Eaton Vance Senior Floating-Rate Trust
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21411
Eaton Vance Senior Floating-Rate Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
October 31, 2011
Date of Reporting Period
 
 
 

 


 

Item 1. Reports to Stockholders

 


 

     
Eaton Vance
Senior Floating-Rate Trust (EFR)

Annual Report
October 31, 2011
 
(STOPWATCH GRAPHIC)

 
 
 
(EATON VANCE INVESTMENT MANAGERS 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.


 

Annual Report October 31, 2011
Eaton Vance
Senior Floating-Rate Trust
Table of Contents
         
Management’s Discussion of Fund Performance
    2  
 
       
Performance
    3  
 
       
Fund Profile
    4  
 
       
Endnotes and Additional Disclosures
    5  
 
       
Financial Statements
    6  
 
       
Report of Independent Registered Public Accounting Firm
    38  
 
       
Federal Tax Information
    39  
 
       
Annual Meeting of Shareholders
    40  
 
       
Notice to Shareholders
    41  
 
       
Dividend Reinvestment Plan
    42  
 
       
Management and Organization
    44  
 
       
Important Notices
    46  

 


 

Eaton Vance
Senior Floating-Rate Trust
October 31, 2011
 
 
Management’s Discussion of Fund Performance1

 
Economic and Market Conditions
 
The S&P/LSTA Leveraged Loan Index (the Index),2 the broad barometer for the floating-rate loan market, posted a total return of 3.16% for the 12 months ending October 31, 2011, reflecting the widespread uncertainty and volatility that affected virtually all global investment markets.
 
The period began on an upbeat note, with the floating-rate loan market generating strong gains and driven by favorable technical conditions and improving issuer fundamentals. Heavy inflows into prime rate mutual funds, increased refinancing activity and a general improvement in the overall tone of the market bolstered demand and, in turn, lifted prices. Issuer fundamentals also improved as various measures of earnings growth rose. Furthermore, default rates remained low.
 
The loan market’s strong performance continued in April, although it began to falter in May and June. That is when the new issue supply of floating-rate loans increased and demand dwindled in response to growing uncertainty about the prospects for both the U.S. and global economies. In late summer, the floating-rate loan market performed poorly, coming under significant pressure amid a darkening of macroeconomic headlines. In particular, the downgrade of the U.S. credit rating by Standard & Poor’s, renewed stress in the European sovereign debt saga and several disappointing global economic numbers provided a gloomy economic backdrop. Loans were also challenged by the Federal Reserve’s pledge to keep rates low until at least mid-2013, which tempered individual investors’ demand for the asset class. In October of 2011, the floating-rate loan market rebounded somewhat as worries about higher interest rates resurfaced and investors’ appetite for riskier asset classes improved.
 
Even though the prospects for global economy dimmed during the period, issuer fundamentals remained solid. As one measure of that, the trailing 12-month default rates by principal amount stood at 0.32% as of October 31, 2011, a low rate when viewed historically.
 
Fund Performance
 
The Trust is a closed-end fund and trades on the New York Stock Exchange (NYSE) under the symbol EFR. The Trust’s investment objective is to provide a high level of current income. As a secondary objective, it may also seek preservation of capital to the extent consistent with its primary goal of high current income. Under normal market conditions, the Trust invests at least 80% of its total assets in senior, secured floating-rate loans (senior loans). In managing the Trust, the investment adviser seeks to invest in a portfolio of senior loans that it believes will be less volatile over time than the general loan market. The Trust may also invest in second lien loans and high-yield bonds and, as discussed below, employs leverage to acquire additional income-producing securities, which may increase risk. For the fiscal year ending October 31, 2011, the Trust returned 6.69% for the 12-month period, outperforming its benchmark, the Index. Relative to the Index, the Trust benefited from its general bias toward the higher-quality end of the floating-rate loan market because lower-quality B-rated7 loans, and more notably, CCC-rated securities, underperformed for the 12-month period overall. Although the Trust’s higher-quality positioning acted as a headwind early on when investors favored riskier segments of the floating-rate loan market, the emphasis on higher-quality securities bolstered performance during most of the second half of the period when investors’ appetite for risk waned.
 
In terms of sector selection, results were favorable overall. The Trust was helped by its underweighted positions in publishing and utilities, sectors that lagged the Index during the 12-month period. The benefits of underweighting these sectors more than offset what was lost by underweighting financial intermediaries, telecommunications, and lodging and casinos, all of which outpaced the benchmark for the year.
 
The Trust’s comparatively broad diversification8 also aided relative performance. The Index’s larger-cap, more-liquid names, which experienced the greatest selling pressure in the second half of the period, underperformed the floating-rate loan market as a whole for the 12-month period. Against that backdrop, the Trust’s diversification beyond the larger-cap, more-liquid issues was a plus.
 
Management’s use of leverage and modest high-yield bond exposure benefited the Trust’s relative performance, as floating-rate loans acquired with borrowings were bolstered by favorable conditions in the credit markets during the first half of the period and high-yield bonds typically outpaced the Index for the year.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. 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
October 31, 2011
Portfolio Managers Scott H. Page, CFA; Craig P. Russ; Peter M. Campo, CFA
Performance2,3
 
                                 
                            Since
% Average Annual Total Returns   Inception Date   1 Year   5 Years   Inception
 
Fund at NAV
    11/28/2003       6.69 %     3.78 %     4.67 %
Fund at Market
          –0.28       3.78       4.34  
S&P/LSTA Leveraged Loan Index
    11/28/2003       3.16 %     4.42 %     4.85 %
 
                               
% Premium/Discount to NAV
                               
 
 
                            –2.41 %
 
                               
Distributions4
                               
 
Total Distributions per share for the period
                          $ 1.062  
Distribution Rate at NAV
                            6.68 %
Distribution Rate at Market Price
                            6.85 %
 
                               
% Total Leverage5
                               
 
Auction Preferred Shares (APS)
                            16.42 %
Borrowings
                            20.63  
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. 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.

3


 

Eaton Vance
Senior Floating-Rate Trust
October 31, 2011
Fund Profile
 
Top 10 Holdings (% of total investments)6
 
         
Community Health Systems, Inc.
    1.3 %
Intelsat Jackson Holdings SA
    1.3  
Rite Aid Corp.
    1.2  
SunGard Data Systems, Inc.
    1.1  
Aramark Corp.
    1.1  
HCA, Inc.
    1.1  
UPC Broadband Holding B.V./UPC Financing Partnership
    0.9  
Nielsen Finance, LLC
    0.9  
Health Management Associates, Inc.
    0.9  
Asurion Corp.
    0.8  
Total
    10.6 %
Top 10 Sectors (% of total investments)6
 
         
Health Care
    11.4 %
Business Equipment and Services
    9.1  
Electronics/Electrical
    5.5  
Leisure Goods/Activities/Movies
    5.2  
Cable and Satellite Television
    5.0  
Publishing
    4.5  
Financial Intermediaries
    4.4  
Automotive
    4.3  
Chemicals and Plastics
    4.2  
Food Service
    3.6  
Total
    57.2 %
Credit Quality (% of loan holdings)7
 
(GRAPH)
See Endnotes and Additional Disclosures in this report.

4


 

Eaton Vance
Senior Floating-Rate Trust
October 31, 2011
Endnotes and Additional Disclosures
 
1   The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
 
2   S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
 
3   Performance results reflect the effects of leverage. Absent an expense waiver by the investment adviser, the returns would be lower.
 
4   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.
 
5   APS leverage represents the liquidation value of the Fund’s APS outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund is required to maintain prescribed asset coverage for its APS and borrowings, which could be reduced if Fund asset values decline.
 
6   Excludes cash and cash equivalents.
 
7   Ratings are based on Moody’s, 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.
 
8   Diversification cannot guarantee a profit or eliminate the risk of a loss.
 
    Fund profile subject to change due to active management.

5


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments

                         
Senior Floating-Rate Interests — 144.9%(1)
 
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
 
Aerospace and Defense — 2.8%
 
Booz Allen Hamilton, Inc.
Term Loan, 4.00%, Maturing August 3, 2017
        473     $ 473,437      
DAE Aviation Holdings, Inc.
Term Loan, 5.43%, Maturing July 31, 2014
        887       862,257      
Term Loan, 5.43%, Maturing July 31, 2014
        925       899,738      
Ducommun, Inc.
Term Loan, 5.50%, Maturing June 28, 2017
        524       521,069      
Dundee Holdco 4, Ltd.
Term Loan, 4.25%, Maturing May 15, 2015
        391       323,097      
Term Loan, 4.75%, Maturing May 13, 2016
        391       323,097      
Term Loan - Second Lien, 6.71%, Maturing January 13, 2016
  GBP     500       581,524      
IAP Worldwide Services, Inc.
Term Loan, 9.25%, Maturing December 28, 2012
        1,777       1,741,361      
Sequa Corp.
Term Loan, 3.62%, Maturing December 3, 2014
        794       766,813      
Term Loan, Maturing December 3, 2014(2)
        250       250,208      
Spirit AeroSystems, Inc.
Term Loan, 3.49%, Maturing September 30, 2016
        1,549       1,546,722      
TASC, Inc.
Term Loan, 4.50%, Maturing December 18, 2015
        1,444       1,440,203      
TransDigm, Inc.
Term Loan, 4.00%, Maturing February 14, 2017
        3,134       3,127,999      
Wesco Aircraft Hardware Corp.
Term Loan, 4.25%, Maturing April 7, 2017
        396       397,091      
Wyle Services Corp.
Term Loan, 5.75%, Maturing March 27, 2017
        853       835,043      
 
 
                $ 14,089,659      
 
 
 
 
Air Transport — 0.3%
 
Evergreen International Aviation, Inc.
Term Loan, 11.50%, Maturing July 5, 2015
        875     $ 840,000      
Orbitz Worldwide, Inc.
Term Loan, 3.31%, Maturing July 25, 2014
        1,063       925,400      
 
 
                $ 1,765,400      
 
 
 
 
Automotive — 6.1%
 
Allison Transmission, Inc.
Term Loan, 2.75%, Maturing August 7, 2014
        3,693     $ 3,583,926      
Autoparts Holdings, Ltd.
Term Loan, 6.50%, Maturing July 28, 2017
        400       400,500      
Chrysler Group, LLC
Term Loan, 6.00%, Maturing May 24, 2017
        4,989       4,728,470      
Delphi Corp.
Term Loan, 3.50%, Maturing March 31, 2017
        1,924       1,924,319      
Federal-Mogul Corp.
Term Loan, 2.18%, Maturing December 29, 2014
        2,432       2,305,821      
Term Loan, 2.18%, Maturing December 28, 2015
        3,056       2,897,605      
Goodyear Tire & Rubber Co.
Term Loan - Second Lien, 1.93%, Maturing April 30, 2014
        5,400       5,285,250      
HHI Holdings, LLC
Term Loan, 7.00%, Maturing March 21, 2017
        522       515,845      
Metaldyne, LLC
Term Loan, 5.25%, Maturing May 18, 2017
        2,193       2,173,316      
SRAM, LLC
Term Loan, 4.76%, Maturing June 7, 2018
        1,294       1,287,867      
Term Loan - Second Lien, 8.50%, Maturing December 7, 2018
        500       502,500      
Tomkins, LLC
Term Loan, 4.25%, Maturing September 21, 2016
        1,938       1,937,334      
TriMas Corp.
Term Loan, 4.25%, Maturing June 21, 2017
        1,047       1,027,737      
Veyance Technologies, Inc.
Term Loan, 2.75%, Maturing July 31, 2014
        236       214,049      
Term Loan, 2.75%, Maturing July 31, 2014
        1,647       1,494,449      
Term Loan - Second Lien, 6.00%, Maturing July 31, 2015
        775       654,875      
 
 
                $ 30,933,863      
 
 
 
 
Building and Development — 2.3%
 
Armstrong World Industries, Inc.
Term Loan, 4.00%, Maturing March 9, 2018
        647     $ 641,495      
Beacon Sales Acquisition, Inc.
Term Loan, 2.33%, Maturing September 30, 2013
        1,069       1,030,807      
Forestar Real Estate Group, Inc.
Revolving Loan, 0.49%, Maturing August 6, 2013(3)
        244       229,723      
Term Loan, 6.50%, Maturing August 6, 2015
        2,240       2,150,514      
Goodman Global Holdings, Inc.
Term Loan, 5.75%, Maturing October 28, 2016
        1,676       1,678,192      
NCI Building Systems, Inc.
Term Loan, 8.00%, Maturing April 18, 2014
        246       239,993      
November 2005 Land Investors, LLC
Term Loan, 0.00%, Maturing March 29, 2013(4)(5)
        305       45,726      
Panolam Industries International
Term Loan, 8.25%, Maturing December 31, 2013
        1,472       1,343,158      

 
See Notes to Financial Statements.
6


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Building and Development (continued)
 
                         
RE/MAX International, Inc.
Term Loan, 5.50%, Maturing April 15, 2016
        1,745     $ 1,736,108      
Realogy Corp.
Term Loan, 3.19%, Maturing October 10, 2013
        138       129,200      
Term Loan, 3.27%, Maturing October 10, 2013
        662       619,966      
South Edge, LLC
Term Loan, 0.00%, Maturing October 31, 2009(6)
        1,588       1,504,156      
 
 
                $ 11,349,038      
 
 
 
 
Business Equipment and Services — 14.2%
 
Acosta, Inc.
Term Loan, 4.75%, Maturing March 1, 2018
        1,269     $ 1,255,939      
Advantage Sales & Marketing, Inc.
Term Loan, 5.25%, Maturing December 18, 2017
        1,836       1,808,583      
Affinion Group, Inc.
Term Loan, 5.00%, Maturing October 10, 2016
        4,612       4,260,340      
Allied Security Holdings, LLC
Term Loan, 5.00%, Maturing February 3, 2017
        572       569,264      
Altegrity, Inc.
Term Loan, 7.75%, Maturing February 20, 2015
        767       757,256      
Term Loan, 2.99%, Maturing February 21, 2015
        784       724,834      
Audatex North America, Inc.
Term Loan, 3.31%, Maturing May 16, 2014
  EUR     721       983,136      
BAR/BRI Review Courses, Inc.
Term Loan, 6.00%, Maturing June 16, 2017
        725       710,500      
Brand Energy and Infrastructure Services, Inc.
Term Loan, 2.63%, Maturing February 7, 2014
        2,667       2,160,369      
Term Loan, 3.63%, Maturing February 7, 2014
        732       607,349      
Brickman Group Holdings, Inc.
Term Loan, 7.25%, Maturing October 14, 2016
        1,166       1,166,188      
Brock Holdings III, Inc.
Term Loan, 6.00%, Maturing March 16, 2017
        1,144       1,092,759      
ClientLogic Corp.
Term Loan, 7.14%, Maturing January 30, 2017
        1,567       1,427,657      
Crawford & Company
Term Loan, 5.00%, Maturing October 30, 2013
        1,131       1,122,553      
DynCorp International, LLC
Term Loan, 6.25%, Maturing July 5, 2016
        738       729,959      
Endurance International Group, Inc. (The)
Term Loan, 8.00%, Maturing October 3, 2016
        825       812,625      
Fidelity National Information Services, Inc.
Term Loan, 5.25%, Maturing July 18, 2016
        1,503       1,516,609      
Go Daddy Group, Inc. (The)
Term Loan, Maturing September 29, 2017(2)
        1,450       1,450,906      
IMS Health, Inc.
Term Loan, 4.50%, Maturing August 25, 2017
        1,281       1,280,516      
KAR Auction Services, Inc.
Term Loan, 5.00%, Maturing May 19, 2017
        2,843       2,842,875      
Kronos, Inc.
Term Loan, 2.12%, Maturing June 11, 2014
        1,001       958,097      
Term Loan, 6.12%, Maturing June 11, 2015
        1,000       937,500      
Language Line, LLC
Term Loan, 6.25%, Maturing June 20, 2016
        2,117       2,101,569      
Meritas, LLC
Term Loan, 7.50%, Maturing July 28, 2017
        804       792,309      
Mitchell International, Inc.
Term Loan - Second Lien, 5.63%, Maturing March 30, 2015
        1,000       940,000      
MSCI, Inc.
Term Loan, 3.75%, Maturing March 14, 2017
        2,901       2,933,762      
N.E.W. Holdings I, LLC
Term Loan, 6.00%, Maturing March 23, 2016
        1,598       1,562,887      
National CineMedia, LLC
Term Loan, 1.84%, Maturing February 13, 2015
        2,086       2,027,098      
Protection One Alarm Monitoring, Inc.
Term Loan, 6.00%, Maturing June 4, 2016
        1,517       1,505,737      
Quantum Corp.
Term Loan, 3.83%, Maturing July 14, 2014
        73       71,286      
Quintiles Transnational Corp.
Term Loan, 5.00%, Maturing June 8, 2018
        4,314       4,276,438      
Sabre, Inc.
Term Loan, 2.30%, Maturing September 30, 2014
        5,937       5,223,455      
Sensus USA, Inc.
Term Loan, 4.75%, Maturing May 9, 2017
        672       661,551      
Term Loan - Second Lien, 8.50%, Maturing May 9, 2018
        1,000       970,000      
Softlayer Technologies, Inc.
Term Loan, 7.25%, Maturing November 5, 2016
        645       622,546      
SunGard Data Systems, Inc.
Term Loan, 1.99%, Maturing February 28, 2014
        2,166       2,139,634      
Term Loan, 3.90%, Maturing February 26, 2016
        6,642       6,583,661      
SymphonyIRI Group, Inc.
Term Loan, 5.00%, Maturing December 1, 2017
        823       813,680      
TransUnion, LLC
Term Loan, 4.75%, Maturing February 12, 2018
        1,891       1,878,684      
Travelport, LLC
Term Loan, 4.87%, Maturing August 21, 2015
        553       482,679      
Term Loan, 4.87%, Maturing August 21, 2015
        2,856       2,494,052      
Term Loan, 6.05%, Maturing August 21, 2015
  EUR     741       879,446      

 
See Notes to Financial Statements.
7


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Business Equipment and Services (continued)
 
                         
U.S. Security Holdings, Inc.
Term Loan, 1.50%, Maturing July 28, 2017(3)
        118     $ 116,402      
Term Loan, 6.00%, Maturing July 28, 2017
        607       597,723      
West Corp.
Term Loan, 4.61%, Maturing July 15, 2016
        1,943       1,930,363      
Term Loan, 4.63%, Maturing July 15, 2016
        683       678,791      
 
 
                $ 71,459,567      
 
 
 
 
Cable and Satellite Television — 7.9%
 
Atlantic Broadband Finance, LLC
Term Loan, 4.00%, Maturing March 8, 2016
        1,279     $ 1,260,294      
BBHI Acquisition, LLC
Term Loan, 4.50%, Maturing December 14, 2017
        1,241       1,234,422      
Bragg Communications, Inc.
Term Loan, 2.82%, Maturing August 31, 2014
        2,064       2,002,080      
Cequel Communications, LLC
Term Loan, 2.24%, Maturing November 5, 2013
        2,135       2,108,024      
Charter Communications Operating, LLC
Term Loan, 3.62%, Maturing September 6, 2016
        990       984,975      
Crown Media Holdings, Inc.
Term Loan, 5.75%, Maturing July 14, 2018
        524       518,451      
CSC Holdings, Inc.
Term Loan, 1.99%, Maturing March 29, 2016
        2,864       2,842,159      
Insight Midwest Holdings, LLC
Term Loan, 1.99%, Maturing April 7, 2014
        3,157       3,132,079      
Lavena Holdings 4 GmbH
Term Loan, 4.20%, Maturing March 6, 2015
  EUR     369       435,423      
Term Loan, 4.45%, Maturing March 4, 2016
  EUR     369       435,423      
Term Loan, 8.83%, Maturing March 6, 2017(7)
  EUR     391       315,945      
Term Loan - Second Lien, 5.58%, Maturing September 2, 2016
  EUR     520       507,217      
MCC Iowa, LLC
Term Loan, 1.95%, Maturing January 30, 2015
        5,615       5,334,645      
Mediacom, LLC
Term Loan, 4.50%, Maturing October 23, 2017
        815       793,506      
Mediacom Broadband, LLC
Term Loan, 4.50%, Maturing October 23, 2017
        1,457       1,432,893      
Mediacom Illinois, LLC
Term Loan, 1.95%, Maturing January 30, 2015
        3,617       3,422,616      
Term Loan, 5.50%, Maturing March 31, 2017
        980       970,507      
NDS Finance, Ltd.
Term Loan, 4.00%, Maturing March 12, 2018
        1,343       1,321,422      
P7S1 Broadcasting Holding II B.V.
Term Loan, 4.03%, Maturing July 1, 2016
  EUR     1,781       2,327,527      
UPC Broadband Holding B.V.
Term Loan, 5.11%, Maturing December 31, 2016
  EUR     2,353       3,132,388      
Term Loan, 5.36%, Maturing December 31, 2017
  EUR     1,619       2,167,389      
UPC Financing Partnership
Term Loan, 3.87%, Maturing December 30, 2016
        409       397,602      
Term Loan, 3.74%, Maturing December 29, 2017
        1,264       1,223,076      
Term Loan, Maturing December 31, 2017(2)
        375       372,188      
YPSO Holding SA
Term Loan, 4.87%, Maturing June 6, 2016(7)
  EUR     204       240,182      
Term Loan, 4.87%, Maturing June 6, 2016(7)
  EUR     243       286,533      
Term Loan, 4.87%, Maturing June 6, 2016(7)
  EUR     497       585,539      
 
 
                $ 39,784,505      
 
 
 
 
Chemicals and Plastics — 6.4%
 
Arizona Chemical, Inc.
Term Loan, 4.75%, Maturing November 21, 2016
        325     $ 325,929      
Ashland, Inc.
Term Loan, 3.75%, Maturing August 23, 2018
        1,950       1,961,374      
General Chemical Corp.
Term Loan, 5.00%, Maturing October 6, 2015
        555       551,180      
Houghton International, Inc.
Term Loan, 6.75%, Maturing January 29, 2016
        817       819,381      
Huntsman International, LLC
Term Loan, 1.83%, Maturing April 21, 2014
        573       563,440      
Term Loan, 2.52%, Maturing June 30, 2016
        855       830,006      
Term Loan, 2.80%, Maturing April 19, 2017
        1,563       1,513,975      
Ineos Holdings, Ltd.
Term Loan, 9.00%, Maturing June 16, 2015
  EUR     1,250       1,653,521      
INEOS US Finance, LLC
Term Loan, 7.50%, Maturing December 16, 2013
        1,723       1,772,387      
Term Loan, 8.00%, Maturing December 16, 2014
        1,665       1,713,166      
MacDermid, Inc.
Term Loan, 2.25%, Maturing April 11, 2014
        461       449,194      
Momentive Performance Materials, Inc. (Nautilus)
Term Loan, 3.75%, Maturing May 5, 2015
        3,143       2,975,434      
Momentive Specialty Chemicals, Inc.
Term Loan, 4.00%, Maturing May 5, 2015
        479       452,419      
Term Loan, 4.00%, Maturing May 5, 2015
        1,691       1,617,747      
Term Loan, 4.13%, Maturing May 5, 2015
        760       727,366      
Nalco Co.
Term Loan, 4.50%, Maturing October 5, 2017
        1,386       1,387,516      
Norit NV
Term Loan, 6.75%, Maturing July 7, 2017
        1,250       1,218,750      

 
See Notes to Financial Statements.
8


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Chemicals and Plastics (continued)
 
                         
OM Group, Inc.
Term Loan, 5.75%, Maturing August 2, 2017
        525     $ 526,312      
Omnova Solutions, Inc.
Term Loan, 5.75%, Maturing May 31, 2017
        993       983,816      
Rockwood Specialties Group, Inc.
Term Loan, 3.50%, Maturing February 9, 2018
        2,114       2,125,475      
Schoeller Arca Systems Holding
Term Loan, 6.04%, Maturing November 16, 2015
  EUR     145       145,982      
Term Loan, 6.04%, Maturing November 16, 2015
  EUR     412       416,223      
Term Loan, 6.04%, Maturing November 16, 2015
  EUR     443       447,896      
Solutia, Inc.
Term Loan, 3.50%, Maturing August 1, 2017
        2,077       2,083,623      
Styron S.A.R.L.
Term Loan, 6.00%, Maturing August 2, 2017
        2,878       2,646,191      
Univar, Inc.
Term Loan, 5.00%, Maturing June 30, 2017
        2,563       2,511,924      
 
 
                $ 32,420,227      
 
 
 
 
Clothing / Textiles — 0.2%
 
Phillips-Van Heusen Corp.
Term Loan, 3.50%, Maturing May 6, 2016
        547     $ 547,905      
Warnaco, Inc.
Term Loan, 3.75%, Maturing June 15, 2018
        499       496,256      
 
 
                $ 1,044,161      
 
 
 
 
Conglomerates — 3.6%
 
Education Management, LLC
Term Loan, 2.13%, Maturing June 3, 2013
        3,988     $ 3,793,580      
Financiere SPIE S.A.S.
Term Loan, 6.12%, Maturing June 29, 2018
  EUR     2,000       2,615,193      
Jason, Inc.
Term Loan, 8.25%, Maturing September 21, 2014
        173       172,755      
Term Loan, 8.25%, Maturing September 22, 2014
        69       68,772      
Term Loan, 8.50%, Maturing September 22, 2014
        225       223,875      
Rexnord Corp.
Term Loan, 2.50%, Maturing July 19, 2013
        768       753,628      
Term Loan, 2.87%, Maturing July 19, 2013
        3,785       3,751,719      
RGIS Holdings, LLC
Term Loan, 2.87%, Maturing April 30, 2014
        122       115,510      
Term Loan, 2.87%, Maturing April 30, 2014
        2,438       2,310,204      
Spectrum Brands, Inc.
Term Loan, 5.00%, Maturing June 17, 2016
        2,279       2,275,752      
Walter Energy, Inc.
Term Loan, 4.00%, Maturing April 2, 2018
        2,239       2,238,415      
 
 
                $ 18,319,403      
 
 
 
 
Containers and Glass Products — 2.4%
 
Berry Plastics Corp.
Term Loan, 2.24%, Maturing April 3, 2015
        1,949     $ 1,859,884      
BWAY Corp.
Term Loan, 4.50%, Maturing February 23, 2018
        70       69,933      
Term Loan, 4.50%, Maturing February 23, 2018
        794       787,682      
Graphic Packaging International, Inc.
Term Loan, 2.39%, Maturing May 16, 2014
        808       801,913      
Term Loan, 3.14%, Maturing May 16, 2014
        367       368,274      
Hilex Poly Co.
Term Loan, 11.25%, Maturing November 16, 2015
        925       906,500      
Pelican Products, Inc.
Term Loan, 5.00%, Maturing March 7, 2017
        769       761,496      
Reynolds Group Holdings, Inc.
Term Loan, 6.50%, Maturing February 9, 2018
        2,811       2,809,118      
Term Loan, 6.50%, Maturing August 9, 2018
        2,825       2,818,231      
Sealed Air Corp.
Term Loan, 4.75%, Maturing October 3, 2018
        648       655,804      
 
 
                $ 11,838,835      
 
 
 
 
Cosmetics / Toiletries — 0.7%
 
Bausch & Lomb, Inc.
Term Loan, 3.50%, Maturing April 24, 2015
        290     $ 288,808      
Term Loan, 3.59%, Maturing April 24, 2015
        1,191       1,184,984      
KIK Custom Products, Inc.
Term Loan - Second Lien, 5.26%, Maturing November 28, 2014
        975       627,250      
Prestige Brands, Inc.
Term Loan, 4.77%, Maturing March 24, 2016
        1,311       1,316,398      
 
 
                $ 3,417,440      
 
 
 
 
Drugs — 1.5%
 
Aptalis Pharma, Inc.
Term Loan, 5.50%, Maturing February 10, 2017
        1,489     $ 1,441,296      
Capsugel Healthcare, Ltd.
Term Loan, 5.25%, Maturing August 1, 2018
        1,275       1,279,781      
Endo Pharmaceuticals Holdings, Inc.
Term Loan, 4.00%, Maturing June 18, 2018
        1,227       1,231,462      
Graceway Pharmaceuticals, LLC
Term Loan, 0.00%, Maturing May 3, 2012(4)
        550       325,440      

 
See Notes to Financial Statements.
9


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Drugs (continued)
 
                         
Term Loan, 12.00%, Maturing November 3, 2013(7)
        323     $ 2,219      
Term Loan - Second Lien, 0.00%, Maturing May 3, 2013(4)
        1,500       30,938      
Warner Chilcott Corp.
Term Loan, 4.25%, Maturing March 15, 2018
        802       797,009      
Term Loan, 4.25%, Maturing March 15, 2018
        1,603       1,594,019      
WC Luxco S.A.R.L.
Term Loan, 4.25%, Maturing March 15, 2018
        1,102       1,095,888      
 
 
                $ 7,798,052      
 
 
 
 
Ecological Services and Equipment — 0.2%
 
Cory Environmental Holdings
Term Loan - Second Lien, 5.04%, Maturing September 30, 2014(7)
  GBP     513     $ 232,136      
Environmental Systems Products Holdings, Inc.
Term Loan - Second Lien, 13.50%, Maturing September 12, 2014(5)
        618       552,438      
 
 
                $ 784,574      
 
 
 
 
Electronics / Electrical — 8.6%
 
Aeroflex, Inc.
Term Loan, 4.25%, Maturing May 9, 2018
        1,173     $ 1,155,713      
Aspect Software, Inc.
Term Loan, 6.25%, Maturing May 6, 2016
        1,551       1,559,132      
Attachmate Corp.
Term Loan, 6.50%, Maturing April 27, 2017
        950       929,813      
Cinedigm Digital Funding I, LLC
Term Loan, 5.25%, Maturing April 29, 2016
        572       549,022      
CommScope, Inc.
Term Loan, 5.00%, Maturing January 14, 2018
        2,114       2,106,446      
Dealer Computer Services, Inc.
Term Loan, 3.75%, Maturing April 20, 2018
        2,394       2,390,409      
DG FastChannel, Inc.
Term Loan, 5.75%, Maturing July 26, 2018
        1,621       1,604,728      
Eagle Parent, Inc.
Term Loan, 5.00%, Maturing May 16, 2018
        2,594       2,543,251      
Edwards (Cayman Island II), Ltd.
Term Loan, 5.50%, Maturing May 31, 2016
        500       469,584      
Term Loan, 5.50%, Maturing May 31, 2016
        1,241       1,165,154      
FCI International S.A.S.
Term Loan, 3.62%, Maturing November 1, 2013
        123       120,808      
Term Loan, 3.62%, Maturing November 1, 2013
        123       120,808      
Term Loan, 3.62%, Maturing November 1, 2013
        128       125,486      
Term Loan, 3.62%, Maturing November 1, 2013
        128       125,486      
Freescale Semiconductor, Inc.
Term Loan, 4.49%, Maturing December 1, 2016
        3,498       3,375,785      
Infor Enterprise Solutions Holdings
Term Loan, 5.75%, Maturing March 3, 2014
        500       400,000      
Term Loan, 6.00%, Maturing July 28, 2015
        1,470       1,392,022      
Term Loan, 6.00%, Maturing July 28, 2015
        2,818       2,710,307      
Term Loan - Second Lien, 6.50%, Maturing March 3, 2014
        183       151,250      
Term Loan - Second Lien, 6.50%, Maturing March 3, 2014
        317       258,083      
Microsemi Corp.
Term Loan, 5.75%, Maturing February 2, 2018
        1,575       1,586,813      
NXP B.V.
Term Loan, 4.50%, Maturing March 3, 2017
        2,687       2,592,473      
Open Solutions, Inc.
Term Loan, 2.55%, Maturing January 23, 2014
        2,006       1,731,064      
SafeNet, Inc.
Term Loan, 2.75%, Maturing April 12, 2014
        1,936       1,859,777      
Sensata Technologies Finance Co., LLC
Term Loan, 4.00%, Maturing May 11, 2018
        3,516       3,505,199      
Serena Software, Inc.
Term Loan, 4.34%, Maturing March 10, 2016
        474       450,300      
Shield Finance Co. S.A.R.L.
Term Loan, 7.75%, Maturing June 15, 2016
        842       831,660      
SkillSoft Corp.
Term Loan, 6.50%, Maturing May 19, 2017
        250       250,000      
Term Loan, 6.50%, Maturing May 26, 2017
        978       978,386      
Spansion, LLC
Term Loan, 4.75%, Maturing February 9, 2015
        554       551,976      
Sunquest Information Systems, Inc.
Term Loan, 6.25%, Maturing December 16, 2016
        748       740,644      
VeriFone, Inc.
Term Loan, 3.00%, Maturing October 31, 2013
        1,968       1,967,875      
Vertafore, Inc.
Term Loan, 5.25%, Maturing July 29, 2016
        993       976,373      
Web.com Group, Inc.
Term Loan, Maturing October 27, 2017(2)
        2,150       1,930,969      
 
 
                $ 43,206,796      
 
 
 
 
Equipment Leasing — 0.6%
 
BakerCorp. International, Inc.
Term Loan, 5.00%, Maturing June 1, 2018
        848     $ 836,747      
Delos Aircraft, Inc.
Term Loan, 7.00%, Maturing March 17, 2016
        1,425       1,436,874      

 
See Notes to Financial Statements.
10


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Equipment Leasing (continued)
 
                         
International Lease Finance Corp.
Term Loan, 6.75%, Maturing March 17, 2015
        850     $ 858,235      
 
 
                $ 3,131,856      
 
 
 
 
Farming / Agriculture — 0.3%
 
WM. Bolthouse Farms, Inc.
Term Loan, 5.50%, Maturing February 11, 2016
        1,568     $ 1,556,466      
 
 
                $ 1,556,466      
 
 
 
 
Financial Intermediaries — 5.9%
 
AmWINS Group, Inc.
Term Loan, 4.62%, Maturing June 8, 2013
        948     $ 924,416      
Term Loan - Second Lien, 5.86%, Maturing June 8, 2014
        500       475,000      
CB Richard Ellis Services, Inc.
Term Loan, 3.50%, Maturing March 5, 2018
        693       676,968      
Term Loan, 3.74%, Maturing September 4, 2019
        654       639,358      
Citco III, Ltd.
Term Loan, 6.25%, Maturing June 29, 2018
        1,646       1,600,613      
Fifth Third Processing Solutions, LLC
Term Loan, 4.50%, Maturing November 3, 2016
        1,241       1,237,570      
First Data Corp.
Term Loan, 2.99%, Maturing September 24, 2014
        257       238,409      
Term Loan, 2.99%, Maturing September 24, 2014
        1,239       1,148,055      
Term Loan, 2.99%, Maturing September 24, 2014
        2,988       2,769,485      
Term Loan, 4.24%, Maturing March 23, 2018
        1,636       1,421,772      
Grosvenor Capital Management Holdings, LLP
Term Loan, 4.25%, Maturing December 5, 2016
        1,352       1,301,148      
HarbourVest Partners, LLC
Term Loan, 6.25%, Maturing December 14, 2016
        1,125       1,124,763      
iPayment, Inc.
Term Loan, 5.75%, Maturing May 8, 2017
        937       946,673      
LPL Holdings, Inc.
Term Loan, 2.02%, Maturing June 28, 2013
        915       907,913      
Term Loan, 4.25%, Maturing June 25, 2015
        2,881       2,864,457      
Term Loan, 5.25%, Maturing June 28, 2017
        2,080       2,077,504      
Mercury Payment Systems Canada, LLC
Term Loan, 6.50%, Maturing July 3, 2017
        648       649,185      
Mondrian Investment Partners, Ltd.
Term Loan, 5.50%, Maturing July 12, 2018
        1,270       1,269,545      
Nuveen Investments, Inc.
Term Loan, 3.39%, Maturing November 13, 2014
        1,651       1,599,296      
Term Loan, 5.89%, Maturing May 12, 2017
        2,429       2,341,527      
RJO Holdings Corp.
Term Loan, 6.25%, Maturing December 10, 2015(5)
        7       5,773      
Term Loan, 6.25%, Maturing December 10, 2015(5)
        224       169,505      
RPI Finance Trust
Term Loan, 4.00%, Maturing May 9, 2018
        3,491       3,474,886      
 
 
                $ 29,863,821      
 
 
 
 
Food Products — 4.3%
 
American Seafoods Group, LLC
Term Loan, 4.25%, Maturing March 8, 2018
        642     $ 630,691      
Del Monte Foods Co.
Term Loan, 4.50%, Maturing March 8, 2018
        4,416       4,316,457      
Dole Food Company, Inc.
Term Loan, 5.05%, Maturing July 6, 2018
        969       972,455      
JBS USA Holdings, Inc.
Term Loan, 4.25%, Maturing May 25, 2018
        998       982,538      
Michael Foods Group, Inc.
Term Loan, 4.25%, Maturing February 23, 2018
        696       690,883      
NBTY, Inc.
Term Loan, 4.25%, Maturing October 2, 2017
        2,084       2,082,514      
Pierre Foods, Inc.
Term Loan, 7.00%, Maturing September 30, 2016
        1,238       1,228,735      
Pinnacle Foods Holdings Corp.
Term Loan, 2.77%, Maturing April 2, 2014
        6,554       6,483,016      
Provimi Holding
Term Loan, 2.12%, Maturing June 28, 2015
        205       203,564      
Term Loan, 2.12%, Maturing June 28, 2015
        252       250,511      
Term Loan, 3.24%, Maturing June 28, 2015
  EUR     29       39,241      
Term Loan, 3.24%, Maturing June 28, 2015
  EUR     265       364,321      
Term Loan, 3.24%, Maturing June 28, 2015
  EUR     394       540,863      
Term Loan, 3.24%, Maturing June 28, 2015
  EUR     431       591,905      
Term Loan - Second Lien, 4.96%, Maturing December 28, 2016
        148       146,848      
Term Loan - Second Lien, 5.62%, Maturing December 28, 2016
  EUR     24       33,147      
Term Loan - Second Lien, 5.62%, Maturing December 28, 2016
  EUR     331       453,978      
Solvest, Ltd.
Term Loan, 5.03%, Maturing July 6, 2018
        1,799       1,805,988      
 
 
                $ 21,817,655      
 
 
 

 
See Notes to Financial Statements.
11


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Food Service — 5.7%
 
Aramark Corp.
Term Loan, 2.11%, Maturing January 27, 2014
        169     $ 166,970      
Term Loan, 2.24%, Maturing January 27, 2014
        2,094       2,069,957      
Term Loan, 2.95%, Maturing January 27, 2014
  GBP     953       1,454,949      
Term Loan, 3.49%, Maturing July 26, 2016
        304       301,524      
Term Loan, 3.62%, Maturing July 26, 2016
        4,621       4,584,867      
Buffets, Inc.
Term Loan, 14.00%, Maturing April 21, 2015(7)
        1,235       586,806      
Term Loan, 9.62%, Maturing April 22, 2015(7)
        125       56,144      
Burger King Corp.
Term Loan, 4.50%, Maturing October 19, 2016
        4,789       4,776,840      
Denny’s, Inc.
Term Loan, 5.25%, Maturing September 30, 2016
        630       632,362      
DineEquity, Inc.
Term Loan, 4.32%, Maturing October 19, 2017
        1,583       1,584,728      
Dunkin’ Brands, Inc.
Term Loan, 4.00%, Maturing November 23, 2017
        3,102       3,102,472      
NPC International, Inc.
Term Loan, 2.01%, Maturing May 3, 2013
        268       266,958      
OSI Restaurant Partners, LLC
Term Loan, 2.80%, Maturing June 14, 2013
        447       428,290      
Term Loan, 2.56%, Maturing June 14, 2014
        4,970       4,758,669      
Sagittarius Restaurants, LLC
Term Loan, 7.51%, Maturing May 18, 2015
        450       447,750      
Selecta
Term Loan - Second Lien, 5.77%, Maturing December 28, 2015
  EUR     741       685,484      
U.S. Foodservice, Inc.
Term Loan, 2.75%, Maturing July 3, 2014
        1,987       1,849,431      
Wendy’s/Arby’s Restaurants, LLC
Term Loan, 5.00%, Maturing May 24, 2017
        821       820,177      
 
 
                $ 28,574,378      
 
 
 
 
Food / Drug Retailers — 5.1%
 
Alliance Boots Holdings, Ltd.
Term Loan, 3.63%, Maturing July 9, 2015
  GBP     1,775     $ 2,617,676      
Term Loan, 4.15%, Maturing July 9, 2015
  EUR     1,000       1,301,172      
General Nutrition Centers, Inc.
Term Loan, 4.25%, Maturing March 2, 2018
        4,725       4,719,094      
Pantry, Inc. (The)
Term Loan, 2.00%, Maturing May 15, 2014
        217       208,435      
Term Loan, 2.00%, Maturing May 15, 2014
        752       723,851      
Rite Aid Corp.
Term Loan, 2.00%, Maturing June 4, 2014
        7,966       7,653,939      
Term Loan, 4.50%, Maturing March 2, 2018
        2,114       2,008,222      
Roundy’s Supermarkets, Inc.
Term Loan, 7.00%, Maturing November 3, 2013
        3,262       3,194,487      
Supervalu, Inc.
Term Loan, 4.50%, Maturing April 28, 2018
        3,234       3,108,442      
 
 
                $ 25,535,318      
 
 
 
 
Health Care — 18.0%
 
1-800-Contacts, Inc.
Term Loan, 7.70%, Maturing March 4, 2015
        902     $ 897,367      
Alere, Inc.
Term Loan, 4.50%, Maturing June 30, 2017
        2,375       2,339,375      
Alliance Healthcare Services
Term Loan, 7.25%, Maturing June 1, 2016
        1,137       1,034,658      
Ardent Medical Services, Inc.
Term Loan, 6.50%, Maturing September 15, 2015
        1,133       1,110,803      
Term Loan, 6.50%, Maturing September 18, 2015
        675       660,656      
Aveta Holdings, LLC
Term Loan, 8.50%, Maturing April 14, 2015
        510       505,731      
Term Loan, 8.50%, Maturing April 14, 2015
        510       505,731      
Biomet, Inc.
Term Loan, 3.32%, Maturing March 25, 2015
        3,696       3,650,973      
Carestream Health, Inc.
Term Loan, 5.00%, Maturing February 25, 2017
        1,517       1,365,887      
Carl Zeiss Vision Holding GmbH
Term Loan, 4.00%, Maturing September 30, 2019(7)
        135       113,556      
Catalent Pharma Solutions
Term Loan, 2.50%, Maturing April 10, 2014
        2,139       2,046,403      
CDRL MS, Inc.
Term Loan, 6.75%, Maturing September 29, 2016
        878       872,230      
Community Health Systems, Inc.
Term Loan, 2.57%, Maturing July 25, 2014
        351       341,832      
Term Loan, 2.57%, Maturing July 25, 2014
        6,838       6,651,159      
Term Loan, 3.82%, Maturing January 25, 2017
        3,432       3,335,598      
ConMed Corp.
Term Loan, 1.75%, Maturing April 12, 2013
        439       430,601      
ConvaTec, Inc.
Term Loan, 5.75%, Maturing December 22, 2016
        995       972,600      
CRC Health Corp.
Term Loan, 4.87%, Maturing November 16, 2015
        1,940       1,842,715      

 
See Notes to Financial Statements.
12


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Health Care (continued)
 
                         
Dako EQT Project Delphi
Term Loan - Second Lien, 4.12%, Maturing December 12, 2016
        500     $ 428,125      
DaVita, Inc.
Term Loan, 4.50%, Maturing October 20, 2016
        2,978       2,976,571      
DJO Finance, LLC
Term Loan, 3.25%, Maturing May 20, 2014
        635       614,010      
Drumm Investors, LLC
Term Loan, 5.00%, Maturing May 4, 2018
        1,497       1,368,911      
Emdeon Business Services, LLC
Term Loan, 4.25%, Maturing November 18, 2013
        2,452       2,463,769      
Emergency Medical Services Corp.
Term Loan, 5.25%, Maturing May 25, 2018
        1,997       1,959,541      
Fresenius US Finance I, Inc.
Term Loan, 3.50%, Maturing September 10, 2014
        308       308,009      
Term Loan, 3.50%, Maturing September 10, 2014
        686       685,838      
Grifols, Inc.
Term Loan, 6.00%, Maturing June 1, 2017
        2,145       2,154,008      
Hanger Orthopedic Group, Inc.
Term Loan, 4.00%, Maturing December 1, 2016
        670       654,026      
HCA, Inc.
Term Loan, 3.62%, Maturing March 31, 2017
        6,168       6,000,791      
Term Loan, 3.62%, Maturing May 1, 2018
        2,572       2,487,739      
Health Management Associates, Inc.
Term Loan, 2.12%, Maturing February 28, 2014
        6,981       6,858,844      
Iasis Healthcare, LLC
Term Loan, 5.00%, Maturing May 3, 2018
        1,667       1,633,293      
Immucor, Inc.
Term Loan, 7.25%, Maturing August 17, 2018
        700       705,250      
inVentiv Health, Inc.
Term Loan, 6.50%, Maturing August 4, 2016
        1,884       1,841,246      
Term Loan, 6.75%, Maturing May 15, 2018
        1,172       1,163,272      
Kindred Healthcare, Inc.
Term Loan, 5.25%, Maturing June 1, 2018
        1,820       1,702,109      
Kinetic Concepts, Inc.
Term Loan, Maturing November 2, 2018(2)
        4,025       4,041,036      
Lifepoint Hospitals, Inc.
Term Loan, 3.08%, Maturing April 15, 2015
        2,022       1,997,000      
MedAssets, Inc.
Term Loan, 5.25%, Maturing November 16, 2016
        845       840,473      
Medpace, Inc.
Term Loan, 6.50%, Maturing June 16, 2017
        873       833,536      
MultiPlan, Inc.
Term Loan, 4.75%, Maturing August 26, 2017
        3,520       3,415,896      
Physiotherapy Associates, Inc.
Term Loan, 7.50%, Maturing June 27, 2013
        643       639,713      
Prime Healthcare Services, Inc.
Term Loan, 7.25%, Maturing April 22, 2015
        2,290       2,181,344      
RadNet Management, Inc.
Term Loan, 5.75%, Maturing April 1, 2016
        1,084       1,040,160      
Renal Advantage Holdings, Inc.
Term Loan, 5.75%, Maturing December 16, 2016
        720       720,462      
Select Medical Corp.
Term Loan, 5.50%, Maturing May 25, 2018
        3,017       2,806,217      
Sunrise Medical Holdings, Inc.
Term Loan, 7.25%, Maturing May 13, 2014
  EUR     237       303,862      
TriZetto Group, Inc. (The)
Term Loan, 4.75%, Maturing May 2, 2018
        1,471       1,450,162      
Universal Health Services, Inc.
Term Loan, 4.00%, Maturing November 15, 2016
        2,103       2,093,205      
Vanguard Health Holding Co., II, LLC
Term Loan, 5.00%, Maturing January 29, 2016
        1,576       1,566,956      
VWR Funding, Inc.
Term Loan, 2.75%, Maturing June 30, 2014
        2,222       2,145,202      
 
 
                $ 90,758,451      
 
 
 
 
Home Furnishings — 0.8%
 
Hunter Fan Co.
Term Loan, 2.75%, Maturing April 16, 2014
        326     $ 299,763      
National Bedding Co., LLC
Term Loan, 3.88%, Maturing November 28, 2013
        1,437       1,424,163      
Term Loan - Second Lien, 5.31%, Maturing February 28, 2014
        2,050       1,988,500      
Yankee Candle Company, Inc. (The)
Term Loan, 2.25%, Maturing February 6, 2014
        520       510,354      
 
 
                $ 4,222,780      
 
 
 
 
Industrial Equipment — 2.2%
 
Butterfly Wendel US, Inc.
Term Loan, 3.44%, Maturing June 23, 2014
        277     $ 259,110      
Term Loan, 4.19%, Maturing June 22, 2015
        277       259,027      
Excelitas Technologies Corp.
Term Loan, 4.75%, Maturing November 23, 2016
        990       990,000      
Generac CCMP Acquisition Corp.
Term Loan, 2.78%, Maturing November 11, 2013
        1,211       1,176,107      
Husky Injection Molding Systems, Ltd.
Term Loan, 6.50%, Maturing June 30, 2018
        1,498       1,498,125      

 
See Notes to Financial Statements.
13


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Industrial Equipment (continued)
 
                         
KION Group GmbH
Term Loan, 3.75%, Maturing December 23, 2014(7)
        1,028     $ 856,354      
Term Loan, 4.00%, Maturing December 23, 2015(7)
        1,028       856,354      
Manitowoc Company, Inc. (The)
Term Loan, 4.25%, Maturing November 13, 2017
        673       663,213      
Polypore, Inc.
Term Loan, 2.25%, Maturing July 3, 2014
        3,784       3,722,657      
Terex Corp.
Term Loan, 5.50%, Maturing April 28, 2017
        700       701,094      
 
 
                $ 10,982,041      
 
 
 
 
Insurance — 4.1%
 
Alliant Holdings I, Inc.
Term Loan, 3.37%, Maturing August 21, 2014
        2,384     $ 2,371,638      
Applied Systems, Inc.
Term Loan, 5.50%, Maturing December 8, 2016
        1,390       1,361,710      
Asurion Corp.
Term Loan, 5.50%, Maturing May 24, 2018
        5,583       5,527,575      
Term Loan - Second Lien, 9.00%, Maturing May 24, 2019
        1,100       1,084,875      
C.G. JCF Corp.
Term Loan, 3.25%, Maturing August 1, 2014
        518       503,513      
CCC Information Services Group, Inc.
Term Loan, 5.50%, Maturing November 11, 2015
        1,418       1,419,647      
CNO Financial Group, Inc.
Term Loan, 6.25%, Maturing September 30, 2016
        1,041       1,049,194      
HUB International Holdings, Inc.
Term Loan, 2.87%, Maturing June 13, 2014
        487       476,702      
Term Loan, 2.87%, Maturing June 13, 2014
        2,166       2,121,173      
Term Loan, 6.75%, Maturing June 13, 2014
        564       564,909      
Towergate Finance, PLC
Term Loan, 6.50%, Maturing August 4, 2017
  GBP     1,000       1,489,989      
U.S.I. Holdings Corp.
Term Loan, 2.75%, Maturing May 5, 2014
        2,975       2,832,282      
 
 
                $ 20,803,207      
 
 
 
 
Leisure Goods / Activities / Movies — 8.0%
 
Alpha D2, Ltd.
Term Loan, 2.53%, Maturing December 31, 2013
        864     $ 828,371      
Term Loan, 2.53%, Maturing December 31, 2013
        1,582       1,515,981      
Term Loan - Second Lien, 3.90%, Maturing June 30, 2014
        2,000       1,865,714      
AMC Entertainment, Inc.
Term Loan, 3.49%, Maturing December 16, 2016
        3,708       3,667,896      
AMC Networks, Inc.
Term Loan, 4.00%, Maturing December 31, 2018
        1,347       1,335,404      
Bombardier Recreational Products
Term Loan, 2.90%, Maturing June 28, 2013
        2,810       2,733,096      
Bright Horizons Family Solutions, Inc.
Term Loan, 4.25%, Maturing May 28, 2015
        913       890,586      
Carmike Cinemas, Inc.
Term Loan, 5.50%, Maturing January 27, 2016
        722       718,842      
Cedar Fair, L.P.
Term Loan, 4.00%, Maturing December 15, 2017
        1,930       1,934,402      
Cinemark USA, Inc.
Term Loan, 3.52%, Maturing April 29, 2016
        3,434       3,419,350      
Clubcorp Operations, Inc.
Term Loan, 6.00%, Maturing November 9, 2016
        1,645       1,641,012      
Dave & Buster’s, Inc.
Term Loan, 5.50%, Maturing May 12, 2016
        985       976,381      
Deluxe Entertainment Services Group, Inc.
Term Loan, 6.25%, Maturing May 11, 2013
        59       58,169      
Term Loan, 6.25%, Maturing May 11, 2013
        839       826,004      
Fender Musical Instruments Corp.
Term Loan, 2.50%, Maturing June 9, 2014
        286       266,728      
Term Loan, 2.50%, Maturing June 9, 2014
        563       525,294      
Live Nation Entertainment, Inc.
Term Loan, 4.50%, Maturing November 7, 2016
        2,266       2,262,668      
Regal Cinemas Corp.
Term Loan, 3.37%, Maturing August 23, 2017
        4,367       4,319,509      
Revolution Studios Distribution Co., LLC
Term Loan, 4.03%, Maturing December 21, 2014
        927       681,511      
Term Loan - Second Lien, 7.25%, Maturing June 21, 2015(5)
        800       247,520      
SeaWorld Parks & Entertainment, Inc.
Term Loan, 4.00%, Maturing August 17, 2017
        1,745       1,736,751      
Six Flags Theme Parks, Inc.
Term Loan, 5.25%, Maturing June 30, 2016
        3,141       3,150,399      
Town Sports International, Inc.
Term Loan, 7.00%, Maturing May 4, 2018
        1,010       1,002,053      
Zuffa, LLC
Term Loan, 2.25%, Maturing June 19, 2015
        3,902       3,745,906      
 
 
                $ 40,349,547      
 
 
 
 
Lodging and Casinos — 3.3%
 
Ameristar Casinos, Inc.
Term Loan, 4.00%, Maturing April 13, 2018
        1,045       1,045,186      

 
See Notes to Financial Statements.
14


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Lodging and Casinos (continued)
 
                         
Caesars Entertainment Operating Co.
Term Loan, 3.36%, Maturing January 28, 2015
        1,223     $ 1,080,388      
Term Loan, 3.42%, Maturing January 28, 2015
        748       662,087      
Term Loan, 3.42%, Maturing January 28, 2015
        1,500       1,328,840      
Term Loan, 9.50%, Maturing October 31, 2016
        2,948       2,989,870      
Gala Group, Ltd.
Term Loan, 5.71%, Maturing May 30, 2018
  GBP     1,625       2,219,823      
Isle of Capri Casinos, Inc.
Term Loan, 4.75%, Maturing November 1, 2013
        920       923,826      
Las Vegas Sands, LLC
Term Loan, 2.84%, Maturing November 23, 2016
        549       531,528      
Term Loan, 2.84%, Maturing November 23, 2016
        2,175       2,105,776      
LodgeNet Entertainment Corp.
Term Loan, 6.50%, Maturing April 4, 2014
        1,444       1,263,613      
Penn National Gaming, Inc.
Term Loan, 3.75%, Maturing July 16, 2018
        1,147       1,151,965      
Tropicana Entertainment, Inc.
Term Loan, 15.00%, Maturing March 8, 2013
        182       199,850      
VML US Finance, LLC
Term Loan, 4.75%, Maturing May 27, 2013
        967       963,113      
 
 
                $ 16,465,865      
 
 
 
 
Nonferrous Metals / Minerals — 1.6%
 
Fairmount Minerals, Ltd.
Term Loan, 5.25%, Maturing March 15, 2017
        2,790     $ 2,783,025      
Noranda Aluminum Acquisition
Term Loan, 2.00%, Maturing May 16, 2014
        499       483,737      
Novelis, Inc.
Term Loan, 3.75%, Maturing March 10, 2017
        2,035       2,027,312      
Oxbow Carbon and Mineral Holdings
Term Loan, 3.86%, Maturing May 8, 2016
        2,658       2,567,872      
 
 
                $ 7,861,946      
 
 
 
 
Oil and Gas — 3.0%
 
Big West Oil, LLC
Term Loan, 7.00%, Maturing March 31, 2016
        369     $ 373,470      
Buffalo Gulf Coast Terminals, LLC
Term Loan, Maturing October 31, 2017(2)
        550       556,875      
CITGO Petroleum Corp.
Term Loan, 8.00%, Maturing June 24, 2015
        210       210,754      
Term Loan, 9.00%, Maturing June 23, 2017
        2,543       2,596,212      
Crestwood Holdings, LLC
Term Loan, 10.50%, Maturing September 30, 2016
        447       454,582      
Frac Tech International, LLC
Term Loan, 6.25%, Maturing May 6, 2016
        2,095       2,086,814      
Gibson Energy
Term Loan, 5.75%, Maturing June 14, 2018
        2,070       2,074,987      
MEG Energy Corp.
Term Loan, 4.00%, Maturing March 16, 2018
        1,225       1,224,873      
Obsidian Natural Gas Trust
Term Loan, 7.00%, Maturing November 2, 2015
        3,707       3,725,669      
Sheridan Production Partners I, LLC
Term Loan, 6.50%, Maturing April 20, 2017
        106       106,707      
Term Loan, 6.50%, Maturing April 20, 2017
        174       174,699      
Term Loan, 6.50%, Maturing April 20, 2017
        1,316       1,318,399      
 
 
                $ 14,904,041      
 
 
 
 
Publishing — 6.3%
 
Ascend Learning
Term Loan, 7.01%, Maturing December 6, 2016
        1,092     $ 1,063,548      
Aster Zweite Beteiligungs GmbH
Term Loan, 4.80%, Maturing December 31, 2014
        1,699       1,514,250      
Term Loan, 4.80%, Maturing December 30, 2016
        1,509       1,344,949      
Term Loan, 4.80%, Maturing December 30, 2016
        1,775       1,581,525      
Cengage Learning Acquisitions, Inc.
Term Loan, 2.50%, Maturing July 3, 2014
        992       856,125      
GateHouse Media Operating, Inc.
Term Loan, 2.25%, Maturing August 28, 2014
        862       212,553      
Term Loan, 2.25%, Maturing August 28, 2014
        2,054       506,735      
Term Loan, 2.50%, Maturing August 28, 2014
        667       164,583      
Getty Images, Inc.
Term Loan, 5.25%, Maturing November 7, 2016
        3,432       3,446,714      
Instant Web, Inc.
Term Loan, 3.62%, Maturing August 7, 2014
        166       157,950      
Term Loan, 3.62%, Maturing August 7, 2014
        1,595       1,515,231      
Interactive Data Corp.
Term Loan, 4.50%, Maturing February 12, 2018
        2,256       2,242,891      
Lamar Media Corp.
Term Loan, 4.00%, Maturing December 30, 2016
        631       632,053      
Laureate Education, Inc.
Term Loan, 5.25%, Maturing August 15, 2018
        4,840       4,543,625      
MediaNews Group, Inc.
Term Loan, 8.50%, Maturing March 19, 2014
        112       107,765      
Merrill Communications, LLC
Term Loan, 7.50%, Maturing December 24, 2012
        1,225       1,182,423      
Nelson Education, Ltd.
Term Loan, 2.87%, Maturing July 3, 2014
        462       372,076      

 
See Notes to Financial Statements.
15


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Publishing (continued)
 
                         
Nielsen Finance, LLC
Term Loan, 2.24%, Maturing August 9, 2013
        5,264     $ 5,244,480      
Term Loan, 3.99%, Maturing May 2, 2016
        1,963       1,957,700      
SGS International, Inc.
Term Loan, 3.75%, Maturing September 30, 2013
        457       452,454      
Source Interlink Companies, Inc.
Term Loan, 10.75%, Maturing June 18, 2013
        895       861,776      
Term Loan, 15.00%, Maturing March 18, 2014(7)
        644       595,998      
Springer Science+Business Media S.A.
Term Loan, 4.25%, Maturing June 17, 2016
        1,000       964,375      
 
 
                $ 31,521,779      
 
 
 
 
Radio and Television — 4.0%
 
Block Communications, Inc.
Term Loan, 2.25%, Maturing December 21, 2012
        801     $ 801,125      
Clear Channel Communication
Term Loan, 3.90%, Maturing January 28, 2016
        1,500       1,188,984      
Cumulus Media, Inc.
Term Loan, 5.75%, Maturing September 17, 2018
        4,675       4,628,250      
Foxco Acquisition Sub, LLC
Term Loan, 4.75%, Maturing July 14, 2015
        549       535,260      
Gray Television, Inc.
Term Loan, 3.74%, Maturing December 31, 2014
        633       621,058      
HIT Entertainment, Inc.
Term Loan, 5.51%, Maturing June 1, 2012
        739       733,039      
Hubbard Radio, LLC
Term Loan, 5.25%, Maturing April 28, 2017
        998       990,019      
Miramax Film NY, LLC
Term Loan, 7.75%, Maturing May 20, 2016
        838       838,462      
Mission Broadcasting, Inc.
Term Loan, 5.00%, Maturing September 30, 2016
        520       517,319      
Nexstar Broadcasting, Inc.
Term Loan, 5.00%, Maturing September 30, 2016
        813       809,154      
Raycom TV Broadcasting, LLC
Term Loan, 4.50%, Maturing May 31, 2017
        873       829,172      
Univision Communications, Inc.
Term Loan, 2.25%, Maturing September 29, 2014
        3,336       3,220,628      
Term Loan, 4.50%, Maturing March 31, 2017
        3,336       3,032,717      
Weather Channel
Term Loan, 4.25%, Maturing February 13, 2017
        1,134       1,139,263      
 
 
                $ 19,884,450      
 
 
 
 
Retailers (Except Food and Drug) — 4.6%
 
Amscan Holdings, Inc.
Term Loan, 6.75%, Maturing December 4, 2017
        3,010     $ 2,969,308      
BJ’s Wholesale Club, Inc.
Term Loan, 7.00%, Maturing September 27, 2018
        1,925       1,925,803      
FTD, Inc.
Term Loan, 4.75%, Maturing June 6, 2018
        1,272       1,247,966      
Harbor Freight Tools USA, Inc.
Term Loan, 6.50%, Maturing December 22, 2017
        1,773       1,765,899      
J. Crew Operating Corp.
Term Loan, 4.75%, Maturing March 7, 2018
        1,592       1,497,674      
Jo-Ann Stores, Inc.
Term Loan, 4.75%, Maturing March 16, 2018
        1,997       1,927,581      
Michaels Stores, Inc.
Term Loan, 2.66%, Maturing October 31, 2013
        926       909,894      
Neiman Marcus Group, Inc.
Term Loan, 4.75%, Maturing May 16, 2018
        3,050       2,968,031      
PETCO Animal Supplies, Inc.
Term Loan, 4.50%, Maturing November 24, 2017
        1,238       1,229,766      
Pilot Travel Centers, LLC
Term Loan, 4.25%, Maturing March 30, 2018
        1,777       1,780,513      
Savers, Inc.
Term Loan, 4.25%, Maturing March 3, 2017
        1,194       1,188,776      
Service Master Co.
Term Loan, 2.75%, Maturing July 24, 2014
        134       128,955      
Term Loan, 2.76%, Maturing July 24, 2014
        1,350       1,294,925      
Visant Holding Corp.
Term Loan, 5.25%, Maturing December 22, 2016
        1,390       1,321,762      
Vivarte
Term Loan, 3.23%, Maturing March 9, 2015
  EUR     29       33,225      
Term Loan, 3.23%, Maturing March 9, 2015
  EUR     62       72,644      
Term Loan, 3.23%, Maturing March 9, 2015
  EUR     347       403,763      
Term Loan, 3.85%, Maturing March 8, 2016
  EUR     441       512,447      
Term Loan, 3.85%, Maturing May 29, 2016
  EUR     18       21,399      
Term Loan, 3.85%, Maturing May 29, 2016
  EUR     71       82,780      
 
 
                $ 23,283,111      
 
 
 
 
Steel — 0.5%
 
JMC Steel Group, Inc.
Term Loan, 4.75%, Maturing April 3, 2017
        697     $ 693,018      
Niagara Corp.
Term Loan, 10.50%, Maturing June 29, 2014(5)(7)
        1,361       1,333,306      
SunCoke Energy, Inc.
Term Loan, 4.01%, Maturing July 26, 2018
        499       498,750      
 
 
                $ 2,525,074      
 
 
 

 
See Notes to Financial Statements.
16


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Borrower/Tranche Description       (000’s omitted)     Value      
 
 
Surface Transport — 1.1%
 
Hertz Corp.
Term Loan, 3.75%, Maturing March 9, 2018
        3,507     $ 3,486,082      
Swift Transportation Co., Inc.
Term Loan, 6.00%, Maturing December 21, 2016
        2,096       2,103,030      
 
 
                $ 5,589,112      
 
 
 
 
Telecommunications — 4.7%
 
Alaska Communications Systems Holdings, Inc.
Term Loan, 5.50%, Maturing October 21, 2016
        1,811     $ 1,781,879      
Cellular South, Inc.
Term Loan, 4.50%, Maturing July 27, 2017
        848       845,755      
Intelsat Jackson Holdings SA
Term Loan, 5.25%, Maturing April 2, 2018
        10,298       10,269,291      
Macquarie UK Broadcast, Ltd.
Term Loan, 2.96%, Maturing December 1, 2014
  GBP     755       1,032,592      
MetroPCS Wireless
Term Loan, 4.00%, Maturing March 16, 2018
        3,980       3,926,918      
NTelos, Inc.
Term Loan, 4.00%, Maturing August 7, 2015
        912       904,563      
SBA Finance
Term Loan, 3.75%, Maturing June 29, 2018
        948       942,295      
Syniverse Technologies, Inc.
Term Loan, 5.25%, Maturing December 21, 2017
        995       998,097      
Telesat Canada, Inc.
Term Loan, 3.25%, Maturing October 31, 2014
        156       154,034      
Term Loan, 3.25%, Maturing October 31, 2014
        1,818       1,793,200      
TowerCo Finance, LLC
Term Loan, 5.25%, Maturing February 2, 2017
        672       671,625      
Windstream Corp.
Term Loan, 3.12%, Maturing December 17, 2015
        323       321,276      
 
 
                $ 23,641,525      
 
 
 
 
Utilities — 3.5%
 
AES Corp.
Term Loan, 4.25%, Maturing June 1, 2018
        2,587     $ 2,587,323      
BRSP, LLC
Term Loan, 7.50%, Maturing June 4, 2014
        962       966,568      
Calpine Corp.
Term Loan, 4.50%, Maturing April 2, 2018
        948       940,518      
Term Loan, 4.50%, Maturing April 2, 2018
        2,786       2,762,495      
Dynegy Holdings, Inc.
Term Loan, 9.25%, Maturing August 4, 2016
        525       518,519      
Term Loan, 9.25%, Maturing August 4, 2016
        950       952,375      
EquiPower Resources Holdings, LLC
Term Loan, 5.75%, Maturing January 26, 2018
        530       530,011      
NRG Energy, Inc.
Term Loan, 4.00%, Maturing July 2, 2018
        4,414       4,423,132      
TXU Texas Competitive Electric Holdings Co., LLC
Term Loan, 4.76%, Maturing October 10, 2017
        5,832       3,989,056      
 
 
                $ 17,669,997      
 
 
             
Total Senior Floating-Rate Interests
           
(identified cost $744,100,499)
  $ 729,153,940      
 
 
                         
                         
Corporate Bonds & Notes — 8.6%
 
        Principal
           
        Amount*
           
Security       (000’s omitted)     Value      
 
 
 
Automotive — 0.0%(8)
 
American Axle & Manufacturing Holdings, Inc., Sr. Notes
9.25%, 1/15/17(9)
        104     $ 113,880      
 
 
                $ 113,880      
 
 
 
 
Broadcast Radio and Television — 0.1%
 
XM Satellite Radio Holdings, Inc.
13.00%, 8/1/14(9)
        485     $ 554,112      
 
 
                $ 554,112      
 
 
 
 
Building and Development — 0.7%
 
AMO Escrow Corp., Sr. Notes
11.50%, 12/15/17(9)
        1,802     $ 1,630,810      
Grohe Holding GmbH, Variable Rate
4.447%, 1/15/14(10)
  EUR     1,575       2,081,258      
 
 
                $ 3,712,068      
 
 
 
 
Business Equipment and Services — 0.3%
 
Brocade Communications Systems, Inc., Sr. Notes
6.625%, 1/15/18
        30     $ 31,275      
6.875%, 1/15/20
        30       31,575      
RSC Equipment Rental, Inc., Sr. Notes
10.00%, 7/15/17(9)
        750       840,000      
SunGard Data Systems, Inc., Sr. Notes
10.625%, 5/15/15
        500       541,250      

 
See Notes to Financial Statements.
17


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Security       (000’s omitted)     Value      
 
 
Business Equipment and Services (continued)
 
                         
Ticketmaster Entertainment, Inc.
10.75%, 8/1/16
        40     $ 42,000      
 
 
                $ 1,486,100      
 
 
 
 
Chemicals and Plastics — 0.2%
 
Styrolution Group GmbH, Sr. Notes
7.625%, 5/15/16(9)
  EUR     1,075     $ 1,182,545      
 
 
                $ 1,182,545      
 
 
 
 
Conglomerates — 0.1%
 
Education Management, LLC, Sr. Notes
8.75%, 6/1/14
        390     $ 388,050      
RBS Global & Rexnord Corp.
11.75%, 8/1/16
        155       164,300      
 
 
                $ 552,350      
 
 
 
 
Containers and Glass Products — 0.4%
 
Berry Plastics Corp., Sr. Notes, Variable Rate
5.153%, 2/15/15
        2,000     $ 1,985,000      
 
 
                $ 1,985,000      
 
 
 
 
Cosmetics / Toiletries — 0.3%
 
Revlon Consumer Products Corp.
9.75%, 11/15/15
        1,415     $ 1,524,662      
 
 
                $ 1,524,662      
 
 
 
 
Ecological Services and Equipment — 0.1%
 
Environmental Systems Product Holdings, Inc., Jr. Notes
18.00%, 3/31/15(5)
        373     $ 314,905      
 
 
                $ 314,905      
 
 
 
 
Electronics / Electrical — 0.1%
 
NXP BV/NXP Funding, LLC, Variable Rate
3.153%, 10/15/13
        674     $ 663,047      
 
 
                $ 663,047      
 
 
 
 
Equipment Leasing — 0.3%
 
International Lease Finance Corp., Sr. Notes
5.65%, 6/1/14
        1,000     $ 965,000      
6.75%, 9/1/16(9)
        350       361,812      
7.125%, 9/1/18(9)
        350       363,125      
 
 
                $ 1,689,937      
 
 
 
 
Financial Intermediaries — 1.1%
 
First Data Corp., Sr. Notes
7.375%, 6/15/19(9)
        1,000     $ 995,000      
Ford Motor Credit Co., LLC, Sr. Notes
12.00%, 5/15/15
        2,250       2,843,350      
8.00%, 12/15/16
        175       202,755      
UPCB Finance II, Ltd., Sr. Notes
6.375%, 7/1/20(9)
  EUR     1,000       1,300,678      
 
 
                $ 5,341,783      
 
 
 
 
Food Service — 0.1%
 
NPC International, Inc., Sr. Sub. Notes
9.50%, 5/1/14
        245     $ 250,513      
 
 
                $ 250,513      
 
 
 
 
Forest Products — 0.0%(8)
 
Verso Paper Holdings, LLC/Verso Paper, Inc.
11.375%, 8/1/16
        140     $ 104,300      
 
 
                $ 104,300      
 
 
 
 
Health Care — 0.0%(8)
 
Accellent, Inc., Sr. Notes
8.375%, 2/1/17
        135     $ 138,375      
 
 
                $ 138,375      
 
 
 
 
Industrial Equipment — 0.2%
 
Terex Corp., Sr. Notes
10.875%, 6/1/16
        1,000     $ 1,115,000      
 
 
                $ 1,115,000      
 
 
 
 
Insurance — 0.0%(8)
 
Alliant Holdings I, Inc.
11.00%, 5/1/15(9)
        40     $ 41,450      
 
 
                $ 41,450      
 
 
 
 
Leisure Goods / Activities / Movies — 0.1%
 
AMC Entertainment, Inc., Sr. Notes
8.75%, 6/1/19
        110       116,875      

 
See Notes to Financial Statements.
18


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Security       (000’s omitted)     Value      
 
 
Leisure Goods / Activities / Movies (continued)
 
                         
Royal Caribbean Cruises, Sr. Notes
7.00%, 6/15/13
        95     $ 99,987      
6.875%, 12/1/13
        35       36,663      
7.25%, 6/15/16
        25       26,625      
7.25%, 3/15/18
        50       52,250      
 
 
                $ 332,400      
 
 
 
 
Lodging and Casinos — 0.8%
 
Buffalo Thunder Development Authority
9.375%, 12/15/49(4)(9)
        480     $ 170,400      
CCM Merger, Inc.
8.00%, 8/1/13(9)
        50       47,750      
Harrah’s Operating Co., Inc., Sr. Notes
11.25%, 6/1/17
        1,500       1,612,500      
Inn of the Mountain Gods Resort & Casino, Sr. Notes
1.25%, 11/30/20(7)(9)
        314       179,217      
8.75%, 11/30/20(9)
        137       134,260      
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
8.00%, 4/1/12
        140       94,850      
7.125%, 8/15/14
        215       115,025      
6.875%, 2/15/15
        230       116,725      
Peninsula Gaming, LLC
10.75%, 8/15/17
        1,000       1,035,000      
Tunica-Biloxi Gaming Authority, Sr. Notes
9.00%, 11/15/15(9)
        310       310,000      
Waterford Gaming, LLC, Sr. Notes
8.625%, 9/15/14(5)(9)
        210       120,814      
 
 
                $ 3,936,541      
 
 
 
 
Nonferrous Metals / Minerals — 0.3%
 
CII Carbon, LLC
11.125%, 11/15/15(9)
        185     $ 195,762      
Cloud Peak Energy Resources, LLC/Cloud Peak Energy
Finance Corp.
8.25%, 12/15/17(9)
        1,000       1,075,000      
8.50%, 12/15/19
        335       360,125      
 
 
                $ 1,630,887      
 
 
 
 
Oil and Gas — 0.1%
 
Petroleum Development Corp., Sr. Notes
12.00%, 2/15/18
        115     $ 125,350      
Petroplus Finance, Ltd.
7.00%, 5/1/17(9)
        145       110,925      
Quicksilver Resources, Inc., Sr. Notes
11.75%, 1/1/16
        125       141,875      
SESI, LLC, Sr. Notes
6.875%, 6/1/14
        60       60,300      
 
 
                $ 438,450      
 
 
 
 
Publishing — 0.2%
 
Laureate Education, Inc.
10.00%, 8/15/15(9)
        1,000     $ 1,010,000      
 
 
                $ 1,010,000      
 
 
 
 
Radio and Television — 0.2%
 
Entravision Communications Corp., Sr. Notes
8.75%, 8/1/17(9)
        1,000     $ 997,500      
 
 
                $ 997,500      
 
 
 
 
Rail Industries — 0.2%
 
American Railcar Industry, Sr. Notes
7.50%, 3/1/14
        175     $ 176,750      
Kansas City Southern Mexico, Sr. Notes
8.00%, 2/1/18
        500       560,000      
 
 
                $ 736,750      
 
 
 
 
Retailers (Except Food and Drug) — 0.4%
 
Amscan Holdings, Inc., Sr. Sub. Notes
8.75%, 5/1/14
        400     $ 404,000      
Sally Holdings, LLC, Sr. Notes
9.25%, 11/15/14
        665       685,781      
10.50%, 11/15/16
        20       21,175      
Toys ‘‘R” Us
10.75%, 7/15/17
        1,000       1,115,000      
 
 
                $ 2,225,956      
 
 
 
 
Steel — 0.0%(8)
 
RathGibson, Inc., Sr. Notes
11.25%, 2/15/14(4)(5)
        445     $ 45      
 
 
                $ 45      
 
 
 
 
Surface Transport — 0.0%(8)
 
CEVA Group PLC, Sr. Notes
11.50%, 4/1/18(9)
        165     $ 149,738      
 
 
                $ 149,738      
 
 
 

 
See Notes to Financial Statements.
19


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
        Principal
           
        Amount*
           
Security       (000’s omitted)     Value      
 
 
Telecommunications — 0.5%
 
Avaya, Inc., Sr. Notes
9.75%, 11/1/15
        840     $ 747,600      
EH Holding Corp., Sr. Notes
6.50%, 6/15/19(9)
        1,000       1,027,500      
Intelsat Bermuda, Ltd.
11.25%, 6/15/16
        210       222,075      
Telesat Canada/Telesat, LLC, Sr. Notes
11.00%, 11/1/15
        405       442,462      
 
 
                $ 2,439,637      
 
 
 
 
Utilities — 1.8%
 
Calpine Corp., Sr. Notes
7.50%, 2/15/21(9)
        4,725     $ 4,984,875      
7.875%, 1/15/23(9)
        3,350       3,551,000      
Dynegy Holdings, LLC
7.625%, 10/15/26
        390       235,950      
Reliant Energy, Inc., Sr. Notes
7.625%, 6/15/14
        20       20,500      
 
 
                $ 8,792,325      
 
 
             
Total Corporate Bonds & Notes
           
(identified cost $43,380,012)
  $ 43,460,256      
 
 
                         
                         
Asset-Backed Securities — 1.3%
 
        Principal
           
        Amount
           
Security       (000’s omitted)     Value      
 
 
Alzette European CLO SA, Series 2004-1A, Class E2, 6.874%, 12/15/20(11)
      $ 400     $ 317,527      
Avalon Capital Ltd. 3, Series 1A, Class D, 2.258%, 2/24/19(9)(11)
        589       404,061      
Babson Ltd., Series 2005-1A, Class C1, 2.353%, 4/15/19(9)(11)
        753       472,998      
Carlyle High Yield Partners, Series 2004-6A, Class C, 2.728%, 8/11/16(9)(11)
        1,000       835,228      
Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.836%, 3/8/17(11)
        985       696,908      
Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 5.153%, 7/17/19(11)
        750       491,281      
Comstock Funding Ltd., Series 2006-1A, Class D, 4.569%, 5/30/20(9)(11)
        692       435,588      
Dryden Leveraged Loan, Series 2004-6A, Class C1, 2.978%, 7/30/16(9)(11)
        1,500       1,500,000      
First CLO Ltd., Series 2004-1A1, Class C, 2.722%, 7/27/16(9)(11)
        1,000       840,129      
Schiller Park CLO Ltd., Series 2007-1A, Class D, 2.668%, 4/25/21(9)(11)
        1,000       631,911      
 
 
             
Total Asset-Backed Securities
           
(identified cost $8,484,344)
  $ 6,625,631      
 
 
                         
                         
Common Stocks — 2.0%
 
Security       Shares     Value      
 
 
 
Air Transport — 0.0%(8)
 
Delta Air Lines, Inc.(12)
        3,971     $ 33,833      
 
 
                $ 33,833      
 
 
 
 
Automotive — 0.6%
 
Dayco Products, LLC(12)(13)
        18,702     $ 764,444      
Hayes Lemmerz International, Inc.(5)(12)(13)
        44,747       2,349,218      
 
 
                $ 3,113,662      
 
 
 
 
Building and Development — 0.1%
 
Panolam Holdings Co.(5)(12)(14)
        253     $ 216,072      
United Subcontractors, Inc.(5)(12)(13)
        508       29,710      
 
 
                $ 245,782      
 
 
 
 
Diversified Manufacturing — 0.0%(8)
 
MEGA Brands, Inc.(12)
        16,150     $ 133,023      
 
 
                $ 133,023      
 
 
 
 
Ecological Services and Equipment — 0.1%
 
Environmental Systems Products Holdings, Inc.(5)(12)(14)
        6,211     $ 262,787      
 
 
                $ 262,787      
 
 
 
 
Financial Intermediaries — 0.0%(8)
 
RTS Investor Corp.(5)(12)(13)
        78     $ 20,501      
 
 
                $ 20,501      
 
 
 
 
Food Service — 0.0%
 
Buffets, Inc.(5)(12)(13)
        23,029     $ 0      
 
 
                $ 0      
 
 
 
 
Leisure Goods / Activities / Movies — 0.2%
 
Metro-Goldwyn-Mayer Holdings, Inc.(12)(13)
        50,438     $ 911,036      
 
 
                $ 911,036      
 
 
 

 
See Notes to Financial Statements.
20


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

                         
Security       Shares     Value      
 
 
Lodging and Casinos — 0.1%
 
Greektown Superholdings, Inc.(12)
        71     $ 4,793      
Tropicana Entertainment, Inc.(12)(13)
        35,670       490,462      
 
 
                $ 495,255      
 
 
 
 
Nonferrous Metals / Minerals — 0.0%(8)
 
Euramax International, Inc.(12)(13)
        701     $ 198,966      
 
 
                $ 198,966      
 
 
 
 
Oil and Gas — 0.0%(8)
 
SemGroup Corp.(12)
        1,397     $ 39,088      
 
 
                $ 39,088      
 
 
 
 
Publishing — 0.7%
 
Ion Media Networks, Inc.(5)(12)(13)
        3,990     $ 3,192,000      
MediaNews Group, Inc.(5)(12)(13)
        10,718       212,108      
Source Interlink Companies, Inc.(5)(12)(13)
        2,290       14,244      
SuperMedia, Inc.(12)
        9,554       16,528      
 
 
                $ 3,434,880      
 
 
 
 
Steel — 0.2%
 
KNIA Holdings, Inc.(5)(12)(13)
        23,138     $ 512,044      
RathGibson Acquisition Co., LLC(5)(12)(14)
        19,800       611,820      
 
 
                $ 1,123,864      
 
 
             
Total Common Stocks
           
(identified cost $4,502,446)
  $ 10,012,677      
 
 
                         
                         
Preferred Stocks — 0.0%(8)
 
Security       Shares     Value      
 
 
 
Ecological Services and Equipment — 0.0%(8)
 
Environmental Systems Products Holdings, Inc., Series A(5)(12)(14)
        1,422     $ 87,538      
 
 
             
Total Preferred Stocks
           
(identified cost $24,885)
  $ 87,538      
 
 
                         
                         
Warrants — 0.0%(8)
 
Security       Shares     Value      
 
 
 
Oil and Gas — 0.0%(8)
 
SemGroup Corp., Expires 11/30/14(12)
        1,470     $ 10,952      
 
 
                $ 10,952      
 
 
 
 
Publishing — 0.0%
 
Reader’s Digest Association, Inc. (The), Expires 2/19/14(5)(12)(13)
        1,450     $ 0      
 
 
                $ 0      
 
 
 
 
Retailers (Except Food and Drug) — 0.0%
 
Oriental Trading Co., Inc., Expires 2/11/16(5)(12)(13)
        6,134     $ 0      
Oriental Trading Co., Inc., Expires 2/11/16(5)(12)(13)
        6,730       0      
 
 
                $ 0      
 
 
             
Total Warrants
           
(identified cost $15)
  $ 10,952      
 
 
                         
                         
Short-Term Investments — 2.2%
 
        Interest/
           
        Principal
           
        Amount
           
Description       (000’s omitted)     Value      
 
 
Eaton Vance Cash Reserves Fund, LLC, 0.12%(15)
      $ 8,817     $ 8,817,147      
State Street Bank and Trust Euro Time Deposit, 0.01%, 11/1/11
        2,383       2,383,102      
 
 
             
Total Short-Term Investments
           
(identified cost $11,200,249)
  $ 11,200,249      
 
 
             
Total Investments — 159.0%
           
(identified cost $811,692,450)
  $ 800,551,243      
 
 
                     
Less Unfunded Loan Commitments — (0.1)%
          $ (362,561 )    
 
 
             
Net Investments — 158.9%
           
(identified cost $811,329,889)
  $ 800,188,682      
 
 
                     
Other Assets, Less Liabilities — (32.8)%
          $ (165,497,076 )    
 
 
                     
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (26.1)%
          $ (131,309,060 )    
 
 
                     
Net Assets Applicable to Common Shares — 100.0%
          $ 503,382,546      
 
 
 
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

 
See Notes to Financial Statements.
21


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Portfolio of Investments — continued

 
requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
 
(2) This Senior Loan will settle after October 31, 2011, at which time the interest rate will be determined.
 
(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) Represents a payment-in-kind security which may pay all or a portion of interest/dividends in additional par/shares.
 
(8) Amount is less than 0.05%.
 
(9) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At October 31, 2011, the aggregate value of these securities is $26,568,068 or 5.3% of the Trust’s net assets applicable to common shares.
 
(10) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
 
(11) Variable rate security. The stated interest rate represents the rate in effect at October 31, 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 October 31, 2011.

 
See Notes to Financial Statements.
22


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Statement of Assets and Liabilities

 
             
Assets   October 31, 2011    
 
Unaffiliated investments, at value (identified cost, $802,512,742)
  $ 791,371,535      
Affiliated investment, at value (identified cost, $8,817,147)
    8,817,147      
Restricted cash*
    780,000      
Foreign currency, at value (identified cost, $4,822,919)
    4,871,744      
Interest and dividends receivable
    3,923,680      
Interest receivable from affiliated investment
    847      
Receivable for investments sold
    7,970,364      
Receivable for open forward foreign currency exchange contracts
    879,001      
Prepaid expenses
    26,878      
Other assets
    10,281      
 
 
Total assets
  $ 818,651,477      
 
 
             
             
 
Liabilities
 
Notes payable
  $ 165,000,000      
Payable for investments purchased
    17,480,750      
Payable for open forward foreign currency exchange contracts
    603,302      
Payable to affiliates:
           
Investment adviser fee
    466,975      
Trustees’ fees
    2,169      
Accrued expenses
    406,675      
 
 
Total liabilities
  $ 183,959,871      
 
 
             
Auction preferred shares (5,252 shares outstanding) at liquidation value plus cumulative unpaid dividends
  $ 131,309,060      
 
 
             
Net assets applicable to common shares
  $ 503,382,546      
 
 
             
             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized, 33,767,691 shares issued and outstanding
  $ 337,677      
Additional paid-in capital
    637,482,422      
Accumulated net realized loss
    (124,308,145 )    
Accumulated undistributed net investment income
    633,849      
Net unrealized depreciation
    (10,763,257 )    
 
 
Net assets applicable to common shares
  $ 503,382,546      
 
 
             
             
 
Net Asset Value Per Common Share
 
($503,382,546 ¸ 33,767,691 common shares issued and outstanding)
  $ 14.91      
 
 
 
* Represents restricted cash on deposit at the custodian as collateral for open financial contracts.

 
See Notes to Financial Statements.
23


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Statement of Operations

 
             
    Year Ended
   
Investment Income   October 31, 2011    
 
Interest and other income
  $ 43,082,995      
Interest allocated from affiliated investment
    27,038      
Expenses allocated from affiliated investment
    (2,133 )    
 
 
Total investment income
  $ 43,107,900      
 
 
             
             
 
Expenses
 
Investment adviser fee
  $ 5,991,921      
Trustees’ fees and expenses
    26,040      
Custodian fee
    385,914      
Transfer and dividend disbursing agent fees
    18,744      
Legal and accounting services
    155,233      
Printing and postage
    122,420      
Interest expense and fees
    2,255,344      
Preferred shares service fee
    199,914      
Miscellaneous
    150,096      
 
 
Total expenses
  $ 9,305,626      
 
 
Deduct —
           
Reduction of investment adviser fee
  $ 428,699      
Reduction of custodian fee
    65      
 
 
Total expense reductions
  $ 428,764      
 
 
             
Net expenses
  $ 8,876,862      
 
 
             
Net investment income
  $ 34,231,038      
 
 
             
             
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
           
Investment transactions
  $ (599,760 )    
Investment transactions allocated from affiliated investment
    684      
Foreign currency and forward foreign currency exchange contract transactions
    (1,600,975 )    
 
 
Net realized loss
  $ (2,200,051 )    
 
 
Change in unrealized appreciation (depreciation) —
           
Investments
  $ 521,081      
Foreign currency and forward foreign currency exchange contracts
    947,082      
 
 
Net change in unrealized appreciation (depreciation)
  $ 1,468,163      
 
 
             
Net realized and unrealized loss
  $ (731,888 )    
 
 
             
Distributions to preferred shareholders
           
 
 
From net investment income
  $ (291,157 )    
 
 
             
Net increase in net assets from operations
  $ 33,207,993      
 
 

 
See Notes to Financial Statements.
24


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Statements of Changes in Net Assets

 
                     
    Year Ended October 31,    
   
Increase (Decrease) in Net Assets   2011   2010    
 
From operations —
                   
Net investment income
  $ 34,231,038     $ 34,509,000      
Net realized loss from investment, foreign currency and forward foreign currency exchange contract transactions
    (2,200,051 )     (15,778,618 )    
Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange contracts
    1,468,163       62,203,911      
Distributions to preferred shareholders —
                   
From net investment income
    (291,157 )     (384,607 )    
 
 
Net increase in net assets from operations
  $ 33,207,993     $ 80,549,686      
 
 
Distributions to common shareholders —
                   
From net investment income
  $ (35,840,010 )   $ (37,305,680 )    
 
 
Total distributions to common shareholders
  $ (35,840,010 )   $ (37,305,680 )    
 
 
Capital share transactions —
                   
Reinvestment of distributions to common shareholders
  $ 817,192     $ 1,253,537      
 
 
Net increase in net assets from capital share transactions
  $ 817,192     $ 1,253,537      
 
 
                     
Net increase (decrease) in net assets
  $ (1,814,825 )   $ 44,497,543      
 
 
                     
                     
 
Net Assets Applicable to Common Shares
 
At beginning of year
  $ 505,197,371     $ 460,699,828      
 
 
At end of year
  $ 503,382,546     $ 505,197,371      
 
 
                     
                     
 
Accumulated undistributed net investment income
included in net assets applicable to common shares
 
At end of year
  $ 633,849     $ 3,963,096      
 
 

 
See Notes to Financial Statements.
25


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Statement of Cash Flows

 
             
    Year Ended
   
Cash Flows From Operating Activities   October 31, 2011    
 
Net increase in net assets from operations
  $ 33,207,993      
Distributions to preferred shareholders
    291,157      
 
 
Net increase in net assets from operations excluding distributions to preferred shareholders
  $ 33,499,150      
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
           
Investments purchased
    (387,910,995 )    
Investments sold and principal repayments
    382,317,564      
Decrease in short-term investments, net
    4,610,341      
Net amortization/accretion of premium (discount)
    (5,225,261 )    
Increase in restricted cash
    (780,000 )    
Amortization of structuring fee on notes payable
    91,849      
Decrease in interest and dividends receivable
    96,057      
Decrease in interest receivable from affiliated investment
    2,013      
Increase in receivable for investments sold
    (1,795,401 )    
Increase in receivable for open forward foreign currency exchange contracts
    (865,503 )    
Decrease in receivable from the transfer agent
    95,902      
Increase in prepaid expenses
    (21,274 )    
Increase in other assets
    (1,678 )    
Increase in payable for investments purchased
    883,324      
Increase in payable for open forward foreign currency exchange contracts
    73,974      
Increase in payable to affiliate for investment adviser fee
    35,900      
Decrease in payable to affiliate for Trustees’ fees
    (146 )    
Decrease in accrued expenses
    (9,730 )    
Decrease in unfunded loan commitments
    (1,221,389 )    
Net change in unrealized (appreciation) depreciation from investments
    (521,081 )    
Net realized loss from investments
    599,760      
 
 
Net cash provided by operating activities
  $ 23,953,376      
 
 
             
             
 
Cash Flows From Financing Activities
 
Distributions paid to common shareholders, net of reinvestments
  $ (35,022,818 )    
Cash distributions to preferred shareholders
    (298,248 )    
Increase in notes payable
    15,000,000      
 
 
Net cash used in financing activities
  $ (20,321,066 )    
 
 
             
Net increase in cash*
  $ 3,632,310      
 
 
             
Cash at beginning of year(1)
  $ 1,239,434      
 
 
             
Cash at end of year(1)
  $ 4,871,744      
 
 
             
             
 
Supplemental disclosure of cash flow information:
 
Reinvestment of dividends and distributions
  $ 817,192      
Cash paid for interest and fees on borrowings
  $ 2,241,279      
 
 
 
(1) Balance includes foreign currency, at value.
* Includes net change in unrealized appreciation (depreciation) on foreign currency of $46,998.

 
See Notes to Financial Statements.
26


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Financial Highlights
Selected data for a common share outstanding during the periods stated

 
                                             
    Year Ended October 31,    
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 14.980     $ 13.700     $ 10.190     $ 17.800     $ 18.690      
 
 
                                             
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 1.014     $ 1.025     $ 0.978     $ 1.665     $ 2.177      
Net realized and unrealized gain (loss)
    (0.013 )     1.374       3.423       (7.647 )     (0.861 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.009 )     (0.011 )     (0.028 )     (0.367 )     (0.634 )    
 
 
Total income (loss) from operations
  $ 0.992     $ 2.388     $ 4.373     $ (6.349 )   $ 0.682      
 
 
                                             
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (1.062 )   $ (1.108 )   $ (0.863 )   $ (1.142 )   $ (1.542 )    
Tax return of capital
                      (0.119 )     (0.030 )    
 
 
Total distributions to common shareholders
  $ (1.062 )   $ (1.108 )   $ (0.863 )   $ (1.261 )   $ (1.572 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 14.910     $ 14.980     $ 13.700     $ 10.190     $ 17.800      
 
 
                                             
Market value — End of year (Common shares)
  $ 14.550     $ 15.640     $ 12.980     $ 9.480     $ 16.200      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    6.69 %     17.93 %     46.90 %     (37.33 )%     3.93 %    
 
 
                                             
Total Investment Return on Market Value(2)
    (0.28 )%     29.96 %     49.61 %     (35.90 )%     (3.13 )%    
 
 
                                             
                                             

 
See Notes to Financial Statements.
27


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

 
                                             
    Year Ended October 31,    
   
Ratios/Supplemental Data   2011   2010   2009   2008   2007    
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 503,383     $ 505,197     $ 460,700     $ 342,457     $ 598,214      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees(4)
    1.29 %     1.22 %     1.21 %     1.18 %     1.18 %    
Interest and fee expense(5)
    0.44 %     0.49 %     1.15 %     0.99 %          
Total expenses
    1.73 %     1.71 %     2.36 %     2.17 %     1.18 %    
Net investment income
    6.69 %     7.11 %     9.21 %     10.66 %     11.79 %    
Portfolio Turnover
    49 %     36 %     42 %     21 %     58 %    
 
 
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):(3)
                                           
Expenses excluding interest and fees(4)
    0.83 %     0.77 %     0.74 %     0.68 %     0.72 %    
Interest and fee expense(5)
    0.28 %     0.31 %     0.70 %     0.57 %          
Total expenses
    1.11 %     1.08 %     1.44 %     1.25 %     0.72 %    
Net investment income
    4.28 %     4.50 %     5.63 %     6.12 %     7.21 %    
 
 
Senior Securities:
                                           
Total notes payable outstanding (in 000’s)
  $ 165,000     $ 150,000     $ 150,000     $ 154,200     $      
Asset coverage per $1,000 of notes payable(6)
  $ 4,847     $ 5,243     $ 4,947     $ 4,074     $      
Total preferred shares outstanding
    5,252       5,252       5,252       5,252       15,760      
Asset coverage per preferred share
  $ 67,473 (7)   $ 69,900 (7)   $ 65,945 (7)   $ 55,060 (7)   $ 63,001 (8)    
Involuntary liquidation preference per preferred share(9)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(9)
  $ 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) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(5) Interest and fee expense relates to the notes payable incurred to partially redeem the Trust’s APS (see Note 10).
(6) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.
(7) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 270%, 280%, 264% and 220% at October 31, 2011, 2010, 2009 and 2008, respectively.
(8) 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.
(9) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
28


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Notes to Financial Statements

 
1 Significant Accounting Policies
 
Eaton Vance Senior Floating-Rate Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s primary investment objective is to provide a high level of current income. The Trust may, as a secondary objective, also seek preservation of capital to the extent consistent with its primary objective.
 
The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America.
 
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 obligations 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 fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or 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 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.

 
29


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Notes to Financial Statements — continued

 
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, 2011, the Trust, for federal income tax purposes, had a capital loss carryforward of $123,862,786 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), October 31, 2018 ($11,668,372) and October 31, 2019 ($811,704).
 
As of October 31, 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, 2011 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. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 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.
 
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

 
30


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Notes to Financial Statements — continued

 
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 October 31, 2011 is as follows:
 
             
    APS Issued and
   
    Outstanding    
 
 
Series A
    1,313      
Series B
    1,313      
Series C
    1,313      
Series D
    1,313      
             
 
 
 
The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust’s By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
 
3 Distributions to Shareholders
 
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 October 31, 2011, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:
 
                                     
    APS Dividend
  Dividends
  Average APS
  Dividend
   
    Rates at
  Accrued to APS
  Dividend
  Rate
   
    October 31, 2011   Shareholders   Rates   Ranges (%)    
 
 
Series A
    0.21 %   $ 72,793       0.22 %     0.09–0.33      
Series B
    0.21       72,793       0.22       0.09–0.33      
Series C
    0.09       71,676       0.22       0.09–0.30      
Series D
    0.21       73,895       0.23       0.12–0.32      
                                     
 
 
 
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 October 31, 2011.
 
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.

 
31


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Notes to Financial Statements — continued

 
The tax character of distributions declared for the years ended October 31, 2011 and October 31, 2010 was as follows:
 
                     
    Year Ended October 31,    
   
    2011   2010    
 
 
Distributions declared from:
                   
Ordinary income
  $ 36,131,167     $ 37,690,287      
                     
 
 
 
During the year ended October 31, 2011, accumulated undistributed net investment income was decreased by $1,429,118, accumulated net realized loss was decreased by $1,425,616 and paid-in capital was increased by $3,502 due to differences between book and tax accounting, primarily for premium amortization, defaulted bond interest, mixed straddles and foreign currency gain (loss). These reclassifications had no effect on the net assets or net asset value per share of the Trust.
 
As of October 31, 2011, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:
 
             
 
 
Undistributed ordinary income
  $ 725,553      
Capital loss carryforward
  $ (123,862,786 )    
Net unrealized depreciation
  $ (11,300,320 )    
             
 
 
 
The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, defaulted bond interest, investments in partnerships and premium amortization.
 
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 year ended October 31, 2011, the Trust’s investment adviser fee totaled to $5,991,921. 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 $428,699 of its investment adviser fee for the year ended October 31, 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 year ended October 31, 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 $387,910,995 and $382,317,564, respectively, for the year ended October 31, 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 year ended October 31, 2011 and October 31, 2010 were 51,827 and 85,909, respectively.

 
32


 

 
Eaton Vance
Senior Floating-Rate Trust
 
October 31, 2011
 
 
Notes to Financial Statements — continued

 
7 Federal Income Tax Basis of Investments
 
The cost and unrealized appreciation (depreciation) of investments of the Trust at October 31, 2011, as determined on a federal income tax basis, were as follows:
 
             
Aggregate cost
  $ 811,866,952      
             
 
 
Gross unrealized appreciation
  $ 14,879,674      
Gross unrealized depreciation
    (26,557,944 )    
             
 
 
Net unrealized depreciation
  $ (11,678,270 )    
             
 
 
 
8 Restricted Securities
 
At October 31, 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.
 
                                     
    Date of
               
Description   Acquisition   Shares   Cost   Value    
 
 
Common Stocks
                                   
Environmental Systems Products Holdings, Inc. 
    10/25/07       6,211     $ 0 (1)   $ 262,787      
Panolam Holdings Co. 
    12/30/09       253       139,024       216,072      
RathGibson Acquisition Co., LLC
    6/14/10       19,800       105,079       611,820      
                                     
 
 
Total Common Stocks
                  $ 244,103     $ 1,090,679      
                                     
 
 
Preferred Stocks
                                   
Environmental Systems Products Holdings, Inc., Series A
    10/25/07       1,422     $ 24,885     $ 87,538      
                                     
 
 
Total Restricted Securities
                  $ 268,988     $ 1,178,217      
                                     
 
 
 
(1) Less than $0.50.
 
9 Financial Instruments
 
The Trust may trade in