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
April 30, 2011
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

 
     
Eaton Vance
Senior Floating-Rate Trust
Semiannual Report
April 30, 2011
  (LOGO)
 
(EATON VANCE LOGO)

 


 

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

 


 

Semiannual Report April 30, 2011
Eaton Vance
Senior Floating-Rate Trust
Table of Contents
         
    2  
    3  
 
    4  
Financial Statements
    5  
Board of Trustees’ Contract Approval
    36  
Officers and Trustees
    39  
Important Notices
    40  

 


 

Eaton Vance
Senior Floating-Rate Trust
April 30, 2011
Portfolio Managers Scott H. Page, CFA; Peter M. Campo, CFA; Craig P. Russ
Performance1
 
         
New York Stock Exchange (NYSE) Symbol   EFR
Inception Date   (11/28/03)
 
 
       
% Average Annual Total Returns at net asset value (NAV)
       
 
 
       
Six Months
    7.60  
One Year
    11.13  
Five Years
    4.67  
Since Inception
    5.11  
 
 
       
% Average Annual Total Returns at market price, NYSE
       
 
 
       
Six Months
    11.54  
One Year
    7.86  
Five Years
    7.76  
Since Inception
    6.24  
 
 
       
% Premium/(Discount) to NAV (4/30/11)
    8.23  
 
 
       
Distributions
       
 
 
       
Total Distributions per share (10/31/10 – 4/30/11)
  $ 0.568  
Distribution Rate at NAV2
    6.48 %
Distribution Rate at market price2
    5.99 %
 
 
       
% Total Leverage3
       
 
 
       
APS
    16.28  
Borrowings
    18.60  
 
 
       
Comparative Performance4
  % Return
 
 
       
S&P/LSTA Leveraged Loan Index
       
 
 
       
Six Months
    4.77  
One Year
    6.93  
Five Years
    5.36  
Since Inception (11/28/03)
    5.41  
 
See Endnotes and Additional Disclosures on page 4.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

2


 

Eaton Vance
Senior Floating-Rate Trust
April 30, 2011
Fund Profile5
 
Top 10 Holdings (% of total investments)
 
         
Intelsat Jackson Holdings SA
    1.3  
Community Health Systems, Inc.
    1.3  
Rite Aid Corp.
    1.2  
SunGard Data Systems, Inc.
    1.1  
HCA, Inc.
    1.1  
Aramark Corp.
    1.1  
Delphi Automotive
    1.1  
Nielsen Finance, LLC
    0.9  
UPC Broadband Holding B.V.
    0.9  
Health Management Associates, Inc.
    0.8  
 
Total % of total investments
    10.8  
 
Top 10 Sectors (% of total investments)
 
         
Healthcare
    11.6  
Business Equipment and Services
    7.7  
Cable and Satellite Television
    6.8  
Leisure Goods/Activities/Movies
    5.2  
Automotive
    4.7  
Telecommunications
    4.5  
Chemicals and Plastics
    4.3  
Food Service
    4.3  
Publishing
    4.3  
Financial Intermediaries
    4.2  
 
Total % of total investments
    57.6  
 
Credit Quality6 (% of loan holdings)
 
(BAR GRAPH)
See Endnotes and Additional Disclosures on page 4.

3


 

Eaton Vance
Senior Floating-Rate Trust
April 30, 2011
Endnotes and Additional Disclosures
 
   
1. Performance results reflect the effects of leverage. Absent an expense waiver by the investment adviser, the returns would be lower.
 
2. The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of ordinary income, net realized capital gains and return of capital.
 
3. APS percentage represents the liquidation value of the Fund’s APS outstanding as a percentage of the aggregate of the net assets applicable to the Fund’s common shares plus the APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund is required to maintain prescribed asset coverage for its APS and borrowings, which could be reduced if Fund asset values decline.
 
4. The S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Indices do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
 
5. Fund profile is subject to change due to active management.
 
6. Ratings are based on Moody, S&P or Fitch, as applicable. 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.

4


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited)

                     
Senior Floating-Rate Interests — 139.2%(1)
 
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
 
Aerospace and Defense — 2.5%
 
Booz Allen Hamilton, Inc.
  475     Term Loan, 4.00%, Maturing August 3, 2017   $ 481,056      
DAE Aviation Holdings, Inc.
  891     Term Loan, 5.28%, Maturing July 31, 2014     901,285      
  925     Term Loan, 5.28%, Maturing July 31, 2014     935,589      
Delos Aircraft, Inc.
  625     Term Loan, 7.00%, Maturing March 17, 2016     629,687      
Doncasters (Dundee HoldCo 4 Ltd.)
  394     Term Loan, 4.21%, Maturing July 13, 2015     385,301      
  394     Term Loan, 4.71%, Maturing July 13, 2015     385,301      
GBP 500     Term Loan - Second Lien, 6.63%, Maturing January 13, 2016     795,504      
DynCorp International, LLC
  819     Term Loan, 6.25%, Maturing July 5, 2016     827,247      
Evergreen International Aviation
  912     Term Loan, 10.50%, Maturing October 31, 2011(2)     904,289      
IAP Worldwide Services, Inc.
  785     Term Loan, 8.25%, Maturing December 30, 2012     784,398      
International Lease Finance Co.
  850     Term Loan, 6.75%, Maturing March 17, 2015     856,451      
Spirit AeroSystems, Inc.
  1,557     Term Loan, 3.53%, Maturing September 30, 2016     1,568,418      
TransDigm, Inc.
  2,145     Term Loan, 4.00%, Maturing February 14, 2017     2,170,925      
Wesco Aircraft Hardware Corp.
  441     Term Loan, 4.25%, Maturing April 4, 2017     446,053      
Wyle Laboratories, Inc.
  856     Term Loan, 7.75%, Maturing March 25, 2016     858,872      
 
 
            $ 12,930,376      
 
 
 
 
Automotive — 6.4%
 
Adesa, Inc.
  1,944     Term Loan, 2.97%, Maturing October 18, 2013   $ 1,942,611      
Allison Transmission, Inc.
  3,800     Term Loan, 2.99%, Maturing August 7, 2014     3,800,084      
Autotrader.com, Inc.
  1,097     Term Loan, 4.75%, Maturing December 15, 2016     1,107,948      
Delphi Automotive
  8,650     Term Loan, 5.00%, Maturing April 14, 2017     8,643,945      
Federal-Mogul Corp.
  2,445     Term Loan, 2.17%, Maturing December 29, 2014     2,388,463      
  3,072     Term Loan, 2.15%, Maturing December 28, 2015     3,001,457      
Ford Motor Co.
  3,157     Term Loan, 2.97%, Maturing December 16, 2013     3,164,481      
Goodyear Tire & Rubber Co.
  5,400     Term Loan - Second Lien, 1.94%, Maturing April 30, 2014     5,333,850      
HHI Holdings, LLC
  525     Term Loan, 7.01%, Maturing March 21, 2017     525,656      
Metaldyne, LLC
  920     Term Loan, 7.75%, Maturing October 28, 2016     943,385      
TriMas Corp.
  142     Term Loan, 6.00%, Maturing August 2, 2011     143,119      
  2,568     Term Loan, 6.00%, Maturing December 15, 2015     2,587,285      
 
 
            $ 33,582,284      
 
 
 
 
Beverage and Tobacco — 0.2%
 
Green Mountain Coffee Roasters
  1,097     Term Loan, 5.50%, Maturing December 16, 2016   $ 1,113,366      
 
 
            $ 1,113,366      
 
 
 
 
Building and Development — 2.4%
 
Armstrong World Industries, Inc.
  650     Term Loan, 4.00%, Maturing March 9, 2018   $ 655,606      
Beacon Sales Acquisition, Inc.
  1,075     Term Loan, 2.27%, Maturing September 30, 2013     1,061,981      
Brickman Group Holdings, Inc.
  1,172     Term Loan, 7.25%, Maturing October 14, 2016     1,197,945      
CB Richard Ellis Services, Inc.
  694     Term Loan, 1.63%, Maturing March 5, 2018(3)     694,575      
  656     Term Loan, 1.75%, Maturing September 4, 2019(3)     656,261      
Forestar USA Real Estate Group, Inc.
  244     Revolving Loan, 0.84%, Maturing August 6, 2013(3)     239,498      
  2,240     Term Loan, 6.50%, Maturing August 6, 2015     2,228,919      
NCI Building Systems, Inc.
  250     Term Loan, 8.00%, Maturing April 18, 2014     248,712      
November 2005 Land Investors, LLC
  305     Term Loan, 0.00%, Maturing March 31, 2011(4)(5)     68,589      
Panolam Industries Holdings, Inc.
  1,619     Term Loan, 8.25%, Maturing December 31, 2013     1,497,622      
RE/MAX International, Inc.
  1,754     Term Loan, 5.50%, Maturing April 15, 2016     1,762,007      
Realogy Corp.
  139     Term Loan, 3.24%, Maturing October 10, 2013     133,113      
  665     Term Loan, 3.31%, Maturing October 10, 2013     638,742      

 
See Notes to Financial Statements.
5


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Building and Development (continued)
 
                     
South Edge, LLC
  1,588     Term Loan, 0.00%, Maturing October 31, 2009(6)   $ 1,345,406      
 
 
            $ 12,428,976      
 
 
 
 
Business Equipment and Services — 11.5%
 
Activant Solutions, Inc.
  153     Term Loan, 2.31%, Maturing May 2, 2013   $ 152,646      
  916     Term Loan, 4.81%, Maturing February 2, 2016     917,533      
Advantage Sales & Marketing, Inc.
  1,845     Term Loan, 5.25%, Maturing December 18, 2017     1,857,285      
Affinion Group, Inc.
  4,635     Term Loan, 5.00%, Maturing October 10, 2016     4,652,036      
Allied Security Holdings, LLC
  575     Term Loan, 5.00%, Maturing February 4, 2017     579,552      
Dealer Computer Services, Inc.
  2,400     Term Loan, 3.75%, Maturing April 20, 2018     2,423,479      
Education Management, LLC
  4,009     Term Loan, 2.06%, Maturing June 3, 2013     3,950,048      
Fifth Third Processing Solution
  923     Term Loan, 5.50%, Maturing November 3, 2016     932,260      
First American Corp.
  918     Term Loan, 4.75%, Maturing April 12, 2016     923,227      
Infogroup, Inc.
  720     Term Loan, 6.25%, Maturing July 1, 2016     726,159      
iPayment, Inc.
  2,176     Term Loan, 4.25%, Maturing May 10, 2013     2,168,789      
Kronos, Inc.
  1,007     Term Loan, 2.06%, Maturing June 11, 2014     995,236      
Language Line, LLC
  2,170     Term Loan, 6.25%, Maturing June 20, 2016     2,191,258      
Mitchell International, Inc.
  1,000     Term Loan - Second Lien, 5.56%, Maturing March 30, 2015     925,000      
NE Customer Service
  1,661     Term Loan, 6.00%, Maturing March 23, 2016     1,661,308      
Protection One Alarm Monitor, Inc.
  1,629     Term Loan, 6.00%, Maturing May 16, 2016     1,636,649      
Quantum Corp.
  111     Term Loan, 3.81%, Maturing July 14, 2014     110,439      
Quintiles Transnational Corp.
  979     Term Loan, 2.31%, Maturing March 29, 2013     978,412      
  1,700     Term Loan - Second Lien, 4.31%, Maturing March 31, 2014     1,704,250      
Sabre, Inc.
  5,937     Term Loan, 2.23%, Maturing September 30, 2014     5,497,250      
Safenet, Inc.
  1,936     Term Loan, 2.71%, Maturing April 12, 2014     1,923,490      
Serena Software, Inc.
  474     Term Loan, 4.31%, Maturing March 10, 2016     472,519      
Sitel (Client Logic)
  1,567     Term Loan, 5.79%, Maturing January 30, 2014     1,562,785      
Softlayer Tech, Inc.
  648     Term Loan, 7.25%, Maturing November 5, 2016     654,016      
Solera Holdings, LLC
EUR 725     Term Loan, 2.94%, Maturing May 16, 2014     1,063,255      
SunGard Data Systems, Inc.
  2,166     Term Loan, 1.98%, Maturing February 28, 2014     2,149,101      
  6,642     Term Loan, 3.93%, Maturing February 26, 2016     6,683,261      
TransUnion, LLC
  1,900     Term Loan, 4.75%, Maturing February 12, 2018     1,917,338      
Travelport, LLC
  4,062     Term Loan, 4.74%, Maturing August 21, 2015     3,987,047      
  553     Term Loan, 4.81%, Maturing August 21, 2015     542,505      
EUR 1,054     Term Loan, 5.66%, Maturing August 21, 2015     1,520,481      
West Corp.
  281     Term Loan, 2.73%, Maturing October 24, 2013     280,386      
  1,943     Term Loan, 4.59%, Maturing July 15, 2016     1,962,753      
  683     Term Loan, 4.61%, Maturing July 15, 2016     690,318      
 
 
            $ 60,392,071      
 
 
 
 
Cable and Satellite Television — 10.2%
 
Atlantic Broadband Finance, LLC
  1,362     Term Loan, 4.00%, Maturing March 8, 2016   $ 1,372,889      
Bragg Communications, Inc.
  2,075     Term Loan, 2.81%, Maturing August 31, 2014     2,051,409      
Bresnan Communications, LLC
  1,247     Term Loan, 4.50%, Maturing December 14, 2017     1,258,876      
Casema NV
EUR 1,000     Term Loan - Second Lien, 5.95%, Maturing March 14, 2016     1,485,779      
Cequel Communications, LLC
  2,146     Term Loan, 2.24%, Maturing November 5, 2013     2,139,011      
Charter Communications Operating, LLC
  3,933     Term Loan, 2.22%, Maturing March 6, 2014     3,936,523      
  995     Term Loan, 3.56%, Maturing September 6, 2016     999,623      
CSC Holdings, Inc.
  2,878     Term Loan, 2.06%, Maturing March 29, 2016     2,888,758      
Foxco Acquisition Sub, LLC
  560     Term Loan, 4.77%, Maturing July 14, 2015     562,622      

 
See Notes to Financial Statements.
6


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Cable and Satellite Television (continued)
 
                     
Insight Midwest Holdings, LLC
  3,304     Term Loan, 2.02%, Maturing April 7, 2014   $ 3,282,963      
Kabel Deutschland GmbH
EUR 2,000     Term Loan, 5.21%, Maturing December 13, 2016     2,988,220      
MCC Iowa, LLC
  5,645     Term Loan, 1.94%, Maturing January 31, 2015     5,627,253      
Mediacom, LLC
  819     Term Loan, 4.50%, Maturing October 23, 2017     812,416      
Mediacom Broadband, LLC
  1,464     Term Loan, 4.50%, Maturing October 23, 2017     1,465,767      
Mediacom Illinois, LLC
  3,636     Term Loan, 1.94%, Maturing January 31, 2015     3,490,578      
  985     Term Loan, 5.50%, Maturing March 31, 2017     989,309      
NDS Finance, Ltd.
  1,350     Term Loan, 4.00%, Maturing March 12, 2018     1,355,906      
ProSiebenSat.1 Media AG
EUR 93     Term Loan, 2.58%, Maturing July 2, 2014     131,494      
EUR 904     Term Loan, 2.58%, Maturing July 2, 2014     1,284,486      
EUR 369     Term Loan, 3.68%, Maturing March 6, 2015     506,678      
EUR 2,187     Term Loan, 2.92%, Maturing June 26, 2015     3,144,258      
EUR 97     Term Loan, 2.96%, Maturing July 3, 2015     139,738      
EUR 369     Term Loan, 3.93%, Maturing March 4, 2016     506,677      
EUR 384     Term Loan, 8.30%, Maturing March 6, 2017(2)     514,871      
EUR 520     Term Loan - Second Lien, 5.05%, Maturing September 2, 2016     691,573      
UPC Broadband Holding B.V.
  409     Term Loan, 3.74%, Maturing December 30, 2016     411,035      
EUR 2,353     Term Loan, 4.71%, Maturing December 31, 2016     3,463,539      
  1,264     Term Loan, 3.74%, Maturing December 29, 2017     1,268,902      
EUR 1,619     Term Loan, 4.96%, Maturing December 31, 2017     2,387,142      
Virgin Media Investment Holding
GBP 456     Term Loan, 4.57%, Maturing December 31, 2015     764,600      
YPSO Holding SA
EUR 550     Term Loan, 4.95%, Maturing June 16, 2014(2)     739,880      
EUR 212     Term Loan, 5.11%, Maturing June 16, 2014(2)     285,533      
EUR 253     Term Loan, 5.11%, Maturing June 16, 2014(2)     340,635      
 
 
            $ 53,288,943      
 
 
 
 
Chemicals and Plastics — 6.7%
 
Arizona Chemical, Inc.
  488     Term Loan, 4.75%, Maturing November 21, 2016   $ 492,322      
Brenntag Holding GmbH and Co. KG
  220     Term Loan, 3.72%, Maturing January 20, 2014     220,940      
  1,493     Term Loan, 3.74%, Maturing January 20, 2014     1,498,900      
Celanese Holdings, LLC
  1,473     Term Loan, 3.30%, Maturing October 31, 2016     1,486,417      
General Chemical Corp.
  597     Term Loan, 5.00%, Maturing March 3, 2017     601,229      
Hexion Specialty Chemicals, Inc.
  1,709     Term Loan, 4.00%, Maturing May 5, 2015     1,702,686      
  481     Term Loan, 4.06%, Maturing May 5, 2015     480,047      
  764     Term Loan, 4.06%, Maturing May 5, 2015     761,698      
Houghton International, Inc.
  821     Term Loan, 6.75%, Maturing January 29, 2016     830,704      
Huntsman International, LLC
  573     Term Loan, 1.74%, Maturing April 21, 2014     568,885      
  855     Term Loan, 2.51%, Maturing June 30, 2016     850,777      
  1,563     Term Loan, 2.77%, Maturing April 19, 2017     1,555,813      
INEOS Group
  2,563     Term Loan, 7.50%, Maturing December 16, 2013     2,658,688      
  2,478     Term Loan, 8.00%, Maturing December 16, 2014     2,569,853      
EUR 1,250     Term Loan, 9.00%, Maturing December 16, 2015     1,949,218      
ISP Chemco, Inc.
  1,533     Term Loan, 1.75%, Maturing June 4, 2014     1,513,089      
MacDermid, Inc.
EUR 643     Term Loan, 3.40%, Maturing April 11, 2014     938,160      
  465     Term Loan, 2.21%, Maturing April 12, 2014     462,377      
Momentive Performance Materials
  1,652     Term Loan, 3.75%, Maturing May 5, 2015     1,643,429      
Nalco Co.
  1,393     Term Loan, 4.50%, Maturing October 5, 2017     1,407,511      
Omnova Solutions, Inc.
  998     Term Loan, 5.75%, Maturing May 31, 2017     1,010,592      
Rockwood Specialties Group, Inc.
  2,125     Term Loan, 3.75%, Maturing February 9, 2018     2,148,906      
Schoeller Arca Systems Holding
EUR 145     Term Loan, 5.01%, Maturing November 16, 2015     151,982      
EUR 412     Term Loan, 5.01%, Maturing November 16, 2015     433,329      
EUR 443     Term Loan, 5.01%, Maturing November 16, 2015     466,305      
Solutia, Inc.
  2,155     Term Loan, 3.50%, Maturing August 1, 2017     2,173,161      
Styron S.A.R.L.
  2,893     Term Loan, 6.00%, Maturing August 2, 2017     2,926,184      
Univar, Inc.
  1,571     Term Loan, 5.00%, Maturing June 30, 2017     1,584,949      
 
 
            $ 35,088,151      
 
 
 

 
See Notes to Financial Statements.
7


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Conglomerates — 3.1%
 
Goodman Global Holdings, Inc.
  1,791     Term Loan, 5.75%, Maturing October 28, 2016   $ 1,809,463      
Jarden Corp.
  1,037     Term Loan, 3.24%, Maturing January 31, 2017     1,049,547      
Manitowoc Company, Inc. (The)
  775     Term Loan, 8.00%, Maturing November 6, 2014     779,233      
RBS Global, Inc.
  772     Term Loan, 2.50%, Maturing July 19, 2013     768,522      
  3,785     Term Loan, 2.79%, Maturing July 19, 2013     3,784,836      
RGIS Holdings, LLC
  122     Term Loan, 2.80%, Maturing April 30, 2014     120,234      
  2,438     Term Loan, 2.81%, Maturing April 30, 2014     2,404,685      
Service Master Co.
  135     Term Loan, 2.72%, Maturing July 24, 2014     133,204      
  1,357     Term Loan, 2.76%, Maturing July 24, 2014     1,337,593      
US Investigations Services, Inc.
  982     Term Loan, 3.06%, Maturing February 21, 2015     975,595      
  819     Term Loan, 7.75%, Maturing February 21, 2015     825,465      
Walter Industries, Inc.
  2,300     Term Loan, 4.00%, Maturing April 2, 2018     2,322,857      
 
 
            $ 16,311,234      
 
 
 
 
Containers and Glass Products — 3.8%
 
Berry Plastics Corp.
  1,959     Term Loan, 2.31%, Maturing April 3, 2015   $ 1,889,795      
BWAY Corp.
  71     Term Loan, 4.50%, Maturing February 23, 2018     71,392      
  798     Term Loan, 4.50%, Maturing February 23, 2018     804,861      
Graham Packaging Holdings Co.
  1,677     Term Loan, 6.75%, Maturing April 5, 2014     1,694,821      
  2,239     Term Loan, 6.00%, Maturing September 23, 2016     2,261,487      
Graphic Packaging International, Inc.
  3,492     Term Loan, 2.29%, Maturing May 16, 2014     3,491,873      
  373     Term Loan, 3.04%, Maturing May 16, 2014     374,063      
Hilex Poly Co.
  975     Term Loan, 11.25%, Maturing November 16, 2015     975,000      
JSG Acquisitions
  1,189     Term Loan, 3.67%, Maturing December 31, 2014     1,191,876      
Pelican Products, Inc.
  773     Term Loan, 5.00%, Maturing March 7, 2017     776,687      
Reynolds Group Holdings, Inc.
  2,825     Term Loan, 4.25%, Maturing February 9, 2018     2,844,422      
Smurfit Kappa Acquisitions
  1,189     Term Loan, 3.42%, Maturing December 31, 2014     1,191,876      
Smurfit-Stone Container Corp.
  2,361     Term Loan, 6.75%, Maturing July 15, 2016     2,365,327      
 
 
            $ 19,933,480      
 
 
 
 
Cosmetics / Toiletries — 1.5%
 
Alliance Boots Holdings, Ltd.
GBP 1,775     Term Loan, 3.59%, Maturing July 5, 2015   $ 2,872,836      
EUR 1,000     Term Loan, 4.20%, Maturing July 5, 2015     1,460,784      
Bausch & Lomb, Inc.
  291     Term Loan, 3.46%, Maturing April 24, 2015     291,773      
  1,198     Term Loan, 3.54%, Maturing April 24, 2015     1,200,173      
KIK Custom Products, Inc.
  975     Term Loan - Second Lien, 5.25%, Maturing November 30, 2014     679,453      
Prestige Brands, Inc.
  1,576     Term Loan, 4.76%, Maturing March 24, 2016     1,589,891      
 
 
            $ 8,094,910      
 
 
 
 
Drugs — 1.1%
 
Axcan Pharma, Inc.
  1,496     Term Loan, 5.50%, Maturing February 10, 2017   $ 1,496,250      
Graceway Pharmaceuticals, LLC
  1,200     Term Loan, 4.96%, Maturing May 3, 2012     726,258      
  307     Term Loan, 9.96%, Maturing November 3, 2013(2)(5)     3,067      
  1,500     Term Loan - Second Lien, 0.00%, Maturing May 3, 2013(4)     85,000      
Pharmaceutical Holdings Corp.
  43     Term Loan, 4.47%, Maturing January 30, 2012     43,239      
Warner Chilcott Corp.
  806     Term Loan, 4.25%, Maturing March 15, 2018     813,268      
  1,611     Term Loan, 4.25%, Maturing March 15, 2018     1,626,536      
WC Luxco S.A.R.L.
  1,108     Term Loan, 4.25%, Maturing March 15, 2018     1,118,243      
 
 
            $ 5,911,861      
 
 
 
 
Ecological Services and Equipment — 0.6%
 
Cory Environmental Holdings
GBP 500     Term Loan - Second Lien, 5.04%, Maturing September 30, 2014   $ 398,796      
Environmental Systems Products Holdings, Inc.
  683     Term Loan - Second Lien, 13.50%, Maturing September 12, 2014     633,077      

 
See Notes to Financial Statements.
8


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Ecological Services and Equipment (continued)
 
                     
Sensus Metering Systems, Inc.
  2,038     Term Loan, 7.00%, Maturing June 3, 2013   $ 2,047,808      
 
 
            $ 3,079,681      
 
 
 
 
Electronics / Electrical — 5.6%
 
Aspect Software, Inc.
  1,559     Term Loan, 6.25%, Maturing April 19, 2016   $ 1,572,897      
Attachmate Corp.
  950     Term Loan, Maturing April 27, 2017(7)     952,375      
Christie/Aix, Inc.
  639     Term Loan, 5.25%, Maturing April 29, 2016     636,934      
Edwards (Cayman Island II), Ltd.
  1,247     Term Loan, 5.50%, Maturing May 31, 2016     1,251,551      
FCI International S.A.S.
  156     Term Loan, 3.66%, Maturing November 1, 2013     155,478      
  162     Term Loan, 3.66%, Maturing November 1, 2013     161,498      
  156     Term Loan, 3.66%, Maturing October 31, 2014     155,478      
  162     Term Loan, 3.66%, Maturing October 31, 2014     161,498      
Freescale Semiconductor, Inc.
  2,766     Term Loan, 4.49%, Maturing December 1, 2016     2,770,953      
Infor Enterprise Solutions Holdings
  500     Term Loan, 5.71%, Maturing March 2, 2014     451,563      
  1,483     Term Loan, 5.97%, Maturing July 28, 2015     1,453,194      
  2,842     Term Loan, 5.97%, Maturing July 28, 2015     2,826,571      
  183     Term Loan - Second Lien, 6.46%, Maturing March 2, 2014     167,750      
  317     Term Loan - Second Lien, 6.46%, Maturing March 2, 2014     291,235      
Network Solutions, LLC
  451     Term Loan, 2.47%, Maturing March 7, 2014     446,090      
NXP B.V.
  2,700     Term Loan, 4.50%, Maturing March 7, 2017     2,732,063      
Open Solutions, Inc.
  2,016     Term Loan, 2.40%, Maturing January 23, 2014     1,807,170      
Sensata Technologies B.V.
EUR 997     Term Loan, 3.36%, Maturing April 26, 2013     1,463,889      
Sensata Technologies Finance Co.
  2,686     Term Loan, 2.02%, Maturing April 26, 2013     2,674,875      
Shield Finance Co. S.A.R.L.
  855     Term Loan, 7.75%, Maturing June 15, 2016     863,866      
Spansion, LLC
  557     Term Loan, 6.25%, Maturing January 8, 2015     561,272      
Spectrum Brands, Inc.
  2,943     Term Loan, 5.01%, Maturing June 17, 2016     2,980,458      
VeriFone, Inc.
  1,991     Term Loan, 2.97%, Maturing October 31, 2013     1,965,742      
Vertafore, Inc.
  998     Term Loan, 5.25%, Maturing July 29, 2016     1,004,670      
 
 
            $ 29,509,070      
 
 
 
 
Equipment Leasing — 0.7%
 
Hertz Corp.
  3,525     Term Loan, 3.75%, Maturing March 9, 2018   $ 3,561,230      
 
 
            $ 3,561,230      
 
 
 
 
Farming / Agriculture — 0.3%
 
WM. Bolthouse Farms, Inc.
  1,633     Term Loan, 5.50%, Maturing February 11, 2016   $ 1,646,733      
 
 
            $ 1,646,733      
 
 
 
 
Financial Intermediaries — 5.3%
 
Citco III, Ltd.
  2,575     Term Loan, 4.46%, Maturing June 30, 2014   $ 2,574,842      
Fidelity National Information Services, Inc.
  2,438     Term Loan, 5.25%, Maturing July 18, 2016     2,459,080      
First Data Corp.
  257     Term Loan, 2.96%, Maturing September 24, 2014     244,737      
  489     Term Loan, 2.96%, Maturing September 24, 2014     465,426      
  1,238     Term Loan, 2.96%, Maturing September 24, 2014     1,177,911      
  1,636     Term Loan, 4.21%, Maturing March 23, 2018     1,554,875      
Grosvenor Capital Management
  1,353     Term Loan, 4.25%, Maturing December 5, 2016     1,353,226      
HarbourVest Partners, LLC
  1,208     Term Loan, 6.25%, Maturing December 14, 2016     1,219,035      
Interactive Data Corp.
  2,268     Term Loan, 4.75%, Maturing February 12, 2018     2,285,866      
Jupiter Asset Management Group
GBP 217     Term Loan, 4.57%, Maturing March 17, 2015     362,035      
LPL Holdings, Inc.
  920     Term Loan, 2.03%, Maturing June 28, 2013     921,670      
  2,896     Term Loan, 4.25%, Maturing June 25, 2015     2,915,636      
  2,091     Term Loan, 5.25%, Maturing June 28, 2017     2,114,502      
MSCI, Inc.
  2,916     Term Loan, 3.75%, Maturing March 14, 2017     2,947,595      
Nuveen Investments, Inc.
  1,651     Term Loan, 3.29%, Maturing November 13, 2014     1,605,229      
  1,929     Term Loan, 5.79%, Maturing May 12, 2017     1,938,458      

 
See Notes to Financial Statements.
9


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Financial Intermediaries (continued)
 
                     
RJO Holdings Corp. (RJ O’Brien)
  7     Term Loan, 6.24%, Maturing December 10, 2015(5)   $ 5,801      
  224     Term Loan, 6.24%, Maturing December 10, 2015(5)     186,146      
Towergate Finance, PLC
GBP 1,000     Term Loan, 6.50%, Maturing August 4, 2017     1,636,943      
 
 
            $ 27,969,013      
 
 
 
 
Food Products — 3.4%
 
Acosta, Inc.
  1,275     Term Loan, 4.75%, Maturing March 1, 2018   $ 1,285,624      
American Seafoods Group, LLC
  642     Term Loan, 4.25%, Maturing March 8, 2018     643,939      
Dole Food Company, Inc.
  1,645     Term Loan, 5.22%, Maturing March 2, 2017     1,662,641      
  662     Term Loan, 5.50%, Maturing March 2, 2017     669,408      
Liberator Midco, Ltd.
GBP 1,000     Term Loan, Maturing April 29, 2016(7)     1,670,350      
Michael Foods Holdings, Inc.
  700     Term Loan, 4.25%, Maturing February 23, 2018     706,511      
Pierre Foods, Inc.
  1,244     Term Loan, 7.00%, Maturing September 30, 2016     1,254,891      
Pinnacle Foods Finance, LLC
  6,568     Term Loan, 2.74%, Maturing April 2, 2014     6,557,292      
Provimi Group SA
  205     Term Loan, 2.46%, Maturing June 28, 2015     203,698      
  252     Term Loan, 2.46%, Maturing June 28, 2015     250,675      
EUR 265     Term Loan, 3.45%, Maturing June 28, 2015     390,235      
EUR 428     Term Loan, 3.45%, Maturing June 28, 2015     629,647      
EUR 457     Term Loan, 3.45%, Maturing June 28, 2015     672,522      
EUR 590     Term Loan, 3.45%, Maturing June 28, 2015     867,250      
  148     Term Loan - Second Lien, 4.46%, Maturing December 28, 2016     140,085      
EUR 24     Term Loan - Second Lien, 5.20%, Maturing December 28, 2016     33,847      
EUR 331     Term Loan - Second Lien, 5.45%, Maturing December 28, 2016     463,569      
 
 
            $ 18,102,184      
 
 
 
 
Food Service — 6.5%
 
Aramark Corp.
  169     Term Loan, 2.12%, Maturing January 27, 2014   $ 168,031      
  2,094     Term Loan, 2.18%, Maturing January 27, 2014     2,083,116      
GBP 958     Term Loan, 2.82%, Maturing January 27, 2014     1,563,374      
  304     Term Loan, 3.49%, Maturing July 26, 2016     304,798      
  4,621     Term Loan, 3.56%, Maturing July 26, 2016     4,634,659      
Buffets, Inc.
  1,238     Term Loan, 12.00%, Maturing April 21, 2015(2)     1,125,183      
  121     Term Loan, 7.56%, Maturing April 22, 2015(2)     91,866      
Burger King Corp.
  4,813     Term Loan, 4.50%, Maturing October 19, 2016     4,816,360      
CBRL Group, Inc.
  575     Term Loan, 2.82%, Maturing April 27, 2016     576,275      
Del Monte Corp.
  3,675     Term Loan, 4.50%, Maturing March 8, 2018     3,695,374      
Denny’s, Inc.
  690     Term Loan, 5.25%, Maturing February 24, 2017     696,676      
DineEquity, Inc.
  1,583     Term Loan, 4.25%, Maturing October 19, 2017     1,603,664      
Dunkin Brands, Inc.
  2,768     Term Loan, 4.25%, Maturing November 23, 2017     2,792,491      
NPC International, Inc.
  268     Term Loan, 1.99%, Maturing May 3, 2013     266,289      
OSI Restaurant Partners, LLC
  418     Term Loan, 3.29%, Maturing June 14, 2013     410,905      
  4,276     Term Loan, 2.50%, Maturing June 14, 2014     4,202,164      
QCE Finance, LLC
  1,117     Term Loan, 4.96%, Maturing May 5, 2013     1,059,022      
Sagittarius Restaurants, LLC
  504     Term Loan, 7.52%, Maturing May 18, 2015     507,527      
Selecta
EUR 741     Term Loan - Second Lien, 5.24%, Maturing December 28, 2015     798,720      
U.S. Foodservice, Inc.
  1,997     Term Loan, 2.71%, Maturing July 3, 2014     1,936,654      
Wendy’s/Arby’s Restaurants, LLC
  825     Term Loan, 5.00%, Maturing May 24, 2017     831,973      
 
 
            $ 34,165,121      
 
 
 
 
Food / Drug Retailers — 4.6%
 
General Nutrition Centers, Inc.
  4,725     Term Loan, 4.25%, Maturing March 2, 2018   $ 4,747,118      
NBTY, Inc.
  2,095     Term Loan, 4.25%, Maturing October 2, 2017     2,112,425      
Pantry, Inc. (The)
  218     Term Loan, 1.97%, Maturing May 15, 2014     214,957      
  756     Term Loan, 1.97%, Maturing May 15, 2014     746,531      

 
See Notes to Financial Statements.
10


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Food / Drug Retailers (continued)
 
                     
Rite Aid Corp.
  7,966     Term Loan, 1.98%, Maturing June 4, 2014   $ 7,689,627      
  2,114     Term Loan, 4.50%, Maturing February 28, 2018     2,109,073      
Roundy’s Supermarkets, Inc.
  3,280     Term Loan, 7.00%, Maturing November 3, 2013     3,293,927      
Supervalu, Inc.
  3,250     Term Loan, Maturing April 28, 2018(7)     3,233,750      
 
 
            $ 24,147,408      
 
 
 
 
Forest Products — 0.3%
 
Georgia-Pacific Corp.
  1,542     Term Loan, 3.56%, Maturing December 23, 2014   $ 1,551,370      
 
 
            $ 1,551,370      
 
 
 
 
Health Care — 18.0%
 
1-800-Contacts, Inc.
  907     Term Loan, 7.70%, Maturing March 4, 2015   $ 911,488      
Alliance Healthcare Services
  1,210     Term Loan, 5.50%, Maturing June 1, 2016     1,215,736      
Ardent Medical Services, Inc.
  1,139     Term Loan, 6.50%, Maturing September 15, 2015     1,145,141      
Ascend Learning
  1,097     Term Loan, 7.75%, Maturing December 6, 2016     1,099,079      
Aveta Holdings, LLC
  532     Term Loan, 8.50%, Maturing April 14, 2015     536,118      
  532     Term Loan, 8.50%, Maturing April 14, 2015     536,118      
Biomet, Inc.
  3,715     Term Loan, 3.28%, Maturing March 25, 2015     3,715,965      
EUR 1,182     Term Loan, 4.13%, Maturing March 25, 2015     1,752,937      
Bright Horizons Family Solutions, Inc.
  913     Term Loan, 7.50%, Maturing May 28, 2015     920,272      
Cardinal Health 409, Inc.
  2,150     Term Loan, 2.46%, Maturing April 10, 2014     2,099,011      
Carestream Health, Inc.
  1,525     Term Loan, 5.00%, Maturing February 25, 2017     1,431,403      
Carl Zeiss Vision Holding GmbH
  1,170     Term Loan, 1.74%, Maturing October 24, 2014     1,052,025      
  130     Term Loan, 4.00%, Maturing September 30, 2019     104,163      
CDRL MS, Inc.
  934     Term Loan, 6.75%, Maturing September 29, 2016     943,739      
Community Health Systems, Inc.
  353     Term Loan, 2.56%, Maturing July 25, 2014     345,302      
  6,864     Term Loan, 2.56%, Maturing July 25, 2014     6,709,889      
  3,449     Term Loan, 3.81%, Maturing January 25, 2017     3,400,154      
ConMed Corp.
  445     Term Loan, 1.72%, Maturing April 12, 2013     435,991      
ConvaTec, Inc.
  1,000     Term Loan, Maturing December 22, 2016(7)     1,005,156      
CRC Health Corp.
  1,940     Term Loan, 4.81%, Maturing November 16, 2015     1,905,755      
Dako EQT Project Delphi
  500     Term Loan - Second Lien, 4.05%, Maturing December 12, 2016     451,042      
DaVita, Inc.
  2,993     Term Loan, 4.50%, Maturing October 20, 2016     3,024,271      
DJO Finance, LLC
  638     Term Loan, 3.21%, Maturing May 20, 2014     636,612      
Fresenius SE
  310     Term Loan, 3.50%, Maturing September 10, 2014     310,739      
  690     Term Loan, 3.50%, Maturing September 10, 2014     693,319      
Grifols SA
  2,150     Term Loan, Maturing November 23, 2016(7)     2,173,839      
Hanger Orthopedic Group, Inc.
  673     Term Loan, 4.00%, Maturing December 1, 2016     677,240      
Harvard Drug Group, LLC
  115     Term Loan, 6.50%, Maturing April 8, 2016     114,835      
  835     Term Loan, 6.50%, Maturing April 8, 2016     835,165      
HCA, Inc.
  2,572     Term Loan, 2.56%, Maturing November 18, 2013     2,571,413      
  6,168     Term Loan, 3.56%, Maturing March 31, 2017     6,184,772      
Health Management Associates, Inc.
  7,020     Term Loan, 2.06%, Maturing February 28, 2014     6,931,054      
Iasis Healthcare, LLC
  78     Term Loan, 2.21%, Maturing March 14, 2014     77,962      
  284     Term Loan, 2.21%, Maturing March 14, 2014     284,319      
  821     Term Loan, 2.21%, Maturing March 14, 2014     821,411      
  1,675     Term Loan, Maturing May 17, 2018(7)     1,666,625      
Ikaria Acquisition, Inc.
  855     Term Loan, 7.00%, Maturing May 16, 2016     843,244      
IM U.S. Holdings, LLC
  967     Term Loan, 2.23%, Maturing June 26, 2014     957,362      
  625     Term Loan - Second Lien, 4.46%, Maturing June 26, 2015     624,414      
IMS Health, Inc.
  1,287     Term Loan, 4.50%, Maturing August 25, 2017     1,296,264      
inVentiv Health, Inc.
  733     Term Loan, 1.63%, Maturing August 4, 2016(3)     737,000      
  366     Term Loan, 4.75%, Maturing August 4, 2016     367,807      
  794     Term Loan, 4.75%, Maturing August 14, 2016     799,965      

 
See Notes to Financial Statements.
11


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Health Care (continued)
 
                     
Kindred Healthcare, Inc.
  1,825     Term Loan, Maturing April 9, 2018(7)   $ 1,822,149      
Lifepoint Hospitals, Inc.
  2,022     Term Loan, 3.07%, Maturing April 15, 2015     2,028,857      
MedAssets, Inc.
  886     Term Loan, 5.25%, Maturing November 16, 2016     895,503      
MultiPlan, Inc.
  2,548     Term Loan, 4.75%, Maturing August 26, 2017     2,564,639      
Mylan, Inc.
  1,130     Term Loan, 3.56%, Maturing October 2, 2014     1,136,347      
Nyco Holdings
EUR 472     Term Loan, 5.20%, Maturing December 29, 2014     698,324      
EUR 471     Term Loan, 5.70%, Maturing December 29, 2015     698,152      
Physiotherapy Associates, Inc.
  647     Term Loan, 7.50%, Maturing June 27, 2013     647,485      
Prime Healthcare Services, Inc.
  2,302     Term Loan, 7.25%, Maturing April 22, 2015     2,261,469      
RadNet Management, Inc.
  1,089     Term Loan, 5.75%, Maturing April 1, 2016     1,090,634      
ReAble Therapeutics Finance, LLC
  2,466     Term Loan, 2.22%, Maturing November 18, 2013     2,465,256      
RehabCare Group, Inc.
  670     Term Loan, 6.00%, Maturing November 24, 2015     674,082      
Renal Advantage Holdings, Inc.
  723     Term Loan, 5.75%, Maturing December 16, 2016     732,002      
Select Medical Holdings Corp.
  2,252     Term Loan, 4.06%, Maturing August 22, 2014     2,258,263      
Skillsoft Corp.
  978     Term Loan, 6.50%, Maturing May 26, 2017     995,508      
Sunquest Information Systems, Inc.
  750     Term Loan, 6.25%, Maturing December 16, 2016     758,438      
Sunrise Medical Holdings, Inc.
EUR 256     Term Loan, 6.75%, Maturing May 13, 2014     350,645      
TriZetto Group, Inc. (The)
  723     Term Loan, 6.75%, Maturing August 4, 2015     725,763      
  1,475     Term Loan, Maturing May 2, 2018(7)     1,467,625      
Universal Health Services, Inc.
  2,115     Term Loan, 4.00%, Maturing November 15, 2016     2,128,770      
Vanguard Health Holding Co., LLC
  1,584     Term Loan, 5.00%, Maturing January 29, 2016     1,591,980      
VWR Funding, Inc.
  2,228     Term Loan, 2.71%, Maturing June 30, 2014     2,195,347      
 
 
            $ 94,533,354      
 
 
 
 
Home Furnishings — 0.7%
 
Hunter Fan Co.
  365     Term Loan, 2.72%, Maturing April 16, 2014   $ 352,474      
National Bedding Co., LLC
  1,445     Term Loan, 3.81%, Maturing November 28, 2013     1,448,716      
  2,050     Term Loan - Second Lien, 5.31%, Maturing February 28, 2014     2,024,375      
 
 
            $ 3,825,565      
 
 
 
 
Industrial Equipment — 4.1%
 
Brand Energy and Infrastructure Services, Inc.
  2,667     Term Loan, 2.56%, Maturing February 7, 2014   $ 2,607,112      
  732     Term Loan, 3.56%, Maturing February 7, 2014     718,712      
Brock Holdings III, Inc.
  1,150     Term Loan, 6.00%, Maturing March 16, 2017     1,154,312      
Bucyrus International, Inc.
  1,287     Term Loan, 4.25%, Maturing February 19, 2016     1,295,801      
Butterfly Wendel US, Inc.
  280     Term Loan, 3.46%, Maturing June 23, 2014     269,704      
  280     Term Loan, 4.21%, Maturing June 22, 2015     269,617      
EPD Holdings, (Goodyear Engineering Products)
  237     Term Loan, 2.72%, Maturing July 31, 2014     223,814      
  1,655     Term Loan, 2.72%, Maturing July 31, 2014     1,562,653      
  775     Term Loan - Second Lien, 5.96%, Maturing July 13, 2015     679,739      
Excelitas Technologies Corp.
  995     Term Loan, 5.50%, Maturing November 23, 2016     999,975      
Generac Acquisition Corp.
  1,211     Term Loan, 2.80%, Maturing November 11, 2013     1,208,287      
Gleason Corp.
  634     Term Loan, 2.01%, Maturing June 30, 2013     630,887      
Jason, Inc.
  69     Term Loan, 8.25%, Maturing September 21, 2014     69,073      
  175     Term Loan, 8.25%, Maturing September 21, 2014     175,064      
JMC Steel Group, Inc.
  700     Term Loan, 4.75%, Maturing April 3, 2017     703,203      
KION Group GmbH
  1,021     Term Loan, 3.71%, Maturing December 23, 2014(2)     997,929      
  1,021     Term Loan, 3.96%, Maturing December 23, 2015(2)     997,929      
Pinafore, LLC
  2,116     Term Loan, 4.25%, Maturing September 29, 2016     2,138,669      
Polypore, Inc.
  3,804     Term Loan, 2.22%, Maturing July 3, 2014     3,771,088      

 
See Notes to Financial Statements.
12


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Industrial Equipment (continued)
 
                     
Sequa Corp.
  794     Term Loan, 3.50%, Maturing December 3, 2014   $ 788,899      
 
 
            $ 21,262,467      
 
 
 
 
Insurance — 3.0%
 
Alliant Holdings I, Inc.
  2,384     Term Loan, 3.31%, Maturing August 21, 2014   $ 2,371,638      
AmWINS Group, Inc.
  956     Term Loan, 2.82%, Maturing June 8, 2013     949,923      
  500     Term Loan - Second Lien, 5.81%, Maturing June 8, 2014     462,500      
Applied Systems, Inc.
  1,397     Term Loan, 5.50%, Maturing December 8, 2016     1,406,391      
CCC Information Services Group, Inc.
  1,425     Term Loan, 5.50%, Maturing November 11, 2015     1,434,788      
Conseco, Inc.
  1,257     Term Loan, 7.50%, Maturing September 30, 2016     1,269,233      
Crawford & Company
  1,148     Term Loan, 5.00%, Maturing October 30, 2013     1,156,719      
Crump Group, Inc.
  619     Term Loan, 3.22%, Maturing August 1, 2014     614,587      
HUB International Holdings, Inc.
  489     Term Loan, 2.81%, Maturing June 13, 2014     486,135      
  2,178     Term Loan, 2.81%, Maturing June 13, 2014     2,163,189      
  566     Term Loan, 6.75%, Maturing June 13, 2014     568,145      
U.S.I. Holdings Corp.
  2,991     Term Loan, 2.72%, Maturing May 5, 2014     2,961,105      
 
 
            $ 15,844,353      
 
 
 
 
Leisure Goods / Activities / Movies — 7.8%
 
Alpha D2, Ltd.
  918     Term Loan, 2.71%, Maturing December 31, 2013   $ 896,661      
  1,582     Term Loan, 2.71%, Maturing December 31, 2013     1,544,484      
  2,000     Term Loan - Second Lien, 3.96%, Maturing June 30, 2014     1,942,000      
AMC Entertainment, Inc.
  3,728     Term Loan, 3.46%, Maturing December 16, 2016     3,734,727      
Bombardier Recreational Products
  2,810     Term Loan, 2.79%, Maturing June 28, 2013     2,792,378      
Carmike Cinemas, Inc.
  760     Term Loan, 5.50%, Maturing January 27, 2016     766,278      
Cedar Fair, LP
  1,965     Term Loan, 4.00%, Maturing December 15, 2017     1,985,587      
Cinemark, Inc.
  3,452     Term Loan, 3.52%, Maturing April 29, 2016     3,476,917      
ClubCorp Club Operations, Inc.
  648     Term Loan, 6.00%, Maturing November 9, 2016     655,669      
Dave & Buster’s, Inc.
  990     Term Loan, 6.00%, Maturing June 1, 2016     995,569      
Deluxe Entertainment Services, Group, Inc.
  59     Term Loan, 6.25%, Maturing May 11, 2013     58,907      
  909     Term Loan, 6.25%, Maturing May 11, 2013     907,175      
Fender Musical Instruments Corp.
  567     Term Loan, 2.47%, Maturing June 9, 2014     549,657      
  288     Term Loan, 2.49%, Maturing June 9, 2014     279,081      
Miramax Film NY, LLC
  946     Term Loan, 7.75%, Maturing May 20, 2016     957,981      
National CineMedia, LLC
  2,750     Term Loan, 1.81%, Maturing February 13, 2015     2,715,625      
Regal Cinemas Corp.
  4,389     Term Loan, 3.56%, Maturing August 23, 2017     4,405,441      
Revolution Studios Distribution Co., LLC
  948     Term Loan, 3.97%, Maturing December 21, 2014     706,324      
  800     Term Loan - Second Lien, 7.22%, Maturing June 21, 2015(5)     256,000      
SeaWorld Parks & Entertainment, Inc.
  1,755     Term Loan, 4.00%, Maturing August 17, 2017     1,770,025      
Six Flags Theme Parks, Inc.
  3,141     Term Loan, 5.25%, Maturing June 30, 2016     3,171,337      
Universal City Development Partners, Ltd.
  2,336     Term Loan, 5.50%, Maturing November 6, 2014     2,361,073      
Zuffa, LLC
  3,922     Term Loan, 2.25%, Maturing June 19, 2015     3,861,891      
 
 
            $ 40,790,787      
 
 
 
 
Lodging and Casinos — 2.3%
 
Ameristar Casinos, Inc.
  1,050     Term Loan, 4.00%, Maturing April 13, 2018   $ 1,060,968      
Harrah’s Operating Co.
  1,223     Term Loan, 3.25%, Maturing January 28, 2015     1,148,136      
  2,963     Term Loan, 9.50%, Maturing October 31, 2016     3,147,102      
Isle of Capri Casinos, Inc.
  925     Term Loan, 4.75%, Maturing November 1, 2013     932,708      
Las Vegas Sands, LLC
  552     Term Loan, 3.00%, Maturing November 23, 2016     544,141      
  2,186     Term Loan, 3.00%, Maturing November 23, 2016     2,152,780      

 
See Notes to Financial Statements.
13


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Lodging and Casinos (continued)
 
                     
LodgeNet Entertainment Corp.
  1,463     Term Loan, 6.50%, Maturing April 4, 2014   $ 1,405,467      
Penn National Gaming, Inc.
  354     Term Loan, 2.00%, Maturing October 3, 2012     353,682      
Tropicana Entertainment, Inc.
  182     Term Loan, 15.00%, Maturing December 29, 2012     206,123      
VML US Finance, LLC
  985     Term Loan, 4.72%, Maturing May 27, 2013     987,128      
 
 
            $ 11,938,235      
 
 
 
 
Nonferrous Metals / Minerals — 1.6%
 
Fairmount Minerals, Ltd.
  3,000     Term Loan, 5.25%, Maturing March 1, 2017   $ 3,020,157      
Noranda Aluminum Acquisition
  499     Term Loan, 1.96%, Maturing May 18, 2014     495,166      
Novelis, Inc.
  2,045     Term Loan, 4.00%, Maturing March 10, 2017     2,068,520      
Oxbow Carbon and Mineral Holdings
  2,671     Term Loan, 3.80%, Maturing May 8, 2016     2,695,965      
 
 
            $ 8,279,808      
 
 
 
 
Oil and Gas — 3.0%
 
Big West Oil, LLC
  611     Term Loan, 7.00%, Maturing March 31, 2016   $ 619,684      
CITGO Petroleum Corp.
  225     Term Loan, 8.00%, Maturing June 24, 2015     231,050      
  2,556     Term Loan, 9.00%, Maturing June 23, 2017     2,690,393      
Crestwood Holdings, LLC
  467     Term Loan, 10.50%, Maturing September 30, 2016     480,627      
Dynegy Holdings, Inc.
  331     Term Loan, 4.03%, Maturing April 2, 2013     330,155      
  5,161     Term Loan, 4.03%, Maturing April 2, 2013     5,152,942      
MEG Energy Corp.
  1,225     Term Loan, 4.00%, Maturing March 16, 2018     1,237,888      
Obsidian Natural Gas Trust
  2,994     Term Loan, 7.00%, Maturing November 2, 2015     3,084,001      
SemGroup Corp.
  430     Term Loan, 8.36%, Maturing November 30, 2012     433,247      
Sheridan Production Partners I, LLC
  106     Term Loan, 6.50%, Maturing April 20, 2017     107,323      
  174     Term Loan, 6.50%, Maturing April 20, 2017     175,707      
  1,316     Term Loan, 6.50%, Maturing April 20, 2017     1,326,007      
 
 
            $ 15,869,024      
 
 
 
 
Publishing — 5.9%
 
Aster Zweite Beteiligungs GmbH
  1,775     Term Loan, 4.71%, Maturing September 27, 2013   $ 1,771,672      
Cengage Learning, Inc.
  997     Term Loan, 2.46%, Maturing July 3, 2014     961,935      
GateHouse Media Operating, Inc.
  862     Term Loan, 2.22%, Maturing August 28, 2014     379,148      
  2,054     Term Loan, 2.22%, Maturing August 28, 2014     903,904      
  667     Term Loan, 2.47%, Maturing August 28, 2014     293,580      
Getty Images, Inc.
  3,483     Term Loan, 5.25%, Maturing November 7, 2016     3,525,488      
IWCO Direct, Inc.
  167     Term Loan, 3.59%, Maturing August 5, 2014     144,774      
  1,603     Term Loan, 3.59%, Maturing August 7, 2014     1,388,847      
Lamar Media Corp.
  807     Term Loan, 4.00%, Maturing December 30, 2016     811,711      
Laureate Education, Inc.
  343     Term Loan, 3.52%, Maturing August 17, 2014     340,978      
  2,290     Term Loan, 3.52%, Maturing August 17, 2014     2,277,344      
  1,478     Term Loan, 7.00%, Maturing August 31, 2014     1,485,811      
MediaNews Group, Inc.
  114     Term Loan, 8.50%, Maturing March 19, 2014     114,147      
Merrill Communications, LLC
  1,225     Term Loan, 7.50%, Maturing December 24, 2012     1,225,309      
Nelson Education, Ltd.
  473     Term Loan, 2.81%, Maturing July 5, 2014     434,975      
Nielsen Finance, LLC
  5,645     Term Loan, 2.23%, Maturing August 9, 2013     5,632,869      
  1,973     Term Loan, 3.98%, Maturing May 2, 2016     1,983,434      
SGS International, Inc.
  470     Term Loan, 3.95%, Maturing September 30, 2013     470,107      
Source Interlink Companies, Inc.
  900     Term Loan, 10.75%, Maturing June 18, 2013     881,933      
  597     Term Loan, 15.00%, Maturing March 18, 2014(2)     492,886      
Trader Media Corp.
GBP 1,287     Term Loan, 2.63%, Maturing March 23, 2015     2,072,699      
Xsys, Inc.
  1,509     Term Loan, 4.71%, Maturing December 31, 2014     1,506,653      
  1,699     Term Loan, 4.71%, Maturing December 31, 2014     1,696,308      
 
 
            $ 30,796,512      
 
 
 
 
Radio and Television — 2.7%
 
Block Communications, Inc.
  805     Term Loan, 2.21%, Maturing December 22, 2011   $ 797,321      

 
See Notes to Financial Statements.
14


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Radio and Television (continued)
 
                     
CMP KC, LLC
  1,066     Term Loan, 6.46%, Maturing June 3, 2011(2)(5)   $ 197,263      
CMP Susquehanna Corp.
  1,502     Term Loan, 2.25%, Maturing May 5, 2013     1,482,979      
Gray Television, Inc.
  637     Term Loan, 3.75%, Maturing December 31, 2014     633,815      
HIT Entertainment, Inc.
  743     Term Loan, 5.56%, Maturing June 1, 2012     736,185      
Hubbard Radio, LLC
  1,000     Term Loan, Maturing April 12, 2017(7)     1,012,500      
Live Nation Worldwide, Inc.
  2,277     Term Loan, 4.50%, Maturing November 7, 2016     2,290,505      
Mission Broadcasting, Inc.
  523     Term Loan, 5.00%, Maturing September 30, 2016     523,858      
Nexstar Broadcasting, Inc.
  817     Term Loan, 5.00%, Maturing September 30, 2016     819,367      
Raycom TV Broadcasting, LLC
  868     Term Loan, 1.75%, Maturing June 25, 2014     853,240      
Univision Communications, Inc.
  1,836     Term Loan, 2.21%, Maturing September 29, 2014     1,800,718      
  1,836     Term Loan, 4.46%, Maturing March 31, 2017     1,798,652      
Weather Channel
  1,137     Term Loan, 4.25%, Maturing February 13, 2017     1,150,299      
 
 
            $ 14,096,702      
 
 
 
 
Retailers (Except Food and Drug) — 3.7%
 
Amscan Holdings, Inc.
  1,517     Term Loan, 6.75%, Maturing December 4, 2017   $ 1,532,920      
FTD, Inc.
  1,036     Term Loan, 6.75%, Maturing August 26, 2014     1,042,584      
Harbor Freight Tools USA, Inc.
  1,796     Term Loan, 6.50%, Maturing December 22, 2017     1,840,387      
J Crew Operating Corp.
  1,600     Term Loan, 4.75%, Maturing March 7, 2018     1,599,138      
Michaels Stores, Inc.
  926     Term Loan, 2.58%, Maturing October 31, 2013     919,051      
Neiman Marcus Group, Inc.
  3,346     Term Loan, 4.31%, Maturing April 6, 2016     3,357,262      
Orbitz Worldwide, Inc.
  1,063     Term Loan, 3.25%, Maturing July 25, 2014     1,012,426      
PETCO Animal Supplies, Inc.
  1,238     Term Loan, 4.50%, Maturing November 24, 2017     1,250,004      
Phillips-Van Heusen Corp.
  550     Term Loan, 3.50%, Maturing May 6, 2016     557,528      
Pilot Travel Centers, LLC
  1,825     Term Loan, 4.25%, Maturing March 30, 2018     1,839,828      
Savers, Inc.
  1,200     Term Loan, 4.25%, Maturing March 3, 2017     1,209,250      
Visant Holding Corp.
  1,397     Term Loan, 5.25%, Maturing December 31, 2016     1,405,047      
Vivarte
EUR 29     Term Loan, 2.91%, Maturing March 9, 2015     40,743      
EUR 62     Term Loan, 2.91%, Maturing March 9, 2015     89,082      
EUR 347     Term Loan, 2.91%, Maturing March 9, 2015     495,129      
EUR 441     Term Loan, 3.54%, Maturing March 8, 2016     628,406      
EUR 18     Term Loan, 3.54%, Maturing May 29, 2016     26,241      
EUR 71     Term Loan, 3.54%, Maturing May 29, 2016     101,512      
Yankee Candle Company, Inc. (The)
  520     Term Loan, 2.22%, Maturing February 6, 2014     519,275      
 
 
            $ 19,465,813      
 
 
 
 
Steel — 0.2%
 
Niagara Corp.
  1,354     Term Loan, 10.50%, Maturing June 29, 2014(2)(5)   $ 1,285,981      
 
 
            $ 1,285,981      
 
 
 
 
Surface Transport — 0.4%
 
Swift Transportation Co., Inc.
  2,264     Term Loan, 6.00%, Maturing December 21, 2016   $ 2,292,821      
 
 
            $ 2,292,821      
 
 
 
 
Telecommunications — 6.5%
 
Alaska Communications Systems Holdings, Inc.
  1,820     Term Loan, 5.50%, Maturing October 21, 2016   $ 1,831,588      
Asurion Corp.
  3,778     Term Loan, 3.25%, Maturing July 3, 2014     3,768,279      
  1,349     Term Loan, 6.75%, Maturing March 31, 2015     1,371,767      
CommScope, Inc.
  2,125     Term Loan, 5.00%, Maturing January 14, 2018     2,149,348      
Intelsat Jackson Holdings SA
  10,350     Term Loan, 5.25%, Maturing April 2, 2018     10,465,630      
Macquarie UK Broadcast Ventures, Ltd.
GBP 755     Term Loan, 2.88%, Maturing December 1, 2014     1,171,095      
Ntelos, Inc.
  1,478     Term Loan, 4.00%, Maturing August 7, 2015     1,485,132      
Syniverse Technologies, Inc.
  1,000     Term Loan, 5.25%, Maturing December 21, 2017     1,011,458      

 
See Notes to Financial Statements.
15


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Borrower/Tranche Description   Value      
 
 
Telecommunications (continued)
 
                     
Telesat Canada, Inc.
  157     Term Loan, 3.22%, Maturing October 31, 2014   $ 157,088      
  1,828     Term Loan, 3.22%, Maturing October 31, 2014     1,828,787      
TowerCo Finance, LLC
  675     Term Loan, 5.25%, Maturing February 2, 2017     680,344      
Wind Telecomunicazioni SpA
EUR 3,600     Term Loan, Maturing December 15, 2017(7)     5,348,292      
Windstream Corp.
  2,975     Term Loan, 3.02%, Maturing December 17, 2015     2,990,473      
 
 
            $ 34,259,281      
 
 
 
 
Utilities — 2.6%
 
Astoria Generating Co.
  1,000     Term Loan - Second Lien, 4.06%, Maturing August 23, 2013   $ 997,338      
BRSP, LLC
  967     Term Loan, 7.50%, Maturing June 4, 2014     975,219      
Calpine Corp.
  2,800     Term Loan, 4.50%, Maturing April 2, 2018     2,829,548      
EquiPower Resources Holdings, LLC
  550     Term Loan, 5.75%, Maturing January 26, 2018     555,500      
NRG Energy, Inc.
  1     Term Loan, 2.06%, Maturing February 1, 2013     782      
  187     Term Loan, 2.06%, Maturing February 1, 2013     187,165      
  1,243     Term Loan, 3.50%, Maturing August 31, 2015     1,254,128      
  2,045     Term Loan, 3.56%, Maturing August 31, 2015     2,060,749      
Pike Electric, Inc.
  103     Term Loan, 2.00%, Maturing July 2, 2012     102,272      
  239     Term Loan, 2.00%, Maturing December 10, 2012     237,616      
TXU Texas Competitive Electric Holdings Co., LLC
  5,832     Term Loan, 4.74%, Maturing October 10, 2017     4,683,059      
 
 
            $ 13,883,376      
 
 
     
Total Senior Floating-Rate Interests
   
(identified cost $723,083,122)
  $ 731,231,541      
 
 
                     
                     
Corporate Bonds & Notes — 10.2%
 
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)   $ 372,750      
  350     6.75%, 9/1/16(8)     374,500      
  350     7.125%, 9/1/18(8)     378,000      
 
 
            $ 1,125,250      
 
 
 
 
Air Transport — 0.0%(9)
 
Continental Airlines
  122     7.033%, 12/15/12   $ 122,582      
 
 
            $ 122,582      
 
 
 
 
Automotive — 0.2%
 
Allison Transmission, Inc.
  665     11.25%, 11/1/15(2)(8)   $ 738,083      
American Axle & Manufacturing Holdings, Inc., Sr. Notes
  115     9.25%, 1/15/17(8)     129,088      
 
 
            $ 867,171      
 
 
 
 
Broadcast Radio and Television — 0.3%
 
Entravision Communications, Sr. Notes
  1,000     8.75%, 8/1/17(8)   $ 1,077,500      
XM Satellite Radio Holdings, Inc.
  485     13.00%, 8/1/14(8)     578,362      
 
 
            $ 1,655,862      
 
 
 
 
Building and Development — 0.8%
 
AMO Escrow Corp., Sr. Notes
  1,851     11.50%, 12/15/17(8)   $ 2,008,335      
Grohe Holding GmbH, Variable Rate
EUR 1,575     4.202%, 1/15/14(10)     2,332,811      
 
 
            $ 4,341,146      
 
 
 
 
Business Equipment and Services — 0.4%
 
Brocade Communications Systems, Inc., Sr. Notes
  30     6.625%, 1/15/18(8)   $ 31,950      
  30     6.875%, 1/15/20(8)     32,775      
Education Management, LLC, Sr. Notes
  390     8.75%, 6/1/14     399,750      
MediMedia USA, Inc., Sr. Sub. Notes
  170     11.375%, 11/15/14(8)     147,262      
RSC Equipment Rental, Inc., Sr. Notes
  750     10.00%, 7/15/17(8)     862,500      
SunGard Data Systems, Inc., Sr. Notes
  500     10.625%, 5/15/15     552,500      

 
See Notes to Financial Statements.
16


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Business Equipment and Services (continued)
 
                     
Ticketmaster Entertainment, Inc.
  185     10.75%, 8/1/16   $ 203,269      
 
 
            $ 2,230,006      
 
 
 
 
Cable and Satellite Television — 0.5%
 
Virgin Media Finance PLC, Sr. Notes
  2,500     6.50%, 1/15/18   $ 2,750,000      
 
 
            $ 2,750,000      
 
 
 
 
Chemicals and Plastics — 0.0%(9)
 
CII Carbon, LLC
  185     11.125%, 11/15/15(8)   $ 194,250      
Wellman Holdings, Inc., Sr. Sub. Notes
  484     5.00%, 1/29/19(2)(5)     0      
 
 
            $ 194,250      
 
 
 
 
Conglomerates — 0.0%(9)
 
RBS Global & Rexnord Corp.
  155     11.75%, 8/1/16   $ 167,013      
 
 
            $ 167,013      
 
 
 
 
Containers and Glass Products — 0.4%
 
Berry Plastics Corp., Sr. Notes, Variable Rate
  2,000     5.028%, 2/15/15   $ 1,980,000      
Intertape Polymer US, Inc., Sr. Sub. Notes
  310     8.50%, 8/1/14     289,462      
 
 
            $ 2,269,462      
 
 
 
 
Cosmetics / Toiletries — 0.3%
 
Revlon Consumer Products Corp.
  1,415     9.75%, 11/15/15   $ 1,549,425      
 
 
            $ 1,549,425      
 
 
 
 
Ecological Services and Equipment — 0.1%
 
Environmental Systems Product Holdings, Inc., Jr. Notes
  373     0.00%, 3/31/15(5)   $ 320,347      
 
 
            $ 320,347      
 
 
 
 
Electronics / Electrical — 0.1%
 
NXP BV/NXP Funding, LLC, Variable Rate
  674     3.028%, 10/15/13   $ 673,158      
 
 
            $ 673,158      
 
 
 
 
Equipment Leasing — 0.0%(9)
 
Hertz Corp.
  2     8.875%, 1/1/14   $ 2,060      
 
 
            $ 2,060      
 
 
 
 
Financial Intermediaries — 1.3%
 
First Data Corp.
  1,000     7.375%, 6/15/19(8)   $ 1,023,750      
Ford Motor Credit Co., Sr. Notes
  2,250     12.00%, 5/15/15     2,874,762      
  175     8.00%, 12/15/16     203,748      
UPCB Finance II, Ltd., Sr. Notes
EUR 1,000     6.375%, 7/1/20(8)     1,432,005      
UPCB Finance III, Ltd., Sr. Notes
  1,200     6.625%, 7/1/20(8)     1,186,500      
 
 
            $ 6,720,765      
 
 
 
 
Food Products — 0.2%
 
Smithfield Foods, Inc., Sr. Notes
  1,000     10.00%, 7/15/14(8)   $ 1,190,000      
 
 
            $ 1,190,000      
 
 
 
 
Food Service — 0.1%
 
NPC International, Inc., Sr. Sub. Notes
  245     9.50%, 5/1/14   $ 251,431      
U.S. Foodservice, Inc., Sr. Notes
  470     10.25%, 6/30/15(8)     499,375      
 
 
            $ 750,806      
 
 
 
 
Forest Products — 0.1%
 
Verso Paper Holdings, LLC/Verso Paper, Inc.
  225     11.375%, 8/1/16   $ 240,750      
 
 
            $ 240,750      
 
 
 
 
Health Care — 0.1%
 
Accellent, Inc., Sr. Notes
  135     8.375%, 2/1/17(8)   $ 145,294      

 
See Notes to Financial Statements.
17


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Health Care (continued)
 
                     
DJO Finance, LLC/DJO Finance Corp.
  205     10.875%, 11/15/14   $ 224,219      
HCA, Inc.
  115     9.25%, 11/15/16     123,912      
 
 
            $ 493,425      
 
 
 
 
Industrial Equipment — 0.3%
 
Chart Industries, Inc., Sr. Sub. Notes
  195     9.125%, 10/15/15   $ 204,994      
Terex Corp., Sr. Notes
  1,000     10.875%, 6/1/16     1,175,000      
 
 
            $ 1,379,994      
 
 
 
 
Insurance — 0.0%(9)
 
Alliant Holdings I, Inc.
  100     11.00%, 5/1/15(8)   $ 106,250      
 
 
            $ 106,250      
 
 
 
 
Leisure Goods / Activities / Movies — 0.1%
 
AMC Entertainment, Inc., Sr. Notes
  110     8.75%, 6/1/19   $ 119,900      
Royal Caribbean Cruises, Sr. Notes
  95     7.00%, 6/15/13     102,719      
  35     6.875%, 12/1/13     37,669      
  25     7.25%, 6/15/16     26,812      
  50     7.25%, 3/15/18     53,125      
 
 
            $ 340,225      
 
 
 
 
Lodging and Casinos — 0.9%
 
Buffalo Thunder Development Authority
  480     9.375%, 12/15/49(4)(8)   $ 177,600      
CCM Merger, Inc.
  85     8.00%, 8/1/13(8)     85,213      
Chukchansi EDA, Sr. Notes, Variable Rate
  280     3.943%, 11/15/12(8)     225,400      
Fontainebleau Las Vegas Casino, LLC
  485     10.25%, 6/15/15(4)(8)     252      
Harrah’s Operating Co., Inc., Sr. Notes
  1,500     11.25%, 6/1/17     1,717,500      
Inn of the Mountain Gods Resort & Casino, Sr. Notes
  337     1.25%, 11/30/20(2)(5)(8)     153,756      
  150     8.75%, 11/30/20(5)(8)     150,000      
Majestic HoldCo, LLC
  140     12.50%, 11/15/11(4)(8)     14      
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
  140     8.00%, 4/1/12     121,100      
  215     7.125%, 8/15/14     158,563      
  230     6.875%, 2/15/15     164,450      
Peninsula Gaming, LLC
  1,000     10.75%, 8/15/17     1,110,000      
Tunica-Biloxi Gaming Authority, Sr. Notes
  310     9.00%, 11/15/15(8)     311,937      
Waterford Gaming, LLC, Sr. Notes
  227     8.625%, 9/15/14(5)(8)     146,186      
 
 
            $ 4,521,971      
 
 
 
 
Nonferrous Metals / Minerals — 0.3%
 
Cloud Peak Energy Resources, LLC/Cloud Peak Energy Finance Corp.
  1,000     8.25%, 12/15/17(8)   $ 1,100,000      
  335     8.50%, 12/15/19     374,363      
 
 
            $ 1,474,363      
 
 
 
 
Oil and Gas — 0.2%
 
Compton Petroleum Finance Corp.
  145     10.00%, 9/15/17   $ 108,783      
Forbes Energy Services, Sr. Notes
  290     11.00%, 2/15/15     310,300      
Petroleum Development Corp., Sr. Notes
  115     12.00%, 2/15/18     130,813      
Petroplus Finance, Ltd.
  145     7.00%, 5/1/17(8)     138,475      
Quicksilver Resources, Inc., Sr. Notes
  125     11.75%, 1/1/16     146,875      
SESI, LLC, Sr. Notes
  60     6.875%, 6/1/14     61,575      
 
 
            $ 896,821      
 
 
 
 
Publishing — 0.2%
 
Laureate Education, Inc.
  1,000     10.00%, 8/15/15(8)   $ 1,057,500      
 
 
            $ 1,057,500      
 
 
 
 
Rail Industries — 0.2%
 
American Railcar Industry, Sr. Notes
  175     7.50%, 3/1/14   $ 180,688      

 
See Notes to Financial Statements.
18


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Principal
               
Amount*
               
(000’s omitted)     Security   Value      
 
 
Rail Industries (continued)
 
                     
Kansas City Southern Mexico, Sr. Notes
  280     7.625%, 12/1/13   $ 286,580      
  100     7.375%, 6/1/14     104,250      
  500     8.00%, 2/1/18(8)     556,250      
 
 
            $ 1,127,768      
 
 
 
 
Retailers (Except Food and Drug) — 0.6%
 
Amscan Holdings, Inc., Sr. Sub. Notes
  400     8.75%, 5/1/14   $ 407,500      
Neiman Marcus Group, Inc.
  739     9.00%, 10/15/15     778,218      
Sally Holdings, LLC, Sr. Notes
  665     9.25%, 11/15/14     701,575      
  20     10.50%, 11/15/16     21,875      
Toys “R” Us
  1,000     10.75%, 7/15/17     1,138,750      
 
 
            $ 3,047,918      
 
 
 
 
Steel — 0.0%(9)
 
RathGibson, Inc., Sr. Notes
  445     11.25%, 2/15/14(4)   $ 45      
 
 
            $ 45      
 
 
 
 
Surface Transport — 0.0%(9)
 
CEVA Group PLC, Sr. Notes
  165     11.50%, 4/1/18(8)   $ 180,881      
 
 
            $ 180,881      
 
 
 
 
Telecommunications — 0.6%
 
Avaya, Inc., Sr. Notes
  840     9.75%, 11/1/15   $ 871,500      
Intelsat Bermuda, Ltd.
  900     11.25%, 6/15/16     960,750      
NII Capital Corp.
  335     10.00%, 8/15/16     386,087      
Telesat Canada/Telesat, LLC, Sr. Notes
  590     11.00%, 11/1/15     659,325      
 
 
            $ 2,877,662      
 
 
 
 
Utilities — 1.7%
 
Calpine Corp., Sr. Notes
  4,725     7.50%, 2/15/21(8)   $ 5,020,312      
  3,350     7.875%, 1/15/23(8)     3,571,938      
NGC Corp.
  390     7.625%, 10/15/26     284,700      
Reliant Energy, Inc., Sr. Notes
  20     7.625%, 6/15/14     21,050      
 
 
            $ 8,898,000      
 
 
     
Total Corporate Bonds & Notes
   
(identified cost $51,671,124)
  $ 53,572,876      
 
 
                     
                     
Asset-Backed Securities — 1.5%
 
Principal
               
Amount
               
(000’s omitted)     Security   Value      
 
 
$ 462     Alzette European CLO SA, Series 2004-1A, Class E2, 6.81%, 12/15/20(11)   $ 394,812      
  589     Avalon Capital Ltd. 3, Series 1A, Class D, 2.263%, 2/24/19(8)(11)     458,712      
  753     Babson Ltd., Series 2005-1A, Class C1, 2.228%, 4/15/19(8)(11)     587,303      
  1,007     Bryant Park CDO Ltd., Series 2005-1A, Class C, 2.328%, 1/15/19(8)(11)     663,601      
  1,000     Carlyle High Yield Partners, Series 2004-6A, Class C, 2.762%, 8/11/16(8)(11)     835,701      
  985     Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.81%, 3/8/17(11)     824,884      
  750     Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 5.026%, 7/17/19(11)     577,474      
  692     Comstock Funding Ltd., Series 2006-1A, Class D, 4.561%, 5/30/20(8)(11)     525,519      
  1,500     Dryden Leveraged Loan, Series 2004-6A, Class C1, 2.854%, 7/30/16(8)(11)     1,239,150      
  1,000     First CLO Ltd., Series 2004-1A1, Class C, 2.574%, 7/27/16(8)(11)     877,784      
  1,000     Schiller Park CLO Ltd., Series 2007-1A, Class D, 2.553%, 4/25/21(8)(11)     785,250      
 
 
     
Total Asset-Backed Securities
   
(identified cost $9,535,337)
  $ 7,770,190      
 
 
                     
                     
Common Stocks — 2.0%
 
Shares     Security   Value      
 
 
 
Air Transport — 0.0%(9)
 
  3,971     Delta Air Lines, Inc.(12)   $ 41,219      
 
 
            $ 41,219      
 
 
 

 
See Notes to Financial Statements.
19


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Shares     Security   Value      
 
 
Automotive — 0.7%
 
  18,702     Dayco Products, LLC(12)(13)   $ 1,056,663      
  44,747     Hayes Lemmerz International, Inc.(5)(12)(13)     2,640,073      
 
 
            $ 3,696,736      
 
 
 
 
Building and Development — 0.1%
 
  253     Panolam Holdings Co.(5)(12)(14)   $ 243,551      
  508     United Subcontractors, Inc.(5)(12)(13)     51,434      
 
 
            $ 294,985      
 
 
 
 
Chemicals and Plastics — 0.0%
 
  438     Wellman Holdings, Inc.(5)(12)(13)   $ 0      
 
 
            $ 0      
 
 
 
 
Diversified Manufacturing — 0.0%(9)
 
  323,008     MEGA Brands, Inc.(12)   $ 180,884      
 
 
            $ 180,884      
 
 
 
 
Ecological Services and Equipment — 0.0%(9)
 
  6,211     Environmental Systems Products Holdings, Inc.(5)(12)(14)   $ 140,307      
 
 
            $ 140,307      
 
 
 
 
Financial Intermediaries — 0.0%(9)
 
  78     RTS Investor Corp.(5)(12)(13)   $ 21,123      
 
 
            $ 21,123      
 
 
 
 
Food Service — 0.0%(9)
 
  23,029     Buffets, Inc.(5)(12)   $ 94,995      
 
 
            $ 94,995      
 
 
 
 
Leisure Goods / Activities / Movies — 0.2%
 
  50,438     Metro-Goldwyn-Mayer Holdings, Inc.(12)(13)   $ 1,145,361      
 
 
            $ 1,145,361      
 
 
 
 
Lodging and Casinos — 0.1%
 
  71     Greektown Superholdings, Inc.(12)   $ 5,147      
  35,670     Tropicana Entertainment, Inc.(12)(13)     617,537      
 
 
            $ 622,684      
 
 
 
 
Nonferrous Metals / Minerals — 0.1%
 
  701     Euramax International, Inc.(5)(12)(13)   $ 203,348      
 
 
            $ 203,348      
 
 
 
 
Oil and Gas — 0.0%(9)
 
  1,397     SemGroup Corp.(12)   $ 39,186      
 
 
            $ 39,186      
 
 
 
 
Publishing — 0.6%
 
  3,990     Ion Media Networks, Inc.(5)(12)(13)   $ 2,493,750      
  10,718     MediaNews Group, Inc.(5)(12)(13)     300,101      
  2,290     Source Interlink Companies, Inc.(5)(12)(13)     80,471      
  9,554     SuperMedia, Inc.(12)     49,108      
 
 
            $ 2,923,430      
 
 
 
 
Steel — 0.2%
 
  23,138     KNIA Holdings, Inc.(5)(12)(13)   $ 302,645      
  19,800     RathGibson Acquisition Co., LLC(5)(12)(14)     662,310      
 
 
            $ 964,955      
 
 
     
Total Common Stocks
   
(identified cost $4,634,403)
  $ 10,369,213      
 
 
                     
                     
Preferred Stocks — 0.0%(9)
 
Shares     Security   Value      
 
 
 
Ecological Services and Equipment — 0.0%(9)
 
  1,422     Environmental Systems Products Holdings, Inc., Series A(5)(12)(14)   $ 89,103      
 
 
            $ 89,103      
 
 
     
Total Preferred Stocks
   
(identified cost $24,885)
  $ 89,103      
 
 
                     
                     
Warrants — 0.0%(9)
 
Shares     Security   Value      
 
 
 
Oil and Gas — 0.0%(9)
 
  1,470     SemGroup Corp., Expires 11/30/14(12)   $ 12,127      
 
 
            $ 12,127      
 
 
 
 
Publishing — 0.0%
 
  1,450     Reader’s Digest Association, Inc. (The), Expires 2/19/14(5)(12)(13)   $ 0      
 
 
            $ 0      
 
 
 
 
Retailers (Except Food and Drug) — 0.0%
 
  6,730     Oriental Trading Co., Inc., Expires 2/11/16(5)(12)(13)   $ 0      

 
See Notes to Financial Statements.
20


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Shares     Security   Value      
 
 
Retailers (Except Food and Drug) (continued)
 
                     
  6,134     Oriental Trading Co., Inc., Expires 2/11/16(5)(12)(13)   $ 0      
 
 
            $ 0      
 
 
     
Total Warrants
   
(identified cost $15)
  $ 12,127      
 
 
                     
                     
Miscellaneous — 0.0%
 
Shares     Security   Value      
 
 
 
Air Transport — 0.0%
 
  1,000,000     Delta Air Lines, Inc., Escrow Certificate(12)   $ 0      
 
 
            $ 0      
 
 
     
Total Miscellaneous
   
(identified cost $0)
  $ 0      
 
 
                     
                     
Short-Term Investments — 2.9%
 
Interest/
               
Principal
               
Amount
               
(000’s omitted)     Description   Value      
 
 
$ 12,638     Eaton Vance Cash Reserves Fund, LLC, 0.16%(15)   $ 12,637,813      
  2,571     State Street Bank and Trust Euro Time Deposit, 0.01%, 5/2/11     2,570,646      
 
 
     
Total Short-Term Investments
   
(identified cost $15,208,459)
  $ 15,208,459      
 
 
     
Total Investments — 155.8%
   
(identified cost $804,157,345)
  $ 818,253,509      
 
 
             
Less Unfunded Loan Commitments — (0.4)%
  $ (2,315,500 )    
 
 
     
Net Investments — 155.4%
   
(identified cost $801,841,845)
  $ 815,938,009      
 
 
             
Other Assets, Less Liabilities — (30.4)%
  $ (159,547,323 )    
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (25.0)%
  $ (131,305,380 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 525,085,306      
 
 
 
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) Represents a payment-in-kind security which may pay all or a portion of interest/dividends in additional par/shares.
 
(3) Unfunded or partially unfunded loan commitments. See Note 1G for description.
 
(4) Currently the issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.
 
(5) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
 
(6) Defaulted matured security. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.
 
(7) This Senior Loan will settle after April 30, 2011, 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 April 30, 2011, the aggregate value of these securities is $31,357,263 or 6.0% 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 April 30, 2011.
 
(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 April 30, 2011.

 
See Notes to Financial Statements.
21


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Statement of Assets and Liabilities (Unaudited)

             
Assets   April 30, 2011    
 
Unaffiliated investments, at value (identified cost, $789,204,032)
  $ 803,300,196      
Affiliated investment, at value (identified cost, $12,637,813)
    12,637,813      
Restricted cash*
    910,481      
Foreign currency, at value (identified cost, $7,313,859)
    7,340,235      
Interest and dividends receivable
    3,741,075      
Interest receivable from affiliated investment
    2,126      
Receivable for investments sold
    1,898,509      
Receivable for open forward foreign currency exchange contracts
    13,185      
Receivable from the transfer agent
    94,188      
Prepaid expenses
    4,499      
Other assets
    9,092      
 
 
Total assets
  $ 829,951,399      
 
 
             
             
 
Liabilities
 
Notes payable
  $ 150,000,000      
Payable for investments purchased
    20,217,280      
Payable for open forward foreign currency exchange contracts
    2,489,851      
Payable to affiliates:
           
Investment adviser fee
    463,542      
Trustees’ fees
    2,196      
Accrued expenses
    387,844      
 
 
Total liabilities
  $ 173,560,713      
 
 
             
Auction preferred shares (5,252 shares outstanding) at liquidation value plus cumulative unpaid dividends
  $ 131,305,380      
 
 
             
Net assets applicable to common shares
  $ 525,085,306      
 
 
             
             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized, 33,756,217 shares issued and outstanding
  $ 337,562      
Additional paid-in capital
    637,298,653      
Accumulated net realized loss
    (125,215,338 )    
Accumulated undistributed net investment income
    1,687,318      
Net unrealized appreciation
    10,977,111      
 
 
Net assets applicable to common shares
  $ 525,085,306      
 
 
             
             
 
Net Asset Value Per Common Share
 
($525,085,306 ¸ 33,756,217 common shares issued and outstanding)
  $ 15.56      
 
 
 
* Represents restricted cash on deposit at the custodian as collateral for open financial contracts.

 
See Notes to Financial Statements.
22


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Statement of Operations (Unaudited)

             
    Six Months Ended
   
Investment Income   April 30, 2011    
 
Interest
  $ 21,470,199      
Interest allocated from affiliated investment
    19,974      
Expenses allocated from affiliated investment
    (964 )    
 
 
Total investment income
  $ 21,489,209      
 
 
             
             
 
Expenses
 
Investment adviser fee
  $ 2,974,726      
Trustees’ fees and expenses
    13,055      
Custodian fee
    194,795      
Transfer and dividend disbursing agent fees
    8,742      
Legal and accounting services
    86,640      
Printing and postage
    49,613      
Interest expense and fees
    1,150,623      
Preferred shares service fee
    99,136      
Miscellaneous
    74,320      
 
 
Total expenses
  $ 4,651,650      
 
 
Deduct —
           
Reduction of investment adviser fee
  $ 227,553      
Reduction of custodian fee
    40      
 
 
Total expense reductions
  $ 227,593      
 
 
             
Net expenses
  $ 4,424,057      
 
 
             
Net investment income
  $ 17,065,152      
 
 
             
             
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
           
Investment transactions
  $ 39,964      
Investment transactions allocated from affiliated investment
    286      
Foreign currency and forward foreign currency exchange contract transactions
    (1,721,878 )    
 
 
Net realized loss
  $ (1,681,628 )    
 
 
Change in unrealized appreciation (depreciation) —
           
Investments
  $ 25,758,452      
Foreign currency and forward foreign currency exchange contracts
    (2,549,921 )    
 
 
Net change in unrealized appreciation (depreciation)
  $ 23,208,531      
 
 
             
Net realized and unrealized gain
  $ 21,526,903      
 
 
             
Distributions to preferred shareholders
           
 
 
From net investment income
  $ (180,730 )    
 
 
             
Net increase in net assets from operations
  $ 38,411,325      
 
 

 
See Notes to Financial Statements.
23


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Statements of Changes in Net Assets

                     
    Six Months Ended
       
    April 30, 2011
  Year Ended
   
Increase (Decrease) in Net Assets   (Unaudited)   October 31, 2010    
 
From operations —
                   
Net investment income
  $ 17,065,152     $ 34,509,000      
Net realized loss from investment, foreign currency and forward foreign currency exchange contract transactions
    (1,681,628 )     (15,778,618 )    
Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange contracts
    23,208,531       62,203,911      
Distributions to preferred shareholders —
                   
From net investment income
    (180,730 )     (384,607 )    
 
 
Net increase in net assets from operations
  $ 38,411,325     $ 80,549,686      
 
 
Distributions to common shareholders —
                   
From net investment income
  $ (19,160,200 )   $ (37,305,680 )    
 
 
Total distributions to common shareholders
  $ (19,160,200 )   $ (37,305,680 )    
 
 
Capital share transactions —
                   
Reinvestment of distributions to common shareholders
  $ 636,810     $ 1,253,537      
 
 
Net increase in net assets from capital share transactions
  $ 636,810     $ 1,253,537      
 
 
                     
Net increase in net assets
  $ 19,887,935     $ 44,497,543      
 
 
                     
                     
 
Net Assets Applicable to Common Shares
 
At beginning of period
  $ 505,197,371     $ 460,699,828      
 
 
At end of period
  $ 525,085,306     $ 505,197,371      
 
 
                     
                     
 
Accumulated undistributed net investment income
included in net assets applicable to common shares
 
At end of period
  $ 1,687,318     $ 3,963,096      
 
 

 
See Notes to Financial Statements.
24


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Statement of Cash Flows (Unaudited)

             
    Six Months Ended
   
Cash Flows From Operating Activities   April 30, 2011    
 
Net increase in net assets from operations
  $ 38,411,325      
Distributions to preferred shareholders
    180,730      
 
 
Net increase in net assets from operations excluding distributions to preferred shareholders
  $ 38,592,055      
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
           
Investments purchased
    (212,495,062 )    
Investments sold and principal repayments
    216,426,503      
Decrease in short-term investments, net
    602,131      
Net amortization/accretion of premium (discount)
    (2,567,094 )    
Increase in restricted cash
    (910,481 )    
Amortization of structuring fee on notes payable
    (91,849 )    
Decrease in interest and dividends receivable
    278,662      
Decrease in interest receivable from affiliated investment
    734      
Decrease in receivable for investments sold
    4,276,454      
Decrease in receivable for open forward foreign currency exchange contracts
    313      
Decrease in receivable from the transfer agent
    1,714      
Decrease in prepaid expenses
    1,105      
Increase in other assets
    (489 )    
Increase in payable for investments purchased
    3,619,854      
Increase in payable for open forward foreign currency exchange contracts
    1,960,523      
Increase in payable to affiliate for investment adviser fee
    32,467      
Decrease in payable to affiliate for Trustees’ fees
    (119 )    
Decrease in accrued expenses
    (28,561 )    
Increase in unfunded loan commitments
    731,550      
Net change in unrealized (appreciation) depreciation from investments
    (25,758,452 )    
Net realized gain from investments
    (39,964 )    
 
 
Net cash provided by operating activities
  $ 24,815,692      
 
 
             
             
 
Cash Flows From Financing Activities
 
Distributions paid to common shareholders, net of reinvestments
  $ (18,523,390 )    
Cash distributions to preferred shareholders
    (191,501 )    
 
 
Net cash used in financing activities
  $ (18,714,891 )    
 
 
             
Net increase in cash*
  $ 6,100,801      
 
 
             
Cash at beginning of period(1)
  $ 1,239,434      
 
 
             
Cash at end of period(1)
  $ 7,340,235      
 
 
             
             
 
Supplemental disclosure of cash flow information:
 
Reinvestment of dividends and distributions
  $ 636,810      
Cash paid for interest and fees on borrowings
    1,065,410      
 
 
 
(1) Balance includes foreign currency, at value.
* Includes net change in unrealized appreciation (depreciation) on foreign currency of $24,549.

 
See Notes to Financial Statements.
25


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Financial Highlights
Selected data for a common share outstanding during the periods stated

                                                     
    Six Months Ended
  Year Ended October 31,    
    April 30, 2011
 
    (Unaudited)   2010   2009   2008   2007   2006    
 
Net asset value — Beginning of period (Common shares)
  $ 14.980     $ 13.700     $ 10.190     $ 17.800     $ 18.690     $ 18.740      
 
 
                                                     
                                                     
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.506     $ 1.025     $ 0.978     $ 1.665     $ 2.177     $ 2.053      
Net realized and unrealized gain (loss)
    0.647       1.374       3.423       (7.647 )     (0.861 )     (0.026 )    
Distributions to preferred shareholders from net investment income(1)
    (0.005 )     (0.011 )     (0.028 )     (0.367 )     (0.634 )     (0.558 )    
 
 
Total income (loss) from operations
  $ 1.148     $ 2.388     $ 4.373     $ (6.349 )   $ 0.682     $ 1.469      
 
 
                                                     
                                                     
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.568 )   $ (1.108 )   $ (0.863 )   $ (1.142 )   $ (1.542 )   $ (1.519 )    
Tax return of capital
                      (0.119 )     (0.030 )          
 
 
Total distributions to common shareholders
  $ (0.568 )   $ (1.108 )   $ (0.863 )   $ (1.261 )   $ (1.572 )   $ (1.519 )    
 
 
                                                     
Net asset value — End of period (Common shares)
  $ 15.560     $ 14.980     $ 13.700     $ 10.190     $ 17.800     $ 18.690      
 
 
                                                     
Market value — End of period (Common shares)
  $ 16.830     $ 15.640     $ 12.980     $ 9.480     $ 16.200     $ 18.240      
 
 
                                                     
Total Investment Return on Net Asset Value(2)
    7.60 %(3)     17.93 %     46.90 %     (37.33 )%     3.93 %     8.47 %    
 
 
                                                     
Total Investment Return on Market Value(2)
    11.54 %(3)     29.96 %     49.61 %     (35.90 )%     (3.13 )%     15.27 %    
 
 
                                                     
                                                     

 
See Notes to Financial Statements.
26


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

                                                     
    Six Months Ended
  Year Ended October 31,    
    April 30, 2011
 
Ratios/Supplemental Data   (Unaudited)   2010   2009   2008   2007   2006    
 
Net assets applicable to common shares, end of period (000’s omitted)
  $ 525,085     $ 505,197     $ 460,700     $ 342,457     $ 598,214     $ 625,925      
Ratios (as a percentage of average daily net assets applicable to common shares):(4)
                                                   
Expenses excluding interest and fees(5)
    1.27 %(6)     1.22 %     1.21 %     1.18 %     1.18 %     1.17 %    
Interest and fee expense(7)
    0.45 %(6)     0.49 %     1.15 %     0.99 %                
Total expenses
    1.72 %(6)     1.71 %     2.36 %     2.17 %     1.18 %     1.17 %    
Net investment income
    6.63 %(6)     7.11 %     9.21 %     10.66 %     11.79 %     10.95 %    
Portfolio Turnover
    27 %(3)     36 %     42 %     21 %     58 %     51 %    
 
 
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares and borrowings, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares plus preferred shares and borrowings):(4)
                                                   
Expenses excluding interest and fees(5)
    0.83 %(6)     0.77 %     0.74 %     0.68 %     0.72 %     0.72 %    
Interest and fee expense(7)
    0.29 %(6)     0.31 %     0.70 %     0.57 %                
Total expenses
    1.12 %(6)     1.08 %     1.44 %     1.25 %     0.72 %     0.72 %    
Net investment income
    4.30 %(6)     4.50 %     5.63 %     6.12 %     7.21 %     6.73 %    
 
 
Senior Securities:
                                                   
Total notes payable outstanding (in 000’s)
  $ 150,000     $ 150,000     $ 150,000     $ 154,200     $     $      
Asset coverage per $1,000 of notes payable(8)
  $ 5,376     $ 5,243     $ 4,947     $ 4,074     $     $      
Total preferred shares outstanding
    5,252       5,252       5,252       5,252       15,760       15,760      
Asset coverage per preferred share
  $ 71,666 (9)   $ 69,900 (9)   $ 65,945 (9)   $ 55,060 (9)   $ 63,001 (10)   $ 64,753 (10)    
Involuntary liquidation preference per preferred share(11)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(11)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Not annualized.
(4) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(5) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(6) Annualized.
(7) Interest and fee expense relates to the notes payable incurred to partially redeem the Trust’s APS (see Note 10).
(8) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.
(9) Calculated by subtracting the Trust’s total liabilities (not including the notes payables and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payables and liquidation value of preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 287%, 280%, 264% and 220% at April 30, 2011, October 31, 2010, October 31, 2009 and October 31, 2008, respectively.
(10) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(11) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
27


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited)

 
1 Significant Accounting Policies
 
Eaton Vance Senior Floating-Rate Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s primary investment objective is to provide a high level of current income. The Trust may, as a secondary objective, also seek preservation of capital to the extent consistent with its primary objective.
 
The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America.
 
A Investment Valuation — Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
 
Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt securities purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.
 
Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that most fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
 
The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with

 
28


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.
 
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
 
C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.
 
D Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
 
At October 31, 2010, the Trust, for federal income tax purposes, had a capital loss carryforward of $123,035,721 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. Such capital loss carryforward will expire on October 31, 2012 ($5,860,075), October 31, 2013 ($4,807,956), October 31, 2014 ($1,142,602), October 31, 2015 ($2,782,217), October 31, 2016 ($63,478,422), October 31, 2017 ($33,311,438) and October 31, 2018 ($11,653,011).
 
As of April 30, 2011, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trust’s federal tax returns filed in the 3-year period ended October 31, 2010 remains subject to examination by the Internal Revenue Service.
 
E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trust. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Trust maintains with SSBT. All credit balances, if any, used to reduce the Trust’s custodian fees are reported as a reduction of expenses in the Statement of Operations.
 
F Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
 
G Unfunded Loan Commitments — The Trust may enter into certain credit agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower’s discretion. The commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2011, the Trust had sufficient cash and/or securities to cover these commitments.
 
H Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
 
I Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
 
J Forward Foreign Currency Exchange Contracts — The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed or offset by another contract with the same broker for the same settlement date and currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
 
K Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

 
29


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
L Interim Financial Statements — The interim financial statements relating to April 30, 2011 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
 
2 Auction Preferred Shares
 
The Trust issued Auction Preferred Shares (APS) on January 26, 2004 in a public offering. The underwriting discount and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at rates which are reset weekly for Series A and Series B, and approximately monthly for Series C and Series D by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 150% of the “AA” Financial Composite Commercial Paper Rate at the date of the auction.
 
The number of APS issued and outstanding as of April 30, 2011 is as follows:
 
             
    APS Issued and
   
Series   Outstanding    
 
 
A
    1,313      
B
    1,313      
C
    1,313      
D
    1,313      
             
 
 
 
The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust’s By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker-dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
 
3 Distributions to Shareholders
 
The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at April 30, 2011, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:
 
                                     
    APS Dividend
  Dividends
  Average APS
  Dividend
   
    Rates at
  Accrued to APS
  Dividend
  Rate
   
    April 30, 2011   Shareholders   Rates   Ranges (%)    
 
 
Series A
    0.21 %   $ 45,503       0.28 %     0.18–0.33      
Series B
    0.21       45,503       0.28       0.18–0.33      
Series C
    0.23       43,643       0.27       0.18–0.30      
Series D
    0.21       46,081       0.28       0.21–0.32      
                                     
 
 
 
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust’s APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rate. The table above reflects such maximum dividend rate for each series as of April 30, 2011.

 
30


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
The Trust distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
 
4 Investment Adviser Fee and Other Transactions with Affiliates
 
The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.75% of the Trust’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the six months ended April 30, 2011, the Trust’s investment adviser fee totaled $2,974,726. EVM also serves as administrator of the Trust, but receives no compensation.
 
In addition, EVM has contractually agreed to reimburse the Trust for fees and other expenses at an annual rate of 0.20% of the Trust’s average daily gross assets during the first five full years of the Trust’s operations, 0.15% of the Trust’s average daily gross assets in year six, 0.10% in year seven and 0.05% in year eight. The Trust concluded its first seven full years of operations on November 28, 2010. Pursuant to this agreement, EVM waived $227,553 of its investment adviser fee for the six months ended April 30, 2011.
 
Except for Trustees of the Trust who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
 
5 Purchases and Sales of Investments
 
Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $212,495,062 and $216,426,503, respectively, for the six months ended April 30, 2011.
 
6 Common Shares of Beneficial Interest
 
The Trust may issue common shares pursuant to its dividend reinvestment plan. Common shares issued pursuant to the Trust’s dividend reinvestment plan for the six months ended April 30, 2011 and the year ended October 31, 2010 were 40,353 and 85,909, respectively.
 
7 Federal Income Tax Basis of Investments
 
The cost and unrealized appreciation (depreciation) of investments of the Trust at April 30, 2011, as determined on a federal income tax basis, were as follows:
 
             
Aggregate cost
  $ 801,683,118      
             
 
 
Gross unrealized appreciation
  $ 29,456,608      
Gross unrealized depreciation
    (15,201,717 )    
             
 
 
Net unrealized appreciation
  $ 14,254,891      
             
 
 
 
8 Restricted Securities
 
At April 30, 2011, the Trust owned the following securities (representing 0.2% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
 

 
31


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

                                     
    Date of
               
Description   Acquisition   Shares   Cost   Value    
 
 
Common Stocks
                                   
                                     
 
 
Environmental Systems Products Holdings, Inc. 
    10/25/07       6,211     $ 0 (1)   $ 140,307      
Panolam Holdings Co. 
    12/30/09       253       139,024       243,551      
RathGibson Acquisition Co., LLC
    6/14/10       19,800       105,079       662,310      
                                     
 
 
Total Common Stocks
                  $ 244,103     $ 1,046,168      
                                     
 
 
Preferred Stocks
                                   
                                     
 
 
Environmental Systems Products Holdings, Inc., Series A
    10/25/07       1,422     $ 24,885     $ 89,103      
                                     
 
 
Total Restricted Securities
                  $ 268,988     $ 1,135,271      
                                     
 
 
 
(1) Less than $0.50.
 
9 Financial Instruments
 
The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
 
A summary of obligations under these financial instruments at April 30, 2011 is as follows:
 
                         
Forward Foreign Currency Exchange Contracts
Sales
                Net Unrealized
   
                Appreciation
   
Settlement Date   Deliver   In Exchange For   Counterparty   (Depreciation)    
 
 
5/31/11
  British Pound Sterling 4,440,042   United States Dollar 7,133,772   JPMorgan Chase Bank   $ (280,145 )    
5/31/11
  Euro 11,736,374   United States Dollar 16,153,183   Citigroup Global Markets     (1,216,792 )    
6/30/11
  British Pound Sterling 3,510,878   United States Dollar 5,603,396   Goldman Sachs, Inc.     (256,687 )    
6/30/11
  Euro 9,958,430   United States Dollar 13,990,399   HSBC Bank USA     (736,227 )    
7/29/11
  Euro 9,290,538   United States Dollar 13,740,195   Deutsche Bank     13,185      
                         
 
 
                $ (2,476,666 )    
                         
 
 
 
At April 30, 2011, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
 
The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts. The Trust also enters into such contracts to hedge the currency risk of investments it anticipates purchasing.
 
The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trust’s net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At April 30, 2011, the fair value of derivatives with credit-related contingent features in a net liability position was $2,489,851. The aggregate fair value of assets pledged as collateral by the Trust for such liability was $910,481 at April 30, 2011.

 
32


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
The non-exchange traded derivatives in which the Trust invests, including forward foreign currency exchange contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At April 30, 2011, the maximum amount of loss the Trust would incur due to counterparty risk was $13,185, representing the fair value of such derivatives in an asset position. To mitigate this risk, the Trust has entered into master netting agreements with substantially all its derivative counterparties, which allows it and a counterparty to aggregate amounts owed by each of them for derivative transactions under the agreement into a single net amount payable by either the Trust or the counterparty. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of the Trust if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would also reduce the amount of any loss incurred.
 
The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2011 was as follows:
 
                     
    Fair Value    
   
Derivative   Asset Derivative(1)   Liability Derivative(2)    
 
 
Forward foreign currency exchange contracts
  $ 13,185     $ (2,489,851 )    
                     
 
 
 
(1) Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized appreciation.
(2) Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized appreciation.
 
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2011 was as follows:
 
                     
    Realized Gain (Loss)
  Change in Unrealized
   
    on Derivatives Recognized
  Appreciation (Depreciation) on
   
Derivative   in Income(1)   Derivatives Recognized in Income(2)    
 
 
Forward foreign currency exchange contracts
  $ (2,091,990 )   $ (1,960,836 )    
                     
 
 
 
(1) Statement of Operations location: Net realized gain (loss) – Foreign currency and forward foreign currency exchange contract transactions.
(2) Statement of Operations location: Change in unrealized appreciation (depreciation) – Foreign currency and forward foreign currency exchange contracts.
 
The average notional amount of forward foreign currency exchange contracts outstanding during the six months ended April 30, 2011, which is indicative of the volume of this derivative type, was approximately $55,696,000.
 
10 Credit Agreement
 
The Trust has entered into a Credit Agreement (the Agreement) with a bank to borrow up to a limit of $185 million ($150 million prior to March 29, 2011) pursuant to a 364-day revolving line of credit. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the London Interbank Offered Rate (LIBOR) and is payable monthly. Under the terms of the Agreement, the Trust pays a commitment fee of 0.15% on the borrowing limit. Included in interest expense is approximately $92,000 of amortization of previously paid up-front fees related to the period from November 1, 2010 through March 29, 2011. In connection with the renewal of the Agreement on March 30, 2011, the Trust was not required to pay up-front fees. The Trust is required to maintain certain net asset levels during the term of the Agreement. At April 30, 2011, the Trust had borrowings outstanding under the Agreement of $150,000,000 at an interest rate of 1.16%. The carrying amount of the borrowings at April 30, 2011 approximated its fair value. For the six months ended April 30, 2011, the average borrowings under the Agreement and the average interest rate were $150,000,000 and 1.26% (annualized), respectively.
 
11 Risks Associated with Foreign Investments
 
Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Trust, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.

 
33


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
12 Credit Risk
 
The Trust invests primarily in below investment grade floating-rate loans and floating-rate debt obligations, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.
 
13 Fair Value Measurements
 
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
•  Level 1 – quoted prices in active markets for identical investments
 
•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
•  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At April 30, 2011, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:
 
                                     
Asset Description   Level 1     Level 2     Level 3       Total    
 
 
Senior Floating-Rate Interests (Less Unfunded Loan Commitments)
  $     $ 726,913,194     $ 2,002,847     $ 728,916,041      
Corporate Bonds & Notes
          52,802,587       770,289       53,572,876      
Asset-Backed Securities
          7,770,190             7,770,190      
Common Stocks
    310,397       2,824,708       7,234,108       10,369,213      
Preferred Stocks
                89,103       89,103      
Warrants
          12,127       0       12,127      
Miscellaneous
          0             0      
Short-Term Investments
          15,208,459             15,208,459      
                                     
 
 
Total Investments
  $ 310,397     $ 805,531,265     $ 10,096,347     $ 815,938,009      
                                     
 
 
Forward Foreign Currency Exchange Contracts
          13,185             13,185      
                                     
 
 
Total
  $ 310,397     $ 805,544,450     $ 10,096,347     $ 815,951,194      
                                     
 
 
Liability Description
                                   
                                     
 
 
Forward Foreign Currency Exchange Contracts
  $     $ (2,489,851 )   $     $ (2,489,851 )    
                                     
 
 
Total
  $     $ (2,489,851 )   $     $ (2,489,851 )    
                                     
 
 

 
34


 

 
Eaton Vance
Senior Floating-Rate Trust
 
April 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
 
                                                     
    Investments in
  Investments
  Investments
  Investments
  Investments
       
    Senior Floating-
  in Corporate
  in Common
  in Preferred
  in Warrants
       
    Rate Interests   Bonds & Notes   Stocks   Stocks   and Miscellaneous   Total    
 
 
Balance as of October 31, 2010
  $ 1,958,716     $ 528,020     $ 1,650,143     $ 328,797     $ 0     $ 4,465,676      
Realized gains (losses)
    (500,093 )     (554,962 )     84,460       117,398             (853,197 )    
Change in net unrealized appreciation (depreciation)*
    187,740       557,127       3,539,674       (214,792 )           4,069,749      
Cost of purchases
    323,530       233,430       1,828                   558,788      
Proceeds from sales
    (45,473 )     (17,201 )     (219,495 )     (142,300 )           (424,469 )    
Accrued discount (premium)
    7,118       23,875                         30,993      
Transfers to Level 3**
    71,309             2,177,498                   2,248,807      
Transfers from Level 3**
                                       
                                                     
 
 
Balance as of April 30, 2011
  $ 2,002,847     $ 770,289     $ 7,234,108     $ 89,103     $ 0     $ 10,096,347      
                                                     
 
 
Change in net unrealized appreciation (depreciation) on investments still held as of April 30, 2011*
  $ 185,110     $ 549,622     $ 3,539,674     $ (75,238 )   $     $ 4,199,168      
                                                     
 
 
 
* Amount is included in the related amount on investments in the Statement of Operations.
 
** Transfers are reflected at the value of the securities at the beginning of the period. Transfers from Level 2 to Level 3 were due to a reduction in the availability of significant observable inputs in determining the fair value of investments.
 
At April 30, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the six months then ended was not significant.