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)

 

Maureen A. Gemma
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, 2008

 

 



 

Item 1. Reports to Stockholders

 



Semiannual Report April 30, 2008

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, 2008

 

INVESTMENT UPDATE

 

 

Scott H. Page, CFA
Co-Portfolio Manager

 

 

Peter M. Campo, CFA
Co-Portfolio Manager

 

Economic and Market Conditions

 

·             The price dislocation in credit markets that began in the second half of 2007 worsened during the first quarter of 2008. What began as a reaction to the unrelated but growing subprime mortgage problem, grew into a substantial market-wide sell-off that affected not just the loan market but other fixed income and equity asset classes as well. This turmoil led to the collapse of Bear Stearns, and the Federal Reserve’s unprecedented action to provide liquidity to the broader market to avert a possible risk of financial market collapse. The impact on the bank loan asset class was significant and unprecedented. Average loan prices, which had fallen about 4-5% by December 2007, declined a further 7-8% by mid-February before recovering somewhat by the end of that month. Along with the tentative return of market confidence, loan prices have been rising steadily since mid-March 2008 and, as of April 30, 2008, were up approximately 4-5% from their mid-February bottom. Management is cautiously optimistic that the worst is behind us.

 

·             Notwithstanding the market turmoil, management believes that the bank loan asset class fundamentals remain relatively benign. Default rates in the market place have increased to 1%, but remain well below historical averages of 3%. According to S&P’s Leveraged Commentary & Data, the market expectations are for default rates to reach 5% in 2008 and 2009. While default risks have certainly increased in the past several months due to the weakening economy, management believes they are contained and are already priced into the asset class. Actual realized credit losses from defaulted loans during the six months ended April 30, 2008 were minimal.

 

 

Craig P. Russ
Co-Portfolio Manager

 

Management Discussion

 

·             The Trust’s investment objective is to seek to provide a high level of current income. As a secondary objective, it may also seek preservation of capital to the extent consistent with its primary goal of high current income. Under normal market conditions, the Trust invests at least 80% of its total assets in senior, secured floating-rate loans (“senior loans”). In managing the Trust, the investment adviser seeks to invest in a portfolio of senior loans that will be less volatile over time than the general loan market. The Trust may also invest in second lien loans and high yield bonds, and, as discussed on the next page, may employ leverage, which may increase risk.

 

·             The Trust’s investments included senior loans to 450 borrowers spanning 39 industries on April 30, 2008, with an average loan size of 0.20% of total investments, and no industry constituting more than 9% of total investments. Health care, business equipment and services, cable and satellite television, publishing, and chemicals and plastics were the top industry weightings.

 

·             The Trust continues to have less than 1% exposure to home builders. The Trust did not have any exposure to subprime or prime mortgage lenders during the six-month period ended April 30, 2008.

 

·             The Trust’s net asset value declined in November 2007 through February 2008, as the dimensions of the credit crises widened, before rebounding in March and April 2008 reflecting conditions in the broader market. The Trust underperformed its benchmark during the period primarily due to the use of

 

Eaton Vance Senior Floating-Rate Trust

 

Total Return Performance 10/31/07 – 4/30/08

 

NYSE Symbol

 

 

EFR

 

 

 

 

 

At Market(1)

 

-3.35

%

At Net Asset Value(1)

 

-6.74

%

S&P/LSTA Leveraged Loan Index(2)

 

-3.31

%

Total Distributions per share

 

$

0.686

 

Distribution Rate(3)

At Market

 

7.54

%

 

At NAV

 

7.11

%

 

Please refer to page 3 for additional performance information.

 


(1)                 Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2)                 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.

 

(3)                 The Distribution Rate is based on the Trust’s most recent monthly distribution per share (annualized) divided by the Trust’s NAV or market price at the end of the period. The Trust’s monthly distributions may be comprised of ordinary income, net realized capital gains and return of capital.

 

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. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. Absent an expense waiver by the investment adviser, returns would be lower. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

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

 

1



 

leverage. Unlike the Trust, the Index’s return does not reflect the effect of leverage.

 

·             As of April 30, 2008, the Trust had leverage in the amount of approximately 42.5% of the Trust’s total assets. The Trust employs leverage though the issuance of Auction Preferred Shares (“APS”).(1) 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 cost of the Trust’s APS may be offset by increased/decreased income from the Trust’s senior loan investments.

 

·             As has been widely reported since mid-February 2008, the normal functioning of the auction market in the U.S. for certain types of “auction rate securities” has been disrupted by an imbalance between buy and sell orders. Consistent with patterns in the broader market for auction rate securities, the Trust has, since mid-February, experienced unsuccessful APS auctions. In the event of an unsuccessful auction, the affected APS shares remain outstanding, and the dividend rate reverts to the specified maximum payable rate.

 

·             As of May 7, 2008, the Trust redeemed two-thirds of its outstanding APS, representing 10,508 shares and $262,700,000 in liquidation preferences, through debt financing. The Trust was not required to sell portfolio holdings, and the cost to the Trust of the new debt leverage is expected, over time, to be lower than the total cost of the APS based on the maximum applicable dividend rates that apply when auctions do not clear.

 

·             Effective January 30, 2008. Peter M. Campo assumed co-portfolio management responsibilities for Eaton Vance Senior Floating-Rate Trust. Mr. Campo joined Eaton Vance in 2003 as an analyst in the bank loan group, and has been a Vice President since 2005. Previously, Mr. Campo worked as a bank loan analyst at CypressTree Investment Management.

 


(1)                 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.

 

Portfolio Composition

 

Top Ten Holdings(2)

 

By total investments

 

Sungard Data Systems, Inc.

 

1.3

%

Charter Communications Operating, Inc.

 

1.2

 

Univision Communications, Inc.

 

1.1

 

WMG Acquisition Corp.

 

1.1

 

Idearc, Inc.

 

0.9

 

UPC Broadband Holding B.V.

 

0.9

 

Georgia-Pacific Corp.

 

0.9

 

HCA, Inc.

 

0.8

 

Community Health Systems, Inc.

 

0.8

 

Nielson Finance, LLC

 

0.8

 

 


(2)                    Reflects the Trust’s investments as of 4/30/08. Holdings are shown as a percentage of the Trust’s total investments.

 

Top Five Industries(3)

 

By total investments

 

Health Care

 

9.0

%

Business Equipment and Services

 

6.8

 

Cable and Satellite Television

 

6.7

 

Publishing

 

6.6

 

Chemicals and Plastics

 

6.2

 

 


(3)                    Reflects the Trust’s investments as of 4/30/08. Industries are shown as a percentage of the Trust’s total investments.

 

Credit Quality Ratings for Total Loan Investments(4)

 

By total loan investments

 

Baa

 

0.8

%

Ba

 

51.3

 

B

 

31.0

 

Caa

 

3.0

 

Non-Rated(5)

 

13.9

 

 


(4)                  Credit Quality ratings are those provided by Moody’s Investor Services, Inc., a nationally recognized bond rating service. Reflects the Trust’s total loan investments as of 4/30/08.

 

(5)                  Certain loans in which the Trust invests are not rated by a rating agency. In management’s opinion, such securities are comparable to securities rated by a rating agency in the categories listed above.

 

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and 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. Portfolio information provided in the report may not be representative of current or future investments and may change due to active management.

 

2



 

Eaton Vance Senior Floating-Rate Trust a s of April 30, 2008

 

FUND PERFORMANCE

 

Trust Performance(1)

 

New York Stock Exchange Symbol

 

EFR

 

 

 

 

 

Average Annual Total Return (by share price, NYSE)

 

 

 

Six Months

 

-3.35

%

One Year

 

-14.72

 

Life of Trust (11/28/03)

 

1.96

 

 

 

 

 

Average Annual Total Return (at net asset value)

 

 

 

Six Months

 

-6.74

%

One Year

 

-7.75

 

Life of Trust (1 1/28/03)

 

3.33

 

 


(1)                 Performance results reflect the effect of leverage resulting from the Trust’s issuance of 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. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Investment return and principal value will fluctuate so that shares, when 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. Absent an expense waiver by the investment adviser, the returns would be lower. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

3



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)


Senior Floating-Rate Interests — 157.5%(1)
     
Principal
Amount*
  Borrower/Tranche Description   Value  
Aerospace and Defense — 3.0%      
ACTS Aero Technical Support & Service, Inc.      
  709,366     Term Loan, 5.96%, Maturing October 5, 2014   $ 595,868    
AWAS Capital, Inc.      
  1,000,000     Term Loan, 4.38%, Maturing March 22, 2013     861,250    
Colt Defense, LLC      
  986,389     Term Loan, 6.11%, Maturing July 9, 2014     912,410    
DAE Aviation Holdings, Inc.      
  416,490     Term Loan, 6.52%, Maturing July 31, 2014     409,852    
  413,692     Term Loan, 6.65%, Maturing July 31, 2014     407,099    
Evergreen International Aviation      
  1,391,630     Term Loan, 7.75%, Maturing October 31, 2011     1,238,551    
Hawker Beechcraft Acquisition      
  200,822     Term Loan, 4.70%, Maturing March 26, 2014     191,973    
  3,446,097     Term Loan, 4.70%, Maturing March 26, 2014     3,294,255    
Hexcel Corp.      
  820,506     Term Loan, 4.54%, Maturing March 1, 2012     795,891    
IAP Worldwide Services, Inc.      
  953,063     Term Loan, 9.00%, Maturing December 30, 2012     795,807    
Spirit AeroSystems, Inc.      
  1,605,708     Term Loan, 4.57%, Maturing December 31, 2011     1,586,641    
TransDigm, Inc.      
  1,625,000     Term Loan, 4.66%, Maturing June 23, 2013     1,553,906    
Vought Aircraft Industries, Inc.      
  2,118,165     Term Loan, 5.12%, Maturing December 17, 2011     2,000,782    
Wesco Aircraft Hardware Corp.      
  1,142,688     Term Loan, 4.95%, Maturing September 29, 2013     1,117,454    
            $ 15,761,739    
Air Transport — 0.9%      
Airport Development and Investment, Ltd.      
GBP 982,900     Term Loan, 9.94%, Maturing April 7, 2011   $ 1,698,177    
Delta Air Lines, Inc.      
  1,191,000     Term Loan, 6.15%, Maturing April 30, 2014     952,800    
Northwest Airlines, Inc.      
  500,000     DIP Loan, Maturing August 21, 2008(2)     415,000    
  2,079,000     DIP Loan, 4.72%, Maturing August 21, 2008     1,832,598    
            $ 4,898,575    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Automotive — 6.0%      
Accuride Corp.      
  1,957,967     Term Loan, 6.24%, Maturing January 31, 2012   $ 1,899,228    
Adesa, Inc.      
  4,193,313     Term Loan, 4.95%, Maturing October 18, 2013     3,986,268    
Affina Group, Inc.      
  1,370,985     Term Loan, 5.90%, Maturing November 30, 2011     1,220,177    
Allison Transmission, Inc.      
  2,985,000     Term Loan, 5.57%, Maturing September 30, 2014     2,805,634    
AxleTech International Holding, Inc.      
  1,750,000     Term Loan, 9.19%, Maturing April 21, 2013     1,618,750    
Chrysler Financial      
  1,496,241     Term Loan, 6.80%, Maturing August 1, 2014     1,365,528    
CSA Acquisition Corp.      
  357,460     Term Loan, 5.25%, Maturing December 23, 2011     344,949    
  893,298     Term Loan, 5.25%, Maturing December 23, 2011     862,032    
  488,750     Term Loan, 5.25%, Maturing December 23, 2012     471,644    
Dayco Products, LLC      
  1,748,610     Term Loan, 7.35%, Maturing June 21, 2011     1,383,588    
Delphi Corp.      
  1,000,000     DIP Loan, 6.88%, Maturing July 1, 2008     1,006,429    
Ford Motor Co.      
  1,752,813     Term Loan, 5.80%, Maturing December 15, 2013     1,615,052    
General Motors Corp.      
  3,414,312     Term Loan, 5.06%, Maturing November 29, 2013     3,216,388    
Goodyear Tire & Rubber Co.      
  2,400,000     Term Loan, 4.54%, Maturing April 30, 2010     2,280,000    
HLI Operating Co., Inc.      
EUR 109,091     Term Loan, 4.26%, Maturing May 30, 2014     147,764    
EUR 1,876,727     Term Loan, 7.39%, Maturing May 30, 2014     2,542,033    
Keystone Automotive Operations, Inc.      
  1,343,859     Term Loan, 6.30%, Maturing January 12, 2012     1,081,807    
LKQ Corp.      
  971,251     Term Loan, 4.97%, Maturing October 12, 2014     963,966    
TriMas Corp.      
  234,375     Term Loan, 5.39%, Maturing August 2, 2011     216,797    
  1,000,000     Term Loan, Maturing August 2, 2013(2)     915,000    
  1,000,391     Term Loan, 5.16%, Maturing August 2, 2013     935,361    
United Components, Inc.      
  1,137,153     Term Loan, 5.05%, Maturing June 30, 2010     1,101,617    
            $ 31,980,012    

 

See notes to financial statements
4



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Beverage and Tobacco — 0.1%      
Culligan International Co.      
EUR 975,000     Term Loan, 9.12%, Maturing May 31, 2013   $ 812,118    
            $ 812,118    
Brokers, Dealers and Investment Houses — 0.1%      
AmeriTrade Holding Corp.      
  730,172     Term Loan, 4.37%, Maturing December 31, 2012   $ 714,591    
            $ 714,591    
Building and Development — 5.8%      
Beacon Sales Acquisition, Inc.      
  1,182,000     Term Loan, 4.74%, Maturing September 30, 2013   $ 972,195    
Brickman Group Holdings, Inc.      
  1,212,750     Term Loan, 4.70%, Maturing January 23, 2014     1,136,953    
Building Materials Corp. of America      
  1,407,276     Term Loan, 5.69%, Maturing February 22, 2014     1,184,458    
Capital Automotive (REIT)      
  1,232,598     Term Loan, 4.46%, Maturing December 16, 2010     1,195,428    
Epco/Fantome, LLC      
  1,403,000     Term Loan, 5.49%, Maturing November 23, 2010     1,219,277    
Forestar USA Real Estate Group, Inc.      
  1,550,000     Term Loan, 0.00%, Maturing December 1, 2010(3)     1,457,000    
  1,550,000     Term Loan, 6.72%, Maturing December 1, 2010     1,488,000    
Hovstone Holdings, LLC      
  894,412     Term Loan, 7.27%, Maturing February 28, 2009     750,590    
LNR Property Corp.      
  1,144,000     Term Loan, 6.36%, Maturing July 3, 2011     957,743    
Metroflag BP, LLC      
  500,000     Term Loan, 11.80%, Maturing July 1, 2008     412,500    
Mueller Water Products, Inc.      
  1,780,255     Term Loan, 4.62%, Maturing May 24, 2014     1,662,313    
NCI Building Systems, Inc.      
  553,061     Term Loan, 4.33%, Maturing June 18, 2010     532,321    
Nortek, Inc.      
  2,697,151     Term Loan, 5.30%, Maturing August 27, 2011     2,440,921    
November 2005 Land Investors      
  305,720     Term Loan, 6.86%, Maturing May 9, 2011     229,290    
Panolam Industries Holdings, Inc.      
  1,000,288     Term Loan, 5.44%, Maturing September 30, 2012     830,239    
PLY GEM Industries, Inc.      
  1,837,104     Term Loan, 5.45%, Maturing August 15, 2011     1,583,191    
  57,461     Term Loan, 5.45%, Maturing August 15, 2011     49,519    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Building and Development (continued)      
Re/Max International, Inc.      
  690,472     Term Loan, 6.23%, Maturing December 17, 2012   $ 597,258    
  495,179     Term Loan, 10.23%, Maturing December 17, 2012     428,329    
Realogy Corp.      
  894,755     Term Loan, 6.14%, Maturing September 1, 2014     767,951    
  3,323,370     Term Loan, 5.72%, Maturing September 1, 2014     2,852,386    
South Edge, LLC      
  787,500     Term Loan, 7.25%, Maturing October 31, 2009     496,125    
Tousa/Kolter, LLC      
  1,297,200     Term Loan, 6.00%, Maturing March 31, 2031(10)     727,210    
TRU 2005 RE Holding Co.      
  4,600,000     Term Loan, 5.71%, Maturing December 9, 2008     4,255,000    
United Subcontractors, Inc.      
  825,000     Term Loan, 12.21%, Maturing June 27, 2013(4)     412,500    
Wintergames Acquisition ULC      
  2,605,948     Term Loan, 6.14%, Maturing April 24, 2009     2,482,166    
            $ 31,120,863    
Business Equipment and Services — 11.1%      
ACCO Brands Corp.      
  1,017,825     Term Loan, 4.53%, Maturing August 17, 2012   $ 974,567    
Activant Solutions, Inc.      
  500,000     Term Loan, Maturing May 1, 2013(2)     437,500    
  721,446     Term Loan, 4.76%, Maturing May 1, 2013     634,318    
Affiliated Computer Services      
  2,136,938     Term Loan, 4.79%, Maturing March 20, 2013     2,065,316    
  806,437     Term Loan, 4.89%, Maturing March 20, 2013     779,409    
Affinion Group, Inc.      
  2,402,406     Term Loan, 5.56%, Maturing October 17, 2012     2,270,274    
Allied Security Holdings, LLC      
  1,228,037     Term Loan, 5.87%, Maturing June 30, 2010     1,148,215    
DynCorp International, LLC      
  1,070,836     Term Loan, 4.63%, Maturing February 11, 2011     1,029,341    
Education Management, LLC      
  1,000,000     Term Loan, Maturing June 1, 2013(2)     880,000    
  3,702,991     Term Loan, 4.50%, Maturing June 1, 2013     3,326,237    
Info USA, Inc.      
  611,016     Term Loan, 4.70%, Maturing February 14, 2012     586,575    
Intergraph Corp.      
  1,000,000     Term Loan, 5.08%, Maturing May 29, 2014     945,833    
  1,000,000     Term Loan, 9.09%, Maturing November 29, 2014     936,250    
iPayment, Inc.      
  1,652,867     Term Loan, 4.70%, Maturing May 10, 2013     1,371,880    

 

See notes to financial statements
5



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Business Equipment and Services (continued)      
ista International GmbH      
EUR 1,063,683     Term Loan, 6.77%, Maturing May 14, 2015   $ 1,398,670    
EUR 211,317     Term Loan, 6.77%, Maturing May 14, 2015     277,867    
Kronos, Inc.      
  1,083,893     Term Loan, 4.95%, Maturing June 11, 2014     987,697    
Language Line, Inc.      
  2,072,233     Term Loan, 5.95%, Maturing June 11, 2011     1,921,996    
Mitchell International, Inc.      
  1,000,000     Term Loan, 7.94%, Maturing March 28, 2015     955,000    
N.E.W. Holdings I, LLC      
  1,000,000     Term Loan, Maturing May 22, 2014(2)     870,000    
  981,955     Term Loan, 5.43%, Maturing May 22, 2014     832,004    
Protection One, Inc.      
  900,560     Term Loan, 5.23%, Maturing March 31, 2012     778,984    
Quantum Corp.      
  361,250     Term Loan, 6.20%, Maturing July 12, 2014     326,931    
Quintiles Transnational Corp.      
  1,700,000     Term Loan, 6.70%, Maturing March 31, 2014     1,623,500    
Sabre, Inc.      
  6,057,297     Term Loan, 4.88%, Maturing September 30, 2014     5,141,512    
Serena Software, Inc.      
  480,000     Term Loan, 4.68%, Maturing March 10, 2013     434,400    
Sitel (Client Logic)      
  1,995,594     Term Loan, 5.14%, Maturing January 29, 2014     1,446,806    
Solera Holdings, LLC      
EUR 774,936     Term Loan, 6.63%, Maturing May 15, 2014     1,103,945    
SunGard Data Systems, Inc.      
  12,742,206     Term Loan, 4.88%, Maturing February 11, 2013     12,100,751    
TDS Investor Corp.      
  1,000,000     Term Loan, Maturing August 23, 2013(2)     905,000    
  269,897     Term Loan, 4.95%, Maturing August 23, 2013     249,452    
  1,345,107     Term Loan, 5.11%, Maturing August 23, 2013     1,262,465    
EUR 1,054,228     Term Loan, 6.98%, Maturing August 23, 2013     1,464,884    
Transaction Network Services, Inc.      
  616,170     Term Loan, 4.72%, Maturing May 4, 2012     569,957    
Valassis Communications, Inc.      
  1,152,685     Term Loan, 4.45%, Maturing March 2, 2014     1,075,359    
  238,601     Term Loan, 6.00%, Maturing March 2, 2014     222,595    
VWR International, Inc.      
  1,625,000     Term Loan, 5.20%, Maturing June 28, 2013     1,519,375    
WAM Acquisition, S.A.      
EUR 245,946     Term Loan, 6.96%, Maturing May 4, 2014     358,677    
EUR 148,939     Term Loan, 6.96%, Maturing May 4, 2014     217,206    
EUR 245,946     Term Loan, 7.21%, Maturing May 4, 2015     358,677    
EUR 148,939     Term Loan, 7.21%, Maturing May 4, 2015     217,206    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Business Equipment and Services (continued)      
West Corp.      
  3,406,961     Term Loan, 5.28%, Maturing October 24, 2013   $ 3,122,810    
            $ 59,129,441    
Cable and Satellite Television — 11.4%      
Atlantic Broadband Finance, LLC      
  4,219,612     Term Loan, 4.95%, Maturing February 10, 2011   $ 3,939,008    
Bragg Communications, Inc.      
  2,139,250     Term Loan, 5.59%, Maturing August 31, 2014     2,139,250    
Bresnan Broadband Holdings, LLC      
  500,000     Term Loan, 5.02%, Maturing March 29, 2014     458,375    
  1,200,000     Term Loan, 7.47%, Maturing March 29, 2014     1,080,000    
Cequel Communications, LLC      
  498,741     Term Loan, 4.76%, Maturing November 5, 2013     455,974    
  1,550,000     Term Loan, 7.74%, Maturing May 5, 2014     1,259,375    
  3,531,926     Term Loan, 9.24%, Maturing May 5, 2014     2,818,477    
Charter Communications Operating, Inc.      
  12,088,511     Term Loan, 4.90%, Maturing April 28, 2013     10,708,402    
CSC Holdings, Inc.      
  4,978,069     Term Loan, 4.48%, Maturing March 29, 2013     4,806,948    
CW Media Holdings, Inc.      
  621,875     Term Loan, 5.95%, Maturing February 15, 2015     603,219    
Insight Midwest Holdings, LLC      
  3,594,375     Term Loan, 4.69%, Maturing April 6, 2014     3,426,852    
Mediacom Broadband Group      
  5,821,757     Term Loan, 4.52%, Maturing January 31, 2015     5,312,353    
Mediacom Illinois, LLC      
  1,000,000     Term Loan, Maturing January 31, 2015(2)     917,500    
  2,749,941     Term Loan, 4.52%, Maturing January 31, 2015     2,473,853    
NTL Investment Holdings, Ltd.      
  2,213,852     Term Loan, 4.94%, Maturing March 30, 2012     2,038,588    
GBP 471,050     Term Loan, 7.68%, Maturing March 30, 2012     870,315    
GBP 239,517     Term Loan, 7.68%, Maturing March 30, 2012     442,533    
Orion Cable GmbH      
EUR 1,075,000     Term Loan, 7.44%, Maturing October 31, 2014     1,589,685    
EUR 1,075,000     Term Loan, 7.64%, Maturing October 31, 2015     1,590,881    
ProSiebenSat.1 Media AG      
EUR 608,000     Term Loan, 6.74%, Maturing March 2, 2015     680,760    
EUR 11,076     Term Loan, 6.25%, Maturing June 26, 2015     14,133    
EUR 272,924     Term Loan, 6.25%, Maturing June 26, 2015     348,253    
EUR 608,000     Term Loan, 6.96%, Maturing March 2, 2016     680,760    
EUR 575,000     Term Loan, 8.15%, Maturing September 2, 2016     495,353    
EUR 380,637     Term Loan, 7.90%, Maturing March 2, 2017     317,542    
UPC Broadband Holding B.V.      
EUR 4,050,000     Term Loan, 6.36%, Maturing October 16, 2011     5,746,625    
  2,950,000     Term Loan, 4.46%, Maturing December 31, 2014     2,781,298    

 

See notes to financial statements
6



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Cable and Satellite Television (continued)      
YPSO Holding SA      
EUR 541,621     Term Loan, 6.89%, Maturing July 28, 2014   $ 695,212    
EUR 209,021     Term Loan, 6.89%, Maturing July 28, 2014     268,295    
EUR 249,358     Term Loan, 6.89%, Maturing July 28, 2014     320,070    
EUR 1,000,000     Term Loan, 7.14%, Maturing July 28, 2015     1,291,578    
            $ 60,571,467    
Chemicals and Plastics — 10.2%      
AZ Chem US, Inc.      
  500,000     Term Loan, 8.59%, Maturing February 28, 2014   $ 300,000    
Brenntag Holding GmbH and Co. KG      
  373,091     Term Loan, 5.79%, Maturing December 23, 2013     345,575    
  1,526,909     Term Loan, 5.79%, Maturing December 23, 2013     1,414,300    
  1,000,000     Term Loan, 7.79%, Maturing December 23, 2015     852,500    
Celanese Holdings, LLC      
  4,182,750     Term Loan, 4.19%, Maturing April 2, 2014     4,049,425    
Cognis GmbH      
EUR 803,279     Term Loan, 6.61%, Maturing September 15, 2013     1,128,167    
EUR 196,721     Term Loan, 6.61%, Maturing September 15, 2013     276,286    
First Chemical Holding      
EUR 1,000,000     Term Loan, 6.59%, Maturing December 18, 2014(3)     1,369,423    
Foamex L.P.      
  1,459,647     Term Loan, 5.97%, Maturing February 12, 2013     1,207,858    
Georgia Gulf Corp.      
  750,469     Term Loan, 5.25%, Maturing October 3, 2013     710,131    
Hercules, Inc.      
  575,250     Term Loan, 4.36%, Maturing October 8, 2010     566,621    
Hexion Specialty Chemicals, Inc.      
  496,250     Term Loan, 5.00%, Maturing May 5, 2012     469,112    
  4,463,624     Term Loan, 4.94%, Maturing May 5, 2013     4,219,521    
  969,626     Term Loan, 5.00%, Maturing May 5, 2013     916,600    
Huish Detergents, Inc.      
  942,875     Term Loan, 4.70%, Maturing April 26, 2014     813,230    
INEOS Group      
  250,000     Term Loan, Maturing December 14, 2013(2)     230,000    
  1,592,500     Term Loan, 4.88%, Maturing December 14, 2013     1,493,314    
  250,000     Term Loan, Maturing December 14, 2014(2)     230,000    
  1,592,500     Term Loan, 5.38%, Maturing December 14, 2014     1,493,314    
Innophos, Inc.      
  576,590     Term Loan, 4.70%, Maturing August 10, 2010     546,319    
Invista B.V.      
  2,485,498     Term Loan, 4.20%, Maturing April 29, 2011     2,390,221    
  1,317,498     Term Loan, 4.20%, Maturing April 29, 2011     1,266,995    
ISP Chemco, Inc.      
  2,580,500     Term Loan, 4.69%, Maturing June 4, 2014     2,445,831    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Chemicals and Plastics (continued)      
Kleopatra      
  825,000     Term Loan, 5.21%, Maturing January 3, 2016   $ 595,031    
EUR 575,000     Term Loan, 7.24%, Maturing January 3, 2016     645,116    
Kranton Polymers, LLC      
  2,871,745     Term Loan, 4.75%, Maturing May 12, 2013     2,401,496    
Lucite International Group Holdings      
  600,188     Term Loan, 5.15%, Maturing July 7, 2013     538,293    
  212,516     Term Loan, 5.15%, Maturing July 7, 2013     190,600    
MacDermid, Inc.      
EUR 807,192     Term Loan, 6.98%, Maturing April 12, 2014     1,112,195    
Millenium Inorganic Chemicals      
  349,125     Term Loan, 4.95%, Maturing April 30, 2014     303,957    
  975,000     Term Loan, 8.45%, Maturing October 31, 2014     745,875    
Momentive Performance Material      
  1,000,000     Term Loan, Maturing December 4, 2013(2)     930,000    
  2,685,254     Term Loan, 5.13%, Maturing December 4, 2013     2,514,397    
Nalco Co.      
  5,411,119     Term Loan, 5.01%, Maturing November 4, 2010     5,341,792    
Propex Fabrics, Inc.      
  1,000,000     Term Loan, 4.13%, Maturing January 23, 2009(3)     1,000,000    
  783,973     Term Loan, 9.24%, Maturing July 31, 2012     509,582    
Rockwood Specialties Group, Inc.      
  4,316,500     Term Loan, 4.40%, Maturing December 10, 2012     4,118,062    
Schoeller Arca Systems Holding      
EUR 443,417     Term Loan, 7.61%, Maturing November 16, 2015     612,898    
EUR 412,060     Term Loan, 7.61%, Maturing November 16, 2015     569,556    
EUR 144,523     Term Loan, 7.61%, Maturing November 16, 2015     199,761    
Solo Cup Co.      
  1,655,455     Term Loan, 6.30%, Maturing February 27, 2011     1,602,243    
Wellman, Inc.      
  2,250,000     Term Loan, 6.74%, Maturing February 10, 2009(10)     1,597,500    
            $ 54,263,097    
Clothing / Textiles — 0.4%      
Hanesbrands, Inc.      
  850,000     Term Loan, 6.66%, Maturing March 5, 2014   $ 844,687    
St. John Knits International, Inc.      
  528,149     Term Loan, 5.90%, Maturing March 23, 2012     485,897    
The William Carter Co.      
  630,209     Term Loan, 4.39%, Maturing July 14, 2012     601,849    
            $ 1,932,433    

 

See notes to financial statements
7



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Conglomerates — 3.8%      
Amsted Industries, Inc.      
  1,701,878     Term Loan, 4.75%, Maturing October 15, 2010   $ 1,676,350    
Blount, Inc.      
  278,080     Term Loan, 4.46%, Maturing August 9, 2010     263,481    
Doncasters (Dunde HoldCo 4 Ltd.)      
  431,763     Term Loan, 5.22%, Maturing July 13, 2015     376,713    
  431,763     Term Loan, 5.72%, Maturing July 13, 2015     376,713    
GBP 500,000     Term Loan, 10.04%, Maturing January 13, 2016     816,977    
GenTek, Inc.      
  502,418     Term Loan, 4.76%, Maturing February 25, 2011     465,993    
ISS Holdings A/S      
EUR 147,368     Term Loan, 6.65%, Maturing December 31, 2013     214,320    
EUR 1,052,632     Term Loan, 6.65%, Maturing December 31, 2013     1,530,854    
Jarden Corp.      
  2,144,855     Term Loan, 4.45%, Maturing January 24, 2012     2,044,911    
  1,208,675     Term Loan, 4.45%, Maturing January 24, 2012     1,152,354    
Johnson Diversey, Inc.      
  1,661,444     Term Loan, 5.11%, Maturing December 16, 2011     1,580,449    
Polymer Group, Inc.      
  2,319,227     Term Loan, 4.92%, Maturing November 22, 2012     2,064,112    
RBS Global, Inc.      
  296,250     Term Loan, 4.98%, Maturing July 19, 2013     277,734    
  2,284,836     Term Loan, 5.31%, Maturing July 19, 2013     2,142,034    
RGIS Holdings, LLC      
  141,845     Term Loan, 5.20%, Maturing April 30, 2014     122,962    
  2,836,899     Term Loan, 5.30%, Maturing April 30, 2014     2,459,237    
US Investigations Services, Inc.      
  1,915,351     Term Loan, 5.60%, Maturing February 21, 2015     1,738,181    
Vertrue, Inc.      
  845,750     Term Loan, 5.70%, Maturing August 16, 2014     765,404    
            $ 20,068,779    
Containers and Glass Products — 4.4%      
Berry Plastics Corp.      
  2,881,000     Term Loan, 5.10%, Maturing April 3, 2015   $ 2,622,612    
Consolidated Container Co.      
  1,000,000     Term Loan, 8.55%, Maturing September 28, 2014     526,250    
Crown Americas, Inc.      
  612,500     Term Loan, 4.82%, Maturing November 15, 2012     589,531    
Graham Packaging Holdings Co.      
  4,207,500     Term Loan, 5.04%, Maturing October 7, 2011     3,997,415    
Graphic Packaging International, Inc.      
  5,528,673     Term Loan, 4.80%, Maturing May 16, 2014     5,276,046    
  1,500,000     Term Loan, 5.48%, Maturing May 16, 2014     1,450,624    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Containers and Glass Products (continued)      
JSG Acquisitions      
  1,845,000     Term Loan, 4.60%, Maturing December 31, 2013   $ 1,734,300    
  1,845,000     Term Loan, 4.85%, Maturing December 13, 2014     1,734,300    
Kranson Industries, Inc.      
  834,138     Term Loan, 4.91%, Maturing July 31, 2013     775,749    
Owens-Brockway Glass Container      
  1,555,938     Term Loan, 4.22%, Maturing June 14, 2013     1,495,256    
Smurfit-Stone Container Corp.      
  650,961     Term Loan, 4.60%, Maturing November 1, 2011     634,849    
  628,909     Term Loan, 4.71%, Maturing November 1, 2011     613,344    
  729,847     Term Loan, 5.01%, Maturing November 1, 2011     711,783    
  1,427,827     Term Loan, 5.03%, Maturing November 1, 2011     1,392,488    
            $ 23,554,547    
Cosmetics / Toiletries — 0.7%      
American Safety Razor Co.      
  491,806     Term Loan, 5.37%, Maturing July 31, 2013   $ 473,363    
  900,000     Term Loan, 9.03%, Maturing July 31, 2014     801,000    
Bausch & Lomb, Inc.      
  110,000     Term Loan, 5.95%, Maturing April 30, 2015(3)     108,791    
  438,900     Term Loan, 5.95%, Maturing April 30, 2015     434,076    
KIK Custom Products, Inc.      
  975,000     Term Loan, 7.92%, Maturing November 30, 2014     360,750    
Prestige Brands, Inc.      
  1,446,211     Term Loan, 6.90%, Maturing April 7, 2011     1,399,209    
            $ 3,577,189    
Drugs — 1.2%      
Graceway Pharmaceuticals, LLC      
  754,801     Term Loan, 5.56%, Maturing May 3, 2012   $ 633,797    
  1,000,000     Term Loan, 9.20%, Maturing May 3, 2013     812,500    
  275,000     Term Loan, 10.95%, Maturing November 3, 2013     215,875    
Pharmaceutical Holdings Corp.      
  475,289     Term Loan, 6.14%, Maturing January 30, 2012     451,525    
Stiefel Laboratories, Inc.      
  748,947     Term Loan, 4.97%, Maturing December 28, 2013     722,733    
  979,178     Term Loan, 4.97%, Maturing December 28, 2013     944,907    
Warner Chilcott Corp.      
  736,281     Term Loan, 4.73%, Maturing January 18, 2012     708,977    
  2,140,652     Term Loan, 4.84%, Maturing January 18, 2012     2,061,270    
            $ 6,551,584    

 

See notes to financial statements
8



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Ecological Services and Equipment — 2.4%      
Allied Waste Industries, Inc.      
  1,284,460     Term Loan, 4.65%, Maturing January 15, 2012   $ 1,243,006    
  2,136,226     Term Loan, 4.38%, Maturing January 15, 2012     2,067,283    
Blue Waste B.V. (AVR Acquisition)      
EUR 1,000,000     Term Loan, 6.87%, Maturing April 1, 2015     1,427,483    
Cory Environmental Holdings      
GBP 500,000     Term Loan, 9.74%, Maturing September 30, 2014     873,224    
Environmental Systems Products Holdings, Inc.      
  1,165,123     Term Loan, 9.69%, Maturing December 12, 2010(4)     1,165,123    
IESI Corp.      
  970,588     Term Loan, 6.14%, Maturing January 20, 2012     924,485    
Kemble Water Structure Ltd.      
GBP 1,250,000     Term Loan, 9.74%, Maturing October 13, 2013     2,265,254    
Sensus Metering Systems, Inc.      
  2,113,043     Term Loan, 5.46%, Maturing December 17, 2010     1,901,739    
  145,761     Term Loan, 6.88%, Maturing December 17, 2010     131,185    
Waste Services, Inc.      
  633,630     Term Loan, 5.15%, Maturing March 31, 2011     628,878    
            $ 12,627,660    
Electronics / Electrical — 4.4%      
Aspect Software, Inc.      
  1,785,142     Term Loan, 5.63%, Maturing July 11, 2011   $ 1,673,571    
  1,800,000     Term Loan, 9.75%, Maturing July 11, 2013     1,548,000    
EnerSys Capital, Inc.      
  1,059,094     Term Loan, 4.72%, Maturing March 17, 2011     994,224    
FCI International S.A.S.      
  216,536     Term Loan, 6.85%, Maturing November 1, 2013     198,130    
  208,464     Term Loan, 6.85%, Maturing November 1, 2013     190,745    
  208,464     Term Loan, 6.85%, Maturing November 1, 2013     189,181    
  216,536     Term Loan, 6.85%, Maturing November 1, 2013     196,506    
Freescale Semiconductor, Inc.      
  4,270,938     Term Loan, 4.46%, Maturing December 1, 2013     3,710,864    
Infor Enterprise Solutions Holdings      
  1,000,000     Term Loan, 5.45%, Maturing July 28, 2012     802,500    
  2,931,414     Term Loan, 6.45%, Maturing July 28, 2012     2,436,737    
  1,529,433     Term Loan, 6.45%, Maturing July 28, 2012     1,271,341    
  500,000     Term Loan, 8.20%, Maturing March 2, 2014     325,833    
  183,333     Term Loan, 8.95%, Maturing March 2, 2014     110,917    
  316,667     Term Loan, 8.95%, Maturing March 2, 2014     206,361    
Network Solutions, LLC      
  712,538     Term Loan, 5.24%, Maturing March 7, 2014     594,970    
Open Solutions, Inc.      
  2,079,368     Term Loan, 5.15%, Maturing January 23, 2014     1,729,775    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Electronics / Electrical (continued)      
Sensata Technologies Finance Co.      
  2,770,899     Term Loan, 4.66%, Maturing April 27, 2013   $ 2,530,754    
Spectrum Brands, Inc.      
  57,701     Term Loan, 6.71%, Maturing March 30, 2013     52,869    
  1,145,560     Term Loan, 6.89%, Maturing March 30, 2013     1,049,619    
TTM Technologies, Inc.      
  216,000     Term Loan, 5.16%, Maturing October 27, 2012     206,280    
VeriFone, Inc.      
  724,625     Term Loan, 5.65%, Maturing October 31, 2013     692,017    
Vertafore, Inc.      
  2,227,584     Term Loan, 5.59%, Maturing January 31, 2012     2,060,515    
  850,000     Term Loan, 9.09%, Maturing January 31, 2013     743,750    
            $ 23,515,459    
Equipment Leasing — 1.6%      
AWAS Capital, Inc.      
  1,966,414     Term Loan, 8.63%, Maturing March 22, 2013   $ 1,720,612    
Maxim Crane Works, L.P.      
  868,438     Term Loan, 4.71%, Maturing June 29, 2014     772,909    
The Hertz Corp.      
  400,000     Term Loan, 4.10%, Maturing December 21, 2012     384,227    
  2,212,140     Term Loan, 4.22%, Maturing December 21, 2012     2,124,911    
United Rentals, Inc.      
  1,030,874     Term Loan, 4.60%, Maturing February 14, 2011     1,005,961    
  2,438,000     Term Loan, 5.10%, Maturing February 14, 2011     2,379,081    
            $ 8,387,701    
Farming / Agriculture — 0.5%      
BF Bolthouse HoldCo, LLC      
  1,150,000     Term Loan, 8.20%, Maturing December 16, 2013   $ 1,069,500    
Central Garden & Pet Co.      
  2,033,500     Term Loan, 4.31%, Maturing February 28, 2014     1,787,786    
            $ 2,857,286    
Financial Intermediaries — 2.2%      
Citco III, Ltd.      
  2,775,000     Term Loan, 6.72%, Maturing June 30, 2014   $ 2,490,562    
Grosvenor Capital Management      
  1,501,195     Term Loan, 4.86%, Maturing December 5, 2013     1,441,148    
INVESTools, Inc.      
  384,000     Term Loan, 5.95%, Maturing August 13, 2012     349,440    
Jupiter Asset Management Group      
GBP 418,271     Term Loan, 7.84%, Maturing June 30, 2015     713,465    

 

See notes to financial statements
9



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Financial Intermediaries (continued)      
LPL Holdings, Inc.      
  4,051,670     Term Loan, 4.70%, Maturing December 18, 2014   $ 3,778,183    
Nuveen Investments, Inc.      
  1,475,000     Term Loan, 5.87%, Maturing November 2, 2014     1,408,855    
Oxford Acquisition III, Ltd.      
  916,637     Term Loan, 4.67%, Maturing May 24, 2014     771,121    
RJO Holdings Corp. (RJ O'Brien)      
  472,625     Term Loan, 5.90%, Maturing July 31, 2014     319,022    
Travelex America Holdings, Inc.      
  375,000     Term Loan, 5.54%, Maturing October 31, 2013     349,688    
  375,000     Term Loan, 6.04%, Maturing October 31, 2014     349,688    
            $ 11,971,172    
Food Products — 3.7%      
Acosta, Inc.      
  3,047,597     Term Loan, 5.12%, Maturing July 28, 2013   $ 2,906,645    
Advantage Sales & Marketing, Inc.      
  1,000,000     Term Loan, Maturing March 29, 2013(2)     937,500    
  828,555     Term Loan, 4.70%, Maturing March 29, 2013     790,485    
  421,103     Term Loan, 4.70%, Maturing March 29, 2013     397,942    
Black Lion Beverages III B.V.      
EUR 147,059     Term Loan, 6.71%, Maturing December 31, 2013     211,555    
EUR 852,941     Term Loan, 6.71%, Maturing December 31, 2014     1,227,020    
Dean Foods Co.      
  4,437,731     Term Loan, 4.45%, Maturing April 2, 2014     4,242,347    
Pinnacle Foods Finance, LLC      
  3,746,688     Term Loan, 5.44%, Maturing April 2, 2014     3,504,715    
Provimi Group SA      
  252,404     Term Loan, 4.97%, Maturing June 28, 2015     219,907    
  205,103     Term Loan, 4.97%, Maturing June 28, 2015     178,696    
EUR 46,773     Term Loan, 6.51%, Maturing June 28, 2015(3)     59,714    
EUR 457,186     Term Loan, 6.61%, Maturing June 28, 2015     620,149    
EUR 265,285     Term Loan, 6.61%, Maturing June 28, 2015     359,845    
EUR 438,752     Term Loan, 6.61%, Maturing June 28, 2015     595,144    
EUR 598,067     Term Loan, 6.61%, Maturing June 28, 2015     811,248    
  282,126     Term Loan, 6.82%, Maturing December 28, 2016(3)     231,343    
EUR 697,446     Term Loan, 4.09%, Maturing December 28, 2016(3)     890,399    
Reddy Ice Group, Inc.      
  1,970,000     Term Loan, 4.46%, Maturing August 9, 2012     1,704,050    
            $ 19,888,704    
Food Service — 3.1%      
AFC Enterprises, Inc.      
  432,850     Term Loan, 5.00%, Maturing May 23, 2009   $ 396,057    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Food Service (continued)      
Aramark Corp.      
  2,842,419     Term Loan, 4.57%, Maturing January 26, 2014   $ 2,729,788    
  180,813     Term Loan, 5.20%, Maturing January 26, 2014     173,648    
GBP 987,500     Term Loan, 8.13%, Maturing January 27, 2014     1,838,446    
Buffets, Inc.      
  1,154,448     DIP Loan, 11.25%, Maturing January 22, 2009     1,157,334    
  186,667     Term Loan, 4.73%, Maturing May 1, 2013     108,033    
  1,397,393     Term Loan, 11.39%, Maturing November 1, 2013     808,741    
CBRL Group, Inc.      
  1,757,352     Term Loan, 4.62%, Maturing April 27, 2013     1,665,091    
Denny's, Inc.      
  123,333     Term Loan, 4.70%, Maturing March 31, 2012     116,858    
  500,000     Term Loan, 4.70%, Maturing March 31, 2012     473,750    
JRD Holdings, Inc.      
  1,379,688     Term Loan, 5.20%, Maturing June 26, 2014     1,331,398    
NPC International, Inc.      
  373,356     Term Loan, 4.50%, Maturing May 3, 2013     345,354    
OSI Restaurant Partners, LLC      
  148,885     Term Loan, 5.10%, Maturing May 9, 2013     129,965    
  500,000     Term Loan, Maturing May 9, 2014(2)     425,000    
  1,824,917     Term Loan, 5.00%, Maturing May 9, 2014     1,604,459    
QCE Finance, LLC      
  1,231,828     Term Loan, 4.99%, Maturing May 5, 2013     1,047,493    
  950,000     Term Loan, 8.45%, Maturing November 5, 2013     767,916    
Sagittarius Restaurants, LLC      
  392,000     Term Loan, 9.50%, Maturing March 29, 2013     301,840    
Selecta      
EUR 741,246     Term Loan, 8.77%, Maturing December 28, 2015     960,743    
            $ 16,381,914    
Food / Drug Retailers — 3.5%      
General Nutrition Centers, Inc.      
  3,431,474     Term Loan, 4.95%, Maturing September 16, 2013   $ 3,051,867    
Iceland Foods Group, Ltd.      
GBP 1,250,000     Term Loan, 7.91%, Maturing May 2, 2014     2,325,084    
GBP 1,250,000     Term Loan, 8.41%, Maturing May 2, 2015     2,327,146    
Pantry, Inc. (The)      
  238,889     Term Loan, 4.14%, Maturing May 15, 2014(3)     202,458    
  829,840     Term Loan, 4.62%, Maturing May 15, 2014     703,290    
Rite Aid Corp.      
  6,400,000     Term Loan, 4.53%, Maturing June 1, 2014     6,022,003    
Roundy's Supermarkets, Inc.      
  4,348,366     Term Loan, 5.47%, Maturing November 3, 2011     4,083,115    
            $ 18,714,963    

 

See notes to financial statements
10



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Forest Products — 2.3%      
Appleton Papers, Inc.      
  1,339,875     Term Loan, 4.60%, Maturing June 5, 2014   $ 1,237,151    
Georgia-Pacific Corp.      
  8,650,875     Term Loan, 4.73%, Maturing December 20, 2012     8,311,596    
Newpage Corp.      
  1,496,250     Term Loan, 6.31%, Maturing December 5, 2014     1,489,601    
Xerium Technologies, Inc.      
  1,246,964     Term Loan, 5.45%, Maturing May 18, 2012     1,010,041    
            $ 12,048,389    
Healthcare — 14.8%      
Accellent, Inc.      
  2,319,372     Term Loan, 5.84%, Maturing November 22, 2012   $ 2,014,955    
Advanced Medical Optics, Inc.      
  997,481     Term Loan, 5.44%, Maturing April 2, 2014     927,657    
Alliance Imaging, Inc.      
  1,022,942     Term Loan, 5.41%, Maturing December 29, 2011     974,353    
American Medical Systems      
  1,352,082     Term Loan, 5.38%, Maturing July 20, 2012     1,281,098    
AMN Healthcare, Inc.      
  297,054     Term Loan, 4.45%, Maturing November 2, 2011     285,172    
AMR HoldCo, Inc.      
  1,874,383     Term Loan, 5.00%, Maturing February 10, 2012     1,780,664    
Biomet, Inc.      
  2,736,250     Term Loan, 5.70%, Maturing December 26, 2014     2,688,935    
EUR 1,218,875     Term Loan, 7.73%, Maturing December 26, 2014     1,813,852    
Capio AB      
EUR 227,051     Term Loan, 7.09%, Maturing April 24, 2015     335,631    
EUR 272,949     Term Loan, 7.09%, Maturing April 24, 2015     403,479    
EUR 227,051     Term Loan, 7.21%, Maturing April 16, 2016     335,631    
EUR 272,949     Term Loan, 7.21%, Maturing April 24, 2016     403,479    
Cardinal Health 409, Inc.      
  1,000,000     Term Loan, Maturing April 10, 2014(2)     860,000    
  3,257,938     Term Loan, 4.95%, Maturing April 10, 2014     2,940,209    
Carestream Health, Inc.      
  2,859,924     Term Loan, 5.47%, Maturing April 30, 2013     2,438,085    
  1,000,000     Term Loan, 8.13%, Maturing October 30, 2013     710,000    
Carl Zeiss Vision Holding GmbH      
  1,300,000     Term Loan, 5.14%, Maturing March 23, 2015     981,500    
Community Health Systems, Inc.      
  385,151     Term Loan, 0.00%, Maturing July 25, 2014(3)     369,523    
  7,528,298     Term Loan, 5.34%, Maturing July 25, 2014     7,222,822    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Healthcare (continued)      
Concentra, Inc.      
  600,000     Term Loan, 8.20%, Maturing June 25, 2015   $ 402,000    
ConMed Corp.      
  477,889     Term Loan, 4.39%, Maturing April 13, 2013     458,773    
CRC Health Corp.      
  492,500     Term Loan, 4.92%, Maturing February 6, 2013     450,638    
  490,038     Term Loan, 4.92%, Maturing February 6, 2013     448,384    
Dako EQT Project Delphi      
  500,000     Term Loan, 6.44%, Maturing December 12, 2016     404,300    
DaVita, Inc.      
  4,047,997     Term Loan, 4.23%, Maturing October 5, 2012     3,883,778    
DJO Finance, LLC      
  798,000     Term Loan, 5.70%, Maturing May 15, 2014     779,048    
Fenwal, Inc.      
  500,000     Term Loan, 8.34%, Maturing August 28, 2014     370,000    
Fresenius Medical Care Holdings      
  2,497,924     Term Loan, 4.07%, Maturing March 31, 2013     2,420,253    
Hanger Orthopedic Group, Inc.      
  712,159     Term Loan, 4.87%, Maturing May 30, 2013     673,881    
HCA, Inc.      
  500,000     Term Loan, Maturing November 18, 2013(2)     475,625    
  6,690,313     Term Loan, 4.95%, Maturing November 18, 2013     6,364,505    
Health Management Association, Inc.      
  6,437,646     Term Loan, 4.45%, Maturing February 28, 2014     5,957,121    
HealthSouth Corp.      
  1,565,524     Term Loan, 5.23%, Maturing March 10, 2013     1,489,694    
Iasis Healthcare, LLC      
  292,130     Term Loan, 4.86%, Maturing March 14, 2014     279,958    
  846,419     Term Loan, 4.88%, Maturing March 14, 2014     811,151    
  77,901     Term Loan, 4.88%, Maturing March 14, 2014     74,656    
Ikaria Acquisition, Inc.      
  533,899     Term Loan, 4.95%, Maturing March 28, 2013     504,535    
IM U.S. Holdings, LLC      
  997,487     Term Loan, 4.67%, Maturing June 26, 2014     926,001    
  625,000     Term Loan, 6.92%, Maturing June 26, 2015     564,063    
Invacare Corp.      
  729,288     Term Loan, 5.14%, Maturing February 12, 2013     680,061    
Leiner Health Products, Inc.      
  400,481     Term Loan, 0.00%, Maturing September 10, 2008(3)     394,474    
  819,588     Term Loan, 0.00%, Maturing September 10, 2008(3)     807,294    
  960,175     Term Loan, 8.75%, Maturing May 27, 2011(10)     435,919    
LifeCare Holdings, Inc.      
  853,125     Term Loan, 6.95%, Maturing August 11, 2012     737,953    

 

See notes to financial statements
11



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Healthcare (continued)      
LifePoint Hospitals, Inc.      
  2,063,187     Term Loan, 4.71%, Maturing April 15, 2012   $ 1,985,817    
Matria Healthcare, Inc.      
  994,333     Term Loan, 4.70%, Maturing January 19, 2012     969,475    
  160,798     Term Loan, 4.88%, Maturing January 19, 2012     156,778    
MultiPlan Merger Corp.      
  1,648,397     Term Loan, 5.38%, Maturing April 12, 2013     1,557,221    
  1,174,425     Term Loan, 5.38%, Maturing April 12, 2013     1,109,465    
Mylan, Inc.      
  598,500     Term Loan, 6.03%, Maturing October 2, 2014     588,109    
National Mentor Holdings, Inc.      
  61,600     Term Loan, 5.16%, Maturing June 29, 2013     52,976    
  1,020,228     Term Loan, 4.70%, Maturing June 29, 2013     877,396    
National Rental Institutes, Inc.      
  817,415     Term Loan, 5.00%, Maturing March 31, 2013     717,282    
Nyco Holdings      
EUR 984,850     Term Loan, 6.98%, Maturing December 29, 2014     1,301,612    
EUR 984,850     Term Loan, 7.73%, Maturing December 29, 2015     1,301,612    
Physiotherapy Associates, Inc.      
  824,736     Term Loan, 6.48%, Maturing June 27, 2013     701,026    
RadNet Management, Inc.      
  543,127     Term Loan, 7.26%, Maturing November 15, 2012     518,686    
ReAble Therapeutics Finance, LLC      
  2,606,829     Term Loan, 4.70%, Maturing November 16, 2013     2,461,824    
Renal Advantage, Inc.      
  323,576     Term Loan, 5.26%, Maturing October 5, 2012     303,353    
Select Medical Holding Corp.      
  2,123,487     Term Loan, 5.06%, Maturing February 24, 2012     1,945,114    
Sunrise Medical Holdings, Inc.      
  675,653     Term Loan, 7.09%, Maturing May 13, 2010     557,414    
Vanguard Health Holding Co., LLC      
  2,165,840     Term Loan, 5.13%, Maturing September 23, 2011     2,091,839    
Viant Holdings, Inc.      
  521,063     Term Loan, 4.95%, Maturing June 25, 2014     442,903    
            $ 79,201,012    
Home Furnishings — 1.8%      
Hunter Fan Co.      
  462,752     Term Loan, 5.57%, Maturing April 16, 2014   $ 373,672    
Interline Brands, Inc.      
  985,704     Term Loan, 4.61%, Maturing June 23, 2013     931,490    
  681,060     Term Loan, 4.61%, Maturing June 23, 2013     643,601    
National Bedding Co., LLC      
  1,491,225     Term Loan, 4.74%, Maturing August 31, 2011     1,200,436    
  1,050,000     Term Loan, 7.70%, Maturing August 31, 2012     745,500    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Home Furnishings (continued)      
Sealy Mattress Co.      
  2,925,000     Term Loan, 4.27%, Maturing August 25, 2011   $ 2,588,625    
Simmons Co.      
  2,799,380     Term Loan, 5.61%, Maturing December 19, 2011     2,519,442    
  1,000,000     Term Loan, 8.20%, Maturing February 15, 2012     655,000    
            $ 9,657,766    
Industrial Equipment — 3.8%      
Brand Energy & Infrastructure Services, Inc.      
  792,480     Term Loan, 6.02%, Maturing February 7, 2014   $ 715,213    
CEVA Group PLC U.S.      
  833,485     Term Loan, 5.70%, Maturing January 4, 2014     756,388    
  2,065,632     Term Loan, 5.72%, Maturing January 4, 2014     1,895,217    
  2,270,595     Term Loan, 5.86%, Maturing January 4, 2014     2,083,271    
EPD Holdings (Goodyear Engineering Products)      
  148,066     Term Loan, 5.37%, Maturing July 13, 2014     122,710    
  1,033,867     Term loan, 5.40%, Maturing July 13, 2014     856,817    
  775,000     Term Loan, 8.65%, Maturing July 13, 2015     496,000    
Flowserve Corp.      
  1,985,018     Term Loan, 4.25%, Maturing August 10, 2012     1,890,730    
FR Brand Acquisition Corp.      
  739,217     Term Loan, 5.01%, Maturing February 7, 2014     656,055    
Generac Acquisition Corp.      
  1,762,302     Term Loan, 5.18%, Maturing November 7, 2013     1,429,227    
  500,000     Term Loan, 8.68%, Maturing April 7, 2014     351,500    
Gleason Corp.      
  568,403     Term Loan, 4.65%, Maturing June 30, 2013     528,615    
  138,408     Term Loan, 4.65%, Maturing June 30, 2013     128,720    
Itron, Inc.      
EUR 342,269     Term Loan, 6.74%, Maturing April 18, 2014     478,258    
Jason, Inc.      
  439,431     Term Loan, 5.22%, Maturing April 30, 2010     388,897    
John Maneely Co.      
  2,829,618     Term Loan, 6.03%, Maturing December 8, 2013     2,555,750    
KION Group GmbH      
  250,000     Term Loan, 6.75%, Maturing December 23, 2014     233,125    
  250,000     Term Loan, 7.25%, Maturing December 23, 2015     233,125    
Polypore, Inc.      
  3,002,313     Term Loan, 5.11%, Maturing July 3, 2014     2,867,208    
Sequa Corp.      
  997,500     Term Loan, 5.95%, Maturing November 30, 2014     957,600    
TFS Acquisition Corp.      
  689,500     Term Loan, 6.20%, Maturing August 11, 2013     641,235    
            $ 20,265,661    

 

See notes to financial statements
12



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Insurance — 2.6%      
Alliant Holdings I, Inc.      
  970,125     Term Loan, 5.70%, Maturing August 21, 2014   $ 911,918    
AmWINS Group, Inc.      
  1,000,000     Term Loan, 5.43%, Maturing June 8, 2013     785,000    
  500,000     Term Loan, 8.23%, Maturing June 8, 2014     268,750    
Applied Systems, Inc.      
  1,287,409     Term Loan, 5.40%, Maturing September 26, 2013     1,197,290    
CCC Information Services Group, Inc.      
  1,578,926     Term Loan, 4.91%, Maturing February 10, 2013     1,531,558    
Conseco, Inc.      
  3,477,753     Term Loan, 4.86%, Maturing October 10, 2013     2,666,279    
Crawford & Company      
  1,229,000     Term Loan, 5.45%, Maturing October 31, 2013     1,146,043    
Crump Group, Inc.      
  1,013,058     Term Loan, 5.70%, Maturing August 4, 2014     932,014    
Hub International Holdings, Inc.      
  606,670     Term Loan, 4.40%, Maturing June 13, 2014(3)     546,762    
  2,701,217     Term Loan, 5.20%, Maturing June 13, 2014     2,434,472    
U.S.I. Holdings Corp.      
  1,836,125     Term Loan, 5.45%, Maturing May 4, 2014     1,725,958    
            $ 14,146,044    
Leisure Goods / Activities / Movies — 10.2%      
    24 Hour Fitness Worldwide, Inc.  
  1,641,500     Term Loan, 5.93%, Maturing June 8, 2012   $ 1,469,143    
AMC Entertainment, Inc.      
  2,832,813     Term Loan, 4.64%, Maturing January 26, 2013     2,682,067    
AMF Bowling Worldwide, Inc.      
  1,000,000     Term Loan, 9.24%, Maturing December 8, 2013     775,000    
Bombardier Recreational Products      
  1,822,785     Term Loan, 5.32%, Maturing June 28, 2013     1,619,240    
Butterfly Wendel US, Inc.      
  295,675     Term Loan, 7.65%, Maturing June 22, 2013     262,658    
  295,675     Term Loan, 7.40%, Maturing June 22, 2014     262,165    
Carmike Cinemas, Inc.      
  891,045     Term Loan, 6.49%, Maturing May 19, 2012     846,493    
  997,436     Term Loan, 6.60%, Maturing May 19, 2012     947,564    
Cedar Fair, L.P.      
  3,984,062     Term Loan, 4.86%, Maturing August 30, 2012     3,799,246    
Cinemark, Inc.      
  4,557,615     Term Loan, 4.66%, Maturing October 5, 2013     4,356,437    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Leisure Goods / Activities / Movies (continued)      
Deluxe Entertainment Services      
  59,055     Term Loan, 4.95%, Maturing January 28, 2011   $ 51,673    
  112,305     Term Loan, 4.95%, Maturing January 28, 2011     98,267    
  1,198,718     Term Loan, 5.04%, Maturing January 28, 2011     1,048,879    
Easton-Bell Sports, Inc.      
  1,279,554     Term Loan, 4.65%, Maturing March 16, 2012     1,129,207    
Fender Musical Instruments Corp.      
  335,563     Term Loan, 6.97%, Maturing June 9, 2014     278,517    
  662,768     Term Loan, 7.16%, Maturing June 9, 2014     550,097    
HEI Acquisition, LLC      
  1,925,000     Term Loan, 6.91%, Maturing April 13, 2014     1,636,250    
Mega Blocks, Inc.      
  1,604,625     Term Loan, 8.25%, Maturing July 26, 2012     1,410,064    
Metro-Goldwyn-Mayer Holdings, Inc.      
  7,896,294     Term Loan, 5.95%, Maturing April 8, 2012     6,344,183    
National CineMedia, LLC      
  2,750,000     Term Loan, 4.62%, Maturing February 13, 2015     2,563,393    
Regal Cinemas Corp.      
  3,989,251     Term Loan, 4.20%, Maturing November 10, 2010     3,797,268    
Revolution Studios Distribution Co., LLC      
  1,142,135     Term Loan, 6.62%, Maturing December 21, 2014     1,056,475    
  800,000     Term Loan, 9.87%, Maturing June 21, 2015     616,000    
Six Flags Theme Parks, Inc.      
  3,126,375     Term Loan, 5.20%, Maturing April 30, 2015     2,793,222    
Southwest Sports Group, LLC      
  1,875,000     Term Loan, 5.44%, Maturing December 22, 2010     1,650,000    
Universal City Development Partners, Ltd.      
  1,721,345     Term Loan, 4.63%, Maturing June 9, 2011     1,680,464    
WMG Acquisition Corp.      
  875,000     Revolving Loan, 0.00%, Maturing February 28, 2010(3)     783,125    
  9,663,595     Term Loan, 4.98%, Maturing February 28, 2011     8,932,786    
Zuffa, LLC      
  1,365,337     Term Loan, 4.88%, Maturing June 20, 2016     921,603    
            $ 54,361,486    
Lodging and Casinos — 4.4%      
Ameristar Casinos, Inc.      
  1,075,250     Term Loan, 5.02%, Maturing November 10, 2012   $ 1,040,304    
Bally Technologies, Inc.      
  4,577,041     Term Loan, 7.36%, Maturing September 5, 2009     4,499,804    
CCM Merger, Inc.      
  920,343     Term Loan, 4.78%, Maturing April 25, 2012     865,122    

 

See notes to financial statements
13



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Lodging and Casinos (continued)      
Isle of Capri Casinos, Inc.      
  1,328,198     Term Loan, 4.45%, Maturing November 30, 2013   $ 1,175,455    
  400,467     Term Loan, 4.45%, Maturing November 30, 2013     354,414    
  531,279     Term Loan, 4.45%, Maturing November 30, 2013     470,182    
LodgeNet Entertainment Corp.      
  2,311,275     Term Loan, 4.70%, Maturing April 4, 2014     2,045,478    
New World Gaming Partners, Ltd.      
  1,018,281     Term Loan, 5.19%, Maturing June 30, 2014     868,085    
  204,167     Term Loan, 5.19%, Maturing June 30, 2014     174,052    
Penn National Gaming, Inc.      
  6,405,750     Term Loan, 4.93%, Maturing October 3, 2012     6,210,016    
Venetian Casino Resort/Las Vegas Sands Inc.      
  865,000     Term Loan, 0.00%, Maturing May 14, 2014(3)     796,488    
  3,434,050     Term Loan, 4.45%, Maturing May 23, 2014     3,162,056    
Wimar OpCo, LLC      
  1,883,308     Term Loan, 8.50%, Maturing January 3, 2012     1,816,804    
            $ 23,478,260    
Nonferrous Metals / Minerals — 2.4%      
Alpha Natural Resources, LLC      
  815,937     Term Loan, 4.42%, Maturing October 26, 2012   $ 797,579    
Euramax International, Inc.      
  580,533     Term Loan, 8.00%, Maturing June 28, 2012     487,067    
  501,316     Term Loan, 10.98%, Maturing June 28, 2013     351,548    
  248,684     Term Loan, 10.98%, Maturing June 28, 2013     174,390    
Magnum Coal Co.      
  186,364     Term Loan, 9.75%, Maturing March 15, 2013     185,199    
  1,080,909     Term Loan, 9.75%, Maturing March 15, 2013     1,074,153    
Murray Energy Corp.      
  902,100     Term Loan, 7.91%, Maturing January 28, 2010     856,995    
Neo Material Technologies, Inc.      
  818,630     Term Loan, 6.62%, Maturing August 31, 2009     806,351    
Noranda Aluminum Acquisition      
  2,230,769     Term Loan, 5.07%, Maturing May 18, 2014     2,119,230    
Novelis, Inc.      
  628,066     Term Loan, 4.70%, Maturing June 28, 2014     598,233    
  1,381,746     Term Loan, 4.70%, Maturing June 28, 2014     1,316,113    
Oxbow Carbon and Mineral Holdings      
  273,862     Term Loan, 4.86%, Maturing May 8, 2014     248,416    
  3,059,083     Term Loan, 4.88%, Maturing May 8, 2014     2,774,842    
Thompson Creek Metals Co.      
  1,048,782     Term Loan, 7.48%, Maturing October 26, 2012     1,038,294    
            $ 12,828,410    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Oil and Gas — 2.5%      
Atlas Pipeline Partners, L.P.      
  1,500,000     Term Loan, 5.62%, Maturing July 20, 2014   $ 1,465,625    
Big West Oil, LLC      
  398,750     Term Loan, 4.97%, Maturing May 1, 2014(3)     375,323    
  320,813     Term Loan, 5.00%, Maturing May 1, 2014     301,965    
Concho Resources, Inc.      
  359,497     Term Loan, 7.15%, Maturing March 27, 2012     357,250    
Dresser, Inc.      
  1,448,620     Term Loan, 5.31%, Maturing May 4, 2014     1,400,333    
  1,000,000     Term Loan, 8.82%, Maturing May 4, 2015     927,500    
Dynegy Holdings, Inc.      
  2,772,266     Term Loan, 4.36%, Maturing April 2, 2013     2,617,483    
  227,163     Term Loan, 4.36%, Maturing April 2, 2013     214,480    
Enterprise GP Holdings, L.P.      
  1,125,000     Term Loan, 4.96%, Maturing October 31, 2014     1,106,719    
Niska Gas Storage      
  51,468     Term Loan, 4.55%, Maturing May 13, 2011     49,409    
  97,401     Term Loan, 4.59%, Maturing May 13, 2011     93,667    
  65,979     Term Loan, 4.60%, Maturing May 13, 2011     63,339    
  602,577     Term Loan, 4.53%, Maturing May 12, 2013     579,479    
Primary Natural Resources, Inc.      
  1,519,000     Term Loan, 5.00%, Maturing July 28, 2010     1,440,923    
Targa Resources, Inc.      
  1,365,968     Term Loan, 4.57%, Maturing October 31, 2012     1,314,061    
  967,009     Term Loan, 6.83%, Maturing October 31, 2012     930,263    
            $ 13,237,819    
Publishing — 11.0%      
American Media Operations, Inc.      
  4,275,000     Term Loan, 7.25%, Maturing January 31, 2013   $ 3,916,969    
Aster Zweite Beteiligungs GmbH      
  775,000     Term Loan, 4.88%, Maturing September 27, 2013     674,250    
CanWest MediaWorks, Ltd.      
  794,000     Term Loan, 5.09%, Maturing July 10, 2014     762,240    
Dex Media West, LLC      
  2,418,970     Term Loan, 4.48%, Maturing March 9, 2010     2,363,334    
GateHouse Media Operating, Inc.      
  871,739     Term Loan, 4.75%, Maturing August 28, 2014     591,148    
  2,078,261     Term Loan, 5.09%, Maturing August 28, 2014     1,409,321    
  675,000     Term Loan, 5.25%, Maturing August 28, 2014     464,063    
Idearc, Inc.      
  10,373,987     Term Loan, 4.71%, Maturing November 17, 2014     8,584,474    

 

See notes to financial statements
14



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Publishing (continued)      
Laureate Education, Inc.      
  351,599     Term Loan, 0.00%, Maturing August 17, 2014(3)   $ 325,581    
  2,361,425     Term Loan, 5.97%, Maturing August 17, 2014     2,186,679    
Local Insight Regatta Holdings, Inc.      
  1,700,000     Term Loan, 7.75%, Maturing April 23, 2015     1,569,313    
MediaNews Group, Inc.      
  957,938     Term Loan, 5.13%, Maturing August 2, 2013     704,084    
Mediannuaire Holding      
EUR 500,000     Term Loan, 8.61%, Maturing April 10, 2016     638,573    
Merrill Communications, LLC      
  1,284,129     Term Loan, 4.95%, Maturing February 9, 2009     1,117,192    
  1,000,000     Term Loan, 9.52%, Maturing November 15, 2013     842,500    
Nebraska Book Co., Inc.      
  1,391,243     Term Loan, 5.13%, Maturing March 4, 2011     1,279,944    
Nelson Education, Ltd.      
  497,500     Term Loan, 5.20%, Maturing July 5, 2014     440,288    
Nielsen Finance, LLC      
  6,821,155     Term Loan, 5.10%, Maturing August 9, 2013     6,468,727    
Philadelphia Newspapers, LLC      
  709,883     Term Loan, 6.60%, Maturing June 29, 2013     606,950    
R.H. Donnelley Corp.      
  2,884,769     Term Loan, 4.41%, Maturing June 30, 2010     2,740,981    
Reader's Digest Association, Inc. (The)      
  3,267,000     Term Loan, 4.94%, Maturing March 2, 2014     2,750,814    
SGS International, Inc.      
  684,250     Term Loan, 6.91%, Maturing December 30, 2011     632,931    
Source Media, Inc.      
  1,618,326     Term Loan, 4.95%, Maturing November 8, 2011     1,480,769    
TL Acquisitions, Inc.      
  1,915,375     Term Loan, 5.34%, Maturing July 5, 2014     1,780,500    
Trader Media Corp.      
GBP 2,334,000     Term Loan, 8.00%, Maturing March 23, 2015     3,840,612    
Tribune Co.      
  1,866,667     Term Loan, 5.48%, Maturing May 17, 2009     1,780,333    
  3,945,188     Term Loan, 5.54%, Maturing May 17, 2014     2,934,233    
Xsys US, Inc.      
  1,872,229     Term Loan, 4.88%, Maturing September 27, 2013     1,628,840    
  1,896,271     Term Loan, 4.88%, Maturing September 27, 2014     1,652,917    
Yell Group, PLC      
  2,600,000     Term Loan, 4.86%, Maturing February 10, 2013     2,313,535    
            $ 58,482,095    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Radio and Television — 6.8%      
Block Communications, Inc.      
  830,875     Term Loan, 4.70%, Maturing December 22, 2011   $ 789,331    
Citadel Broadcasting Corp.      
  1,000,000     Term Loan, 4.39%, Maturing June 12, 2014     862,500    
CMP KC, LLC      
  971,188     Term Loan, 6.75%, Maturing May 5, 2013     752,671    
CMP Susquehanna Corp.      
  1,325,500     Term Loan, 4.85%, Maturing May 5, 2013     1,038,308    
Discovery Communications, Inc.      
  1,406,813     Term Loan, 4.70%, Maturing April 30, 2014     1,365,928    
Emmis Operating Co.      
  795,433     Term Loan, 4.67%, Maturing November 2, 2013     692,822    
Entravision Communications Corp.      
  1,245,500     Term Loan, 4.20%, Maturing September 29, 2013     1,111,609    
Gray Television, Inc.      
  1,259,094     Term Loan, 4.19%, Maturing January 19, 2015     1,098,560    
HIT Entertainment, Inc.      
  750,335     Term Loan, 5.07%, Maturing March 20, 2012     679,053    
NEP II, Inc.      
  618,746     Term Loan, 4.95%, Maturing February 16, 2014     561,770    
Nexstar Broadcasting, Inc.      
  1,785,803     Term Loan, 4.45%, Maturing October 1, 2012     1,642,939    
  1,690,591     Term Loan, 4.65%, Maturing October 1, 2012     1,555,344    
NextMedia Operating, Inc.      
  106,894     Term Loan, 6.72%, Maturing November 15, 2012     95,136    
  240,515     Term Loan, 6.80%, Maturing November 15, 2012     214,058    
PanAmSat Corp.      
  2,144,700     Term Loan, 5.18%, Maturing January 3, 2014     2,038,136    
  2,144,056     Term Loan, 5.18%, Maturing January 3, 2014     2,037,524    
  2,144,056     Term Loan, 5.18%, Maturing January 3, 2014     2,037,524    
Paxson Communications Corp.      
  2,500,000     Term Loan, 5.96%, Maturing January 15, 2012     2,000,000    
Raycom TV Broadcasting, LLC      
  875,000     Term Loan, 4.44%, Maturing June 25, 2014     822,500    
SFX Entertainment      
  1,142,062     Term Loan, 5.45%, Maturing June 21, 2013     1,050,697    
Sirius Satellite Radio, Inc.      
  497,500     Term Loan, 5.13%, Maturing December 19, 2012     430,338    
Tyrol Acquisition 2 SAS      
EUR 800,000     Term Loan, 6.39%, Maturing January 19, 2015     1,054,729    
EUR 800,000     Term Loan, 6.65%, Maturing January 19, 2016     1,054,729    
Univision Communications, Inc.      
  1,000,000     Term Loan, Maturing March 29, 2009(2)     960,000    
  2,750,000     Term Loan, 5.36%, Maturing March 29, 2009     2,646,251    
  7,625,000     Term Loan, 5.15%, Maturing September 29, 2014     6,440,746    

 

See notes to financial statements
15



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Radio and Television (continued)      
Young Broadcasting, Inc.      
  980,000     Term Loan, 5.25%, Maturing November 3, 2012   $ 885,675    
  714,788     Term Loan, 5.36%, Maturing November 3, 2012     645,989    
            $ 36,564,867    
Rail Industries — 0.6%      
Kansas City Southern Railway Co.      
  1,989,562     Term Loan, 4.99%, Maturing April 26, 2013   $ 1,922,415    
RailAmerica, Inc.      
  1,550,000     Term Loan, 5.32%, Maturing August 14, 2008     1,511,250    
            $ 3,433,665    
Retailers (Except Food and Drug) — 3.3%      
American Achievement Corp.      
  341,791     Term Loan, 4.98%, Maturing March 25, 2011   $ 316,157    
Amscan Holdings, Inc.      
  495,000     Term Loan, 5.16%, Maturing May 25, 2013     423,225    
Claire's Stores, Inc.      
  347,375     Term Loan, 5.56%, Maturing May 24, 2014     277,792    
Cumberland Farms, Inc.      
  1,543,345     Term Loan, 4.86%, Maturing September 29, 2013     1,450,745    
Educate, Inc.      
  500,000     Term Loan, 7.95%, Maturing June 14, 2014     412,500    
Harbor Freight Tools USA, Inc.      
  643,267     Term Loan, 5.15%, Maturing July 15, 2010     563,663    
Josten's Corp.      
  1,509,741     Term Loan, 6.72%, Maturing October 4, 2011     1,454,384    
Mapco Express, Inc.      
  501,025     Term Loan, 5.62%, Maturing April 28, 2011     473,469    
Neiman Marcus Group, Inc.      
  802,215     Term Loan, 4.76%, Maturing April 5, 2013     767,954    
Orbitz Worldwide, Inc.      
  1,174,100     Term Loan, 5.79%, Maturing July 25, 2014     1,009,726    
Oriental Trading Co., Inc.      
  1,125,000     Term Loan, 8.87%, Maturing January 31, 2013     843,750    
  2,580,881     Term Loan, 5.23%, Maturing July 31, 2013     2,090,514    
Rent-A-Center, Inc.      
  960,669     Term Loan, 4.92%, Maturing November 15, 2012     904,230    
Rover Acquisition Corp.      
  2,221,875     Term Loan, 5.03%, Maturing October 26, 2013     2,023,017    
Savers, Inc.      
  337,500     Term Loan, 5.48%, Maturing August 11, 2012     317,250    
  368,271     Term Loan, 5.49%, Maturing August 11, 2012     346,175    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Retailers (Except Food and Drug) (continued)      
The Yankee Candle Company, Inc.      
  2,200,250     Term Loan, 4.61%, Maturing February 6, 2014   $ 2,008,828    
Vivarte      
EUR 750,000     Term Loan, 6.35%, Maturing May 29, 2015     923,790    
EUR 750,000     Term Loan, 6.85%, Maturing May 29, 2016     924,321    
            $ 17,531,490    
Steel — 0.5%      
Algoma Acquisition Corp.      
  1,046,089     Term Loan, 7.33%, Maturing June 20, 2013   $ 970,248    
Niagara Corp.      
  2,014,800     Term Loan, 7.86%, Maturing June 29, 2014     1,672,284    
            $ 2,642,532    
Surface Transport — 0.5%      
Gainey Corp.      
  1,212,597     Term Loan, 9.82%, Maturing April 20, 2012   $ 585,078    
Oshkosh Truck Corp.      
  925,625     Term Loan, 4.76%, Maturing December 6, 2013     888,857    
Ozburn-Hessey Holding Co., LLC      
  487,613     Term Loan, 6.16%, Maturing August 9, 2012     443,728    
Swift Transportation Co., Inc.      
  805,814     Term Loan, 6.50%, Maturing May 10, 2014     600,499    
            $ 2,518,162    
Telecommunications — 5.9%      
Alaska Communications Systems Holdings, Inc.      
  985,347     Term Loan, 4.45%, Maturing February 1, 2012   $ 935,025    
Alltell Communication      
  1,496,241     Term Loan, 5.55%, Maturing May 16, 2014     1,377,892    
  2,000,000     Term Loan, Maturing May 16, 2015(2)     1,832,500    
  1,144,250     Term Loan, 5.47%, Maturing May 16, 2015     1,063,049    
Asurion Corp.      
  1,900,000     Term Loan, 6.10%, Maturing July 13, 2012     1,758,292    
  1,000,000     Term Loan, 9.39%, Maturing January 13, 2013     898,750    
Centennial Cellular Operating Co., LLC      
  4,445,833     Term Loan, 4.72%, Maturing February 9, 2011     4,345,802    
CommScope, Inc.      
  1,138,883     Term Loan, 5.19%, Maturing November 19, 2014     1,089,057    
FairPoint Communications, Inc.      
  1,000,000     Term Loan, Maturing March 31, 2015(2)     887,500    
  3,425,000     Term Loan, 5.63%, Maturing March 31, 2015     3,040,608    
Intelsat Bermuda, Ltd.      
  1,075,000     Term Loan, 5.20%, Maturing February 1, 2014     1,074,194    

 

See notes to financial statements
16



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount*
  Borrower/Tranche Description   Value  
Telecommunications (continued)      
Intelsat Subsidiary Holding Co.      
  960,375     Term Loan, 5.18%, Maturing July 3, 2013   $ 920,039    
Iowa Telecommunications Services      
  2,616,000     Term Loan, 4.44%, Maturing November 23, 2011     2,553,870    
IPC Systems, Inc.      
  1,091,750     Term Loan, 4.95%, Maturing May 31, 2014     834,279    
  500,000     Term Loan, 7.95%, Maturing May 31, 2015     350,834    
Macquarie UK Broadcast Ventures, Ltd.      
GBP 775,000     Term Loan, 7.95%, Maturing December 26, 2014     1,335,386    
NTelos, Inc.      
  1,168,801     Term Loan, 5.27%, Maturing August 24, 2011     1,144,694    
Palm, Inc.      
  771,125     Term Loan, 6.39%, Maturing April 24, 2014     560,993    
Stratos Global Corp.      
  987,000     Term Loan, 5.44%, Maturing February 13, 2012     938,267    
Telesat Canada, Inc.      
  51,523     Term Loan, 5.89%, Maturing October 22, 2014(3)     48,782    
  601,417     Term Loan, 5.90%, Maturing October 22, 2014     569,420    
Trilogy International Partners      
  850,000     Term Loan, 6.20%, Maturing June 29, 2012     726,750    
Windstream Corp.      
  3,066,732     Term Loan, 4.22%, Maturing July 17, 2013     2,999,374    
            $ 31,285,357    
Utilities — 3.6%      
AEI Finance Holding, LLC      
  269,751     Revolving Loan, 5.70%, Maturing March 30, 2012   $ 238,730    
  1,989,275     Term Loan, 5.69%, Maturing March 30, 2014     1,760,509    
Astoria Generating Co.      
  1,000,000     Term Loan, 6.35%, Maturing August 23, 2013     925,000    
BRSP, LLC      
  1,775,173     Term Loan, 7.91%, Maturing July 13, 2009     1,650,911    
Calpine Corp.      
  841,516     DIP Loan, 5.58%, Maturing March 30, 2009     793,204    
Covanta Energy Corp.      
  569,072     Term Loan, 4.09%, Maturing February 9, 2014     544,649    
  1,144,369     Term Loan, 5.08%, Maturing February 9, 2014     1,095,256    
Electricinvest Holding Co.      
EUR 476,616     Term Loan, 8.50%, Maturing October 24, 2012     654,235    
GBP 480,000     Term Loan, 9.63%, Maturing October 24, 2012     837,376    
LS Power Acquisition Co.      
  580,904     Term Loan, 6.45%, Maturing November 1, 2014     575,822    
Mirant North America, LLC      
  658,100     Term Loan, 4.61%, Maturing January 3, 2013     641,882    

 

Principal
Amount*
  Borrower/Tranche Description   Value  
Utilities (continued)      
NRG Energy, Inc.      
  2,093,940     Term Loan, 4.20%, Maturing June 1, 2014   $ 2,013,585    
  4,287,047     Term Loan, 4.20%, Maturing June 1, 2014     4,122,531    
Pike Electric, Inc.      
  146,240     Term Loan, 4.25%, Maturing July 1, 2012     139,294    
  339,771     Term Loan, 4.44%, Maturing December 10, 2012     323,632    
TXU Texas Competitive Electric Holdings Co., LLC      
  1,500,000     Term Loan, Maturing October 10, 2014(2)     1,439,063    
  845,750     Term Loan, 6.58%, Maturing October 10, 2014     811,391    
  845,750     Term Loan, 6.58%, Maturing October 10, 2014     810,810    
            $ 19,377,880    
Total Senior Floating-Rate Interests
(identified cost $911,472,560)
  $ 840,342,189    
Corporate Bonds & Notes — 11.8%      
Principal
Amount
(000's omitted)
  Security   Value  
Aerospace and Defense — 0.1%      
Alion Science and Technologies, Corp.      
  145     10.25%, 2/1/15   $ 92,981    
DRS Technologies, Inc., Sr. Sub. Notes      
  80     7.625%, 2/1/18     82,000    
Hawker Beechcraft Acquisition      
  120     9.75%, 4/1/17     127,200    
Vought Aircraft Industries, Inc., Sr. Notes      
  55     8.00%, 7/15/11     52,525    
            $ 354,706    
Air Transport — 0.0%      
Continental Airlines      
  212     7.033%, 6/15/11   $ 193,832    
            $ 193,832    
Automotive — 0.2%      
Allison Transmission, Inc.      
  165     11.00%, 11/1/15(5)   $ 162,937    
Altra Industrial Motion, Inc.      
  225     9.00%, 12/1/11     223,875    
  110     9.00%, 12/1/11     109,450    

 

See notes to financial statements
17



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Automotive (continued)      
American Axle & Manufacturing, Inc.      
  135     7.875%, 3/1/17   $ 121,500    
Commercial Vehicle Group, Inc., Sr. Notes      
  100     8.00%, 7/1/13     86,250    
Tenneco, Inc., Sr. Notes      
  55     8.125%, 11/15/15(5)     56,650    
            $ 760,662    
Broadcast Radio and Television — 0.0%      
Warner Music Group, Sr. Sub. Notes      
  85     7.375%, 4/15/14   $ 70,975    
            $ 70,975    
Brokers / Dealers / Investment Houses — 0.0%      
Nuveen Investments, Inc.      
  30     5.00%, 9/15/10   $ 26,475    
Nuveen Investments, Inc., Sr. Notes      
  180     10.50%, 11/15/15(5)     174,150    
            $ 200,625    
Building and Development — 0.7%      
Grohe Holding GMBH, Variable Rate      
EUR 2,000     7.622%, 1/15/14(8)   $ 2,841,342    
Interface, Inc.      
  500     10.375%, 2/1/10     526,250    
Nortek, Inc., Sr. Sub. Notes      
  150     8.50%, 9/1/14     110,625    
Panolam Industries International, Sr. Sub. Notes      
  425     10.75%, 10/1/13     342,125    
Stanley Martin Co.      
  80     9.75%, 8/15/15     39,600    
            $ 3,859,942    
Business Equipment and Services — 0.7%      
Affinion Group, Inc.      
  95     10.125%, 10/15/13   $ 96,425    
  205     11.50%, 10/15/15     202,181    
Ceridian Corp., Sr. Notes      
  350     11.25%, 11/15/15(5)     330,312    
Education Management, LLC, Sr. Notes      
  415     8.75%, 6/1/14     371,425    

 

Principal
Amount
(000's omitted)
  Security   Value  
Business Equipment and Services (continued)      
Education Management, LLC, Sr. Sub. Notes      
  595     10.25%, 6/1/16   $ 502,775    
KAR Holdings, Inc., Sr. Notes      
  20     8.75%, 5/1/14     19,300    
KAR Holdings, Inc., Sr. Sub. Notes, Variable Rate      
  130     7.239%, 5/1/14     118,137    
MediMedia USA, Inc., Sr. Sub. Notes      
  170     11.375%, 11/15/14(5)     174,250    
Neff Corp., Sr. Notes      
  40     10.00%, 6/1/15     19,800    
Norcross Safety Products, LLC/Norcross Capital Corp.,
Sr. Sub. Notes, Series B
     
  15     9.875%, 8/15/11     15,797    
Rental Service Corp.      
  340     9.50%, 12/1/14     306,000    
Safety Products Holdings, Inc. Sr. Notes (PIK)      
  481     11.75%, 1/1/12     501,141    
SunGard Data Systems, Inc.      
  85     9.125%, 8/15/13     89,250    
Travelport, LLC      
  475     9.875%, 9/1/14     461,344    
  70     11.875%, 9/1/16     64,400    
United Rentals North America, Inc.      
  20     6.50%, 2/15/12     18,850    
West Corp.      
  545     9.50%, 10/15/14     523,200    
            $ 3,814,587    
Cable and Satellite Television — 0.3%      
Cablevision Systems Corp., Sr. Notes, Series B      
  75     8.00%, 4/15/12   $ 75,000    
CCO Holdings, LLC/CCO Capital Corp., Sr. Notes      
  730     8.75%, 11/15/13     675,250    
Charter Communications, Inc., Sr. Notes      
  180     10.875%, 9/15/14(5)     191,250    
Kabel Deutschland GmbH      
  190     10.625%, 7/1/14     198,550    
Mediacom Broadband Group Corp., LLC, Sr. Notes      
  160     8.50%, 10/15/15     148,000    
National Cable PLC      
  40     8.75%, 4/15/14     38,900    
            $ 1,326,950    

 

See notes to financial statements
18



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Chemicals and Plastics — 0.5%      
Berry Plastics, Variable Rate      
  2,000     7.568%, 2/15/15(5)(8)   $ 1,940,000    
CII Carbon, LLC      
  100     11.125%, 11/15/15(5)     96,500    
INEOS Group Holdings PLC      
  225     8.50%, 2/15/16(5)     183,375    
Nova Chemicals Corp., Sr. Notes, Variable Rate      
  195     7.863%, 11/15/13     169,650    
Reichhold Industries, Inc., Sr. Notes      
  445     9.00%, 8/15/14(5)     447,225    
            $ 2,836,750    
Clothing / Textiles — 0.3%      
Levi Strauss & Co., Sr. Notes      
  385     9.75%, 1/15/15   $ 404,250    
  75     8.875%, 4/1/16     76,687    
Oxford Industries, Inc., Sr. Notes      
  790     8.875%, 6/1/11     756,425    
Perry Ellis International, Inc., Sr. Sub. Notes      
  325     8.875%, 9/15/13     310,375    
Phillips Van Heusen, Sr. Notes      
  55     7.25%, 2/15/11     55,962    
            $ 1,603,699    
Conglomerates — 0.1%      
RBS Global & Rexnord Corp.      
  175     9.50%, 8/1/14   $ 175,875    
  155     11.75%, 8/1/16     149,575    
            $ 325,450    
Containers and Glass Products — 0.7%      
Berry Plastics Corp., Variable Rate      
  2,000     7.568%, 2/15/15   $ 1,820,626    
Intertape Polymer US, Inc., Sr. Sub. Notes      
  310     8.50%, 8/1/14     266,600    
Pliant Corp. (PIK)      
  1,358     11.85%, 6/15/09     1,303,916    
Smurfit-Stone Container Enterprises, Inc., Sr. Notes      
  345     8.00%, 3/15/17     293,250    
            $ 3,684,392    
Cosmetics / Toiletries — 0.0%      
Bausch & Lomb, Inc., Sr. Notes      
  195     9.875%, 11/1/15(5)   $ 208,162    
            $ 208,162    

 

Principal
Amount
(000's omitted)
  Security   Value  
Ecological Services and Equipment — 0.1%      
Waste Services, Inc., Sr. Sub. Notes      
  440     9.50%, 4/15/14   $ 433,400    
            $ 433,400    
Electronics / Electrical — 0.4%      
Advanced Micro Devices, Inc., Sr. Notes      
  445     7.75%, 11/1/12   $ 363,787    
Amkor Technologies, Inc., Sr. Notes      
  340     7.75%, 5/15/13     326,825    
Avago Technologies Finance      
  170     10.125%, 12/1/13     181,900    
  215     11.875%, 12/1/15     232,200    
NXP BV/NXP Funding, LLC      
  105     7.875%, 10/15/14     104,212    
NXP BV/NXP Funding, LLC, Variable Rate      
  775     5.463%, 10/15/13(8)     715,906    
            $ 1,924,830    
Equipment Leasing — 0.1%      
Hertz Corp.      
  330     10.50%, 1/1/16   $ 333,712    
            $ 333,712    
Financial Intermediaries — 0.4%      
E*Trade Financial Corp.      
  190     7.875%, 12/1/15   $ 153,900    
Ford Motor Credit Co.      
  715     7.375%, 10/28/09     688,513    
Ford Motor Credit Co., Sr. Notes      
  50     5.80%, 1/12/09     48,898    
  415     7.875%, 6/15/10     395,198    
  15     9.875%, 8/10/11     14,524    
  240     12.00%, 5/15/15     246,714    
General Motors Acceptance Corp.      
  210     6.375%, 5/1/08     210,000    
  160     7.75%, 1/19/10     147,275    
  70     7.25%, 3/2/11     59,417    
General Motors Acceptance Corp., Variable Rate      
  110     4.315%, 5/15/09     100,384    
            $ 2,064,823    

 

See notes to financial statements
19



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Food Products — 0.2%      
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes      
  520     11.50% (0.00% until 2008), 11/1/11   $ 481,000    
Dole Foods Co., Sr. Notes      
  495     8.625%, 5/1/09     481,387    
Pierre Foods, Inc., Sr. Sub. Notes      
  55     9.875%, 7/15/12     26,675    
            $ 989,062    
Food Service — 0.1%      
El Pollo Loco, Inc.      
  370     11.75%, 11/15/13   $ 360,750    
NPC International, Inc., Sr. Sub. Notes      
  390     9.50%, 5/1/14     360,750    
            $ 721,500    
Food / Drug Retailers — 0.3%      
General Nutrition Center, Sr. Notes, Variable Rate (PIK)      
  400     7.199%, 3/15/14   $ 351,000    
General Nutrition Center, Sr. Sub. Notes      
  365     10.75%, 3/15/15     320,287    
Rite Aid Corp.      
  685     6.125%, 12/15/08(5)     673,012    
  285     7.50%, 1/15/15     275,025    
  120     7.50%, 3/1/17     111,900    
            $ 1,731,224    
Forest Products — 0.2%      
Georgia-Pacific Corp.      
  5     9.50%, 12/1/11   $ 5,300    
Jefferson Smurfit Corp., Sr. Notes      
  145     8.25%, 10/1/12     132,675    
  75     7.50%, 6/1/13     65,062    
NewPage Corp.      
  260     10.00%, 5/1/12(5)     278,850    
  245     10.00%, 5/1/12     262,762    
  260     12.00%, 5/1/13     276,900    
NewPage Corp., Variable Rate      
  135     9.489%, 5/1/12     141,412    
Rock-Tenn Co.      
  60     9.25%, 3/15/16(5)     63,300    
            $ 1,226,261    

 

Principal
Amount
(000's omitted)
  Security   Value  
Healthcare — 0.7%      
Accellent, Inc.      
  210     10.50%, 12/1/13   $ 180,600    
Advanced Medical Optics, Inc., Sr. Sub. Notes      
  70     7.50%, 5/1/17     63,700    
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes      
  325     10.00%, 2/15/15     346,938    
Biomet, Inc.      
  400     11.625%, 10/15/17(5)     427,000    
HCA, Inc.      
  264     8.75%, 9/1/10     272,580    
  30     7.875%, 2/1/11     30,525    
  135     9.125%, 11/15/14     143,438    
  285     9.25%, 11/15/16     307,088    
MultiPlan Inc., Sr. Sub. Notes      
  485     10.375%, 4/15/16(5)     472,875    
National Mentor Holdings, Inc.      
  315     11.25%, 7/1/14     324,450    
Res-Care, Inc., Sr. Notes      
  195     7.75%, 10/15/13     186,225    
Service Corp. International, Sr. Notes      
  120     7.00%, 6/15/17     120,900    
US Oncology, Inc.      
  265     9.00%, 8/15/12     270,300    
  515     10.75%, 8/15/14     522,725    
            $ 3,669,344    
Home Furnishings — 0.0%      
Interline Brands, Inc., Sr. Sub. Notes      
  135     8.125%, 6/15/14   $ 131,963    
            $ 131,963    
Industrial Equipment — 0.1%      
Chart Industries, Inc., Sr. Sub. Notes      
  195     9.125%, 10/15/15   $ 199,875    
ESCO Corp., Sr. Notes      
  145     8.625%, 12/15/13(5)     145,000    
ESCO Corp., Sr. Notes, Variable Rate      
  145     6.675%, 12/15/13(5)     132,675    
            $ 477,550    
Insurance — 0.0%      
Alliant Holdings I, Inc.      
  100     11.00%, 5/1/15(5)   $ 82,500    
            $ 82,500    

 

See notes to financial statements
20



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Leisure Goods / Activities / Movies — 0.5%      
AMC Entertainment, Inc.      
  420     11.00%, 2/1/16   $ 420,000    
Bombardier, Inc., Sr. Notes      
  130     8.00%, 11/15/14(5)     139,100    
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.      
  195     12.50%, 4/1/13(5)     177,450    
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.,
Variable Rate
     
  360     7.383%, 4/1/12(5)     329,400    
Marquee Holdings, Inc., Sr. Disc. Notes      
  665     9.505%, 8/15/14     522,025    
Universal City Development Partners, Sr. Notes      
  240     11.75%, 4/1/10     249,000    
Universal City Florida Holdings, Sr. Notes, Variable Rate      
  680     7.989%, 5/1/10     675,750    
            $ 2,512,725    
Lodging and Casinos — 1.1%      
Buffalo Thunder Development Authority      
  480     9.375%, 12/15/14(5)   $ 328,800    
CCM Merger, Inc.      
  230     8.00%, 8/1/13(5)     198,950    
Chukchansi EDA, Sr. Notes, Variable Rate      
  280     8.238%, 11/15/12(5)     241,500    
Fontainebleau Las Vegas Casino, LLC      
  485     10.25%, 6/15/15(5)     350,413    
Galaxy Entertainment Finance      
  300     9.875%, 12/15/12(5)     304,500    
Greektown Holdings, LLC, Sr. Notes      
  100     10.75%, 12/1/13(5)     92,500    
Indianapolis Downs, LLC & Capital Corp., Sr. Notes      
  165     11.00%, 11/1/12(5)     149,325    
Inn of the Mountain Gods, Sr. Notes      
  570     12.00%, 11/15/10     495,900    
Majestic HoldCo, LLC      
  140     12.50% (0.00% until 2008), 10/15/11(5)     14,700    
Majestic Star Casino, LLC      
  340     9.50%, 10/15/10     299,200    
MGM Mirage, Inc.      
  160     7.50%, 6/1/16     145,600    
Mohegan Tribal Gaming Authority, Sr. Sub. Notes      
  45     8.00%, 4/1/12     42,300    
  215     7.125%, 8/15/14     185,438    
  180     6.875%, 2/15/15     153,450    

 

Principal
Amount
(000's omitted)
  Security   Value  
Lodging and Casinos (continued)      
OED Corp./Diamond Jo, LLC      
  475     8.75%, 4/15/12   $ 434,625    
Park Place Entertainment      
  530     7.875%, 3/15/10     500,850    
Pinnacle Entertainment, Inc.      
  25     8.25%, 3/15/12     25,000    
Pinnacle Entertainment, Inc., Sr. Sub. Notes      
  140     7.50%, 6/15/15(5)     116,550    
Pokagon Gaming Authority, Sr. Notes      
  102     10.375%, 6/15/14(5)     109,395    
San Pasqual Casino      
  110     8.00%, 9/15/13(5)     103,125    
Seminole Hard Rock Entertainment, Variable Rate      
  175     5.30%, 3/15/14(5)     147,438    
Station Casinos, Inc.      
  55     7.75%, 8/15/16     46,063    
Station Casinos, Inc., Sr. Notes      
  240     6.00%, 4/1/12     203,700    
Trump Entertainment Resorts, Inc.      
  845     8.50%, 6/1/15     547,138    
Tunica-Biloxi Gaming Authority, Sr. Notes      
  310     9.00%, 11/15/15(5)     303,800    
Turning Stone Resort Casinos, Sr. Notes      
  75     9.125%, 9/15/14(5)     74,250    
Waterford Gaming, LLC, Sr. Notes      
  328     8.625%, 9/15/14(5)     318,160    
            $ 5,932,670    
Nonferrous Metals / Minerals — 0.2%      
Aleris International, Inc., Sr. Notes      
  405     9.00%, 12/15/14   $ 299,700    
Aleris International, Inc., Sr. Sub. Notes      
  110     10.00%, 12/15/16     68,750    
FMG Finance PTY, Ltd.      
  490     10.625%, 9/1/16(5)     559,825    
FMG Finance PTY, Ltd., Variable Rate      
  195     7.076%, 9/1/11(5)     189,638    
            $ 1,117,913    
Oil and Gas — 1.1%      
Allis-Chalmers Energy, Inc., Sr. Notes      
  425     9.00%, 1/15/14   $ 412,250    
Cimarex Energy Co., Sr. Notes      
  120     7.125%, 5/1/17     122,400    

 

See notes to financial statements
21



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Oil and Gas (continued)      
Clayton Williams Energy, Inc.      
  160     7.75%, 8/1/13   $ 150,400    
Compton Pet Finance Corp.      
  360     7.625%, 12/1/13     357,300    
Denbury Resources, Inc., Sr. Sub. Notes      
  50     7.50%, 12/15/15     51,750    
El Paso Corp., Sr. Notes      
  225     9.625%, 5/15/12     247,442    
Encore Acquisition Co., Sr. Sub. Notes      
  155     7.25%, 12/1/17     151,125    
Forbes Energy Services, Sr. Notes      
  225     11.00%, 2/15/15(5)     226,125    
OPTI Canada, Inc., Sr. Notes      
  95     7.875%, 12/15/14     97,138    
  180     8.25%, 12/15/14     186,750    
Parker Drilling Co., Sr. Notes      
  100     9.625%, 10/1/13     105,500    
Petrohawk Energy Corp., Sr. Notes      
  795     9.125%, 7/15/13     844,688    
Petroleum Development Corp., Sr. Notes      
  115     12.00%, 2/15/18(5)     120,750    
Petroplus Finance, Ltd.      
  350     7.00%, 5/1/17(5)     327,250    
Plains Exploration & Production Co.      
  255     7.00%, 3/15/17     252,450    
Quicksilver Resources, Inc.      
  210     7.125%, 4/1/16     208,950    
SemGroup L.P., Sr. Notes      
  540     8.75%, 11/15/15(5)     514,350    
SESI, LLC, Sr. Notes      
  60     6.875%, 6/1/14     59,100    
Stewart & Stevenson, LLC, Sr. Notes      
  415     10.00%, 7/15/14     404,625    
United Refining Co., Sr. Notes      
  865     10.50%, 8/15/12     847,700    
VeraSun Energy Corp.      
  105     9.875%, 12/15/12     96,863    
            $ 5,784,906    
Publishing — 0.4%      
CanWest Media, Inc.      
  310     8.00%, 9/15/12   $ 298,328    
Dex Media West/Finance, Series B      
  127     9.875%, 8/15/13     120,015    

 

Principal
Amount
(000's omitted)
  Security   Value  
Publishing (continued)      
Harland Clarke Holdings      
  160     9.50%, 5/15/15   $ 130,000    
Idearc, Inc., Sr. Notes      
  270     8.00%, 11/15/16     176,850    
Nielsen Finance, LLC      
  175     10.00%, 8/1/14     182,875    
  365     10.00%, 8/1/14(5)     381,425    
  145     12.50% (0.00% until 2011), 8/1/16     105,125    
R.H. Donnelley Corp.      
  580     8.875%, 10/15/17(5)     377,000    
Reader's Digest Association, Inc., (The), Sr. Sub. Notes      
  595     9.00%, 2/15/17(5)     428,400    
            $ 2,200,018    
Radio and Television — 0.0%      
Rainbow National Services, LLC, Sr. Sub. Debs.      
  145     10.375%, 9/1/14(5)   $ 156,600    
            $ 156,600    
Rail Industries — 0.1%      
American Railcar Industry, Sr. Notes      
  175     7.50%, 3/1/14   $ 158,375    
Kansas City Southern Mexico, Sr. Notes      
  245     7.625%, 12/1/13     235,506    
  100     7.375%, 6/1/14(5)     95,125    
            $ 489,006    
Retailers (Except Food and Drug) — 0.9%      
Amscan Holdings, Inc., Sr. Sub. Notes      
  400     8.75%, 5/1/14   $ 364,000    
GameStop Corp.      
  1,255     8.00%, 10/1/12     1,342,850    
Michaels Stores, Inc., Sr. Notes      
  160     10.00%, 11/1/14     156,000    
Michaels Stores, Inc., Sr. Sub. Notes      
  225     11.375%, 11/1/16     203,063    
Neiman Marcus Group, Inc.      
  310     9.00%, 10/15/15     323,950    
  1,300     10.375%, 10/15/15     1,371,500    
Sally Holdings, LLC, Sr. Notes      
  360     10.50%, 11/15/16     360,000    

 

See notes to financial statements
22



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
Retailers (Except Food and Drug) (continued)      
Toys "R" US      
  330     7.375%, 10/15/18   $ 246,675    
Yankee Acquisition Corp., Series B      
  535     8.50%, 2/15/15     454,750    
  185     9.75%, 2/15/17     149,388    
            $ 4,972,176    
Steel — 0.1%      
RathGibson, Inc., Sr. Notes      
  445     11.25%, 2/15/14   $ 434,988    
Ryerson, Inc., Sr. Notes      
  30     12.00%, 11/1/15(5)     29,850    
Ryerson, Inc., Sr. Notes, Variable Rate      
  20     10.614%, 11/1/14(5)     18,300    
Steel Dynamics, Inc., Sr. Notes      
  205     7.375%, 11/1/12(5)     209,613    
            $ 692,751    
Surface Transport — 0.0%      
CEVA Group, PLC, Sr. Notes      
  210     10.00%, 9/1/14(5)   $ 217,350    
            $ 217,350    
Telecommunications — 0.6%      
Centennial Cellular Operating Co./
Centennial Communication Corp., Sr. Notes
     
  205     10.125%, 6/15/13   $ 214,738    
Digicel Group, Ltd., Sr. Notes      
  300     9.25%, 9/1/12(5)     304,500    
  205     8.875%, 1/15/15(5)     176,300    
  467     9.125%, 1/15/15(5)     396,950    
Intelsat Bermuda, Ltd.      
  325     9.25%, 6/15/16     329,469    
Qwest Communications International, Inc.      
  500     7.50%, 2/15/14     493,750    
Qwest Corp., Sr. Notes      
  140     7.625%, 6/15/15     141,050    
Qwest Corp., Sr. Notes, Variable Rate      
  925     6.05%, 6/15/13     890,313    
Windstream Corp., Sr. Notes      
  190     8.125%, 8/1/13     197,600    
  60     8.625%, 8/1/16     63,150    
Windstream Regatta Holdings, Inc., Sr. Sub. Notes      
  90     11.00%, 12/1/17(5)     60,750    
            $ 3,268,570    

 

Principal
Amount
(000's omitted)
  Security   Value  
Utilities — 0.4%      
AES Corp.      
  55     8.00%, 10/15/17   $ 57,613    
Dynegy Holdings, Inc., Sr. Notes      
  90     8.375%, 5/1/16     94,275    
  30     7.75%, 6/1/19     30,000    
Edison Mission Energy, Sr. Notes      
  25     7.50%, 6/15/13     26,125    
Energy Future Holdings, Sr. Notes      
  370     10.875%, 11/1/17(5)     395,900    
NGC Corp.      
  390     7.625%, 10/15/26     359,775    
NRG Energy, Inc.      
  140     7.25%, 2/1/14     144,200    
  355     7.375%, 1/15/17     366,538    
NRG Energy, Inc., Sr. Notes      
  120     7.375%, 2/1/16     123,900    
Reliant Energy, Inc., Sr. Notes      
  20     7.625%, 6/15/14     20,900    
Texas Competitive Electric Holdings Co., LLC, Series A, Sr. Notes      
  240     10.25%, 11/1/15(5)     251,400    
Texas Competitive Electric Holdings Co., LLC, Series B, Sr. Notes      
  195     10.25%, 11/1/15(5)     204,262    
            $ 2,074,888    
Total Corporate Bonds & Notes
(identified cost $64,631,712)
  $ 62,446,474    
Asset Backed Securities — 1.4%      
Principal
Amount
(000's omitted)
  Security   Value  
$ 750     Alzette European CLO SA, Series 2004-1A, Class E2,
9.300%, 12/15/20(5)(8)
  $ 680,422    
  760     Avalon Capital Ltd. 3, Series 1A, Class D,
5.043%, 2/24/19(5)(8)
    540,292    
  1,000     Babson Ltd., Series 2005-1A, Class C1,
4.663%, 4/15/19(5)(8)
    671,038    
  1,000     Bryant Park CDO Ltd., Series 2005-1A, Class C,
4.763%, 1/15/19(5)(8)
    690,437    
  1,000     Carlyle High Yield Partners, Series 2004-6A, Class C,
5.546%, 8/11/16(5)(8)
    735,226    
  1,000     Centurion CDO 8 Ltd., Series 2005-8A, Class D,
8.49%, 3/8/17(8)
    752,670    
  750     Centurion CDO 9 Ltd., Series 2005-9A, Class Note,
9.35%, 7/17/19
    520,008    

 

See notes to financial statements
23



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal
Amount
(000's omitted)
  Security   Value  
$ 750     Comstock Funding Ltd., Series 2006-1A, Class D,
9.61%, 5/30/20(5)(8)
  $  483,013    
  1,500     Dryden Leveraged Loan, Series 2004-6A, Class C1,
5.801%, 7/30/16(5)(8)
    1,066,414    
  1,000     First CLO, Ltd., Series 2004- 1A1, Class C,
5.207%, 7/27/16(5)(8)
    734,488    
  1,000     Schiller Park CLO Ltd., Series 2007-1A, Class D,
7.107%, 4/25/21(5)(8)
    649,640    
Total Asset Backed Securities
(identified cost $10,264,732)
  $ 7,523,648    
Common Stocks — 0.1%      
Shares   Security   Value  
Air Transport — 0.1%      
  22,932     Delta Air Lines, Inc.(6)   $ 195,151    
            $ 195,151    
Commercial Services — 0.0%      
  6,211     Environmental Systems Products Holdings, Inc.(4)(6)(7)   $ 0    
            $ 0    
Lodging and Casinos — 0.0%      
  28,848     Trump Entertainment Resorts, Inc.(6)   $ 80,486    
            $ 80,486    
Total Common Stocks
(identified cost $1,164,106)
  $ 275,637    
Convertible Bonds — 0.1%      
Principal
Amount
  Security   Value  
Aerospace & Defense — 0.1%      
$ 310,000     L-3 Communications Corp. 3.00%, 8/1/35(5)   $ 393,313    
Total Convertible Bonds
(identified cost $313,153)
  $ 393,313    

 

Convertible Preferred Stocks — 0.0%      
Shares   Security   Value  
Oil and Gas — 0.0%      
  1,007     Chesapeake Energy Corp., 4.50%   $ 129,651    
            $ 129,651    
Telecommunications — 0.0%      
  484     Crown Castle International Corp., 6.25% (PIK)   $ 28,072    
            $ 28,072    
Total Convertible Preferred Stocks
(identified cost $120,732)
  $ 157,723    
Preferred Stocks — 0.1%      
Shares   Security   Value  
Commercial Services — 0.01%      
  6,211     Environmental Systems Products Holdings,
Series A(4)(6)(7)
  $ 558,928    
Total Preferred Stocks
(identified cost $108,693)
  $ 558,928    
Miscellaneous — 0.0%      
Shares   Security   Value  
Air Transport — 0.0%      
  1,000,000     Delta Air Lines, Inc., Escrow Certificate(6)   $ 20,000    
Total Miscellaneous
(identified cost $0)
  $ 20,000    
Closed-End Investment Companies — 2.4%      
Shares   Security   Value  
  43,021     BlackRock Floating Rate Income Strategies Fund II, Inc.   $ 671,127    
  62,341     BlackRock Floating Rate Income Strategies Fund, Inc.     978,754    
  20,864     BlackRock Global Floating Rate Income Trust Fund     325,896    
  2,933     First Trust/Four Corners Senior Floating Rate Income Fund     42,440    
  126,490     First Trust/Four Corners Senior Floating Rate
Income Fund II
    1,892,290    
  911,533     ING Prime Rate Trust     5,414,506    
  98,332     LMP Corporate Loan Fund, Inc.     1,103,285    
  50,752     Nuveen Floating Rate Income Fund     577,558    

 

See notes to financial statements
24



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Shares   Security   Value  
  8,502     Nuveen Floating Rate Income Opportunity Fund   $ 95,902    
  23,445     Nuveen Senior Income Fund     162,943    
  136     PIMCO Floating Rate Income Fund     2,052    
  1,620     PIMCO Floating Rate Strategy Fund     22,664    
  292     Pioneer Floating Rate Trust     4,357    
  268,136     Van Kampen Senior Income Trust     1,710,708    
Total Closed-End Investment Companies
(identified cost $15,542,360)
  $ 13,004,482    
Short-Term Investments — 0.1%      
Description   Interest
(000's omitted)
  Value  
Investment in Cash Management Portfolio, 2.49%(9)   $ 501     $ 501,016    
Total Short-Term Investments
(identified cost $501,016)
  $ 501,016    
Total Investments — 173.5%
(identified cost $1,004,119,064)
  $ 925,223,410    
Less Unfunded Loan
Commitments — (1.4)%
  $ (7,080,131 )  
Net Investments — 172.1%
(identified cost $997,038,933)
  $ 918,143,279    
Other Assets, Less Liabilities — 1.8%   $ 9,427,020    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (73.9)%
  $ (394,149,301 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 533,420,998    

 

DIP - Debtor in Possession

PIK - Payment In Kind

REIT - Real Estate Investment Trust

EUR - Euro

GBP - British Pound Sterling

*  In U.S. dollars unless otherwise indicated.

(1)  Senior floating-rate interests often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(2)  This Senior Loan will settle after April 30, 2008, at which time the interest rate will be determined.

(3)  Unfunded or partially unfunded loan commitments. See Note 1G for description.

(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, 2008, the aggregate value of the securities is $22,025,326 or 4.1% of the Trust's net assets.

(6)  Non-income producing security.

(7)  Restricted security.

(8)  Variable rate mortgage security. The stated interest rate represents the rate in effect at April 30, 2008.

(9)  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, 2008.

(10)  Defaulted security. Currently the issuer is in default with respect to interest payments.

See notes to financial statements
25




Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of April 30, 2008

Assets  
Unaffiliated investments, at value
(identified cost, $996,537,917)
  $ 917,642,263    
Affiliated investment, at value (identified cost, $501,016)     501,016    
Cash     5,494,880    
Foreign currency, at value (identified cost, $95,446)     94,900    
Receivable for investments sold     13,216,699    
Dividends and interest receivable     7,888,340    
Interest receivable from affiliated investment     41,048    
Receivable for open forward foreign currency contracts     272,726    
Receivable for open swap contracts     11,905    
Prepaid expenses     2,684,801    
Total assets   $ 947,848,578    
Liabilities  
Payable for investments purchased   $ 19,596,867    
Payable to affiliate for investment adviser fee     405,133    
Payable to affiliate for Trustees' fees     1,768    
Accrued expenses     274,511    
Total liabilities   $ 20,278,279    
Auction preferred shares (15,760 shares outstanding)
at liquidation value plus cumulative unpaid dividends
  $ 394,149,301    
Net assets applicable to common shares   $ 533,420,998    
Sources of Net Assets  
Common shares, $0.01 par value, unlimited number of shares
authorized, 33,600,821 shares issued and outstanding
  $ 336,008    
Additional paid-in capital     633,908,462    
Accumulated net realized loss (computed on the basis of identified cost)     (22,936,046 )  
Accumulated undistributed net investment income     739,910    
Net unrealized depreciation (computed on the basis of identified cost)     (78,627,336 )  
Net assets applicable to common shares   $ 533,420,998    
Net Asset Value Per Common Share  
($533,420,998 ÷ 33,600,821 common shares issued and outstanding)   $ 15.88    

 

Statement of Operations

For the Six Months Ended
April 30, 2008

Investment Income  
Interest   $ 35,793,096    
Dividends     590,092    
Interest income allocated from affiliated investment     366,284    
Expenses allocated from affiliated investment     (39,161 )  
Total investment income   $ 36,710,311    
Expenses  
Investment adviser fee   $ 3,475,634    
Trustees' fees and expenses     10,920    
Preferred shares remarketing agent fee     491,151    
Custodian fee     110,179    
Legal and accounting services     90,180    
Printing and postage     45,500    
Transfer and dividend disbursing agent fees     15,958    
Interest expense     81,396    
Miscellaneous     67,576    
Total expenses   $ 4,388,494    
Deduct —
Reduction of investment adviser fee
  $ 936,651    
Reduction of custodian fee     766    
Total expense reductions   $ 937,417    
Net expenses   $ 3,451,077    
Net investment income   $ 33,259,234    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —
Investment transactions (identified cost basis)
  $ (4,171,510 )  
Swap contracts     15,411    
Foreign currency and forward foreign currency exchange
contract transactions
    (3,645,622 )  
Net realized loss   $ (7,801,721 )  
Change in unrealized appreciation (depreciation) —
Investments (identified cost basis)
  $ (58,529,725 )  
Swap contracts     (37,492 )  
Foreign currency and forward foreign currency exchange contracts     836,426    
Net change in unrealized appreciation (depreciation)   $ (57,730,791 )  
Net realized and unrealized loss   $ (65,532,512 )  
Distributions to preferred shareholders          
From net investment income     (9,469,161 )  
Net decrease in net assets from operations   $ (41,742,439 )  

 

See notes to financial statements
26



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease)
in Net Assets
  Six Months Ended
April 30, 2008
(Unaudited)
  Year Ended
October 31, 2007
 
From operations —
Net investment income
  $ 33,259,234     $ 73,053,413    
Net realized loss from investment
transactions, swap contracts, and  
foreign currency and forward foreign  
currency exchange contract transactions
    (7,801,721 )     (4,840,013 )  
Net change in unrealized appreciation
(depreciation) of investments,  
swap contracts, and foreign currency  
and forward foreign currency  
exchange contracts
    (57,730,791 )     (24,014,466 )  
Distributions to preferred shareholders —
From net investment income
    (9,469,161 )     (21,281,589 )  
Net increase (decrease) in net assets
from operations
  $ (41,742,439 )   $ 22,917,345    
Distributions to common shareholders —
From net investment income
  $ (23,050,163 )   $ (51,735,131 )  
Tax return of capital           (1,005,278 )  
Total distributions to common shareholders   $ (23,050,163 )   $ (52,740,409 )  
Capital share transactions —
Reinvestment of distributions to
common shareholders
  $     $ 2,111,209    
Total increase in net assets from capital
share transactions
  $     $ 2,111,209    
Net decrease in net assets   $ (64,792,602 )   $ (27,711,855 )  
Net Assets Applicable to
Common Shares
 
At beginning of period   $ 598,213,600     $ 625,925,455    
At end of period   $ 533,420,998     $ 598,213,600    
Accumulated undistributed
net investment income
included in net assets
applicable to common shares
 
At end of period   $ 739,910     $    

 

See notes to financial statements
27




Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Six Months Ended
April 30, 2008
  Year Ended October 31,   Period Ended  
    (Unaudited)(1)    2007(1)    2006(1)    2005(1)    October 31, 2004(1)(2)   
Net asset value — Beginning of period (Common shares)   $ 17.800     $ 18.690     $ 18.740     $ 18.970     $ 19.100 (3)   
Income (loss) from operations  
Net investment income   $ 0.990     $ 2.177     $ 2.053     $ 1.547     $ 0.968    
Net realized and unrealized gain (loss)     (1.942 )     (0.861 )     (0.026 )     (0.193 )     0.080    
Distributions to preferred shareholders from net investment income     (0.282 )     (0.634 )     (0.558 )     (0.354 )     (0.132 )  
Total income (loss) from operations   $ (1.234 )   $ 0.682     $ 1.469     $ 1.000     $ 0.916    
Less distributions to common shareholders  
From net investment income   $ (0.686 )   $ (1.542 )   $ (1.519 )   $ (1.230 )   $ (0.900 )  
Tax return of capital           (0.030 )                    
Total distributions to common shareholders   $ (0.686 )   $ (1.572 )   $ (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)   $ 15.880     $ 17.800     $ 18.690     $ 18.740     $ 18.970    
Market value — End of period (Common shares)   $ 14.960     $ 16.200     $ 18.240     $ 17.210     $ 19.940    
Total Investment Return on Net Asset Value(4)      (6.74 )%(11)      3.93 %     8.47 %     5.57 %     4.13 %(5)(11)   
Total Investment Return on Market Value(4)      (3.35 )%(11)      (3.13 )%     15.27 %     (7.77 )%     9.45 %(5)(11)   

 

See notes to financial statements
28



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Six Months Ended
April 30, 2008
  Year Ended October 31,   Period Ended  
    (Unaudited)(1)    2007(1)    2006(1)    2005(1)    October 31, 2004(1)(2)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of period (000's omitted)   $ 533,421     $ 598,214     $ 625,925     $ 627,586     $ 633,584    
Ratios (As a percentage of average daily net assets applicable to common shares):(6)  
Expenses before custodian fee reduction(7)     1.29 %(8)     1.18 %     1.17 %     1.16 %     1.08 %(8)  
Net investment income     12.24 %(8)     11.79 %     10.95 %     8.18 %     5.51 %(8)  
Portfolio Turnover     13 %     58 %     51 %     64 %     95 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(6)  
Expenses before custodian fee reduction(7)     0.75 %(8)     0.72 %     0.72 %     0.72 %     0.71 %(8)  
Net investment income     7.11 %(8)     7.21 %     6.73 %     5.04 %     3.63 %(8)  
Senior Securities:  
Total preferred shares outstanding     15,760       15,760       15,760       15,760       15,760    
Asset coverage per preferred share(9)   $ 58,856     $ 63,001     $ 64,753     $ 64,853     $ 65,223    
Involuntary liquidation preference per preferred share(10)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(10)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Net investment income per share was 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)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all the distributions reinvested.

(5)  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.

(6)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(7)  Excludes the effect of custody fee credits, if any, of less than 0.005%.

(8)  Annualized.

(9)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(10)  Plus accumulated and unpaid dividends.

(11)  Not annualized.

See notes to financial statements
29




Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1  Significant Accounting Policies

Eaton Vance Senior Floating-Rate Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust's primary investment objective is to provide a high level of current income. The Trust may, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued on the basis of prices furnished by an independent pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the following valuation techniques: (i) 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; (ii) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (iii) a discounted cash flow analysis; or (iv) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser's Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior loans are valued in the same manner as Senior Loans.

Debt obligations, including listed securities and securities for which quotations are available, will normally be valued on the basis of market valuations provided by dealers or pricing services. The pricing services consider various factors relating to bonds and/or market transactions to determine market value. Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service.

Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Credit default swaps are valued by a broker-dealer (usually the counterparty to the agreement). Foreign forward currency exchange contracts are generally valued using prices supplied by a pricing vendor. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.

The Trust may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a 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 security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.


30



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D  Federal Taxes — The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

At October 31, 2007, the Trust, for federal income tax purposes, had a capital loss carryforward of $14,592,850 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. Such capital loss carryforward will expire on October 31, 2012 ($5,860,075), October 31, 2013 ($4,807,956), October 31, 2014 ($1,142,602) and October 31, 2015 ($2,782,217).

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 on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management has concluded that as of April 30, 2008, there are no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trust's federal tax returns filed in the 3-year period ended October 31, 2007 remains subject to examination by the Internal Revenue Service.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trust. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Trust maintains with SSBT. All credit balances, if any, used to reduce the Trust's custodian fees are reported as a reduction of expenses in the Statement of Operations.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G  Unfunded Loan Commitments — The Trust may enter into certain credit agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower's discretion. The commitments are disclosed in the accompanying Portfolio of Investments.

H  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I  Indemnifications — Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Trust enters into


31



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

J  Forward Foreign Currency Exchange Contracts — The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The Trust enters into forward contracts for hedging purposes as well as non-hedging purposes. The forward foreign currency exchange contract is adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contract has been closed or offset by another contract with the same broker for the same settlement date and currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  Credit Default Swaps — The Trust may enter into credit default swap contacts to buy or sell protection against default on an individual issuer or a basket of issuers of bonds. When the Trust is a 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 (or basket of debt obligations) from the counterparty to the contract in the event of default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust pays 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 benefits 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 obligations. As the seller, the Trust effectively adds leverage to its portfolio because, in addition to its total net assets, the Trust is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Trust also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. Up-front payment or receipts, if any, are recorded as other assets or other liabilities, respectively, and amortized over the life of the swap contract as realized gains or losses. The Trust segregates 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 seller may be unable to fulfill the transaction.

L  Interim Financial Statements — The interim financial statements relating to April 30, 2008 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Auction Preferred Shares

The Trust issued Auction Preferred Shares (APS) on January 26, 2004 in a public offering. The underwriting discount and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 150% of the "AA" Financial Composite Commercial Paper Rate on the date of the auction.

The number of APS issued and outstanding as of April 30, 2008 is as follows:

    APS
Issued and Outstanding
 
Series A     3,940    
Series B     3,940    
Series C     3,940    
Series D     3,940    

 

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


32



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust's By-Laws and the 1940 Act. The Trust pays an annual fee equivalent to 0.25% of the liquidation value of the APS for the remarketing efforts associated with the APS auctions.

Effective April 11, 2008, the Trust's Trustees approved a committed financing arrangement (see Note 9) and the planned redemption of approximately two-thirds of the Trust's outstanding APS of each series at a liquidation price of $25,000 per share. The APS are expected to be redeemed at the next dividend payable date on or after May 1, 2008. As of May 27, 2008, 2,627 shares of each series of the Trust's APS were redeemed.

3  Distribution to Shareholders

The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains, (reduced by available capital loss carryforwards from prior years, if any). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at April 30, 2008, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the six months then ended were as follows:

Series   APS
Dividend Rates at
April 30, 2008
  Dividends
Paid
to APS
Shareholders
  Average
APS
Dividend
Rates
  Dividend
Rate Ranges
 
A     3.64 %   $ 2,299,457       4.70 %   3.61% – 5.60%  
B     3.64 %   $ 2,321,645       4.74 %   3.61% – 5.60%  
C     3.61 %   $ 2,414,473       4.93 %   3.61% – 6.60%  
D     3.86 %   $ 2,433,586       4.97 %   3.86% – 6.20%  

 

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust's APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rate. The table above reflects such maximum dividend rate for each series as of April 30, 2008.

The Trust distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.75% of the Trust's average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. The portion of the adviser fee payable by Cash Management on the Trust's investment of cash therein is credited against the Trust's adviser fee. For the six months ended April 30, 2008, the Trust's adviser fee totaled $3,511,932 of which $36,298 was allocated from Cash Management and $3,475,634 was paid or accrued directly by the Trust. EVM also serves as administrator of the Trust, but receives no compensation.

In addition, EVM has contractually agreed to reimburse the Trust for fees and other expenses at an annual rate of 0.20% of the Trust's average daily gross assets during the first five full years of the Trust's operations, 0.15% of the Trust's average daily gross assets in year six, 0.10% in year seven and 0.05% in year eight. Pursuant to this agreement, EVM waived $936,651 of its adviser fee for the six months ended April 30, 2008.

Except for Trustees of the Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the


33



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2008, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $123,296,075 and $130,675,305, respectively, for the six months ended April 30, 2008.

6  Common Shares of Beneficial Interest

Common shares issued pursuant to the Trust's dividend reinvestment plan for the year ended October 31, 2007 were 112,331. There were no transactions in common shares for the six months ended April 30, 2008.

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Trust at April 30, 2008, as determined on a federal income tax basis, were as follows:

Aggregate cost   $ 997,523,484    
Gross unrealized appreciation   $ 3,558,423    
Gross unrealized depreciation     (82,938,628 )  
Net unrealized depreciation   $ (79,380,205 )  

 

8  Restricted Securities

At April 30, 2008, the Trust owned the following securities (representing 0.1% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The fair value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description   Date of
Acquisition
  Shares   Cost   Value  
Preferred Stocks  
Environmental Systems
Products Holdings,
Series A
    10/25/07       6,211     $ 108,693     $ 558,928    

 

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 may include forward foreign currency exchange contracts 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, 2008 is as follows:

Forward Foreign Currency Exchange Contracts

Sales  
Settlement Date   Deliver   In Exchange For   Net Unrealized
Appreciation
 
5/30/08
  Euro
33,441,486
  United States Dollar
52,201,826
  $ 188,827    
5/30/08

  British Pound
Sterling
10,179,119
  United States Dollar

20,206,366
    83,899    
            $ 272,726    

 

Credit Default Swaps

Counterparty   Reference
Entity
  Buy/
Sell
  Notional
Amount
(000's)
omitted)
  Pay/
Receive
Annual
Fixed
Rate
  Termination
Date
  Net
Unrealized
Appreciation
 
Lehman
 
Brothers, Inc.   Inergy, L.P.   Sell   $ 2,000       2.20 %     3/22/10     $ 11,905    

 

At April 30, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

10  Revolving Credit and Security Agreement

Effective April 11, 2008, the Trust entered into a Revolving Credit and Security Agreement (the Agreement) with conduit lenders and a bank to borrow up to an initial limit of $262,700,000 for a period of five years, the proceeds of which are intended to partially redeem the Trust's APS (see Note 2). The Agreement


34



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

provides for a renewable 364-day backstop financing arrangement, which ensures that alternate financing will continue to be available to the Trust should the conduits be unable to place their commercial paper. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits' commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, the Trust pays a monthly program fee of 0.60% per annum on its outstanding borrowings to administer the facility and a monthly liquidity fee of 0.40% per annum on the borrowing limit under the Agreement. The Trust also paid a structuring fee of $2,627,000, which is included on the Statement of Assets and Liabilities and is being amortized to interest expense over a period of five years. The Trust is required to maintain certain net asset levels during the term of the Agreement. For the period from April 11, 2008 through April 30, 2008, the Trust did not incur any borrowings under the Agreement.

11  Risk Associated with Foreign Investments

Investing in securities issued by entities whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Trust, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.

12  Recently Issued Accounting Pronouncements

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. As of April 30, 2008, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements on changes in net assets for the period.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), "Disclosures about Derivative Instruments and Hedging Activities ". FAS 161 requires enhanced disclosures about an entity's derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Trust's financial statement disclosures.


35



Eaton Vance Senior Floating-Rate Trust as of April 30, 2008

ANNUAL MEETING OF SHAREHOLDERS (Unaudited)

The Trust held its Annual Meeting of Shareholders on August 17, 2007. The following action was taken by the shareholders of the Trust:

Item 1: The election of Benjamin C. Esty, Allen R. Freedman and Lynn A. Stout as Class I Trustees of the Trust for a three-year term expiring in 2010, the election of Thomas E. Faust Jr. as Class II Trustee of the Trust for a one-year term expiring in 2008, and the election of Heidi L. Steiger as Class III Trust of the Trust for a two-year term expiring in 2009:

Nominee for Trustee   Number of Shares  
Elected by All Shareholders   For   Withheld  
Thomas E. Faust Jr.     30,607,015       292,137    
Allen R. Freedman     30,596,014       303,138    
Heidi L. Steiger     30,601,556       297,596    
Lynn A. Stout     30,604,049       295,103    
Nominee for Trustee   Number of Shares  
Elected by APS Shareholders   For   Withheld  
Benjamin C. Esty     12,582       360    

 


36




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 American Stock Transfer and Trust Company 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, American Stock Transfer and Trust Company, 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 inquiries regarding the Plan can be directed to the Plan Agent, American Stock Transfer and Trust Company, at 1-866-706-0514.


37



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 American Stock Transfer and Trust Company
P.O. Box 922
Wall Street Station
New York, NY 10269-0560

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, 2008, our records indicate that there are 14 registered shareholders and approximately 28,361 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.


38



Eaton Vance Senior Floating-Rate Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

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 21, 2008, 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 Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. 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, and any changes in portfolio management processes and personnel;

•  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.


39



Eaton Vance Senior Floating-Rate Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D

In addition to the information identified above, the Contract Review 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, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five 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. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.

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 Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review 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 Contract Review 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 Contract Review 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 Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment 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 large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and 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.

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.


40



Eaton Vance Senior Floating-Rate Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D

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 one- and three-year periods ended September 30, 2007 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.

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, 2007, 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 with and 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 at this time. 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.


41




Eaton Vance Senior Floating-Rate Trust

INVESTMENT MANAGEMENT

Officers
Thomas E. Faust Jr.
President and Trustee
Peter M. Campo
Vice President
Scott H. Page
Vice President
Craig Russ
Vice President
Michael W. Weilheimer
Vice President
Barbara E. Campbell
Treasurer
Maureen A. Gemma
Secretary
Paul M. O'Neil
Chief Compliance Officer
  Trustees
Ralph F. Verni
Chairman
Benjamin C. Esty
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Heidi L. Steiger
Lynn A. Stout
 

 


42



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Investment Adviser and Administrator of Eaton Vance Senior Floating-Rate Trust
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Custodian
State Street Bank and Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
American Stock Transfer &
Trust Company

Attn. Eaton Vance
59 Maiden Lane
Plaza Level
New York, NY 10038

Eaton Vance Senior Floating-Rate Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109



2025-6/08  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 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. 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 Contract Review Committee except as contemplated under the Fund Policy.  The Board’s Contract Review 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 Contract Review 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

 

Peter M. Campo, Scott H. Page, Craig P. Russ, and other Eaton Vance Management (“EVM”) investment professionals comprise the investment team responsible for the overall management of the Fund’s investments as well as allocations among the Fund’s three principal investment categories.

 

Mr. Campo joined Eaton Vance in 2003 and is a Vice President of EVM and Boston Management and Research, an Eaton Vance subsidiary (“BMR”). Mr. Russ has been with Eaton Vance since 1997 and is a Vice President of EVM and BMR. Mr. Page has been an Eaton Vance portfolio manager since 1996 and is a Vice President of EVM and BMR.  He is head of Eaton Vance’s Senior Loan Group. This information is provided as of the date of filing of this report.

 

The following tables show, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed within each category.  The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.

 



 

 

 

Number
of All
Accounts

 

Total Assets
of All
Accounts*

 

Number of
Accounts
Paying a
Performance
Fee

 

Total assets of
Accounts Paying
a Performance
Fee*

 

Peter M. Campo

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

1

 

$

1,027.4

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

Scott H. Page

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

11

 

$

16,073.1

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

7

 

$

6,387.5

 

6

 

$

3,219.9

 

Other Accounts

 

2

 

$

1,006.7

 

0

 

$

0

 

Craig P. Russ

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

7

 

$

12,236.4

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

1

 

$

3,167.5

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 


*In millions of dollars. For registered investment companies, assets represent net assets of all open-end investment companies and gross assets of all closed-end investment companies.

 

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.

 

Portfolio
Manager

 

Dollar Range of
Equity Securities
Owned in the
Fund

 

Peter M. Campo

 

None

 

Scott H. Page

 

$100,001-$500,000

 

Craig P. Russ

 

None

 

 

Potential for Conflicts of Interest.  The portfolio managers manage multiple investment portfolios.  Conflicts of interest may arise between a portfolio manager’s management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio manager’s time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information.   In addition,

 



 

some investment portfolios may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time and investment opportunities.  EVM has adopted policies and procedures that it believes are reasonably designed to address these conflicts.  There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.

 

Portfolio Manager Compensation Structure

 

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

 

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

 

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

 

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVM’s portfolio

 



 

managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

 

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 10, 2008

 

 

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 10, 2008

 

 

 

 

 

 

 

By:

/s/Thomas E. Faust Jr.

 

 

Thomas E. Faust, Jr.

 

 

President

 

 

 

 

 

 

 

Date:

June 10, 2008