%, 1/15/18   $ 2,693,750      
 
 
            $ 2,693,750      
 
 
 
Chemicals and Plastics — 0.1%
 
CII Carbon, LLC
  185     11.125%, 11/15/15(8)   $ 197,488      
Reichhold Industries, Inc., Sr. Notes
  295     9.00%, 8/15/14(8)     265,500      
Wellman Holdings, Inc., Sr. Sub. Notes
  473     5.00%, 1/29/19(3)(5)     0      
 
 
            $ 462,988      
 
 
 
 
Conglomerates — 0.0%(9)
 
RBS Global & Rexnord Corp.
  155     11.75%, 8/1/16   $ 167,400      
 
 
            $ 167,400      
 
 
 
 
Containers and Glass Products — 0.4%
 
Berry Plastics Corp., Sr. Notes, Variable Rate
  2,000     5.039%, 2/15/15   $ 1,930,000      
Intertape Polymer US, Inc., Sr. Sub. Notes
  310     8.50%, 8/1/14     261,950      
 
 
            $ 2,191,950      
 
 
 
 
Cosmetics / Toiletries — 0.3%
 
Revlon Consumer Products Corp.
  1,415     9.75%, 11/15/15   $ 1,482,212      
 
 
            $ 1,482,212      
 
 
 
 
Ecological Services and Equipment — 0.1%
 
Environmental Systems Product Holdings, Inc., Jr. Notes
  437     18.00%, 3/31/15(5)   $ 371,309      
 
 
            $ 371,309      
 
 
 
 
Electronics / Electrical — 0.2%
 
NXP BV/NXP Funding, LLC, Variable Rate
  775     3.039%, 10/15/13   $ 739,156      
 
 
            $ 739,156      
 
 
 
 
Equipment Leasing — 0.0%(9)
 
Hertz Corp.
  5     8.875%, 1/1/14   $ 5,163      
 
 
            $ 5,163      
 
 
 

 
See notes to financial statements

16


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
 
Financial Intermediaries — 0.8%
 
First Data Corp., Sr. Notes
  875     8.875%, 8/15/20(8)   $ 924,219      
Ford Motor Credit Co.
  2,250     12.00%, 5/15/15     2,886,637      
  175     8.00%, 12/15/16     205,183      
 
 
            $ 4,016,039      
 
 
 
 
Food Products — 0.2%
 
Smithfield Foods, Inc., Sr. Notes
  1,000     10.00%, 7/15/14(8)   $ 1,157,500      
 
 
            $ 1,157,500      
 
 
 
 
Food Service — 0.3%
 
NPC International, Inc., Sr. Sub. Notes
  245     9.50%, 5/1/14   $ 254,800      
U.S. Foodservice, Inc., Sr. Notes
  940     10.25%, 6/30/15(8)     982,300      
 
 
            $ 1,237,100      
 
 
 
 
Food / Drug Retailers — 0.1%
 
General Nutrition Center, Sr. Notes, Variable Rate
  215     5.75%, 3/15/14(3)   $ 214,194      
General Nutrition Center, Sr. Sub. Notes
  385     10.75%, 3/15/15     394,625      
 
 
            $ 608,819      
 
 
 
 
Forest Products — 0.0%(9)
 
Verso Paper Holdings, LLC/Verso Paper, Inc.
  225     11.375%, 8/1/16   $ 217,688      
 
 
            $ 217,688      
 
 
 
 
Health Care — 0.3%
 
Accellent, Inc., Sr. Notes
  135     8.375%, 2/1/17(8)   $ 143,100      
DJO Finance, LLC/DJO Finance Corp.
  205     10.875%, 11/15/14     225,756      
HCA, Inc.
  115     9.25%, 11/15/16     124,775      
National Mentor Holdings, Inc.
  290     11.25%, 7/1/14     299,425      
Res-Care, Inc., Sr. Notes
  110     7.75%, 10/15/13     111,925      
US Oncology, Inc.
  515     10.75%, 8/15/14     536,244      
 
 
            $ 1,441,225      
 
 
 
 
Industrial Equipment — 0.4%
 
CEVA Group PLC, Sr. Notes
  165     11.50%, 4/1/18(8)   $ 176,550      
Chart Industries, Inc., Sr. Sub. Notes
  195     9.125%, 10/15/15     199,387      
ESCO Corp., Sr. Notes
  645     8.625%, 12/15/13(8)     667,575      
Terex Corp., Sr. Notes
  1,000     10.875%, 6/1/16     1,145,000      
 
 
            $ 2,188,512      
 
 
 
 
Insurance — 0.0%(9)
 
Alliant Holdings I, Inc.
  100     11.00%, 5/1/15(8)   $ 105,625      
 
 
            $ 105,625      
 
 
 
 
Leisure Goods / Activities / Movies — 0.2%
 
AMC Entertainment, Inc., Sr. Notes
  110     8.75%, 6/1/19   $ 118,387      
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.
  195     12.50%, 4/1/13(5)(6)(8)     0      
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.,
Variable Rate
  360     0.00%, 4/1/12(5)(6)(8)     0      
Marquee Holdings, Inc., Sr. Disc. Notes
  500     12.00%, 8/15/14     416,250      
Royal Caribbean Cruises, Sr. Notes
  95     7.00%, 6/15/13     103,313      
  35     6.875%, 12/1/13     37,800      
  25     7.25%, 6/15/16     27,375      
  50     7.25%, 3/15/18     54,625      
 
 
            $ 757,750      
 
 
 
 
Lodging and Casinos — 0.9%
 
Buffalo Thunder Development Authority
  480     9.375%, 12/15/14(6)(8)   $ 127,200      
CCM Merger, Inc.
  85     8.00%, 8/1/13(8)     79,900      
Chukchansi EDA, Sr. Notes, Variable Rate
  280     4.123%, 11/15/12(8)     179,200      

 
See notes to financial statements

17


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Lodging and Casinos (continued)
 
                     
Fontainebleau Las Vegas Casino, LLC
  485     10.25%, 6/15/15(6)(8)   $ 3,817      
Harrah’s Operating Co., Inc., Sr. Notes
  1,500     11.25%, 6/1/17     1,665,000      
Inn of the Mountain Gods Resort & Casino, Sr. Notes
  500     12.00%, 11/15/10(6)     205,000      
Majestic HoldCo, LLC
  140     12.00%, 10/15/11(6)(8)     2,520      
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
  140     8.00%, 4/1/12     122,675      
  215     7.125%, 8/15/14     148,350      
  230     6.875%, 2/15/15     159,275      
Peninsula Gaming, LLC
  1,000     10.75%, 8/15/17     1,070,000      
San Pasqual Casino
  110     8.00%, 9/15/13(8)     107,250      
Seminole Hard Rock Entertainment, Variable Rate
  175     2.792%, 3/15/14(8)     156,188      
Tunica-Biloxi Gaming Authority, Sr. Notes
  310     9.00%, 11/15/15(8)     283,262      
Waterford Gaming, LLC, Sr. Notes
  243     8.625%, 9/15/14(5)(8)     156,711      
 
 
            $ 4,466,348      
 
 
 
 
Nonferrous Metals / Minerals — 0.3%
 
FMG Finance PTY, Ltd.
  675     10.625%, 9/1/16(8)   $ 999,000      
Teck Resources, Ltd., Sr. Notes
  335     10.75%, 5/15/19     428,599      
 
 
            $ 1,427,599      
 
 
 
 
Oil and Gas — 0.8%
 
Cloud Peak Energy Resources, LLC / Cloud Peak Energy Finance Corp.
  1,000     8.25%, 12/15/17(8)   $ 1,092,500      
  335     8.50%, 12/15/19(8)     370,175      
Compton Petroleum Finance Corp.
  145     10.00%, 9/15/17     124,738      
Denbury Resources, Inc., Sr. Sub. Notes
  50     7.50%, 12/15/15     52,125      
El Paso Corp., Sr. Notes
  225     9.625%, 5/15/12     243,575      
Forbes Energy Services, Sr. Notes
  290     11.00%, 2/15/15     277,675      
McJunkin Red Man Corp., Sr. Notes
  1,000     9.50%, 12/15/16(8)     925,000      
OPTI Canada, Inc., Sr. Notes
  95     7.875%, 12/15/14     71,725      
  175     8.25%, 12/15/14     133,437      
Petroleum Development Corp., Sr. Notes
  115     12.00%, 2/15/18     129,375      
Petroplus Finance, Ltd.
  145     7.00%, 5/1/17(8)     133,400      
Quicksilver Resources, Inc., Sr. Notes
  125     11.75%, 1/1/16     145,000      
SESI, LLC, Sr. Notes
  60     6.875%, 6/1/14     60,900      
 
 
            $ 3,759,625      
 
 
 
 
Publishing — 0.2%
 
Laureate Education, Inc.
  1,000     10.00%, 8/15/15(8)   $ 1,030,000      
Nielsen Finance, LLC
  55     10.00%, 8/1/14     57,956      
  70     12.50%, 8/1/16 (0.00% until 8/1/11)     71,663      
 
 
            $ 1,159,619      
 
 
 
 
Rail Industries — 0.3%
 
American Railcar Industry, Sr. Notes
  175     7.50%, 3/1/14   $ 178,063      
Kansas City Southern Mexico, Sr. Notes
  280     7.625%, 12/1/13     291,900      
  100     7.375%, 6/1/14     105,000      
  190     8.00%, 6/1/15     206,150      
  500     8.00%, 2/1/18(8)     548,164      
 
 
            $ 1,329,277      
 
 
 
 
Retailers (Except Food and Drug) — 0.6%
 
Amscan Holdings, Inc., Sr. Sub. Notes
  400     8.75%, 5/1/14   $ 411,000      
Neiman Marcus Group, Inc.
  739     9.00%, 10/15/15     776,370      
Sally Holdings, LLC, Sr. Notes
  665     9.25%, 11/15/14     702,406      
  20     10.50%, 11/15/16     22,050      
Toys ‘‘R” Us
  1,000     10.75%, 7/15/17     1,147,500      
 
 
            $ 3,059,326      
 
 
 

 
See notes to financial statements

18


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
 
Steel — 0.0%(9)
 
RathGibson, Inc., Sr. Notes
  445     11.25%, 2/15/14(6)   $ 4,539      
 
 
            $ 4,539      
 
 
 
 
Surface Transport — 0.0%(9)
 
Teekay Corp., Sr. Notes
  50     8.50%, 1/15/20   $ 55,813      
 
 
            $ 55,813      
 
 
 
 
Telecommunications — 0.7%
 
Avaya, Inc., Sr. Notes
  1,000     9.75%, 11/1/15   $ 1,011,250      
Clearwire Communications, LLC/Clearwire Finance, Inc., Sr. Notes
  500     12.00%, 12/1/15(8)     557,500      
Intelsat Bermuda, Ltd.
  900     11.25%, 6/15/16     984,375      
NII Capital Corp.
  335     10.00%, 8/15/16     381,481      
Telesat Canada/Telesat, LLC, Sr. Notes
  590     11.00%, 11/1/15     665,225      
 
 
            $ 3,599,831      
 
 
 
 
Utilities — 1.0%
 
Calpine Corp., Sr. Notes
  4,725     7.50%, 2/15/21(8)   $ 4,860,844      
NGC Corp.
  390     7.625%, 10/15/26     235,950      
Reliant Energy, Inc., Sr. Notes
  20     7.625%, 6/15/14     20,250      
 
 
            $ 5,117,044      
 
 
     
Total Corporate Bonds & Notes
   
(identified cost $54,054,148)
  $ 53,854,750      
 
 
                     
                     
Asset-Backed Securities — 1.2%
 
Principal
               
Amount
               
(000’s omitted)     Security   Value      
 
 
$ 463     Alzette European CLO SA, Series 2004-1A, Class E2, 6.792%, 12/15/20(11)   $ 301,687      
  589     Avalon Capital Ltd. 3, Series 1A, Class D, 2.279%, 2/24/19(8)(11)     378,453      
  753     Babson Ltd., Series 2005-1A, Class C1, 2.239%, 4/15/19(8)(11)     453,585      
  1,007     Bryant Park CDO Ltd., Series 2005-1A, Class C, 2.339%, 1/15/19(8)(11)     513,245      
  1,000     Carlyle High Yield Partners, Series 2004-6A, Class C, 2.854%, 8/11/16(8)(11)     706,057      
  985     Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.793%, 3/8/17(11)     637,926      
  750     Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 5.039%, 7/17/19(11)     438,589      
  789     Comstock Funding Ltd., Series 2006-1A, Class D, 4.549%, 5/30/20(8)(11)     429,840      
  1,500     Dryden Leveraged Loan, Series 2004-6A, Class C1, 3.025%, 7/30/16(8)(11)     1,050,660      
  1,000     First CLO Ltd., Series 2004-1A1, Class C, 2.793%, 7/27/16(8)(11)     728,923      
  1,000     Schiller Park CLO Ltd., Series 2007-1A, Class D, 2.747%, 4/25/21(8)(11)     602,236      
 
 
     
Total Asset-Backed Securities
   
(identified cost $9,615,732)
  $ 6,241,201      
 
 
                     
                     
Common Stocks — 1.5%
 
Shares     Security   Value      
 
 
 
Aerospace and Defense — 0.0%(9)
 
  12,734     ACTS Aero Technical Support & Service, Inc.(12)(13)   $ 210,109      
 
 
            $ 210,109      
 
 
 
 
Air Transport — 0.0%(9)
 
  1,535     Delta Air Lines, Inc.(12)   $ 21,321      
 
 
            $ 21,321      
 
 
 
 
Automotive — 0.2%
 
  18,702     Dayco Products, LLC(12)(13)   $ 827,563      
  44,747     Hayes Lemmerz International, Inc.(5)(12)(13)     400,486      
 
 
            $ 1,228,049      
 
 
 
 
Building and Development — 0.1%
 
  253     Panolam Holdings Co.(5)(12)(14)   $ 201,163      
  508     United Subcontractors, Inc.(5)(12)(13)     44,631      
 
 
            $ 245,794      
 
 
 

 
See notes to financial statements

19


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Shares     Security   Value      
 
 
 
Chemicals and Plastics — 0.0%(9)
 
  438     Wellman Holdings, Inc.(5)(12)(13)   $ 0      
 
 
            $ 0      
 
 
 
 
Diversified Manufacturing — 0.0%(9)
 
  323,008     MEGA Brands, Inc.(12)   $ 183,084      
 
 
            $ 183,084      
 
 
 
 
Ecological Services and Equipment — 0.0%(9)
 
  6,211     Environmental Systems Products Holdings,
Inc.(5)(12)(14)
  $ 54,905      
 
 
            $ 54,905      
 
 
 
 
Food Service — 0.0%(9)
 
  23,029     Buffets, Inc.(12)   $ 97,873      
 
 
            $ 97,873      
 
 
 
 
Lodging and Casinos — 0.1%
 
  71     Greektown Superholdings, Inc.(12)   $ 5,538      
  35,670     Tropicana Entertainment, Inc.(12)(13)     510,527      
 
 
            $ 516,065      
 
 
 
 
Nonferrous Metals / Minerals — 0.1%
 
  701     Euramax International, Inc.(12)(13)   $ 220,878      
 
 
            $ 220,878      
 
 
 
 
Oil and Gas — 0.0%(9)
 
  1,397     SemGroup Corp.(12)   $ 32,550      
 
 
            $ 32,550      
 
 
 
 
Publishing — 0.8%
 
  482     Dex One Corp.(12)   $ 3,379      
  3,990     Ion Media Networks, Inc.(12)(13)     1,665,825      
  10,718     MediaNews Group, Inc.(12)(13)     192,922      
  2,002     Philadelphia Newspaper, LLC(5)(12)(13)     135,035      
  87,921     Reader’s Digest Association, Inc. (The)(12)(13)     1,833,153      
  2,290     Source Interlink Companies, Inc.(5)(12)(13)     52,487      
  9,554     SuperMedia, Inc.(12)     62,865      
 
 
            $ 3,945,666      
 
 
 
Steel — 0.2%
 
  23,138     KNIA Holdings, Inc.(5)(12)(13)   $ 297,324      
  19,800     RathGibson Acquisition Co., LLC(5)(12)(14)     464,112      
 
 
            $ 761,436      
 
 
     
Total Common Stocks
   
(identified cost $5,613,103)
  $ 7,517,730      
 
 
                     
                     
Preferred Stocks — 0.1%
 
Shares     Security   Value      
 
 
 
Ecological Services and Equipment — 0.1%
 
  2,845     Environmental Systems Products Holdings, Inc., Series A(5)(12)(14)   $ 328,797      
 
 
            $ 328,797      
 
 
     
Total Preferred Stocks
   
(identified cost $49,788)
  $ 328,797      
 
 
                     
                     
Warrants — 0.0%(9)
 
Shares     Security   Value      
 
 
 
Oil and Gas — 0.0%
 
  1,470     SemGroup Corp., Expires 11/30/14(12)   $ 9,004      
 
 
            $ 9,004      
 
 
 
 
Publishing — 0.0%
 
  1,450     Reader’s Digest Association, Inc. (The), Expires 2/15/17(5)(12)(13)   $ 0      
 
 
            $ 0      
 
 
     
Total Warrants
   
(identified cost $15)
  $ 9,004      
 
 
                     
                     

 
See notes to financial statements

20


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Miscellaneous — 0.0%(9)
 
Shares     Security   Value      
 
 
Air Transport — 0.0%
 
  1,000,000     Delta Air Lines, Inc., Escrow Certificate(12)   $ 31,260      
 
 
            $ 31,260      
 
 
     
Total Miscellaneous
   
(identified cost $0)
  $ 31,260      
 
 
                     
                     
Short-Term Investments — 3.1%
 
Interest/
               
Principal
               
Amount
               
(000’s omitted)     Description   Value      
 
 
$ 11,729     Eaton Vance Cash Reserves Fund, LLC, 0.22%(15)(16)   $ 11,728,652      
  4,082     State Street Bank and Trust Euro Time Deposit, 0.01%, 11/1/10     4,081,938      
 
 
     
Total Short-Term Investments
   
(identified cost $15,810,590)
  $ 15,810,590      
 
 
     
Total Investments — 157.2%
   
(identified cost $806,083,859)
  $ 794,421,571      
 
 
 
             
Less Unfunded Loan Commitments — (0.3)%
  $ (1,583,950 )    
 
 
     
Net Investments — 156.9%
   
(identified cost $804,499,909)
  $ 792,837,621      
 
 
             
Other Assets, Less Liabilities — (30.9)%
  $ (156,324,099 )    
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (26.0)%
  $ (131,316,151 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 505,197,371      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
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 and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
 
(2) Unfunded or partially unfunded loan commitments. See Note 1G for description.
 
(3) Represents a payment-in-kind security which may pay all or a portion of interest/dividends in additional par/shares.
 
(4) Defaulted matured security. Interest rate has been adjusted to reflect non-accrual status.
 
(5) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
 
(6) Currently the issuer is in default with respect to interest payments. Interest rate has been adjusted to reflect non-accrual status.
 
(7) This Senior Loan will settle after October 31, 2010, at which time the interest rate will be determined.
 
(8) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At October 31, 2010, the aggregate value of these securities is $26,371,924 or 5.2% of the Trust’s net assets applicable to common shares.
 
(9) Amount is less than 0.05%.
 
(10) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
 
(11) Variable rate security. The stated interest rate represents the rate in effect at October 31, 2010.
 
(12) Non-income producing security.
 
(13) Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.
 
(14) Restricted security (see Note 8).
 
(15) Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2010.
 
(16) Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC and Cash Management Portfolio, an affiliated investment company, for the year ended October 31, 2010 was $20,984 and $0, respectively.

 
See notes to financial statements

21


 

 
Eaton Vance Senior Floating-Rate Trust as of October 31, 2010
 
FINANCIAL STATEMENTS
 
Statement of Assets and Liabilities
 
             
As of October 31, 2010          
 
Assets
 
Unaffiliated investments, at value (identified cost, $792,771,257)
  $ 781,108,969      
Affiliated investment, at value (identified cost, $11,728,652)
    11,728,652      
Foreign currency, at value (identified cost, $1,237,607)
    1,239,434      
Interest and dividends receivable
    4,019,737      
Interest receivable from affiliated investment
    2,860      
Receivable for investments sold
    6,174,963      
Receivable for open forward foreign currency exchange contracts
    13,498      
Receivable from the transfer agent
    95,902      
Prepaid expenses
    97,453      
Other assets
    8,603      
 
 
Total assets
  $ 804,490,071      
 
 
             
             
 
Liabilities
 
Notes payable
  $ 150,000,000      
Payable for investments purchased
    16,597,426      
Payable for open forward foreign currency exchange contracts
    529,328      
Payable to affiliates:
           
Investment adviser fee
    431,075      
Trustees’ fees
    2,315      
Accrued expenses
    416,405      
 
 
Total liabilities
  $ 167,976,549      
 
 
Auction preferred shares (5,252 shares outstanding) at liquidation value plus cumulative unpaid dividends
  $ 131,316,151      
 
 
Net assets applicable to common shares
  $ 505,197,371      
 
 
             
             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized, 33,715,864 shares issued and outstanding
  $ 337,159      
Additional paid-in capital
    636,662,246      
Accumulated net realized loss
    (123,533,710 )    
Accumulated undistributed net investment income
    3,963,096      
Net unrealized depreciation
    (12,231,420 )    
 
 
Net assets applicable to common shares
  $ 505,197,371      
 
 
             
             
 
Net Asset Value Per Common Share
 
($505,197,371 ¸ 33,715,864 common shares issued and outstanding)
  $ 14.98      
 
 
 
Statement of Operations
 
             
For the Year Ended
         
October 31, 2010          
 
Investment Income
 
Interest
  $ 42,791,528      
Dividends
    1,135      
Interest income allocated from affiliated investments
    30,898      
Expenses allocated from affiliated investments
    (9,914 )    
 
 
Total investment income
  $ 42,813,647      
 
 
             
             
 
Expenses
 
Investment adviser fee
  $ 5,741,333      
Trustees’ fees and expenses
    27,149      
Custodian fee
    287,069      
Transfer and dividend disbursing agent fees
    17,590      
Legal and accounting services
    203,088      
Printing and postage
    103,905      
Interest expense and fees
    2,376,873      
Preferred shares service fee
    199,914      
Miscellaneous
    141,588      
 
 
Total expenses
  $ 9,098,509