N-CSR 1 a05-21282_2ncsr.htm CERTIFIED ANNUAL SHAREHOLDER REPORT

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811- 21411

 

Eaton Vance Senior Floating-Rate Trust

(Exact name of registrant as specified in charter)

 

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

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Alan R. Dynner

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

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

October 31, 2005

 

 



 

Item 1. Reports to Stockholders

 



Annual Report October 31, 2005

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 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 October 31, 2005

MANAGEMENT’S DISCUSSION OF PERFORMANCE

 

The Trust

 

Performance for the Past Year

 

                  Based on its October 2005 monthly dividend of $0.115 and a closing share price of $17.21, Eaton Vance Senior Floating-Rate Trust, a closed-end fund traded on the New York Stock Exchange (the “Trust”) had a market yield of 8.02%.(1)

 

                  Based on share price (traded on the New York Stock Exchange), the Trust had a total return of -7.77% for the year ended October 31, 2005. That return was the result of a decrease in share price from $19.94 on October 31, 2004 to $17.21 on October 31, 2005 and the reinvestment of $1.230 in regular monthly dividends.(2)

 

                  Based on net asset value (NAV), the Trust had a total return of 5.57% for the year ended October 31, 2005. That return was the result of a decrease in net asset value per share from $18.97 on October 31, 2004 to $18.74 on October 31, 2005, and the reinvestment of all distributions.(2)

 

                  For performance comparison, the S&P/LSTA Leveraged Loan Index – an unmanaged index of U.S. dollar-denominated leveraged loans – had a total return of 5.03% for the year ended October 31,2005.(3)

 

The Trust’s Investments

 

                  The Trust’s loan investments included 376 borrowers at October 31, 2005, with an average loan size of just 0.22% of total assets and no industry constituting more than 8.0% of the Trust. Building and development (including manufacturers of building products and companies that manage/own apartments, shopping malls and commercial office buildings, among others), health care, cable/satellite television, leisure goods/activities/movies and chemicals/plastics were the largest industry weightings.

 

                  The loan market performed well, as short-term interest rates rose throughout the fiscal year. The London Inter-Bank Offered Rate (LIBOR) – the primary benchmark over which loan interest rates are typically set – kept pace with the Federal Reserve’s rate hikes over the period. Yield spreads narrowed to just below their historical range. The loan market outperformed the high-yield bond market during the fiscal year.

 

                  In the wake of Hurricanes Katrina and Rita, management identified approximately 10 companies that were directly impacted by the storms. While these loans suffered very little price impact, management nonetheless selectively reduced exposure to the hardest-hit companies, generally at prices above par. The hurricanes had little initial overall impact on the Trust.

 

                  While the Trust slightly outperformed its benchmark Index on a net asset value basis, it did have some laggard performers. The Trust’s investments in the auto and auto parts areas weakened during the period, reflecting the ailing auto industry. However, these positions were below a market weighting and did not have a significantly negative impact on performance.

 

                  At October 31, 2005, the Trust had leverage in the amount of approximately 39% of the Trust’s total assets. The Trust employs leverage though the issuance of Auction Preferred Shares (“APS”).(3) 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.

 

                  The decline in the Trust’s share price during the fiscal year was consistent with the market price decline of other closed-end income funds. The fundamentals and technical factors of the floating-rate loan asset class remained strong.

 

The views expressed in this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an Eaton Vance fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when 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. For performance as of the most recent month end, please refer to www.eatonvance.com.

 


(1)       The Trust’s market yield is calculated by dividing the most recent dividend per share by the share market price at the end of the period and annualizing the result.

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

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

 

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

 

2



 

Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PERFORMANCE

 

Performance(1)

 

Average Annual Total Return (by share price, NYSE)

 

 

 

One Year

 

-7.77

%

Life of Fund (11/28/03)

 

0.49

 

 

 

 

 

Average Annual Total Return (at net asset value)

 

 

 

One Year

 

5.57

%

Life of Fund (11/28/03)

 

5.02

 

 


(1)       Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. In the event of a rise in long-term interest rates, the value of the Trust’s investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Diversification by Industries(2)

By total investments

 

Building & Development

 

7.4

%

Healthcare

 

6.4

 

Cable & Satellite Television

 

5.8

 

Leisure Goods/Activities/Movies

 

5.5

 

Chemicals & Plastics

 

5.2

 

Automotive

 

4.7

 

Telecommunications

 

4.7

 

Publishing

 

4.2

 

Radio & Television

 

3.9

 

Business Equip. & Services

 

3.8

 

Containers & Glass Products

 

3.7

 

Lodging & Casinos

 

3.6

 

Oil & Gas

 

2.9

 

Food Products

 

2.9

 

Retailers (Except Food & Drug)

 

2.8

 

Utilities

 

2.7

 

Conglomerates

 

2.3

 

Financial Intermediaries

 

2.2

 

Food Service

 

2.1

 

Electronics/Electrical

 

2.1

 

Forest Products

 

1.8

 

Ecological Services & Equip.

 

1.6

 

Aerospace & Defense

 

1.5

 

Nonferrous Metals/Minerals

 

1.5

 

Beverage & Tobacco

 

1.2

 

Home Furnishings

 

1.0

 

Food/Drug Retailers

 

1.0

 

Equipment Leasing

 

0.9

 

Industrial Equipment

 

0.9

 

Insurance

 

0.6

 

Cosmetics/Toiletries

 

0.6

 

Drugs

 

0.5

 

Clothing/Textiles

 

0.4

 

Surface Transport

 

0.4

 

Rail Industries

 

0.4

 

Air Transport

 

0.4

 

Real Estate

 

0.3

 

Farming/Agriculture

 

0.2

 

Broker, Dealers and Inv. Houses

 

0.0

 

Steel

 

0.0

 

 


(2)          Reflects the Trust’s investments as of October 31, 2005. Industries are shown as a percentage of the Trust’s total loan and corporate bond and note investments. Portfolio information may not be representative of current or future investments andare subject to change due to active management.

 

Diversification by Sectors (3)

 

 


(3)          Diversification by Sectors reflects the Trust’s total investments as of October 31, 2005. Sectors are shown as a percentage of the Trust’s total investments. Trust statistics may not be representative of the Trust’s current or future investments and are subject to change due to active management.

 

3



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS

Senior, Floating Rate Interests — 135.9%(1)      
Principal
Amount
  Borrower/Tranche Description   Value  
Aerospace and Defense — 2.2%      
Alliant Techsystems, Inc.      
$ 612,750     Term Loan, 5.23%, Maturing March 31, 2009   $ 616,389    
Delta Air Lines, Inc.      
  1,725,000     Term Loan, 12.89%, Maturing March 16, 2008     1,762,376    
Hexcel Corp.      
  435,778     Term Loan, 5.81%, Maturing March 1, 2012     440,408    
K&F Industries, Inc.      
  1,653,949     Term Loan, 6.38%, Maturing November 18, 2012     1,673,590    
Mid-Western Aircraft Systems, Inc.      
  1,925,175     Term Loan, 6.41%, Maturing December 31, 2011     1,952,368    
Standard Aero Holdings, Inc.      
  1,550,687     Term Loan, 6.25%, Maturing August 24, 2012     1,570,556    
Transdigm, Inc.      
  1,974,950     Term Loan, 6.19%, Maturing July 22, 2010     2,006,219    
Vought Aircraft Industries, Inc.      
  2,169,576     Term Loan, 6.59%, Maturing December 22, 2011     2,194,255    
Wam Aquisition, S.A.      
  695,118     Term Loan, 6.77%, Maturing April 8, 2013     697,514    
  695,118     Term Loan, 7.27%, Maturing April 8, 2014     700,015    
Wyle Laboratories, Inc.      
  278,600     Term Loan, 6.46%, Maturing January 28, 2011     282,605    
            $ 13,896,295    
Air Transport — 0.3%      
United Airlines, Inc.      
$ 1,978,812     DIP Loan, 7.96%, Maturing December 31, 2006   $ 2,002,930    
            $ 2,002,930    
Automotive — 6.8%      
Accuride Corp.      
$ 2,355,126     Term Loan, 6.18%, Maturing January 31, 2012   $ 2,373,378    
AE Europe Group, LLC      
  1,000,000     Term Loan, 9.00%, Maturing October 11, 2011     1,008,125    
Affina Group, Inc.      
  1,532,685     Term Loan, 6.40%, Maturing November 30, 2011     1,535,798    
Axletech International Holding, Inc.      
  1,750,000     Term Loan, 12.25%, Maturing April 21, 2013     1,767,500    
Collins & Aikman Products Co.      
  1,030,155     Term Loan, 10.25%, Maturing August 31, 2011     990,972    
CSA Acquisition Corp.      
  418,504     Term Loan, 6.06%, Maturing December 23, 2011     421,120    
  673,246     Term Loan, 6.06%, Maturing December 23, 2011     677,454    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Automotive (continued)      
Dayco Products, LLC      
$ 2,850,666     Term Loan, 7.04%, Maturing June 23, 2011   $ 2,884,517    
Exide Technologies, Inc.      
  635,437     Term Loan, 9.37%, Maturing May 5, 2010     640,202    
  635,437     Term Loan, 9.37%, Maturing May 5, 2010     639,408    
Federal-Mogul Corp.      
  7,434,538     Revolving Loan, 5.83%, Maturing December 9, 2006(2)     6,963,687    
  2,559,019     Term Loan, 6.33%, Maturing December 9, 2006     2,410,542    
Goodyear Tire & Rubber Co.      
  880,000     Term Loan, 3.50%, Maturing April 30, 2010     887,858    
  2,950,000     Term Loan, 7.06%, Maturing April 30, 2010     2,979,193    
  1,000,000     Term Loan, 7.81%, Maturing March 1, 2011     994,250    
HLI Operating Co., Inc.      
  1,934,697     Term Loan, 7.15%, Maturing June 3, 2009     1,932,107    
  675,000     Term Loan, 9.26%, Maturing June 3, 2010     666,000    
Key Automotive Group      
  1,369,654     Term Loan, 6.86%, Maturing June 29, 2010     1,369,654    
R.J. Tower Corp.      
  1,725,000     DIP Revolving Loan, 7.25%, Maturing February 2, 2007     1,757,703    
Tenneco Automotive, Inc.      
  1,994,254     Term Loan, 6.08%, Maturing December 12, 2009     2,027,596    
  1,656,896     Term Loan, 6.11%, Maturing December 12, 2010     1,684,597    
TI Automotive, Ltd.      
  1,197,280     Term Loan, 6.91%, Maturing June 30, 2011     1,177,825    
TRW Automotive, Inc.      
  4,563,383     Term Loan, 5.25%, Maturing June 30, 2012     4,612,344    
            $ 42,401,830    
Beverage and Tobacco — 2.0%      
Alliance One International, Inc.      
$ 776,100     Term Loan, 6.73%, Maturing May 13, 2010   $ 776,100    
Constellation Brands, Inc.      
  4,516,628     Term Loan, 5.66%, Maturing November 30, 2011     4,571,112    
Culligan International Co.      
  1,163,250     Term Loan, 6.47%, Maturing September 30, 2011     1,178,276    
National Dairy Holdings, L.P.      
  796,000     Term Loan, 6.08%, Maturing March 15, 2012     802,467    
National Distribution Company      
  785,000     Term Loan, 10.56%, Maturing June 22, 2010     786,962    
Southern Wine & Spirits of America, Inc.      
  3,780,427     Term Loan, 5.53%, Maturing May 31, 2012     3,819,808    
Sunny Delight Beverages Co.      
  395,294     Term Loan, 8.25%, Maturing August 20, 2010     398,753    
            $ 12,333,478    

 

See notes to financial statements

4



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Building and Development — 11.4%      
Biomed Realty, L.P.      
$ 3,055,000     Term Loan, 6.11%, Maturing May 31, 2010   $ 3,058,819    
DMB/CHII, LLC      
  156,820     Term Loan, 6.44%, Maturing March 3, 2007     157,212    
Formica Corp.      
  1,027,281     Term Loan, 9.03%, Maturing June 10, 2010     1,032,417    
  711,251     Term Loan, 9.03%, Maturing June 10, 2010     714,808    
  363,737     Term Loan, 9.03%, Maturing June 10, 2010     365,556    
  293,509     Term Loan, 9.03%, Maturing June 10, 2010     294,977    
FT-FIN Acquisition, LLC      
  1,238,862     Term Loan, 8.56%, Maturing November 17, 2007     1,241,959    
General Growth Properties, Inc.      
  8,649,208     Term Loan, 6.09%, Maturing November 12, 2008     8,754,798    
Hovstone Holdings, LLC      
  1,230,000     Term Loan, 6.29%, Maturing February 28, 2009     1,233,075    
Kyle Acquisition Group, LLC      
  519,288     Term Loan, 6.06%, Maturing July 20, 2008     525,779    
  1,480,712     Term Loan, 6.06%, Maturing July 20, 2010     1,499,221    
Landsource Communities, LLC      
  6,011,000     Term Loan, 6.50%, Maturing March 31, 2010     6,065,478    
Lion Gables Realty Limited      
  1,734,132     Term Loan, 5.63%, Maturing September 30, 2006     1,743,453    
LNR Property Corp.      
  4,772,669     Term Loan, 6.73%, Maturing February 3, 2008     4,811,447    
  1,399,850     Term Loan, 6.89%, Maturing February 3, 2008     1,408,599    
LNR Property Holdings      
  935,000     Term Loan, 8.23%, Maturing March 8, 2008     939,091    
Longyear Holdings, Inc.      
  399,000     Term Loan, 6.53%, Maturing July 28, 2012     399,499    
  99,750     Term Loan, 6.53%, Maturing July 28, 2012     99,875    
MAAX Corp.      
  713,489     Term Loan, 6.75%, Maturing June 4, 2011     709,922    
Mueller Group, Inc.      
  2,550,000     Term Loan, 6.40%, Maturing October 3, 2012     2,587,113    
NCI Building Systems, Inc.      
  743,050     Term Loan, 4.94%, Maturing June 18, 2010     746,998    
Newkirk Master, L.P.      
  4,952,747     Term Loan, 5.99%, Maturing August 11, 2008     5,027,038    
Newkirk Tender Holdings, LLC      
  1,806,929     Term Loan, 8.59%, Maturing May 25, 2006     1,811,446    
  777,778     Term Loan, 10.09%, Maturing May 25, 2006     779,722    
Nortek, Inc.      
  2,767,025     Term Loan, 5.92%, Maturing August 27, 2011     2,799,538    
Panolam Industries Holdings, Inc.      
  650,000     Term Loan, 6.77%, Maturing September 30, 2012     659,750    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Building and Development (continued)      
Ply Gem Industries, Inc.      
$ 1,296,123     Term Loan, 6.16%, Maturing February 12, 2011   $ 1,305,034    
  190,458     Term Loan, 6.16%, Maturing February 12, 2011     191,768    
  699,129     Term Loan, 6.64%, Maturing February 12, 2011     703,936    
South Edge, LLC      
  612,500     Term Loan, 5.31%, Maturing October 31, 2007     615,307    
  787,500     Term Loan, 5.56%, Maturing October 31, 2009     796,031    
St. Marys Cement, Inc.      
  5,885,126     Term Loan, 6.02%, Maturing December 4, 2010     5,988,115    
Stile Acquisition Corp.      
  1,898,833     Term Loan, 6.20%, Maturing April 6, 2013     1,893,977    
Stile U.S. Acquisition Corp.      
  1,902,067     Term Loan, 6.20%, Maturing April 6, 2013     1,897,204    
Sugarloaf Mills, L.P.      
  1,500,000     Term Loan, 5.79%, Maturing April 7, 2007     1,507,500    
TE / Tousa Senior, LLC      
  1,575,000     Term Loan, 6.56%, Maturing August 1, 2008     1,600,594    
The Woodlands Community Property Co.      
  1,022,000     Term Loan, 6.11%, Maturing November 30, 2007     1,028,387    
  1,319,000     Term Loan, 8.11%, Maturing November 30, 2007     1,338,785    
Tousa/Kolter, LLC      
  2,070,000     Term Loan, 6.11%, Maturing January 7, 2008(2)     2,080,350    
Trustreet Properties, Inc.      
  865,000     Term Loan, 5.86%, Maturing April 8, 2010     873,109    
            $ 71,287,687    
Business Equipment and Services — 5.8%      
Acco Brands Corp.      
$ 655,000     Term Loan, 5.73%, Maturing August 17, 2012   $ 663,269    
Affinion Group, Inc.      
  2,300,000     Term Loan, 6.91%, Maturing October 17, 2012     2,286,103    
Allied Security Holdings, LLC      
  1,680,947     Term Loan, 7.78%, Maturing June 30, 2010     1,704,060    
Baker & Taylor, Inc.      
  2,200,000     Term Loan, 10.48%, Maturing May 6, 2011     2,227,500    
Buhrmann US, Inc.      
  3,139,275     Term Loan, 6.30%, Maturing December 31, 2010     3,200,098    
DynCorp International, LLC      
  1,223,850     Term Loan, 6.75%, Maturing February 11, 2011     1,228,950    
Global Imaging Systems, Inc.      
  485,122     Term Loan, 5.38%, Maturing May 10, 2010     488,761    
Info USA, Inc.      
  795,455     Term Loan, 6.53%, Maturing March 25, 2009     797,443    
  842,177     Term Loan, 6.78%, Maturing June 4, 2010     844,282    

 

See notes to financial statements

5



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Business Equipment and Services (continued)      
Iron Mountain, Inc.      
$ 2,309,748     Term Loan, 5.63%, Maturing April 2, 2011   $ 2,333,928    
Language Line, Inc.      
  2,524,970     Term Loan, 8.45%, Maturing June 11, 2011     2,548,010    
Mitchell International, Inc.      
  373,966     Term Loan, 6.15%, Maturing August 11, 2011     377,589    
N.E.W. Holdings I, LLC      
  983,886     Term Loan, 7.35%, Maturing July 1, 2011     998,030    
Protection One, Inc.      
  923,579     Term Loan, 6.91%, Maturing April 18, 2011     934,836    
Sungard Data Systems, Inc.      
  13,067,250     Term Loan, 6.28%, Maturing February 11, 2013     13,197,178    
Transaction Network Services, Inc.      
  816,033     Term Loan, 5.85%, Maturing May 4, 2012     824,193    
US Investigations Services, Inc.      
  700,000     Term Loan, 6.57%, Maturing October 14, 2012     707,875    
Western Inventory Services      
  525,000     Term Loan, 10.77%, Maturing October 14, 2011     530,250    
Williams Scotsman, Inc.      
  750,000     Term Loan, 6.66%, Maturing June 28, 2010     759,844    
            $ 36,652,199    
Cable and Satellite Television — 8.1%      
Adelphia Communications Corp.      
$ 3,382,074     DIP Loan, 6.31%, Maturing March 31, 2006   $ 3,398,985    
Atlantic Broadband Finance, LLC      
  4,294,434     Term Loan, 6.52%, Maturing September 1, 2011     4,369,587    
Bragg Communications, Inc.      
  1,039,500     Term Loan, 5.86%, Maturing August 31, 2011     1,054,443    
Bresnan Communications, LLC      
  2,000,000     Term Loan, 7.57%, Maturing March 31, 2010     2,028,750    
Canadian Cable Acquisition Co., Inc.      
  1,485,000     Term Loan, 7.02%, Maturing July 30, 2011     1,500,315    
Cebridge Connections, Inc.      
  1,487,350     Term Loan, 7.04%, Maturing February 23, 2009     1,496,646    
  1,576,000     Term Loan, 9.95%, Maturing February 23, 2010     1,585,850    
Charter Communications Operating, LLC      
  12,180,482     Term Loan, 7.50%, Maturing April 27, 2011     12,226,670    
Insight Midwest Holdings, LLC      
  7,108,313     Term Loan, 6.06%, Maturing December 31, 2009     7,217,163    
MCC Iowa, LLC      
  5,925,225     Term Loan, 6.03%, Maturing February 3, 2014     6,017,807    
Mediacom Illinois, LLC      
  2,798,850     Term Loan, 6.28%, Maturing March 31, 2013     2,845,644    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Cable and Satellite Television (continued)      
NTL, Inc.      
$ 2,300,000     Term Loan, 7.14%, Maturing April 13, 2012   $ 2,311,691    
UGS Corp.      
  2,508,303     Term Loan, 6.08%, Maturing March 31, 2012     2,548,280    
UPC Broadband Holdings B.V.      
  2,390,000     Term Loan, 6.55%, Maturing September 30, 2012     2,413,279    
            $ 51,015,110    
Chemicals and Plastics — 7.5%      
Basell Af S.A.R.L.      
$ 312,500     Term Loan, 6.58%, Maturing August 1, 2013   $ 317,871    
  62,500     Term Loan, 6.58%, Maturing August 1, 2013     63,548    
  312,500     Term Loan, 7.24%, Maturing August 1, 2014     318,262    
  62,500     Term Loan, 7.24%, Maturing August 1, 2014     63,626    
Brenntag AG      
  2,975,000     Term Loan, 6.81%, Maturing February 27, 2012     2,989,503    
Celanese Holdings, LLC      
  3,600,930     Term Loan, 6.31%, Maturing April 6, 2011     3,657,645    
Gentek, Inc.      
  564,492     Term Loan, 6.61%, Maturing February 25, 2011     569,008    
  800,000     Term Loan, 9.90%, Maturing February 25, 2012     790,000    
Hercules, Inc.      
  871,725     Term Loan, 5.86%, Maturing October 8, 2010     882,839    
Hexion Specialty Chemicals, Inc.      
  170,000     Term Loan, 5.88%, Maturing May 31, 2012     172,337    
  705,931     Term Loan, 6.38%, Maturing May 31, 2012     715,637    
  974,857     Term Loan, 6.56%, Maturing May 31, 2012     988,261    
Huntsman, LLC      
  4,739,101     Term Loan, 5.72%, Maturing August 16, 2012     4,769,991    
Innophos, Inc.      
  938,985     Term Loan, 6.21%, Maturing August 13, 2010     950,527    
Invista B.V.      
  3,601,940     Term Loan, 6.31%, Maturing April 29, 2011     3,662,723    
  1,562,761     Term Loan, 6.31%, Maturing April 29, 2011     1,589,133    
ISP Chemco, Inc.      
  1,477,500     Term Loan, 5.83%, Maturing March 27, 2011     1,495,969    
Kraton Polymer, LLC      
  3,291,660     Term Loan, 6.42%, Maturing December 23, 2010     3,345,150    
Mosaic Co.      
  1,432,800     Term Loan, 5.23%, Maturing February 21, 2012     1,450,038    
Nalco Co.      
  6,594,684     Term Loan, 5.81%, Maturing November 4, 2010     6,701,392    
PQ Corp.      
  1,270,495     Term Loan, 6.06%, Maturing February 11, 2012     1,280,818    

 

See notes to financial statements

6



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Chemicals and Plastics (continued)      
Professional Paint, Inc.      
$ 926,250     Term Loan, 7.18%, Maturing September 30, 2011   $ 933,197    
Rockwood Specialties Group, Inc.      
  4,427,750     Term Loan, 6.47%, Maturing December 10, 2012     4,503,854    
Solo Cup Co.      
  2,670,141     Term Loan, 6.44%, Maturing February 27, 2011     2,682,157    
Wellman, Inc.      
  2,250,000     Term Loan, 7.71%, Maturing February 10, 2009     2,293,126    
            $ 47,186,612    
Clothing / Textiles — 0.3%      
Propex Fabrics, Inc.      
$ 336,875     Term Loan, 6.28%, Maturing December 31, 2011   $ 337,717    
St. John Knits International, Inc.      
  700,762     Term Loan, 6.56%, Maturing March 23, 2012     711,273    
The William Carter Co.      
  867,188     Term Loan, 5.72%, Maturing July 14, 2012     878,841    
            $ 1,927,831    
Conglomerates — 3.7%      
Amsted Industries, Inc.      
$ 3,448,368     Term Loan, 6.62%, Maturing October 15, 2010   $ 3,497,221    
Blount, Inc.      
  627,161     Term Loan, 6.57%, Maturing August 9, 2010     636,373    
Euramax International, Inc.      
  713,213     Term Loan, 6.38%, Maturing June 28, 2012     708,118    
  501,316     Term Loan, 11.09%, Maturing June 28, 2013     493,796    
  248,684     Term Loan, 11.09%, Maturing June 28, 2013     244,954    
Goodman Global Holdings, Inc.      
  1,195,963     Term Loan, 6.38%, Maturing December 23, 2011     1,214,649    
Jarden Corp.      
  1,655,850     Term Loan, 5.69%, Maturing January 24, 2012     1,664,336    
  2,938,749     Term Loan, 6.02%, Maturing January 24, 2012     2,964,725    
Johnson Diversey, Inc.      
  3,284,624     Term Loan, 5.46%, Maturing November 3, 2009     3,322,604    
Penn Engineering & Manufacturing Corp.      
  466,492     Term Loan, 6.52%, Maturing May 25, 2011     472,323    
Polymer Group, Inc.      
  485,204     Term Loan, 7.25%, Maturing April 27, 2010     492,886    
  1,750,000     Term Loan, 10.25%, Maturing April 27, 2011     1,789,375    
PP Acquisition Corp.      
  2,484,409     Term Loan, 6.34%, Maturing November 12, 2011     2,489,999    
Rexnord Corp.      
  2,915,120     Term Loan, 6.15%, Maturing December 31, 2011     2,952,774    
            $ 22,944,133    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Containers and Glass Products — 5.8%      
Berry Plastics Corp.      
$ 2,125,392     Term Loan, 5.86%, Maturing December 2, 2011   $ 2,151,959    
BWAY Corp.      
  603,260     Term Loan, 6.31%, Maturing June 30, 2011     612,309    
Consolidated Container Holding, LLC      
  1,185,000     Term Loan, 7.50%, Maturing December 15, 2008     1,200,553    
Crown America, Inc.      
  500,000     Revolving Loan, 2.75%, Maturing February 15, 2010(2)     482,500    
Dr. Pepper/Seven Up Bottling Group, Inc.      
  5,926,371     Term Loan, 6.16%, Maturing December 19, 2010     6,017,489    
Graham Packaging Holdings Co.      
  4,367,000     Term Loan, 6.56%, Maturing October 7, 2011     4,427,046    
  2,000,000     Term Loan, 8.25%, Maturing April 7, 2012     2,040,000    
Graphic Packaging International, Inc.      
  5,666,972     Term Loan, 6.52%, Maturing August 8, 2010     5,726,475    
IPG (US), Inc.      
  2,168,613     Term Loan, 6.12%, Maturing July 28, 2011     2,200,237    
Owens-Illinois, Inc.      
  1,216,832     Term Loan, 5.67%, Maturing April 1, 2007     1,226,211    
  788,429     Term Loan, 5.78%, Maturing April 1, 2008     795,984    
  1,178,229     Term Loan, 5.87%, Maturing April 1, 2008     1,189,274    
Smurfit-Stone Container Corp.      
  589,195     Term Loan, 3.33%, Maturing November 1, 2010     596,744    
  4,673,416     Term Loan, 5.72%, Maturing November 1, 2011     4,733,296    
  1,485,461     Term Loan, 5.88%, Maturing November 1, 2011     1,504,494    
U.S. Can Corp.      
  1,477,500     Term Loan, 7.65%, Maturing January 15, 2010     1,484,887    
            $ 36,389,458    
Cosmetics / Toiletries — 0.8%      
American Safety Razor Co.      
$ 960,175     Term Loan, 6.61%, Maturing February 28, 2012   $ 975,178    
Church & Dwight Co., Inc.      
  1,551,446     Term Loan, 5.82%, Maturing May 30, 2011     1,569,547    
Prestige Brands, Inc.      
  1,773,000     Term Loan, 6.32%, Maturing April 7, 2011     1,797,379    
Revlon Consumer Products Corp.      
  945,000     Term Loan, 9.86%, Maturing July 9, 2010     976,303    
            $ 5,318,407    
Drugs — 0.7%      
Warner Chilcott Corp.      
$ 2,902,156     Term Loan, 6.61%, Maturing January 18, 2012   $ 2,916,408    
  1,169,427     Term Loan, 6.77%, Maturing January 18, 2012     1,175,170    

 

See notes to financial statements

7



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Drugs (continued)      
$ 540,242     Term Loan, 6.77%, Maturing January 18, 2012   $ 542,895    
            $ 4,634,473    
Ecological Services and Equipment — 2.3%      
Alderwoods Group, Inc.      
$ 235,518     Term Loan, 5.84%, Maturing September 29, 2009   $ 238,977    
Allied Waste Industries, Inc.      
  1,310,943     Term Loan, 4.02%, Maturing January 15, 2012     1,319,592    
  3,469,280     Term Loan, 6.04%, Maturing January 15, 2012     3,492,344    
Envirocare of Utah, LLC      
  1,532,841     Term Loan, 6.95%, Maturing April 15, 2010     1,562,859    
Environmental Systems, Inc.      
  1,215,378     Term Loan, 7.49%, Maturing December 12, 2008     1,238,546    
  2,500,000     Term Loan, 13.98%, Maturing December 12, 2010     2,550,000    
IESI Corp.      
  970,588     Term Loan, 6.09%, Maturing January 20, 2012     983,327    
Sensus Metering Systems, Inc.      
  380,544     Term Loan, 6.44%, Maturing December 17, 2010     385,062    
  2,439,130     Term Loan, 6.45%, Maturing December 17, 2010     2,468,095    
            $ 14,238,802    
Electronics / Electrical — 3.1%      
AMI Semiconductor, Inc.      
$ 2,081,799     Term Loan, 5.58%, Maturing April 1, 2012   $ 2,093,942    
Aspect Software, Inc.      
  650,000     Term Loan, 6.56%, Maturing September 22, 2010     654,469    
Communications & Power, Inc.      
  1,022,222     Term Loan, 6.03%, Maturing July 23, 2010     1,037,556    
Enersys Capital, Inc.      
  1,086,250     Term Loan, 5.86%, Maturing March 17, 2011     1,096,434    
Fairchild Semiconductor Corp.      
  1,958,938     Term Loan, 5.60%, Maturing December 31, 2010     1,973,630    
Invensys International Holdings Limited      
  1,773,096     Term Loan, 7.79%, Maturing September 4, 2009     1,790,827    
Rayovac Corp.      
  3,721,300     Term Loan, 6.00%, Maturing February 7, 2012     3,753,087    
Security Co., Inc.      
  987,505     Term Loan, 7.31%, Maturing June 28, 2010     994,912    
  1,000,000     Term Loan, 11.25%, Maturing June 30, 2011     1,015,000    
SSA Global Technologies, Inc.      
  500,000     Term Loan, 5.97%, Maturing September 22, 2011     503,125    
Telcordia Technologies, Inc.      
  1,970,100     Term Loan, 6.36%, Maturing September 15, 2012     1,954,093    
United Online, Inc.      
  242,083     Term Loan, 7.03%, Maturing December 13, 2008     243,294    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Electronics / Electrical (continued)      
Vertafore, Inc.      
$ 1,379,135     Term Loan, 6.57%, Maturing December 22, 2010   $ 1,394,650    
  500,000     Term Loan, 9.51%, Maturing December 22, 2011     511,250    
Viasystems, Inc.      
  493,141     Term Loan, 8.38%, Maturing September 30, 2009     499,921    
            $ 19,516,190    
Equipment Leasing — 1.5%      
Ashtead Group, PLC      
$ 1,000,000     Term Loan, 6.06%, Maturing November 12, 2009   $ 1,010,833    
Maxim Crane Works, L.P.      
  1,416,642     Term Loan, 9.63%, Maturing January 28, 2012     1,452,059    
United Rentals, Inc.      
  1,121,250     Term Loan, 2.87%, Maturing February 14, 2011     1,132,322    
  5,522,156     Term Loan, 6.32%, Maturing February 14, 2011     5,576,688    
            $ 9,171,902    
Farming / Agriculture — 0.2%      
Central Garden & Pet Co.      
$ 1,525,838     Term Loan, 5.78%, Maturing May 15, 2009   $ 1,547,772    
            $ 1,547,772    
Financial Intermediaries — 2.1%      
AIMCO Properties, L.P.      
$ 1,300,000     Term Loan, 5.72%, Maturing November 2, 2009   $ 1,312,187    
  2,000,000     Term Loan, 5.89%, Maturing November 2, 2009     2,026,876    
Coinstar, Inc.      
  577,601     Term Loan, 6.10%, Maturing July 7, 2011     588,431    
Fidelity National Information Solutions, Inc.      
  6,455,488     Term Loan, 5.69%, Maturing March 9, 2013     6,485,170    
The Macerich Partnership, L.P.      
  1,323,708     Term Loan, 5.66%, Maturing April 25, 2006     1,326,190    
  1,210,000     Term Loan, 5.63%, Maturing April 25, 2010     1,219,075    
            $ 12,957,929    
Food Products — 4.3%      
Acosta Sales Co., Inc.      
$ 940,000     Term Loan, 5.98%, Maturing August 13, 2010   $ 951,750    
Chiquita Brands, LLC      
  1,187,025     Term Loan, 6.57%, Maturing June 28, 2012     1,205,202    
Del Monte Corp.      
  875,600     Term Loan, 5.73%, Maturing February 8, 2012     889,281    
Dole Food Company, Inc.      
  1,649,424     Term Loan, 5.59%, Maturing April 18, 2012     1,665,093    

 

See notes to financial statements

8



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Food Products (continued)      
Herbalife International, Inc.      
$ 277,200     Term Loan, 5.93%, Maturing December 21, 2010   $ 281,098    
Interstate Brands Corp.      
  1,047,089     Term Loan, 8.18%, Maturing July 19, 2007     1,057,298    
Merisant Co.      
  3,284,106     Term Loan, 7.49%, Maturing January 11, 2010     3,243,055    
Michael Foods, Inc.      
  4,016,107     Term Loan, 5.19%, Maturing November 21, 2010     4,083,878    
  6,000,000     Term Loan, 6.59%, Maturing November 20, 2011     6,086,250    
Pinnacle Foods Holdings Corp.      
  5,372,036     Term Loan, 7.31%, Maturing November 25, 2010     5,445,901    
Reddy Ice Group, Inc.      
  1,970,000     Term Loan, 5.87%, Maturing August 9, 2012     1,990,931    
            $ 26,899,737    
Food Service — 3.4%      
AFC Enterprises, Inc.      
$ 1,576,050     Term Loan, 6.31%, Maturing May 11, 2011   $ 1,595,751    
Buffets, Inc.      
  418,182     Term Loan, 6.78%, Maturing June 28, 2009     422,364    
  1,992,267     Term Loan, 7.16%, Maturing June 28, 2009     2,012,190    
Burger King Corp.      
  1,416,450     Term Loan, 5.83%, Maturing June 30, 2012     1,432,891    
Carrols Corp.      
  2,456,503     Term Loan, 6.56%, Maturing December 31, 2010     2,493,351    
CKE Restaurants, Inc.      
  393,044     Term Loan, 6.00%, Maturing May 1, 2010     395,991    
Denny's, Inc.      
  962,731     Term Loan, 7.30%, Maturing September 21, 2009     977,474    
Domino's, Inc.      
  6,376,462     Term Loan, 5.81%, Maturing June 25, 2010     6,486,724    
Gate Gourmet Borrower, LLC      
  1,425,791     Term Loan, 11.39%, Maturing December 31, 2008     1,427,573    
Jack in the Box, Inc.      
  2,949,546     Term Loan, 5.57%, Maturing January 8, 2011     2,978,121    
Weight Watchers International, Inc.      
  915,750     Term Loan, 5.67%, Maturing March 31, 2010     926,434    
            $ 21,148,864    
Food / Drug Retailers — 1.5%      
Cumberland Farms, Inc.      
$ 859,427     Term Loan, 6.30%, Maturing September 8, 2008   $ 864,262    
General Nutrition Centers, Inc.      
  1,013,184     Term Loan, 6.80%, Maturing December 5, 2008     1,027,960    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Food / Drug Retailers (continued)      
$ 1,000,000     Revolving Loan, 0.00%, Maturing December 15, 2009(2)   $ 980,625    
Giant Eagle, Inc.      
  1,837,850     Term Loan, 5.75%, Maturing August 6, 2009     1,868,864    
The Jean Coutu Group (PJC), Inc.      
  2,648,250     Term Loan, 6.50%, Maturing July 30, 2011     2,681,147    
The Pantry, Inc.      
  2,049,424     Term Loan, 6.34%, Maturing March 12, 2011     2,082,727    
            $ 9,505,585    
Forest Products — 2.2%      
Appleton Papers, Inc.      
$ 1,862,158     Term Loan, 6.03%, Maturing June 11, 2010   $ 1,884,854    
Boise Cascade Holdings, LLC      
  2,788,378     Term Loan, 5.79%, Maturing October 29, 2011     2,830,396    
Buckeye Technologies, Inc.      
  3,119,072     Term Loan, 5.89%, Maturing March 15, 2010     3,136,616    
Escanaba Timber, LLC      
  590,000     Term Loan, 6.75%, Maturing May 2, 2008     590,737    
Koch Cellulose, LLC      
  197,887     Term Loan, 5.36%, Maturing May 7, 2011     200,401    
  642,778     Term Loan, 5.77%, Maturing May 7, 2011     650,679    
NewPage Corp.      
  2,643,375     Term Loan, 6.79%, Maturing May 2, 2011     2,669,809    
RLC Industries Co.      
  1,112,786     Term Loan, 5.52%, Maturing February 24, 2010     1,119,741    
Xerium Technologies, Inc.      
  897,750     Term Loan, 6.02%, Maturing May 18, 2012     910,375    
            $ 13,993,608    
Healthcare — 9.0%      
Alliance Imaging, Inc.      
$ 1,119,752     Term Loan, 6.41%, Maturing December 29, 2011   $ 1,132,350    
AMN Healthcare, Inc.      
  1,351,228     Term Loan, 7.02%, Maturing October 2, 2008     1,353,762    
AMR HoldCo, Inc.      
  1,766,125     Term Loan, 6.28%, Maturing February 10, 2012     1,781,579    
Carl Zeiss Topco GMBH      
  368,333     Term Loan, 6.95%, Maturing March 22, 2013     370,635    
  736,667     Term Loan, 7.45%, Maturing March 21, 2014     742,192    
  375,000     Term Loan, 9.70%, Maturing September 22, 2014     381,562    
Colgate Medical, Ltd.      
  959,091     Term Loan, 6.01%, Maturing December 30, 2008     968,682    
Community Health Systems, Inc.      
  7,169,056     Term Loan, 5.61%, Maturing August 19, 2011     7,268,376    

 

See notes to financial statements

9



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Healthcare (continued)      
Concentra Operating Corpratio      
$ 2,400,000     Term Loan, 6.05%, Maturing September 30, 2011   $ 2,430,751    
Conmed Corp.      
  1,193,830     Term Loan, 6.28%, Maturing December 31, 2007     1,209,747    
Davita Inc.      
  7,250,000     Term Loan, 6.38%, Maturing October 5, 2012     7,365,797    
Encore Medical IHC, Inc.      
  1,464,792     Term Loan, 6.62%, Maturing October 4, 2010     1,481,271    
Envision Worldwide, Inc.      
  1,285,556     Term Loan, 9.01%, Maturing September 30, 2010     1,291,983    
FHC Health Systems, Inc.      
  928,571     Term Loan, 9.87%, Maturing December 18, 2009     951,786    
  650,000     Term Loan, 11.87%, Maturing December 18, 2009     663,000    
  500,000     Term Loan, 12.87%, Maturing February 7, 2011     507,500    
Genoa Healthcare Group, LLC      
  384,000     Term Loan, 7.23%, Maturing August 12, 2012     389,520    
Healthcare Partners, LLC      
  399,750     Term Loan, 5.82%, Maturing March 2, 2011     403,373    
Healthsouth Corp.      
  922,688     Term Loan, 6.53%, Maturing June 14, 2007     928,166    
  260,000     Term Loan, 3.55%, Maturing March 21, 2010     261,544    
Kinetic Concepts, Inc.      
  2,078,049     Term Loan, 5.78%, Maturing August 11, 2010     2,103,158    
Knowledge Learning Corp.      
  3,769,727     Term Loan, 6.59%, Maturing January 7, 2012     3,790,147    
Leiner Health Products, Inc.      
  982,563     Term Loan, 7.70%, Maturing May 27, 2011     981,948    
Lifecare Holdings, Inc.      
  875,000     Term Loan, 6.13%, Maturing August 11, 2012     827,422    
Lifepoint Hospitals, Inc.      
  4,076,483     Term Loan, 5.44%, Maturing April 15, 2012     4,106,694    
Magellan Health Services, Inc.      
  1,111,111     Term Loan, 3.76%, Maturing August 15, 2008     1,123,611    
  1,513,889     Term Loan, 5.87%, Maturing August 15, 2008     1,530,920    
National Mentor, Inc.      
  1,296,132     Term Loan, 6.25%, Maturing September 30, 2011     1,312,333    
Renal Advantage, Inc.      
  350,000     Term Loan, 6.44%, Maturing October 5, 2012     354,047    
Select Medical Holding Corp.      
  1,437,775     Term Loan, 5.57%, Maturing February 24, 2012     1,440,372    
Sunrise Medical Holdings, Inc.      
  968,577     Term Loan, 7.12%, Maturing May 13, 2010     969,788    
Talecris Biotherapeutics, Inc.      
  1,004,950     Term Loan, 7.08%, Maturing March 31, 2010     1,007,462    
Team Health, Inc.      
  1,719,751     Term Loan, 6.77%, Maturing March 23, 2011     1,724,051    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Healthcare (continued)      
Vanguard Health Holding Co., LLC      
$ 2,220,738     Term Loan, 6.21%, Maturing September 23, 2011   $ 2,252,661    
VWR International, Inc.      
  1,189,933     Term Loan, 6.69%, Maturing April 7, 2011     1,208,526    
            $ 56,616,716    
Home Furnishings — 1.6%      
Knoll, Inc.      
$ 1,890,000     Term Loan, 5.88%, Maturing October 3, 2012   $ 1,918,350    
National Bedding Company, LLC      
  550,000     Term Loan, 8.99%, Maturing August 31, 2012     544,500    
Sealy Mattress Co.      
  2,283,186     Term Loan, 5.73%, Maturing April 6, 2012     2,306,732    
Simmons Co.      
  5,309,654     Term Loan, 5.96%, Maturing December 19, 2011     5,373,811    
            $ 10,143,393    
Industrial Equipment — 1.2%      
Alliance Laundry Holdings, LLC      
$ 963,050     Term Loan, 6.14%, Maturing January 27, 2012   $ 977,195    
Douglas Dynamics Holdings, Inc.      
  992,500     Term Loan, 6.02%, Maturing December 16, 2010     1,004,906    
Flowserve Corp.      
  2,150,000     Term Loan, 5.81%, Maturing August 10, 2012     2,181,579    
Gleason Corp.      
  462,480     Term Loan, 6.74%, Maturing July 27, 2011     468,261    
  1,250,000     Term Loan, 9.42%, Maturing January 31, 2012     1,271,875    
Itron, Inc.      
  540,541     Term Loan, 5.85%, Maturing December 17, 2010     544,933    
Terex Corp.      
  798,481     Term Loan, 6.41%, Maturing June 30, 2009     809,960    
            $ 7,258,709    
Insurance — 1.0%      
Alliant Resources Group, Inc.      
$ 1,382,500     Term Loan, 7.58%, Maturing August 31, 2011   $ 1,392,869    
CCC Information Services Group, Inc.      
  1,003,342     Term Loan, 6.83%, Maturing August 20, 2010     1,005,850    
Conseco, Inc.      
  2,529,913     Term Loan, 5.97%, Maturing June 22, 2010     2,563,118    
U.S.I. Holdings Corp.      
  1,245,588     Term Loan, 6.74%, Maturing August 11, 2008     1,251,037    
            $ 6,212,874    

 

See notes to financial statements

10



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Leisure Goods / Activities / Movies — 8.4%      
24 Hour Fitness Worldwide, Inc.      
$ 1,675,000     Term Loan, 6.78%, Maturing June 8, 2012   $ 1,703,266    
Alliance Atlantis Communications, Inc.      
  621,875     Term Loan, 5.83%, Maturing December 20, 2011     627,511    
AMF Bowling Worldwide, Inc.      
  1,770,463     Term Loan, 6.76%, Maturing August 27, 2009     1,786,509    
Cinemark, Inc.      
  1,970,000     Term Loan, 5.18%, Maturing March 31, 2011     1,995,610    
Fender Musical Instruments Co.      
  705,000     Term Loan, 8.72%, Maturing March 30, 2012     712,050    
Loews Cineplex Entertainment Corp.      
  5,052,353     Term Loan, 6.17%, Maturing July 30, 2011     5,085,512    
Mega Blocks, Inc.      
  1,645,875     Term Loan, 5.88%, Maturing July 26, 2012     1,667,992    
Metro-Goldwyn-Mayer Holdings, Inc.      
  10,065,000     Term Loan, 6.27%, Maturing April 8, 2012     10,162,510    
Regal Cinemas Corp.      
  7,467,035     Term Loan, 6.02%, Maturing November 10, 2010     7,553,959    
Riddell Bell Holdings, Inc.      
  495,000     Term Loan, 6.16%, Maturing September 30, 2011     503,044    
Six Flags Theme Parks, Inc.      
  7,823,591     Term Loan, 6.71%, Maturing June 30, 2009     7,919,985    
Universal City Development Partners, Ltd.      
  1,846,050     Term Loan, 6.01%, Maturing June 9, 2011     1,871,817    
WMG Acquisition Corp.      
  875,000     Revolving Loan, 2.25%, Maturing February 28, 2010(2)     852,305    
  9,957,552     Term Loan, 5.85%, Maturing February 28, 2011     10,070,610    
Yankees Holdings & YankeeNets, LLC      
  400,714     Term Loan, 6.36%, Maturing June 25, 2007     404,721    
            $ 52,917,401    
Lodging and Casinos — 5.0%      
Alliance Gaming Corp.      
$ 4,949,372     Term Loan, 6.77%, Maturing September 5, 2009   $ 4,949,372    
Ameristar Casinos, Inc.      
  503,824     Term Loan, 6.06%, Maturing December 31, 2006     506,973    
CCM Merger, Inc.      
  982,538     Term Loan, 5.93%, Maturing April 25, 2012     992,056    
CNL Resort Hotel, L.P.      
  1,560,000     Term Loan, 6.52%, Maturing August 18, 2006     1,563,900    
Globalcash Access, LLC      
  841,380     Term Loan, 6.33%, Maturing March 10, 2010     854,264    
Green Valley Ranch Gaming, LLC      
  1,240,626     Term Loan, 6.02%, Maturing December 24, 2010     1,258,460    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Lodging and Casinos (continued)      
Isle of Capri Casinos, Inc.      
$ 2,257,938     Term Loan, 5.84%, Maturing February 4, 2012   $ 2,284,398    
Marina District Finance Co., Inc.      
  2,754,188     Term Loan, 5.91%, Maturing October 14, 2011     2,777,138    
Penn National Gaming, Inc.      
  6,570,000     Term Loan, 6.08%, Maturing October 3, 2012     6,660,337    
Pinnacle Entertainment, Inc.      
  486,425     Term Loan, 7.04%, Maturing August 27, 2010     492,505    
  1,375,000     Term Loan, 7.09%, Maturing August 27, 2010     1,390,469    
Resorts International Holdings, LLC      
  1,072,367     Term Loan, 6.53%, Maturing April 26, 2012     1,074,244    
  1,400,000     Term Loan, 10.27%, Maturing April 26, 2013     1,388,188    
Venetian Casino Resort, LLC      
  3,433,304     Term Loan, 5.77%, Maturing June 15, 2011     3,465,759    
  707,898     Term Loan, 5.77%, Maturing June 15, 2011     714,590    
Wynn Las Vegas, LLC      
  1,225,000     Term Loan, 6.20%, Maturing December 14, 2011     1,239,547    
            $ 31,612,200    
Nonferrous Metals / Minerals — 2.3%      
Carmeuse Lime, Inc.      
$ 614,250     Term Loan, 6.00%, Maturing May 2, 2011   $ 618,857    
Compass Minerals Group, Inc.      
  75,365     Term Loan, 6.47%, Maturing November 28, 2009     75,679    
Foundation Coal Corp.      
  1,378,457     Term Loan, 5.85%, Maturing July 30, 2011     1,403,059    
ICG, LLC      
  1,831,502     Term Loan, 6.69%, Maturing November 5, 2010     1,843,712    
International Mill Service, Inc.      
  2,000,000     Term Loan, 10.09%, Maturing October 26, 2011     2,030,000    
Magnequench International, Inc.      
  2,275,000     Term Loan, 7.36%, Maturing August 31, 2009     2,280,687    
Murray Energy Corp.      
  925,350     Term Loan, 6.86%, Maturing January 28, 2010     931,712    
Novelis, Inc.      
  1,340,754     Term Loan, 5.46%, Maturing January 6, 2012     1,356,780    
  2,329,295     Term Loan, 5.46%, Maturing January 6, 2012     2,357,137    
Trout Coal Holdings, LLC      
  1,400,000     Term Loan, 10.00%, Maturing March 23, 2012     1,412,250    
            $ 14,309,873    
Oil & Gas — 0.2%      
Dresser Rand Group, Inc.      
$ 1,099,385     Term Loan, 6.08%, Maturing October 29, 2011   $ 1,117,937    
            $ 1,117,937    

 

See notes to financial statements

11



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Oil and Gas — 4.1%      
Coffeyville Resources, LLC      
$ 850,000     Term Loan, 10.81%, Maturing June 24, 2013   $ 878,687    
Dresser, Inc.      
  1,132,534     Term Loan, 6.59%, Maturing March 31, 2007     1,143,860    
El Paso Corp.      
  1,973,625     Term Loan, 5.27%, Maturing November 23, 2009     1,988,291    
  3,236,745     Term Loan, 6.81%, Maturing November 23, 2009     3,264,843    
Epco Holdings, Inc.      
  1,905,000     Term Loan, 6.42%, Maturing August 18, 2010     1,932,215    
Kerr-McGee Corp.      
  1,648,500     Term Loan, 6.26%, Maturing May 24, 2007     1,653,210    
  4,274,288     Term Loan, 6.51%, Maturing May 24, 2011     4,294,056    
Key Energy Services, Inc.      
  1,195,000     Term Loan, 7.02%, Maturing June 30, 2012(2)     1,213,672    
LB Pacific, L.P.      
  1,014,900     Term Loan, 6.80%, Maturing March 3, 2012     1,033,929    
Lyondell-Citgo Refining, L.P.      
  2,653,912     Term Loan, 5.51%, Maturing May 21, 2007     2,693,721    
Universal Compression, Inc.      
  1,029,825     Term Loan, 5.59%, Maturing February 15, 2012     1,042,698    
Williams Production RMT Co.      
  4,666,875     Term Loan, 6.20%, Maturing May 30, 2008     4,729,588    
            $ 25,868,770    
Publishing — 6.3%      
American Media Operations, Inc.      
$ 550,665     Term Loan, 6.81%, Maturing April 1, 2007   $ 557,318    
  3,725,461     Term Loan, 6.81%, Maturing April 1, 2008     3,770,476    
CBD Media, LLC      
  2,134,007     Term Loan, 6.44%, Maturing December 31, 2009     2,166,017    
Dex Media East, LLC      
  5,483,739     Term Loan, 5.78%, Maturing May 8, 2009     5,515,869    
Dex Media West, LLC      
  4,234,823     Term Loan, 5.75%, Maturing March 9, 2010     4,260,114    
Freedom Communications      
  1,155,767     Term Loan, 5.38%, Maturing May 18, 2012     1,166,458    
Herald Media, Inc.      
  279,852     Term Loan, 6.78%, Maturing July 22, 2011     281,776    
  625,000     Term Loan, 9.78%, Maturing January 22, 2012     633,203    
Liberty Group Operating, Inc.      
  1,331,372     Term Loan, 6.19%, Maturing February 28, 2012     1,344,963    
Merrill Communications, LLC      
  1,313,687     Term Loan, 6.58%, Maturing July 30, 2009     1,331,340    
Morris Publishing Group, LLC      
  423,500     Term Loan, 5.56%, Maturing September 30, 2010     428,132    
  655,050     Term Loan, 5.81%, Maturing March 31, 2011     658,325    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Publishing (continued)      
Nebraska Book Co., Inc.      
$ 1,438,100     Term Loan, 6.70%, Maturing March 4, 2011   $ 1,450,683    
R.H. Donnelley Corp.      
  174,444     Term Loan, 5.81%, Maturing December 31, 2009     175,652    
  5,307,950     Term Loan, 5.70%, Maturing June 30, 2011     5,349,803    
Source Media, Inc.      
  1,342,118     Term Loan, 6.27%, Maturing November 8, 2011     1,361,411    
  250,000     Term Loan, 9.29%, Maturing August 30, 2012     254,297    
SP Newsprint Co.      
  3,866,667     Term Loan, 4.03%, Maturing January 9, 2010     3,929,500    
  1,575,000     Term Loan, 6.53%, Maturing January 9, 2010     1,600,594    
Sun Media Corp.      
  1,275,458     Term Loan, 6.24%, Maturing February 7, 2009     1,289,807    
Xsys US, Inc.      
  1,122,229     Term Loan, 6.77%, Maturing December 31, 2012     1,132,049    
  1,146,271     Term Loan, 7.27%, Maturing December 31, 2013     1,163,465    
            $ 39,821,252    
Radio and Television — 5.3%      
Adams Outdoor Advertising, L.P.      
$ 1,416,251     Term Loan, 6.20%, Maturing November 18, 2012   $ 1,437,495    
ALM Media Holdings, Inc.      
  1,124,350     Term Loan, 6.52%, Maturing March 5, 2010     1,126,224    
DirecTV Holdings, LLC      
  3,896,667     Term Loan, 5.43%, Maturing April 13, 2013     3,935,633    
Entravision Communications Corp.      
  1,325,000     Term Loan, 5.55%, Maturing September 29, 2013     1,336,594    
Gray Television, Inc.      
  1,147,125     Term Loan, 5.35%, Maturing December 31, 2012     1,153,220    
HIT Entertainment, Inc.      
  525,000     Term Loan, 6.11%, Maturing March 20, 2012     528,937    
NEP Supershooters, L.P.      
  1,916,927     Term Loan, 12.02%, Maturing August 3, 2011     1,907,343    
Nexstar Broadcasting, Inc.      
  1,831,593     Term Loan, 5.77%, Maturing October 1, 2012     1,844,566    
  1,864,470     Term Loan, 5.77%, Maturing October 1, 2012     1,877,676    
PanAmSat Corp.      
  5,090,617     Term Loan, 6.11%, Maturing August 20, 2011     5,162,206    
Patriot Media and Communications CNJ, LLC      
  500,000     Term Loan, 9.00%, Maturing October 6, 2013     510,469    
Rainbow National Services, LLC      
  2,772,954     Term Loan, 6.63%, Maturing March 31, 2012     2,801,551    
Raycom TV Broadcasting, Inc.      
  2,275,000     Term Loan, 6.06%, Maturing February 24, 2012     2,292,062    
Spanish Broadcasting System, Inc.      
  1,200,000     Term Loan, 7.51%, Maturing June 10, 2013     1,218,000    

 

See notes to financial statements

12



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Radio and Television (continued)      
Susquehanna Media Co.      
$ 5,223,750     Term Loan, 5.98%, Maturing March 31, 2012   $ 5,254,769    
Young Broadcasting, Inc.      
  733,163     Term Loan, 5.77%, Maturing November 3, 2012     739,425    
            $ 33,126,170    
Rail Industries — 0.6%      
Kansas City Southern Industries, Inc.      
$ 684,825     Term Loan, 5.34%, Maturing March 30, 2008   $ 691,888    
Railamerica, Inc.      
  219,389     Term Loan, 5.88%, Maturing September 29, 2011     223,228    
  2,605,909     Term Loan, 5.90%, Maturing September 29, 2011     2,651,513    
            $ 3,566,629    
Retailers (Except Food and Drug) — 4.6%      
Advance Stores Company, Inc.      
$ 1,511,413     Term Loan, 5.52%, Maturing September 30, 2010   $ 1,533,139    
  896,191     Term Loan, 5.66%, Maturing September 30, 2010     909,074    
Alimentation Couche-Tard, Inc.      
  1,203,061     Term Loan, 5.69%, Maturing December 17, 2010     1,218,099    
American Achievement Corp.      
  626,695     Term Loan, 6.52%, Maturing March 25, 2011     629,829    
Amscan Holdings, Inc.      
  989,975     Term Loan, 6.72%, Maturing April 30, 2012     996,162    
Coinmach Laundry Corp.      
  2,151,547     Term Loan, 6.97%, Maturing July 25, 2009     2,182,475    
FTD, Inc.      
  2,407,091     Term Loan, 6.19%, Maturing February 28, 2011     2,441,693    
Harbor Freight Tools USA, Inc.      
  2,086,316     Term Loan, 6.30%, Maturing July 15, 2010     2,113,438    
Home Interiors & Gifts, Inc.      
  1,090,861     Term Loan, 9.09%, Maturing March 31, 2011     1,002,228    
Josten's Corp.      
  3,942,500     Term Loan, 5.94%, Maturing October 4, 2010     4,008,415    
Mapco Express, Inc.      
  607,478     Term Loan, 8.50%, Maturing April 28, 2011     615,451    
Movie Gallery, Inc.      
  1,062,337     Term Loan, 7.83%, Maturing April 27, 2011     1,041,201    
Neiman Marcus Group, Inc.      
  975,000     Term Loan, 6.48%, Maturing April 5, 2013     981,337    
Oriental Trading Co., Inc.      
  900,163     Term Loan, 6.31%, Maturing August 4, 2010     905,226    
Petro Stopping Center, L.P.      
  531,250     Term Loan, 5.94%, Maturing February 9, 2007     537,891    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Retailers (Except Food and Drug) (continued)      
Rent-A-Center, Inc.      
$ 1,984,925     Term Loan, 5.46%, Maturing June 30, 2010   $ 2,009,488    
Savers, Inc.      
  1,074,943     Term Loan, 7.65%, Maturing August 4, 2009     1,084,349    
  1,000,000     Term Loan, 12.22%, Maturing August 4, 2010     1,012,500    
Stewert Enterprises, Inc.      
  424,963     Term Loan, 5.60%, Maturing November 19, 2011     430,541    
Travelcenters of America, Inc.      
  3,090,000     Term Loan, 5.71%, Maturing November 30, 2008     3,126,694    
            $ 28,779,230    
Surface Transport — 0.5%      
Horizon Lines, LLC      
$ 938,125     Term Loan, 6.27%, Maturing July 7, 2011   $ 952,783    
Sirva Worldwide, Inc.      
  2,482,353     Term Loan, 7.53%, Maturing December 1, 2010     2,386,782    
            $ 3,339,565    
Telecommunications — 5.6%      
AAT Communications Corp.      
$ 1,230,000     Term Loan, 6.61%, Maturing July 29, 2013   $ 1,249,219    
Alaska Communications Systems Holdings, Inc.      
  990,000     Term Loan, 6.02%, Maturing February 1, 2011     1,004,355    
Centennial Cellular Operating Co., LLC      
  4,777,250     Term Loan, 6.34%, Maturing February 9, 2011     4,815,210    
Cincinnati Bell, Inc.      
  650,000     Term Loan, 5.38%, Maturing August 31, 2012     654,469    
Consolidated Communications, Inc.      
  2,563,752     Term Loan, 6.17%, Maturing July 27, 2015     2,599,004    
D&E Communications, Inc.      
  982,342     Term Loan, 5.86%, Maturing December 31, 2011     990,937    
Fairpoint Communications, Inc.      
  2,230,000     Term Loan, 5.81%, Maturing February 8, 2012     2,255,366    
Hawaiian Telcom Communications, Inc.      
  750,000     Term Loan, 6.28%, Maturing October 31, 2012     759,258    
Intelsat, Ltd.      
  1,000,000     Term Loan, 5.81%, Maturing July 28, 2011     1,010,417    
Iowa Telecommunications Services      
  2,616,000     Term Loan, 5.71%, Maturing November 23, 2011     2,645,838    
IPC Acquisition Corp.      
  470,000     Term Loan, 6.83%, Maturing August 5, 2011     472,742    
Madison River Capital, LLC      
  535,000     Term Loan, 6.59%, Maturing July 31, 2012     542,914    
NTelos, Inc.      
  1,210,850     Term Loan, 6.53%, Maturing February 18, 2011     1,221,445    

 

See notes to financial statements

13



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
  Borrower/Tranche Description   Value  
Telecommunications (continued)      
Qwest Corp.      
$ 4,000,000     Term Loan, 8.53%, Maturing June 4, 2007   $ 4,130,832    
SBA Senior Finance, Inc.      
  3,746,941     Term Loan, 7.89%, Maturing October 31, 2008     3,761,772    
Stratos Global Corp.      
  1,063,000     Term Loan, 6.27%, Maturing December 3, 2011     1,066,655    
Triton PCS, Inc.      
  1,523,488     Term Loan, 7.34%, Maturing November 18, 2009     1,538,960    
Valor Telecom Enterprise, LLC      
  2,373,167     Term Loan, 5.80%, Maturing February 14, 2012     2,405,373    
Westcom Corp.      
  833,984     Term Loan, 6.99%, Maturing December 17, 2010     839,718    
  1,000,000     Term Loan, 11.24%, Maturing May 17, 2011     1,019,375    
            $ 34,983,859    
Utilities — 4.2%      
Allegheny Energy Supply Co., LLC      
$ 3,254,342     Term Loan, 5.79%, Maturing March 8, 2011   $ 3,293,394    
Cellnet Technology, Inc.      
  583,538     Term Loan, 7.17%, Maturing April 26, 2012     587,914    
Cogentrix Delaware Holdings, Inc.      
  1,452,458     Term Loan, 5.78%, Maturing April 14, 2012     1,472,278    
Covanta Energy Corp.      
  1,050,407     Term Loan, 3.86%, Maturing June 24, 2012     1,065,506    
  847,470     Term Loan, 6.96%, Maturing June 24, 2012     859,652    
  725,000     Term Loan, 9.52%, Maturing June 24, 2013     725,906    
Energy Transfer Company, L.P.      
  1,610,000     Term Loan, 6.81%, Maturing June 16, 2008     1,625,496    
KGen, LLC      
  895,500     Term Loan, 6.65%, Maturing August 5, 2011     894,381    
La Paloma Generating Co., LLC      
  52,459     Term Loan, 5.75%, Maturing August 16, 2012     52,944    
  320,000     Term Loan, 5.77%, Maturing August 16, 2012     322,960    
  25,486     Term Loan, 5.77%, Maturing August 16, 2012     25,722    
NRG Energy, Inc.      
  2,023,982     Term Loan, 3.92%, Maturing December 24, 2011     2,038,318    
  2,554,941     Term Loan, 5.90%, Maturing December 24, 2011     2,573,038    
Petrohawk Energy Corp.      
  1,315,000     Term Loan, 8.50%, Maturing July 28, 2010     1,323,219    
Pike Electric, Inc.      
  297,736     Term Loan, 6.19%, Maturing July 1, 2012     301,458    
  691,755     Term Loan, 6.25%, Maturing July 1, 2012     700,402    
Plains Resources, Inc.      
  1,662,858     Term Loan, 5.85%, Maturing July 23, 2010     1,688,841    

 

Principal
Amount
  Borrower/Tranche Description   Value  
Utilities (continued)      
Reliant Energy, Inc.      
$ 1,496,561     Term Loan, 6.11%, Maturing December 22, 2010   $ 1,503,108    
Texas Genco, LLC      
  1,454,858     Term Loan, 5.88%, Maturing December 14, 2011     1,462,132    
  3,513,436     Term Loan, 5.88%, Maturing December 14, 2011     3,531,003    
            $ 26,047,672    
    Total Senior, Floating Rate Interests
(identified cost $845,822,789)
  $ 852,693,082    
Corporate Bonds & Notes — 16.0%      
Principal Amount
(000's omitted)
  Security   Value  
Aerospace and Defense — 0.2%      
Argo Tech Corp., Sr. Notes      
$ 840     9.25%, 6/1/11   $ 869,400    
BE Aerospace, Sr. Sub. Notes, Series B      
  60     8.00%, 3/1/08     60,150    
Sequa Corp.      
  500     8.875%, 4/1/08     515,000    
Standard Aero Holdings, Inc., Sr. Sub. Notes      
  30     8.25%, 9/1/14     28,650    
            $ 1,473,200    
Air Transport — 0.3%      
American Airlines      
$ 750     7.80%, 10/1/06   $ 715,364    
AMR Corp.      
  175     9.00%, 8/1/12     121,625    
Continental Airlines      
  668     7.033%, 6/15/11     603,476    
Delta Airlines Notes      
  1,000     7.90%, 12/15/09(3)     182,500    
            $ 1,622,965    
Automotive — 0.9%      
Altra Industrial Motion, Inc.      
$ 60     9.50%, 12/1/11(4)   $ 58,500    
Commercial Vehicle Group, Inc., Sr. Notes      
  100     8.00%, 7/1/13(4)     98,500    
Dana Credit Corp.      
  100     8.375%, 8/15/07(4)     97,500    

 

See notes to financial statements

14



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Automotive (continued)      
Ford Motor Credit Co.      
$ 1,055     7.875%, 6/15/10   $ 1,016,479    
Ford Motor Credit Co., Variable Rate      
  690     7.26%, 11/2/07     686,061    
General Motors Acceptance Corp.      
  45     6.125%, 9/15/06     44,878    
  40     7.00%, 2/1/12     38,851    
  1,000     8.00%, 11/1/31     1,035,209    
Keystone Automotive Operations, Inc., Sr. Sub. Notes      
  1,320     9.75%, 11/1/13     1,290,300    
Metaldyne Corp., Sr. Notes      
  575     11.00%, 11/1/13(4)     520,375    
Tenneco Automotive, Inc., Series B      
  255     10.25%, 7/15/13     276,675    
Tenneco Automotive, Inc., Sr. Sub Notes      
  255     8.625%, 11/15/14     244,800    
Visteon Corp., Sr. Notes      
  180     8.25%, 8/1/10     167,175    
            $ 5,575,303    
Brokers / Dealers / Investment Houses — 0.0%      
E*Trade Financial Corp., Sr. Notes      
$ 75     8.00%, 6/15/11   $ 76,500    
Residential Capital Corp.      
  155     6.875%, 6/30/15(4)     163,478    
            $ 239,978    
Building and Development — 0.6%      
Coleman Cable, Inc., Sr. Notes      
$ 105     9.875%, 10/1/12   $ 95,025    
General Cable Corp., Sr. Notes      
  80     9.50%, 11/15/10     84,800    
Interface, Inc.      
  500     10.375%, 2/1/10     541,250    
Interline Brands, Inc., Sr. Sub. Notes      
  487     11.50%, 5/15/11     543,005    
MAAX Corp., Sr. Sub. Notes      
  115     9.75%, 6/15/12     91,425    
Mueller Group, Inc., Sr. Sub. Notes      
  635     10.00%, 5/1/12     669,925    
Mueller Holdings, Inc., Disc. Notes      
  295     14.75%, 4/15/14     216,825    
Nortek, Inc., Sr. Sub Notes      
  465     8.50%, 9/1/14     446,400    

 

Principal Amount
(000's omitted)
  Security   Value  
Building and Development (continued)      
NTK Holdings, Inc., Sr. Disc. Notes      
$ 225     10.75%, 3/1/14   $ 136,125    
Panolam Industries International, Sr. Sub. Notes      
  200     10.75%, 10/1/13(4)     195,000    
Ply Gem Industries, Inc., Sr. Sub. Notes      
  500     9.00%, 2/15/12(4)     407,500    
RMCC Acquisition Co., Sr. Sub. Notes      
  400     9.50%, 11/1/12(4)     408,000    
Stanley-Martin Co.      
  80     9.75%, 8/15/15(4)     74,000    
            $ 3,909,280    
Business Equipment and Services — 0.4%      
Hydrochem Industrial Services, Inc., Sr. Sub Notes      
$ 185     9.25%, 2/15/13(4)   $ 170,200    
Knowledge Learning Center, Sr. Sub. Notes      
  160     7.75%, 2/1/15(4)     149,600    
Norcross Safety Products LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B      
  40     9.875%, 8/15/11     42,800    
NSP Holdings LLC/NSP Holdings Capital Corp., Sr. Notes      
  272     11.75%, 1/1/12     272,152    
Safety Products Holdings, Sr. Notes (PIK)      
  90     11.75%, 1/1/12(4)     90,075    
Sungard Data Systems, Inc., Sr. Notes      
  400     9.125%, 8/15/13(4)     408,000    
Sungard Data Systems, Inc., Sr. Notes, Variable Rate      
  100     8.525%, 8/15/13(4)     103,000    
Sungard Data Systems, Inc., Sr. Sub. Notes      
  340     10.25%, 8/15/15(4)     338,725    
United Rentals North America, Inc.      
  75     6.50%, 2/15/12     72,281    
United Rentals North America, Inc., Sr. Sub. Notes      
  700     7.00%, 2/15/14     647,500    
            $ 2,294,333    
Cable and Satellite Television — 1.3%      
CCO Holdings LLC / Capital Corp., Sr. Notes      
$ 730     8.75%, 11/15/13(4)   $ 706,275    
Charter Communications Holdings II, LLC, Sr. Notes      
  230     10.25%, 9/15/10     231,725    
CSC Holdings, Inc., Sr. Notes      
  290     6.75%, 4/15/12(4)     281,300    
CSC Holdings, Inc., Sr. Notes, Series B      
  100     7.625%, 4/1/11     100,750    

 

See notes to financial statements

15



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Cable and Satellite Television (continued)      
CSC Holdings, Inc., Sr. Sub. Notes      
$ 475     10.50%, 5/15/16   $ 511,812    
Insight Communications, Sr. Disc. Notes      
  400     12.25%, 2/15/11     413,000    
Kabel Deutschland GMBH      
  485     10.625%, 7/1/14(4)     524,406    
Ono Finance PLC, Sr. Notes      
  85     14.00%, 2/15/11     92,969    
Paxson Communications Corp., Variable Rate      
  4,000     6.90%, 1/15/10(4)     4,010,000    
UGS Corp.      
  1,060     10.00%, 6/1/12     1,163,350    
            $ 8,035,587    
Chemicals and Plastics — 0.9%      
Avecia Group PLC      
$ 11     11.00%, 7/1/09   $ 11,385    
BCP Crystal Holdings Corp., Sr. Sub Notes      
  312     9.625%, 6/15/14     344,760    
Borden U.S. Finance/Nova Scotia Finance, Sr. Notes      
  175     9.00%, 7/15/14(4)     173,031    
Crystal US Holdings/US Holdings 3, LLC, Sr. Disc. Notes, Series B      
  312     10.50%, 10/1/14     217,620    
Huntsman LLC      
  272     11.625%, 10/15/10     309,400    
Innophos, Inc., Sr. Sub. Notes      
  35     8.875%, 8/15/14(4)     35,175    
Lyondell Chemical Co., Sr. Notes      
  938     10.50%, 6/1/13     1,068,147    
Nalco Co., Sr. Sub. Notes      
  605     8.875%, 11/15/13     620,881    
Nova Chemicals Corp., Sr. Notes, Variable Rate      
  295     7.561%, 11/15/13(4)     299,425    
OM Group, Inc.      
  1,765     9.25%, 12/15/11     1,707,637    
Polyone Corp., Sr. Notes      
  275     10.625%, 5/15/10     270,875    
PQ Corp.      
  80     7.50%, 2/15/13(4)     74,000    
Rhodia SA, Sr. Notes      
  110     10.25%, 6/1/10     117,700    
Solo Cup Co., Sr. Sub. Notes      
  175     8.50%, 2/15/14     144,375    
            $ 5,394,411    

 

Principal Amount
(000's omitted)
  Security   Value  
Clothing / Textiles — 0.4%      
Collins & Aikman Floor Cover      
$ 300     9.75%, 2/15/10   $ 282,000    
Levi Strauss & Co., Sr. Notes      
  665     12.25%, 12/15/12     733,162    
  230     9.75%, 1/15/15     233,450    
Levi Strauss & Co., Sr. Notes, Variable Rate      
  185     8.804%, 4/1/12     184,537    
Oxford Industries, Inc., Sr. Notes      
  570     8.875%, 6/1/11     587,100    
Perry Ellis International, Inc., Sr. Sub. Notes      
  145     8.875%, 9/15/13     146,812    
Phillips Van-Heusen, Sr. Notes      
  155     7.25%, 2/15/11     157,325    
Quiksilver, Inc., Sr. Notes      
  140     6.875%, 4/15/15(4)     130,550    
            $ 2,454,936    
Conglomerates — 0.1%      
Amsted Industries, Inc., Sr. Notes      
$ 615     10.25%, 10/15/11(4)   $ 661,125    
Goodman Global Holdings, Sr. Notes, Variable Rate      
  40     6.41%, 6/15/12(4)     39,400    
Polypore, Inc., Sr. Sub Notes      
  30     8.75%, 5/15/12     26,550    
            $ 727,075    
Containers and Glass Products — 0.2%      
Intertape Polymer US, Inc., Sr. Sub. Notes      
$ 315     8.50%, 8/1/14   $ 304,011    
Pliant Corp. (PIK)      
  851     11.625%, 6/15/09(4)     886,222    
            $ 1,190,233    
Cosmetics / Toiletries — 0.1%      
Aearo Co. I, Sr. Sub. Notes      
$ 155     8.25%, 4/15/12   $ 155,000    
Samsonite Corp., Sr. Sub. Notes      
  225     8.875%, 6/1/11(5)     232,875    
WH Holdings Ltd./WH Capital Corp., Sr. Notes      
  105     9.50%, 4/1/11     114,450    
            $ 502,325    

 

See notes to financial statements

16



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Ecological Services and Equipment — 0.3%      
Aleris International, Inc.      
$ 140     10.375%, 10/15/10   $ 153,650    
  163     9.00%, 11/15/14     167,075    
Allied Waste North America, Series B      
  370     8.875%, 4/1/08     387,575    
Allied Waste North America, Sr. Notes, Series B      
  565     8.50%, 12/1/08     590,425    
Waste Services, Inc., Sr. Sub Notes      
  390     9.50%, 4/15/14     388,050    
            $ 1,686,775    
Electronics / Electrical — 0.3%      
Advanced Micro Devices, Inc., Senior Notes      
$ 580     7.75%, 11/1/12   $ 582,900    
Amkor Technologies, Inc., Sr. Notes      
  130     7.125%, 3/15/11     113,100    
  750     7.75%, 5/15/13     643,125    
CPI Holdco, Inc., Sr. Notes, Variable Rate      
  95     9.672%, 2/1/15     93,600    
Stratus Technologies, Inc., Sr. Notes      
  175     10.375%, 12/1/08     177,625    
            $ 1,610,350    
Equipment Leasing — 0.1%      
Greenbrier Companies, Inc. (The)      
$ 370     8.375%, 5/15/15   $ 382,025    
            $ 382,025    
Financial Intermediaries — 1.6%      
Alzette, Variable Rate      
$ 750     8.691%, 12/15/20(4)   $ 770,400    
Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate      
  760     5.78%, 2/24/19(4)     762,508    
Babson Ltd., Series 2005-1A, Class C1, Variable Rate      
  1,000     6.10%, 4/15/19(4)     1,000,000    
Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate      
  1,000     6.20%, 1/15/19(4)     1,000,000    
Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate      
  1,000     6.782%, 8/11/16(4)     1,000,000    
Centurion CDO 8 Ltd., Series 2005 8A, Class D, Variable Rate      
  1,000     8.297%, 3/8/17     1,000,000    
Centurion CDO 9 Ltd., Series 2005-9A      
  750     0.00%, 7/17/19     750,000    

 

Principal Amount
(000's omitted)
  Security   Value  
Financial Intermediaries (continued)      
Dryden Leveraged Loan, Series 2004-6A, Class C1, Variable Rate      
$ 1,500     4.055%, 7/30/16(4)   $ 1,509,375    
First CLO, Ltd., Sr. Sub. Notes, Variable Rate      
  1,000     5.48%, 7/27/16(4)     1,000,000    
Stanfield Vantage Ltd., Series 2005-1A, Class D, Variable Rate      
  1,000     5.337%, 3/21/17(4)     1,006,400    
            $ 9,798,683    
Food Products — 0.4%      
American Seafood Group, LLC      
$ 30     10.125%, 4/15/10   $ 31,800    
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes      
  400     11.50%, 11/1/11     310,000    
Pierre Foods, Inc., Sr. Sub. Notes      
  320     9.875%, 7/15/12     324,800    
Pinnacle Foods Holdings Corp., Sr. Sub. Notes      
  2,185     8.25%, 12/1/13     2,032,050    
United Agricultural Products, Sr. Notes      
  86     8.25%, 12/15/11     90,730    
            $ 2,789,380    
Food / Drug Retailers — 0.0%      
Rite Aid Corp.      
$ 130     7.125%, 1/15/07   $ 130,650    
  190     8.125%, 5/1/10     190,950    
            $ 321,600    
Forest Products — 0.6%      
Caraustar Industries, Inc.      
$ 40     7.375%, 6/1/09   $ 38,600    
Caraustar Industries, Inc., Sr. Sub. Notes      
  920     9.875%, 4/1/11     906,200    
Domtar, Inc.      
  290     7.125%, 8/1/15     246,500    
Georgia-Pacific Corp.      
  65     9.50%, 12/1/11     75,725    
JSG Funding PLC, Sr. Notes      
  180     9.625%, 10/1/12     173,700    
Newark Group, Inc., Sr. Sub. Notes      
  470     9.75%, 3/15/14     406,550    
NewPage Corp.      
  525     10.00%, 5/1/12     480,375    
Norske Skog Canada Ltd., Sr. Notes, Series D      
  60     8.625%, 6/15/11     58,200    

 

See notes to financial statements

17



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Forest Products (continued)      
Stone Container Corp., Sr. Notes      
$ 700     9.25%, 2/1/08   $ 715,750    
Stone Container Finance Canada      
  750     7.375%, 7/15/14     669,375    
            $ 3,770,975    
Healthcare — 1.2%      
AMR HoldCo, Inc., Sr. Sub. Notes      
$ 250     10.00%, 2/15/15(4)   $ 273,750    
Healthsouth Corp., Sr. Notes      
  280     7.375%, 10/1/06     280,700    
Inverness Medical Innovations, Inc., Sr. Sub. Notes      
  1,565     8.75%, 2/15/12     1,604,125    
Medical Device Manufacturing, Inc., Series B      
  235     10.00%, 7/15/12     276,125    
National Mentor, Inc., Sr. Sub. Notes      
  225     9.625%, 12/1/12(4)     232,875    
Quintiles Transnational Corp., Sr. Sub. Notes      
  2,000     10.00%, 10/1/13     2,217,500    
Res-Care, Inc., Sr. Notes      
  195     7.75%, 10/15/13(4)     196,950    
Service Corp. International, Sr. Notes      
  400     7.00%, 6/15/17(4)     399,000    
Tenet Healthcare Corp., Sr. Notes      
  500     9.25%, 2/1/15(4)     476,250    
US Oncology, Inc.      
  220     9.00%, 8/15/12     233,200    
  425     10.75%, 8/15/14     470,687    
Vanguard Health Holding Co. II LLC, Sr. Sub. Notes      
  475     9.00%, 10/1/14     497,562    
Ventas Realty LP/ Ventas Capital Corp.      
  140     7.125%, 6/1/15     145,250    
VWR International, Inc., Sr. Sub. Notes      
  385     8.00%, 4/15/14     375,375    
            $ 7,679,349    
Home Furnishings — 0.0%      
Fedders North America, Inc.      
$ 240     9.875%, 3/1/14   $ 178,200    
            $ 178,200    
Industrial Equipment — 0.3%      
Case New Holland, Inc., Sr. Notes  
$ 40     9.25%, 8/1/11   $ 42,300    

 

Principal Amount
(000's omitted)
  Security   Value  
Industrial Equipment (continued)      
Chart Industries, Inc., Sr. Sub. Notes      
$ 195     9.125%, 10/15/15(4)   $ 194,025    
Milacron Escrow Corp.      
  355     11.50%, 5/15/11     307,075    
Thermadyne Holdings Corp., Sr. Sub. Notes      
  1,345     9.25%, 2/1/14     1,210,500    
            $ 1,753,900    
Leisure Goods / Activities / Movies — 0.4%      
AMC Entertainment, Inc., Sr. Sub. Notes      
$ 210     9.875%, 2/1/12   $ 201,600    
Loews Cineplex Entertainment Corp.      
  600     9.00%, 8/1/14     580,500    
Marquee Holdings, Inc., Sr. Disc. Notes      
  590     12.00%, 8/15/14(4)     358,425    
Six Flags Theme Parks, Inc., Sr. Notes      
  535     8.875%, 2/1/10     533,662    
Universal City Development Partners, Sr. Notes      
  245     11.75%, 4/1/10     275,931    
Universal City Florida Holding, Sr. Notes      
  55     8.375%, 5/1/10     56,650    
Universal City Florida, Sr. Notes, Variable Rate      
  340     8.443%, 5/1/10     349,775    
            $ 2,356,543    
Lodging and Casinos — 0.8%      
CCM Merger, Inc.      
$ 235     8.00%, 8/1/13(4)   $ 233,825    
Chukchansi EDA, Sr. Notes      
  120     8.00%, 11/15/13(4)     120,000    
Chukchansi EDA, Sr. Notes, Variable Rate      
  280     8.06%, 11/15/12(4)     280,000    
Felcor Lodging L.P., Sr. Notes, Variable Rate      
  140     7.78%, 6/1/11     144,725    
Host Marriot L.P., Series O      
  30     6.375%, 3/15/15     29,250    
Inn of the Mountain Gods, Sr. Notes      
  525     12.00%, 11/15/10     564,375    
Kerzner International, Sr. Sub Note      
  1,080     6.75%, 10/1/15(4)     1,031,400    
Majestic Star Casino LLC      
  465     9.50%, 10/15/10     457,444    
Meristar Hospitality Operations/Finance      
  280     10.50%, 6/15/09     297,150    

 

See notes to financial statements

18



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Lodging and Casinos (continued)      
Mohegan Tribal Gaming Authority, Sr. Sub. Notes      
$ 95     8.00%, 4/1/12   $ 99,394    
OED Corp./Diamond Jo LLC      
  355     8.75%, 4/15/12     346,125    
San Pasqual Casino      
  305     8.00%, 9/15/13(4)     305,000    
Seneca Gaming Corp., Sr. Notes      
  130     7.25%, 5/1/12     133,412    
  70     7.25%, 5/1/12(4)     71,837    
Station Casinos, Sr. Sub. Notes      
  215     6.875%, 3/1/16     217,687    
Trump Entertainment Resorts, Inc.      
  840     8.50%, 6/1/15     817,950    
Wynn Las Vegas, LLC/Corp.      
  105     6.625%, 12/1/14     100,537    
            $ 5,250,111    
Nonferrous Metals / Minerals — 0.1%      
Alpha Natural Resources, Sr. Notes      
$ 135     10.25%, 6/1/12   $ 149,175    
Novelis, Inc., Sr. Notes      
  245     7.50%, 2/15/15(4)     224,787    
            $ 373,962    
Oil and Gas — 0.4%      
Aventine Renewable Energy Holdings, Inc., Variable Rate      
$ 100     9.41%, 12/15/11(4)   $ 104,500    
Clayton Williams Energy, Inc., Sr. Notes      
  95     7.75%, 8/1/13(4)     92,150    
Coastal Corp., Sr. Debs.      
  225     9.625%, 5/15/12     248,625    
El Paso Corp.      
  140     6.95%, 12/15/07     141,575    
El Paso Corp., Sr. Notes      
  155     7.625%, 8/16/07     158,100    
El Paso Production Holding Co.      
  50     7.75%, 6/1/13     51,750    
Giant Industries      
  225     8.00%, 5/15/14     234,000    
Hanover Compressor Co., Sr. Sub. Notes      
  680     0.00%, 3/31/07     603,500    
Hanover Equipment Trust, Series B      
  135     8.75%, 9/1/11     143,775    
Ocean Rig Norway AS, Sr. Notes      
  100     8.375%, 7/1/13(4)     107,875    

 

Principal Amount
(000's omitted)
  Security   Value  
Oil and Gas (continued)      
Parker Drilling Co., Sr. Notes      
$ 100     9.625%, 10/1/13   $ 113,500    
Petrobras International Finance Co.      
  50     7.75%, 9/15/14     53,250    
Transmontaigne, Inc., Sr. Sub. Notes      
  175     9.125%, 6/1/10     174,125    
United Refining Co., Sr. Notes      
  410     10.50%, 8/15/12     434,600    
Williams Cos., Inc. (The)      
  80     8.75%, 3/15/32     92,700    
            $ 2,754,025    
Publishing — 0.3%      
American Media Operations, Inc., Series B      
$ 745     10.25%, 5/1/09   $ 709,612    
CBD Media, Inc., Sr. Sub. Notes      
  125     8.625%, 6/1/11     127,500    
Dex Media West LLC, Sr. Sub. Notes      
  87     9.875%, 8/15/13     96,352    
Houghton Mifflin Co., Sr. Sub. Notes      
  1,245     9.875%, 2/1/13     1,291,688    
            $ 2,225,152    
Radio and Television — 1.0%      
Advanstar Communications, Inc.      
$ 1,000     10.75%, 8/15/10   $ 1,112,500    
CanWest Media, Inc.      
  464     8.00%, 9/15/12     488,133    
Emmis Communications Corp., Sr. Notes, Variable Rate      
  3,000     9.745%, 6/15/12     3,022,500    
LBI Media, Inc.      
  165     10.125%, 7/15/12     176,138    
Nexstar Finance Holdings LLC, Inc., Sr. Disc. Notes      
  110     11.375%, 4/1/13     79,750    
Nextmedia Operating, Inc.      
  100     10.75%, 7/1/11     109,125    
Paxson Communications Corp.      
  105     10.75%, 7/15/08     103,163    
Rainbow National Services, LLC, Sr. Notes      
  180     8.75%, 9/1/12(4)     189,900    
Rainbow National Services, LLC, Sr. Sub. Debs.      
  645     10.375%, 9/1/14(4)     712,725    
Sirius Satellite Radio, Sr. Notes      
  480     9.625%, 8/1/13(4)     456,600    
            $ 6,450,534    

 

See notes to financial statements

19



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Rail Industries — 0.0%      
TFM SA de C.V., Sr. Notes      
$ 85     12.50%, 6/15/12   $ 98,600    
            $ 98,600    
Retailers (Except Food and Drug) — 0.5%      
Affinity Group, Inc., Sr. Sub. Notes      
$ 1,190     9.00%, 2/15/12   $ 1,184,050    
GSC Holdings Corp.      
  815     8.00%, 10/1/12(4)     796,663    
GSC Holdings Corp., Variable Rate      
  485     7.895%, 10/1/11(4)     487,425    
Neiman Marcus Group, Inc., Sr. Notes      
  80     9.00%, 10/15/15(4)     79,000    
Neiman Marcus Group, Inc., Sr. Sub. Notes      
  485     10.375%, 10/15/15(4)     470,450    
            $ 3,017,588    
Steel — 0.0%      
Ispat Inland ULC, Sr. Notes      
$ 199     9.75%, 4/1/14   $ 225,865    
            $ 225,865    
Surface Transport — 0.1%      
Horizon Lines, LLC      
$ 217     9.00%, 11/1/12   $ 231,376    
OMI Corp., Sr. Notes      
  30     7.625%, 12/1/13     30,900    
Quality Distribution LLC/ QD Capital Corp., Variable Rate      
  130     8.65%, 1/15/12(4)     125,613    
            $ 387,889    
Telecommunications — 2.0%      
AirGate PCS, Inc., Variable Rate      
$ 105     7.90%, 10/15/11   $ 108,150    
Alamosa Delaware, Inc., Sr. Disc. Notes      
  180     12.00%, 7/31/09     198,000    
Alamosa Delaware, Inc., Sr. Notes      
  515     11.00%, 7/31/10     572,938    
Centennial Cellular Operating Co., Sr. Notes      
  485     10.125%, 6/15/13     544,413    
Digicel Ltd., Sr. Notes      
  100     9.25%, 9/1/12(4)     103,500    
Inmarsat Finance PLC      
  269     7.625%, 6/30/12     273,371    

 

Principal Amount
(000's omitted)
  Security   Value  
Telecommunications (continued)      
Intelsat Bermuda Ltd., Sr. Notes, Variable Rate      
$ 435     8.695%, 1/15/12(4)   $ 442,613    
Intelsat Ltd., Sr. Notes      
  1,085     5.25%, 11/1/08     998,200    
IWO Holdings, Inc.      
  200     10.75%, 1/15/15     144,000    
LCI International, Inc., Sr. Notes      
  905     7.25%, 6/15/07     898,213    
New Skies Satellites NV, Sr. Notes      
  350     9.125%, 11/1/12     357,000    
New Skies Satellites NV, Sr. Notes, Variable Rate      
  195     9.573%, 11/1/11     200,850    
Qwest Capital Funding, Inc.      
  375     7.75%, 8/15/06     382,500    
  180     6.375%, 7/15/08     175,950    
Qwest Communications International, Inc.      
  95     7.25%, 2/15/11     92,863    
Qwest Communications International, Inc., Sr. Notes      
  690     7.50%, 2/15/14(4)     664,125    
Qwest Corp., Sr. Notes      
  140     7.625%, 6/15/15(4)     144,200    
Qwest Corp., Sr. Notes, Variable Rate      
  925     7.12%, 6/15/13(4)     980,500    
Qwest Services Corp.      
  525     13.50%, 12/15/10     602,438    
Rogers Wireless, Inc.      
  305     7.50%, 3/15/15     328,638    
Rogers Wireless, Inc., Sr. Sub. Notes      
  170     8.00%, 12/15/12     180,625    
Rogers Wireless, Inc., Variable Rate      
  1,453     6.995%, 12/15/10     1,511,120    
Rural Cellular Corp., Variable Rate      
  2,000     8.37%, 3/15/10     2,055,000    
SBA Telecommunications, Sr. Disc. Notes      
  121     9.75%, 12/15/11     109,808    
UbiquiTel Operating Co., Sr. Notes      
  395     9.875%, 3/1/11     433,513    
            $ 12,502,528    
Utilities — 0.2%      
Calpine Corp., Sr. Notes      
$ 500     8.75%, 7/15/07   $ 305,000    
Dynegy Holdings, Inc. Debs.      
  330     7.625%, 10/15/26     292,050    

 

See notes to financial statements

20



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Utilities (continued)      
Dynegy Holdings, Inc., Sr. Notes      
$ 115     10.125%, 7/15/13(4)   $ 127,075    
Mission Energy Holding Co.      
  215     13.50%, 7/15/08     249,938    
NRG Energy, Inc.      
  302     8.00%, 12/15/13     330,690    
            $ 1,304,753    
    Total Corporate Bonds & Notes
(identified cost $101,404,493)
  $ 100,338,413    
Convertible Bonds — 0.0%      
Shares/Rights   Security   Value  
  220,000     Nortel Networks Ltd.   $ 206,525    
    Total Convertible Bonds
(identified cost, $213,366)
  $ 206,525    
Common Stocks and Warrants — 0.1%      
Shares/Rights   Security   Value  
  105,000     Amkor Technologies, Inc.   $ 101,588    
  310,000     L-3 Communications Corp.(4)     313,100    
    Total Common Stocks and Warrants
(identified cost, $415,482)
  $ 414,688    
Common Stocks — 0.1%      
Shares   Security   Value  
  98     Crown Castle International Corp.(5)   $ 2,402    
  33,486     Trump Entertainment Resorts, Inc.(5)     574,789    
    Total Common Stocks
(identified cost, $415,932)
  $ 577,191    
Preferred Stocks — 0.0%      
Shares   Security   Value  
  934     Crown Castle International Corp., (PIK), 6.25%   $ 48,101    
    Total Preferred Stocks
(identified cost, $44,588)
  $ 48,101    

 

Warrants — 0.0%      
Shares/Rights   Security   Value  
  190     Mueller Holdings, Inc., Exp. 4/15/14(4)(5)   $ 76,998    
    Total Warrants
(identified cost, $0)
  $ 76,998    
Closed-End Investment Companies — 3.5%      
Shares   Security   Value  
  87,500     Citigroup Investments Corporate Loan Fund, Inc.   $ 1,101,625    
  125,000     First Trust/Four Corners Senior Floating Rate Income Fund II     2,143,750    
  20,000     Floating Rate Income Strategies Fund II, Inc.     346,400    
  25,000     Floating Rate Income Strategies Fund, Inc.     428,500    
  895,800     ING Prime Rate Trust     6,010,818    
  130,000     Pioneer Floating Rate Trust     2,278,900    
  1,197,000     Van Kampen Senior Income Trust     9,408,420    
    Total Closed-End Investment Companies
(identified cost, $23,835,934)
  $ 21,718,413    
Miscellaneous — 0.0%      
Shares   Security   Value  
  535,000     Trump Atlantic City(5)(6)   $ 20,598    
    Total Miscellaneous
(identified cost, $0)
  $ 20,598    
Commercial Paper — 5.4%      

 

Principal
Amount
  Maturity
Date
  Borrower   Rate   Amount  
$ 20,634,000     11/01/05   General Electric Capital Corp.     4.02 %   $ 20,634,000    
  8,733,000     11/01/05   MetLife Funding, Inc.     3.86 %     8,733,000    
  1,500,000     11/01/05   Old Line Funding, LLC     3.86 %     1,500,000    
  3,205,000     11/01/05   Prudential Financial, Inc.     4.02 %     3,205,000    

 

Total Commercial Paper
(at amortized cost)
  $ 34,072,000    

 

See notes to financial statements

21



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Short-Term Investments — 0.3%  
Principal
Amount
  Maturity
Date
  Borrower   Rate   Amount  
$ 2,000,000     11/01/05   Investors Bank and Trust
Company Time Deposit
    4.03 %   $ 2,000,000    
  Total Short-Term Investments
(at amortized cost)
  $ 2,000,000    
  Gross Investments — 161.3%
(identified cost $1,008,224,584)
  $ 1,012,166,009    
  Less Unfunded Loan
Commitments — (0.6)%
  $ (3,756,385 )  
  Net Investments — 160.7%
(identified cost $1,004,468,199)
  $ 1,008,409,624    
  Other Assets, Less Liabilities — 2.2%   $ 13,676,316    
  Auction Preferred Shares Plus
Cumulative Unpaid
Dividends — (62.9)%
  $ (394,500,282 )  
  Net Assets Applicable to Common
Shares — 100.0%
  $ 627,585,658    

 

PIK - Payment In Kind.

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

(2)  Unfunded loan commitments. See Note 1E for description.

(3)  Security is in default and making only partial interest payments.

(4)  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 October 31, 2005, the aggregate value of the securities is $30,025,181 or 4.8% of the net assets.

(5)  Non-income producing security.

(6)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

See notes to financial statements

22




Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

As of October 31, 2005

Assets  
Investments, at value (identified cost, $1,004,468,199)   $ 1,008,409,624    
Cash     6,181,538    
Receivable for investments sold     3,512,102    
Dividends and interest receivable     7,290,357    
Prepaid expenses     77,801    
Total assets   $ 1,025,471,422    
Liabilities  
Payable for investments purchased   $ 1,351,426    
Payable to agency bank     1,077,255    
Payable to affiliate for investment advisory fees     478,212    
Payable to affiliate     114,409    
Payable for open swap contracts     48,933    
Payable to affiliate for Trustees' fees     1,979    
Accrued expenses     313,268    
Total liabilities   $ 3,385,482    
Auction preferred shares (15,760 shares outstanding) at
liquidation value plus cumulative unpaid dividends
    394,500,282    
Net assets applicable to common shares   $ 627,585,658    
Sources of Net Assets  
Common Shares, $0.01 par value, unlimited number of shares
authorized, 33,488,490 shares issued and outstanding
  $ 334,885    
Additional paid-in capital     634,454,573    
Accumulated net realized loss (computed on the basis of identified cost)     (11,752,652 )  
Accumulated undistributed net investment income     801,658    
Net unrealized appreciation (computed on the basis of identified cost)     3,747,194    
Net assets applicable to common shares   $ 627,585,658    
Net Asset Value Per Common Share  
($627,585,658 ÷ 33,488,490 common shares issued and outstanding)   $ 18.74    

 

Statement of Operations

For the Year Ended
October 31, 2005

Investment Income  
Interest   $ 57,986,444    
Dividends     1,156,012    
Total investment income   $ 59,142,456    
Expenses  
Investment adviser fee   $ 7,705,041    
Trustees' fees and expenses     21,109    
Preferred shares remarketing agent fee     985,000    
Custodian fee     309,595    
Printing and postage     124,801    
Legal and accounting services     113,798    
Transfer and dividend disbursing agent fees     70,356    
Registration fees     21,930    
Miscellaneous     69,015    
Total expenses   $ 9,420,645    
Deduct —
Reduction of custodian fee
  $ 8,610    
Reduction of Investment Adviser fee     2,052,751    
Total expense reductions   $ 2,061,361    
Net expenses   $ 7,359,284    
Net investment income   $ 51,783,172    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —
Investment transactions (identified cost basis)
  $ (3,743,015 )  
Swap contracts     229,869    
Net realized loss   $ (3,513,146 )  
Change in unrealized appreciation (depreciation) —  
Investments (identified cost basis)   $ (2,808,253 )  
Swap contracts     (66,582 )  
Net change in unrealized appreciation (depreciation)   $ (2,874,835 )  
Net realized and unrealized loss   $ (6,387,981 )  
Distributions to preferred shareholders from income   $ (11,840,232 )  
Net increase in net assets from operations   $ 33,554,959    

 

See notes to financial statements

23



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease)
in Net Assets
  Year Ended
October 31, 2005
  Period Ended
October 31, 2004(1) 
 
From operations —
Net investment income
  $ 51,783,172     $ 31,944,766    
Net realized loss from Investment
transactions and swaps contracts
    (3,513,146 )     (3,804,412 )  
Net change in unrealized appreciation
(depreciation) from investments and 
swaps contracts
    (2,874,835 )     6,622,029    
Distributions to preferred shareholders from
net investment income
    (11,840,232 )     (4,366,536 )  
Net increase in net assets from operations   $ 33,554,959     $ 30,395,847    
Distributions to common shareholders —
From net investment income
  $ (41,162,227 )   $ (29,992,379 )  
Total distributions to common shareholders   $ (41,162,227 )   $ (29,992,379 )  
Capital share transactions —
Proceeds from sale of common shares
  $     $ 635,075,000 (2)   
Reinvestment of distributions to
common shareholders
    1,608,927       2,824,407    
Offering costs and preferred shares
underwriting discounts
          (4,818,876 )  
Net increase in net assets from
capital share transactions
  $ 1,608,927     $ 633,080,531    
Net increase (decrease) in net assets   $ (5,998,341 )   $ 633,483,999    
Net Assets Applicable to
Common Shares
 
At beginning of year   $ 633,583,999     $ 100,000    
At end of year   $ 627,585,658     $ 633,583,999    
Accumulated undistributed
(overdistributed) net
investment income included
in net assets applicable to
common shares
 
At end of year   $ 801,658     $ 539,293    

 

(1)  For the period from the start of business, November 28, 2003, to October 31, 2004.

(2)  Proceeds from sales of shares net of sales load paid of $29,925,000.

See notes to financial statements

24




Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Year Ended October 31,  
    2005(1)    2004(1)(2)   
Net asset value — Beginning of year (Common shares)   $ 18.970     $ 19.100 (3)   
Income (loss) from operations  
Net investment income   $ 1.547     $ 0.968    
Net realized and unrealized gain (loss)     (0.193 )     0.080    
Distribution to preferred shareholders from net investment income     (0.354 )     (0.132 )  
Total income from operations   $ 1.000     $ 0.916    
Less distributions to common shareholders  
From net investment income   $ (1.230 )   $ (0.900 )  
Total distributions to common shareholders   $ (1.230 )   $ (0.900 )  
Preferred and Common shares offering costs charged to paid-in capital   $     $ (0.027 )  
Preferred Shares underwriting discounts   $     $ (0.119 )  
Net asset value — End of period (Common shares)   $ 18.740     $ 18.970    
Market value — End of period (Common shares)   $ 17.210     $ 19.940    
Total Investment Return on Net Asset Value(5)      5.57 %     4.13 %(4)   
Total Investment Return on Market Value(5)      (7.77 )%     9.45 %(4)   

 

See notes to financial statements

25



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Year Ended October 31,  
    2005(1)    2004(1)(2)   
Ratios/Supplemental Data† ††   
Net assets applicable to common shares, end of year (000's omitted)   $ 627,586     $ 633,584    
Ratios (As a percentage of average net assets applicable to common shares):  
Net expenses(6)     1.16 %     1.08 %(7)  
Net expenses after custodian fee reduction(6)     1.16 %     1.08 %(7)  
Net investment income(6)     8.18 %     5.51 %(7)  
Portfolio Turnover     64 %     95 %  

 

  The operating expenses of the Trust reflect a reduction of the investment advisor fee and/or a reimbursement of expenses by the Advisor. Had such actions not been taken, the ratios and net investment income per share would have been as follows:

Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(6)     1.49 %     1.38 %(7)  
Expenses after custodian fee reduction(6)     1.49 %     1.38 %(7)  
Net investment income(6)     7.85 %     5.21 %(7)  
Net investment income per share   $ 1.486     $ 0.914    

 

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

Ratios (As a percentage of average total net assets):

Net expenses     0.72 %     0.71 %(7)  
Net expenses after custodian fee reduction     0.72 %     0.71 %(7)  
Net investment income     5.04 %     3.63 %(7)  

 

  The operating expenses of the Trust reflect a reduction of the investment advisor fee and/or a reimbursement of expenses by the Advisor. Had such actions not been taken, the ratios would have been as follows:

Ratios (As a percentage of average total net assets):  
Expenses     0.92 %     0.91 %(7)  
Expenses after custodian fee reduction     0.92 %     0.91 %(7)  
Net investment income     4.84 %     3.43 %(7)  
Senior Securities:  
Total preferred shares outstanding     15,760       15,760    
Asset coverage per preferred share(8)   $ 64,853     $ 65,223    
Involuntary liquidation preference per preferred share(9)   $ 25,000     $ 25,000    
Approximate market value per preferred share(9)   $ 25,000     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  For the period from the start of business, November 28, 2003, to October 31, 2004.

(3)  Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholder from the $20.00 offering price.

(4)  Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported. 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.

(5)  Total investment return on net asset value and total investment return on market value are not computed on an annualized basis.

(6)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Fund's leveraged capital structure.

(7)  Annualized.

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

(9)  Plus accumulated and unpaid dividends.

See notes to financial statements

26




Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

NOTES TO FINANCIAL STATEMENTS

1  Significant Accounting Policies

Eaton Vance Senior Floating-Rate Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. The Trust, which was organized as a Massachusetts business trust on August 5, 2003, seeks to provide a high level of current income. The Trust may, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. The Trust pursues its objectives by investing primarily in senior, secured floating rate loans (Senior Loans). The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — The Trust's investments are primarily in interests in senior floating rate loans (Senior Loans). Certain Senior Loans are deemed to be liquid because reliable market quotations are readily available for them. Liquid Senior Loans are valued on the basis of prices furnished by a pricing service. Other Senior Loans are valued at fair value by the Trust's investment adviser, Eaton Vance Management (EVM), under procedures approved by the Trustees. In connection with determining the fair value of a Senior Loan, the investment adviser makes an assessment of the likelihood that the borrower will make a full repayment of the Senior Loan. The primary factors considered by the investment adviser when making this assessment are (i) the creditworthiness of the borrower, (ii) the value of the collateral backing the Senior Loan, and (iii) the priority of the Senior Loan versus other creditors of the borrower. If, based on its assessment, the investment adviser believes there is a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality. If, based on its assessment, the investment adviser believes there is not a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using analyses that include, but are not limited to (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising such factors, data and information and the relative weight to be given thereto as it deems relevant, including without limitation, some or all of the following: (i) the fundamental characteristics of and fundamental analytical data relating to the Senior Loan, including the cost, size, current interest rate, maturity and base lending rate of the Senior Loan, the terms and conditions of the Senior Loan and any related agreements, and the position of the Senior Loan in the Borrower's debt structure; (ii) the nature, adequacy and value of the collateral securing the Senior Loan, including the Trust's rights, remedies and interests with respect to the collateral; (iii) the creditworthiness of the Borrower, based on an evaluation of, among other things, its financial condition, financial statements and information about the Borrower's business, cash flows, capital structure and future prospects; (iv) information relating to the market for the Senior Loan, including price quotations for and trading in the Senior Loan and interests in similar Senior Loans and the market environment and investor attitudes towards the Senior Loan and interests in similar Senior Loans; (v) the experience, reputation, stability and financial condition of the agent and any intermediate participants in the Senior Loan; and (vi) general economic and market conditions affecting the fair value of the Senior Loan.

Non-loan portfolio holdings (other than short-term obligations maturing in sixty days or less), including listed securities and securities for which price quotations are available and forward contracts, will normally be valued on the basis of market valuations furnished by dealers or pricing services. Financial futures contracts listed on commodity exchanges and exchange-traded options are valued at closing settlement prices. Over-the-counter options are valued at the mean between the bid and asked prices provided by dealers. Marketable securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. The value of interest rate swaps will be based upon a dealer quotation. Short-term obligations and money market securities maturing in sixty days or less are valued at amortized cost which approximates value. Investments for which reliable market quotations are unavailable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust. Occasionally, events affecting the value of foreign securities may occur between the time trading is completed abroad and the close of the Exchange which will not be reflected in the computation of the Trust's net asset value (unless the Trust deems that such

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Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

event would materially affect its net asset value in which case an adjustment would be made and reflected in such computation). The Trust may rely on an independent fair valuation service in making any such adjustment.

B  Income — Interest income from Senior Loans is recorded on the accrual basis at the then-current interest rate, while all other interest income is determined on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

C  Federal Taxes — The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year all of its taxable income, including any net realized gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At October 31, 2005, the Trust, for federal income tax purposes, had a capital loss carryover of $10,668,031 which will reduce the Trust's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. Such capital loss carryover will expire on October 31, 2012 ($5,860,075) and October 31, 2013 ($4,807,956).

D  Investment Transactions — Investment transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined using the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuations during this period. To the extent that when-issued or delayed delivery purchases are outstanding, the Trust instructs the custodian to segregate assets in a separate account, with a current value at least equal to the amount of its purchase commitments.

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

F  Offering Costs — Costs incurred by the Trust in connection with the offering of the common shares and preferred shares were recorded as a reduction of capital paid in excess of par applicable to common shares.

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

H  Written Options — Upon the writing of a call or a put option, an amount equal to the premium received by the Trust is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written in accordance with the Trust's policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Trust. The Trust, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written option.

I  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Trust is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Trust's policies on investment valuations discussed above. If an option which the Trust has purchased expires on the stipulated expiration date, the Trust will realize a loss in the amount of the cost of the option. If the Trust enters into a closing sale transaction, the Trust will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Trust exercises a put option, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Trust exercises a call option, the cost of the security which the Trust purchases upon exercise will be increased by the premium originally paid.

J  Financial Futures Contracts — Upon entering into a financial futures contract, the Trust is required to

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Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

deposit an amount (initial margin) either in cash or securities equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by the Trust (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying securities, and are recorded for book purposes as unrealized gains or losses by the Trust.

If the Trust enters into a closing transaction, the Trust will realize, for book purposes, a gain or loss equal to the difference between the value of the financial futures contract to sell and the financial futures contract to buy. The Trust's investment in financial futures contracts is designed only to hedge against anticipated future changes in interest rates. Should interest rates move unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

K  Reverse Repurchase Agreements — The Trust may enter into reverse repurchase agreements. Under such an agreement, the Trust temporarily transfers possession, but not ownership, of a security to a counterparty, in return for cash. At the same time, the Trust agrees to repurchase the security at an agreed-upon price and time in the future. The Trust may enter into reverse repurchase agreements for temporary purposes, such as Trust withdrawals, or for use as hedging instruments where the underlying security is denominated in a foreign currency. As a form of leverage, reverse repurchase agreements may increase the risk of fluctuation in the market value of the Trust's assets or in its yield. Liabilities to counterparties under reverse repurchase agreements are recognized in the Statement of Assets and Liabilities at the same time at which cash is received by the Trust. The securities underlying such agreements continue to be treated as owned by the Trust and remain in the Portfolio of Investments. Interest charged on amounts borrowed by the Trust under reverse repurchase agreements is accrued daily.

L  Total Return Swaps — The Trust may enter into swap agreements to hedge against fluctuations in securities prices, interest rates or market conditions; to change the duration of the overall portfolio; to mitigate default risk; or for other risk management purposes. Pursuant to these agreements, the Trust makes monthly payments at a rate equal to a predetermined spread to the one-month LIBOR. In exchange, the Trust receives payments based on the rate of return of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Payments received or made at the end of the measurement period are recorded as realized gains and losses. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark industry index. The Trust is exposed to credit loss in the event of non-performance by the swap counterparty. However, the Trust does not anticipate non-performance by the counterparty. Risk may also arise from the unanticipated movements in value of interest rates or the index.

M  Credit Default Swaps — The Trust may enter into credit default swap contracts for risk management purposes, including diversification. When the Trust is the buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust would pay the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Trust would have spent the stream of payments and received no benefit from the contract. When the Trust is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Trust would effectively add leverage to its portfolio because, in addition to its total net assets, the Trust would be subject to investment exposure on the notional amount of the swap. The Trust will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swaps of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.

N  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.

O  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 obligations of the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is

29



Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2  Auction Preferred Shares

The Trust issued 3,940 shares of Auction Preferred Shares (APS) Series A, 3,940 shares of Auction Preferred Shares (APS) Series B, 3,940 shares of Auction Preferred Shares (APS) Series C, and 3,940 shares of Auction Preferred Shares (APS) Series D on January 26, 2004 in a public offering. The underwriting discount and other offering costs were recorded as a reduction of the capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at a rate which was established at the offering of the APS and have been reset every 28 days thereafter by an auction. Dividend rates ranged from 2.194% to 3.840% for Series A shares, 2.00% to 3.84% for Series B shares, 2.05% to 3.75% for Series C shares, and 2.11% to 3.80% for Series D shares.

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

3  Distribution to Shareholders

The Trust intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute net capital gain, if any. Distributions are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the APS is generally twenty-eight days. The applicable dividend rate for the APS on October 31, 2005 was 3.62%, 3.65%, 3.75%, and 3.80%, for Series A, Series B, Series C, and Series D Shares, respectively. For the year ended October 31, 2005, the Trust paid dividends to APS shareholders amounting to $2,942,510, $2,937,664, $2,918,197 and $3,041,861 for Series A, Series B, Series C, and Series D Shares, respectively, representing an average APS dividend rate for such period of 3.239%, 3.213%, 2.956%, and 3.108%, respectively.

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

The tax character of distributions paid for the period ended October 31, 2004, and year ended October 31, 2005 was as follows:


  Year Ended
October 31, 2005
  Period Ended
October 31, 2004(1) 
 
Distributions declared from:  
Ordinary income:   $ 53,002,459     $ 34,358,915    

 

During the year ended October 31, 2005, accumulated undistributed net investment income was increased by $1,481,652, and accumulated net realized loss was increased by $1,481,652 due to differences between book and tax accounting. This change had no effect on net assets or the net asset value per share.

As of October 31, 2005, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed income   $ 801,658    
Unrealized gain   $ 2,662,573    
Capital loss carryforwards   $ (10,668,031 )  

 

(1) For the period from the start of business, November 28, 2003, to October 31, 2004.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee, computed at an annual rate of 0.75% of the average daily gross assets of the Trust, was earned by Eaton Vance Management (EVM), as compensation

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Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

for management and investment advisory services rendered to the Trust. For the year ended October 31, 2005, the fee was equivalent to 0.75% (annualized) of the Trust's average daily gross assets for such period and amounted to $7,705,041.

In addition, the Adviser has contractually agreed to reimburse the Trust for fees and other expenses in the amount of 0.20% of the average daily gross assets of the Trust for the first five full years of the Trust's operations, 0.15% of average weekly gross assets in year 6, 0.10% in year 7 and 0.05% in year 8. For the year ended October 31, 2005 the Investment Adviser waived $2,052,751 of its advisory fee.

Certain officers and Trustees of the Trust are officers of the above organization.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including paydowns, aggregated $638,152,766, and $620,070,223 respectively, for the year ended October 31, 2005.

6  Common Shares of Beneficial Interest

The Agreement and Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares of beneficial interest. Transactions in common shares were as follows:

    Year Ended
October 31, 2005
  Period Ended
October 31, 2004(1) 
 
Sales           33,255,000    
Issued to shareholders electing to
receive payments of distributions 
in Fund shares
    84,520       148,970    
Net increase     84,520       33,403,970    

 

(1)  For the period from the start of business, November 28, 2003, to October 31, 2004.

7  Federal Income Tax Basis of Unrealized Appreciation (Depreciation)

The cost and unrealized appreciation (depreciation) in value of investments owned by the Trust at October 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate Cost   $ 1,005,552,820    
Gross unrealized appreciation   $ 8,664,406    
Gross unrealized depreciation     (5,807,602 )  
Net unrealized appreciation   $ 2,856,804    

 

8  Financial Instruments

The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options, financial futures and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2005 is as follows:

Credit Default Swaps

Notional
Amount
  Expiration
Date
  Description   Net Unrealized
Appreciation
(Depreciation)
 
$ 2,400,000     9/20/2008   Agreement with Credit Suisse/
First Boston dated 1/9/2004
whereby the Trust will receive
2.45% per year times the notional
amount. The Trust makes a
payment only upon a default
event on underlying loan assets
(47 in total, each representing
2.128% of the notional value of
the swap).
  $ (41,633 )  
$ 5,200,000     9/20/2008   Agreement with Credit Suisse/
First Boston dated 1/27/2004
whereby the Trust will receive
2.45% per year times the notional
amount. The Trust makes a
payment only upon a default
event on underlying loan assets
(47 in total, each representing
2.128% of the notional value of
the swap).
  $ (138,734 )  
$ 2,000,000     3/20/2010   Agreement with Lehman Brothers
dated 3/15/2005 whereby the
Trust will receive 2.20% per year
times the notional amount. The
Trust makes a payment of the
notional amount only upon a
default event on the reference
entity, a Revolving Credit Agreement
issued by Inergy, L.P.
  $ (13,864 )  

 

At October 31, 2005, The Trust had sufficient cash and/or securities segregated to cover potential obligations arising from open swap contracts.

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Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders
of Eaton Vance Senior Floating-Rate Trust:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Senior Floating-Rate Trust (the Trust), including the portfolio of investments as of October 31, 2005, the related statement of operations for the year then ended, the statement of changes in net assets, and the financial highlights for the year then ended and for the period from the start of business November 28, 2003 to October 31, 2004. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and Senior Loans owned as of October 31, 2005 by correspondence with the custodian, brokers, and selling or agent banks; where replies were not received from brokers and selling or agent banks; we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Eaton Vance Senior Floating-Rate Trust at October 31, 2005, the results of its operations for the year then ended, the changes in its net assets, and the financial highlights for the year then ended and for the period from the start of business November 28, 2003 to October 31, 2004, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 19, 2005

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Eaton Vance Senior Floating-Rate Trust as of October 31, 2005

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2006 will show the tax status of all distributions paid to your account in calendar 2005. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund.

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Eaton Vance Senior Floating Rate Trust as of October 31, 2005

OTHER MATTERS (Unaudited)

Annual Meeting of Shareholders (Unaudited)

The Trust held its Annual Meeting of Shareholders on August 19, 2005. The following action was taken by the shareholders:

Item 1: The election of James B. Hawkes, William H. Park and Ralph F. Verni as Class II Trustees of the Trust for a three-year term expiring in 2008.

Nominee for Trustees   Number of Shares  
Elected by All Shareholders   For   Withheld  
James B. Hawkes     28,662,537       431,175    
William H. Park     28,651,739       441,973    
Ralph F. Verni     28,668,277       425,435    

 

34




Eaton Vance Senior Floating-Rate Trust

DIVIDEND REINVESTMENT PLAN

The Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have dividends and capital gains distributions reinvested in common shares (the Shares) of the Trust. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by PFPC Inc. as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Trust's transfer agent, PFPC, Inc. or you will not be able to participate.

The Plan Agent's service fee for handling distributions will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.

Any inquires regarding the Plan can be directed to the Plan Agent, PFPC, Inc., at 1-800-331-1710.

35



Eaton Vance Senior Floating-Rate Trust

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

  Please print exact name on account:

  Shareholder signature  Date

  Shareholder signature  Date

  Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

  Eaton Vance Senior Floating-Rate Trust
  c/o PFPC, Inc.
  P.O. Box 43027
  Providence, RI 02940-3027
  800-331-1710

Number of Employees

The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company and has no employees.

Number of Shareholders

As of October 31, 2005, our records indicate that there are 20 registered shareholders and approximately 23,993, 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.

36



Eaton Vance Senior Floating-Rate Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

The investment advisory agreement between Eaton Vance Senior Floating-Rate Trust (the Trust) and the investment adviser, Eaton Vance Management ("Eaton Vance"), provides that the advisory agreement will continue in effect from year to year so long as its continuance is approved at least annually (i) by a vote of a majority of the noninterested Trustees of the Trust cast in person at a meeting called for the purpose of voting on such approval and (ii) by the Trustees of the Trust or by vote of a majority of the outstanding interests of the Trust.

In considering the annual approval of the investment advisory agreement between the Trust and the investment adviser, the Special Committee of the Board of Trustees considered information that had been provided throughout the year at regular Board meetings, as well as information furnished for a series of meetings held in February and March in preparation for a Board meeting held on March 21, 2005 to specifically consider the renewal of the investment advisory agreement. Such information included, among other things, the following:

•  An independent report comparing the advisory fees of the Trust with those of comparable funds;

•  An independent report comparing the expense ratio of the Trust to those of comparable funds;

•  Information regarding Trust investment performance (including on a risk-adjusted basis) in comparison to relevant peer groups of funds and appropriate indices;

•  The economic outlook and the general investment outlook in relevant investment markets;

•  Eaton Vance's results and financial condition and the overall organization of the investment adviser;

•  The procedures and processes used to determine the fair value of Trust assets, including, in particular, the valuation of senior loan portfolios and actions taken to monitor and test the effectiveness of such procedures and processes;

•  Eaton Vance's management of the relationship with the custodian, subcustodians and fund accountants;

•  The resources devoted to compliance efforts undertaken by Eaton Vance on behalf of the funds it manages and the record of compliance with the investment policies and restrictions and with policies on personal securities transactions;

•  The quality, nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance and its affiliates; and

•  The terms of the advisory agreement and the reasonableness and appropriateness of the particular fee paid by the Trust for the services described therein.

The Special Committee also considered the investment adviser's portfolio management capabilities, including information relating to the education, experience, and number of investment professionals and other personnel who provide services under the investment advisory agreement. Specifically, the Special Committee considered the investment adviser's experience in managing senior loan portfolios. The Special Committee noted the experience of the 26 bank loan investment professionals and other personnel who would provide services under the investment advisory agreement, including four portfolio managers and 15 analysts. Many of these portfolio managers and analysts have previous experience working for commercial banks and other lending institutions. The Special Committee also took into account the time and attention to be devoted by senior management to the Trust and the other funds in the complex. The Special Committee evaluated the level of skill required to manage the Trust and concluded that the human resources available at the investment adviser were appropriate to fulfill its duties on behalf of the Trust.

In its review of comparative information with respect to the Trust's investment performance (including on a risk-adjusted basis), the Special Committee noted the Trust's limited operating history and concluded that it was appropriate to allow time to fully evaluate the Trust's performance record. With respect to its review of investment advisory fees, the Special Committee concluded that the fees paid by the Trust are within the range of those paid by comparable funds within the mutual fund industry. In reviewing the information regarding the expense ratio of the Trust, the Special Committee concluded that the Trust's expense ratio is within a range that is competitive with comparable funds.

In addition to the factors mentioned above, the Special Committee reviewed the level of the investment adviser's profits in providing investment management and administration services for the Trust and for all Eaton Vance funds as a group. The Special Committee noted in particular that the Trust benefits from a contractual waiver of advisory fees and other expenses effective during the first five years of the Trust's operations. In addition, the Special Committee considered the fiduciary duty assumed by the investment adviser in connection with the services rendered to the Trust and the business reputation of the investment adviser and its financial resources.

37



Eaton Vance Senior Floating-Rate Trust

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

The Trustees concluded that in light of the services rendered, the profits realized by the investment adviser are not unreasonable. The Special Committee also considered the fact that the Trust is not continuously offered and concluded that, in light of the level of the investment adviser's profits with respect to the Trust, the implementation of breakpoints is not appropriate.

The Special Committee did not consider any single factor as controlling in determining whether or not to renew the investment advisory agreement. Nor are the items described herein all the matters considered by the Special Committee. In assessing the information provided by Eaton Vance and its affiliates, the Special Committee also took into consideration the benefits to shareholders of investing in a fund that is a part of a large family of funds which provides a large variety of shareholder services.

Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, and assisted by independent counsel, the Special Committee concluded that the renewal of the investment advisory agreement, including the fee structure, is in the interests of shareholders.

38




Eaton Vance Senior Floating-Rate Trust

MANAGEMENT AND ORGANIZATION

Trust Management. The Trustees of Eaton Vance Senior Floating-Rate Trust (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR" refers to Boston Management and Research, and "EVD" refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Trust's principal underwriter and a wholly-owned subsidiary of EVM.

Name and
Date of Birth
  Position(s)
with the
Trust
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Interested Trustee  
James B. Hawkes
11/9/41
  Trustee and
Vice President
  Until 2008. 3 years. Trustee since 2003   Chairman, President and Chief Executive Officer of BMR, EVC, EVM and EV; Director of EV; Vice President and Director of EVD. Trustee and/or officer of 161 registered investment companies in the Eaton Vance Fund Complex. Mr. Hawkes is an interested person because of his positions with BMR, EVM, EVC and EV, which are affiliates of the Trust.     161     Director of EVC  
Noninterested Trustee(s)  
Benjamin C. Esty 1/2/63   Trustee   Until 2007. 3 years. Trustee since 2005   Professor, Harvard University Graduate School of Business Administration (since 2003). Formerly, Associate Professor, Harvard University Grauduate School of Business Administration (2000-2003).     152     None  
Samuel L. Hayes, III 2/23/35   Chairman of
the Board
and Trustee
  Until 2007. 3 years. Trustee since 2003; Chairman since 2005   Jacob H. Schiff Professor of Investment Banking Emeritus, Harvard University Graduate School of Business Administration.     161     Director of Tiffany & Co. (specialty retailer) and Telect, Inc. (telecommunication services company)  
William H. Park 9/19/47   Trustee   Until 2008. 3 years. Trustee since 2003   President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (since 2002). Executive Vice President and Chief Financial Officer, United Asset Management Corporation (a holding company owning institutional investment management firms) (1982-2001).     161     None  
Ronald A. Pearlman 7/10/40   Trustee   Until 2006. 3 years. Trustee since 2003   Professor of Law, Georgetown University Law Center (since 1999). Tax Partner, Covington & Burling, Washington, DC (1991-2000).     161     None  
Norton H. Reamer 9/21/35   Trustee   Until 2006. 3 years. Trustee since 2003   President and Chief Executive Officer of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) (since October 2003). President, Unicorn Corporation (an investment and financial advisory services company) (since September 2000). Formerly, Chairman, Hellman, Jordan Management Co., Inc. (an investment management company) (2000-2003). Formerly, Advisory Director of Berkshire Capital Corporation (investment banking firm) (2002-2003). Formerly, Chairman of the Board, United Asset Management Corporation (a holding company owning institutional investment management firms) and Chairman, President and Director, UAM Funds (mutual funds) (1980-2000).     161     None  

 

39



Eaton Vance Senior Floating-Rate Trust

MANAGEMENT AND ORGANIZATION CONT'D

Name and
Date of Birth
  Position(s)
with the
Trust
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Noninterested Trustee(s) (continued)  
Lynn A. Stout 9/14/57   Trustee   Until 2007. 3 years. Trustee since 2003   Professor of Law, University of California at Los Angeles School of Law (since July 2001). Formerly, Professor of Law, Georgetown University Law Center.     161     None  
Ralph F. Verni 1/26/43   Trustee   Until 2008. 3 years. Trustee since 2005   Consultant and private investor (since 2000). Formerly, President and Chief Executive Officer, Redwood Investment Systems, Inc. (software developer) (2000). Formerly, President and Chief Executive Officer, State Street Research & Management (investment adviser), SSRM Holdings (parent of State Street Research & Management), and SSR Realty (institutional realty manager) (1992-2000).     152     Director of W.P. Carey & Company LLC (manager of real estate investment trust)  
Principal Officers who are not Trustees  

 

Name and
Date of Birth
  Position(s)
with the
Trust
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
 
Thomas E. Faust Jr. 5/31/58   President   Since 2003   Executive Vice President of EVM, BMR, EVC and EV; Chief Investment Officer of EVM and BMR and Director of EVC. Chief Executive Officer of Belair Capital Fund LLC, Belcrest Capital Fund LLC, Belmar Capital Fund LLC, Belport Capital Fund LLC and Belrose Capital Fund LLC (private investment companies sponsored by EVM). Officer of 65 registered investment companies managed by EVM or BMR.  
Scott H. Page 11/30/59   Vice President   Since 2003   Vice President EVM and BMR. Officer of 14 registered investment companies managed by EVM or BMR.  
Craig Russ 10/30/63   Vice President   Since 2003   Vice President EVM and BMR. Officer of 1 registered investment companies managed by EVM or BMR.  
Payson F. Swaffield 8/13/56   Vice President   Since 2003   Vice President of EVM and BMR. Officer of 14 registered investment companies managed by EVM or BMR.  
Michael W. Weilheimer 2/11/61   Vice President   Since 2003   Vice President of EVM and BMR. Officer of 9 registered investment companies managed by EVM or BMR.  
Barbara E. Campbell 6/19/57   Treasurer   Since 2003   Vice President of EVM and BMR. Officer of 161 registered investment companies managed by EVM or BMR.  
Alan R. Dynner 10/10/40   Secretary   Since 2003   Vice President, Secretary and Chief Legal Officer of BMR, EVM, EVD, EV and EVC. Officer of 161 registered investment companies managed by EVM or BMR.  
Paul M. O'Neil 7/11/53   Chief
Compliance Officer
  Since 2004   Vice President of EVM and BMR. Officer of 161 registered investment companies managed by EVM or BMR.  

 

(1)  Includes both master and feeder funds in a master-feeder structure.

The SAI for the Trust includes additional information about the Trustees and officers of the Trust and can be obtained without charge by calling 1-800-225-6265.

In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Fund's Annual CEO Certification certifying as to compliance with NYSE's Corporate Governance Listing Standards was submitted to the Exchange on September 13, 2005. The Fund has also filed its CEO and CFO certifications required by Section 302 of the Sarbanes-Oxley Act with the SEC as an exhibit to its most recent Form N-CSR.

40



This Page Intentionally Left Blank




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

The Eaton Vance Building
255 State Street
Boston, MA 02109

Administrator of Eaton Vance Senior Floating-Rate Trust
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Custodian
Investors Bank & Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
(800) 331-1710

Independent Registered Public Accounting Firm
Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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



2025-12/05  CE-FLRTSRC




 

Item 2. Code of Ethics

 

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.  The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

 

Item 3. Audit Committee Financial Expert

 

The registrant’s Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts.  Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm).  Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).  Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration.  Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company).  Formerly, Mr. Reamer was Chairman 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

 

(a)-(d)

 

The following table presents aggregate fees billed to the registrant for the fiscal years ended October 31, 2004 and October 31, 2005 by the registrant’s principal accountant for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

 

Fiscal Years Ended

 

10/31/2004

 

10/31/2005

 

 

 

 

 

 

 

Audit Fees

 

$

63,040

 

$

65,120

 

 

 

 

 

 

 

Audit-Related Fees(1)

 

$

4,950

 

$

5,000

 

 

 

 

 

 

 

Tax Fees(2)

 

$

6,100

 

$

6,405

 

 

 

 

 

 

 

All Other Fees(3)

 

$

0

 

$

0

 

 

 

 

 

 

 

Total

 

$

74,090

 

$

76,525

 

 


(1)           Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s auction preferred shares.

 

(2)           Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters

 

(3)                 All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

 



 

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”).  The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities.  As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees.  Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

 

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually.  The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

 

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

 

(f) Not applicable.

 

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by the registrant’s principal accountant for the registrant’s fiscal years ended October 31, 2004 and October 31, 2005; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by the registrant’s principal accountant for the same time periods, respectively.

 

Fiscal Years Ended

 

10/31/2004

 

10/31/2005

 

 

 

 

 

 

 

Registrant

 

$

11,050

 

$

11,405

 

 

 

 

 

 

 

Eaton Vance(1)

 

$

344,230

 

$

170,983

 

 


(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrant’s investment adviser and administrator.

 

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 



 

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

 

Not required in this filing.

 

Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not required in this filing.

 

Item 9.    Submission of Matters to a Vote of Security Holders.

 

Effective February 7, 2005, the Governance Committee of the Board of Trustees revised the procedures by which a Fund’s shareholders may recommend nominees to the registrant’s Board of Trustees to add the following (highlighted):

 



 

The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains  (i)sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund).  Shareholders shall be directed to address any such recommendations in writing to the attention of the Governance Committee, c/o the Secretary of the Fund. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations

 

Item 10. 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 11. 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:

December 16, 2005

 

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:

December 16, 2005

 

 

 

 

By:

/s/Thomas E. Faust Jr.

 

 

Thomas E. Faust Jr.

 

President

 

 

 

 

Date:

December 16, 2005