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 |
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Eaton Vance Senior Floating Rate Trust |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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02109 |
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(Address of principal executive offices) |
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(Zip code) |
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Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
October 31 |
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Date of reporting period: |
April 30, 2007 |
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Item 1. Reports to Stockholders
Semiannual Report April 30, 2007
EATON VANCE
SENIOR
FLOATING-RATE
TRUST
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
INVESTMENT UPDATE
The Trust
Performance for the Past Six Months
· Based on share price, Eaton Vance Senior Floating- Rate Trust (the Trust), a closed-end fund traded on the New York Stock Exchange, had a total return of 9.77% for the six months ended April 30, 2007. That return was the result of an increase in share price to $19.18 on April 30, 2007, from $18.24 on October 31, 2006, and the reinvestment of $0.808 in dividends.(1)
· Based on net asset value (NAV), the Trust had a total return of 5.06% for the six months ended April 30, 2007. That return was the result of an increase in NAV to $18.81 on April 30, 2007, from $18.69 on October 31, 2006, and the reinvestment of all distributions. (1)
· Based on its April 2007 monthly dividend payment of $0.13 and a closing share price of $19.18, the Trust had a market yield of 8.13%.(2)
· For performance comparison, the S&P/LSTA Leveraged Loan Index an unmanaged index of U.S. dollar-denominated leveraged loans had a total return of 3.86% for the six months ended April 30, 2007.(3)
The Trusts Investments
· The Trusts loan investments represented 454 borrowers and 39 industries as of April 30, 2007. The Trusts average loan size was 0.19% of total investments, and no industry constituted more than 8.0% of the Trusts total assets. Health care, business equipment/services, leisure goods/activities/movies, publishing and chemicals/plastics were the Trusts largest industry weightings. (4)
· In the six months ended April 30, 2007, despite record new loan issuance, demand exceeded loan supply. The technical imbalance resulted in loans repricing at slightly lower credit spreads. In addition, certain large new issues came to market with fewer financial covenants. However, despite this fact, management notes that the chief determinants of the loan asset classs long-term performance seniority and security remain in place. Reflecting increasing investor demand for loans, the Trusts share price traded at a premium at April 30, 2007, reversing the discount that prevailed throughout most of 2006.
· The Trust had a 7.0% exposure in European loans at April 30, 2007. European issuance continued to grow and represented further opportunities for diversification. For example, while there may be concerns about a slowing U.S. economy, the Trust benefited from loans to companies operating in the relatively robust U.K. and German economies. All of the Trusts non-dollar-denominated investments were hedged to help protect against foreign currency risk.
· The Trusts 8% investment in high-yield bonds contributed to performance during the six months ended April 30, 2007. With high-yield spreads at historically low levels, the Trusts bond investments remained focused on shorter-maturity securities, while avoiding deeply subordinated and overleveraged new issues.
· At April 30, 2007, the Trust had leverage in the amount of approximately 38.5% of the Trusts total assets. The Trust employs leverage though the issuance of Auction Preferred Shares (APS).(5) Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of the Trusts APS rises and falls with changes in short-term interest rates. Such increases/ decreases in the cost of the Trusts APS may be offset by increased/decreased income from the Trusts senior loan investments.
The views expressed in this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an Eaton Vance fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.
(1) |
Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares. Absent an expense waiver by the investment adviser, returns would be lower. |
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(2) |
The Trusts market yield is calculated by dividing the most recent dividend per share by the share market price at the end of the period and annualizing the result. |
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(3) |
It is not possible to invest directly in an Index. The Indexs total return reflects changes in value of the loans constituting the Index and accrual of interest and does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the loans represented in the Index. Unlike the Trust, the Indexs return does not reflect the effect of leverage, such as the issuance of Auction Preferred Shares. |
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(4) |
Holdings and industry weightings are subject to change due to active management. |
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(5) |
In the event of a rise in long-term interest rates, the value of the Trusts investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares. |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Shares of the Trust are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
1
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PERFORMANCE
Performance(1)
Average Annual Total Return (by share price, NYSE) |
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Six Months |
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9.77 |
% |
One Year |
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18.49 |
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Life of Trust (11/28/03) |
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7.40 |
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Average Annual Total Return (at net asset value) |
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Six Months |
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5.06 |
% |
One Year |
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8.74 |
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Life of Trust (11/28/03) |
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6.79 |
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(1) Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares. Absent an expense waiver by the investment adviser, the returns would be lower. In the event of a rise in long-term interest rates, the value of the Trusts investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Diversification by Industries(2)
By total investments
Health Care |
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7.5 |
% |
Business Equip. & Services |
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7.2 |
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Leisure Goods/Activities/Movies |
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6.1 |
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Chemicals & Plastics |
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5.9 |
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Publishing |
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5.4 |
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Building & Development |
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5.2 |
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Cable & Satellite Television |
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4.7 |
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Radio & Television |
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4.5 |
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Automotive |
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4.3 |
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Telecommunications |
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4.2 |
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Containers & Glass Products |
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3.2 |
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Retailers (Except Food & Drug) |
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3.2 |
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Lodging & Casinos |
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3.1 |
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Electronics/Electrical |
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2.8 |
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Utilities |
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2.6 |
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Oil & Gas |
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2.4 |
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Financial Intermediaries |
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2.4 |
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Food Products |
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2.4 |
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Forest Products |
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1.8 |
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Industrial Equipment |
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1.8 |
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Conglomerates |
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1.8 |
% |
Nonferrous Metals/Minerals |
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1.7 |
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Aerospace & Defense |
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1.7 |
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Ecological Services & Equip. |
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1.6 |
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Food Service |
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1.4 |
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Food/Drug Retailers |
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1.3 |
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Home Furnishings |
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1.2 |
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Insurance |
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0.9 |
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Drugs |
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0.9 |
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Equipment Leasing |
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0.7 |
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Surface Transport |
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0.7 |
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Beverage & Tobacco |
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0.7 |
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Clothing/Textiles |
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0.5 |
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Farming/Agriculture |
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0.3 |
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Air Transport |
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0.3 |
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Broker/Dealer/Investment |
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0.3 |
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Rail Industries |
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0.3 |
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Cosmetics/Toiletries |
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0.3 |
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Steel |
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0.1 |
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(2) Reflects the Trusts investments as of April 30, 2007. Industries are shown as a percentage of the Trusts total investments. Portfolio information may not be representative of the Trusts current or future investments and are subject to change due to active management.
Trust allocations(3)
By total investments
(3) Trust Allocations are shown as a percentage of the Trusts total investments, which represents 159.1% of the Trusts net assets as of April 30, 2007. Trust statistics may not be representative of the Trusts current or future investments and are subject to change due to active management.
2
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Senior, Floating Rate Interests 139.2%(1) | |||||||||||
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Aerospace and Defense 2.6% | |||||||||||
DRS Technologies, Inc. | |||||||||||
$ | 828,386 | Term Loan, 6.86%, Maturing January 31, 2013 | $ | 830,561 | |||||||
Evergreen International Aviation | |||||||||||
1,472,461 | Term Loan, 8.83%, Maturing October 31, 2011 | 1,481,664 | |||||||||
Hawker Beechcraft Acquisition | |||||||||||
176,702 | Term Loan, 5.25%, Maturing March 26, 2014 | 177,538 | |||||||||
2,088,298 | Term Loan, 7.32%, Maturing March 26, 2014 | 2,098,180 | |||||||||
Hexcel Corp. | |||||||||||
1,386,641 | Term Loan, 7.11%, Maturing March 1, 2012 | 1,391,840 | |||||||||
IAP Worldwide Services, Inc. | |||||||||||
962,813 | Term Loan, 9.69%, Maturing December 30, 2012 | 965,069 | |||||||||
K&F Industries, Inc. | |||||||||||
1,385,545 | Term Loan, 7.32%, Maturing November 18, 2012 | 1,387,927 | |||||||||
Spirit AeroSystems, Inc. | |||||||||||
1,622,010 | Term Loan, 7.11%, Maturing December 31, 2011 | 1,631,134 | |||||||||
Standard Aero Holdings, Inc. | |||||||||||
1,220,448 | Term Loan, 7.59%, Maturing August 24, 2012 | 1,222,737 | |||||||||
TransDigm, Inc. | |||||||||||
1,625,000 | Term Loan, 7.35%, Maturing June 23, 2013 | 1,636,578 | |||||||||
Vought Aircraft Industries, Inc. | |||||||||||
2,138,729 | Term Loan, 7.83%, Maturing December 17, 2011 | 2,157,443 | |||||||||
Wesco Aircraft Hardware Corp. | |||||||||||
1,164,229 | Term Loan, 7.60%, Maturing September 29, 2013 | 1,173,689 | |||||||||
Wyle Laboratories, Inc. | |||||||||||
250,335 | Term Loan, 8.11%, Maturing January 28, 2011 | 251,665 | |||||||||
$ | 16,406,025 | ||||||||||
Air Transport 0.3% | |||||||||||
Northwest Airlines, Inc. | |||||||||||
$ | 2,100,000 | DIP Loan, 7.32%, Maturing August 21, 2008 | $ | 2,109,845 | |||||||
$ | 2,109,845 | ||||||||||
Automotive 6.4% | |||||||||||
AA Acquisitions Co., Ltd. | |||||||||||
GBP | 1,000,000 | Term Loan, 7.90%, Maturing June 25, 2012 | $ | 2,029,564 | |||||||
Accuride Corp. | |||||||||||
2,024,423 | Term Loan, 7.38%, Maturing January 31, 2012 | 2,038,762 | |||||||||
Affina Group, Inc. | |||||||||||
1,370,985 | Term Loan, 8.36%, Maturing November 30, 2011 | 1,381,910 | |||||||||
AxleTech International Holding, Inc. | |||||||||||
1,750,000 | Term Loan, 11.85%, Maturing April 21, 2013 | 1,767,500 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Automotive (continued) | |||||||||||
CSA Acquisition Corp. | |||||||||||
$ | 361,032 | Term Loan, 7.88%, Maturing December 23, 2011 | $ | 363,232 | |||||||
929,390 | Term Loan, 7.88%, Maturing December 23, 2011 | 935,054 | |||||||||
493,750 | Term Loan, 7.88%, Maturing December 23, 2012 | 497,453 | |||||||||
Dana Corp. | |||||||||||
2,350,000 | Term Loan, 7.88%, Maturing March 30, 2008 | 2,357,894 | |||||||||
Dayco Products, LLC | |||||||||||
2,009,813 | Term Loan, 7.85%, Maturing June 21, 2011 | 2,031,585 | |||||||||
Exide Technologies, Inc. | |||||||||||
600,067 | Term Loan, 11.63%, Maturing May 5, 2010 | 630,821 | |||||||||
606,424 | Term Loan, 11.63%, Maturing May 5, 2010 | 637,503 | |||||||||
Federal-Mogul Corp. | |||||||||||
2,915,607 | Revolving Loan, 6.83%, Maturing July 1, 2007(2) | 2,904,977 | |||||||||
Ford Motor Co. | |||||||||||
1,770,563 | Term Loan, 8.36%, Maturing December 15, 2013 | 1,784,784 | |||||||||
General Motors Corp. | |||||||||||
1,446,375 | Term Loan, 7.73%, Maturing November 29, 2013 | 1,459,483 | |||||||||
Goodyear Tire & Rubber Co. | |||||||||||
2,400,000 | Term Loan, 7.10%, Maturing April 30, 2010 | 2,412,127 | |||||||||
1,000,000 | Term Loan, 8.82%, Maturing March 1, 2011 | 1,006,000 | |||||||||
HLI Operating Co., Inc. | |||||||||||
1,788,705 | Term Loan, 8.84%, Maturing June 3, 2009 | 1,798,394 | |||||||||
Keystone Automotive Operations, Inc. | |||||||||||
897,750 | Term Loan, 8.54%, Maturing January 12, 2012 | 896,628 | |||||||||
Osprey Acquisitions, Ltd. | |||||||||||
GBP | 1,000,000 | Term Loan, 7.79%, Maturing September 30, 2011 | 2,024,014 | ||||||||
R.J. Tower Corp. | |||||||||||
1,725,000 | Revolving Loan, 9.94%, Maturing August 2, 2007 | 1,723,613 | |||||||||
The Hertz Corp. | |||||||||||
400,000 | Term Loan, 5.35%, Maturing December 21, 2012 | 403,234 | |||||||||
2,234,400 | Term Loan, 7.08%, Maturing December 21, 2012 | 2,252,467 | |||||||||
TriMas Corp. | |||||||||||
234,375 | Term Loan, 8.07%, Maturing August 2, 2011 | 237,598 | |||||||||
1,010,547 | Term Loan, 8.12%, Maturing August 2, 2013 | 1,024,442 | |||||||||
TRW Automotive, Inc. | |||||||||||
4,494,415 | Term Loan, 6.94%, Maturing June 30, 2012 | 4,495,822 | |||||||||
United Components, Inc. | |||||||||||
1,346,629 | Term Loan, 7.61%, Maturing June 30, 2010 | 1,355,045 | |||||||||
$ | 40,449,906 | ||||||||||
Beverage and Tobacco 1.1% | |||||||||||
Constellation Brands, Inc. | |||||||||||
$ | 1,583,333 | Term Loan, 6.88%, Maturing June 5, 2013 | $ | 1,589,600 | |||||||
Culligan International Co. | |||||||||||
770,580 | Term Loan, 7.07%, Maturing September 30, 2011 | 771,785 |
See notes to financial statements
3
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Beverage and Tobacco (continued) | |||||||||||
Reynolds American, Inc. | |||||||||||
$ | 2,927,875 | Term Loan, 7.11%, Maturing May 31, 2012 | $ | 2,951,925 | |||||||
Southern Wine & Spirits of America, Inc. | |||||||||||
1,435,111 | Term Loan, 6.85%, Maturing May 31, 2012 | 1,443,183 | |||||||||
$ | 6,756,493 | ||||||||||
Brokers, Dealers, and Investment Houses 0.3% | |||||||||||
AmeriTrade Holding Corp. | |||||||||||
$ | 2,003,528 | Term Loan, 6.82%, Maturing December 31, 2012 | $ | 2,010,310 | |||||||
$ | 2,010,310 | ||||||||||
Building and Development 7.3% | |||||||||||
Beacon Sales Acquisition, Inc. | |||||||||||
$ | 696,500 | Term Loan, 7.35%, Maturing September 30, 2013 | $ | 698,241 | |||||||
BioMed Realty, L.P. | |||||||||||
3,055,000 | Term Loan, 7.57%, Maturing May 31, 2010 | 3,066,456 | |||||||||
Brickman Group Holdings, Inc. | |||||||||||
1,225,000 | Term Loan, 7.40%, Maturing January 23, 2014 | 1,228,828 | |||||||||
Building Materials Corp. of America | |||||||||||
1,421,438 | Term Loan, 8.19%, Maturing February 22, 2014 | 1,415,396 | |||||||||
Capital Automotive (REIT) | |||||||||||
1,232,598 | Term Loan, 7.07%, Maturing December 16, 2010 | 1,244,715 | |||||||||
Epco / Fantome, LLC | |||||||||||
1,464,000 | Term Loan, 7.98%, Maturing November 23, 2010 | 1,471,320 | |||||||||
Formica Corp. | |||||||||||
1,014,750 | Term Loan, 8.34%, Maturing March 15, 2013 | 1,015,702 | |||||||||
FT-FIN Acquisition, LLC | |||||||||||
1,216,350 | Term Loan, 6.83%, Maturing November 17, 2007(2) | 1,219,391 | |||||||||
Hovstone Holdings, LLC | |||||||||||
1,425,127 | Term Loan, 7.09%, Maturing February 28, 2009 | 1,403,750 | |||||||||
Lanoga Corp. | |||||||||||
1,240,648 | Term Loan, 7.10%, Maturing June 29, 2013 | 1,230,568 | |||||||||
LNR Property Corp. | |||||||||||
2,800,000 | Term Loan, 8.11%, Maturing July 3, 2011 | 2,819,499 | |||||||||
Mattamy Funding Partnership | |||||||||||
496,250 | Term Loan, 7.63%, Maturing April 11, 2013 | 496,405 | |||||||||
Mueller Group, Inc. | |||||||||||
2,670,048 | Term Loan, 7.35%, Maturing October 3, 2012 | 2,690,628 | |||||||||
NCI Building Systems, Inc. | |||||||||||
594,000 | Term Loan, 6.82%, Maturing June 18, 2010 | 595,856 | |||||||||
Nortek, Inc. | |||||||||||
2,725,101 | Term Loan, 7.36%, Maturing August 27, 2011 | 2,736,682 | |||||||||
November 2005 Land Investors | |||||||||||
396,647 | Term Loan, 8.10%, Maturing May 9, 2011 | 395,656 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Building and Development (continued) | |||||||||||
Panolam Industries Holdings, Inc. | |||||||||||
$ | 563,573 | Term Loan, 8.10%, Maturing September 30, 2012 | $ | 565,334 | |||||||
PLY GEM Industries, Inc. | |||||||||||
1,855,661 | Term Loan, 8.10%, Maturing August 15, 2011 | 1,856,821 | |||||||||
69,339 | Term Loan, 8.10%, Maturing August 15, 2011 | 69,382 | |||||||||
Realogy Corp. | |||||||||||
689,394 | Term Loan, 8.32%, Maturing September 1, 2014 | 692,964 | |||||||||
2,560,606 | Term Loan, 8.35%, Maturing September 1, 2014 | 2,573,867 | |||||||||
Rubicon GSA II, LLC | |||||||||||
2,350,000 | Term Loan, 8.09%, Maturing July 31, 2008 | 2,350,000 | |||||||||
South Edge, LLC | |||||||||||
787,500 | Term Loan, 7.38%, Maturing October 31, 2009 | 783,562 | |||||||||
Stile Acquisition Corp. | |||||||||||
1,169,452 | Term Loan, 7.35%, Maturing April 6, 2013 | 1,146,246 | |||||||||
Stile U.S. Acquisition Corp. | |||||||||||
1,171,445 | Term Loan, 7.35%, Maturing April 6, 2013 | 1,148,198 | |||||||||
TE / Tousa Senior, LLC | |||||||||||
1,575,000 | Term Loan, 11.75%, Maturing August 1, 2008 | 1,564,499 | |||||||||
Tousa / Kolter, LLC | |||||||||||
1,380,000 | Term Loan, 7.60%, Maturing January 7, 2008 | 1,381,725 | |||||||||
TRU 2005 RE Holding Co. | |||||||||||
4,100,000 | Term Loan, 8.32%, Maturing December 9, 2008 | 4,137,798 | |||||||||
United Subcontractors, Inc. | |||||||||||
825,000 | Term Loan, 12.62%, Maturing June 27, 2013 | 812,281 | |||||||||
Wintergames Acquisition ULC | |||||||||||
2,969,375 | Term Loan, 7.42%, Maturing October 26, 2007 | 2,976,799 | |||||||||
$ | 45,788,569 | ||||||||||
Business Equipment and Services 10.6% | |||||||||||
ACCO Brands Corp. | |||||||||||
$ | 1,307,450 | Term Loan, 7.11%, Maturing August 17, 2012 | $ | 1,318,890 | |||||||
Activant Solutions, Inc. | |||||||||||
721,446 | Term Loan, 7.38%, Maturing May 1, 2013 | 721,446 | |||||||||
Affiliated Computer Services | |||||||||||
814,688 | Term Loan, 7.32%, Maturing March 20, 2013 | 817,233 | |||||||||
2,158,688 | Term Loan, 7.32%, Maturing March 20, 2013 | 2,165,433 | |||||||||
Affinion Group, Inc. | |||||||||||
2,677,491 | Term Loan, 7.86%, Maturing October 17, 2012 | 2,702,258 | |||||||||
Allied Security Holdings, LLC | |||||||||||
1,276,364 | Term Loan, 8.35%, Maturing June 30, 2010 | 1,292,318 | |||||||||
Buhrmann US, Inc. | |||||||||||
3,091,590 | Term Loan, 7.10%, Maturing December 31, 2010 | 3,104,151 | |||||||||
DynCorp International, LLC | |||||||||||
1,205,400 | Term Loan, 7.63%, Maturing February 11, 2011 | 1,215,445 |
See notes to financial statements
4
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
Education Management, LLC | |||||||||||
$ | 2,784,609 | Term Loan, 7.38%, Maturing June 1, 2013 | $ | 2,798,532 | |||||||
Gate Gourmet Borrower, LLC | |||||||||||
1,116,984 | Term Loan, 8.09%, Maturing March 9, 2012 | 1,130,947 | |||||||||
183,333 | Term Loan, 8.09%, Maturing March 9, 2012 | 180,583 | |||||||||
Info USA, Inc. | |||||||||||
617,203 | Term Loan, 7.35%, Maturing February 14, 2012 | 619,518 | |||||||||
Language Line, Inc. | |||||||||||
2,246,421 | Term Loan, 8.60%, Maturing June 11, 2011 | 2,268,534 | |||||||||
N.E.W. Holdings I, LLC | |||||||||||
770,000 | Term Loan, 12.35%, Maturing February 8, 2014 | 782,512 | |||||||||
460,976 | Term Loan, 7.60%, Maturing August 8, 2014 | 464,145 | |||||||||
Nielsen Finance, LLC | |||||||||||
6,890,375 | Term Loan, 7.61%, Maturing August 9, 2013 | 6,958,562 | |||||||||
Protection One, Inc. | |||||||||||
909,749 | Term Loan, 7.59%, Maturing March 31, 2012 | 913,445 | |||||||||
Quantum Corp. | |||||||||||
425,000 | Term Loan, 9.34%, Maturing August 22, 2012 | 425,531 | |||||||||
Quintiles Transnational Corp. | |||||||||||
1,700,000 | Term Loan, 9.35%, Maturing March 31, 2014 | 1,726,209 | |||||||||
Sabare, Inc. | |||||||||||
3,175,000 | Term Loan, 7.61%, Maturing September 30, 2014 | 3,185,417 | |||||||||
Serena Software, Inc. | |||||||||||
517,500 | Term Loan, 7.59%, Maturing March 10, 2013 | 520,993 | |||||||||
Sitel (Client Logic) | |||||||||||
1,995,594 | Term Loan, 7.82%, Maturing January 29, 2014 | 2,010,561 | |||||||||
Sungard Data Systems, Inc. | |||||||||||
12,871,241 | Term Loan, 7.36%, Maturing February 11, 2013 | 12,997,006 | |||||||||
TDS Investor Corp. | |||||||||||
EUR | 1,994,987 | Term Loan, 6.66%, Maturing August 23, 2013 | 2,743,321 | ||||||||
2,741,328 | Term Loan, 7.85%, Maturing August 23, 2013 | 2,768,429 | |||||||||
269,897 | Term Loan, 7.85%, Maturing August 23, 2013 | 272,565 | |||||||||
Telcordia Technologies, Inc. | |||||||||||
2,679,093 | Term Loan, 8.11%, Maturing September 15, 2012 | 2,652,303 | |||||||||
US Investigations Services, Inc. | |||||||||||
1,183,234 | Term Loan, 7.85%, Maturing October 14, 2012 | 1,192,848 | |||||||||
1,541,537 | Term Loan, 7.85%, Maturing October 14, 2013 | 1,554,062 | |||||||||
West Corp. | |||||||||||
3,441,375 | Term Loan, 7.75%, Maturing October 24, 2013 | 3,470,197 | |||||||||
Williams Scotsman, Inc. | |||||||||||
750,000 | Term Loan, 6.82%, Maturing June 27, 2010 | 749,766 | |||||||||
Worldspan, L.P. | |||||||||||
1,396,500 | Term Loan, 8.60%, Maturing December 7, 2013 | 1,403,657 | |||||||||
$ | 67,126,817 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Cable and Satellite Television 6.6% | |||||||||||
Atlantic Broadband Finance, LLC | |||||||||||
$ | 4,262,234 | Term Loan, 7.60%, Maturing February 10, 2011 | $ | 4,311,518 | |||||||
Bragg Communications, Inc. | |||||||||||
1,023,750 | Term Loan, 7.11%, Maturing August 31, 2011 | 1,028,229 | |||||||||
Bresnan Broadband Holdings, LLC | |||||||||||
1,200,000 | Term Loan, 9.84%, Maturing March 29, 2014 | 1,219,126 | |||||||||
CSC Holdings, Inc. | |||||||||||
2,970,000 | Term Loan, 7.08%, Maturing March 29, 2013 | 2,983,861 | |||||||||
Insight Midwest Holdings, LLC | |||||||||||
5,325,000 | Term Loan, 7.35%, Maturing April 6, 2014 | 5,358,697 | |||||||||
Mediacom Broadband Group | |||||||||||
5,880,711 | Term Loan, 7.10%, Maturing January 31, 2015 | 5,888,062 | |||||||||
Mediacom Illinois, LLC | |||||||||||
2,777,788 | Term Loan, 7.10%, Maturing January 31, 2015 | 2,781,260 | |||||||||
NTL Investment Holdings, Ltd. | |||||||||||
2,492,490 | Term Loan, 7.36%, Maturing March 30, 2012 | 2,507,291 | |||||||||
GBP | 530,337 | Term Loan, 7.85%, Maturing March 30, 2012 | 1,065,059 | ||||||||
GBP | 269,663 | Term Loan, 7.85%, Maturing March 30, 2012 | 541,555 | ||||||||
Orion Cable GMBH | |||||||||||
EUR | 825,000 | Term Loan, 6.62%, Maturing October 31, 2014 | 1,137,278 | ||||||||
EUR | 825,000 | Term Loan, 7.22%, Maturing October 31, 2015 | 1,142,573 | ||||||||
Persona Communications Corp. | |||||||||||
354,378 | Term Loan, 8.10%, Maturing October 12, 2013 | 359,029 | |||||||||
570,622 | Term Loan, 8.10%, Maturing October 12, 2013 | 578,112 | |||||||||
825,000 | Term Loan, 11.35%, Maturing April 12, 2014 | 840,984 | |||||||||
UGS Corp. | |||||||||||
2,203,138 | Term Loan, 7.07%, Maturing March 31, 2012 | 2,204,515 | |||||||||
UPC Broadband Holding B.V. | |||||||||||
EUR | 4,050,000 | Term Loan, 5.94%, Maturing June 30, 2009 | 5,560,246 | ||||||||
1,195,000 | Term Loan, 7.37%, Maturing March 31, 2013 | 1,197,561 | |||||||||
1,195,000 | Term Loan, 7.37%, Maturing December 31, 2013 | 1,197,561 | |||||||||
$ | 41,902,517 | ||||||||||
Chemicals and Plastics 9.0% | |||||||||||
Basell Af S.A.R.L. | |||||||||||
$ | 312,500 | Term Loan, 7.57%, Maturing August 1, 2013 | $ | 316,553 | |||||||
62,500 | Term Loan, 7.57%, Maturing August 1, 2013 | 63,311 | |||||||||
312,500 | Term Loan, 8.32%, Maturing August 1, 2014 | 316,553 | |||||||||
62,500 | Term Loan, 8.32%, Maturing August 1, 2014 | 63,311 | |||||||||
Brenntag Holding GmbH and Co. KG | |||||||||||
1,526,909 | Term Loan, 7.89%, Maturing December 23, 2013 | 1,544,803 | |||||||||
373,091 | Term Loan, 7.89%, Maturing December 23, 2013 | 377,638 | |||||||||
1,000,000 | Term Loan, 11.89%, Maturing December 23, 2015 | 1,022,969 | |||||||||
Celanese Holdings, LLC | |||||||||||
4,225,000 | Term Loan, 7.10%, Maturing April 2, 2014 | 4,252,070 |
See notes to financial statements
5
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Chemicals and Plastics (continued) | |||||||||||
Georgia Gulf Corp. | |||||||||||
$ | 934,453 | Term Loan, 7.32%, Maturing October 3, 2013 | $ | 939,335 | |||||||
Hercules, Inc. | |||||||||||
783,225 | Term Loan, 6.82%, Maturing October 8, 2010 | 784,889 | |||||||||
Hexion Specialty Chemicals, Inc. | |||||||||||
4,509,055 | Term Loan, 7.88%, Maturing May 5, 2013 | 4,546,926 | |||||||||
979,495 | Term Loan, 7.88%, Maturing May 5, 2013 | 987,722 | |||||||||
INEOS Group | |||||||||||
1,608,750 | Term Loan, 7.58%, Maturing December 14, 2013 | 1,628,859 | |||||||||
1,608,750 | Term Loan, 8.08%, Maturing December 14, 2014 | 1,628,859 | |||||||||
Innophos, Inc. | |||||||||||
635,150 | Term Loan, 7.57%, Maturing August 10, 2010 | 638,590 | |||||||||
Invista B.V. | |||||||||||
2,510,925 | Term Loan, 6.85%, Maturing April 29, 2011 | 2,515,633 | |||||||||
1,330,976 | Term Loan, 6.85%, Maturing April 29, 2011 | 1,333,471 | |||||||||
ISP Chemo, Inc. | |||||||||||
2,178,000 | Term Loan, 7.13%, Maturing February 16, 2013 | 2,193,751 | |||||||||
Kranton Polymers, LLC | |||||||||||
3,242,160 | Term Loan, 7.38%, Maturing May 12, 2013 | 3,271,203 | |||||||||
Lucite International Group Holdings | |||||||||||
606,296 | Term Loan, 8.07%, Maturing July 7, 2013 | 613,875 | |||||||||
214,122 | Term Loan, 8.07%, Maturing July 7, 2013(2) | 216,799 | |||||||||
Lyondell Chemical Co. | |||||||||||
3,980,000 | Term Loan, 6.86%, Maturing August 16, 2013 | 3,997,540 | |||||||||
Momentive Performance Material | |||||||||||
1,720,688 | Term Loan, 7.63%, Maturing December 4, 2013 | 1,731,621 | |||||||||
Mosaic Co. | |||||||||||
1,414,854 | Term Loan, 7.12%, Maturing December 21, 2012 | 1,423,991 | |||||||||
Nalco Co. | |||||||||||
5,411,119 | Term Loan, 7.10%, Maturing November 4, 2010 | 5,447,595 | |||||||||
PQ Corp. | |||||||||||
1,251,343 | Term Loan, 7.35%, Maturing February 10, 2012 | 1,256,036 | |||||||||
Professional Paint, Inc. | |||||||||||
719,563 | Term Loan, 7.63%, Maturing May 31, 2012 | 715,965 | |||||||||
350,000 | Term Loan, 11.13%, Maturing May 31, 2013 | 346,500 | |||||||||
Propex Fabrics, Inc. | |||||||||||
832,057 | Term Loan, 8.36%, Maturing July 31, 2012 | 833,097 | |||||||||
Rockwood Specialties Group, Inc. | |||||||||||
4,361,000 | Term Loan, 7.36%, Maturing December 10, 2012 | 4,401,614 | |||||||||
Solo Cup Co. | |||||||||||
2,631,449 | Term Loan, 8.85%, Maturing February 27, 2011 | 2,676,265 | |||||||||
550,000 | Term Loan, 11.57%, Maturing March 31, 2012 | 563,235 | |||||||||
Solutia, Inc. | |||||||||||
1,850,000 | DIP Loan, 8.36%, Maturing March 31, 2008 | 1,871,993 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Chemicals and Plastics (continued) | |||||||||||
Wellman, Inc. | |||||||||||
$ | 2,250,000 | Term Loan, 9.36%, Maturing February 10, 2009 | $ | 2,270,155 | |||||||
$ | 56,792,727 | ||||||||||
Clothing / Textiles 0.2% | |||||||||||
St. John Knits International, Inc. | |||||||||||
$ | 577,673 | Term Loan, 8.35%, Maturing March 23, 2012 | $ | 582,005 | |||||||
The William Carter Co. | |||||||||||
636,689 | Term Loan, 6.85%, Maturing July 14, 2012 | 637,087 | |||||||||
$ | 1,219,092 | ||||||||||
Conglomerates 2.7% | |||||||||||
Amsted Industries, Inc. | |||||||||||
$ | 1,720,078 | Term Loan, 7.35%, Maturing October 15, 2010 | $ | 1,726,529 | |||||||
Blount, Inc. | |||||||||||
342,154 | Term Loan, 7.08%, Maturing August 9, 2010 | 342,582 | |||||||||
Dundee Holding, Inc. | |||||||||||
1,296,966 | Term Loan, 8.11%, Maturing February 17, 2014 | 1,300,208 | |||||||||
1,703,034 | Term Loan, 8.61%, Maturing February 17, 2015 | 1,715,807 | |||||||||
Euramax International, Inc. | |||||||||||
606,508 | Term Loan, 8.38%, Maturing June 28, 2012 | 606,508 | |||||||||
501,316 | Term Loan, 12.35%, Maturing June 28, 2013 | 497,400 | |||||||||
248,684 | Term Loan, 12.35%, Maturing June 28, 2013 | 246,741 | |||||||||
GenTek, Inc. | |||||||||||
548,564 | Term Loan, 7.36%, Maturing February 25, 2011 | 550,792 | |||||||||
Goodman Global Holdings, Inc. | |||||||||||
887,827 | Term Loan, 7.13%, Maturing December 23, 2011 | 890,786 | |||||||||
Jarden Corp. | |||||||||||
2,167,018 | Term Loan, 7.10%, Maturing January 24, 2012 | 2,174,091 | |||||||||
1,221,104 | Term Loan, 7.10%, Maturing January 24, 2012 | 1,223,647 | |||||||||
Johnson Diversey, Inc. | |||||||||||
1,699,371 | Term Loan, 7.86%, Maturing December 16, 2011 | 1,722,029 | |||||||||
Polymer Group, Inc. | |||||||||||
2,542,813 | Term Loan, 7.59%, Maturing November 22, 2012 | 2,549,965 | |||||||||
RBS Global, Inc. | |||||||||||
296,250 | Term Loan, 7.58%, Maturing July 19, 2013 | 298,796 | |||||||||
Rexnord Corp. | |||||||||||
1,329,918 | Term Loan, 7.86%, Maturing July 19, 2013 | 1,341,347 | |||||||||
$ | 17,187,228 | ||||||||||
Containers and Glass Products 4.7% | |||||||||||
Berry Plastics Corp. | |||||||||||
$ | 1,900,000 | Term Loan, 7.32%, Maturing April 3, 2015 | $ | 1,908,016 |
See notes to financial statements
6
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Containers and Glass Products (continued) | |||||||||||
Bluegrass Container Co. | |||||||||||
$ | 377,150 | Term Loan, 7.59%, Maturing June 30, 2013 | $ | 381,797 | |||||||
1,260,475 | Term Loan, 7.59%, Maturing June 30, 2013 | 1,276,005 | |||||||||
284,848 | Term Loan, 10.32%, Maturing December 30, 2013 | 290,688 | |||||||||
890,152 | Term Loan, 10.32%, Maturing December 30, 2013 | 908,400 | |||||||||
Consolidated Container Co. | |||||||||||
1,000,000 | Term Loan, 10.86%, Maturing September 28, 2014 | 995,000 | |||||||||
Crown Americas, LLC | |||||||||||
618,750 | Term Loan, 7.11%, Maturing November 15, 2012 | 620,838 | |||||||||
Graham Packaging Holdings Co. | |||||||||||
4,250,000 | Term Loan, 7.63%, Maturing October 7, 2011 | 4,280,991 | |||||||||
Graphic Packaging International, Inc. | |||||||||||
5,163,055 | Term Loan, 7.83%, Maturing August 8, 2010 | 5,184,435 | |||||||||
IPG (US), Inc. | |||||||||||
1,959,945 | Term Loan, 8.05%, Maturing July 28, 2011 | 1,967,295 | |||||||||
JSG Acquisitions | |||||||||||
1,845,000 | Term Loan, 7.73%, Maturing December 31, 2013 | 1,864,603 | |||||||||
1,845,000 | Term Loan, 8.10%, Maturing December 13, 2014 | 1,873,828 | |||||||||
Kranson Industries, Inc. | |||||||||||
845,750 | Term Loan, 7.60%, Maturing July 31, 2013 | 849,979 | |||||||||
Owens-Brockway Glass Container | |||||||||||
1,588,438 | Term Loan, 6.82%, Maturing June 14, 2013 | 1,593,899 | |||||||||
Smurfit-Stone Container Corp. | |||||||||||
650,961 | Term Loan, 5.22%, Maturing November 1, 2011 | 656,620 | |||||||||
709,782 | Term Loan, 7.38%, Maturing November 1, 2011 | 715,952 | |||||||||
2,573,226 | Term Loan, 7.38%, Maturing November 1, 2011 | 2,595,595 | |||||||||
1,611,561 | Term Loan, 7.38%, Maturing November 1, 2011 | 1,625,570 | |||||||||
$ | 29,589,511 | ||||||||||
Cosmetics / Toiletries 0.4% | |||||||||||
American Safety Razor Co. | |||||||||||
$ | 900,000 | Term Loan, 11.63%, Maturing July 31, 2014 | $ | 916,875 | |||||||
Prestige Brands, Inc. | |||||||||||
1,710,507 | Term Loan, 7.63%, Maturing April 7, 2011 | 1,721,198 | |||||||||
$ | 2,638,073 | ||||||||||
Drugs 1.4% | |||||||||||
Graceway Pharmaceuticals, LLC | |||||||||||
$ | 988,000 | Term Loan, 7.85%, Maturing December 29, 2011 | $ | 989,853 | |||||||
1,000,000 | Term Loan, 11.35%, Maturing December 29, 2012 | 1,017,500 | |||||||||
Pharmaceutical Holdings Corp. | |||||||||||
675,000 | Term Loan, 8.57%, Maturing January 30, 2012 | 676,688 | |||||||||
Stiefel Laboratories, Inc. | |||||||||||
756,531 | Term Loan, 7.61%, Maturing December 28, 2013 | 764,096 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Drugs (continued) | |||||||||||
$ | 989,094 | Term Loan, 7.61%, Maturing December 28, 2013 | $ | 998,985 | |||||||
750,000 | Term Loan, 10.36%, Maturing June 28, 2014 | 767,813 | |||||||||
Warner Chilcott Corp. | |||||||||||
743,872 | Term Loan, 7.35%, Maturing January 18, 2012 | 748,388 | |||||||||
28,205 | Term Loan, 7.35%, Maturing January 18, 2012 | 28,342 | |||||||||
2,709,423 | Term Loan, 7.36%, Maturing January 18, 2012 | 2,725,872 | |||||||||
$ | 8,717,537 | ||||||||||
Ecological Services and Equipment 2.5% | |||||||||||
Allied Waste Industries, Inc. | |||||||||||
$ | 1,297,702 | Term Loan, 5.33%, Maturing January 15, 2012 | $ | 1,305,488 | |||||||
2,926,157 | Term Loan, 7.10%, Maturing January 15, 2012 | 2,942,356 | |||||||||
Blue Waste B.V. (AVR Acquisition) | |||||||||||
EUR | 1,000,000 | Term Loan, 6.17%, Maturing April 1, 2015 | 1,388,846 | ||||||||
Duratek, Inc. | |||||||||||
589,387 | Term Loan, 7.63%, Maturing June 7, 2013 | 595,281 | |||||||||
EnergySolutions, LLC | |||||||||||
62,107 | Term Loan, 7.57%, Maturing June 7, 2013 | 62,728 | |||||||||
1,271,752 | Term Loan, 7.63%, Maturing June 7, 2013 | 1,284,469 | |||||||||
Environmental Systems, Inc. | |||||||||||
901,150 | Term Loan, 10.75%, Maturing December 12, 2008 | 898,897 | |||||||||
2,500,000 | Term Loan, 17.25%, Maturing December 12, 2010 | 1,406,250 | |||||||||
IESI Corp. | |||||||||||
970,588 | Term Loan, 7.11%, Maturing January 20, 2012 | 973,621 | |||||||||
Kemble Water Structure, Ltd. | |||||||||||
GBP | 1,250,000 | Term Loan, 9.33%, Maturing October 13, 2013 | 2,526,026 | ||||||||
Sensus Metering Systems, Inc. | |||||||||||
250,109 | Term Loan, 7.36%, Maturing December 17, 2010 | 251,359 | |||||||||
2,308,696 | Term Loan, 7.36%, Maturing December 17, 2010 | 2,320,239 | |||||||||
$ | 15,955,560 | ||||||||||
Electronics / Electrical 4.2% | |||||||||||
Advanced Micro Devices, Inc. | |||||||||||
$ | 1,850,625 | Term Loan, 7.34%, Maturing December 31, 2013 | $ | 1,855,671 | |||||||
AMI Semiconductor, Inc. | |||||||||||
1,822,381 | Term Loan, 6.82%, Maturing April 1, 2012 | 1,817,825 | |||||||||
Aspect Software, Inc. | |||||||||||
2,014,875 | Term Loan, 8.31%, Maturing July 11, 2011 | 2,035,864 | |||||||||
1,800,000 | Term Loan, 12.44%, Maturing July 11, 2013 | 1,813,500 | |||||||||
Communications & Power, Inc. | |||||||||||
425,926 | Term Loan, 7.57%, Maturing July 23, 2010 | 427,789 | |||||||||
EnerSys Capital, Inc. | |||||||||||
1,069,819 | Term Loan, 7.11%, Maturing March 17, 2011 | 1,076,505 | |||||||||
Epicor Software Corp. | |||||||||||
352,500 | Term Loan, 8.25%, Maturing March 30, 2012 | 354,042 |
See notes to financial statements
7
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Electronics / Electrical (continued) | |||||||||||
FCI International S.A.S. | |||||||||||
$ | 216,536 | Term Loan, 7.74%, Maturing November 1, 2013 | $ | 219,288 | |||||||
208,464 | Term Loan, 7.87%, Maturing November 1, 2013 | 211,113 | |||||||||
216,536 | Term Loan, 8.62%, Maturing November 1, 2013 | 218,701 | |||||||||
208,464 | Term Loan, 8.62%, Maturing November 1, 2013 | 210,549 | |||||||||
Freescale Semiconductor, Inc. | |||||||||||
4,314,188 | Term Loan, 7.11%, Maturing December 1, 2013 | 4,326,435 | |||||||||
Infor Enterprise Solutions Holdings | |||||||||||
2,631,775 | Term Loan, 9.10%, Maturing July 28, 2012 | 2,654,145 | |||||||||
1,373,100 | Term Loan, 9.10%, Maturing July 28, 2012 | 1,381,682 | |||||||||
Open Solutions, Inc. | |||||||||||
2,100,000 | Term Loan, 7.49%, Maturing January 23, 2014 | 2,110,500 | |||||||||
Sensata Technologies Finance Co. | |||||||||||
1,791,487 | Term Loan, 7.10%, Maturing April 27, 2013 | 1,792,657 | |||||||||
TTM Technologies, Inc. | |||||||||||
421,875 | Term Loan, 7.59%, Maturing October 27, 2012 | 423,457 | |||||||||
VeriFone, Inc. | |||||||||||
1,546,125 | Term Loan, 7.11%, Maturing October 31, 2013 | 1,559,654 | |||||||||
Vertafore, Inc. | |||||||||||
1,000,000 | Term Loan, 7.82%, Maturing January 31, 2012 | 1,005,938 | |||||||||
850,000 | Term Loan, 11.36%, Maturing January 31, 2013 | 850,000 | |||||||||
$ | 26,345,315 | ||||||||||
Equipment Leasing 1.1% | |||||||||||
AWAS Capital, Inc. | |||||||||||
$ | 2,254,304 | Term Loan, 11.38%, Maturing March 22, 2013 | $ | 2,288,119 | |||||||
Maxim Crane Works, L.P. | |||||||||||
1,033,059 | Term Loan, 7.33%, Maturing January 28, 2010 | 1,034,996 | |||||||||
United Rentals, Inc. | |||||||||||
1,121,250 | Term Loan, 5.32%, Maturing February 14, 2011 | 1,127,674 | |||||||||
2,463,396 | Term Loan, 7.32%, Maturing February 14, 2011 | 2,477,509 | |||||||||
$ | 6,928,298 | ||||||||||
Farming / Agriculture 0.5% | |||||||||||
BF Bolthouse HoldCo, LLC | |||||||||||
$ | 1,150,000 | Term Loan, 10.85%, Maturing December 16, 2013 | $ | 1,166,531 | |||||||
Central Garden & Pet Co. | |||||||||||
2,054,250 | Term Loan, 6.82%, Maturing February 28, 2014 | 2,057,781 | |||||||||
$ | 3,224,312 | ||||||||||
Financial Intermediaries 2.0% | |||||||||||
AIMCO Properties, L.P. | |||||||||||
$ | 2,300,000 | Term Loan, 6.86%, Maturing March 23, 2011 | $ | 2,305,750 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Financial Intermediaries (continued) | |||||||||||
Citgo III, Ltd. | |||||||||||
$ | 250,000 | Term Loan, 8.11%, Maturing August 3, 2013 | $ | 251,953 | |||||||
250,000 | Term Loan, 8.61%, Maturing August 3, 2014 | 252,813 | |||||||||
Coinstar, Inc. | |||||||||||
522,125 | Term Loan, 7.35%, Maturing July 7, 2011 | 525,062 | |||||||||
Grosvenor Capital Management | |||||||||||
1,546,125 | Term Loan, 7.60%, Maturing December 5, 2013 | 1,563,519 | |||||||||
Investools, Inc. | |||||||||||
450,000 | Term Loan, 8.60%, Maturing August 13, 2012 | 451,125 | |||||||||
iPayment, Inc. | |||||||||||
940,500 | Term Loan, 7.34%, Maturing May 10, 2013 | 941,088 | |||||||||
LPL Holdings, Inc. | |||||||||||
3,588,818 | Term Loan, 7.85%, Maturing June 30, 2013 | 3,638,724 | |||||||||
Oxford Acquisition III, Ltd. | |||||||||||
1,250,000 | Term Loan, 7.74%, Maturing September 20, 2013 | 1,262,480 | |||||||||
The Macerich Partnership, L.P. | |||||||||||
1,210,000 | Term Loan, 6.88%, Maturing April 25, 2010 | 1,212,269 | |||||||||
$ | 12,404,783 | ||||||||||
Food Products 3.6% | |||||||||||
Acosta, Inc. | |||||||||||
$ | 3,078,616 | Term Loan, 7.57%, Maturing July 28, 2013 | $ | 3,106,194 | |||||||
Chiquita Brands, LLC | |||||||||||
1,169,175 | Term Loan, 8.38%, Maturing June 28, 2012 | 1,184,520 | |||||||||
Dean Foods Co. | |||||||||||
3,475,000 | Term Loan, 6.88%, Maturing April 2, 2014 | 3,484,911 | |||||||||
Dole Food Company, Inc. | |||||||||||
162,791 | Term Loan, 5.23%, Maturing April 12, 2013 | 162,813 | |||||||||
1,208,721 | Term Loan, 7.46%, Maturing April 12, 2013 | 1,208,889 | |||||||||
362,616 | Term Loan, 7.54%, Maturing April 12, 2013 | 362,667 | |||||||||
Michael Foods, Inc. | |||||||||||
3,152,042 | Term Loan, 7.36%, Maturing November 21, 2010 | 3,165,177 | |||||||||
National Dairy Holdings, L.P. | |||||||||||
729,143 | Term Loan, 7.32%, Maturing March 15, 2012 | 730,510 | |||||||||
Pinnacle Foods Finance, LLC | |||||||||||
3,775,000 | Term Loan, 8.10%, Maturing April 2, 2014 | 3,805,200 | |||||||||
QCE Finance, LLC | |||||||||||
1,244,366 | Term Loan, 7.60%, Maturing May 5, 2013 | 1,250,587 | |||||||||
950,000 | Term Loan, 11.10%, Maturing November 5, 2013 | 967,615 | |||||||||
Reddy Ice Group, Inc. | |||||||||||
1,970,000 | Term Loan, 7.11%, Maturing August 9, 2012 | 1,975,542 | |||||||||
Sturm Foods, Inc. | |||||||||||
1,150,000 | Term Loan, 7.94%, Maturing January 31, 2014 | 1,154,073 | |||||||||
$ | 22,558,698 |
See notes to financial statements
8
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Food Service 2.0% | |||||||||||
AFC Enterprises, Inc. | |||||||||||
$ | 466,641 | Term Loan, 7.13%, Maturing May 23, 2009 | $ | 470,141 | |||||||
Aramark Corp. | |||||||||||
GBP | 997,500 | Term Loan, 7.71%, Maturing January 27, 2014 | 2,004,825 | ||||||||
Buffets, Inc. | |||||||||||
186,667 | Term Loan, 5.26%, Maturing May 1, 2013 | 188,242 | |||||||||
1,409,800 | Term Loan, 8.36%, Maturing November 1, 2013 | 1,421,696 | |||||||||
Burger King Corp. | |||||||||||
1,110,080 | Term Loan, 6.88%, Maturing June 30, 2012 | 1,114,319 | |||||||||
CBRL Group, Inc. | |||||||||||
1,772,182 | Term Loan, 6.86%, Maturing April 27, 2013 | 1,776,428 | |||||||||
Denny's, Inc. | |||||||||||
133,333 | Term Loan, 7.32%, Maturing March 31, 2012 | 134,625 | |||||||||
803,783 | Term Loan, 7.35%, Maturing March 31, 2012 | 811,570 | |||||||||
Krispy Kreme Doughnut Corp. | |||||||||||
483,000 | Term Loan, 8.36%, Maturing February 16, 2014 | 487,981 | |||||||||
NPC International, Inc. | |||||||||||
395,833 | Term Loan, 7.10%, Maturing May 3, 2013 | 396,823 | |||||||||
Nutro Products, Inc. | |||||||||||
460,144 | Term Loan, 7.35%, Maturing April 26, 2013 | 460,575 | |||||||||
RMK Acquisition Corp. (Aramark) | |||||||||||
115,496 | Term Loan, 5.20%, Maturing January 26, 2014 | 116,172 | |||||||||
1,611,985 | Term Loan, 7.48%, Maturing January 26, 2014 | 1,621,418 | |||||||||
Sagittarius Restaurants, LLC | |||||||||||
396,000 | Term Loan, 7.62%, Maturing March 29, 2013 | 398,228 | |||||||||
Sbarro, Inc. | |||||||||||
1,000,000 | Term Loan, 7.85%, Maturing January 31, 2014 | 1,010,417 | |||||||||
$ | 12,413,460 | ||||||||||
Food / Drug Retailers 1.8% | |||||||||||
General Nutrition Centers, Inc. | |||||||||||
$ | 1,050,000 | Term Loan, 7.60%, Maturing September 16, 2013 | $ | 1,049,606 | |||||||
Roundy's Supermarkets, Inc. | |||||||||||
3,382,273 | Term Loan, 8.09%, Maturing November 3, 2011 | 3,414,827 | |||||||||
Supervalu, Inc. | |||||||||||
1,485,000 | Term Loan, 6.84%, Maturing June 1, 2012 | 1,492,847 | |||||||||
The Jean Coutu Group (PJC), Inc. | |||||||||||
4,329,371 | Term Loan, 7.88%, Maturing July 30, 2011 | 4,339,779 | |||||||||
The Pantry, Inc. | |||||||||||
790,000 | Term Loan, 7.07%, Maturing January 2, 2012 | 791,975 | |||||||||
$ | 11,089,034 | ||||||||||
Forest Products 2.8% | |||||||||||
Appleton Papers, Inc. | |||||||||||
$ | 1,530,965 | Term Loan, 7.60%, Maturing June 11, 2010 | $ | 1,534,793 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Forest Products (continued) | |||||||||||
Boise Cascade Holdings, LLC | |||||||||||
$ | 2,363,411 | Term Loan, 6.82%, Maturing October 29, 2011 | $ | 2,374,288 | |||||||
Buckeye Technologies, Inc. | |||||||||||
1,622,822 | Term Loan, 7.33%, Maturing April 15, 2010 | 1,625,864 | |||||||||
Georgia-Pacific Corp. | |||||||||||
8,739,375 | Term Loan, 7.09%, Maturing December 20, 2012 | 8,792,388 | |||||||||
NewPage Corp. | |||||||||||
1,842,516 | Term Loan, 7.63%, Maturing May 2, 2011 | 1,860,941 | |||||||||
Xerium Technologies, Inc. | |||||||||||
1,260,977 | Term Loan, 8.10%, Maturing May 18, 2012 | 1,264,129 | |||||||||
$ | 17,452,403 | ||||||||||
Healthcare 10.7% | |||||||||||
Accellent, Inc. | |||||||||||
$ | 1,343,100 | Term Loan, 7.86%, Maturing November 22, 2012 | $ | 1,342,820 | |||||||
Alliance Imaging, Inc. | |||||||||||
1,066,583 | Term Loan, 7.88%, Maturing December 29, 2011 | 1,072,450 | |||||||||
American Medical Systems | |||||||||||
1,572,898 | Term Loan, 7.68%, Maturing July 20, 2012 | 1,574,864 | |||||||||
AmeriPath, Inc. | |||||||||||
861,300 | Term Loan, 7.36%, Maturing October 31, 2012 | 862,161 | |||||||||
AMN Healthcare, Inc. | |||||||||||
378,714 | Term Loan, 7.10%, Maturing November 2, 2011 | 379,897 | |||||||||
AMR HoldCo, Inc. | |||||||||||
1,893,706 | Term Loan, 7.38%, Maturing February 10, 2012 | 1,901,401 | |||||||||
Carl Zeiss Vision Holding GmbH | |||||||||||
1,300,000 | Term Loan, 7.84%, Maturing March 23, 2015 | 1,321,938 | |||||||||
Community Health Systems, Inc. | |||||||||||
7,060,434 | Term Loan, 7.10%, Maturing August 19, 2011 | 7,086,360 | |||||||||
1,990,000 | Term Loan, 7.10%, Maturing February 29, 2012 | 1,997,307 | |||||||||
Concentra Operating Corp. | |||||||||||
935,592 | Term Loan, 7.33%, Maturing September 30, 2011 | 939,100 | |||||||||
CONMED Corp. | |||||||||||
774,074 | Term Loan, 7.07%, Maturing April 13, 2013 | 774,558 | |||||||||
CRC Health Corp. | |||||||||||
497,500 | Term Loan, 7.85%, Maturing February 6, 2013 | 500,609 | |||||||||
495,013 | Term Loan, 7.85%, Maturing February 6, 2013 | 498,106 | |||||||||
Davita, Inc. | |||||||||||
5,047,997 | Term Loan, 6.84%, Maturing October 5, 2012 | 5,068,507 | |||||||||
DJ Orthopedics, LLC | |||||||||||
327,250 | Term Loan, 6.88%, Maturing April 7, 2013 | 327,250 | |||||||||
Emdeon Business Services, LLC | |||||||||||
1,709,264 | Term Loan, 7.60%, Maturing November 16, 2013 | 1,718,878 | |||||||||
Encore Medical Finance, LLC | |||||||||||
1,817,757 | Term Loan, 7.88%, Maturing November 3, 2013 | 1,824,006 |
See notes to financial statements
9
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
FGX International, Inc. | |||||||||||
$ | 594,000 | Term Loan, 9.35%, Maturing December 12, 2012 | $ | 595,485 | |||||||
FHC Health Systems, Inc. | |||||||||||
395,682 | Term Loan, 12.11%, Maturing December 18, 2009 | 407,552 | |||||||||
276,977 | Term Loan, 14.11%, Maturing December 18, 2009 | 283,902 | |||||||||
500,000 | Term Loan, 15.11%, Maturing February 7, 2011 | 512,500 | |||||||||
Fresenius Medical Care Holdings | |||||||||||
2,742,275 | Term Loan, 6.73%, Maturing March 31, 2013 | 2,743,048 | |||||||||
Hanger Orthopedic Group, Inc. | |||||||||||
719,567 | Term Loan, 7.60%, Maturing May 30, 2013 | 723,471 | |||||||||
HCA, Inc. | |||||||||||
6,758,063 | Term Loan, 7.60%, Maturing November 18, 2013 | 6,836,598 | |||||||||
Health Management Association, Inc. | |||||||||||
2,500,000 | Term Loan, 7.10%, Maturing February 28, 2014 | 2,512,760 | |||||||||
HealthSouth Corp. | |||||||||||
2,609,062 | Term Loan, 7.85%, Maturing March 10, 2013 | 2,630,261 | |||||||||
Ikaria Acquisition, Inc. | |||||||||||
630,638 | Term Loan, 7.84%, Maturing March 28, 2013 | 634,580 | |||||||||
Invacare Corp. | |||||||||||
1,022,438 | Term Loan, 7.60%, Maturing February 12, 2013 | 1,028,828 | |||||||||
Kinetic Concepts, Inc. | |||||||||||
1,068,801 | Term Loan, 6.85%, Maturing October 3, 2009 | 1,071,139 | |||||||||
Leiner Health Products, Inc. | |||||||||||
967,638 | Term Loan, 8.58%, Maturing May 27, 2011 | 960,985 | |||||||||
LifeCare Holdings, Inc. | |||||||||||
861,875 | Term Loan, 7.60%, Maturing August 11, 2012 | 856,057 | |||||||||
LifePoint Hospitals, Inc. | |||||||||||
3,816,851 | Term Loan, 6.99%, Maturing April 15, 2012 | 3,811,962 | |||||||||
Magellan Health Services, Inc. | |||||||||||
1,111,111 | Term Loan, 5.20%, Maturing August 15, 2008 | 1,113,889 | |||||||||
694,444 | Term Loan, 7.10%, Maturing August 15, 2008 | 696,181 | |||||||||
Matria Healthcare, Inc. | |||||||||||
162,837 | Term Loan, 7.35%, Maturing January 19, 2012 | 163,651 | |||||||||
MultiPlan Merger Corp. | |||||||||||
907,788 | Term Loan, 7.82%, Maturing April 12, 2013 | 915,164 | |||||||||
MultiPlan, Inc. | |||||||||||
605,944 | Term Loan, 7.82%, Maturing April 12, 2013 | 610,868 | |||||||||
National Mentor Holdings, Inc. | |||||||||||
61,600 | Term Loan, 5.32%, Maturing June 29, 2013 | 61,850 | |||||||||
1,030,612 | Term Loan, 7.35%, Maturing June 29, 2013 | 1,034,799 | |||||||||
National Rental Institutes, Inc. | |||||||||||
868,438 | Term Loan, 7.63%, Maturing March 31, 2013 | 869,795 | |||||||||
RadNet Management, Inc. | |||||||||||
548,625 | Term Loan, 8.83%, Maturing November 15, 2012 | 551,368 | |||||||||
Renal Advantage, Inc. | |||||||||||
344,859 | Term Loan, 7.85%, Maturing October 5, 2012 | 348,308 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
Select Medical Holding Corp. | |||||||||||
$ | 2,154,793 | Term Loan, 7.36%, Maturing February 24, 2012 | $ | 2,151,242 | |||||||
Sunrise Medical Holdings, Inc. | |||||||||||
675,653 | Term Loan, 8.88%, Maturing May 13, 2010 | 668,897 | |||||||||
Vanguard Health Holding Co., LLC | |||||||||||
2,187,634 | Term Loan, 7.60%, Maturing September 23, 2011 | 2,204,496 | |||||||||
VWR International, Inc. | |||||||||||
1,496,614 | Term Loan, 7.61%, Maturing April 7, 2011 | 1,506,436 | |||||||||
$ | 67,696,284 | ||||||||||
Home Furnishings 1.8% | |||||||||||
Interline Brands, Inc. | |||||||||||
$ | 995,736 | Term Loan, 7.07%, Maturing June 23, 2013 | $ | 997,603 | |||||||
688,777 | Term Loan, 7.07%, Maturing June 23, 2013 | 690,069 | |||||||||
Knoll, Inc. | |||||||||||
1,635,118 | Term Loan, 7.10%, Maturing October 3, 2012 | 1,644,520 | |||||||||
National Bedding Co., LLC | |||||||||||
498,750 | Term Loan, 7.35%, Maturing August 31, 2011 | 499,872 | |||||||||
550,000 | Term Loan, 10.36%, Maturing August 31, 2012 | 560,313 | |||||||||
Sealy Mattress Co. | |||||||||||
2,989,286 | Term Loan, 6.61%, Maturing August 25, 2011 | 2,964,998 | |||||||||
Simmons Co. | |||||||||||
2,889,682 | Term Loan, 7.43%, Maturing December 19, 2011 | 2,907,743 | |||||||||
1,000,000 | Term Loan, 10.65%, Maturing February 15, 2012 | 990,833 | |||||||||
$ | 11,255,951 | ||||||||||
Industrial Equipment 2.7% | |||||||||||
Aearo Technologies, Inc. | |||||||||||
$ | 400,000 | Term Loan, 11.85%, Maturing September 24, 2013 | $ | 407,000 | |||||||
Alliance Laundry Holdings, LLC | |||||||||||
851,394 | Term Loan, 7.57%, Maturing January 27, 2012 | 858,311 | |||||||||
Douglas Dynamics Holdings, Inc. | |||||||||||
857,241 | Term Loan, 7.10%, Maturing December 16, 2010 | 850,811 | |||||||||
Flowserve Corp. | |||||||||||
2,000,288 | Term Loan, 6.88%, Maturing August 10, 2012 | 2,005,538 | |||||||||
Foamex L.P. | |||||||||||
1,788,235 | Term Loan, 7.60%, Maturing February 12, 2013 | 1,794,195 | |||||||||
FR Brand Acquisition Corp. | |||||||||||
500,000 | Term Loan, 11.38%, Maturing February 7, 2015 | 505,313 | |||||||||
Generac Acquisition Corp. | |||||||||||
1,782,000 | Term Loan, 7.85%, Maturing November 7, 2013 | 1,784,673 | |||||||||
500,000 | Term Loan, 11.35%, Maturing April 7, 2014 | 500,209 | |||||||||
Gleason Corp. | |||||||||||
583,030 | Term Loan, 7.60%, Maturing June 30, 2013 | 587,950 | |||||||||
400,000 | Term Loan, 10.88%, Maturing December 31, 2013 | 404,500 |
See notes to financial statements
10
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Industrial Equipment (continued) | |||||||||||
John Maneely Co. | |||||||||||
$ | 3,125,374 | Term Loan, 8.61%, Maturing December 8, 2013 | $ | 3,135,141 | |||||||
Kion Group GMBH | |||||||||||
250,000 | Term Loan, 7.58%, Maturing December 23, 2014 | 253,404 | |||||||||
250,000 | Term Loan, 7.83%, Maturing December 23, 2015 | 254,654 | |||||||||
PP Acquisition Corp. | |||||||||||
2,471,701 | Term Loan, 8.32%, Maturing November 12, 2011 | 2,484,059 | |||||||||
Terex Corp. | |||||||||||
719,563 | Term Loan, 7.10%, Maturing July 13, 2013 | 722,261 | |||||||||
TFS Acquisition Corp. | |||||||||||
696,500 | Term Loan, 8.85%, Maturing August 11, 2013 | 701,724 | |||||||||
$ | 17,249,743 | ||||||||||
Insurance 1.4% | |||||||||||
Applied Systems, Inc. | |||||||||||
$ | 1,343,250 | Term Loan, 7.85%, Maturing September 26, 2013 | $ | 1,351,226 | |||||||
ARG Holding, Inc. | |||||||||||
1,250,000 | Term Loan, 12.63%, Maturing November 30, 2012 | 1,269,531 | |||||||||
CCC Information Services Group | |||||||||||
630,778 | Term Loan, 7.85%, Maturing February 10, 2013 | 634,523 | |||||||||
Conseco, Inc. | |||||||||||
2,761,125 | Term Loan, 7.32%, Maturing October 10, 2013 | 2,777,521 | |||||||||
Crawford and Company | |||||||||||
1,326,333 | Term Loan, 7.85%, Maturing October 31, 2013 | 1,337,110 | |||||||||
U.S.I. Holdings Corp. | |||||||||||
223,875 | Term Loan, 7.57%, Maturing March 24, 2011 | 224,155 | |||||||||
1,389,786 | Term Loan, 7.57%, Maturing March 24, 2011 | 1,391,523 | |||||||||
$ | 8,985,589 | ||||||||||
Leisure Goods / Activities / Movies 9.2% | |||||||||||
24 Hour Fitness Worldwide, Inc. | |||||||||||
$ | 1,658,250 | Term Loan, 7.85%, Maturing June 8, 2012 | $ | 1,669,650 | |||||||
Alliance Atlantis Communications, Inc. | |||||||||||
612,500 | Term Loan, 6.82%, Maturing December 31, 2011 | 612,787 | |||||||||
AMC Entertainment, Inc. | |||||||||||
1,851,563 | Term Loan, 7.07%, Maturing January 26, 2013 | 1,862,598 | |||||||||
AMF Bowling Worldwide, Inc. | |||||||||||
1,065,722 | Term Loan, 8.32%, Maturing August 27, 2009 | 1,073,049 | |||||||||
Bombardier Recreational Product | |||||||||||
1,822,785 | Term Loan, 7.86%, Maturing June 28, 2013 | 1,837,026 | |||||||||
Butterfly Wendel US, Inc. | |||||||||||
300,000 | Term Loan, 8.08%, Maturing June 22, 2013 | 304,859 | |||||||||
300,000 | Term Loan, 7.83%, Maturing June 22, 2014 | 303,359 | |||||||||
Carmike Cinemas, Inc. | |||||||||||
997,487 | Term Loan, 8.59%, Maturing May 19, 2012 | 1,009,244 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Leisure Goods / Activities / Movies (continued) | |||||||||||
Cedar Fair, L.P. | |||||||||||
$ | 4,024,612 | Term Loan, 7.32%, Maturing August 30, 2012 | $ | 4,067,374 | |||||||
Cinemark, Inc. | |||||||||||
3,631,750 | Term Loan, 7.13%, Maturing October 5, 2013 | 3,650,414 | |||||||||
Deluxe Entertainment Services | |||||||||||
867,188 | Term Loan, 8.35%, Maturing January 28, 2011 | 914,883 | |||||||||
Easton-Bell Sports, Inc. | |||||||||||
1,292,611 | Term Loan, 7.07%, Maturing March 16, 2012 | 1,295,439 | |||||||||
Fender Musical Instruments Co. | |||||||||||
705,000 | Term Loan, 11.36%, Maturing October 1, 2012 | 722,625 | |||||||||
Mega Blocks, Inc. | |||||||||||
1,621,125 | Term Loan, 7.13%, Maturing July 26, 2012 | 1,620,619 | |||||||||
Metro-Goldwyn-Mayer Holdings, Inc. | |||||||||||
7,976,869 | Term Loan, 8.60%, Maturing April 8, 2012 | 7,994,944 | |||||||||
National Cinemedia, LLC | |||||||||||
750,000 | Term Loan, 7.09%, Maturing February 13, 2015 | 751,373 | |||||||||
Regal Cinemas Corp. | |||||||||||
4,029,751 | Term Loan, 7.10%, Maturing November 10, 2010 | 4,047,381 | |||||||||
Revolution Studios | |||||||||||
1,564,563 | Term Loan, 9.07%, Maturing December 21, 2014 | 1,576,298 | |||||||||
Revolution Studios Distribution Co., LLC | |||||||||||
800,000 | Term Loan, 12.32%, Maturing June 21, 2015 | 808,000 | |||||||||
Six Flags Theme Parks, Inc. | |||||||||||
7,704,752 | Term Loan, 8.60%, Maturing June 30, 2009 | 7,765,750 | |||||||||
Southwest Sports Group, LLC | |||||||||||
1,875,000 | Term Loan, 7.88%, Maturing December 22, 2010 | 1,875,587 | |||||||||
Universal City Development Partners, Ltd. | |||||||||||
1,721,345 | Term Loan, 7.36%, Maturing June 9, 2011 | 1,732,104 | |||||||||
WMG Acquisition Corp. | |||||||||||
875,000 | Revolving Loan, 0.00%, Maturing February 28, 2010(2) | 855,750 | |||||||||
9,781,178 | Term Loan, 7.36%, Maturing February 28, 2011 | 9,831,307 | |||||||||
$ | 58,182,420 | ||||||||||
Lodging and Casinos 4.0% | |||||||||||
Ameristar Casinos, Inc. | |||||||||||
$ | 1,086,250 | Term Loan, 6.82%, Maturing November 10, 2012 | $ | 1,087,065 | |||||||
Bally Technologies, Inc. | |||||||||||
4,866,622 | Term Loan, 8.61%, Maturing September 5, 2009 | 4,915,288 | |||||||||
CCM Merger, Inc. | |||||||||||
2,445,221 | Term Loan, 7.35%, Maturing April 25, 2012 | 2,458,975 | |||||||||
Fairmont Hotels and Resorts, Inc. | |||||||||||
525,229 | Term Loan, 8.57%, Maturing May 12, 2011 | 529,825 | |||||||||
Isle of Capri Casinos, Inc. | |||||||||||
2,223,812 | Term Loan, 7.07%, Maturing February 4, 2012 | 2,241,047 | |||||||||
Penn National Gaming, Inc. | |||||||||||
6,471,450 | Term Loan, 7.11%, Maturing October 3, 2012 | 6,524,031 |
See notes to financial statements
11
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Lodging and Casinos (continued) | |||||||||||
Pinnacle Entertainment, Inc. | |||||||||||
$ | 700,000 | Term Loan, 0.00%, Maturing December 14, 2011(2) | $ | 700,984 | |||||||
625,000 | Term Loan, 7.32%, Maturing December 14, 2011 | 630,534 | |||||||||
Venetian Casino Resort, LLC | |||||||||||
3,433,304 | Term Loan, 7.09%, Maturing June 15, 2011 | 3,450,800 | |||||||||
707,898 | Term Loan, 7.09%, Maturing June 15, 2011 | 711,506 | |||||||||
VML US Finance, LLC | |||||||||||
441,667 | Term Loan, 8.10%, Maturing May 25, 2012(2) | 444,565 | |||||||||
883,333 | Term Loan, 7.60%, Maturing May 25, 2013 | 893,271 | |||||||||
Wimar Opco, LLC | |||||||||||
717,904 | Term Loan, 7.85%, Maturing January 3, 2012 | 726,205 | |||||||||
$ | 25,314,096 | ||||||||||
Nonferrous Metals / Minerals 2.4% | |||||||||||
Almatis Holdings 5 BV | |||||||||||
$ | 306,429 | Term Loan, 7.86%, Maturing December 21, 2013 | $ | 309,996 | |||||||
325,000 | Term Loan, 8.36%, Maturing December 21, 2014 | 330,256 | |||||||||
Alpha Natural Resources, LLC | |||||||||||
864,062 | Term Loan, 7.10%, Maturing October 26, 2012 | 867,168 | |||||||||
Carmeuse Lime, Inc. | |||||||||||
559,152 | Term Loan, 7.13%, Maturing May 2, 2011 | 560,550 | |||||||||
Freeport-McMoran Copper and Gold | |||||||||||
4,736,040 | Term Loan, 7.07%, Maturing March 19, 2014 | 4,755,491 | |||||||||
Magnequench International, Inc. | |||||||||||
886,795 | Term Loan, 8.31%, Maturing August 31, 2009 | 886,795 | |||||||||
Magnum Coal Co. | |||||||||||
186,364 | Term Loan, 8.57%, Maturing March 15, 2013 | 186,597 | |||||||||
1,845,000 | Term Loan, 8.57%, Maturing March 15, 2013 | 1,847,306 | |||||||||
Murray Energy Corp. | |||||||||||
911,400 | Term Loan, 8.36%, Maturing January 28, 2010 | 922,793 | |||||||||
Novelis, Inc. | |||||||||||
2,908,765 | Term Loan, 7.61%, Maturing January 6, 2012 | 2,917,854 | |||||||||
Thompson Creek Metals Co. | |||||||||||
1,449,703 | Term Loan, 10.11%, Maturing October 26, 2012 | 1,475,073 | |||||||||
$ | 15,059,879 | ||||||||||
Oil and Gas 2.8% | |||||||||||
Concho Resources, Inc. | |||||||||||
$ | 2,025,000 | Term Loan, 8.60%, Maturing March 27, 2012 | $ | 2,028,797 | |||||||
El Paso Corp. | |||||||||||
1,350,000 | Term Loan, 5.23%, Maturing July 31, 2011 | 1,358,227 | |||||||||
EPCO Holdings, Inc. | |||||||||||
410,749 | Term Loan, 7.03%, Maturing August 18, 2008 | 411,177 | |||||||||
1,867,195 | Term Loan, 7.18%, Maturing August 18, 2010 | 1,888,201 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Oil and Gas (continued) | |||||||||||
Goldking Energy Corp. | |||||||||||
$ | 997,500 | Term Loan, 10.32%, Maturing December 20, 2011(4) | $ | 1,003,784 | |||||||
Key Energy Services, Inc. | |||||||||||
1,180,062 | Term Loan, 7.83%, Maturing June 30, 2012 | 1,187,438 | |||||||||
Mach General, LLC | |||||||||||
67,969 | Term Loan, 7.35%, Maturing February 22, 2013 | 68,064 | |||||||||
655,389 | Term Loan, 7.36%, Maturing February 22, 2014 | 656,044 | |||||||||
Niska Gas Storage | |||||||||||
153,130 | Term Loan, 7.07%, Maturing May 13, 2011 | 153,608 | |||||||||
248,485 | Term Loan, 7.07%, Maturing May 13, 2011 | 249,261 | |||||||||
226,058 | Term Loan, 7.09%, Maturing May 13, 2011 | 226,765 | |||||||||
1,303,907 | Term Loan, 7.09%, Maturing May 12, 2013 | 1,307,982 | |||||||||
Petroleum Geo-Services ASA | |||||||||||
680,717 | Term Loan, 7.60%, Maturing December 16, 2012 | 686,163 | |||||||||
Primary Natural Resources, Inc. | |||||||||||
1,534,500 | Term Loan, 9.32%, Maturing July 28, 2010(4) | 1,522,991 | |||||||||
Targa Resources, Inc. | |||||||||||
1,365,968 | Term Loan, 5.23%, Maturing October 31, 2012 | 1,376,960 | |||||||||
2,239,922 | Term Loan, 7.36%, Maturing October 31, 2012 | 2,257,946 | |||||||||
W&T Offshore, Inc. | |||||||||||
1,450,000 | Term Loan, 7.60%, Maturing May 26, 2010 | 1,461,781 | |||||||||
$ | 17,845,189 | ||||||||||
Publishing 8.3% | |||||||||||
American Media Operations, Inc. | |||||||||||
$ | 4,275,000 | Term Loan, 8.59%, Maturing January 31, 2013 | $ | 4,306,173 | |||||||
CBD Media, LLC | |||||||||||
1,738,821 | Term Loan, 7.82%, Maturing December 31, 2009 | 1,751,137 | |||||||||
Dex Media East, LLC | |||||||||||
4,825,750 | Term Loan, 6.85%, Maturing May 8, 2009 | 4,830,137 | |||||||||
Dex Media West, LLC | |||||||||||
2,852,342 | Term Loan, 6.85%, Maturing March 9, 2010 | 2,857,334 | |||||||||
GateHouse Media Operating, Inc. | |||||||||||
600,000 | Term Loan, 7.10%, Maturing August 28, 2014 | 597,563 | |||||||||
1,350,000 | Term Loan, 7.11%, Maturing August 28, 2014 | 1,344,516 | |||||||||
Idearc, Inc. | |||||||||||
7,456,313 | Term Loan, 7.35%, Maturing November 17, 2014 | 7,514,367 | |||||||||
MediaNews Group, Inc. | |||||||||||
967,688 | Term Loan, 7.09%, Maturing August 2, 2013 | 968,696 | |||||||||
Mediannuaire Holding | |||||||||||
EUR | 500,000 | Term Loan, 8.14%, Maturing April 10, 2016 | 704,362 | ||||||||
Merrill Communications, LLC | |||||||||||
1,297,266 | Term Loan, 7.58%, Maturing February 9, 2009 | 1,304,360 | |||||||||
1,000,000 | Term Loan, 11.82%, Maturing November 15, 2013 | 1,007,500 |
See notes to financial statements
12
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Publishing (continued) | |||||||||||
Nebraska Book Co., Inc. | |||||||||||
$ | 1,404,857 | Term Loan, 7.83%, Maturing March 4, 2011 | $ | 1,417,149 | |||||||
Philadelphia Newspapers, LLC | |||||||||||
717,108 | Term Loan, 8.10%, Maturing June 29, 2013 | 721,441 | |||||||||
R.H. Donnelley Corp. | |||||||||||
54,667 | Term Loan, 6.57%, Maturing December 31, 2009 | 54,556 | |||||||||
3,237,949 | Term Loan, 6.85%, Maturing June 30, 2010 | 3,244,121 | |||||||||
Reader's Digest Association | |||||||||||
3,300,000 | Term Loan, 7.38%, Maturing March 2, 2014 | 3,308,250 | |||||||||
Riverdeep Interactive Learning USA, Inc. | |||||||||||
1,945,091 | Term Loan, 8.10%, Maturing December 20, 2013 | 1,960,200 | |||||||||
SGS International, Inc. | |||||||||||
691,250 | Term Loan, 7.86%, Maturing December 30, 2011 | 696,866 | |||||||||
Source Media, Inc. | |||||||||||
1,744,449 | Term Loan, 7.60%, Maturing November 8, 2011 | 1,762,984 | |||||||||
SP Newsprint Co. | |||||||||||
3,866,667 | Term Loan, 5.32%, Maturing January 9, 2010 | 3,888,417 | |||||||||
Sun Media Corp. | |||||||||||
1,157,012 | Term Loan, 7.11%, Maturing February 7, 2009 | 1,160,267 | |||||||||
Valassis Communications, Inc. | |||||||||||
525,000 | Term Loan, 7.10%, Maturing March 2, 2014 | 526,203 | |||||||||
Xsys US, Inc. | |||||||||||
1,872,229 | Term Loan, 7.82%, Maturing September 27, 2013 | 1,897,973 | |||||||||
1,896,271 | Term Loan, 8.32%, Maturing September 27, 2014 | 1,922,345 | |||||||||
Yell Group, PLC | |||||||||||
2,600,000 | Term Loan, 7.32%, Maturing February 10, 2013 | 2,623,343 | |||||||||
$ | 52,370,260 | ||||||||||
Radio and Television 6.3% | |||||||||||
ALM Media Holdings, Inc. | |||||||||||
$ | 1,099,070 | Term Loan, 7.85%, Maturing March 4, 2010 | $ | 1,102,333 | |||||||
Block Communications, Inc. | |||||||||||
839,375 | Term Loan, 7.35%, Maturing December 22, 2011 | 840,949 | |||||||||
Cequel Communications, LLC | |||||||||||
1,550,000 | Term Loan, 9.86%, Maturing May 5, 2014 | 1,607,883 | |||||||||
3,156,382 | Term Loan, 11.36%, Maturing May 5, 2014 | 3,289,964 | |||||||||
CMP KC, LLC | |||||||||||
981,188 | Term Loan, 9.38%, Maturing May 5, 2013 | 987,320 | |||||||||
CMP Susquehanna Corp. | |||||||||||
1,339,500 | Term Loan, 7.36%, Maturing May 5, 2013 | 1,348,542 | |||||||||
Cumulus Media, Inc. | |||||||||||
1,380,110 | Term Loan, 7.32%, Maturing June 7, 2013 | 1,389,598 | |||||||||
DirecTV Holdings, LLC | |||||||||||
3,061,456 | Term Loan, 6.82%, Maturing April 13, 2013 | 3,074,501 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Radio and Television (continued) | |||||||||||
Emmis Operating Co. | |||||||||||
$ | 825,000 | Term Loan, 7.35%, Maturing November 2, 2013 | $ | 831,265 | |||||||
Entravision Communications Corp. | |||||||||||
1,305,125 | Term Loan, 6.85%, Maturing September 29, 2013 | 1,310,563 | |||||||||
Gray Television, Inc. | |||||||||||
1,262,250 | Term Loan, 6.58%, Maturing January 19, 2015(2) | 1,262,645 | |||||||||
HEI Acquisition, LLC | |||||||||||
1,925,000 | Term Loan, 9.36%, Maturing April 13, 2014 | 1,915,375 | |||||||||
HIT Entertainment, Inc. | |||||||||||
1,009,625 | Term Loan, 7.32%, Maturing March 20, 2012 | 1,016,882 | |||||||||
Intelsat Bermuda, Ltd. | |||||||||||
1,075,000 | Term Loan, 7.86%, Maturing February 1, 2014 | 1,080,183 | |||||||||
Intelsat Subsidiary Holding Co. | |||||||||||
970,125 | Term Loan, 7.35%, Maturing July 3, 2013 | 978,007 | |||||||||
NEP II, Inc. | |||||||||||
625,000 | Term Loan, 7.60%, Maturing February 16, 2014 | 629,394 | |||||||||
Nexstar Broadcasting, Inc. | |||||||||||
1,804,119 | Term Loan, 7.10%, Maturing October 1, 2012 | 1,803,132 | |||||||||
1,709,236 | Term Loan, 7.10%, Maturing October 1, 2012 | 1,708,301 | |||||||||
NextMedia Operating, Inc. | |||||||||||
283,514 | Term Loan, 7.32%, Maturing November 15, 2012 | 283,939 | |||||||||
126,005 | Term Loan, 7.32%, Maturing November 15, 2012 | 126,194 | |||||||||
PanAmSat Corp. | |||||||||||
2,462,625 | Term Loan, 7.35%, Maturing January 3, 2014 | 2,484,712 | |||||||||
Paxson Communications Corp. | |||||||||||
2,500,000 | Term Loan, 8.61%, Maturing January 15, 2012 | 2,559,375 | |||||||||
Raycom TV Broadcasting, LLC | |||||||||||
2,788,329 | Term Loan, 6.88%, Maturing August 28, 2013 | 2,786,587 | |||||||||
SFX Entertainment | |||||||||||
1,382,500 | Term Loan, 8.09%, Maturing June 21, 2013 | 1,389,413 | |||||||||
Tyrol Acquisition 2 SAS | |||||||||||
EUR | 800,000 | Term Loan, 6.09%, Maturing January 19, 2015 | 1,106,618 | ||||||||
EUR | 800,000 | Term Loan, 6.59%, Maturing January 19, 2016 | 1,111,248 | ||||||||
Young Broadcasting, Inc. | |||||||||||
722,138 | Term Loan, 7.88%, Maturing November 3, 2012 | 726,200 | |||||||||
990,000 | Term Loan, 7.88%, Maturing November 3, 2012 | 995,569 | |||||||||
$ | 39,746,692 | ||||||||||
Rail Industries 0.3% | |||||||||||
Kansas City Southern Railway Co. | |||||||||||
$ | 2,009,812 | Term Loan, 7.07%, Maturing March 30, 2008 | $ | 2,017,349 | |||||||
$ | 2,017,349 |
See notes to financial statements
13
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Retailers (Except Food and Drug) 4.4% | |||||||||||
Advantage Sales & Marketing, Inc. | |||||||||||
$ | 836,223 | Term Loan, 7.36%, Maturing March 29, 2013 | $ | 838,313 | |||||||
American Achievement Corp. | |||||||||||
425,961 | Term Loan, 7.72%, Maturing March 25, 2011 | 429,068 | |||||||||
Amscan Holdings, Inc. | |||||||||||
1,410,750 | Term Loan, 8.38%, Maturing December 23, 2012 | 1,423,536 | |||||||||
Coinmach Laundry Corp. | |||||||||||
3,482,346 | Term Loan, 7.88%, Maturing December 19, 2012 | 3,510,097 | |||||||||
Cumberland Farms, Inc. | |||||||||||
1,567,125 | Term Loan, 7.35%, Maturing September 29, 2013 | 1,579,858 | |||||||||
Hanesbrands, Inc. | |||||||||||
1,666,929 | Term Loan, 7.11%, Maturing September 5, 2013 | 1,678,484 | |||||||||
850,000 | Term Loan, 9.11%, Maturing March 5, 2014 | 871,914 | |||||||||
Harbor Freight Tools USA, Inc. | |||||||||||
1,801,440 | Term Loan, 7.61%, Maturing July 15, 2010 | 1,816,451 | |||||||||
Home Interiors & Gifts, Inc. | |||||||||||
1,009,722 | Term Loan, 10.35%, Maturing March 31, 2011 | 729,524 | |||||||||
Josten's Corp. | |||||||||||
3,417,787 | Term Loan, 7.33%, Maturing October 4, 2011 | 3,439,149 | |||||||||
Mapco Express, Inc. | |||||||||||
541,505 | Term Loan, 8.07%, Maturing April 28, 2011 | 544,890 | |||||||||
Mauser Werke GMBH & Co. KG | |||||||||||
1,175,000 | Term Loan, 8.09%, Maturing December 3, 2011 | 1,182,344 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
839,241 | Term Loan, 7.35%, Maturing April 5, 2013 | 847,633 | |||||||||
Oriental Trading Co., Inc. | |||||||||||
1,125,000 | Term Loan, 11.36%, Maturing January 31, 2013 | 1,147,500 | |||||||||
1,637,625 | Term Loan, 7.61%, Maturing July 31, 2013 | 1,642,743 | |||||||||
Petro Stopping Center, L.P. | |||||||||||
531,250 | Term Loan, 7.13%, Maturing February 9, 2008 | 533,906 | |||||||||
Rent-A-Center, Inc. | |||||||||||
1,096,085 | Term Loan, 7.12%, Maturing November 15, 2012 | 1,099,624 | |||||||||
Rover Acquisition Corp. | |||||||||||
2,244,375 | Term Loan, 7.85%, Maturing October 26, 2013 | 2,264,615 | |||||||||
Savers, Inc. | |||||||||||
340,926 | Term Loan, 8.07%, Maturing August 11, 2012 | 344,336 | |||||||||
387,306 | Term Loan, 8.07%, Maturing August 11, 2012 | 391,180 | |||||||||
Stewert Enterprises, Inc. | |||||||||||
332,464 | Term Loan, 7.13%, Maturing November 19, 2011 | 333,711 | |||||||||
The Yankee Candle Company, Inc. | |||||||||||
1,300,000 | Term Loan, 7.35%, Maturing February 6, 2014 | 1,307,475 | |||||||||
$ | 27,956,351 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Surface Transport 1.1% | |||||||||||
Gainey Corp. | |||||||||||
$ | 769,188 | Term Loan, 8.10%, Maturing April 20, 2012 | $ | 771,591 | |||||||
Horizon Lines, LLC | |||||||||||
734,361 | Term Loan, 7.60%, Maturing July 7, 2011 | 738,722 | |||||||||
Oshkosh Truck Corp. | |||||||||||
1,945,125 | Term Loan, 7.10%, Maturing December 6, 2013 | 1,953,331 | |||||||||
Ozburn-Hessey Holding Co., LLC | |||||||||||
495,579 | Term Loan, 8.63%, Maturing August 9, 2012 | 496,817 | |||||||||
Sirva Worldwide, Inc. | |||||||||||
1,599,041 | Term Loan, 11.60%, Maturing December 1, 2010 | 1,573,057 | |||||||||
Vanguard Car Rental USA | |||||||||||
1,128,000 | Term Loan, 8.35%, Maturing June 14, 2013 | 1,138,777 | |||||||||
$ | 6,672,295 | ||||||||||
Telecommunications 5.9% | |||||||||||
Alaska Communications Systems Holdings, Inc. | |||||||||||
$ | 990,000 | Term Loan, 7.10%, Maturing February 1, 2012 | $ | 994,773 | |||||||
American Cellular Corp. | |||||||||||
1,075,000 | Term Loan, 7.32%, Maturing March 15, 2014 | 1,077,688 | |||||||||
Asurion Corp. | |||||||||||
1,071,155 | Term Loan, 8.32%, Maturing July 13, 2012 | 1,085,214 | |||||||||
1,900,000 | Term Loan, 11.57%, Maturing January 13, 2013 | 1,935,625 | |||||||||
Centennial Cellular Operating Co., LLC | |||||||||||
4,445,833 | Term Loan, 7.35%, Maturing February 9, 2011 | 4,486,588 | |||||||||
Consolidated Communications, Inc. | |||||||||||
2,563,752 | Term Loan, 7.10%, Maturing July 27, 2015 | 2,575,771 | |||||||||
FairPoint Communications, Inc. | |||||||||||
2,980,000 | Term Loan, 7.13%, Maturing February 8, 2012 | 2,992,573 | |||||||||
Hawaiian Telcom Communications, Inc. | |||||||||||
743,333 | Term Loan, 7.60%, Maturing October 31, 2012 | 747,341 | |||||||||
Iowa Telecommunications Services | |||||||||||
2,616,000 | Term Loan, 7.10%, Maturing November 23, 2011 | 2,633,713 | |||||||||
IPC Acquisition Corp. | |||||||||||
646,750 | Term Loan, 7.85%, Maturing September 29, 2013 | 653,083 | |||||||||
NTelos, Inc. | |||||||||||
1,180,824 | Term Loan, 7.57%, Maturing August 24, 2011 | 1,188,204 | |||||||||
Stratos Global Corp. | |||||||||||
1,039,500 | Term Loan, 8.10%, Maturing February 13, 2012 | 1,045,563 | |||||||||
Triton PCS, Inc. | |||||||||||
2,731,571 | Term Loan, 8.57%, Maturing November 18, 2009 | 2,754,333 | |||||||||
Univision Communications, Inc. | |||||||||||
750,000 | Term Loan, 7.82%, Maturing March 29, 2009 | 750,782 | |||||||||
430,369 | Term Loan, 0.00%, Maturing September 29, 2014(2) | 430,039 | |||||||||
6,694,631 | Term Loan, 7.61%, Maturing September 29, 2014 | 6,689,496 |
See notes to financial statements
14
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Telecommunications (continued) | |||||||||||
WestCom Corp. | |||||||||||
$ | 659,488 | Term Loan, 8.15%, Maturing December 17, 2010 | $ | 660,313 | |||||||
1,000,000 | Term Loan, 12.32%, Maturing May 17, 2011 | 1,004,375 | |||||||||
Windstream Corp. | |||||||||||
3,089,906 | Term Loan, 6.86%, Maturing July 17, 2013 | 3,111,149 | |||||||||
$ | 36,816,623 | ||||||||||
Utilities 3.8% | |||||||||||
AEI Finance Holding, LLC | |||||||||||
$ | 269,751 | Term Loan, 8.25%, Maturing March 30, 2012 | $ | 271,185 | |||||||
2,055,249 | Term Loan, 8.35%, Maturing March 30, 2014 | 2,066,168 | |||||||||
Astoria Generating Co. | |||||||||||
1,000,000 | Term Loan, 9.10%, Maturing August 23, 2013 | 1,012,153 | |||||||||
BRSP, LLC | |||||||||||
1,900,000 | Term Loan, 8.37%, Maturing July 13, 2009 | 1,909,500 | |||||||||
Calpine Corp. | |||||||||||
850,000 | DIP Loan, 7.59%, Maturing March 30, 2009 | 855,401 | |||||||||
Cogentrix Delaware Holdings, Inc. | |||||||||||
522,507 | Term Loan, 6.85%, Maturing April 14, 2012 | 524,140 | |||||||||
Covanta Energy Corp. | |||||||||||
569,072 | Term Loan, 5.28%, Maturing February 9, 2014 | 570,139 | |||||||||
1,155,928 | Term Loan, 6.88%, Maturing February 9, 2014 | 1,158,095 | |||||||||
Electricinvest Holding Co. | |||||||||||
EUR | 476,616 | Term Loan, 7.73%, Maturing October 24, 2012 | 655,950 | ||||||||
GBP | 480,000 | Term Loan, 9.43%, Maturing October 24, 2012 | 969,355 | ||||||||
Elster Group GmbH (Ruhrgas) | |||||||||||
317,225 | Term Loan, 7.86%, Maturing June 12, 2013 | 320,675 | |||||||||
317,225 | Term Loan, 8.36%, Maturing June 12, 2014 | 321,785 | |||||||||
La Paloma Generating Co., LLC | |||||||||||
52,459 | Term Loan, 7.07%, Maturing August 16, 2012 | 52,415 | |||||||||
299,437 | Term Loan, 7.10%, Maturing August 16, 2012 | 299,187 | |||||||||
23,848 | Term Loan, 7.10%, Maturing August 16, 2012 | 23,828 | |||||||||
LSP General Finance Co., LLC | |||||||||||
36,583 | Term Loan, 7.10%, Maturing April 14, 2013 | 36,721 | |||||||||
822,222 | Term Loan, 7.10%, Maturing April 14, 2013 | 825,306 | |||||||||
Mirant North America, LLC. | |||||||||||
880,083 | Term Loan, 7.07%, Maturing January 3, 2013 | 882,834 | |||||||||
NRG Energy, Inc. | |||||||||||
1,850,000 | Term Loan, 7.35%, Maturing February 1, 2013 | 1,865,803 | |||||||||
6,980,990 | Term Loan, 7.35%, Maturing February 1, 2013 | 7,042,387 | |||||||||
Pike Electric, Inc. | |||||||||||
212,855 | Term Loan, 7.13%, Maturing July 1, 2012 | 213,121 | |||||||||
494,543 | Term Loan, 7.13%, Maturing December 10, 2012 | 495,161 |
Principal Amount |
Borrower/Tranche Description | Value | |||||||||
Vulcan Energy Corp. | |||||||||||
$ | 1,580,293 | Term Loan, 6.86%, Maturing July 23, 2010 | $ | 1,583,751 | |||||||
$ | 23,955,060 | ||||||||||
Total Senior, Floating Rate Interests (identified cost, $874,090,982) |
$ | 878,190,294 | |||||||||
Corporate Bonds & Notes 15.2% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Aerospace and Defense 0.1% | |||||||||||
Alion Science and Technologies, Sr. Notes | |||||||||||
$ | 275 | 10.25%, 2/1/15(5) | $ | 290,812 | |||||||
DRS Technologies, Inc., Sr. Sub. Notes | |||||||||||
80 | 7.625%, 2/1/18 | 84,200 | |||||||||
Hawker Beechcraft Acquisition Co., Sr. Notes | |||||||||||
85 | 8.50%, 4/1/15(5) | 89,887 | |||||||||
Hawker Beechcraft Acquisition Co., Sr. Sub. Notes | |||||||||||
5 | 9.75%, 4/1/17(5) | 5,375 | |||||||||
$ | 470,274 | ||||||||||
Air Transport 0.1% | |||||||||||
Continental Airlines | |||||||||||
$ | 285 | 7.033%, 6/15/11 | $ | 285,446 | |||||||
Delta Airlines | |||||||||||
1,000 | 7.90%, 12/15/09(3) | 527,500 | |||||||||
$ | 812,946 | ||||||||||
Automotive 0.5% | |||||||||||
Altra Industrial Motion, Inc. | |||||||||||
$ | 225 | 9.00%, 12/1/11 | $ | 234,281 | |||||||
110 | 9.00%, 12/1/11(5) | 114,537 | |||||||||
American Axle & Manufacturing, Inc. | |||||||||||
135 | 7.875%, 3/1/17 | 136,012 | |||||||||
Commercial Vehicle Group, Inc., Sr. Notes | |||||||||||
100 | 8.00%, 7/1/13 | 102,500 | |||||||||
Ford Motor Credit Co., Sr. Notes | |||||||||||
15 | 9.875%, 8/10/11 | 15,987 | |||||||||
Ford Motor Credit Co., Variable Rate | |||||||||||
990 | 8.36%, 11/2/07 | 999,583 | |||||||||
General Motors Corp. | |||||||||||
305 | 6.375%, 5/1/08 | 303,856 |
See notes to financial statements
15
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Automotive (continued) | |||||||||||
Goodyear Tire & Rubber Co., Sr. Notes | |||||||||||
$ | 125 | 8.625%, 12/1/11(5) | $ | 135,625 | |||||||
Goodyear Tire & Rubber Co., Sr. Notes, Variable Rate | |||||||||||
180 | 9.14%, 12/9/09(5) | 182,700 | |||||||||
Tenneco Automotive, Inc., Series B | |||||||||||
340 | 10.25%, 7/15/13 | 374,425 | |||||||||
Tenneco Automotive, Inc., Sr. Sub. Notes | |||||||||||
255 | 8.625%, 11/15/14 | 272,212 | |||||||||
Titan International, Inc., Sr. Notes | |||||||||||
145 | 8.00%, 1/15/12(5) | 150,800 | |||||||||
$ | 3,022,518 | ||||||||||
Brokers / Dealers / Investment Houses 0.1% | |||||||||||
Residential Capital LLC, Sub. Notes, Variable Rate | |||||||||||
$ | 810 | 7.187%, 4/17/09(5) | $ | 806,628 | |||||||
$ | 806,628 | ||||||||||
Building and Development 1.1% | |||||||||||
Collins & Aikman Floor Cover | |||||||||||
$ | 300 | 9.75%, 2/15/10 | $ | 306,750 | |||||||
General Cable Corp., Sr. Notes | |||||||||||
85 | 7.125%, 4/1/17(5) | 86,700 | |||||||||
General Cable Corp., Variable Rate | |||||||||||
85 | 7.725%, 4/1/15(5) | 86,275 | |||||||||
Grohe Holding GMBH | |||||||||||
2,000 | EUR6.843%, 1/15/14 | 2,769,596 | |||||||||
Interface, Inc. | |||||||||||
500 | 10.375%, 2/1/10 | 555,000 | |||||||||
Mueller Group, Inc., Sr. Sub. Notes | |||||||||||
412 | 10.00%, 5/1/12 | 447,020 | |||||||||
Mueller Holdings, Inc., Disc. Notes | |||||||||||
197 | 14.75%, 4/15/14 | 185,180 | |||||||||
Nortek, Inc., Sr. Sub. Notes | |||||||||||
850 | 8.50%, 9/1/14 | 843,625 | |||||||||
NTK Holdings, Inc., Sr. Disc. Notes | |||||||||||
360 | 10.75%, 3/1/14 | 271,800 | |||||||||
Panolam Industries International, Sr. Sub. Notes | |||||||||||
395 | 10.75%, 10/1/13(5) | 424,625 | |||||||||
Realogy Corp., Term Loan, 8.32%, Maturing | |||||||||||
170 | 12.375%, 4/15/15(5) | 170,425 | |||||||||
Realogy Corp., Term Loan, 8.35%, Maturing | |||||||||||
430 | 8.35%, 4/15/14(5) | 431,613 | |||||||||
Stanley-Martin Co. | |||||||||||
80 | 9.75%, 8/15/15 | 72,200 | |||||||||
$ | 6,650,809 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Business Equipment and Services 0.8% | |||||||||||
Activant Solutions, Inc., Sr. Sub. Notes | |||||||||||
$ | 95 | 9.50%, 5/1/16 | $ | 94,525 | |||||||
Affinion Group, Inc. | |||||||||||
95 | 10.125%, 10/15/13 | 104,025 | |||||||||
135 | 11.50%, 10/15/15 | 149,175 | |||||||||
Education Management, LLC | |||||||||||
275 | 8.75%, 6/1/14 | 292,187 | |||||||||
535 | 10.25%, 6/1/16 | 587,162 | |||||||||
Hertz Corp. | |||||||||||
530 | 8.875%, 1/1/14 | 573,725 | |||||||||
HydroChem Industrial Services, Inc., Sr. Sub. Notes | |||||||||||
200 | 9.25%, 2/15/13(5) | 207,000 | |||||||||
Kar Holdings, Inc., Sr. Notes | |||||||||||
130 | 8.75%, 5/1/14(5) | 134,225 | |||||||||
130 | 9.358%, 5/1/14(5) | 133,575 | |||||||||
Kar Holdings, Inc., Sr. Sub. Notes | |||||||||||
140 | 10.00%, 5/1/15(5) | 145,775 | |||||||||
Lamar Media Corp., Sr. Sub. Notes | |||||||||||
35 | 6.625%, 8/15/15 | 34,912 | |||||||||
Norcross Safety Products, LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B | |||||||||||
40 | 9.875%, 8/15/11 | 42,450 | |||||||||
Rental Service Corp. | |||||||||||
90 | 9.50%, 12/1/14(5) | 96,075 | |||||||||
Sabre Holdings Corp. | |||||||||||
120 | 8.35%, 3/15/16 | 114,102 | |||||||||
Safety Products Holdings, Inc. Sr. Notes (PIK) | |||||||||||
430 | 11.75%, 1/1/12(4) | 440,626 | |||||||||
SunGard Data Systems, Inc., Variable Rate | |||||||||||
265 | 9.125%, 8/15/13 | 285,537 | |||||||||
Travelport LLC, Sr. Notes | |||||||||||
475 | 9.875%, 9/1/14(5) | 510,625 | |||||||||
West Corp., Sr. Notes | |||||||||||
685 | 9.50%, 10/15/14(5) | 727,812 | |||||||||
West Corp., Sr. Sub. Notes | |||||||||||
85 | 11.00%, 10/15/16(5) | 92,862 | |||||||||
$ | 4,766,375 | ||||||||||
Cable and Satellite Television 0.8% | |||||||||||
Cablevision Systems Corp., Series B | |||||||||||
$ | 195 | 8.00%, 4/15/12 | $ | 200,850 | |||||||
Cablevision Systems Corp., Sr. Notes, Series B, Variable Rate | |||||||||||
415 | 9.82%, 4/1/09 | 441,975 | |||||||||
CCH I, LLC/CCH I Capital Co. | |||||||||||
295 | 11.00%, 10/1/15 | 314,912 |
See notes to financial statements
16
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Cable and Satellite Television (continued) | |||||||||||
CCH II, LLC/CCH II Capital Co. | |||||||||||
$ | 260 | 10.25%, 9/15/10 | $ | 277,550 | |||||||
CCH I Holdings, LLC | |||||||||||
320 | 11.75%, 5/15/14 | 320,000 | |||||||||
CCO Holdings, LLC / CCO Capital Corp., Sr. Notes | |||||||||||
730 | 8.75%, 11/15/13 | 769,237 | |||||||||
CSC Holdings, Inc., Series B | |||||||||||
130 | 8.125%, 8/15/09 | 135,850 | |||||||||
35 | 7.625%, 4/1/11 | 36,269 | |||||||||
CSC Holdings, Inc., Sr. Notes | |||||||||||
20 | 8.125%, 7/15/09 | 20,900 | |||||||||
Insight Communications, Sr. Disc. Notes | |||||||||||
400 | 12.25%, 2/15/11 | 419,000 | |||||||||
Kabel Deutschland GmbH | |||||||||||
190 | 10.625%, 7/1/14 | 213,275 | |||||||||
Mediacom Broadband Corp., LLC, Sr. Notes | |||||||||||
240 | 8.50%, 10/15/15(5) | 250,800 | |||||||||
National Cable, PLC | |||||||||||
135 | 8.75%, 4/15/14 | 142,425 | |||||||||
UGS Corp. | |||||||||||
1,225 | 10.00%, 6/1/12 | 1,341,375 | |||||||||
$ | 4,884,418 | ||||||||||
Chemicals and Plastics 0.4% | |||||||||||
Equistar Chemical, Sr. Notes | |||||||||||
$ | 115 | 10.625%, 5/1/11 | $ | 121,900 | |||||||
Huntsman International, LLC | |||||||||||
272 | 11.625%, 10/15/10 | 294,440 | |||||||||
Ineos Group Holdings PLC | |||||||||||
355 | 8.50%, 2/15/16(5) | 345,237 | |||||||||
Lyondell Chemical Co., Sr. Notes | |||||||||||
938 | 10.50%, 6/1/13 | 1,032,972 | |||||||||
MacDermid, Inc., Sr. Sub. Notes | |||||||||||
125 | 9.50%, 4/15/17(5) | 130,312 | |||||||||
Mosaic Co., Sr. Notes | |||||||||||
125 | 7.375%, 12/1/14(5) | 130,625 | |||||||||
125 | 7.625%, 12/1/16(5) | 134,062 | |||||||||
Nova Chemicals Corp., Sr. Notes, Variable Rate | |||||||||||
195 | 8.502%, 11/15/13 | 199,387 | |||||||||
Reichhold Industries, Inc., Sr. Notes | |||||||||||
395 | 9.00%, 8/15/14(5) | 413,269 | |||||||||
$ | 2,802,204 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Clothing / Textiles 0.6% | |||||||||||
Hanesbrands, Inc., Sr. Notes, Variable Rate | |||||||||||
$ | 750 | 8.735%, 12/15/14(5) | $ | 774,375 | |||||||
Levi Strauss & Co., Sr. Notes | |||||||||||
830 | 12.25%, 12/15/12 | 910,925 | |||||||||
140 | 9.75%, 1/15/15 | 154,350 | |||||||||
420 | 8.875%, 4/1/16 | 453,075 | |||||||||
Oxford Industries, Inc., Sr. Notes | |||||||||||
735 | 8.875%, 6/1/11 | 766,237 | |||||||||
Perry Ellis International, Inc., Sr. Sub. Notes | |||||||||||
215 | 8.875%, 9/15/13 | 223,600 | |||||||||
Phillips Van-Heusen, Sr. Notes | |||||||||||
155 | 7.25%, 2/15/11 | 159,650 | |||||||||
$ | 3,442,212 | ||||||||||
Conglomerates 0.1% | |||||||||||
Goodman Global Holdings, Inc., Sr. Notes, Variable Rate | |||||||||||
$ | 210 | 8.36%, 6/15/12 | $ | 213,675 | |||||||
RBS Global & Rexnord Corp. | |||||||||||
175 | 9.50%, 8/1/14 | 188,125 | |||||||||
155 | 11.75%, 8/1/16 | 172,825 | |||||||||
$ | 574,625 | ||||||||||
Containers and Glass Products 0.3% | |||||||||||
Berry Plastics Holding Corp. | |||||||||||
$ | 400 | 8.875%, 9/15/14 | $ | 414,000 | |||||||
Berry Plastics Holding Corp., Variable Rate | |||||||||||
110 | 9.23%, 9/15/14 | 113,025 | |||||||||
Intertape Polymer US, Inc., Sr. Sub. Notes | |||||||||||
310 | 8.50%, 8/1/14 | 280,133 | |||||||||
Pliant Corp. (PIK) | |||||||||||
1,210 | 11.85%, 6/15/09(4) | 1,328,537 | |||||||||
$ | 2,135,695 | ||||||||||
Ecological Services and Equipment 0.1% | |||||||||||
Waste Services, Inc., Sr. Sub. Notes | |||||||||||
$ | 440 | 9.50%, 4/15/14 | $ | 466,400 | |||||||
$ | 466,400 | ||||||||||
Electronics / Electrical 0.2% | |||||||||||
Avago Technologies Finance | |||||||||||
$ | 70 | 11.875%, 12/1/15 | $ | 80,325 | |||||||
Avago Technologies Finance, Variable Rate | |||||||||||
170 | 10.125%, 12/1/13 | 186,575 |
See notes to financial statements
17
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Electronics / Electrical (continued) | |||||||||||
CPI Holdco, Inc., Sr. Notes, Variable Rate | |||||||||||
$ | 95 | 11.151%, 2/1/15 | $ | 98,562 | |||||||
NXP BV/ NXP Funding, LLC, Variable Rate | |||||||||||
775 | 8.105%, 10/15/13(5) | 804,062 | |||||||||
NXP BV/NXP Funding, LLC, Sr. Notes | |||||||||||
170 | 9.50%, 10/15/15(5) | 179,350 | |||||||||
Open Solutions, Inc., Sr. Sub. Notes | |||||||||||
55 | 9.75%, 2/1/15(5) | 57,062 | |||||||||
$ | 1,405,936 | ||||||||||
Financial Intermediaries 2.1% | |||||||||||
Alzette, Variable Rate | |||||||||||
$ | 750 | 11.86%, 12/15/20(4) | $ | 750,000 | |||||||
Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate | |||||||||||
760 | 7.31%, 2/24/19(4)(5) | 757,659 | |||||||||
Babson Ltd., 2005-1A, Class C1, Variable Rate | |||||||||||
1,000 | 7.306%, 4/15/19(4)(5) | 996,490 | |||||||||
Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate | |||||||||||
1,000 | 7.406%, 1/15/19(4)(5) | 1,001,390 | |||||||||
Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate | |||||||||||
1,000 | 7.81%, 8/11/16(4)(5) | 1,005,500 | |||||||||
Centurion CDO 8 Ltd., Series 2005-8A, Class D, Variable Rate | |||||||||||
1,000 | 10.85%, 3/8/17 | 1,031,200 | |||||||||
Centurion CDO 9 Ltd., Series 2005-9A | |||||||||||
750 | 10.10%, 7/17/19(4) | 762,487 | |||||||||
Dryden Leveraged Loan, Series 2004-6A, Class C1, Variable Rate | |||||||||||
1,500 | 7.91%, 7/30/16(4)(5) | 1,517,190 | |||||||||
First CLO, Ltd., Sr. Sub. Notes, Variable Rate | |||||||||||
1,000 | 7.68%, 7/27/16(4)(5) | 1,003,600 | |||||||||
Ford Motor Credit Co. | |||||||||||
200 | 6.625%, 6/16/08 | 199,939 | |||||||||
715 | 7.375%, 10/28/09 | 715,954 | |||||||||
340 | 7.875%, 6/15/10 | 342,039 | |||||||||
General Motors Acceptance Corp. | |||||||||||
195 | 5.125%, 5/9/08 | 192,751 | |||||||||
100 | 5.85%, 1/14/09 | 98,927 | |||||||||
40 | 7.00%, 2/1/12 | 40,332 | |||||||||
440 | 8.00%, 11/1/31 | 473,582 | |||||||||
Schiller Park CLO Ltd., 2007-1A D, Variable Rate | |||||||||||
1,000 | 7.107%, 4/25/21 | 973,750 | |||||||||
Sonata Securities S.A., Series 2006-5 | |||||||||||
238 | 8.8625%, 6/27/07 | 239,781 | |||||||||
Sonata Securities S.A., Series 2006-6 | |||||||||||
661 | 8.8625%, 6/27/07 | 667,746 | |||||||||
$ | 12,770,317 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Food Products 0.2% | |||||||||||
ASG Consolidated, LLC / ASG Finance, Inc., Sr. Disc. Notes | |||||||||||
$ | 495 | 11.50%, 11/1/11 | $ | 459,112 | |||||||
Dole Foods Co. | |||||||||||
50 | 7.265%, 6/15/10 | 49,312 | |||||||||
Nutro Products, Inc., Sr. Notes, Variable Rate | |||||||||||
80 | 9.37%, 10/15/13(5) | 82,200 | |||||||||
Pierre Foods, Inc., Sr. Sub. Notes | |||||||||||
320 | 9.875%, 7/15/12 | 333,600 | |||||||||
Pinnacle Foods Finance, LLC, Sr. Notes | |||||||||||
45 | 9.25%, 4/1/15(5) | 45,225 | |||||||||
Pinnacle Foods Finance, LLC, Sr. Sub. Notes | |||||||||||
135 | 10.625%, 4/1/17(5) | 136,012 | |||||||||
$ | 1,105,461 | ||||||||||
Food Service 0.2% | |||||||||||
Aramark Corp., Sr. Notes | |||||||||||
$ | 55 | 8.50%, 2/1/15(5) | $ | 57,819 | |||||||
Aramark Corp., Sr. Notes, Variable Rate | |||||||||||
340 | 8.86%, 2/1/15(5) | 351,050 | |||||||||
El Pollo Loco, Inc. | |||||||||||
370 | 11.75%, 11/15/13 | 404,225 | |||||||||
NPC International, Inc., Sr. Sub. Notes | |||||||||||
340 | 9.50%, 5/1/14 | 358,700 | |||||||||
Sbarro, Inc., Sr. Notes | |||||||||||
90 | 10.375%, 2/1/15(5) | 94,725 | |||||||||
$ | 1,266,519 | ||||||||||
Food / Drug Retailers 0.3% | |||||||||||
General Nutrition Center, Sr. Notes, Variable Rate (PIK) | |||||||||||
$ | 345 | 9.796%, 3/15/14(5) | $ | 339,394 | |||||||
General Nutrition Center, Sr. Sub. Notes | |||||||||||
345 | 10.75%, 3/15/15(5) | 346,725 | |||||||||
Rite Aid Corp. | |||||||||||
1,010 | 6.125%, 12/15/08(5) | 1,008,737 | |||||||||
285 | 7.50%, 1/15/15 | 292,125 | |||||||||
$ | 1,986,981 | ||||||||||
Forest Products 0.1% | |||||||||||
Abitibi-Consolidated, Inc. | |||||||||||
$ | 170 | 8.55%, 8/1/10 | $ | 174,250 | |||||||
Georgia-Pacific Corp. | |||||||||||
5 | 9.50%, 12/1/11 | 5,550 | |||||||||
Jefferson Smurfit Corp. | |||||||||||
75 | 7.50%, 6/1/13 | 74,719 |
See notes to financial statements
18
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Forest Products (continued) | |||||||||||
JSG Funding PLC, Sr. Notes | |||||||||||
$ | 30 | 9.625%, 10/1/12 | $ | 31,725 | |||||||
NewPage Corp. | |||||||||||
440 | 10.00%, 5/1/12 | 488,400 | |||||||||
NewPage Corp., Variable Rate | |||||||||||
135 | 11.61%, 5/1/12 | 150,356 | |||||||||
$ | 925,000 | ||||||||||
Healthcare 1.1% | |||||||||||
Accellent, Inc. | |||||||||||
$ | 245 | 10.50%, 12/1/13 | $ | 252,962 | |||||||
Advanced Medical Optics | |||||||||||
70 | 7.50%, 5/1/17(5) | 72,450 | |||||||||
AMR HoldCo, Inc., Sr. Sub. Notes | |||||||||||
325 | 10.00%, 2/15/15 | 359,125 | |||||||||
CDRV Investors, Inc., Sr. Disc. Notes | |||||||||||
20 | 9.625%, 1/1/15 | 17,600 | |||||||||
CDRV Investors, Inc., Sr. Notes, Variable Rate | |||||||||||
265 | 9.86%, 12/1/11(5) | 267,650 | |||||||||
HCA, Inc. | |||||||||||
300 | 8.75%, 9/1/10 | 318,375 | |||||||||
150 | 7.875%, 2/1/11 | 154,690 | |||||||||
600 | 9.25%, 11/15/16(5) | 655,500 | |||||||||
Inverness Medical Innovations, Inc., Sr. Sub. Notes | |||||||||||
1,655 | 8.75%, 2/15/12 | 1,733,613 | |||||||||
MultiPlan, Inc., Sr. Sub. Notes | |||||||||||
485 | 10.375%, 4/15/16(5) | 520,163 | |||||||||
National Mentor Holdings, Inc., Sr. Sub. Notes | |||||||||||
225 | 11.25%, 7/1/14 | 248,625 | |||||||||
Res-Care, Inc., Sr. Notes | |||||||||||
195 | 7.75%, 10/15/13 | 201,338 | |||||||||
Service Corp. International, Sr. Notes | |||||||||||
400 | 7.00%, 6/15/17 | 400,000 | |||||||||
Sun Healthcare Group, Inc., Sr. Sub. Notes | |||||||||||
85 | 9.125%, 4/15/15(5) | 88,825 | |||||||||
Triad Hospitals, Inc., Sr. Notes | |||||||||||
425 | 7.00%, 5/15/12 | 444,125 | |||||||||
US Oncology, Inc. | |||||||||||
220 | 9.00%, 8/15/12 | 235,400 | |||||||||
515 | 10.75%, 8/15/14 | 578,088 | |||||||||
Vanguard Health Holdings Co., LLC, Sr. Disc. Notes, Variable Rate | |||||||||||
105 | 11.25%, 10/1/15 | 88,200 | |||||||||
VWR International, Inc., Sr. Sub. Notes | |||||||||||
515 | 8.00%, 4/15/14 | 548,475 | |||||||||
$ | 7,185,204 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Home Furnishings 0.1% | |||||||||||
Interline Brands, Inc., Sr. Sub. Notes | |||||||||||
$ | 135 | 8.125%, 6/15/14 | $ | 141,075 | |||||||
Steinway Musical Instruments, Sr. Notes | |||||||||||
160 | 7.00%, 3/1/14(5) | 159,200 | |||||||||
$ | 300,275 | ||||||||||
Industrial Equipment 0.1% | |||||||||||
Case New Holland, Inc., Sr. Notes | |||||||||||
$ | 200 | 9.25%, 8/1/11 | $ | 211,250 | |||||||
Chart Industries, Inc., Sr. Sub. Notes | |||||||||||
195 | 9.125%, 10/15/15 | 207,675 | |||||||||
ESCO Corp., Sr. Notes | |||||||||||
145 | 8.625%, 12/15/13(5) | 153,700 | |||||||||
ESCO Corp., Sr. Notes, Variable Rate | |||||||||||
145 | 9.23%, 12/15/13(5) | 150,800 | |||||||||
$ | 723,425 | ||||||||||
Insurance 0.0% | |||||||||||
U.S.I. Holdings Corp. | |||||||||||
$ | 70 | 9.75%, 5/15/15(5) | $ | 71,750 | |||||||
U.S.I. Holdings Corp., Sr. Notes, Variable Rate | |||||||||||
120 | 9.23%, 11/15/14(5) | 121,200 | |||||||||
$ | 192,950 | ||||||||||
Leisure Goods / Activities / Movies 0.4% | |||||||||||
Amscan Holdings, Inc., Sr. Sub. Notes | |||||||||||
$ | 250 | 8.75%, 5/1/14 | $ | 253,125 | |||||||
Bombardier, Inc., Sr. Notes | |||||||||||
130 | 8.00%, 11/15/14(5) | 137,150 | |||||||||
HRP Myrtle Beach Operations, LLC / HRP Myrtle Beach Capital Corp. | |||||||||||
195 | 12.50%, 4/1/13(5) | 198,900 | |||||||||
HRP Myrtle Beach Operations, LLC / HRP Myrtle Beach Capital Corp., Variable Rate | |||||||||||
360 | 10.07%, 4/1/12(5) | 363,600 | |||||||||
Marquee Holdings, Inc., Sr. Disc. Notes | |||||||||||
790 | 12.00%, 8/15/14 | 701,125 | |||||||||
Universal City Developement Partners, Sr. Notes | |||||||||||
335 | 11.75%, 4/1/10 | 357,613 | |||||||||
Universal City Florida Holdings, Sr. Notes, Variable Rate | |||||||||||
615 | 10.11%, 5/1/10 | 634,219 | |||||||||
$ | 2,645,732 | ||||||||||
Lodging and Casinos 1.0% | |||||||||||
Buffalo Thunder Development Authority | |||||||||||
$ | 375 | 9.375%, 12/15/14(5) | $ | 387,188 |
See notes to financial statements
19
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Lodging and Casinos (continued) | |||||||||||
CCM Merger, Inc. | |||||||||||
$ | 230 | 8.00%, 8/1/13(5) | $ | 234,025 | |||||||
Chukchansi EDA, Sr. Notes, Variable Rate | |||||||||||
280 | 8.877%, 11/15/12(5) | 287,700 | |||||||||
Galaxy Entertainment Finance | |||||||||||
200 | 9.875%, 12/15/12(5) | 220,000 | |||||||||
Galaxy Entertainment Finance, Variable Rate | |||||||||||
175 | 10.354%, 12/15/10 | 186,375 | |||||||||
Greektown Holdings, LLC, Sr. Notes | |||||||||||
200 | 10.75%, 12/1/13(5) | 215,500 | |||||||||
Host Hotels & Resorts, L.P., Sr. Notes | |||||||||||
185 | 6.875%, 11/1/14 | 190,319 | |||||||||
Inn of the Mountain Gods, Sr. Notes | |||||||||||
625 | 12.00%, 11/15/10 | 683,594 | |||||||||
Las Vegas Sands Corp. | |||||||||||
140 | 6.375%, 2/15/15 | 137,025 | |||||||||
Majestic HoldCo, LLC, (0.00% until 2008) | |||||||||||
140 | 12.50%, 10/15/11(5) | 102,200 | |||||||||
Majestic Star Casino, LLC | |||||||||||
340 | 9.50%, 10/15/10 | 359,550 | |||||||||
Mohegan Tribal Gaming Authority, Sr. Sub. Notes | |||||||||||
95 | 8.00%, 4/1/12 | 98,800 | |||||||||
OED Corp./Diamond Jo, LLC | |||||||||||
475 | 8.75%, 4/15/12 | 475,000 | |||||||||
Pokagon Gaming Authority, Sr. Notes | |||||||||||
110 | 10.375%, 6/15/14(5) | 123,750 | |||||||||
San Pasqual Casino | |||||||||||
305 | 8.00%, 9/15/13(5) | 315,675 | |||||||||
Seminole Hard Rock Entertainment, Variable Rate | |||||||||||
200 | 7.848%, 3/15/14(5) | 206,000 | |||||||||
Station Casinos, Inc. | |||||||||||
55 | 7.75%, 8/15/16 | 57,475 | |||||||||
Station Casinos, Inc., Sr. Notes | |||||||||||
95 | 6.00%, 4/1/12 | 93,575 | |||||||||
Trump Entertainment Resorts, Inc. | |||||||||||
1,205 | 8.50%, 6/1/15 | 1,218,556 | |||||||||
Tunica-Biloxi Gaming Authority, Sr. Notes | |||||||||||
310 | 9.00%, 11/15/15(5) | 330,925 | |||||||||
Turning Stone Resort Casinos, Sr. Notes | |||||||||||
75 | 9.125%, 9/15/14(5) | 76,875 | |||||||||
Waterford Gaming, LLC, Sr. Notes | |||||||||||
64 | 8.625%, 9/15/12(5) | 68,000 | |||||||||
Wynn Las Vegas, LLC | |||||||||||
105 | 6.625%, 12/1/14 | 105,788 | |||||||||
$ | 6,173,895 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Nonferrous Metals / Minerals 0.4% | |||||||||||
Aleris International, Inc., Sr. Notes | |||||||||||
$ | 215 | 9.00%, 12/15/14(5) | $ | 229,244 | |||||||
Aleris International, Inc., Sr. Sub. Notes | |||||||||||
630 | 10.00%, 12/15/16(5) | 660,712 | |||||||||
Alpha Natural Resources, Sr. Notes | |||||||||||
135 | 10.00%, 6/1/12 | 146,475 | |||||||||
FMG Finance PTY, Ltd., Variable Rate | |||||||||||
195 | 9.36%, 9/1/11(5) | 206,213 | |||||||||
490 | 10.625%, 9/1/16(5) | 575,750 | |||||||||
Novelis, Inc., Sr. Notes | |||||||||||
380 | 7.25%, 2/15/15 | 402,325 | |||||||||
$ | 2,220,719 | ||||||||||
Oil and Gas 1.0% | |||||||||||
Allis-Chalmers Energy, Inc. | |||||||||||
$ | 90 | 8.50%, 3/1/17 | $ | 90,900 | |||||||
Allis-Chalmers Energy, Inc., Sr. Notes | |||||||||||
445 | 9.00%, 1/15/14 | 460,575 | |||||||||
Chaparral Energy, Inc., Sr. Notes | |||||||||||
265 | 8.875%, 2/1/17(5) | 272,950 | |||||||||
Cimarex Energy Co., Sr. Notes | |||||||||||
120 | 7.125%, 5/1/17 | 121,800 | |||||||||
Clayton Williams Energy, Inc. | |||||||||||
115 | 7.75%, 8/1/13 | 109,250 | |||||||||
Compton Pet Finance Corp. | |||||||||||
360 | 7.625%, 12/1/13 | 359,100 | |||||||||
Copano Energy, LLC, Sr. Notes | |||||||||||
70 | 8.125%, 3/1/16 | 73,325 | |||||||||
Denbury Resources, Inc., Sr. Sub. Notes | |||||||||||
50 | 7.50%, 12/15/15 | 51,125 | |||||||||
El Paso Corp., Sr. Notes | |||||||||||
225 | 9.625%, 5/15/12 | 262,229 | |||||||||
El Paso Production Holding Co. | |||||||||||
50 | 7.75%, 6/1/13 | 52,891 | |||||||||
Encore Acquisition Co., Sr. Sub. Notes | |||||||||||
155 | 7.25%, 12/1/17 | 150,738 | |||||||||
Energy Partners, Ltd., Sr. Notes | |||||||||||
85 | 9.75%, 4/15/14(5) | 86,912 | |||||||||
Giant Industries | |||||||||||
225 | 8.00%, 5/15/14 | 236,250 | |||||||||
Ocean Rig Norway AS, Sr. Notes | |||||||||||
225 | 8.375%, 7/1/13(5) | 239,625 | |||||||||
OPTI Cananda, Inc. | |||||||||||
360 | 8.25%, 12/15/14(5) | 382,500 |
See notes to financial statements
20
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Oil and Gas (continued) | |||||||||||
Parker Drilling Co., Sr. Notes | |||||||||||
$ | 100 | 9.625%, 10/1/13 | $ | 109,000 | |||||||
Petrobas International Finance Co. | |||||||||||
50 | 6.125%, 10/6/16 | 51,437 | |||||||||
Petrohawk Energy Corp., Sr. Notes | |||||||||||
795 | 9.125%, 7/15/13 | 855,619 | |||||||||
Petroplus Finance, Ltd. | |||||||||||
210 | 6.75%, 5/1/14(5) | 212,100 | |||||||||
170 | 7.00%, 5/1/17(5) | 172,338 | |||||||||
Plains Exploration & Production Co. | |||||||||||
255 | 7.00%, 3/15/17 | 256,594 | |||||||||
Quicksilver Resources, Inc. | |||||||||||
210 | 7.125%, 4/1/16 | 210,000 | |||||||||
SemGroup L.P., Sr. Notes | |||||||||||
540 | 8.75%, 11/15/15(5) | 560,250 | |||||||||
Sesi, LLC, Sr. Notes | |||||||||||
60 | 6.875%, 6/1/14 | 61,200 | |||||||||
Stewart & Stevenson, LLC, Sr. Notes | |||||||||||
305 | 10.00%, 7/15/14(5) | 322,538 | |||||||||
United Refining Co., Sr. Notes | |||||||||||
645 | 10.50%, 8/15/12 | 678,863 | |||||||||
VeraSun Energy Corp. | |||||||||||
105 | 9.875%, 12/15/12 | 111,300 | |||||||||
$ | 6,551,409 | ||||||||||
Publishing 0.2% | |||||||||||
CBD Media, Inc., Sr. Sub. Notes | |||||||||||
$ | 125 | 8.625%, 6/1/11 | $ | 132,031 | |||||||
Clarke American Corp., Sr. Notes | |||||||||||
100 | 9.50%, 5/15/15(5) | 101,125 | |||||||||
Clarke American Corp., Sr. Notes, Variable Rate | |||||||||||
170 | 10.105%, 5/15/15(5) | 170,425 | |||||||||
Dex Media West, LLC, Sr. Sub. Notes | |||||||||||
87 | 9.875%, 8/15/13 | 95,156 | |||||||||
Idearc, Inc., Sr. Notes | |||||||||||
220 | 8.00%, 11/15/16(5) | 230,450 | |||||||||
MediaNews Group, Inc., Sr. Sub. Notes | |||||||||||
100 | 6.875%, 10/1/13 | 91,500 | |||||||||
MediMedia USA, Inc., Sr. Sub. Notes | |||||||||||
90 | 11.375%, 11/15/14(5) | 96,300 | |||||||||
Reader's Digest Association, Sr. Sub. Notes | |||||||||||
595 | 9.00%, 2/15/17(5) | 586,075 | |||||||||
$ | 1,503,062 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Radio and Television 0.8% | |||||||||||
Advanstar Communications, Inc. | |||||||||||
$ | 1,120 | 10.75%, 8/15/10 | $ | 1,220,800 | |||||||
CanWest Media, Inc. | |||||||||||
464 | 8.00%, 9/15/12 | 483,495 | |||||||||
Intelsat Bermuda, Ltd. | |||||||||||
325 | 9.25%, 6/15/16 | 359,125 | |||||||||
Intelsat Ltd., Sr. Notes | |||||||||||
1,425 | 5.25%, 11/1/08 | 1,405,406 | |||||||||
LBI Media, Inc. | |||||||||||
165 | 10.125%, 7/15/12 | 174,488 | |||||||||
Rainbow National Services, LLC, Sr. Notes | |||||||||||
180 | 8.75%, 9/1/12(5) | 193,050 | |||||||||
Rainbow National Services, LLC, Sr. Sub. Debs. | |||||||||||
645 | 10.375%, 9/1/14(5) | 729,656 | |||||||||
Sirius Satellite Radio, Sr. Notes | |||||||||||
550 | 9.625%, 8/1/13 | 552,750 | |||||||||
$ | 5,118,770 | ||||||||||
Rail Industries 0.1% | |||||||||||
American Railcar Industry | |||||||||||
$ | 175 | 7.50%, 3/1/14(5) | $ | 182,219 | |||||||
Kansas City Southern Mexico, Sr. Notes | |||||||||||
245 | 7.625%, 12/1/13(5) | 249,900 | |||||||||
Kansas City Southern Railway Co. | |||||||||||
95 | 9.50%, 10/1/08 | 99,869 | |||||||||
TFM SA de C.V., Sr. Notes | |||||||||||
130 | 12.50%, 6/15/12 | 139,490 | |||||||||
$ | 671,478 | ||||||||||
Retailers (Except Food and Drug) 0.6% | |||||||||||
AutoNation, Inc., Variable Rate | |||||||||||
$ | 135 | 7.356%, 4/15/13 | $ | 136,856 | |||||||
Bon-Ton Department Stores, Inc. | |||||||||||
225 | 10.25%, 3/15/14 | 244,688 | |||||||||
GameStop Corp. | |||||||||||
1,330 | 8.00%, 10/1/12 | 1,424,763 | |||||||||
Michaels Stores, Inc., Sr. Notes | |||||||||||
310 | 10.00%, 11/1/14(5) | 339,838 | |||||||||
Michaels Stores, Inc., Sr. Sub. Notes | |||||||||||
130 | 11.375%, 11/1/16(5) | 143,650 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
485 | 9.00%, 10/15/15 | 537,138 | |||||||||
520 | 10.375%, 10/15/15 | 586,950 | |||||||||
Toys R US Corp. | |||||||||||
215 | 7.375%, 10/15/18 | 190,275 |
See notes to financial statements
21
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
Sally Holdings, LLC, Sr. Notes | |||||||||||
$ | 55 | 9.25%, 11/15/14(5) | $ | 57,475 | |||||||
$ | 3,661,633 | ||||||||||
Steel 0.1% | |||||||||||
AK Steel Corp. | |||||||||||
$ | 62 | 7.875%, 2/15/09 | $ | 62,310 | |||||||
Ispat Inland ULC, Sr. Notes | |||||||||||
199 | 9.75%, 4/1/14 | 221,713 | |||||||||
RathGibson, Inc., Sr, Notes | |||||||||||
445 | 11.25%, 2/15/14 | 473,925 | |||||||||
$ | 757,948 | ||||||||||
Surface Transport 0.0% | |||||||||||
Horizon Lines, LLC | |||||||||||
$ | 217 | 9.00%, 11/1/12 | $ | 229,478 | |||||||
$ | 229,478 | ||||||||||
Telecommunications 0.9% | |||||||||||
Alamosa Delaware, Inc., Sr. Notes | |||||||||||
$ | 515 | 11.00%, 7/31/10 | $ | 548,558 | |||||||
Centennial Cellular Operating Co., LLC, Sr. Notes | |||||||||||
205 | 10.125%, 6/15/13 | 222,425 | |||||||||
Digicel Group, Ltd., Sr. Notes | |||||||||||
260 | 8.875%, 1/15/15(5) | 255,775 | |||||||||
180 | 9.125%, 1/15/15(5) | 175,050 | |||||||||
Digicel, Ltd., Sr. Notes | |||||||||||
275 | 9.25%, 9/1/12(5) | 293,563 | |||||||||
iPCS, Inc., Variable Rate | |||||||||||
120 | 7.48%, 5/1/13(5) | 121,200 | |||||||||
Level 3 Financing, Inc., Sr. Notes | |||||||||||
225 | 9.25%, 11/1/14(5) | 234,844 | |||||||||
215 | 8.75%, 2/15/17(5) | 219,838 | |||||||||
Qwest Capital Funding, Inc. | |||||||||||
110 | 7.00%, 8/3/09 | 112,338 | |||||||||
Qwest Communications International, Inc. | |||||||||||
500 | 7.50%, 2/15/14 | 518,750 | |||||||||
Qwest Communications International, Inc., Sr. Notes | |||||||||||
65 | 7.50%, 11/1/08 | 66,056 | |||||||||
Qwest Corp., Sr. Notes | |||||||||||
140 | 7.625%, 6/15/15 | 150,325 | |||||||||
Qwest Corp., Sr. Notes, Variable Rate | |||||||||||
985 | 8.605%, 6/15/13 | 1,082,269 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Telecommunications (continued) | |||||||||||
Rogers Wireless, Inc., Sr. Sub. Notes | |||||||||||
$ | 40 | 8.00%, 12/15/12 | $ | 42,900 | |||||||
Rogers Wireless, Inc., Variable Rate | |||||||||||
1,453 | 8.48%, 12/15/10 | 1,485,693 | |||||||||
Windstream Corp., Sr. Notes | |||||||||||
190 | 8.125%, 8/1/13 | 207,100 | |||||||||
60 | 8.625%, 8/1/16 | 66,150 | |||||||||
$ | 5,802,834 | ||||||||||
Utilities 0.3% | |||||||||||
Dynegy Holdings, Inc. | |||||||||||
$ | 195 | 8.375%, 5/1/16 | $ | 206,456 | |||||||
Mission Energy Holding Co. | |||||||||||
215 | 13.50%, 7/15/08 | 235,963 | |||||||||
NGC Corp. | |||||||||||
390 | 7.625%, 10/15/26 | 384,638 | |||||||||
NRG Energy, Inc. | |||||||||||
140 | 7.25%, 2/1/14 | 145,250 | |||||||||
355 | 7.375%, 1/15/17 | 368,756 | |||||||||
NRG Energy, Inc., Sr. Notes | |||||||||||
120 | 7.375%, 2/1/16 | 124,950 | |||||||||
Reliant Energy, Inc. | |||||||||||
165 | 9.25%, 7/15/10 | 173,869 | |||||||||
$ | 1,639,882 | ||||||||||
Total Corporate Bonds & Notes (identified cost, $92,391,043) |
$ | 95,674,012 | |||||||||
Convertible Bonds 0.0% | |||||||||||
Principal Amount | Security | Value | |||||||||
$ | 310,000 | L-3 Communications Corp.(5) | $ | 336,737 | |||||||
Total Convertible Bonds (identified cost, $313,267) |
$ | 336,737 | |||||||||
Common Stocks 0.1% | |||||||||||
Shares | Security | Value | |||||||||
32,088 | Trump Entertainment Resorts, Inc.(6) | $ | 520,788 | ||||||||
Total Common Stocks (identified cost, $395,965) |
$ | 520,788 |
See notes to financial statements
22
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Convertible Preferred Stocks 0.0% | |||||||||||
Shares | Security | Value | |||||||||
1,007 | Chesapeake Energy Corp., 4.50% | $ | 102,714 | ||||||||
934 | Crown Castle International Corp., 6.25% (PIK) | 53,705 | |||||||||
Total Convertible Preferred Stocks (identified cost, $142,317) |
$ | 156,419 | |||||||||
Closed-End Investment Companies 1.8% | |||||||||||
Shares | Security | Value | |||||||||
20,000 | Blackrock Floating Rate Income Strategies Fund II, Inc. | $ | 376,800 | ||||||||
25,000 | Blackrock Floating Rate Income Strategies Fund, Inc. | 478,000 | |||||||||
125,000 |
First Trust / Four Corners Senior Floating Rate Income Fund II |
2,371,250 | |||||||||
895,800 | ING Prime Rate Trust | 6,790,164 | |||||||||
87,500 | LMP Corporate Loan Fund, Inc. | $ | 1,244,250 | ||||||||
Total Closed-End Investment Companies (identified cost, $11,209,592) |
$ | 11,260,464 | |||||||||
Short-Term Investments 2.8% |
Description |
Interest (000's omitted) |
Value | |||||||||
Investment in Cash Management Portfolio, 4.70%(7) |
17,425 | $ | 17,425,090 | ||||||||
Total Short-Term Investments (identified cost, $17,425,090) |
$ | 17,425,090 |
|
Value |
||||||||||
Gross Investments 159.1% (identified cost, $995,968,256) |
$ | 1,003,563,804 | |||||||||
Less Unfunded Loan Commitments (0.4)% |
$ | (2,789,199 | ) | ||||||||
Net Investments 158.7% (identified cost, $993,179,057) |
$ | 1,000,774,605 | |||||||||
Other Assets, Less Liabilities 3.9% | $ | 24,890,449 | |||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (62.6)% |
$ | (394,699,833 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 630,965,221 |
PIK - Payment-In-Kind.
EUR - Euro
GBP - British Pound
(1) Senior floating-rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.
(2) Unfunded loan commitments. See Note 1E for description.
(3) Defaulted security.
(4) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(5) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2007, the aggregate value of the securities is $31,153,849 or 4.9% of the net assets.
(6) Non-income producing security.
(7) Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2007.
See notes to financial statements
23
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of April 30, 2007
Assets | |||||||
Unaffiliated investments, at value (identified cost, $975,753,967) | $ | 983,349,515 | |||||
Affiliated investment, at value (identified cost, $17,425,090) | 17,425,090 | ||||||
Cash | 18,914,522 | ||||||
Foreign currency, at value (identified cost, $42,865) | 43,179 | ||||||
Receivable for investments sold | 337,967 | ||||||
Dividends and interest receivable | 8,413,076 | ||||||
Receivable for open swap contracts | 62,754 | ||||||
Interest receivable from affiliated investment | 178,282 | ||||||
Prepaid expenses | 71,377 | ||||||
Total assets | $ | 1,028,795,762 | |||||
Liabilities | |||||||
Payable for investments purchased | $ | 2,449,444 | |||||
Payable for Fund shares redeemed | 3,708 | ||||||
Payable for open forward foreign currency contracts | 3,756 | ||||||
Payable to affiliate for investment advisory fees | 444,925 | ||||||
Payable to affiliate for Trustees' fees | 1,800 | ||||||
Accrued expenses | 227,075 | ||||||
Total liabilities | $ | 3,130,708 | |||||
Auction preferred shares (15,760 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$ | 394,699,833 | |||||
Net assets applicable to common shares | $ | 630,965,221 | |||||
Sources of Net Assets | |||||||
Common Shares, $0.01 par value, unlimited number of shares authorized, 33,548,278 shares issued and outstanding |
$ | 335,483 | |||||
Additional paid-in capital | 635,578,806 | ||||||
Accumulated net realized loss (computed on the basis of identified cost) | (12,425,653 | ) | |||||
Accumulated distributions in excess of investment income | (84,610 | ) | |||||
Net unrealized appreciation (computed on the basis of identified cost) | 7,561,195 | ||||||
Net assets applicable to common shares | $ | 630,965,221 | |||||
Net Asset Value Per Common Share | |||||||
($630,965,221 ÷ 33,548,278 shares of beneficial interest outstanding) | $ | 18.81 |
Statement of Operations
For the Six Months Ended
April 30, 2007
Investment Income | |||||||
Interest | $ | 38,656,518 | |||||
Dividends | 735,288 | ||||||
Interest income allocated from affiliated investment | 696,504 | ||||||
Expenses allocated from affiliated investment | (62,623 | ) | |||||
Total investment income | $ | 40,025,687 | |||||
Expenses | |||||||
Investment adviser fee | $ | 3,746,615 | |||||
Trustees' fees and expenses | 10,802 | ||||||
Preferred shares remarketing agent fee | 488,452 | ||||||
Custodian fee | 135,576 | ||||||
Legal and accounting services | 82,142 | ||||||
Transfer and dividend disbursing agent fees | 33,097 | ||||||
Printing and postage | 18,660 | ||||||
Miscellaneous | 66,117 | ||||||
Total expenses | $ | 4,581,461 | |||||
Deduct Reduction of custodian fee |
$ | 9,122 | |||||
Reduction of investment adviser fee | 1,015,403 | ||||||
Total expense reductions | $ | 1,024,525 | |||||
Net expenses | $ | 3,556,936 | |||||
Net investment income | $ | 36,468,751 | |||||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) Investment transactions (identified cost basis) |
$ | 691,455 | |||||
Swap contracts | 22,122 | ||||||
Foreign currency transactions | (440,860 | ) | |||||
Net realized gain | $ | 272,717 | |||||
Change in unrealized appreciation (depreciation) Investments (identified cost basis) |
$ | 4,562,100 | |||||
Swap contracts | (21,719 | ) | |||||
Foreign currency | (97,107 | ) | |||||
Net change in unrealized appreciation (depreciation) | $ | 4,443,274 | |||||
Net realized and unrealized gain | $ | 4,715,991 | |||||
Distributions to preferred shareholders | |||||||
From net investment income | (10,193,559 | ) | |||||
Net increase in net assets from operations | $ | 30,991,183 |
See notes to financial statements
24
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets |
Six Months Ended April 30, 2007 (Unaudited) |
Year Ended October 31, 2006 |
|||||||||
From operations Net investment income |
$ | 36,468,751 | $ | 68,767,640 | |||||||
Net realized gain (loss) from investment transactions, swaps contracts and foreign currency |
272,717 | (243,947 | ) | ||||||||
Net change in unrealized appreciation (depreciation) from investments, swaps contracts and foreign currency |
4,443,274 | (629,273 | ) | ||||||||
Distributions to preferred shareholders From net investment income |
(10,193,559 | ) | (18,685,607 | ) | |||||||
Net increase in net assets from operations | $ | 30,991,183 | $ | 49,208,813 | |||||||
Distributions to common shareholders From net investment income |
$ | (27,076,248 | ) | $ | (50,869,016 | ) | |||||
Total distributions to common shareholders | $ | (27,076,248 | ) | $ | (50,869,016 | ) | |||||
Capital share transactions Reinvestment of distributions to common shareholders |
$ | 1,124,831 | $ | | |||||||
Total increase in net assets from capital share transactions |
$ | 1,124,831 | $ | | |||||||
Net increase (decrease) in net assets | $ | 5,039,766 | $ | (1,660,203 | ) | ||||||
Net Assets Applicable to Common Shares |
|||||||||||
At beginning of period | $ | 625,925,455 | $ | 627,585,658 | |||||||
At end of period | $ | 630,965,221 | $ | 625,925,455 | |||||||
Accumulated undistributed net investment income (distributions in excess of) included in net assets applicable to common shares |
|||||||||||
At end of period | $ | (84,610 | ) | $ | 716,446 |
See notes to financial statements
25
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated | |||||||||||||||||||
Six Months Ended April 30, 2007 |
Year Ended October 31, | ||||||||||||||||||
(Unaudited)(1) | 2006(1) | 2005(1) | 2004(1)(2) | ||||||||||||||||
Net asset value Beginning of period (Common shares) | $ | 18.690 | $ | 18.740 | $ | 18.970 | $ | 19.100 | (3) | ||||||||||
Income (loss) from operations | |||||||||||||||||||
Net investment income | $ | 1.088 | $ | 2.053 | $ | 1.547 | $ | 0.968 | |||||||||||
Net realized and unrealized gain (loss) | 0.144 | (0.026 | ) | (0.193 | ) | 0.080 | |||||||||||||
Distributions to preferred shareholders from net investment income | (0.304 | ) | (0.558 | ) | (0.354 | ) | (0.132 | ) | |||||||||||
Total income from operations | $ | 0.928 | $ | 1.469 | $ | 1.000 | $ | 0.916 | |||||||||||
Less distributions to common shareholders | |||||||||||||||||||
From net investment income | $ | (0.808 | ) | $ | (1.519 | ) | $ | (1.230 | ) | $ | (0.900 | ) | |||||||
Total distributions to common shareholders | $ | (0.808 | ) | $ | (1.519 | ) | $ | (1.230 | ) | $ | (0.900 | ) | |||||||
Preferred and Common shares offering costs charged to paid-in capital | $ | | $ | | $ | | $ | (0.027 | ) | ||||||||||
Preferred Shares underwriting discounts | $ | | $ | | $ | | $ | (0.119 | ) | ||||||||||
Net asset value End of period (Common shares) | $ | 18.810 | $ | 18.690 | $ | 18.740 | $ | 18.970 | |||||||||||
Market value End of period (Common shares) | $ | 19.180 | $ | 18.240 | $ | 17.210 | $ | 19.940 | |||||||||||
Total Investment Return on Net Asset Value(5) | 5.06 | % | 8.47 | % | 5.57 | % | 4.13 | %(4) | |||||||||||
Total Investment Return on Market Value(5) | 9.77 | % | 15.27 | % | (7.77 | )% | 9.45 | %(4) |
See notes to financial statements
26
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated | |||||||||||||||||||
Six Months Ended April 30, 2007 |
Year Ended October 31, | ||||||||||||||||||
(Unaudited)(1) | 2006(1) | 2005(1) | 2004(1)(2) | ||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||
Net assets applicable to common shares, end of period (000's omitted) | $ | 630,965 | $ | 625,925 | $ | 627,586 | $ | 633,584 | |||||||||||
Ratios (As a percentage of average net assets applicable to common shares): | |||||||||||||||||||
Expenses before custodian fee reduction(6) | 1.16 | %(7) | 1.17 | % | 1.16 | % | 1.08 | %(7) | |||||||||||
Expenses after custodian fee reduction(6) | 1.16 | %(7) | 1.17 | % | 1.16 | % | 1.08 | %(7) | |||||||||||
Net investment income(6) | 11.68 | %(7) | 10.95 | % | 8.18 | % | 5.51 | %(7) | |||||||||||
Portfolio Turnover | 29 | % | 51 | % | 64 | % | 95 | % |
The ratios reported are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets): | |||||||||||||||||||
Expenses before custodian fee reduction(6) | 0.71 | %(7) | 0.72 | % | 0.72 | % | 0.71 | %(7) | |||||||||||
Expenses after custodian fee reduction(6) | 0.71 | %(7) | 0.72 | % | 0.72 | % | 0.71 | %(7) | |||||||||||
Net investment income(6) | 7.18 | %(7) | 6.73 | % | 5.04 | % | 3.63 | %(7) | |||||||||||
Senior Securities: | |||||||||||||||||||
Total preferred shares outstanding | 15,760 | 15,760 | 15,760 | 15,760 | |||||||||||||||
Asset coverage per preferred share(8) | $ | 65,080 | $ | 64,753 | $ | 64,853 | $ | 65,223 | |||||||||||
Involuntary liquidation preference per preferred share(9) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||||||
Approximate market value per preferred share(9) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 |
(1) Computed using average common shares outstanding.
(2) For the period from the start of business, November 28, 2003, to October 31, 2004.
(3) Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholder from the $20.00 offering price.
(4) Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported with all distributions reinvested. Total investment return on market value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the current market price on the last day of the period reported with all distributions reinvested. Total investment return on net asset value and total investment return on market value are not computed on an annualized basis.
(5) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Total return is not computed on an annualized basis.
(6) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(7) Annualized.
(8) Calculated by subtracting the Fund's total liabilities (not including the preferred shares) from the Fund's total assets, and dividing this by the number of preferred shares outstanding.
(9) Plus accumulated and unpaid dividends.
See notes to financial statements
27
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
Eaton Vance Senior Floating-Rate Trust (the Trust) is registered under the Investment Company Act of 1940 (the 1940 Act), as amended, as a closed-end management investment company. The Trust, which was organized as a Massachusetts business trust on August 5, 2003, seeks 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 goal of high current income. The Trust pursues its objectives by investing primarily in senior, secured floating rate loans (Senior Loans). 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 The Trust's investments are primarily in interests in senior floating rate loans (Senior Loans). Certain Senior Loans are deemed to be liquid because reliable market quotations are readily available for them. Liquid Senior Loans are valued on the basis of prices furnished by a pricing service. Other Senior Loans are valued at fair value by the Trust's investment adviser, Eaton Vance Management (EVM), under procedures approved by the Trustees. In connection with determining the fair value of a Senior Loan, the investment adviser makes an assessment of the likelihood that the borrower will make a full repayment of the Senior Loan. The primary factors considered by the investment adviser when making this assessment are (i) the creditworthiness of the borrower, (ii) the value of the collateral backing the Senior Loan, and (iii) the priority of the Senior Loan versus other creditors of the borrower. If, based on its assessment, the investment adviser believes there is a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality. If, based on its assessment, the investment adviser believes there is not a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan 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 such factors, data and information and the relative weight to be given thereto as it deems relevant, including without limitation, some or all of the following: (i) the fundamental characteristics of and fundamental analytical data relating to the Senior Loan, including the cost, size, current interest rate, maturity and base lending rate of the Senior Loan, the terms and conditions of the Senior Loan and any related agreements, and the position of the Senior Loan in the borrower's debt structure; (ii) the nature, adequacy and value of the collateral securing the Senior Loan, including the Trust's rights, remedies and interests with respect to the collateral; (iii) the creditworthiness of the borrower, based on an evaluation of, among other things, its financial condition, financial statements and information about the borrower's business, cash flows, capital structure and future prospects; (iv) information relating to the market for the Senior Loan, including price quotations for and trading in the Senior Loan and interests in similar Senior Loans and the market environment and investor attitudes towards the Senior Loan and interests in similar Senior Loans; (v) the experience, reputation, stability and financial condition of the agent and any intermediate participants in the Senior Loan; and (vi) general economic and market conditions affecting the fair value of the Senior Loan. Fair value determinations are made by the portfolio managers of a Trust based on information available to such managers. The portfolio managers of other trusts managed by Eaton Vance that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of Senior Floating-Rate Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other trusts managed by Eaton Vance that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of Senior Floating-Rate 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 are valued in the same manner as Senior Loans.
Non-loan portfolio holdings (other than short-term obligations maturing in sixty days or less), including listed securities and securities for which price quotations are available and forward contracts, will normally be valued on the basis of market valuations furnished by dealers or pricing services. Financial futures contracts
28
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
listed on commodity exchanges and exchange-traded options are valued at closing settlement prices. Over-the-counter options are valued at the mean between the bid and asked prices provided by dealers. Marketable securities listed on the NASDAQ Global or Global Select Market System are valued at the NASDAQ official closing price. The value of interest rate swaps will be based upon a dealer quotation. Short-term obligations and money market securities maturing in sixty days or less are valued at amortized cost which approximates value. If short-term debt securities are acquired with a remaining maturity of more than 60 days, they will be valued by a pricing service. Investments for which reliable market quotations are unavailable and investments for which the price of the security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust. Occasionally, events effecting the value of foreign securities may occur between the time trading is completed abroad and the close of the Exchange which will not be reflected in the computation of the Trust's net asset value (unless the Trust deems that such event would materially affect its net asset value in which case an adjustment would be made and reflected in such computation). The Trust may rely on an independent fair valuation service in making any such adjustment.
The Trust may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a wholly-owned subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio's security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.
B 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.
C 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 all of its taxable income, including any net realized gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At October 31, 2006, the Trust, for federal income tax purposes, had a capital loss carryover of $11,810,633 which will reduce the Trust's 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 carryover will expire on October 31, 2012 ($5,860,075), October 31, 2013, ($4,807,956), and October 31, 2014 ($1,142,602).
D Investment Transactions Investment transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on securities sold are determined on the basis of identified cost. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuations during this period. To the extent that when-issued or delayed delivery purchases are outstanding, the Trust instructs the custodian to segregate assets in a separate account, with a current value at least equal to the amount of its purchase commitments.
E 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.
F Offering Costs Costs incurred by the Trust in connection with the offering of the common shares and preferred shares were recorded as a reduction of capital paid in excess of par applicable to common shares.
G Expense Reduction Investors Bank & Trust Company (IBT) serves as custodian of the Trust. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balance the Trust maintains with IBT. All credit balances used to reduce the Trust's custodian fees are reported as a reduction of expenses in the Statements of Operations.
H Written Options Upon the writing of a call or a put option, an amount equal to the premium received by the Trust is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written in accordance with the Trust's policies on investment valuations discussed above. Premiums received from writing options which
29
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Trust. The Trust, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written option.
I Purchased Options Upon the purchase of a call or put option, the premium paid by the Trust is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Trust's policies on investment valuations discussed above. If an option which the Trust has purchased expires on the stipulated expiration date, the Trust will realize a loss in the amount of the cost of the option. If the Trust enters into a closing sale transaction, the Trust will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Trust exercises a put option, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Trust exercises a call option, the cost of the security which the Trust purchases upon exercise will be increased by the premium originally paid.
J Financial Futures Contracts Upon entering into a financial futures contract, the Trust is required to deposit an amount (initial margin) either in cash or securities equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by the Trust (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying securities, and are recorded for book purposes as unrealized gains or losses by the Trust.
If the Trust enters into a closing transaction, the Trust will realize, for book purposes, a gain or loss equal to the difference between the value of the financial futures contract to sell and the financial futures contract to buy. The Trust's investment in financial futures contracts is designed only to hedge against anticipated future changes in interest rates. Should interest rates move unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.
K Foreign Currency Translation Investment valuations, other assets, and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to 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.
L 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. 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. The Trust will enter into forward contracts for hedging purposes
M Reverse Repurchase Agreements The Trust may enter into reverse repurchase agreements. Under such an agreement, the Trust temporarily transfers possession, but not ownership, of a security to a counterparty, in return for cash. At the same time, the Trust agrees to repurchase the security at an agreed-upon price and time in the future. The Trust may enter into reverse repurchase agreements for temporary purposes, such as to fund withdrawals, or for use as hedging instruments where the underlying security is denominated in a foreign currency. As a form of leverage, reverse repurchase agreements may increase the risk of fluctuation in the market value of the Trust's assets or in its yield. Liabilities to counterparties under reverse repurchase agreements are recognized in the Statement of Assets and Liabilities at the same time at which cash is received by the Trust. The securities underlying such agreements continue to be treated as owned by the Trust and remain in the Portfolio of Investments. Interest charged on amounts borrowed by the Trust under reverse repurchase agreements is accrued daily.
N Total Return Swaps The Trust may enter into swap agreements to hedge against fluctuations in securities prices, interest rates or market conditions; to change the duration of the overall portfolio; to mitigate default risk; or for other risk management purposes. In a total return swap, the Trust makes payments at a rate
30
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
equal to a predetermined spread to the one or three-month LIBOR. In exchange, the Trust receives payments based on the rate of return of a benchmark industry index or basket of securities. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark industry index or basket of securities. The Trust is exposed to credit loss in the event of nonperformance by the swap counterparty. However, the Trust does not anticipate nonperformance by the counterparty. Risk may also arise from the unanticipated movements in value of interest rates, securities, or the index.
O Credit Default Swaps The Trust may enter into credit default swap contracts for risk management purposes, including diversification. When the Trust is the buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust would pay the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Trust would have spent the stream of payments and received no benefit from the contract. When the Trust is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Trust would effectively add leverage to its portfolio because, in addition to its total net assets, the Trust would be subject to investment exposure on the notional amount of the swap. The Trust will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swaps of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the counterparty may be unable to fulfill the transaction.
P 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.
Q 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, and shareholders are indemnified against personal liability for the obligations of the Trust. 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.
R Interim Financial Statements The interim financial statements relating to April 30, 2007 and for the six months then ended have not been audited by an Independent Registered Public Accounting Firm, but in the opinion of the Fund's management reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Auction Preferred Shares
The Trust issued 3,940 shares of Auction Preferred Shares (APS) Series A, 3,940 shares of APS Series B, 3,940 shares of APS Series C, and 3,940 shares of APS Series D on January 26, 2004 in a public offering. The underwriting discount and other offering costs were recorded as a reduction of the capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at a rate which was established at the offering of the APS and have been reset every 7 days for Series A, B, and C, and 28 days for Series D, thereafter by an auction. Dividend rates ranged from 4.87% to 5.32% for Series A shares, 4.90% to 5.32% for Series B shares, 5.11% to 5.27% for Series C shares, and 5.20% to 5.25% for Series D shares.
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 shall 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
31
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
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 Investment Company Act of 1940. The Trust pays an annual fee equivalent to 0.25% of the APS liquidation value for the remarketing efforts associated with the preferred auctions.
3 Distribution to Shareholders
The Trust intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute net capital gain, if any. Distributions are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the APS is generally between 7 and 28 days (depending on the share class). The applicable dividend rate for the APS on April 30, 2007 was 5.25%, 5.25%, 5.11%, and 5.20%, for Series A, Series B, Series C, and Series D shares, respectively. For the six months ended April 30, 2007, the Trust paid dividends to APS holders amounting to $2,518,483, $2,531,800, $2,559,142 and $2,584,134 for Series A, Series B, Series C, and Series D shares, respectively, representing an average APS dividend rate for such period of 5.156%, 5.183%, 5.239%, and 5.290%, respectively.
The Trust distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principals 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.
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee, computed at an annual rate of 0.75% of the average daily gross assets of the Trust, was earned by EVM, as compensation for management and investment advisory services rendered to the Trust. The portion of the advisory fees payable by Cash Management on the Trust's investment of cash therein is credited against the Trust's advisory fees. For the six-months ended April 31, 2007, the Trust's advisory fee totaled $3,807,747 of which $61,132 was allocated from Cash Management and $3,746,615 was paid or accrued directly by the Trust.
In addition, the Adviser has contractually agreed to reimburse the Trust for fees and other expenses in the amount of 0.20% of the average daily gross assets of the Trust for the first five full years of the Trust's operations, 0.15% of average weekly gross assets in year 6, 0.10% in year 7, and 0.05% in year 8. For the six months ended April 30, 2007 the investment adviser waived $1,015,403 of its advisory fee.
Certain officers and Trustees of the Trust are officers of the above organization.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including paydowns, aggregated $289,888,731 and $294,158,402 respectively, for the six months ended April 30, 2007.
6 Common Shares of Beneficial Interest
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares of beneficial interest. Transactions in common shares were as follows:
Six Months Ended April 30, 2007 (Unaudited) |
Year Ended October 31, 2006 |
||||||||||
Issued to shareholders electing to receive payments of distributions in Fund shares |
59,788 | | |||||||||
Net increase | 59,788 | |
7 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
The cost and unrealized appreciation (depreciation) in value of investments owned by the Trust at April 30, 2007, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 994,034,982 | |||||
Gross unrealized appreciation | $ | 9,504,976 | |||||
Gross unrealized depreciation | (2,765,353 | ) | |||||
Net unrealized appreciation | $ | 6,739,623 |
8 Risks Associated with Foreign Investments
Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic
32
Eaton Vance Senior Floating-Rate Trust as of April 30, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.
9 Financial Instruments
The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options, financial futures and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2007 is as follows:
Forward Foreign Curency Exchange Contracts
Sales
Settlement Date(s) |
Deliver | In Exchange For |
Net Unrealized Depreciation |
||||||||||||
5/31/07 |
Euro 476,616 |
United States Dollar 647,721 |
$ | (3,475 | ) | ||||||||||
5/31/07 |
Great British Pound 480,000 |
United States Dollar 959,520 |
(281 | ) | |||||||||||
$ | (3,756 | ) |
Credit Default Swaps
Notional Amount |
Expiration Date |
Description |
Net Unrealized Appreciation |
||||||||||||
$2,000,000 |
3/20/2010 |
Agreement with Lehman Brothers dated 3/15/2005 whereby the Trust will receive 2.20% per year times the notional amount. The Trust makes a payment of the notional amount only upon a default event on the reference entity, a Revolving Credit Agreement issued by Inergy, L.P. |
$62,754 |
At April 30, 2007, the Trust had sufficient cash and/or securities segregated to cover potential commitments under these contracts.
10 Recently Issued Accounting Pronouncements
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation No. 48, ("FIN 48") "Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes." This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the impact of applying the various provisions of FIN 48.
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, ("FAS 157") "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 157 will have on the Trust's financial statement disclosures.
33
Eaton Vance Senior Floating-Rate Trust
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have dividends and capital gains distributions reinvested in common shares (the Shares) of the Trust. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by PFPC Inc. as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Trust's transfer agent, PFPC, Inc. or you will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.
Any inquires regarding the Plan can be directed to the Plan Agent, PFPC, Inc., at 1-800-331-1710.
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Eaton Vance Senior Floating-Rate Trust
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account:
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the following address:
Eaton Vance Senior Floating-Rate Trust
c/o PFPC, Inc.
P.O. Box 43027
Providence, RI 02940-3027
800-331-1710
Number of Employees
The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company and has no employees.
Number of Shareholders
As of April 30, 2007, our records indicate that there are 17 registered shareholders and approximately 20,287 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Trust, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
New York Stock Exchange symbol
The New York Stock Exchange symbol is EFR.
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Eaton Vance Senior Floating-Rate Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
An independent report comparing each fund's total expense ratio and its components to comparable funds;
An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management
Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;
Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
Data relating to portfolio turnover rates of each fund;
The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
Information about each Adviser
Reports detailing the financial results and condition of each adviser;
Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
Copies of or descriptions of each adviser's proxy voting policies and procedures;
Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
Other Relevant Information
Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and
The terms of each advisory agreement.
In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30,
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Eaton Vance Senior Floating-Rate Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D
2007, the Board met ten times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, fourteen and eight times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreement between the Eaton Vance Senior Floating-Rate Trust (the "Fund"), and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior secured floating-rate loans. Specifically, the Board noted the experience of the Adviser's 30 bank loan investment professionals and other personnel who provide services to the Fund, including five portfolio managers and 17 analysts. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the year ended September 30, 2006 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.
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Eaton Vance Senior Floating-Rate Trust
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as "management fees"). As part of its review, the Board considered the management fees and the Fund's total expense ratio for the year ended September 30, 2006, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that the Adviser had waived fees and/or paid expenses for the Fund.
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund's total expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser's profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.
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Eaton Vance Senior Floating-Rate Trust
INVESTMENT MANAGEMENT
Officers Thomas E. Faust Jr. President James B. Hawkes Vice President and Trustee Scott H. Page Vice President Craig Russ Vice President Payson F. Swaffield Vice President Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer Alan R. Dynner Secretary Paul M. O'Neil Chief Compliance Officer |
Trustees Samuel L. Hayes, III Chairman Benjamin C. Esty Allen R. Freedman James B. Hawkes William H. Park Ronald A. Pearlman Norton H. Reamer Heidi L. Steiger Lynn A. Stout Ralph F. Verni |
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Investment Adviser of Eaton Vance Senior Floating-Rate Trust
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
Administrator of Eaton Vance Senior Floating-Rate Trust
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
Custodian
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer Agent
PFPC Inc.
Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
(800) 331-1710
Eaton Vance Senior Floating-Rate Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109
2025-6/07 CE-FLRTSRC
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Exhibits
(a)(1) |
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Registrants Code of Ethics Not applicable (please see Item 2). |
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Treasurers Section 302 certification. |
(a)(2)(ii) |
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Presidents Section 302 certification. |
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Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Senior Floating Rate Trust
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/s/Thomas E. Faust Jr. |
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Thomas E. Faust Jr. |
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President |
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June 11, 2007 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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/s/Barbara E. Campbell |
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Barbara E. Campbell |
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Treasurer |
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June 11, 2007 |
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/s/Thomas E. Faust Jr. |
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Thomas E. Faust Jr. |
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President |
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June 11, 2007 |
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