UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21411

 

Eaton Vance Senior Floating Rate Trust

(Exact name of registrant as specified in charter)

 

The Eaton Vance Building, 255 State Street, Boston, Massachusetts

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Alan R. Dynner

The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

April 30, 2007

 

 




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 Trust’s Investments

·                  The Trust’s loan investments represented 454 borrowers and 39 industries as of April 30, 2007. The Trust’s average loan size was 0.19% of total investments, and no industry constituted more than 8.0% of the Trust’s total assets. Health care, business equipment/services, leisure goods/activities/movies, publishing and chemicals/plastics were the Trust’s 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 class’s long-term performance – seniority and security – remain in place. Reflecting increasing investor demand for loans, the Trust’s 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 Trust’s non-dollar-denominated investments were hedged to help protect against foreign currency risk.

·                  The Trust’s 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 Trust’s 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 Trust’s 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 Trust’s APS rises and falls with changes in short-term interest  rates. Such increases/ decreases in the cost of the Trust’s APS may be offset by increased/decreased income from the Trust’s 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 Trust’s issuance of Auction Preferred Shares. Absent an expense waiver by the investment adviser, returns would be lower.

 

 

(2)

The Trust’s 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.

 

 

(3)

It is not possible to invest directly in an Index. The Index’s total return reflects changes in value of the loans constituting the Index and accrual of interest and does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the loans represented in the Index. Unlike the Trust, the Index’s return does not reflect the effect of leverage, such as the issuance of Auction Preferred Shares.

 

 

(4)

Holdings and industry weightings are subject to change due to active management.

 

 

(5)

In the event of a rise in long-term interest rates, the value of the Trust’s investment portfolio could decline, which would reduce the asset coverage for its 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 Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

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)

 

 

 

Six Months

 

9.77

%

One Year

 

18.49

 

Life of Trust (11/28/03)

 

7.40

 

 

 

 

 

Average Annual Total Return (at net asset value)

 

 

 

Six Months

 

5.06

%

One Year

 

8.74

 

Life of Trust (11/28/03)

 

6.79

 

 


(1)       Performance results reflect the effect of leverage resulting from the Trust’s 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 Trust’s 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 Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

Diversification by Industries(2)

By total investments

Health Care

 

7.5

%

Business Equip. & Services

 

7.2

 

Leisure Goods/Activities/Movies

 

6.1

 

Chemicals & Plastics

 

5.9

 

Publishing

 

5.4

 

Building & Development

 

5.2

 

Cable & Satellite Television

 

4.7

 

Radio & Television

 

4.5

 

Automotive

 

4.3

 

Telecommunications

 

4.2

 

Containers & Glass Products

 

3.2

 

Retailers (Except Food & Drug)

 

3.2

 

Lodging & Casinos

 

3.1

 

Electronics/Electrical

 

2.8

 

Utilities

 

2.6

 

Oil & Gas

 

2.4

 

Financial Intermediaries

 

2.4

 

Food Products

 

2.4

 

Forest Products

 

1.8

 

Industrial Equipment

 

1.8

 

Conglomerates

 

1.8

%

Nonferrous Metals/Minerals

 

1.7

 

Aerospace & Defense

 

1.7

 

Ecological Services & Equip.

 

1.6

 

Food Service

 

1.4

 

Food/Drug Retailers

 

1.3

 

Home Furnishings

 

1.2

 

Insurance

 

0.9

 

Drugs

 

0.9

 

Equipment Leasing

 

0.7

 

Surface Transport

 

0.7

 

Beverage & Tobacco

 

0.7

 

Clothing/Textiles

 

0.5

 

Farming/Agriculture

 

0.3

 

Air Transport

 

0.3

 

Broker/Dealer/Investment

 

0.3

 

Rail Industries

 

0.3

 

Cosmetics/Toiletries

 

0.3

 

Steel

 

0.1

 

 


(2)          Reflects the Trust’s investments as of April 30, 2007. Industries are shown as  a percentage of the Trust’s total investments. Portfolio information may not be representative of the Trust’s 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 Trust’s total investments, which represents 159.1% of the Trust’s net assets as of April 30, 2007. Trust statistics may not be representative of the Trust’s 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.


34



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.


35



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,


36



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.


37



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.


38




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
 

 


39



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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 registrant’s 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 Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below.  The Trustees will review the Fund’s 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 Fund’s 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 Board’s Special Committee except as contemplated under the Fund Policy.  The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s 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 Fund’s 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 adviser’s 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 Commission’s 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 registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s 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 Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s 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 registrant’s internal control over financial reporting.

Item 12.  Exhibits

(a)(1)

 

Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

 

Treasurer’s Section 302 certification.

(a)(2)(ii)

 

President’s Section 302 certification.

(b)

 

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

By:

 

/s/Thomas E. Faust Jr.

 

 

 

Thomas E. Faust Jr.

 

 

 

President

 

 

 

 

 

 

 

 

 

Date:

 

June 11, 2007

 

 

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.

By:

 

/s/Barbara E. Campbell

 

 

 

Barbara E. Campbell

 

 

 

Treasurer

 

 

 

 

 

 

 

 

 

Date:

 

June 11, 2007

 

 

 

 

 

 

 

 

 

By:

 

/s/Thomas E. Faust Jr.

 

 

 

Thomas E. Faust Jr.

 

 

 

President

 

 

 

 

 

 

 

 

 

Date:

 

June 11, 2007