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:
811-21574
Eaton Vance Floating-Rate Income Trust
(Exact Name of registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Maureen A. Gemma
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(registrants Telephone Number)
May 31
Date of Fiscal Year End
November 30, 2008
Date of Reporting Period
TABLE OF CONTENTS
Item 1. Reports to Stockholders
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 customers 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 customers account (i.e., fund
shares) is held in the name of a third-party financial
adviser/broker-dealer, it is likely that only such
advisers privacy policies apply to the customer. This
notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vances Privacy Policy,
please call
1-800-262-1122.
Delivery of Shareholder Documents.
The Securities
and Exchange Commission (the SEC) permits funds to
deliver only one copy of shareholder documents, including
prospectuses, proxy statements and shareholder reports, to fund
investors with multiple accounts at the same residential or post
office box address. This practice is often called
householding and it helps eliminate duplicate
mailings to shareholders.
Eaton Vance, or your financial adviser, may household the
mailing of your documents indefinitely unless you instruct Eaton
Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be
householded, please contact Eaton Vance at
1-800-262-1122,
or contact your financial adviser.
Your instructions that householding not apply to delivery of
your Eaton Vance documents will be effective within 30 days
of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings.
Each Eaton Vance Fund and its
underlying Portfolio (if applicable) will file a schedule of its
portfolio holdings on
Form N-Q
with the SEC for the first and third quarters of each fiscal
year. The
Form N-Q
will be available on the Eaton Vance website www.eatonvance.com,
by calling Eaton Vance at
1-800-262-1122
or in the EDGAR database on the SECs website at
www.sec.gov.
Form N-Q
may also be reviewed and copied at the SECs 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 SECs website at
www.sec.gov.
Eaton Vance Floating-Rate Income Trust as of November 30, 2008
INVESTMENT UPDATE
Economic and Market Conditions
Scott
H. Page, CFA
Co-Portfolio Manager
Ralph H. Hinckley, Jr., CFA
Co-Portfolio Manager
|
|
During the six months ended November 30, 2008, credit markets experienced unprecedented
volatility, and the bank loan market and high-yield bond market were no exception. The subprime crisis of
2007 expanded in 2008 to include nearly all credit instruments, which in turn, caused the world
economy to slip into recession. The period was a roller-coaster for the credit markets and for the
Trust. The total return for the S&P/LSTA Leveraged Loan Index (the Index) through the first three
months of the period was -0.64%, disappointing, but, given the environment, not especially bad
compared to other markets. However, September 2008 brought a series of events that rattled the
markets more deeply: the bailouts of Fannie Mae and Freddie Mac, the bankruptcy of Lehman Brothers,
the rescue of American International Group, Inc. and a litany of unprecedented steps by the U.S. Treasury and the Federal
Reserve to stabilize the credit markets. In the Trusts second fiscal quarter, the Index declined
-25.52%, by far its worst quarterly showing ever. The average loan price in the Trust was 65.2% of
par at November 30, 2008. Although statistics vary with respect to the recovery rates of loans in
default, the historical rate has been approximately 70% of par. As such, bank loan prices at
year-end were approaching levels that implied near universal default. At year-end, 1.2% of the loan
investments of the Trust were in default versus 2.0% for the Index.
|
Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value or share price (as applicable) with all
distributions reinvested. The Trusts performance at share price will differ from its results at
NAV. Although share price performance generally reflects investment results over time, during
shorter periods, returns at share price can also be affected by factors such as changing
perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts
shares, or changes in Trust distributions. Investment return and principal value will fluctuate so
that shares, when sold, may be worth more or less than their original cost. Performance is for the
stated time period only; due to market volatility, the Trusts current performance may be lower or
higher than the quoted return. Absent an expense waiver by the investment adviser, returns would be
lower. For performance as of the most recent month end, please refer to www.eatonvance.com.
Trust shares are not insured by the FDIC and are not deposits or other obligations of, or
guaranteed by, any depository institution. Shares are subject to investment risks, including
possible loss of principal invested.
|
|
While there is little doubt that a recession would bring higher default rates, it is difficult
to reconcile recent trading levels with market fundamentals. A range of credit statistics and
criteria used to monitor creditworthiness suggested that overall credit quality appeared to be in
line with historical patterns. Despite this, bank loans traded below historical recovery levels,
thus implying a near 100% default rate. The most compelling, albeit obvious, explanation for the
markets depressed trading level was that there were more sellers of bank loans than buyers,
especially during the Trusts second quarter.
Some selling was forced, especially by hedge funds and structured investment vehicles unable to
meet margin requirements. Some selling was voluntary, as redemptions from mutual funds were
significant throughout the year. In addition, many hard-pressed banks and investment banks that
typically make markets in bank loans were hesitant to own loans and bonds, making trading more
volatile. Later in the period, there were signs that many institutional investors were attracted to
the asset class by record low loan prices. However, selling clearly outweighed buying, pushing
prices lower.
|
Management Discussion
|
|
The Trust is a closed-end fund and trades on the New York Stock Exchange under the symbol
EFT. The Trusts investment objective is to provide a high level of current income. As a secondary
objective, it may also seek preservation of capital to the extent
|
Eaton Vance Floating-Rate Income Trust
Total Return Performance 5/31/08 11/30/08
|
|
|
|
|
|
|
NYSE Symbol
|
|
|
|
EFT
|
|
At Net Asset Value (NAV)
1
|
|
|
|
|
-43.24
|
%
|
At Share Price
1
|
|
|
|
|
-44.76
|
%
|
S&P/LSTA Leveraged Loan Index
2
|
|
|
|
|
-25.96
|
%
|
|
Premium/Discount to NAV as of 11/30/08
|
|
|
|
|
-9.57
|
%
|
Total Distributions per common share
|
|
|
|
$
|
0.582
|
|
Distribution Rate
3
|
|
At NAV
|
|
|
13.12
|
%
|
|
|
At Share Price
|
|
|
14.51
|
%
|
Please refer to page 3 for additional performance information.
|
|
|
1
|
|
Performance results reflect the effects of leverage.
|
|
2
|
|
It is not possible to invest directly in an Index. The Indexs total return reflects
changes in value of the loans constituting the Index and accrual of interest and does not
reflect the commissions or expenses that would have been incurred if an investor individually
purchased or sold the loans represented in the Index. Unlike the Trust, the Indexs return
does not reflect the effect of leverage.
|
|
3
|
|
The Distribution Rate is based on the Trusts most recent monthly distribution per
share (annualized ) divided by the Trusts NAV or share price at the end of the period. The
Trusts monthly distributions may be comprised of ordinary income, net realized capital gains
and return of capital.
|
1
Eaton Vance Floating-Rate Income Trust as of November 30, 2008
INVESTMENT UPDATE
|
|
consistent with its primary goal of high current income. Under normal market conditions, the
Trust invests at least 80% of its total assets in senior, secured floating-rate loans (senior
loans). In managing the Trust, the investment adviser seeks to invest in a portfolio of senior
loans that it believes will be less volatile over time than the general loan market. The Trust may
also invest in
second lien loans and high yield bonds, and, as discussed below, may employ leverage, which
may increase risk.
|
|
|
|
The Trusts performance for the six months ended November 30, 2008 was negatively affected
by the issues that influenced the broader market. The effect of leverage was the primary factor
contributing to the Trusts underperformance relative to the Index.
In addition, the Trust had approximately 9% of its assets invested in European loans, and loan
prices in Europe have underperformed relative to their U.S. counterparts.
|
|
|
|
At November 30, 2008, the Trusts investments included senior loans to 411 borrowers
spanning 38 industries, with an average loan size of 0.24% of total investments, and no industry
constituting more than 10% of total investments. Healthcare, business equipment and services,
publishing, leisure goods/activities/ movies and cable and satellite television were the top
industry weightings.
|
|
|
|
The Trust continues to have less than 1% exposure to home builders. The Trust did not have
any exposure to subprime or prime mortgage lenders during the six months ended November 30, 2008.
|
|
|
|
As of November 30, 2008, the Trust had outstanding leverage of approximately 48.9% of its
total net assets.
1
The Trusts leverage consists of auction preferred shares issued by
the Trust (APS) and borrowings under a revolving credit and security agreement with conduit
lenders and a bank. Pursuant to applicable law and provisions of the Trusts governing documents
relating to the use of leverage, the Trust may not declare dividends or other distributions on
common shares if it does not maintain asset coverage in certain prescribed amounts. As a result of
the sharp
declines in the value of the Trusts investments in recent months, the Trust sold investments to
reduce outstanding leverage and maintain the required asset coverage. During the six months ended
November 30, 2008, the Trusts outstanding borrowings were reduced by $121.5 million for this
reason. If credit markets remain volatile, additional actions may be required to maintain the
Trusts asset coverage, including additional sales of investments and possibly a reduction in
dividend payment rates. In the event of an improvement in asset coverage, the Trust has the ability
to increase borrowings under the revolving credit and security agreement.
|
The views expressed throughout this report are those of the portfolio managers and are current only
through the end of the period of the report as stated on the cover. These views are subject to
change at any time based upon market or other conditions, and the investment adviser disclaims any
responsibility to update such views. These views may not be relied on as investment advice and,
because investment decisions for a fund are based on many factors, may not be relied on as an
indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in
the report may not be representative of the Trusts current or future investments and may change
due to active management.
|
|
|
1
|
|
In the event of a rise in long-term interest rates or a decline in bank loan prices
due to market conditions, the value of the Trusts investment portfolio could decline, which
would reduce the asset coverage for its Auction Preferred Shares and borrowings.
|
2
Eaton Vance Floating-Rate Income Trust as of November 30, 2008
TRUST PERFORMANCE
Portfolio Composition
Top Ten Holdings
1
By total investments
|
|
|
|
|
SunGard Data Systems, Inc.
|
|
|
1.1
|
%
|
HCA, Inc.
|
|
|
1.0
|
|
NRG Energy, Inc.
|
|
|
0.9
|
|
Health Management Association, Inc.
|
|
|
0.9
|
|
UPC Broadband Holding B.V.
|
|
|
0.9
|
|
Georgia-Pacific Corp.
|
|
|
0.8
|
|
Community Health Systems, Inc.
|
|
|
0.8
|
|
Rite Aid Corp.
|
|
|
0.8
|
|
Centennial Cellular Operating Co., LLC
|
|
|
0.7
|
|
Alltel Communications
|
|
|
0.7
|
|
|
|
|
1
|
|
Reflects the Trusts investments as of 11/30/08. Holdings are shown as a percentage of
the Trusts total investments.
|
Top Five Industries
2
By total investments
|
|
|
|
|
Healthcare
|
|
|
9.9
|
%
|
Business Equipment and Services
|
|
|
7.3
|
|
Publishing
|
|
|
6.4
|
|
Leisure Goods/Activities/Movies
|
|
|
6.1
|
|
Cable and Satellite Television
|
|
|
6.0
|
|
|
|
|
2
|
|
Reflects the Trusts investments as of 11/30/08. Industries are shown as a percentage
of the Trusts total investments.
|
Credit Quality Ratings for Total Loan Investments
3
By total loan investments
|
|
|
|
|
Baa
|
|
|
1.3
|
%
|
Ba
|
|
|
46.4
|
|
B
|
|
|
36.0
|
|
Caa
|
|
|
4.3
|
|
Non-Rated
4
|
|
|
12.0
|
|
|
|
|
3
|
|
Credit Quality Ratings are those provided by Moodys Investor Services, Inc., a nationally
recognized bond rating service. Reflects the Trusts total loan investments as of 11/30/08.
Although the investment adviser considers ratings when making investment decisions, it
performs its own credit and investment analysis and does not rely primarily on the ratings
assigned by the rating services. Credit quality can change from time to time, and recently
issued credit ratings may not fully reflect the actual risks posed by a particular security or
the issuers current financial condition.
|
|
4
|
|
Certain loans in which the Trust invests are not rated by a rating agency. In managements
opinion, such securities are comparable to securities rated by a rating agency in the
categories listed above.
|
Trust Performance
5
New York Stock Exchange Symbol
|
|
|
|
|
Average Annual Total Return (by share price, NYSE)
|
|
EFT
|
|
Six Months
|
|
|
-44.76
|
%
|
One Year
|
|
|
-44.10
|
|
Life of Trust (6/29/04)
|
|
|
-11.16
|
|
|
|
|
|
|
Average Annual Total Return (at net asset value)
|
|
|
|
|
|
Six Months
|
|
|
-43.24
|
%
|
One Year
|
|
|
-44.54
|
|
Life of Trust (6/29/04)
|
|
|
-9.12
|
|
|
|
|
5
|
|
Performance results reflect the effects of leverage.
|
Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value or share price (as applicable) with all
distributions reinvested. The Trusts performance at share price will differ from its results at
NAV. Although share price performance generally reflects investment results over time, during
shorter periods, returns at share price can also be affected by factors such as changing
perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts
shares, or changes in Trust distributions. Investment return and principal value will fluctuate so
that shares, when sold, may be worth more or less than their original cost. Performance is for the
stated time period only; due to market volatility, the Trusts current performance may be lower or
higher than the quoted return. Absent an expense waiver by the investment adviser, the returns
would be lower. For performance as of the most recent month end, please refer to
www.eatonvance.com.
3
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Senior Floating-Rate
Interests 171.2%
(1)
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
|
Aerospace
and Defense 3.7%
|
|
CACI International, Inc.
|
|
2,113,556
|
|
|
Term Loan, 3.54%, Maturing May 3, 2011
|
|
$
|
1,907,484
|
|
|
|
Colt Defense, LLC
|
|
981,420
|
|
|
Term Loan, 6.10%, Maturing July 9, 2014
|
|
|
780,229
|
|
|
|
DAE Aviation Holdings, Inc.
|
|
459,575
|
|
|
Term Loan, 6.28%, Maturing July 31, 2014
|
|
|
273,447
|
|
|
|
|
454,194
|
|
|
Term Loan, 7.17%, Maturing July 31, 2014
|
|
|
270,245
|
|
|
|
Evergreen International Aviation
|
|
1,468,273
|
|
|
Term Loan, 9.00%, Maturing October 31, 2011
|
|
|
954,377
|
|
|
|
Hawker Beechcraft Acquisition
|
|
208,002
|
|
|
Term Loan, 5.76%, Maturing March 26, 2014
|
|
|
112,767
|
|
|
|
|
3,551,294
|
|
|
Term Loan, 5.76%, Maturing March 26, 2014
|
|
|
1,925,309
|
|
|
|
Hexcel Corp.
|
|
371,124
|
|
|
Term Loan, 5.39%, Maturing March 1, 2012
|
|
|
324,733
|
|
|
|
IAP Worldwide Services, Inc.
|
|
970,694
|
|
|
Term Loan, 9.06%, Maturing December 30, 2012
|
|
|
611,537
|
|
|
|
Spirit AeroSystems, Inc.
|
|
1,275,772
|
|
|
Term Loan, 6.50%, Maturing December 31, 2011
|
|
|
1,078,027
|
|
|
|
TransDigm, Inc.
|
|
1,800,000
|
|
|
Term Loan, 5.21%, Maturing June 23, 2013
|
|
|
1,395,000
|
|
|
|
Vought Aircraft Industries, Inc.
|
|
1,273,412
|
|
|
Term Loan, 3.94%, Maturing December 17, 2011
|
|
|
993,261
|
|
|
|
|
748,238
|
|
|
Term Loan, 7.50%, Maturing December 22, 2011
|
|
|
594,849
|
|
|
|
Wesco Aircraft Hardware Corp.
|
|
1,264,250
|
|
|
Term Loan, 3.69%, Maturing September 29, 2013
|
|
|
992,436
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,213,701
|
|
|
|
|
|
|
Air
Transport 0.7%
|
|
Delta Air Lines, Inc.
|
|
1,333,125
|
|
|
Term Loan Second Lien, 5.83%, Maturing
April 30, 2014
|
|
$
|
683,893
|
|
|
|
Northwest Airlines, Inc.
|
|
2,100,786
|
|
|
DIP Loan, 3.54%, Maturing August 21, 2009
|
|
|
1,560,884
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,244,777
|
|
|
|
|
|
|
Automotive 7.3%
|
|
Accuride Corp.
|
|
1,797,212
|
|
|
Term Loan, 5.56%, Maturing January 31, 2012
|
|
$
|
1,217,611
|
|
|
|
Adesa, Inc.
|
|
4,402,722
|
|
|
Term Loan, 6.02%, Maturing October 18, 2013
|
|
|
2,689,328
|
|
|
|
Affina Group, Inc.
|
|
1,210,323
|
|
|
Term Loan, 6.42%, Maturing November 30, 2011
|
|
|
756,452
|
|
|
|
Allison Transmission, Inc.
|
|
4,236,339
|
|
|
Term Loan, 5.00%, Maturing September 30, 2014
|
|
|
2,590,220
|
|
|
|
AxleTech International Holding, Inc.
|
|
1,950,000
|
|
|
Term Loan Second Lien, 10.39%, Maturing
April 21, 2013
|
|
|
1,530,750
|
|
|
|
Chrysler Financial
|
|
3,184,449
|
|
|
Term Loan, 6.82%, Maturing August 1, 2014
|
|
|
1,740,833
|
|
|
|
CSA Acquisition Corp.
|
|
259,203
|
|
|
Term Loan, 6.31%, Maturing December 23, 2011
|
|
|
120,530
|
|
|
|
|
647,643
|
|
|
Term Loan, 6.31%, Maturing December 23, 2011
|
|
|
301,154
|
|
|
|
|
486,250
|
|
|
Term Loan, 6.31%, Maturing December 23, 2012
|
|
|
218,812
|
|
|
|
Dayco Products, LLC
|
|
1,920,501
|
|
|
Term Loan, 8.00%, Maturing June 21, 2011
|
|
|
585,753
|
|
|
|
Delphi Corp.
|
|
138,644
|
|
|
DIP Loan, 8.50%, Maturing December 31, 2008
|
|
|
37,665
|
|
|
|
|
1,361,357
|
|
|
DIP Loan, 8.50%, Maturing December 31, 2008
|
|
|
369,836
|
|
|
|
Federal-Mogul Corp.
|
|
1,668,411
|
|
|
Term Loan, 3.91%, Maturing December 27, 2014
|
|
|
870,355
|
|
|
|
|
2,286,664
|
|
|
Term Loan, 3.66%, Maturing December 27, 2015
|
|
|
1,192,877
|
|
|
|
Ford Motor Co.
|
|
1,940,438
|
|
|
Term Loan, 4.43%, Maturing December 15, 2013
|
|
|
793,154
|
|
|
|
General Motors Corp.
|
|
5,561,361
|
|
|
Term Loan, 5.80%, Maturing November 29, 2013
|
|
|
2,219,912
|
|
|
|
Goodyear Tire & Rubber Co.
|
|
2,675,000
|
|
|
Term Loan Second Lien, 3.15%, Maturing
April 30, 2010
|
|
|
1,722,031
|
|
|
|
HLI Operating Co., Inc.
|
EUR
|
87,273
|
|
|
Term Loan, 4.32%, Maturing May 30, 2014
|
|
|
74,750
|
|
|
|
EUR
|
1,490,036
|
|
|
Term Loan, 6.42%, Maturing May 30, 2014
|
|
|
1,139,151
|
|
|
|
Keystone Automotive Operations, Inc.
|
|
1,432,388
|
|
|
Term Loan, 5.35%, Maturing January 12, 2012
|
|
|
787,813
|
|
|
|
LKQ Corp.
|
|
1,136,733
|
|
|
Term Loan, 3.66%, Maturing October 12, 2014
|
|
|
858,234
|
|
|
|
TriMas Corp.
|
|
262,500
|
|
|
Term Loan, 4.88%, Maturing August 2, 2011
|
|
|
165,375
|
|
|
|
|
2,109,674
|
|
|
Term Loan, 5.01%, Maturing August 2, 2013
|
|
|
1,329,095
|
|
|
|
United Components, Inc.
|
|
1,180,271
|
|
|
Term Loan, 4.39%, Maturing June 30, 2010
|
|
|
861,598
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24,173,289
|
|
|
|
|
|
|
Beverage
and Tobacco 0.4%
|
|
Culligan International Co.
|
EUR
|
1,075,000
|
|
|
Term Loan Second Lien, 9.49%, Maturing May 31,
2013
|
|
$
|
272,813
|
|
|
|
Southern Wine & Spirits of America, Inc.
|
|
239,191
|
|
|
Term Loan, 5.26%, Maturing May 31, 2012
|
|
|
206,103
|
|
|
|
See
notes to financial statements
4
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Beverage
and Tobacco (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Van Houtte, Inc.
|
|
871,183
|
|
|
Term Loan, 6.26%, Maturing July 11, 2014
|
|
|
607,650
|
|
|
|
|
118,798
|
|
|
Term Loan, 6.26%, Maturing July 11, 2014
|
|
|
82,861
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,169,427
|
|
|
|
|
|
|
Building
and Development 4.6%
|
|
Beacon Sales Acquisition, Inc.
|
|
1,249,500
|
|
|
Term Loan, 6.02%, Maturing September 30, 2013
|
|
$
|
812,175
|
|
|
|
Brickman Group Holdings, Inc.
|
|
780,557
|
|
|
Term Loan, 3.44%, Maturing January 23, 2014
|
|
|
480,042
|
|
|
|
Capital Automotive (REIT)
|
|
1,372,138
|
|
|
Term Loan, 4.60%, Maturing December 16, 2010
|
|
|
628,439
|
|
|
|
Epco/Fantome, LLC
|
|
1,564,000
|
|
|
Term Loan, 4.06%, Maturing November 23, 2010
|
|
|
1,470,160
|
|
|
|
Forestar USA Real Estate Group, Inc.
|
|
1,700,000
|
|
|
Revolving Loan, 5.42%, Maturing December 1,
2010
(2)
|
|
|
1,504,500
|
|
|
|
|
1,700,000
|
|
|
Term Loan, 5.42%, Maturing December 1, 2010
|
|
|
1,504,500
|
|
|
|
Hovstone Holdings, LLC
|
|
961,912
|
|
|
Term Loan, 6.09%, Maturing February 28, 2009
|
|
|
580,514
|
|
|
|
LNR Property Corp.
|
|
1,430,000
|
|
|
Term Loan, 6.69%, Maturing July 3, 2011
|
|
|
718,575
|
|
|
|
Metroflag BP, LLC
|
|
500,000
|
|
|
Term Loan Second Lien, 12.00%, Maturing
January 2, 2009
|
|
|
75,000
|
|
|
|
Mueller Water Products, Inc.
|
|
1,421,690
|
|
|
Term Loan, 4.95%, Maturing May 24, 2014
|
|
|
1,037,834
|
|
|
|
NCI Building Systems, Inc.
|
|
373,123
|
|
|
Term Loan, 4.12%, Maturing June 18, 2010
|
|
|
317,154
|
|
|
|
November 2005 Land Investors
|
|
304,148
|
|
|
Term Loan, 5.44%, Maturing May 9, 2011
|
|
|
190,093
|
|
|
|
Panolam Industries Holdings, Inc.
|
|
1,039,225
|
|
|
Term Loan, 6.51%, Maturing September 30, 2012
|
|
|
831,380
|
|
|
|
Re/Max International, Inc.
|
|
785,111
|
|
|
Term Loan, 6.76%, Maturing December 17, 2012
|
|
|
553,503
|
|
|
|
|
492,679
|
|
|
Term Loan, 10.76%, Maturing December 17, 2012
|
|
|
347,338
|
|
|
|
South Edge, LLC
|
|
843,750
|
|
|
Term Loan, 6.25%, Maturing October 31,
2009
(4)
|
|
|
126,562
|
|
|
|
TRU 2005 RE Holding Co.
|
|
5,075,000
|
|
|
Term Loan, 5.85%, Maturing December 9, 2008
|
|
|
3,057,687
|
|
|
|
United Subcontractors, Inc.
|
|
930,451
|
|
|
Term Loan Second Lien, 12.42%, Maturing
June 27,
2013
(3)
|
|
|
353,571
|
|
|
|
Wintergames Acquisition ULC
|
|
971,182
|
|
|
Term Loan, 8.94%, Maturing April 24, 2009
|
|
|
636,124
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,225,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Equipment and Services 13.1%
|
|
ACCO Brands Corp.
|
|
1,063,950
|
|
|
Term Loan, 5.00%, Maturing August 17, 2012
|
|
$
|
641,030
|
|
|
|
Activant Solutions, Inc.
|
|
1,729,835
|
|
|
Term Loan, 6.07%, Maturing May 1, 2013
|
|
|
1,089,796
|
|
|
|
|
955,890
|
|
|
Term Loan, 6.88%, Maturing May 1, 2013
|
|
|
602,211
|
|
|
|
Acxiom Corp.
|
|
1,357,125
|
|
|
Term Loan, 4.94%, Maturing September 15, 2012
|
|
|
922,845
|
|
|
|
Affiliated Computer Services
|
|
899,562
|
|
|
Term Loan, 3.44%, Maturing March 20, 2013
|
|
|
749,207
|
|
|
|
Affinion Group, Inc.
|
|
2,619,470
|
|
|
Term Loan, 4.64%, Maturing October 17, 2012
|
|
|
1,920,944
|
|
|
|
Allied Barton Security Service
|
|
1,100,000
|
|
|
Term Loan, 7.50%, Maturing February 21, 2015
|
|
|
973,500
|
|
|
|
Education Management, LLC
|
|
3,851,494
|
|
|
Term Loan, 5.56%, Maturing June 1, 2013
|
|
|
2,592,537
|
|
|
|
Info USA, Inc.
|
|
656,556
|
|
|
Term Loan, 5.77%, Maturing February 14, 2012
|
|
|
508,831
|
|
|
|
Intergraph Corp.
|
|
1,000,000
|
|
|
Term Loan Second Lien, 8.20%, Maturing
November 29, 2014
|
|
|
782,500
|
|
|
|
iPayment, Inc.
|
|
2,735,460
|
|
|
Term Loan, 5.12%, Maturing May 10, 2013
|
|
|
1,983,208
|
|
|
|
ista International GmbH
|
EUR
|
1,188,822
|
|
|
Term Loan, 7.12%, Maturing May 14, 2015
|
|
|
897,555
|
|
|
|
EUR
|
236,178
|
|
|
Term Loan, 7.12%, Maturing May 14, 2015
|
|
|
178,313
|
|
|
|
Kronos, Inc.
|
|
1,225,446
|
|
|
Term Loan, 6.01%, Maturing June 11, 2014
|
|
|
821,049
|
|
|
|
Language Line, Inc.
|
|
3,376,443
|
|
|
Term Loan, 7.02%, Maturing June 11, 2011
|
|
|
2,886,859
|
|
|
|
Mitchell International, Inc.
|
|
992,443
|
|
|
Term Loan, 5.81%, Maturing March 28, 2014
|
|
|
791,474
|
|
|
|
|
1,000,000
|
|
|
Term Loan Second Lien, 9.06%, Maturing
March 28, 2015
|
|
|
600,000
|
|
|
|
N.E.W. Holdings I, LLC
|
|
2,586,654
|
|
|
Term Loan, 5.70%, Maturing May 22, 2014
|
|
|
1,849,458
|
|
|
|
Protection One, Inc.
|
|
2,217,826
|
|
|
Term Loan, 3.69%, Maturing March 31, 2012
|
|
|
1,685,548
|
|
|
|
Quantum Corp.
|
|
296,875
|
|
|
Term Loan, 7.26%, Maturing July 12, 2014
|
|
|
237,500
|
|
|
|
Quintiles Transnational Corp.
|
|
1,875,000
|
|
|
Term Loan Second Lien, 7.77%, Maturing
March 31, 2014
|
|
|
1,218,750
|
|
|
|
Sabre, Inc.
|
|
7,377,363
|
|
|
Term Loan, 5.25%, Maturing September 30, 2014
|
|
|
3,016,522
|
|
|
|
Serena Software, Inc.
|
|
1,003,768
|
|
|
Term Loan, 5.00%, Maturing March 10, 2013
|
|
|
677,543
|
|
|
|
Sitel (Client Logic)
|
|
1,957,921
|
|
|
Term Loan, 6.36%, Maturing January 29, 2014
|
|
|
1,174,753
|
|
|
|
See
notes to financial statements
5
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Business
Equipment and Services (continued)
|
|
Solera Holdings, LLC
|
EUR
|
837,061
|
|
|
Term Loan, 6.70%, Maturing May 15, 2014
|
|
$
|
796,610
|
|
|
|
SunGard Data Systems, Inc.
|
|
8,629,333
|
|
|
Term Loan, 4.00%, Maturing February 11, 2013
|
|
|
6,122,779
|
|
|
|
TDS Investor Corp.
|
|
994,962
|
|
|
Term Loan, 3.69%, Maturing August 23, 2013
|
|
|
513,649
|
|
|
|
|
1,500,739
|
|
|
Term Loan, 6.01%, Maturing August 23, 2013
|
|
|
724,642
|
|
|
|
|
301,124
|
|
|
Term Loan, 6.01%, Maturing August 23, 2013
|
|
|
145,400
|
|
|
|
EUR
|
1,054,228
|
|
|
Term Loan, 7.39%, Maturing August 23, 2013
|
|
|
827,708
|
|
|
|
Valassis Communications, Inc.
|
|
340,774
|
|
|
Term Loan, 5.52%, Maturing March 2, 2014
|
|
|
201,909
|
|
|
|
|
1,475,829
|
|
|
Term Loan, 5.52%, Maturing March 2, 2014
|
|
|
874,429
|
|
|
|
VWR International, Inc.
|
|
1,825,000
|
|
|
Term Loan, 3.94%, Maturing June 28, 2013
|
|
|
1,209,062
|
|
|
|
WAM Acquisition, S.A.
|
EUR
|
276,689
|
|
|
Term Loan, 6.48%, Maturing May 4, 2014
|
|
|
168,451
|
|
|
|
EUR
|
167,556
|
|
|
Term Loan, 6.48%, Maturing May 4, 2014
|
|
|
102,010
|
|
|
|
EUR
|
276,689
|
|
|
Term Loan, 6.98%, Maturing May 4, 2015
|
|
|
168,451
|
|
|
|
EUR
|
167,556
|
|
|
Term Loan, 6.98%, Maturing May 4, 2015
|
|
|
102,010
|
|
|
|
West Corp.
|
|
3,224,911
|
|
|
Term Loan, 4.21%, Maturing October 24, 2013
|
|
|
2,044,797
|
|
|
|
|
|
|
|
|
|
|
|
$
|
42,803,840
|
|
|
|
|
|
|
Cable
and Satellite Television 10.8%
|
|
Atlantic Broadband Finance, LLC
|
|
3,910,458
|
|
|
Term Loan, 6.02%, Maturing February 10, 2011
|
|
$
|
3,558,516
|
|
|
|
Bragg Communications, Inc.
|
|
2,098,788
|
|
|
Term Loan, 5.31%, Maturing August 31, 2014
|
|
|
1,825,945
|
|
|
|
Bresnan Broadband Holdings, LLC
|
|
550,000
|
|
|
Term Loan, 6.06%, Maturing March 29, 2014
|
|
|
419,833
|
|
|
|
|
1,325,000
|
|
|
Term Loan Second Lien, 7.60%, Maturing
March 29, 2014
|
|
|
993,750
|
|
|
|
Cequel Communications, LLC
|
|
1,491,171
|
|
|
Term Loan, 6.16%, Maturing November 5, 2013
|
|
|
1,007,783
|
|
|
|
Charter Communications Operating, Inc.
|
|
2,197,501
|
|
|
Term Loan, 5.06%, Maturing April 28, 2013
|
|
|
1,492,011
|
|
|
|
CSC Holdings, Inc.
|
|
3,856,133
|
|
|
Term Loan, 4.57%, Maturing March 29, 2013
|
|
|
3,220,943
|
|
|
|
CW Media Holdings, Inc.
|
|
693,000
|
|
|
Term Loan, 7.01%, Maturing February 15, 2015
|
|
|
519,750
|
|
|
|
Foxco Acquisition Sub., LLC
|
|
725,000
|
|
|
Term Loan, 7.25%, Maturing July 2, 2015
|
|
|
482,125
|
|
|
|
Insight Midwest Holdings, LLC
|
|
3,999,375
|
|
|
Term Loan, 4.85%, Maturing April 6, 2014
|
|
|
3,156,651
|
|
|
|
Kabel BW GmbH and Co.
|
EUR
|
500,000
|
|
|
Term Loan, 6.45%, Maturing June 9, 2013
|
|
|
406,048
|
|
|
|
EUR
|
500,000
|
|
|
Term Loan, 6.95%, Maturing June 9, 2014
|
|
|
406,048
|
|
|
|
MCC Iowa, LLC
|
|
1,012,500
|
|
|
Term Loan, 2.59%, Maturing March 31, 2010
|
|
|
888,469
|
|
|
|
Mediacom Broadband Group
|
|
3,891,077
|
|
|
Term Loan, 2.84%, Maturing January 31, 2015
|
|
|
2,789,902
|
|
|
|
Mediacom Illinois, LLC
|
|
4,026,408
|
|
|
Term Loan, 2.59%, Maturing January 31, 2015
|
|
|
2,805,065
|
|
|
|
NTL Investment Holdings, Ltd.
|
GBP
|
1,800,000
|
|
|
Term Loan, Maturing March 30,
2012
(8)
|
|
|
2,092,223
|
|
|
|
GBP
|
515,211
|
|
|
Term Loan, 9.63%, Maturing March 30, 2012
|
|
|
598,853
|
|
|
|
GBP
|
261,972
|
|
|
Term Loan, 9.63%, Maturing March 30, 2012
|
|
|
304,502
|
|
|
|
Orion Cable GmbH
|
EUR
|
706,774
|
|
|
Term Loan, 7.69%, Maturing October 31, 2014
|
|
|
549,866
|
|
|
|
EUR
|
706,774
|
|
|
Term Loan, 8.41%, Maturing October 31, 2015
|
|
|
549,866
|
|
|
|
ProSiebenSat.1 Media AG
|
EUR
|
409,546
|
|
|
Term Loan, 7.53%, Maturing March 2, 2015
|
|
|
62,794
|
|
|
|
EUR
|
11,076
|
|
|
Term Loan, 5.95%, Maturing June 26, 2015
|
|
|
6,857
|
|
|
|
EUR
|
272,924
|
|
|
Term Loan, 5.95%, Maturing June 26, 2015
|
|
|
168,951
|
|
|
|
EUR
|
409,546
|
|
|
Term Loan, 7.78%, Maturing March 2, 2016
|
|
|
62,794
|
|
|
|
EUR
|
565,165
|
|
|
Term Loan Second Lien, 8.90%, Maturing
September 2, 2016
|
|
|
50,200
|
|
|
|
EUR
|
398,985
|
|
|
Term Loan, 12.15%, Maturing March 2, 2017
|
|
|
35,439
|
|
|
|
UPC Broadband Holding B.V.
|
EUR
|
4,500,000
|
|
|
Term Loan, 6.48%, Maturing October 16, 2011
|
|
|
3,871,534
|
|
|
|
|
2,175,000
|
|
|
Term Loan, 4.60%, Maturing December 31, 2014
|
|
|
1,568,175
|
|
|
|
YPSO Holding SA
|
EUR
|
541,621
|
|
|
Term Loan, 5.89%, Maturing July 28, 2014
|
|
|
369,932
|
|
|
|
EUR
|
209,021
|
|
|
Term Loan, 5.89%, Maturing July 28, 2014
|
|
|
142,763
|
|
|
|
EUR
|
249,358
|
|
|
Term Loan, 5.89%, Maturing July 28, 2014
|
|
|
170,314
|
|
|
|
EUR
|
1,000,000
|
|
|
Term Loan, 6.14%, Maturing July 28, 2015
|
|
|
689,330
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,267,232
|
|
|
|
|
|
|
Chemicals
and Plastics 9.7%
|
|
Arizona Chemical, Inc.
|
|
500,000
|
|
|
Term Loan Second Lien, 6.94%, Maturing
February 28, 2014
|
|
$
|
281,250
|
|
|
|
Brenntag Holding GmbH and Co. KG
|
|
432,000
|
|
|
Term Loan, 5.07%, Maturing December 23, 2013
|
|
|
313,200
|
|
|
|
|
1,768,000
|
|
|
Term Loan, 5.07%, Maturing December 23, 2013
|
|
|
1,281,800
|
|
|
|
|
1,600,000
|
|
|
Term Loan Second Lien, 7.79%, Maturing
December 23, 2015
|
|
|
1,024,000
|
|
|
|
Celanese Holdings, LLC
|
|
4,629,500
|
|
|
Term Loan, 5.55%, Maturing April 2, 2014
|
|
|
3,564,715
|
|
|
|
Cognis GmbH
|
EUR
|
823,361
|
|
|
Term Loan, 6.96%, Maturing September 15, 2013
|
|
|
680,140
|
|
|
|
EUR
|
201,639
|
|
|
Term Loan, 6.96%, Maturing September 15, 2013
|
|
|
166,565
|
|
|
|
First Chemical Holding
|
EUR
|
965,273
|
|
|
Term Loan, 8.16%, Maturing December 18, 2014
|
|
|
812,473
|
|
|
|
See
notes to financial statements
6
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Chemicals
and Plastics (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Foamex, L.P.
|
|
1,528,766
|
|
|
Term Loan, 7.72%, Maturing February 12, 2013
|
|
|
550,356
|
|
|
|
Georgia Gulf Corp.
|
|
735,421
|
|
|
Term Loan, 6.03%, Maturing October 3, 2013
|
|
|
554,936
|
|
|
|
Hexion Specialty Chemicals, Inc.
|
|
493,750
|
|
|
Term Loan, 6.06%, Maturing May 5, 2012
|
|
|
237,000
|
|
|
|
|
1,051,915
|
|
|
Term Loan, 6.06%, Maturing May 5, 2013
|
|
|
573,294
|
|
|
|
|
4,842,435
|
|
|
Term Loan, 6.19%, Maturing May 5, 2013
|
|
|
2,639,127
|
|
|
|
INEOS Group
|
EUR
|
750,000
|
|
|
Term Loan Second Lien, 8.46%, Maturing
December 14, 2012
|
|
|
256,952
|
|
|
|
|
2,519,053
|
|
|
Term Loan, 5.95%, Maturing December 14, 2013
|
|
|
1,245,357
|
|
|
|
|
2,423,038
|
|
|
Term Loan, 6.45%, Maturing December 14, 2014
|
|
|
1,223,634
|
|
|
|
Innophos, Inc.
|
|
1,829,955
|
|
|
Term Loan, 6.76%, Maturing August 10, 2010
|
|
|
1,573,761
|
|
|
|
ISP Chemco, Inc.
|
|
2,962,500
|
|
|
Term Loan, 3.41%, Maturing June 4, 2014
|
|
|
2,226,813
|
|
|
|
Kleopatra
|
|
900,000
|
|
|
Term Loan, 6.82%, Maturing January 3, 2016
|
|
|
472,500
|
|
|
|
EUR
|
625,000
|
|
|
Term Loan, 7.88%, Maturing January 3, 2016
|
|
|
395,871
|
|
|
|
Kranton Polymers, LLC
|
|
2,413,257
|
|
|
Term Loan, 5.31%, Maturing May 12, 2013
|
|
|
1,488,176
|
|
|
|
Lucite International Group Holdings
|
|
651,418
|
|
|
Term Loan, 3.69%, Maturing July 7, 2013
|
|
|
559,405
|
|
|
|
|
230,668
|
|
|
Term Loan, 3.69%, Maturing July 7, 2013
|
|
|
200,681
|
|
|
|
MacDermid, Inc.
|
|
601,927
|
|
|
Term Loan, 5.76%, Maturing April 12, 2014
|
|
|
389,748
|
|
|
|
EUR
|
801,817
|
|
|
Term Loan, 7.39%, Maturing April 12, 2014
|
|
|
643,522
|
|
|
|
Millenium Inorganic Chemicals
|
|
397,000
|
|
|
Term Loan, 6.01%, Maturing April 30, 2014
|
|
|
244,155
|
|
|
|
|
1,075,000
|
|
|
Term Loan Second Lien, 9.51%, Maturing
October 31, 2014
|
|
|
483,750
|
|
|
|
Momentive Performance Material
|
|
1,807,374
|
|
|
Term Loan, 3.69%, Maturing December 4, 2013
|
|
|
1,245,582
|
|
|
|
Propex Fabrics, Inc.
|
|
983,333
|
|
|
Term Loan, 4.13%, Maturing January 23,
2009
(2)
|
|
|
796,500
|
|
|
|
|
881,154
|
|
|
Term Loan, 8.00%, Maturing July 31, 2012
|
|
|
242,317
|
|
|
|
Rockwood Specialties Group, Inc.
|
|
4,248,375
|
|
|
Term Loan, 3.55%, Maturing December 10, 2012
|
|
|
3,448,266
|
|
|
|
Schoeller Arca Systems Holding
|
EUR
|
221,709
|
|
|
Term Loan, 8.40%, Maturing November 16, 2015
|
|
|
184,269
|
|
|
|
EUR
|
206,030
|
|
|
Term Loan, 8.40%, Maturing November 16, 2015
|
|
|
171,238
|
|
|
|
EUR
|
72,261
|
|
|
Term Loan, 8.40%, Maturing November 16, 2015
|
|
|
60,059
|
|
|
|
Solo Cup Co.
|
|
1,695,742
|
|
|
Term Loan, 5.98%, Maturing February 27, 2011
|
|
|
1,403,934
|
|
|
|
Wellman, Inc.
|
|
728,333
|
|
|
Term Loan, 6.74%, Maturing February 10,
2009
(3)(4)
|
|
$
|
345,230
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,980,576
|
|
|
|
|
|
|
Clothing/Textiles 1.0%
|
|
Hanesbrands, Inc.
|
|
1,394,643
|
|
|
Term Loan, 5.26%, Maturing September 5, 2013
|
|
$
|
1,124,867
|
|
|
|
|
950,000
|
|
|
Term Loan Second Lien, 7.27%, Maturing March 5,
2014
|
|
|
737,834
|
|
|
|
St. John Knits International, Inc.
|
|
594,167
|
|
|
Term Loan, 4.40%, Maturing March 23, 2012
|
|
|
430,771
|
|
|
|
The William Carter Co.
|
|
1,059,633
|
|
|
Term Loan, 3.85%, Maturing July 14, 2012
|
|
|
895,390
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,188,862
|
|
|
|
|
|
|
Conglomerates 5.1%
|
|
Amsted Industries, Inc.
|
|
1,886,629
|
|
|
Term Loan, 6.56%, Maturing October 15, 2010
|
|
$
|
1,273,474
|
|
|
|
Blount, Inc.
|
|
276,658
|
|
|
Term Loan, 3.37%, Maturing August 9, 2010
|
|
|
239,309
|
|
|
|
Doncasters (Dunde HoldCo 4 Ltd.)
|
|
473,032
|
|
|
Term Loan, 3.95%, Maturing July 13, 2015
|
|
|
335,064
|
|
|
|
|
473,032
|
|
|
Term Loan, 4.45%, Maturing July 13, 2015
|
|
|
335,064
|
|
|
|
GBP
|
550,000
|
|
|
Term Loan Second Lien, 8.01%, Maturing
January 13, 2016
|
|
|
443,072
|
|
|
|
GenTek, Inc.
|
|
559,130
|
|
|
Term Loan, 6.30%, Maturing February 25, 2011
|
|
|
493,432
|
|
|
|
Jarden Corp.
|
|
2,386,077
|
|
|
Term Loan, 5.51%, Maturing January 24, 2012
|
|
|
1,887,387
|
|
|
|
|
941,686
|
|
|
Term Loan, 5.51%, Maturing January 24, 2012
|
|
|
744,874
|
|
|
|
|
992,464
|
|
|
Term Loan, 6.26%, Maturing January 24, 2012
|
|
|
799,429
|
|
|
|
Johnson Diversey, Inc.
|
|
1,814,531
|
|
|
Term Loan, 5.19%, Maturing December 16, 2011
|
|
|
1,442,553
|
|
|
|
Polymer Group, Inc.
|
|
2,575,053
|
|
|
Term Loan, 5.73%, Maturing November 22, 2012
|
|
|
1,969,916
|
|
|
|
RBS Global, Inc.
|
|
343,875
|
|
|
Term Loan, 5.76%, Maturing July 19, 2013
|
|
|
268,222
|
|
|
|
|
2,425,000
|
|
|
Term Loan, 6.02%, Maturing July 19, 2013
|
|
|
1,940,000
|
|
|
|
RGIS Holdings, LLC
|
|
148,184
|
|
|
Term Loan, 3.94%, Maturing April 30, 2014
|
|
|
89,898
|
|
|
|
|
2,963,679
|
|
|
Term Loan, 4.24%, Maturing April 30, 2014
|
|
|
1,797,966
|
|
|
|
The Manitowoc Company, Inc.
|
|
1,400,000
|
|
|
Term Loan, 6.50%, Maturing August 21, 2014
|
|
|
1,010,800
|
|
|
|
US Investigations Services, Inc.
|
|
1,573,596
|
|
|
Term Loan, 5.95%, Maturing February 21, 2015
|
|
|
1,073,979
|
|
|
|
Vertrue, Inc.
|
|
940,500
|
|
|
Term Loan, 6.77%, Maturing August 16, 2014
|
|
|
705,375
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,849,814
|
|
|
|
|
|
|
Containers
and Glass Products 4.9%
|
|
Berry Plastics Corp.
|
|
1,909,899
|
|
|
Term Loan, 4.18%, Maturing April 3, 2015
|
|
$
|
1,281,223
|
|
|
|
See
notes to financial statements
7
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Containers
and Glass Products (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Container Co.
|
|
1,000,000
|
|
|
Term Loan Second Lien, 7.48%, Maturing
September 28, 2014
|
|
|
225,000
|
|
|
|
Crown Americas, Inc.
|
|
679,000
|
|
|
Term Loan, 3.16%, Maturing November 15, 2012
|
|
|
585,637
|
|
|
|
Graham Packaging Holdings Co.
|
|
5,146,568
|
|
|
Term Loan, 5.51%, Maturing October 7, 2011
|
|
|
3,957,346
|
|
|
|
Graphic Packaging International, Inc.
|
|
2,568,225
|
|
|
Term Loan, 5.30%, Maturing May 16, 2014
|
|
|
1,924,564
|
|
|
|
|
1,478,179
|
|
|
Term Loan, 6.78%, Maturing May 16, 2014
|
|
|
1,155,444
|
|
|
|
JSG Acquisitions
|
|
2,055,000
|
|
|
Term Loan, 6.16%, Maturing December 31, 2013
|
|
|
1,318,626
|
|
|
|
|
2,055,000
|
|
|
Term Loan, 6.41%, Maturing December 13, 2014
|
|
|
1,318,626
|
|
|
|
Owens-Brockway Glass Container
|
|
1,723,500
|
|
|
Term Loan, 2.91%, Maturing June 14, 2013
|
|
|
1,393,881
|
|
|
|
Smurfit-Stone Container Corp.
|
|
717,807
|
|
|
Term Loan, 3.83%, Maturing November 1, 2011
|
|
|
543,141
|
|
|
|
|
1,566,747
|
|
|
Term Loan, 4.88%, Maturing November 1, 2011
|
|
|
1,181,915
|
|
|
|
|
804,789
|
|
|
Term Loan, 4.90%, Maturing November 1, 2011
|
|
|
608,957
|
|
|
|
|
690,806
|
|
|
Term Loan, 5.13%, Maturing November 1, 2011
|
|
|
521,127
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,015,487
|
|
|
|
|
|
|
Cosmetics/Toiletries 0.9%
|
|
American Safety Razor Co.
|
|
491,806
|
|
|
Term Loan, 5.65%, Maturing July 31, 2013
|
|
$
|
390,986
|
|
|
|
|
1,050,000
|
|
|
Term Loan Second Lien, 7.69%, Maturing
July 31, 2014
|
|
|
761,250
|
|
|
|
KIK Custom Products, Inc.
|
|
1,075,000
|
|
|
Term Loan Second Lien, 8.54%, Maturing
November 30, 2014
|
|
|
302,792
|
|
|
|
Prestige Brands, Inc.
|
|
1,829,198
|
|
|
Term Loan, 5.26%, Maturing April 7, 2011
|
|
|
1,481,650
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,936,678
|
|
|
|
|
|
|
Drugs 1.5%
|
|
Graceway Pharmaceuticals, LLC
|
|
937,783
|
|
|
Term Loan, 6.51%, Maturing May 3, 2012
|
|
$
|
618,937
|
|
|
|
|
1,000,000
|
|
|
Term Loan Second Lien, 10.26%, Maturing May 3,
2013
|
|
|
370,000
|
|
|
|
|
275,000
|
|
|
Term Loan, 12.01%, Maturing November 3, 2013
|
|
|
68,750
|
|
|
|
Pharmaceutical Holdings Corp.
|
|
438,099
|
|
|
Term Loan, 4.69%, Maturing January 30, 2012
|
|
|
361,432
|
|
|
|
Stiefel Laboratories, Inc.
|
|
713,546
|
|
|
Term Loan, 7.00%, Maturing December 28, 2013
|
|
|
556,566
|
|
|
|
|
932,896
|
|
|
Term Loan, 7.00%, Maturing December 28, 2013
|
|
|
727,659
|
|
|
|
Warner Chilcott Corp.
|
|
701,921
|
|
|
Term Loan, 5.76%, Maturing January 18, 2012
|
|
|
598,388
|
|
|
|
|
1,870,743
|
|
|
Term Loan, 5.76%, Maturing January 18, 2012
|
|
|
1,594,809
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,896,541
|
|
|
|
|
|
|
Ecological
Services and Equipment 1.6%
|
|
Allied Waste Industries, Inc.
|
|
872,180
|
|
|
Term Loan, 2.61%, Maturing January 15, 2012
|
|
$
|
845,703
|
|
|
|
|
623,389
|
|
|
Term Loan, 3.14%, Maturing January 15, 2012
|
|
|
604,465
|
|
|
|
Blue Waste B.V. (AVR Acquisition)
|
EUR
|
1,000,000
|
|
|
Term Loan, 6.89%, Maturing April 1, 2015
|
|
|
988,156
|
|
|
|
Cory Environmental Holdings
|
GBP
|
500,000
|
|
|
Term Loan Second Lien, 9.88%, Maturing
September 30, 2014
|
|
|
514,041
|
|
|
|
Kemble Water Structure, Ltd.
|
GBP
|
1,500,000
|
|
|
Term Loan, 10.16%, Maturing October 13, 2013
|
|
|
1,559,385
|
|
|
|
Sensus Metering Systems, Inc.
|
|
718,723
|
|
|
Term Loan, 4.36%, Maturing December 17, 2010
|
|
|
628,882
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,140,632
|
|
|
|
|
|
|
Electronics/Electrical 4.8%
|
|
Aspect Software, Inc.
|
|
1,255,000
|
|
|
Term Loan, 6.25%, Maturing July 11, 2011
|
|
$
|
953,800
|
|
|
|
|
2,000,000
|
|
|
Term Loan Second Lien, 9.19%, Maturing
July 11, 2013
|
|
|
1,100,000
|
|
|
|
FCI International S.A.S.
|
|
241,266
|
|
|
Term Loan, 4.33%, Maturing November 1, 2013
|
|
|
188,791
|
|
|
|
|
232,273
|
|
|
Term Loan, 4.33%, Maturing November 1, 2013
|
|
|
181,753
|
|
|
|
|
232,273
|
|
|
Term Loan, 4.33%, Maturing November 1, 2013
|
|
|
181,753
|
|
|
|
|
241,266
|
|
|
Term Loan, 4.33%, Maturing November 1, 2013
|
|
|
188,791
|
|
|
|
Freescale Semiconductor, Inc.
|
|
940,750
|
|
|
Term Loan, 4.60%, Maturing December 1, 2013
|
|
|
549,457
|
|
|
|
Infor Enterprise Solutions Holdings
|
|
1,492,443
|
|
|
Term Loan, 6.52%, Maturing July 28, 2012
|
|
|
828,306
|
|
|
|
|
3,206,332
|
|
|
Term Loan, 7.52%, Maturing July 28, 2012
|
|
|
1,787,530
|
|
|
|
|
1,672,870
|
|
|
Term Loan, 7.52%, Maturing July 28, 2012
|
|
|
932,625
|
|
|
|
|
500,000
|
|
|
Term Loan Second Lien, 9.26%, Maturing March 2,
2014
|
|
|
90,625
|
|
|
|
|
183,333
|
|
|
Term Loan Second Lien, 10.01%, Maturing
March 2, 2014
|
|
|
33,229
|
|
|
|
|
316,667
|
|
|
Term Loan Second Lien, 10.01%, Maturing
March 2, 2014
|
|
|
62,937
|
|
|
|
Network Solutions, LLC
|
|
758,727
|
|
|
Term Loan, 5.11%, Maturing March 7, 2014
|
|
|
398,332
|
|
|
|
Open Solutions, Inc.
|
|
2,934,479
|
|
|
Term Loan, 5.96%, Maturing January 23, 2014
|
|
|
1,027,068
|
|
|
|
Sensata Technologies Finance Co.
|
|
3,825,021
|
|
|
Term Loan, 5.26%, Maturing April 27, 2013
|
|
|
2,258,675
|
|
|
|
See
notes to financial statements
8
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Electronics/Electrical (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Spectrum Brands, Inc.
|
|
64,767
|
|
|
Term Loan, 2.70%, Maturing March 30, 2013
|
|
|
39,249
|
|
|
|
|
1,767,616
|
|
|
Term Loan, 6.39%, Maturing March 30, 2013
|
|
|
1,071,175
|
|
|
|
SS&C Technologies, Inc.
|
|
772,840
|
|
|
Term Loan, 5.63%, Maturing November 23, 2012
|
|
|
575,766
|
|
|
|
VeriFone, Inc.
|
|
786,250
|
|
|
Term Loan, 4.20%, Maturing October 31, 2013
|
|
|
668,312
|
|
|
|
Vertafore, Inc.
|
|
2,957,132
|
|
|
Term Loan, 4.66%, Maturing January 31, 2012
|
|
|
2,232,635
|
|
|
|
|
950,000
|
|
|
Term Loan Second Lien, 8.16%, Maturing
January 31, 2013
|
|
|
513,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,863,809
|
|
|
|
|
|
|
Equipment
Leasing 0.9%
|
|
AWAS Capital, Inc.
|
|
2,020,230
|
|
|
Term Loan Second Lien, 9.25%, Maturing
March 22, 2013
|
|
$
|
939,407
|
|
|
|
The Hertz Corp.
|
|
444,444
|
|
|
Term Loan, 3.20%, Maturing December 21, 2012
|
|
|
296,543
|
|
|
|
|
2,445,659
|
|
|
Term Loan, 3.35%, Maturing December 21, 2012
|
|
|
1,631,797
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,867,747
|
|
|
|
|
|
|
Farming/Agriculture 0.3%
|
|
Central Garden & Pet Co.
|
|
1,274,509
|
|
|
Term Loan, 2.92%, Maturing February 28, 2014
|
|
$
|
857,107
|
|
|
|
|
|
|
|
|
|
|
|
$
|
857,107
|
|
|
|
|
|
|
Financial
Intermediaries 3.0%
|
|
Citco III, Ltd.
|
|
3,190,118
|
|
|
Term Loan, 5.13%, Maturing June 30, 2014
|
|
$
|
2,193,206
|
|
|
|
Grosvenor Capital Management
|
|
1,496,683
|
|
|
Term Loan, 4.70%, Maturing December 5, 2013
|
|
|
898,010
|
|
|
|
INVESTools, Inc.
|
|
426,667
|
|
|
Term Loan, 4.79%, Maturing August 13, 2012
|
|
|
358,400
|
|
|
|
Jupiter Asset Management Group
|
GBP
|
462,299
|
|
|
Term Loan, 5.86%, Maturing June 30, 2015
|
|
|
414,098
|
|
|
|
LPL Holdings, Inc.
|
|
4,421,275
|
|
|
Term Loan, 5.51%, Maturing December 18, 2014
|
|
|
3,404,382
|
|
|
|
Nuveen Investments, Inc.
|
|
1,741,250
|
|
|
Term Loan, 5.24%, Maturing November 2, 2014
|
|
|
824,605
|
|
|
|
Oxford Acquisition III, Ltd.
|
|
902,907
|
|
|
Term Loan, 5.58%, Maturing May 24, 2014
|
|
|
487,570
|
|
|
|
RJO Holdings Corp. (RJ OBrien)
|
|
1,017,237
|
|
|
Term Loan, 4.96%, Maturing July 31,
2014
(3)
|
|
|
732,411
|
|
|
|
Travelex America Holdings, Inc.
|
|
375,000
|
|
|
Term Loan, 5.93%, Maturing October 31, 2013
|
|
|
241,250
|
|
|
|
|
375,000
|
|
|
Term Loan, 6.43%, Maturing October 31, 2014
|
|
|
241,250
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,795,182
|
|
|
|
|
|
|
Food
Products 5.6%
|
|
Acosta, Inc.
|
|
3,276,462
|
|
|
Term Loan, 5.37%, Maturing July 28, 2013
|
|
$
|
2,268,950
|
|
|
|
Advantage Sales & Marketing, Inc.
|
|
2,363,961
|
|
|
Term Loan, 4.89%, Maturing March 29, 2013
|
|
|
1,572,034
|
|
|
|
Black Lion Beverages III B.V.
|
EUR
|
147,059
|
|
|
Term Loan, 5.85%, Maturing December 31, 2013
|
|
|
125,770
|
|
|
|
EUR
|
852,941
|
|
|
Term Loan, 6.44%, Maturing December 31, 2014
|
|
|
729,468
|
|
|
|
Dean Foods Co.
|
|
4,784,693
|
|
|
Term Loan, 5.24%, Maturing April 2, 2014
|
|
|
3,877,310
|
|
|
|
Dole Food Company, Inc.
|
|
321,508
|
|
|
Term Loan, 3.67%, Maturing April 12, 2013
|
|
|
230,682
|
|
|
|
|
181,395
|
|
|
Term Loan, 4.69%, Maturing April 12, 2013
|
|
|
130,151
|
|
|
|
|
1,197,844
|
|
|
Term Loan, 5.17%, Maturing April 12, 2013
|
|
|
859,453
|
|
|
|
Michael Foods, Inc.
|
|
474,778
|
|
|
Term Loan, 3.99%, Maturing November 21, 2010
|
|
|
422,552
|
|
|
|
Pinnacle Foods Finance, LLC
|
|
5,115,275
|
|
|
Term Loan, 6.42%, Maturing April 2, 2014
|
|
|
3,512,490
|
|
|
|
Provimi Group SA
|
|
270,433
|
|
|
Term Loan, 3.68%, Maturing June 28, 2015
|
|
|
207,557
|
|
|
|
|
219,753
|
|
|
Term Loan, 3.68%, Maturing June 28, 2015
|
|
|
168,660
|
|
|
|
EUR
|
489,842
|
|
|
Term Loan, 5.64%, Maturing June 28, 2015
|
|
|
477,047
|
|
|
|
EUR
|
284,233
|
|
|
Term Loan, 5.64%, Maturing June 28, 2015
|
|
|
276,810
|
|
|
|
EUR
|
470,091
|
|
|
Term Loan, 5.64%, Maturing June 28, 2015
|
|
|
457,813
|
|
|
|
EUR
|
640,786
|
|
|
Term Loan, 5.64%, Maturing June 28, 2015
|
|
|
624,050
|
|
|
|
EUR
|
29,018
|
|
|
Term Loan Second Lien, 7.64%, Maturing June 28,
2015
|
|
|
24,854
|
|
|
|
|
338,551
|
|
|
Term Loan Second Lien, 2.99%, Maturing
December 28,
2016
(2)
|
|
|
228,522
|
|
|
|
EUR
|
836,935
|
|
|
Term Loan Second Lien, 3.63%, Maturing
December 28,
2016
(2)
|
|
|
716,841
|
|
|
|
Reddy Ice Group, Inc.
|
|
2,190,000
|
|
|
Term Loan, 6.50%, Maturing August 9, 2012
|
|
|
1,374,225
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,285,239
|
|
|
|
|
|
|
|
Food
Service 2.8%
|
|
AFC Enterprises, Inc.
|
|
546,817
|
|
|
Term Loan, 6.06%, Maturing May 23, 2009
|
|
$
|
426,517
|
|
|
|
Aramark Corp.
|
|
58,703
|
|
|
Term Loan, 4.49%, Maturing January 26, 2014
|
|
|
47,021
|
|
|
|
|
920,440
|
|
|
Term Loan, 5.64%, Maturing January 26, 2014
|
|
|
737,273
|
|
|
|
GBP
|
1,228,125
|
|
|
Term Loan, 8.38%, Maturing January 27, 2014
|
|
|
1,540,576
|
|
|
|
See
notes to financial statements
9
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Food
Service (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffets, Inc.
|
|
1,108,550
|
|
|
DIP Loan, 12.25%, Maturing January 22, 2009
|
|
|
1,080,837
|
|
|
|
|
503,308
|
|
|
Term Loan, 8.69%, Maturing January 22, 2009
|
|
|
156,026
|
|
|
|
|
50,144
|
|
|
Term Loan, 8.69%, Maturing January 22, 2009
|
|
|
15,545
|
|
|
|
|
155,610
|
|
|
Term Loan, 3.66%, Maturing May 1, 2013
|
|
|
49,536
|
|
|
|
|
1,046,925
|
|
|
Term Loan, 8.69%, Maturing November 1, 2013
|
|
|
333,271
|
|
|
|
CBRL Group, Inc.
|
|
1,938,556
|
|
|
Term Loan, 4.70%, Maturing April 27, 2013
|
|
|
1,360,221
|
|
|
|
Dennys, Inc.
|
|
135,667
|
|
|
Term Loan, 3.70%, Maturing March 31, 2012
|
|
|
101,072
|
|
|
|
|
501,058
|
|
|
Term Loan, 4.40%, Maturing March 31, 2012
|
|
|
373,288
|
|
|
|
NPC International, Inc.
|
|
412,656
|
|
|
Term Loan, 4.92%, Maturing May 3, 2013
|
|
|
284,733
|
|
|
|
OSI Restaurant Partners, LLC
|
|
154,525
|
|
|
Term Loan, 2.64%, Maturing May 9, 2013
|
|
|
70,000
|
|
|
|
|
1,881,599
|
|
|
Term Loan, 3.75%, Maturing May 9, 2014
|
|
|
852,364
|
|
|
|
QCE Finance, LLC
|
|
1,225,559
|
|
|
Term Loan, 6.06%, Maturing May 5, 2013
|
|
|
697,343
|
|
|
|
|
1,050,000
|
|
|
Term Loan Second Lien, 9.51%, Maturing
November 5, 2013
|
|
|
517,125
|
|
|
|
Sagittarius Restaurants, LLC
|
|
381,335
|
|
|
Term Loan, 9.50%, Maturing March 29, 2013
|
|
|
138,234
|
|
|
|
Selecta
|
EUR
|
741,246
|
|
|
Term Loan Second Lien, 9.12%, Maturing
December 28, 2015
|
|
|
505,555
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,286,537
|
|
|
|
|
|
|
Food/Drug
Retailers 3.5%
|
|
General Nutrition Centers, Inc.
|
|
2,755,930
|
|
|
Term Loan, 6.14%, Maturing September 16, 2013
|
|
$
|
1,860,252
|
|
|
|
Iceland Foods Group, Ltd.
|
GBP
|
1,625,000
|
|
|
Term Loan, 5.12%, Maturing May 2, 2014
|
|
|
2,067,096
|
|
|
|
GBP
|
1,625,000
|
|
|
Term Loan, 6.12%, Maturing May 2, 2015
|
|
|
2,067,096
|
|
|
|
Pantry, Inc. (The)
|
|
|
874,360
|
|
|
Term Loan, 3.19%, Maturing May 15, 2014
|
|
|
598,937
|
|
|
|
|
251,715
|
|
|
Term Loan, 3.19%, Maturing May 15, 2014
|
|
|
172,424
|
|
|
|
Rite Aid Corp.
|
|
5,273,500
|
|
|
Term Loan, 5.01%, Maturing June 1, 2014
|
|
|
3,625,531
|
|
|
|
|
1,200,000
|
|
|
Term Loan, 6.00%, Maturing June 4, 2014
|
|
|
834,000
|
|
|
|
Roundys Supermarkets, Inc.
|
|
334,191
|
|
|
Term Loan, 5.44%, Maturing November 3, 2011
|
|
$
|
247,719
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,473,055
|
|
|
|
|
|
|
Forest
Products 2.6%
|
|
Appleton Papers, Inc.
|
|
1,481,250
|
|
|
Term Loan, 5.28%, Maturing June 5, 2014
|
|
$
|
1,114,641
|
|
|
|
Georgia-Pacific Corp.
|
|
6,711,149
|
|
|
Term Loan, 4.18%, Maturing December 20, 2012
|
|
|
5,198,342
|
|
|
|
Newpage Corp.
|
|
1,662,438
|
|
|
Term Loan, 7.00%, Maturing December 5, 2014
|
|
|
1,241,633
|
|
|
|
Xerium Technologies, Inc.
|
|
1,323,101
|
|
|
Term Loan, 9.26%, Maturing May 18, 2012
|
|
|
959,248
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,513,864
|
|
|
|
|
|
|
Healthcare 17.0%
|
|
Accellent, Inc.
|
|
2,336,683
|
|
|
Term Loan, 4.69%, Maturing November 22, 2012
|
|
$
|
1,565,578
|
|
|
|
Advanced Medical Optics, Inc.
|
|
1,485,232
|
|
|
Term Loan, 4.76%, Maturing April 2, 2014
|
|
|
1,006,245
|
|
|
|
Alliance Imaging, Inc.
|
|
456,772
|
|
|
Term Loan, 5.56%, Maturing December 29, 2011
|
|
|
381,404
|
|
|
|
American Medical Systems
|
|
1,194,148
|
|
|
Term Loan, 3.69%, Maturing July 20, 2012
|
|
|
988,157
|
|
|
|
AMN Healthcare, Inc.
|
|
310,112
|
|
|
Term Loan, 5.51%, Maturing November 2, 2011
|
|
|
266,697
|
|
|
|
Biomet, Inc.
|
|
1,970,000
|
|
|
Term Loan, 6.76%, Maturing December 26, 2014
|
|
|
1,615,707
|
|
|
|
Bright Horizons Family Solutions, Inc.
|
|
1,072,313
|
|
|
Term Loan, 7.50%, Maturing May 15, 2015
|
|
|
786,362
|
|
|
|
Capio AB
|
EUR
|
169,803
|
|
|
Term Loan, 7.16%, Maturing April 24, 2015
|
|
|
163,662
|
|
|
|
EUR
|
204,134
|
|
|
Term Loan, 7.16%, Maturing April 24, 2015
|
|
|
196,752
|
|
|
|
EUR
|
169,803
|
|
|
Term Loan, 7.29%, Maturing April 16, 2016
|
|
|
163,662
|
|
|
|
EUR
|
152,245
|
|
|
Term Loan, 7.29%, Maturing April 24, 2016
|
|
|
146,739
|
|
|
|
Cardinal Health 409, Inc.
|
|
2,419,375
|
|
|
Term Loan, 6.01%, Maturing April 10, 2014
|
|
|
1,506,061
|
|
|
|
Carestream Health, Inc.
|
|
3,517,376
|
|
|
Term Loan, 5.43%, Maturing April 30, 2013
|
|
|
2,324,985
|
|
|
|
|
500,000
|
|
|
Term Loan Second Lien, 7.97%, Maturing
October 30, 2013
|
|
|
188,125
|
|
|
|
Carl Zeiss Vision Holding GmbH
|
|
1,300,000
|
|
|
Term Loan, 3.94%, Maturing March 23, 2015
|
|
|
743,167
|
|
|
|
Community Health Systems, Inc.
|
|
330,764
|
|
|
Term Loan, 0.00%, Maturing July 25,
2014
(2)
|
|
|
244,249
|
|
|
|
|
6,464,605
|
|
|
Term Loan, 4.39%, Maturing July 25, 2014
|
|
|
4,773,710
|
|
|
|
Concentra, Inc.
|
|
700,000
|
|
|
Term Loan Second Lien, 9.27%, Maturing June 25,
2015
|
|
|
262,500
|
|
|
|
ConMed Corp.
|
|
515,333
|
|
|
Term Loan, 4.67%, Maturing April 13, 2013
|
|
|
391,653
|
|
|
|
Convatec Cidron Healthcare B
|
EUR
|
750,000
|
|
|
Term Loan, 9.39%, Maturing July 30, 2016
|
|
|
881,886
|
|
|
|
CRC Health Corp.
|
|
539,000
|
|
|
Term Loan, 6.01%, Maturing February 6, 2013
|
|
|
338,222
|
|
|
|
|
536,305
|
|
|
Term Loan, 6.01%, Maturing February 6, 2013
|
|
|
336,531
|
|
|
|
See
notes to financial statements
10
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Healthcare (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Dako EQT Project Delphi
|
|
500,000
|
|
|
Term Loan Second Lien, 7.63%, Maturing
December 12, 2016
|
|
|
175,000
|
|
|
|
DaVita, Inc.
|
|
622,425
|
|
|
Term Loan, 4.63%, Maturing October 5, 2012
|
|
|
532,173
|
|
|
|
DJO Finance, LLC
|
|
893,250
|
|
|
Term Loan, 5.49%, Maturing May 15, 2014
|
|
|
685,569
|
|
|
|
Fenwal, Inc.
|
|
500,000
|
|
|
Term Loan Second Lien, 7.45%, Maturing
August 28, 2014
|
|
|
225,000
|
|
|
|
Fresenius Medical Care Holdings
|
|
2,873,814
|
|
|
Term Loan, 4.91%, Maturing March 31, 2013
|
|
|
2,397,839
|
|
|
|
Hanger Orthopedic Group, Inc.
|
|
800,128
|
|
|
Term Loan, 3.44%, Maturing May 30, 2013
|
|
|
642,103
|
|
|
|
HCA, Inc.
|
|
6,868,750
|
|
|
Term Loan, 6.01%, Maturing November 18, 2013
|
|
|
5,166,591
|
|
|
|
Health Management Association, Inc.
|
|
8,429,055
|
|
|
Term Loan, 5.51%, Maturing February 28, 2014
|
|
|
5,731,757
|
|
|
|
HealthSouth Corp.
|
|
2,967,235
|
|
|
Term Loan, 4.27%, Maturing March 10, 2013
|
|
|
2,357,302
|
|
|
|
Iasis Healthcare, LLC
|
|
154,022
|
|
|
Term Loan, 3.90%, Maturing March 14, 2014
|
|
|
116,768
|
|
|
|
|
576,139
|
|
|
Term Loan, 5.12%, Maturing March 14, 2014
|
|
|
436,786
|
|
|
|
|
1,665,038
|
|
|
Term Loan, 5.12%, Maturing March 14, 2014
|
|
|
1,262,307
|
|
|
|
Ikaria Acquisition, Inc.
|
|
592,495
|
|
|
Term Loan, 5.67%, Maturing March 28, 2013
|
|
|
444,372
|
|
|
|
IM U.S. Holdings, LLC
|
|
992,462
|
|
|
Term Loan, 4.80%, Maturing June 26, 2014
|
|
|
709,611
|
|
|
|
|
700,000
|
|
|
Term Loan Second Lien, 7.25%, Maturing June 26,
2015
|
|
|
476,000
|
|
|
|
Invacare Corp.
|
|
724,500
|
|
|
Term Loan, 5.23%, Maturing February 12, 2013
|
|
|
619,447
|
|
|
|
inVentiv Health, Inc.
|
|
933,271
|
|
|
Term Loan, 5.52%, Maturing July 6, 2014
|
|
|
739,617
|
|
|
|
Leiner Health Products, Inc.
|
|
86,243
|
|
|
Term Loan, 8.75%, Maturing May 27,
2011
(3)(4)
|
|
|
81,931
|
|
|
|
LifePoint Hospitals, Inc.
|
|
2,296,933
|
|
|
Term Loan, 3.82%, Maturing April 15, 2012
|
|
|
1,920,236
|
|
|
|
MultiPlan Merger Corp.
|
|
1,609,966
|
|
|
Term Loan, 4.00%, Maturing April 12, 2013
|
|
|
1,191,375
|
|
|
|
|
1,145,509
|
|
|
Term Loan, 4.00%, Maturing April 12, 2013
|
|
|
847,677
|
|
|
|
Mylan, Inc.
|
|
645,125
|
|
|
Term Loan, 6.90%, Maturing October 2, 2014
|
|
|
522,282
|
|
|
|
National Mentor Holdings, Inc.
|
|
68,600
|
|
|
Term Loan, 2.44%, Maturing June 29, 2013
|
|
|
57,967
|
|
|
|
|
1,130,381
|
|
|
Term Loan, 5.77%, Maturing June 29, 2013
|
|
|
955,172
|
|
|
|
National Rental Institutes, Inc.
|
|
906,199
|
|
|
Term Loan, 6.06%, Maturing March 31, 2013
|
|
|
566,374
|
|
|
|
Nyco Holdings
|
EUR
|
484,850
|
|
|
Term Loan, 7.42%, Maturing December 29, 2014
|
|
|
356,318
|
|
|
|
EUR
|
484,850
|
|
|
Term Loan, 8.17%, Maturing December 29, 2015
|
|
|
356,318
|
|
|
|
Physiotherapy Associates, Inc.
|
|
843,129
|
|
|
Term Loan, 8.50%, Maturing June 27, 2013
|
|
|
495,338
|
|
|
|
RadNet Management, Inc.
|
|
614,066
|
|
|
Term Loan, 7.06%, Maturing November 15, 2012
|
|
|
475,901
|
|
|
|
|
|
650,000
|
|
|
Term Loan Second Lien, 11.81%, Maturing
November 15, 2013
|
|
|
406,250
|
|
|
|
ReAble Therapeutics Finance, LLC
|
|
2,758,060
|
|
|
Term Loan, 5.76%, Maturing November 16, 2013
|
|
|
1,999,594
|
|
|
|
Renal Advantage, Inc.
|
|
934
|
|
|
Term Loan, 5.32%, Maturing October 5, 2012
|
|
|
654
|
|
|
|
Select Medical Holdings Corp.
|
|
2,281,037
|
|
|
Term Loan, 4.15%, Maturing February 24, 2012
|
|
|
1,714,580
|
|
|
|
Sunrise Medical Holdings, Inc.
|
|
429,058
|
|
|
Term Loan, 5.76%, Maturing May 13, 2010
|
|
|
307,806
|
|
|
|
Vanguard Health Holding Co., LLC
|
|
1,324,305
|
|
|
Term Loan, 5.04%, Maturing September 23, 2011
|
|
|
1,095,863
|
|
|
|
Viant Holdings, Inc.
|
|
592,500
|
|
|
Term Loan, 6.02%, Maturing June 25, 2014
|
|
|
322,912
|
|
|
|
|
|
|
|
|
|
|
|
$
|
55,664,844
|
|
|
|
|
|
|
Home
Furnishings 1.6%
|
|
Hunter Fan Co.
|
|
484,111
|
|
|
Term Loan, 4.74%, Maturing April 16, 2014
|
|
$
|
271,102
|
|
|
|
Interline Brands, Inc.
|
|
1,091,188
|
|
|
Term Loan, 2.90%, Maturing June 23, 2013
|
|
|
717,456
|
|
|
|
|
|
755,652
|
|
|
Term Loan, 2.90%, Maturing June 23, 2013
|
|
|
496,841
|
|
|
|
National Bedding Co., LLC
|
|
1,483,674
|
|
|
Term Loan, 4.93%, Maturing August 31, 2011
|
|
|
870,423
|
|
|
|
|
|
2,050,000
|
|
|
Term Loan Second Lien, 8.00%, Maturing
August 31, 2012
|
|
|
927,625
|
|
|
|
Simmons Co.
|
|
3,107,786
|
|
|
Term Loan, 5.50%, Maturing December 19, 2011
|
|
$
|
2,004,522
|
|
|
|
|
1,000,000
|
|
|
Term Loan, 8.35%, Maturing February 15, 2012
|
|
|
40,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,327,969
|
|
|
|
|
|
|
Industrial
Equipment 4.2%
|
|
Brand Energy and Infrastructure Services, Inc.
|
|
891,000
|
|
|
Term Loan, 6.96%, Maturing February 7, 2014
|
|
$
|
686,070
|
|
|
|
CEVA Group PLC U.S.
|
|
1,170,707
|
|
|
Term Loan, 5.03%, Maturing January 4, 2014
|
|
|
747,301
|
|
|
|
|
|
2,258,500
|
|
|
Term Loan, 5.05%, Maturing January 4, 2014
|
|
|
1,441,675
|
|
|
|
|
|
846,843
|
|
|
Term Loan, 6.76%, Maturing January 4, 2014
|
|
|
540,568
|
|
|
|
EPD Holdings (Goodyear Engineering Products)
|
|
151,977
|
|
|
Term Loan, 4.46%, Maturing July 13, 2014
|
|
|
94,985
|
|
|
|
See
notes to financial statements
11
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Industrial
Equipment (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,061,156
|
|
|
Term Loan, 4.46%, Maturing July 13, 2014
|
|
|
663,223
|
|
|
|
|
|
850,000
|
|
|
Term Loan Second Lien, 8.75%, Maturing
July 13, 2015
|
|
|
417,563
|
|
|
|
FR Brand Acquisition Corp.
|
|
738,750
|
|
|
Term Loan, 5.96%, Maturing February 7, 2014
|
|
|
513,431
|
|
|
|
Generac Acquisition Corp.
|
|
1,909,161
|
|
|
Term Loan, 6.65%, Maturing November 7, 2013
|
|
|
1,172,225
|
|
|
|
|
|
500,000
|
|
|
Term Loan Second Lien, 10.15%, Maturing
April 7, 2014
|
|
|
175,000
|
|
|
|
Gleason Corp.
|
|
145,941
|
|
|
Term Loan, 5.09%, Maturing June 30, 2013
|
|
|
113,105
|
|
|
|
|
|
633,988
|
|
|
Term Loan, 5.09%, Maturing June 30, 2013
|
|
|
491,341
|
|
|
|
Jason, Inc.
|
|
485,294
|
|
|
Term Loan, 5.50%, Maturing April 30, 2010
|
|
|
376,103
|
|
|
|
John Maneely Co.
|
|
3,014,317
|
|
|
Term Loan, 7.63%, Maturing December 8, 2013
|
|
|
1,956,292
|
|
|
|
KION Group GmbH
|
|
250,000
|
|
|
Term Loan, 3.43%, Maturing December 23, 2014
|
|
|
139,250
|
|
|
|
|
|
250,000
|
|
|
Term Loan, 3.93%, Maturing December 23, 2015
|
|
|
139,250
|
|
|
|
Polypore, Inc.
|
|
3,838,229
|
|
|
Term Loan, 5.14%, Maturing July 3, 2014
|
|
|
2,590,805
|
|
|
|
Sequa Corp.
|
|
795,043
|
|
|
Term Loan, 6.35%, Maturing November 30, 2014
|
|
|
556,530
|
|
|
|
TFS Acquisition Corp.
|
|
1,960,000
|
|
|
Term Loan, 7.26%, Maturing August 11, 2013
|
|
|
1,029,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,843,717
|
|
|
|
|
|
|
|
Insurance 3.7%
|
|
Alliant Holdings I, Inc.
|
|
846,250
|
|
|
Term Loan, 6.76%, Maturing August 21, 2014
|
|
$
|
550,063
|
|
|
|
AmWINS Group, Inc.
|
|
994,962
|
|
|
Term Loan, 4.36%, Maturing June 8, 2013
|
|
$
|
646,725
|
|
|
|
|
|
500,000
|
|
|
Term Loan Second Lien, 6.93%, Maturing
June 8, 2014
|
|
|
275,000
|
|
|
|
Applied Systems, Inc.
|
|
1,422,955
|
|
|
Term Loan, 6.23%, Maturing September 26, 2013
|
|
|
1,173,938
|
|
|
|
CCC Information Services Group, Inc.
|
|
1,640,954
|
|
|
Term Loan, 6.02%, Maturing February 10, 2013
|
|
|
1,271,739
|
|
|
|
Conseco, Inc.
|
|
3,852,694
|
|
|
Term Loan, 3.77%, Maturing October 10, 2013
|
|
|
2,533,147
|
|
|
|
Crawford & Company
|
|
1,352,929
|
|
|
Term Loan, 6.52%, Maturing October 31, 2013
|
|
|
1,149,989
|
|
|
|
Crump Group, Inc.
|
|
1,092,425
|
|
|
Term Loan, 4.44%, Maturing August 4, 2014
|
|
|
764,697
|
|
|
|
Getty Images, Inc.
|
|
1,300,000
|
|
|
Term Loan, 8.05%, Maturing July 2, 2015
|
|
|
1,122,875
|
|
|
|
Hub International Holdings, Inc.
|
|
439,482
|
|
|
Term Loan, 6.26%, Maturing June 13, 2014
|
|
|
273,577
|
|
|
|
|
|
1,955,832
|
|
|
Term Loan, 6.26%, Maturing June 13, 2014
|
|
|
1,217,505
|
|
|
|
U.S.I. Holdings Corp.
|
|
1,900,937
|
|
|
Term Loan, 6.52%, Maturing May 4, 2014
|
|
|
1,083,534
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,062,789
|
|
|
|
|
|
|
Leisure
Goods/Activities/Movies 10.9%
|
|
24 Hour Fitness Worldwide, Inc.
|
|
826,009
|
|
|
Term Loan, 5.36%, Maturing June 8, 2012
|
|
$
|
541,036
|
|
|
|
AMC Entertainment, Inc.
|
|
3,037,135
|
|
|
Term Loan, 3.16%, Maturing January 26, 2013
|
|
|
2,349,224
|
|
|
|
AMF Bowling Worldwide, Inc.
|
|
1,200,000
|
|
|
Term Loan Second Lien, 9.07%, Maturing
December 8, 2013
|
|
|
240,000
|
|
|
|
Bombardier Recreational Products
|
|
2,027,848
|
|
|
Term Loan, 6.08%, Maturing June 28, 2013
|
|
|
1,333,310
|
|
|
|
Butterfly Wendel US, Inc.
|
|
311,780
|
|
|
Term Loan, 5.63%, Maturing June 22, 2013
|
|
|
227,599
|
|
|
|
|
|
311,880
|
|
|
Term Loan, 5.38%, Maturing June 22, 2014
|
|
|
227,673
|
|
|
|
Carmike Cinemas, Inc.
|
|
1,581,902
|
|
|
Term Loan, 6.47%, Maturing May 19, 2012
|
|
|
1,182,472
|
|
|
|
Cedar Fair, L.P.
|
|
2,305,912
|
|
|
Term Loan, 3.44%, Maturing August 30, 2012
|
|
|
1,600,303
|
|
|
|
Cinemark, Inc.
|
|
3,993,500
|
|
|
Term Loan, 3.66%, Maturing October 5, 2013
|
|
|
3,063,586
|
|
|
|
Deluxe Entertainment Services
|
|
62,008
|
|
|
Term Loan, 6.01%, Maturing January 28, 2011
|
|
|
37,205
|
|
|
|
|
|
1,187,655
|
|
|
Term Loan, 5.34%, Maturing January 28, 2011
|
|
|
712,593
|
|
|
|
|
|
114,510
|
|
|
Term Loan, 6.01%, Maturing January 28, 2011
|
|
|
68,706
|
|
|
|
Easton-Bell Sports, Inc.
|
|
1,346,151
|
|
|
Term Loan, 5.29%, Maturing March 16, 2012
|
|
$
|
969,229
|
|
|
|
Fender Musical Instruments Corp.
|
|
660,535
|
|
|
Term Loan, 5.17%, Maturing June 9, 2014
|
|
|
412,834
|
|
|
|
|
|
333,612
|
|
|
Term Loan, 6.02%, Maturing June 9, 2014
|
|
|
208,508
|
|
|
|
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital
Corp.
|
|
10,000
|
|
|
DIP Loan, 18.50%, Maturing October 31,
2008
(2)(3)
|
|
|
10,000
|
|
|
|
Mega Blocks, Inc.
|
|
1,765,687
|
|
|
Term Loan, 8.75%, Maturing July 26, 2012
|
|
|
534,120
|
|
|
|
Metro-Goldwyn-Mayer Holdings, Inc.
|
|
8,736,540
|
|
|
Term Loan, 7.01%, Maturing April 8, 2012
|
|
|
4,046,888
|
|
|
|
National CineMedia, LLC
|
|
2,850,000
|
|
|
Term Loan, 4.57%, Maturing February 13, 2015
|
|
|
1,860,642
|
|
|
|
Regal Cinemas Corp.
|
|
5,404,924
|
|
|
Term Loan, 5.51%, Maturing November 10, 2010
|
|
|
4,098,732
|
|
|
|
See
notes to financial statements
12
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Leisure
Goods/Activities/Movies (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolution Studios Distribution Co., LLC
|
|
1,165,186
|
|
|
Term Loan, 5.19%, Maturing December 21, 2014
|
|
|
803,978
|
|
|
|
|
|
900,000
|
|
|
Term Loan, 8.44%, Maturing June 21, 2015
|
|
|
292,500
|
|
|
|
Six Flags Theme Parks, Inc.
|
|
2,456,250
|
|
|
Term Loan, 4.34%, Maturing April 30, 2015
|
|
|
1,532,086
|
|
|
|
Southwest Sports Group, LLC
|
|
2,000,000
|
|
|
Term Loan, 6.31%, Maturing December 22, 2010
|
|
|
1,550,000
|
|
|
|
Ticketmaster
|
|
1,950,000
|
|
|
Term Loan, 6.64%, Maturing July 22, 2014
|
|
|
1,560,000
|
|
|
|
Universal City Development Partners, Ltd.
|
|
1,924,945
|
|
|
Term Loan, 6.45%, Maturing June 9, 2011
|
|
|
1,645,828
|
|
|
|
WMG Acquisition Corp.
|
|
5,226,360
|
|
|
Term Loan, 4.39%, Maturing February 28, 2011
|
|
|
4,146,244
|
|
|
|
Zuffa, LLC
|
|
987,500
|
|
|
Term Loan, 3.44%, Maturing June 20, 2016
|
|
|
622,125
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,877,421
|
|
|
|
|
|
|
Lodging
and Casinos 3.6%
|
|
Ameristar Casinos, Inc.
|
|
1,191,313
|
|
|
Term Loan, 5.77%, Maturing November 10, 2012
|
|
$
|
762,440
|
|
|
|
Harrahs Operating Co.
|
|
995,000
|
|
|
Term Loan, 5.85%, Maturing January 28, 2015
|
|
|
586,740
|
|
|
|
Isle of Capri Casinos, Inc.
|
|
1,466,728
|
|
|
Term Loan, 5.51%, Maturing November 30, 2013
|
|
|
932,594
|
|
|
|
|
|
442,246
|
|
|
Term Loan, 5.51%, Maturing November 30, 2013
|
|
|
281,195
|
|
|
|
|
|
586,692
|
|
|
Term Loan, 5.51%, Maturing November 30, 2013
|
|
|
373,038
|
|
|
|
LodgeNet Entertainment Corp.
|
|
2,853,861
|
|
|
Term Loan, 5.77%, Maturing April 4, 2014
|
|
|
1,526,815
|
|
|
|
New World Gaming Partners, Ltd.
|
|
1,116,563
|
|
|
Term Loan, 6.26%, Maturing June 30, 2014
|
|
|
523,389
|
|
|
|
|
|
225,000
|
|
|
Term Loan, 6.55%, Maturing June 30, 2014
|
|
|
105,469
|
|
|
|
Penn National Gaming, Inc.
|
|
4,056,750
|
|
|
Term Loan, 4.04%, Maturing October 3, 2012
|
|
$
|
3,350,624
|
|
|
|
Venetian Casino Resort/Las Vegas Sands, Inc.
|
|
957,600
|
|
|
Term Loan, 5.52%, Maturing May 14, 2014
|
|
|
477,736
|
|
|
|
|
3,792,000
|
|
|
Term Loan, 5.52%, Maturing May 23, 2014
|
|
|
1,891,787
|
|
|
|
VML US Finance, LLC
|
|
225,402
|
|
|
Term Loan, 6.02%, Maturing May 25, 2012
|
|
|
129,913
|
|
|
|
|
|
524,598
|
|
|
Term Loan, 6.02%, Maturing May 25, 2013
|
|
|
302,360
|
|
|
|
Wimar OpCo, LLC
|
|
1,954,381
|
|
|
Term Loan, 7.25%, Maturing January 3, 2012
|
|
|
568,725
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,812,825
|
|
|
|
|
|
|
Nonferrous
Metals/Minerals 1.9%
|
|
Alpha Natural Resources, LLC
|
|
909,188
|
|
|
Term Loan, 5.56%, Maturing October 26, 2012
|
|
$
|
768,263
|
|
|
|
Euramax International, Inc.
|
|
649,548
|
|
|
Term Loan, 7.50%, Maturing June 28, 2012
|
|
|
316,655
|
|
|
|
|
|
501,316
|
|
|
Term Loan Second Lien, 11.75%, Maturing
June 28, 2013
|
|
|
187,993
|
|
|
|
|
|
248,684
|
|
|
Term Loan Second Lien, 11.75%, Maturing
June 28, 2013
|
|
|
93,257
|
|
|
|
Murray Energy Corp.
|
|
943,250
|
|
|
Term Loan, 6.94%, Maturing January 28, 2010
|
|
|
820,628
|
|
|
|
Noranda Aluminum Acquisition
|
|
1,341,618
|
|
|
Term Loan, 4.24%, Maturing May 18, 2014
|
|
|
811,679
|
|
|
|
Novelis, Inc.
|
|
702,051
|
|
|
Term Loan, 5.77%, Maturing June 28, 2014
|
|
|
445,802
|
|
|
|
|
|
1,544,512
|
|
|
Term Loan, 5.77%, Maturing June 28, 2014
|
|
|
980,765
|
|
|
|
Oxbow Carbon and Mineral Holdings
|
|
226,753
|
|
|
Term Loan, 5.76%, Maturing May 8, 2014
|
|
|
159,105
|
|
|
|
|
2,532,830
|
|
|
Term Loan, 5.76%, Maturing May 8, 2014
|
|
|
1,777,203
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,361,350
|
|
|
|
|
|
|
Oil
and Gas 2.8%
|
|
Atlas Pipeline Partners, L.P.
|
|
1,700,000
|
|
|
Term Loan, 3.94%, Maturing July 20, 2014
|
|
$
|
1,334,500
|
|
|
|
Big West Oil, LLC
|
|
453,750
|
|
|
Term Loan, 5.25%, Maturing May 1, 2014
|
|
|
272,250
|
|
|
|
|
|
360,938
|
|
|
Term Loan, 5.25%, Maturing May 1, 2014
|
|
|
216,563
|
|
|
|
Dresser, Inc.
|
|
1,577,187
|
|
|
Term Loan, 4.45%, Maturing May 4, 2014
|
|
|
1,094,174
|
|
|
|
|
|
1,000,000
|
|
|
Term Loan Second Lien, 7.99%, Maturing
May 4, 2015
|
|
|
593,750
|
|
|
|
Dynegy Holdings, Inc.
|
|
2,310,134
|
|
|
Term Loan, 2.94%, Maturing April 2, 2013
|
|
|
1,727,788
|
|
|
|
|
|
188,344
|
|
|
Term Loan, 2.94%, Maturing April 2, 2013
|
|
$
|
140,866
|
|
|
|
Enterprise GP Holdings, L.P.
|
|
1,325,000
|
|
|
Term Loan, 5.64%, Maturing October 31, 2014
|
|
|
1,096,438
|
|
|
|
Niska Gas Storage
|
|
58,471
|
|
|
Term Loan, 4.84%, Maturing May 13, 2011
|
|
|
46,338
|
|
|
|
|
|
82,341
|
|
|
Term Loan, 4.84%, Maturing May 13, 2011
|
|
|
65,255
|
|
|
|
|
|
121,556
|
|
|
Term Loan, 4.85%, Maturing May 13, 2011
|
|
|
96,333
|
|
|
|
|
|
752,710
|
|
|
Term Loan, 4.85%, Maturing May 12, 2013
|
|
|
596,523
|
|
|
|
Targa Resources, Inc.
|
|
1,410,000
|
|
|
Term Loan, 5.76%, Maturing October 31, 2012
|
|
|
1,028,125
|
|
|
|
|
1,065,308
|
|
|
Term Loan, 5.97%, Maturing October 31, 2012
|
|
|
776,788
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,085,691
|
|
|
|
|
|
See
notes to financial statements
13
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
|
Publishing 11.5%
|
|
American Media Operations, Inc.
|
|
1,953,871
|
|
|
Term Loan, 7.56%, Maturing January 31, 2013
|
|
$
|
1,162,553
|
|
|
|
Aster Zweite Beteiligungs GmbH
|
|
850,000
|
|
|
Term Loan, 6.13%, Maturing September 27, 2013
|
|
|
401,625
|
|
|
|
CanWest MediaWorks, Ltd.
|
|
886,500
|
|
|
Term Loan, 4.20%, Maturing July 10, 2014
|
|
|
523,035
|
|
|
|
Dex Media West, LLC
|
|
2,490,000
|
|
|
Term Loan, 7.54%, Maturing October 24, 2014
|
|
|
1,269,900
|
|
|
|
GateHouse Media Operating, Inc.
|
|
1,525,000
|
|
|
Term Loan, 4.20%, Maturing August 28, 2014
|
|
|
388,875
|
|
|
|
|
|
650,000
|
|
|
Term Loan, 4.94%, Maturing August 28, 2014
|
|
|
165,750
|
|
|
|
|
|
750,000
|
|
|
Term Loan, 5.07%, Maturing August 28, 2014
|
|
|
191,250
|
|
|
|
Idearc, Inc.
|
|
11,036,285
|
|
|
Term Loan, 5.67%, Maturing November 17, 2014
|
|
|
3,712,926
|
|
|
|
Laureate Education, Inc.
|
|
505,875
|
|
|
Term Loan, 4.65%, Maturing August 17, 2014
|
|
|
326,289
|
|
|
|
|
|
3,380,510
|
|
|
Term Loan, 4.65%, Maturing August 17, 2014
|
|
|
2,180,429
|
|
|
|
Local Insight Regatta Holdings, Inc.
|
|
1,870,313
|
|
|
Term Loan, 7.77%, Maturing April 23, 2015
|
|
|
1,424,555
|
|
|
|
MediaNews Group, Inc.
|
|
1,136,802
|
|
|
Term Loan, 5.82%, Maturing August 25, 2010
|
|
|
554,191
|
|
|
|
|
|
777,090
|
|
|
Term Loan, 7.07%, Maturing August 2, 2013
|
|
|
365,232
|
|
|
|
Mediannuaire Holding
|
EUR
|
500,000
|
|
|
Term Loan, 5.45%, Maturing October 24, 2013
|
|
|
369,567
|
|
|
|
|
EUR
|
704,593
|
|
|
Term Loan, 6.20%, Maturing October 10, 2014
|
|
|
366,564
|
|
|
|
|
EUR
|
704,593
|
|
|
Term Loan, 6.70%, Maturing October 10, 2015
|
|
|
366,564
|
|
|
|
Merrill Communications, LLC
|
|
5,331,173
|
|
|
Term Loan, 4.72%, Maturing February 9, 2009
|
|
|
3,411,951
|
|
|
|
Nebraska Book Co., Inc.
|
|
1,414,770
|
|
|
Term Loan, 6.38%, Maturing March 4, 2011
|
|
|
848,862
|
|
|
|
Nelson Education, Ltd.
|
|
495,000
|
|
|
Term Loan, 6.26%, Maturing July 5, 2014
|
|
$
|
358,875
|
|
|
|
Nielsen Finance, LLC
|
|
5,520,990
|
|
|
Term Loan, 4.23%, Maturing August 9, 2013
|
|
|
3,707,693
|
|
|
|
Philadelphia Newspapers, LLC
|
|
778,884
|
|
|
Term Loan, 6.75%, Maturing June 29, 2013
|
|
|
218,088
|
|
|
|
R.H. Donnelley Corp.
|
|
6,672,158
|
|
|
Term Loan, 6.86%, Maturing June 30, 2010
|
|
|
4,092,255
|
|
|
|
Readers Digest Association, Inc. (The)
|
|
4,580,250
|
|
|
Term Loan, 4.47%, Maturing March 2, 2014
|
|
|
1,717,594
|
|
|
|
SGS International, Inc.
|
|
701,455
|
|
|
Term Loan, 6.27%, Maturing December 30, 2011
|
|
|
487,511
|
|
|
|
Source Interlink Companies, Inc.
|
|
1,989,924
|
|
|
Term Loan, 5.45%, Maturing August 1, 2014
|
|
|
1,283,501
|
|
|
|
Source Media, Inc.
|
|
1,195,304
|
|
|
Term Loan, 8.77%, Maturing November 8, 2011
|
|
|
657,417
|
|
|
|
Trader Media Corp.
|
GBP
|
2,528,500
|
|
|
Term Loan, 8.26%, Maturing March 23, 2015
|
|
|
1,447,672
|
|
|
|
Tribune Co.
|
|
2,479,203
|
|
|
Term Loan, 7.08%, Maturing May 17, 2009
|
|
|
1,038,166
|
|
|
|
|
|
1,989,950
|
|
|
Term Loan, 6.00%, Maturing May 17, 2014
|
|
|
419,879
|
|
|
|
|
|
2,256,326
|
|
|
Term Loan, 6.00%, Maturing May 17, 2014
|
|
|
656,214
|
|
|
|
Xsys, Inc.
|
|
1,988,834
|
|
|
Term Loan, 6.13%, Maturing September 27, 2013
|
|
|
939,724
|
|
|
|
|
|
2,031,126
|
|
|
Term Loan, 6.13%, Maturing September 27, 2014
|
|
|
959,707
|
|
|
|
Yell Group, PLC
|
|
2,900,000
|
|
|
Term Loan, 4.43%, Maturing February 10, 2013
|
|
|
1,660,250
|
|
|
|
|
|
|
|
|
|
|
|
$
|
37,674,664
|
|
|
|
|
|
|
Radio
and Television 7.2%
|
|
Block Communications, Inc.
|
|
923,875
|
|
|
Term Loan, 5.27%, Maturing December 22, 2011
|
|
$
|
706,764
|
|
|
|
Cequel Communications, LLC
|
|
1,800,000
|
|
|
Term Loan Second Lien, 7.69%, Maturing
May 5, 2014
|
|
|
1,017,000
|
|
|
|
|
|
4,190,328
|
|
|
Term Loan Second Lien, 9.13%, Maturing
May 5, 2014
|
|
|
2,309,918
|
|
|
|
Citadel Broadcasting Corp.
|
|
1,000,000
|
|
|
Term Loan, 5.02%, Maturing June 12, 2014
|
|
|
390,000
|
|
|
|
CMP KC, LLC
|
|
966,188
|
|
|
Term Loan, 7.34%, Maturing May 5, 2013
|
|
|
556,621
|
|
|
|
CMP Susquehanna Corp.
|
|
2,475,412
|
|
|
Term Loan, 3.64%, Maturing May 5, 2013
|
|
|
798,320
|
|
|
|
Emmis Operating Co.
|
|
858,748
|
|
|
Term Loan, 4.90%, Maturing November 2, 2013
|
|
|
429,374
|
|
|
|
Gray Television, Inc.
|
|
1,251,291
|
|
|
Term Loan, 4.78%, Maturing January 19, 2015
|
|
|
553,696
|
|
|
|
HIT Entertainment, Inc.
|
|
969,945
|
|
|
Term Loan, 4.71%, Maturing March 20, 2012
|
|
$
|
504,371
|
|
|
|
NEP II, Inc.
|
|
689,494
|
|
|
Term Loan, 6.01%, Maturing February 16, 2014
|
|
|
482,645
|
|
|
|
Nexstar Broadcasting, Inc.
|
|
1,981,915
|
|
|
Term Loan, 5.51%, Maturing October 1, 2012
|
|
|
1,189,149
|
|
|
|
|
|
1,875,519
|
|
|
Term Loan, 5.51%, Maturing October 1, 2012
|
|
|
1,125,311
|
|
|
|
NextMedia Operating, Inc.
|
|
162,260
|
|
|
Term Loan, 5.44%, Maturing November 15, 2012
|
|
|
94,516
|
|
|
|
|
|
72,114
|
|
|
Term Loan, 5.45%, Maturing November 15, 2012
|
|
|
42,007
|
|
|
|
PanAmSat Corp.
|
|
1,561,091
|
|
|
Term Loan, 6.65%, Maturing January 3, 2014
|
|
|
1,211,797
|
|
|
|
|
|
1,560,619
|
|
|
Term Loan, 6.65%, Maturing January 3, 2014
|
|
|
1,211,431
|
|
|
|
|
|
1,560,619
|
|
|
Term Loan, 6.65%, Maturing January 3, 2014
|
|
|
1,211,431
|
|
|
|
See
notes to financial statements
14
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Radio
and Television (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Paxson Communications Corp.
|
|
2,775,000
|
|
|
Term Loan, 8.00%, Maturing January 15, 2012
|
|
|
1,248,750
|
|
|
|
Raycom TV Broadcasting, LLC
|
|
1,125,000
|
|
|
Term Loan, 3.88%, Maturing June 25, 2014
|
|
|
928,125
|
|
|
|
SFX Entertainment
|
|
1,195,067
|
|
|
Term Loan, 7.02%, Maturing June 21, 2013
|
|
|
962,029
|
|
|
|
Sirius Satellite Radio, Inc.
|
|
495,000
|
|
|
Term Loan, 5.43%, Maturing December 19, 2012
|
|
|
304,425
|
|
|
|
Spanish Broadcasting System, Inc.
|
|
972,292
|
|
|
Term Loan, 5.52%, Maturing June 10, 2012
|
|
|
371,902
|
|
|
|
Tyrol Acquisition 2 SAS
|
EUR
|
875,000
|
|
|
Term Loan, 5.39%, Maturing January 19, 2015
|
|
|
673,859
|
|
|
|
|
EUR
|
875,000
|
|
|
Term Loan, 7.40%, Maturing January 19, 2016
|
|
|
673,859
|
|
|
|
Univision Communications, Inc.
|
|
4,332,413
|
|
|
Term Loan Second Lien, 3.94%, Maturing
March 29, 2009
|
|
|
3,574,240
|
|
|
|
Young Broadcasting, Inc.
|
|
975,000
|
|
|
Term Loan, 5.26%, Maturing November 3, 2012
|
|
|
546,975
|
|
|
|
|
788,513
|
|
|
Term Loan, 5.25%, Maturing November 3, 2012
|
|
|
442,356
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,560,871
|
|
|
|
|
|
|
Rail
Industries 1.0%
|
|
Kansas City Southern Railway Co.
|
|
2,199,375
|
|
|
Term Loan, 4.95%, Maturing April 26, 2013
|
|
$
|
1,821,815
|
|
|
|
Rail America, Inc.
|
|
104,880
|
|
|
Term Loan, 7.88%, Maturing August 14, 2009
|
|
|
87,575
|
|
|
|
|
1,620,120
|
|
|
Term Loan, 7.88%, Maturing August 13, 2010
|
|
|
1,352,800
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,262,190
|
|
|
|
|
|
|
Retailers
(Except Food and Drug) 4.6%
|
|
American Achievement Corp.
|
|
1,126,602
|
|
|
Term Loan, 5.07%, Maturing March 25, 2011
|
|
$
|
1,002,675
|
|
|
|
Amscan Holdings, Inc.
|
|
566,375
|
|
|
Term Loan, 4.81%, Maturing May 25, 2013
|
|
|
417,702
|
|
|
|
Claires Stores, Inc.
|
|
395,000
|
|
|
Term Loan, 4.89%, Maturing May 24, 2014
|
|
|
167,505
|
|
|
|
Cumberland Farms, Inc.
|
|
1,706,889
|
|
|
Term Loan, 5.18%, Maturing September 29, 2013
|
|
|
1,425,252
|
|
|
|
Educate, Inc.
|
|
500,000
|
|
|
Term Loan Second Lien, 6.01%, Maturing June 14,
2014
|
|
|
262,500
|
|
|
|
FTD, Inc.
|
|
1,625,000
|
|
|
Term Loan, 7.52%, Maturing July 31, 2014
|
|
|
1,446,250
|
|
|
|
Harbor Freight Tools USA, Inc.
|
|
1,807,309
|
|
|
Term Loan, 9.75%, Maturing July 15, 2010
|
|
|
1,084,386
|
|
|
|
Jostens Corp.
|
|
2,102,724
|
|
|
Term Loan, 5.17%, Maturing October 4, 2011
|
|
|
1,634,868
|
|
|
|
Mapco Express, Inc.
|
|
538,436
|
|
|
Term Loan, 3.94%, Maturing April 28, 2011
|
|
|
282,679
|
|
|
|
Orbitz Worldwide, Inc.
|
|
2,296,825
|
|
|
Term Loan, 5.74%, Maturing July 25, 2014
|
|
|
1,025,916
|
|
|
|
Oriental Trading Co., Inc.
|
|
1,225,000
|
|
|
Term Loan Second Lien, 7.44%, Maturing
January 31, 2013
|
|
|
500,208
|
|
|
|
|
|
1,763,253
|
|
|
Term Loan, 4.67%, Maturing July 31, 2013
|
|
|
1,010,931
|
|
|
|
Rent-A-Center, Inc.
|
|
751,732
|
|
|
Term Loan, 3.78%, Maturing November 15, 2012
|
|
|
575,075
|
|
|
|
Rover Acquisition Corp.
|
|
2,407,125
|
|
|
Term Loan, 5.53%, Maturing October 26, 2013
|
|
|
1,641,659
|
|
|
|
Savers, Inc.
|
|
380,558
|
|
|
Term Loan, 5.75%, Maturing August 11, 2012
|
|
|
304,447
|
|
|
|
|
|
416,328
|
|
|
Term Loan, 5.75%, Maturing August 11, 2012
|
|
|
333,062
|
|
|
|
The Yankee Candle Company, Inc.
|
|
2,269,495
|
|
|
Term Loan, 5.73%, Maturing February 6, 2014
|
|
|
1,242,549
|
|
|
|
Vivarte
|
EUR
|
750,000
|
|
|
Term Loan, 6.25%, Maturing May 29, 2015
|
|
|
407,390
|
|
|
|
EUR
|
750,000
|
|
|
Term Loan, 6.75%, Maturing May 29, 2016
|
|
|
407,390
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,172,444
|
|
|
|
|
|
|
Steel 0.4%
|
|
Algoma Acquisition Corp.
|
|
1,078,789
|
|
|
Term Loan, 5.35%, Maturing June 20, 2013
|
|
$
|
809,092
|
|
|
|
Niagara Corp.
|
|
1,135,625
|
|
|
Term Loan, 6.40%, Maturing June 29, 2014
|
|
|
624,594
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,433,686
|
|
|
|
|
|
Surface
Transport 0.7%
|
|
Gainey Corp.
|
|
1,288,011
|
|
|
Term Loan, 7.00%, Maturing April 20,
2012
(4)
|
|
$
|
161,001
|
|
|
|
Oshkosh Truck Corp.
|
|
1,913,500
|
|
|
Term Loan, 4.20%, Maturing December 6, 2013
|
|
|
1,224,640
|
|
|
|
Ozburn-Hessey Holding Co., LLC
|
|
484,666
|
|
|
Term Loan, 6.61%, Maturing August 9, 2012
|
|
|
375,616
|
|
|
|
Swift Transportation Co., Inc.
|
|
1,115,116
|
|
|
Term Loan, 6.36%, Maturing May 10, 2014
|
|
|
505,519
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,266,776
|
|
|
|
|
|
|
Telecommunications 7.1%
|
|
Alaska Communications Systems Holdings, Inc.
|
|
1,099,807
|
|
|
Term Loan, 5.51%, Maturing February 1, 2012
|
|
$
|
868,298
|
|
|
|
See
notes to financial statements
15
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Telecommunications (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltell Communication
|
|
1,488,722
|
|
|
Term Loan, 5.32%, Maturing May 16, 2014
|
|
|
1,417,801
|
|
|
|
|
|
3,227,450
|
|
|
Term Loan, 4.12%, Maturing May 16, 2015
|
|
|
3,093,310
|
|
|
|
Asurion Corp.
|
|
3,175,000
|
|
|
Term Loan, 5.31%, Maturing July 13, 2012
|
|
|
2,166,938
|
|
|
|
|
|
1,000,000
|
|
|
Term Loan Second Lien, 8.06%, Maturing
January 13, 2013
|
|
|
627,500
|
|
|
|
Centennial Cellular Operating Co., LLC
|
|
4,594,820
|
|
|
Term Loan, 5.39%, Maturing February 9, 2011
|
|
|
4,358,513
|
|
|
|
CommScope, Inc.
|
|
3,270,954
|
|
|
Term Loan, 5.88%, Maturing November 19, 2014
|
|
|
2,436,861
|
|
|
|
FairPoint Communications, Inc.
|
|
2,725,000
|
|
|
Term Loan, 5.75%, Maturing March 31, 2015
|
|
|
1,741,275
|
|
|
|
Intelsat Subsidiary Holding Co.
|
|
1,078,000
|
|
|
Term Loan, 6.65%, Maturing July 3, 2013
|
|
|
894,740
|
|
|
|
IPC Systems, Inc.
|
|
1,111,967
|
|
|
Term Loan, 6.01%, Maturing May 31, 2014
|
|
|
569,883
|
|
|
|
|
|
500,000
|
|
|
Term Loan Second Lien, 9.01%, Maturing May 31,
2015
|
|
|
150,000
|
|
|
|
Macquarie UK Broadcast Ventures, Ltd.
|
GBP
|
827,948
|
|
|
Term Loan, 5.27%, Maturing December 26, 2014
|
|
|
989,359
|
|
|
|
NTelos, Inc.
|
|
1,291,458
|
|
|
Term Loan, 3.69%, Maturing August 24, 2011
|
|
|
1,102,583
|
|
|
|
Palm, Inc.
|
|
915,750
|
|
|
Term Loan, 7.27%, Maturing April 24, 2014
|
|
|
473,901
|
|
|
|
Stratos Global Corp.
|
|
1,104,500
|
|
|
Term Loan, 6.26%, Maturing February 13, 2012
|
|
|
900,168
|
|
|
|
Trilogy International Partners
|
|
950,000
|
|
|
Term Loan, 7.26%, Maturing June 29, 2012
|
|
|
403,750
|
|
|
|
Windstream Corp.
|
|
1,394,326
|
|
|
Term Loan, 6.05%, Maturing July 17, 2013
|
|
|
1,167,748
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,362,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 4.2%
|
|
AEI Finance Holding, LLC
|
|
301,657
|
|
|
Revolving Loan, 6.76%, Maturing March 30, 2012
|
|
$
|
193,061
|
|
|
|
|
|
2,175,381
|
|
|
Term Loan, 6.76%, Maturing March 30, 2014
|
|
|
1,261,721
|
|
|
|
Astoria Generating Co.
|
|
1,000,000
|
|
|
Term Loan Second Lien, 6.96%, Maturing
August 23, 2013
|
|
|
711,667
|
|
|
|
BRSP, LLC
|
|
1,902,915
|
|
|
Term Loan, 5.86%, Maturing July 13, 2009
|
|
|
1,234,992
|
|
|
|
Covanta Energy Corp.
|
|
626,804
|
|
|
Term Loan, 3.95%, Maturing February 9, 2014
|
|
|
512,935
|
|
|
|
|
|
1,254,098
|
|
|
Term Loan, 4.41%, Maturing February 9, 2014
|
|
|
1,026,270
|
|
|
|
Electricinvest Holding Co.
|
EUR
|
476,616
|
|
|
Term Loan, 7.93%, Maturing October 24, 2012
|
|
|
471,727
|
|
|
|
|
GBP
|
480,000
|
|
|
Term Loan, 7.69%, Maturing October 24, 2012
|
|
|
575,112
|
|
|
|
NRG Energy, Inc.
|
|
2,118,560
|
|
|
Term Loan, 5.26%, Maturing June 1, 2014
|
|
|
1,774,294
|
|
|
|
|
|
4,296,134
|
|
|
Term Loan, 5.26%, Maturing June 1, 2014
|
|
|
3,598,012
|
|
|
|
Pike Electric, Inc.
|
|
1,136,438
|
|
|
Term Loan, 2.94%, Maturing July 1, 2012
|
|
|
1,034,159
|
|
|
|
|
|
308,512
|
|
|
Term Loan, 3.00%, Maturing December 10, 2012
|
|
|
280,746
|
|
|
|
TXU Texas Competitive Electric Holdings Co., LLC
|
|
479,975
|
|
|
Term Loan, 5.28%, Maturing October 10, 2014
|
|
|
326,683
|
|
|
|
|
1,373,462
|
|
|
Term Loan, 5.55%, Maturing October 10, 2014
|
|
|
936,530
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,937,909
|
|
|
|
|
|
|
|
|
Total
Senior Floating-Rate Interests
|
|
|
(identified
cost $856,643,703)
|
|
$
|
561,756,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
& Notes 12.1%
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Aerospace
and Defense 0.1%
|
|
Alion Science and Technologies Corp.
|
|
155
|
|
|
10.25%, 2/1/15
|
|
$
|
86,025
|
|
|
|
Bombardier, Inc.
|
|
145
|
|
|
8.00%,
11/15/14
(5)
|
|
|
122,525
|
|
|
|
DRS Technologies, Inc., Sr. Sub. Notes
|
|
90
|
|
|
7.625%, 2/1/18
|
|
|
89,775
|
|
|
|
Hawker Beechcraft Acquisition
|
|
165
|
|
|
9.75%, 4/1/17
|
|
|
54,450
|
|
|
|
Vought Aircraft Industries, Inc., Sr. Notes
|
|
95
|
|
|
8.00%, 7/15/11
|
|
$
|
66,025
|
|
|
|
|
|
|
|
|
|
|
|
$
|
418,800
|
|
|
|
|
|
Automotive 0.3%
|
|
Allison Transmission, Inc.
|
|
130
|
|
|
11.00%,
11/1/15
(5)
|
|
$
|
64,350
|
|
|
|
Altra Industrial Motion, Inc.
|
|
375
|
|
|
9.00%, 12/1/11
|
|
|
339,375
|
|
|
|
American Axle & Manufacturing, Inc.
|
|
150
|
|
|
7.875%, 3/1/17
|
|
|
38,250
|
|
|
|
Commercial Vehicle Group, Inc., Sr. Notes
|
|
110
|
|
|
8.00%, 7/1/13
|
|
|
69,850
|
|
|
|
Ford Motor Credit Co., Sr. Notes
|
|
495
|
|
|
5.70%, 1/15/10
|
|
|
287,096
|
|
|
|
General Motors Corp., Sr. Notes
|
|
85
|
|
|
7.20%, 1/15/11
|
|
|
23,162
|
|
|
|
See
notes to financial statements
16
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Automotive (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenneco, Inc., Sr. Notes
|
|
50
|
|
|
8.125%, 11/15/15
|
|
|
21,750
|
|
|
|
|
|
|
|
|
|
|
|
$
|
843,833
|
|
|
|
|
|
|
Broadcast
Radio and Television 0.0%
|
|
Warner Music Group, Sr. Sub. Notes
|
|
90
|
|
|
7.375%, 4/15/14
|
|
$
|
54,450
|
|
|
|
XM Satellite Radio Holdings, Inc., Sr. Notes
|
|
235
|
|
|
13.00%,
8/1/13
(5)
|
|
|
61,100
|
|
|
|
|
|
|
|
|
|
|
|
$
|
115,550
|
|
|
|
|
|
|
Brokers/Dealers/Investment
Houses 0.0%
|
|
Nuveen Investments, Inc., Sr. Notes
|
|
135
|
|
|
10.50%,
11/15/15
(5)
|
|
$
|
42,019
|
|
|
|
|
|
|
|
|
|
|
|
$
|
42,019
|
|
|
|
|
|
|
Building
and Development 0.5%
|
|
Grohe Holding GmbH, Variable Rate
|
EUR
|
2,000
|
|
|
8.193%, 1/15/14
|
|
$
|
1,256,211
|
|
|
|
Panolam Industries International, Sr. Sub. Notes
|
|
470
|
|
|
10.75%, 10/1/13
|
|
|
213,850
|
|
|
|
Ply Gem Industries, Inc., Sr. Notes
|
|
275
|
|
|
11.75%,
6/15/13
(5)
|
|
|
164,312
|
|
|
|
Texas Industries Inc., Sr. Notes
|
|
135
|
|
|
7.25%,
7/15/13
(5)
|
|
|
103,275
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,737,648
|
|
|
|
|
|
|
Business
Equipment and Services 0.7%
|
|
Affinion Group, Inc.
|
|
110
|
|
|
10.125%, 10/15/13
|
|
$
|
75,900
|
|
|
|
|
|
235
|
|
|
11.50%, 10/15/15
|
|
|
138,650
|
|
|
|
Ceridian Corp., Sr. Notes
|
|
305
|
|
|
11.25%,
11/15/15
(5)
|
|
$
|
160,887
|
|
|
|
Education Management, LLC, Sr. Notes
|
|
475
|
|
|
8.75%, 6/1/14
|
|
|
346,750
|
|
|
|
Education Management, LLC, Sr. Sub. Notes
|
|
655
|
|
|
10.25%, 6/1/16
|
|
|
458,500
|
|
|
|
Hertz Corp.
|
|
25
|
|
|
8.875%, 1/1/14
|
|
|
13,031
|
|
|
|
|
|
425
|
|
|
10.50%, 1/1/16
|
|
|
172,125
|
|
|
|
MediMedia USA, Inc., Sr. Sub. Notes
|
|
180
|
|
|
11.375%,
11/15/14
(5)
|
|
|
141,300
|
|
|
|
Rental Service Corp.
|
|
475
|
|
|
9.50%, 12/1/14
|
|
|
235,125
|
|
|
|
Ticketmaster, Sr. Notes
|
|
220
|
|
|
10.75%,
8/1/16
(5)
|
|
|
111,100
|
|
|
|
Travelport, LLC
|
|
420
|
|
|
9.875%, 9/1/14
|
|
|
149,100
|
|
|
|
|
|
34
|
|
|
11.875%, 9/1/16
|
|
|
8,330
|
|
|
|
West Corp.
|
|
425
|
|
|
9.50%, 10/15/14
|
|
|
227,375
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,238,173
|
|
|
|
|
|
|
Cable
and Satellite Television 0.5%
|
|
Cablevision Systems Corp., Sr. Notes, Series B
|
|
160
|
|
|
8.00%, 4/15/12
|
|
$
|
132,000
|
|
|
|
CCH II Holdings, LLC, Sr. Notes
|
|
75
|
|
|
10.25%, 10/1/13
|
|
|
34,500
|
|
|
|
|
|
60
|
|
|
10.25%,
10/1/13
(5)
|
|
|
25,800
|
|
|
|
CCO Holdings, LLC/CCO Capital Corp., Sr. Notes
|
|
1,785
|
|
|
8.75%, 11/15/13
|
|
|
1,026,375
|
|
|
|
Charter Communications Holdings, Sr. Notes
|
|
30
|
|
|
8.375%, 4/30/14
|
|
|
20,550
|
|
|
|
Charter Communications, Inc., Sr. Notes
|
|
205
|
|
|
10.875%,
9/15/14
(5)
|
|
|
148,112
|
|
|
|
Kabel Deutschland GmbH
|
|
220
|
|
|
10.625%, 7/1/14
|
|
|
177,375
|
|
|
|
Mediacom Broadband Group Corp., LLC, Sr. Notes
|
|
140
|
|
|
8.50%, 10/15/15
|
|
|
100,100
|
|
|
|
National Cable PLC
|
|
40
|
|
|
8.75%, 4/15/14
|
|
|
29,100
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,693,912
|
|
|
|
|
|
|
Chemicals
and Plastics 0.2%
|
|
CII Carbon, LLC
|
|
195
|
|
|
11.125%,
11/15/15
(5)
|
|
$
|
153,075
|
|
|
|
INEOS Group Holdings PLC, Sr. Sub. Notes
|
|
345
|
|
|
8.50%,
2/15/16
(5)
|
|
$
|
62,962
|
|
|
|
Nova Chemicals Corp., Sr. Notes, Variable Rate
|
|
215
|
|
|
5.72%, 11/15/13
|
|
|
116,100
|
|
|
|
Reichhold Industries, Inc., Sr. Notes
|
|
500
|
|
|
9.00%,
8/15/14
(5)
|
|
|
342,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
674,637
|
|
|
|
|
|
|
Clothing/Textiles 0.5%
|
|
Levi Strauss & Co., Sr. Notes
|
|
615
|
|
|
9.75%, 1/15/15
|
|
$
|
372,075
|
|
|
|
|
|
85
|
|
|
8.875%, 4/1/16
|
|
|
48,025
|
|
|
|
See
notes to financial statements
17
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Clothing/Textiles (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Oxford Industries, Inc., Sr. Notes
|
|
1,355
|
|
|
8.875%, 6/1/11
|
|
|
968,825
|
|
|
|
Perry Ellis International, Inc., Sr. Sub. Notes
|
|
400
|
|
|
8.875%, 9/15/13
|
|
|
230,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,618,925
|
|
|
|
|
|
|
Conglomerates 0.1%
|
|
RBS Global & Rexnord Corp.
|
|
195
|
|
|
9.50%, 8/1/14
|
|
$
|
137,475
|
|
|
|
|
175
|
|
|
11.75%, 8/1/16
|
|
|
102,375
|
|
|
|
|
|
|
|
|
|
|
|
$
|
239,850
|
|
|
|
|
|
|
Containers
and Glass Products 0.5%
|
|
Berry Plastics Corp., Sr. Notes, Variable Rate
|
|
1,000
|
|
|
9.503%, 2/15/15
|
|
$
|
745,000
|
|
|
|
Intertape Polymer US, Inc., Sr. Sub. Notes
|
|
865
|
|
|
8.50%, 8/1/14
|
|
|
661,725
|
|
|
|
Pliant Corp. (PIK)
|
|
271
|
|
|
11.625%, 6/15/09
|
|
|
107,078
|
|
|
|
Smurfit-Stone Container Enterprises, Inc., Sr. Notes
|
|
375
|
|
|
8.00%, 3/15/17
|
|
|
101,250
|
|
|
|
Solo Cup Co.
|
|
25
|
|
|
8.50%, 2/15/14
|
|
|
15,625
|
|
|
|
Stone Container Corp., Sr. Notes
|
|
45
|
|
|
8.375%, 7/1/12
|
|
|
12,825
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,643,503
|
|
|
|
|
|
|
Ecological
Services and Equipment 0.1%
|
|
Waste Services, Inc., Sr. Sub. Notes
|
|
570
|
|
|
9.50%, 4/15/14
|
|
$
|
436,050
|
|
|
|
|
|
|
|
|
|
|
|
$
|
436,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic/Electric 0.5%
|
|
Advanced Micro Devices, Inc., Sr. Notes
|
|
230
|
|
|
7.75%, 11/1/12
|
|
$
|
143,175
|
|
|
|
Amkor Technologies, Inc., Sr. Notes
|
|
50
|
|
|
7.125%, 3/15/11
|
|
|
36,437
|
|
|
|
|
50
|
|
|
7.75%, 5/15/13
|
|
|
30,187
|
|
|
|
|
225
|
|
|
9.25%, 6/1/16
|
|
|
132,750
|
|
|
|
Avago Technologies Finance
|
|
195
|
|
|
10.125%, 12/1/13
|
|
|
159,169
|
|
|
|
|
|
240
|
|
|
11.875%, 12/1/15
|
|
|
186,300
|
|
|
|
First Data Corp.
|
|
15
|
|
|
9.875%, 9/24/15
|
|
|
8,700
|
|
|
|
NXP BV/NXP Funding, LLC, Variable Rate
|
|
875
|
|
|
7.503%, 10/15/13
|
|
|
219,844
|
|
|
|
SunGard Data Systems, Inc., Sr. Notes
|
|
880
|
|
|
10.625%,
5/15/15
(5)
|
|
|
682,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,598,562
|
|
|
|
|
|
|
Financial
Intermediaries 0.2%
|
|
Ford Motor Credit Co.
|
|
380
|
|
|
7.375%, 10/28/09
|
|
$
|
232,052
|
|
|
|
Ford Motor Credit Co., Sr. Notes
|
|
465
|
|
|
7.875%, 6/15/10
|
|
|
237,093
|
|
|
|
|
|
20
|
|
|
9.875%, 8/10/11
|
|
|
9,405
|
|
|
|
General Motors Acceptance Corp., Variable Rate
|
|
125
|
|
|
3.399%, 5/15/09
|
|
|
81,406
|
|
|
|
|
|
|
|
|
|
|
|
$
|
559,956
|
|
|
|
|
|
|
Food
Products 0.2%
|
|
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes
|
|
580
|
|
|
11.50%, 11/1/11
|
|
$
|
498,800
|
|
|
|
|
|
|
|
|
|
|
|
$
|
498,800
|
|
|
|
|
|
|
Food
Service 0.2%
|
|
Aramark Services, Inc.
|
|
160
|
|
|
8.50%, 2/1/15
|
|
$
|
133,600
|
|
|
|
El Pollo Loco, Inc.
|
|
410
|
|
|
11.75%, 11/15/13
|
|
|
305,450
|
|
|
|
NPC International, Inc., Sr. Sub. Notes
|
|
385
|
|
|
9.50%, 5/1/14
|
|
|
263,725
|
|
|
|
|
|
|
|
|
|
|
|
$
|
702,775
|
|
|
|
|
|
|
Food/Drug
Retailers 0.3%
|
|
General Nutrition Center, Sr. Notes, Variable Rate (PIK)
|
|
755
|
|
|
7.584%, 3/15/14
|
|
$
|
437,900
|
|
|
|
General Nutrition Center, Sr. Sub. Notes
|
|
430
|
|
|
10.75%, 3/15/15
|
|
|
249,400
|
|
|
|
Rite Aid Corp.
|
|
30
|
|
|
10.375%, 7/15/16
|
|
|
20,250
|
|
|
|
|
515
|
|
|
7.50%, 3/1/17
|
|
|
296,125
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,003,675
|
|
|
|
|
|
|
Forest
Products 0.2%
|
|
Jefferson Smurfit Corp., Sr. Notes
|
|
105
|
|
|
8.25%, 10/1/12
|
|
$
|
29,925
|
|
|
|
See
notes to financial statements
18
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Forest
Products (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85
|
|
|
7.50%, 6/1/13
|
|
|
25,075
|
|
|
|
NewPage Corp.
|
|
610
|
|
|
10.00%, 5/1/12
|
|
|
332,450
|
|
|
|
|
|
385
|
|
|
12.00%, 5/1/13
|
|
|
134,750
|
|
|
|
NewPage Corp., Variable Rate
|
|
155
|
|
|
9.443%, 5/1/12
|
|
|
82,150
|
|
|
|
Verso Paper Holdings, LLC/Verso Paper, Inc.
|
|
305
|
|
|
11.375%, 8/1/16
|
|
|
114,375
|
|
|
|
|
|
|
|
|
|
|
|
$
|
718,725
|
|
|
|
|
|
|
Healthcare 1.6%
|
|
Accellent, Inc.
|
|
320
|
|
|
10.50%, 12/1/13
|
|
$
|
225,600
|
|
|
|
Advanced Medical Optics, Inc., Sr. Sub. Notes
|
|
80
|
|
|
7.50%, 5/1/17
|
|
|
44,400
|
|
|
|
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes
|
|
355
|
|
|
10.00%, 2/15/15
|
|
|
331,925
|
|
|
|
Biomet, Inc.
|
|
760
|
|
|
11.625%, 10/15/17
|
|
|
573,800
|
|
|
|
Community Health Systems, Inc.
|
|
180
|
|
|
8.875%, 7/15/15
|
|
|
145,350
|
|
|
|
DJO Finance, LLC/DJO Finance Corp.
|
|
220
|
|
|
10.875%, 11/15/14
|
|
|
161,700
|
|
|
|
HCA, Inc.
|
|
291
|
|
|
8.75%, 9/1/10
|
|
|
270,630
|
|
|
|
|
|
34
|
|
|
7.875%, 2/1/11
|
|
|
29,410
|
|
|
|
|
|
150
|
|
|
9.125%, 11/15/14
|
|
|
122,250
|
|
|
|
|
|
465
|
|
|
9.25%, 11/15/16
|
|
|
378,975
|
|
|
|
MultiPlan Inc., Sr. Sub. Notes
|
|
540
|
|
|
10.375%,
4/15/16
(5)
|
|
|
450,900
|
|
|
|
National Mentor Holdings, Inc.
|
|
355
|
|
|
11.25%, 7/1/14
|
|
|
296,425
|
|
|
|
Res-Care, Inc., Sr. Notes
|
|
220
|
|
|
7.75%, 10/15/13
|
|
$
|
199,100
|
|
|
|
US Oncology, Inc.
|
|
440
|
|
|
9.00%, 8/15/12
|
|
|
368,500
|
|
|
|
|
1,940
|
|
|
10.75%, 8/15/14
|
|
|
1,464,700
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,063,665
|
|
|
|
|
|
|
Home
Furnishings 0.0%
|
|
Interline Brands, Inc., Sr. Sub. Notes
|
|
125
|
|
|
8.125%, 6/15/14
|
|
$
|
94,375
|
|
|
|
|
|
|
|
|
|
|
|
$
|
94,375
|
|
|
|
|
|
|
Industrial
Equipment 0.1%
|
|
Chart Industries, Inc., Sr. Sub. Notes
|
|
215
|
|
|
9.125%, 10/15/15
|
|
$
|
156,950
|
|
|
|
ESCO Corp., Sr. Notes
|
|
160
|
|
|
8.625%,
12/15/13
(5)
|
|
|
124,000
|
|
|
|
ESCO Corp., Sr. Notes, Variable Rate
|
|
160
|
|
|
6.694%,
12/15/13
(5)
|
|
|
104,800
|
|
|
|
|
|
|
|
|
|
|
|
$
|
385,750
|
|
|
|
|
|
|
Insurance 0.1%
|
|
Alliant Holdings I, Inc.
|
|
115
|
|
|
11.00%,
5/1/15
(5)
|
|
$
|
82,513
|
|
|
|
Hub International Holdings, Inc.
|
|
140
|
|
|
9.00%,
12/15/14
(5)
|
|
|
93,275
|
|
|
|
U.S.I. Holdings Corp., Sr. Notes, Variable Rate
|
|
115
|
|
|
6.024%,
11/15/14
(5)
|
|
|
47,869
|
|
|
|
|
|
|
|
|
|
|
|
$
|
223,657
|
|
|
|
|
|
|
Leisure
Goods/Activities/Movies 0.4%
|
|
AMC Entertainment, Inc.
|
|
760
|
|
|
11.00%, 2/1/16
|
|
$
|
543,400
|
|
|
|
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital
Corp.
|
|
220
|
|
|
12.50%,
4/1/13
(4)(5)
|
|
|
42,900
|
|
|
|
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital
Corp., Variable Rate
|
|
405
|
|
|
0.00%,
4/1/12
(4)(5)
|
|
|
180,225
|
|
|
|
Marquee Holdings, Inc., Sr. Disc. Notes
|
|
515
|
|
|
9.505%, 8/15/14
|
|
|
293,550
|
|
|
|
Royal Caribbean Cruises, Sr. Notes
|
|
105
|
|
|
7.00%, 6/15/13
|
|
|
63,525
|
|
|
|
|
|
40
|
|
|
6.875%, 12/1/13
|
|
|
24,200
|
|
|
|
|
|
25
|
|
|
7.25%, 6/15/16
|
|
|
14,375
|
|
|
|
|
|
50
|
|
|
7.25%, 3/15/18
|
|
|
28,750
|
|
|
|
Universal City Development Partners, Sr. Notes
|
|
280
|
|
|
11.75%, 4/1/10
|
|
$
|
182,700
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,373,625
|
|
|
|
|
|
|
Lodging
and Casinos 1.0%
|
|
Buffalo Thunder Development Authority
|
|
535
|
|
|
9.375%,
12/15/14
(5)
|
|
$
|
173,875
|
|
|
|
CCM Merger, Inc.
|
|
370
|
|
|
8.00%,
8/1/13
(5)
|
|
|
209,050
|
|
|
|
Chukchansi EDA, Sr. Notes, Variable Rate
|
|
310
|
|
|
6.095%,
11/15/12
(5)
|
|
|
144,150
|
|
|
|
Fontainebleau Las Vegas Casino, LLC
|
|
525
|
|
|
10.25%,
6/15/15
(5)
|
|
|
70,875
|
|
|
|
See
notes to financial statements
19
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Lodging
and Casinos (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Galaxy Entertainment Finance
|
|
320
|
|
|
9.875%,
12/15/12
(5)
|
|
|
120,000
|
|
|
|
Greektown Holdings, LLC, Sr. Notes
|
|
110
|
|
|
10.75%,
12/1/13
(4)(5)
|
|
|
23,100
|
|
|
|
Host Hotels and Resorts, LP, Sr. Notes
|
|
280
|
|
|
6.75%, 6/1/16
|
|
|
187,600
|
|
|
|
Indianapolis Downs, LLC & Capital Corp., Sr. Notes
|
|
150
|
|
|
11.00%,
11/1/12
(5)
|
|
|
72,000
|
|
|
|
Inn of the Mountain Gods, Sr. Notes
|
|
565
|
|
|
12.00%, 11/15/10
|
|
|
189,275
|
|
|
|
Majestic HoldCo, LLC
|
|
150
|
|
|
12.50%,
10/15/11
(5)
|
|
|
938
|
|
|
|
MGM Mirage, Inc.
|
|
20
|
|
|
7.50%, 6/1/16
|
|
|
10,400
|
|
|
|
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
|
|
165
|
|
|
8.00%, 4/1/12
|
|
|
104,775
|
|
|
|
|
|
240
|
|
|
7.125%, 8/15/14
|
|
|
136,800
|
|
|
|
|
|
260
|
|
|
6.875%, 2/15/15
|
|
|
140,400
|
|
|
|
OED Corp./Diamond Jo, LLC
|
|
125
|
|
|
8.75%, 4/15/12
|
|
|
86,875
|
|
|
|
Park Place Entertainment
|
|
805
|
|
|
7.875%, 3/15/10
|
|
|
422,625
|
|
|
|
Pinnacle Entertainment, Inc., Sr. Sub. Notes
|
|
25
|
|
|
8.25%, 3/15/12
|
|
|
18,375
|
|
|
|
|
155
|
|
|
7.50%, 6/15/15
|
|
|
86,025
|
|
|
|
Pokagon Gaming Authority, Sr. Notes
|
|
112
|
|
|
10.375%,
6/15/14
(5)
|
|
|
95,200
|
|
|
|
San Pasqual Casino
|
|
125
|
|
|
8.00%,
9/15/13
(5)
|
|
|
93,125
|
|
|
|
Scientific Games Corp.
|
|
65
|
|
|
7.875%,
6/15/16
(5)
|
|
|
47,125
|
|
|
|
Seminole Hard Rock Entertainment, Variable Rate
|
|
195
|
|
|
5.319%,
3/15/14
(5)
|
|
|
104,325
|
|
|
|
Trump Entertainment Resorts, Inc.
|
|
55
|
|
|
8.50%,
6/1/15
(4)
|
|
$
|
8,250
|
|
|
|
Tunica-Biloxi Gaming Authority, Sr. Notes
|
|
345
|
|
|
9.00%,
11/15/15
(5)
|
|
|
293,250
|
|
|
|
Waterford Gaming, LLC, Sr. Notes
|
|
347
|
|
|
8.625%,
9/15/14
(5)
|
|
|
237,176
|
|
|
|
Wynn Las Vegas, LLC
|
|
435
|
|
|
6.625%, 12/1/14
|
|
|
309,938
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,385,527
|
|
|
|
|
|
|
Nonferrous
Metals/Minerals 0.2%
|
|
Aleris International, Inc., Sr. Notes (PIK)
|
|
560
|
|
|
9.00%, 12/15/14
|
|
$
|
36,400
|
|
|
|
FMG Finance PTY, Ltd.
|
|
785
|
|
|
10.625%,
9/1/16
(5)
|
|
|
447,450
|
|
|
|
Freeport-McMoran C and G, Sr. Notes
|
|
220
|
|
|
8.375%, 4/1/17
|
|
|
156,408
|
|
|
|
|
|
|
|
|
|
|
|
$
|
640,258
|
|
|
|
|
|
|
Oil
and Gas 1.1%
|
|
Allis-Chalmers Energy, Inc., Sr. Notes
|
|
445
|
|
|
9.00%, 1/15/14
|
|
$
|
262,550
|
|
|
|
Cimarex Energy Co., Sr. Notes
|
|
135
|
|
|
7.125%, 5/1/17
|
|
|
105,975
|
|
|
|
Clayton Williams Energy, Inc.
|
|
205
|
|
|
7.75%, 8/1/13
|
|
|
124,025
|
|
|
|
Compton Pet Finance Corp.
|
|
410
|
|
|
7.625%, 12/1/13
|
|
|
170,150
|
|
|
|
Denbury Resources, Inc., Sr. Sub. Notes
|
|
55
|
|
|
7.50%, 12/15/15
|
|
|
37,950
|
|
|
|
El Paso Corp., Sr. Notes
|
|
245
|
|
|
9.625%, 5/15/12
|
|
|
215,458
|
|
|
|
Encore Acquisition Co., Sr. Sub. Notes
|
|
175
|
|
|
7.25%, 12/1/17
|
|
|
114,625
|
|
|
|
Forbes Energy Services, Sr. Notes
|
|
350
|
|
|
11.00%, 2/15/15
|
|
|
229,250
|
|
|
|
OPTI Canada, Inc., Sr. Notes
|
|
110
|
|
|
7.875%, 12/15/14
|
|
|
42,350
|
|
|
|
|
|
200
|
|
|
8.25%, 12/15/14
|
|
|
79,000
|
|
|
|
Parker Drilling Co., Sr. Notes
|
|
110
|
|
|
9.625%, 10/1/13
|
|
|
91,300
|
|
|
|
Petrohawk Energy Corp., Sr. Notes
|
|
890
|
|
|
9.125%, 7/15/13
|
|
|
685,300
|
|
|
|
|
|
140
|
|
|
7.875%,
6/1/15
(5)
|
|
|
99,400
|
|
|
|
Petroleum Development Corp., Sr. Notes
|
|
135
|
|
|
12.00%, 2/15/18
|
|
|
93,150
|
|
|
|
Petroplus Finance, Ltd.
|
|
510
|
|
|
7.00%,
5/1/17
(5)
|
|
$
|
318,750
|
|
|
|
Plains Exploration & Production Co.
|
|
195
|
|
|
7.00%, 3/15/17
|
|
|
131,625
|
|
|
|
Quicksilver Resources, Inc.
|
|
25
|
|
|
8.25%, 8/1/15
|
|
|
16,250
|
|
|
|
|
|
320
|
|
|
7.125%, 4/1/16
|
|
|
185,600
|
|
|
|
Sandridge Energy, Inc., Sr. Notes
|
|
335
|
|
|
8.00%,
6/1/18
(5)
|
|
|
216,075
|
|
|
|
SemGroup L.P., Sr. Notes
|
|
605
|
|
|
8.75%,
11/15/15
(4)(5)
|
|
|
15,125
|
|
|
|
SESI, LLC, Sr. Notes
|
|
65
|
|
|
6.875%, 6/1/14
|
|
|
45,825
|
|
|
|
See
notes to financial statements
20
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Oil
and Gas (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Stewart & Stevenson, LLC, Sr. Notes
|
|
465
|
|
|
10.00%, 7/15/14
|
|
|
290,625
|
|
|
|
VeraSun Energy Corp.
|
|
115
|
|
|
9.875%, 12/15/12
|
|
|
66,700
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,637,058
|
|
|
|
|
|
|
Publishing 0.4%
|
|
Dex Media West/Finance, Series B
|
|
90
|
|
|
9.875%, 8/15/13
|
|
$
|
20,025
|
|
|
|
Harland Clarke Holdings
|
|
40
|
|
|
9.50%, 5/15/15
|
|
|
17,800
|
|
|
|
Laureate Education, Inc.
|
|
100
|
|
|
10.00%,
8/15/15
(5)
|
|
|
65,500
|
|
|
|
Laureate Education, Inc. (PIK)
|
|
1,059
|
|
|
10.25%,
8/15/15
(5)
|
|
|
574,281
|
|
|
|
Local Insight Regatta Holdings, Inc.
|
|
100
|
|
|
11.00%, 12/1/17
|
|
|
47,500
|
|
|
|
Nielsen Finance, LLC
|
|
705
|
|
|
10.00%, 8/1/14
|
|
|
511,125
|
|
|
|
|
|
165
|
|
|
12.50%, (0% until 8/1/11), 8/1/16
|
|
|
61,875
|
|
|
|
Readers Digest Association, Inc. (The), Sr. Sub.
Notes
|
|
505
|
|
|
9.00%, 2/15/17
|
|
|
119,306
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,417,412
|
|
|
|
|
|
|
Radio
and Television 0.1%
|
|
Rainbow National Services, LLC, Sr. Sub. Debs.
|
$
|
335
|
|
|
10.375%,
9/1/14
(5)
|
|
$
|
291,450
|
|
|
|
|
|
|
|
|
|
|
|
$
|
291,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rail
Industries 0.2%
|
|
American Railcar Industry, Sr. Notes
|
|
195
|
|
|
7.50%, 3/1/14
|
|
$
|
141,375
|
|
|
|
Kansas City Southern Mexico, Sr. Notes
|
|
315
|
|
|
7.625%, 12/1/13
|
|
$
|
239,400
|
|
|
|
|
|
100
|
|
|
7.375%, 6/1/14
|
|
|
74,000
|
|
|
|
|
220
|
|
|
8.00%, 6/1/15
|
|
|
165,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
619,775
|
|
|
|
|
|
|
Retailers
(Except Food and Drug) 0.5%
|
|
Amscan Holdings, Inc., Sr. Sub. Notes
|
|
455
|
|
|
8.75%, 5/1/14
|
|
$
|
266,175
|
|
|
|
Neiman Marcus Group, Inc.
|
|
830
|
|
|
9.00%, 10/15/15
|
|
|
356,900
|
|
|
|
|
|
1,080
|
|
|
10.375%, 10/15/15
|
|
|
410,400
|
|
|
|
Sally Holdings, LLC
|
|
35
|
|
|
9.25%, 11/15/14
|
|
|
26,600
|
|
|
|
Sally Holdings, LLC, Sr. Notes
|
|
505
|
|
|
10.50%, 11/15/16
|
|
|
295,425
|
|
|
|
Toys R Us
|
|
245
|
|
|
7.375%, 10/15/18
|
|
|
101,675
|
|
|
|
Yankee Acquisition Corp., Series B
|
|
595
|
|
|
8.50%, 2/15/15
|
|
|
279,650
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,736,825
|
|
|
|
|
|
|
Steel 0.1%
|
|
RathGibson, Inc., Sr. Notes
|
|
495
|
|
|
11.25%, 2/15/14
|
|
$
|
304,425
|
|
|
|
Steel Dynamics, Inc., Sr. Notes
|
|
225
|
|
|
7.375%, 11/1/12
|
|
|
167,625
|
|
|
|
|
|
|
|
|
|
|
|
$
|
472,050
|
|
|
|
|
|
|
Surface
Transport 0.1%
|
|
CEVA Group, PLC, Sr. Notes
|
|
230
|
|
|
10.00%,
9/1/14
(5)
|
|
$
|
173,650
|
|
|
|
|
|
|
|
|
|
|
|
$
|
173,650
|
|
|
|
|
|
|
Telecommunications 0.9%
|
|
Centennial Cellular Operating Co./Centennial Communication
Corp., Sr. Notes
|
|
250
|
|
|
10.125%, 6/15/13
|
|
$
|
247,813
|
|
|
|
Digicel Group, Ltd., Sr. Notes
|
|
310
|
|
|
9.25%,
9/1/12
(5)
|
|
|
230,950
|
|
|
|
|
|
235
|
|
|
8.875%,
1/15/15
(5)
|
|
|
122,200
|
|
|
|
|
|
754
|
|
|
9.125%,
1/15/15
(5)
|
|
|
373,230
|
|
|
|
Intelsat Bermuda, Ltd.
|
|
850
|
|
|
11.25%, 6/15/16
|
|
|
688,500
|
|
|
|
Nortel Networks, Ltd.
|
|
150
|
|
|
10.75%, 7/15/16
|
|
$
|
44,250
|
|
|
|
|
|
450
|
|
|
10.75%,
7/15/16
(5)
|
|
|
132,750
|
|
|
|
Qwest Corp., Sr. Notes, Variable Rate
|
|
1,025
|
|
|
6.069%, 6/15/13
|
|
|
722,625
|
|
|
|
Windstream Corp., Sr. Notes
|
|
215
|
|
|
8.125%, 8/1/13
|
|
|
178,450
|
|
|
|
|
65
|
|
|
8.625%, 8/1/16
|
|
|
51,025
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,791,793
|
|
|
|
|
|
|
Utilities 0.2%
|
|
AES Corp.
|
|
55
|
|
|
8.00%, 10/15/17
|
|
$
|
38,225
|
|
|
|
See
notes to financial statements
21
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Utilities (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynegy Holdings, Inc., Sr. Notes
|
|
20
|
|
|
7.75%, 6/1/19
|
|
|
13,400
|
|
|
|
Edison Mission Energy, Sr. Notes
|
|
25
|
|
|
7.50%, 6/15/13
|
|
|
20,500
|
|
|
|
NGC Corp.
|
|
430
|
|
|
7.625%, 10/15/26
|
|
|
191,350
|
|
|
|
NRG Energy, Inc.
|
|
175
|
|
|
7.25%, 2/1/14
|
|
|
143,063
|
|
|
|
|
|
390
|
|
|
7.375%, 1/15/17
|
|
|
315,900
|
|
|
|
Reliant Energy, Inc., Sr. Notes
|
|
20
|
|
|
7.625%, 6/15/14
|
|
|
15,400
|
|
|
|
|
|
|
|
|
|
|
|
$
|
737,838
|
|
|
|
|
|
|
|
|
Total
Corporate Bonds & Notes
|
|
|
(identified
cost $65,358,186)
|
|
$
|
39,830,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Backed
Securities 0.5%
|
Principal
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
607
|
|
|
Alzette European CLO SA, Series 2004-1A, Class E2, 11.86%,
12/15/20
(5)(6)
|
|
|
368,449
|
|
|
|
|
|
760
|
|
|
Avalon Capital Ltd. 3, Series 1A, Class D, 4.103%,
2/24/19
(5)(6)
|
|
|
179,208
|
|
|
|
|
|
1,000
|
|
|
Babson Ltd., Series 2005-1A, Class C1, 6.703%,
4/15/19
(5)(6)
|
|
|
197,900
|
|
|
|
|
|
1,000
|
|
|
Bryant Park CDO Ltd., Series 2005-1A, Class C, 6.803%,
1/15/19
(5)(6)
|
|
|
210,500
|
|
|
|
|
|
1,000
|
|
|
Centurion CDO 8 Ltd., Series 2005-8A, Class D, 8.315%,
3/8/17
(5)
|
|
|
287,300
|
|
|
|
|
|
750
|
|
|
Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 9.30%,
7/17/19
(5)(6)
|
|
|
155,475
|
|
|
|
|
|
750
|
|
|
Comstock Funding Ltd., Series 2006-1A, Class D, 6.453%,
5/30/20
(5)(6)
|
|
$
|
138,825
|
|
|
|
|
|
1,000
|
|
|
First CLO, Ltd., Series 2004- 1A1, Class C, 5.835%,
7/27/16
(5)(6)
|
|
|
250,500
|
|
|
|
|
|
|
|
|
Total
Asset Backed Securities
|
|
|
(identified
cost $6,642,920)
|
|
$
|
1,788,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
Preferred Stocks 0.0%
|
Shares
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Telecommunications 0.0%
|
|
|
479
|
|
|
Crown Castle International Corp., 6.25% (PIK)
|
|
$
|
16,047
|
|
|
|
|
|
|
|
|
Total
Convertible Preferred Stocks
|
|
|
(identified
cost $22,753)
|
|
$
|
16,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed-End
Investment Companies 2.5%
|
Shares
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
173,420
|
|
|
BlackRock Floating Rate Income Strategies Fund II, Inc.
|
|
$
|
1,543,438
|
|
|
|
|
|
20,864
|
|
|
BlackRock Global Floating Rate Income Trust Fund
|
|
|
170,250
|
|
|
|
|
|
2,933
|
|
|
First Trust/Four Corners Senior Floating
Rate Income Fund
|
|
|
19,563
|
|
|
|
|
|
345,089
|
|
|
First Trust/Four Corners Senior Floating Rate
Income Fund II
|
|
|
2,381,114
|
|
|
|
|
|
521,233
|
|
|
ING Prime Rate Trust
|
|
|
1,704,432
|
|
|
|
|
|
173,333
|
|
|
LMP Corporate Loan Fund, Inc.
|
|
|
1,055,598
|
|
|
|
|
|
50,753
|
|
|
Nuveen Floating Rate Income Fund
|
|
|
266,453
|
|
|
|
|
|
8,502
|
|
|
Nuveen Floating Rate Income Opportunity Fund
|
|
|
43,105
|
|
|
|
|
|
23,445
|
|
|
Nuveen Senior Income Fund
|
|
|
78,541
|
|
|
|
|
|
136
|
|
|
PIMCO Floating Rate Income Fund
|
|
|
898
|
|
|
|
|
|
1,620
|
|
|
PIMCO Floating Rate Strategy Fund
|
|
|
9,590
|
|
|
|
|
|
293
|
|
|
Pioneer Floating Rate Trust
|
|
|
2,022
|
|
|
|
|
|
268,136
|
|
|
Van Kampen Senior Income Trust
|
|
|
791,001
|
|
|
|
|
|
|
|
|
Total
Closed-End Investment Companies
|
|
|
(identified
cost $18,598,351)
|
|
$
|
8,066,005
|
|
|
|
|
|
See
notes to financial statements
22
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments 0.9%
|
Interest
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Description
|
|
Value
|
|
|
|
|
|
$
|
2,790
|
|
|
Cash Management Portfolio,
0.99%
(7)
|
|
$
|
2,790,014
|
|
|
|
|
|
|
|
|
Total
Short-Term Investments
|
|
|
(identified
cost $2,790,014)
|
|
$
|
2,790,014
|
|
|
|
|
|
|
|
|
Total
Investments 187.2%
|
|
|
(identified
cost $950,055,927)
|
|
$
|
614,246,645
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
Unfunded Loan
Commitments (0.9)%
|
|
$
|
(2,958,225
|
)
|
|
|
|
|
|
|
|
Net
Investments 186.3%
|
|
|
(identified
cost $947,097,702)
|
|
$
|
611,288,420
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (42.1)%
|
|
$
|
(138,223,622
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (44.2)%
|
|
$
|
(145,113,395
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to Common Shares 100.0%
|
|
$
|
327,951,403
|
|
|
|
|
|
DIP - Debtor in Possession
PIK - Payment In Kind.
REIT - Real Estate Investment Trust
EUR - Euro
GBP - British Pound Sterling
|
|
*
|
In U.S. dollars unless otherwise indicated.
|
|
|
|
(1)
|
|
Senior floating-rate interests (Senior Loans) often require
prepayments from excess cash flows or permit the borrowers to
repay at their election. The degree to which borrowers repay,
whether as a contractual requirement or at their election,
cannot be predicted with accuracy. As a result, the actual
remaining maturity may be substantially less than the stated
maturities shown. However, Senior Loans will have an expected
average life of approximately two to four years. The stated
interest rate represents the weighted average interest rate of
all contracts within the senior loan facility. 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 or partially unfunded loan commitments. See
Note 1G for description.
|
|
(3)
|
|
Security valued at fair value using methods determined in good
faith by or at the direction of the Trustees.
|
|
(4)
|
|
Defaulted security. Currently the issuer is in default with
respect to interest payments.
|
|
(5)
|
|
Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of the securities is $10,044,956 or 3.1% of the
Trusts net assets.
|
|
(6)
|
|
Variable rate security. The stated interest rate represents the
rate in effect at November 30, 2008.
|
|
(7)
|
|
Affiliated investment company available to Eaton Vance
portfolios and funds which invests in high quality, U.S. dollar
denominated money market instruments. The rate shown is the
annualized
seven-day
yield as of November 30, 2008.
|
|
(8)
|
|
This Senior Loan will settle after November 30, 2008, at
which time the interest rate will be determined.
|
See
notes to financial statements
23
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
FINANCIAL
STATEMENTS
(Unaudited)
Statement
of Assets and Liabilities
|
|
|
|
|
|
|
As of
November 30, 2008
|
|
|
|
|
|
|
Assets
|
|
Unaffiliated investments, at value (identified cost,
$944,307,688)
|
|
$
|
608,498,406
|
|
|
|
Affiliated investments, at value (identified cost, $2,790,014)
|
|
|
2,790,014
|
|
|
|
Cash
|
|
|
1,000,000
|
|
|
|
Foreign currency, at value (identified cost, $69,819)
|
|
|
67,681
|
|
|
|
Receivable for investments sold
|
|
|
20,644,356
|
|
|
|
Dividends and interest receivable
|
|
|
9,007,406
|
|
|
|
Interest receivable from affiliated investment
|
|
|
3,572
|
|
|
|
Receivable for open forward foreign currency contracts
|
|
|
1,049,353
|
|
|
|
Receivable for closed swap contracts
|
|
|
1,551
|
|
|
|
Prepaid expenses
|
|
|
2,581,031
|
|
|
|
|
|
Total assets
|
|
$
|
645,643,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Notes payable
|
|
$
|
168,500,000
|
|
|
|
Payable for investments purchased
|
|
|
2,541,049
|
|
|
|
Payable to affiliate for investment adviser fee
|
|
|
298,025
|
|
|
|
Payable to affiliate for Trustees fees
|
|
|
7,227
|
|
|
|
Accrued expenses
|
|
|
1,232,271
|
|
|
|
|
|
Total liabilities
|
|
$
|
172,588,017
|
|
|
|
|
|
Auction preferred shares (5,800 shares outstanding) at
liquidation value plus cumulative unpaid dividends
|
|
$
|
145,113,395
|
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
327,951,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 37,356,040 shares issued and outstanding
|
|
$
|
373,560
|
|
|
|
Additional paid-in capital
|
|
|
710,626,038
|
|
|
|
Accumulated net realized loss (computed on the basis of
identified cost)
|
|
|
(47,924,563
|
)
|
|
|
Accumulated net investment loss
|
|
|
(804,604
|
)
|
|
|
Net unrealized depreciation (computed on the basis of identified
cost)
|
|
|
(334,319,028
|
)
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
327,951,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value Per Common Share
|
|
($327,951,403
¸
37,356,040 common shares issued and outstanding)
|
|
$
|
8.78
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Six
Months Ended
|
|
|
|
|
|
November 30,
2008
|
|
|
|
|
|
|
Investment
Income
|
|
Interest
|
|
$
|
33,375,352
|
|
|
|
Dividends
|
|
|
611,762
|
|
|
|
Interest income allocated from affiliated investment
|
|
|
141,782
|
|
|
|
Expenses allocated from affiliated investment
|
|
|
(30,780
|
)
|
|
|
|
|
Total investment income
|
|
$
|
34,098,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
3,478,820
|
|
|
|
Trustees fees and expenses
|
|
|
17,996
|
|
|
|
Preferred shares service fee
|
|
|
182,237
|
|
|
|
Legal and accounting services
|
|
|
204,205
|
|
|
|
Custodian fee
|
|
|
117,508
|
|
|
|
Printing and postage
|
|
|
144,011
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
14,562
|
|
|
|
Interest expense and fees
|
|
|
5,969,336
|
|
|
|
Miscellaneous
|
|
|
43,974
|
|
|
|
|
|
Total expenses
|
|
$
|
10,172,649
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of investment adviser fee
|
|
$
|
947,779
|
|
|
|
Reduction of custodian fee
|
|
|
648
|
|
|
|
|
|
Total expense reductions
|
|
$
|
948,427
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
9,224,222
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
24,873,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions (identified cost basis)
|
|
$
|
(36,111,452
|
)
|
|
|
Swap contracts
|
|
|
3,999
|
|
|
|
Foreign currency and forward foreign currency exchange contract
transactions
|
|
|
12,025,315
|
|
|
|
|
|
Net realized loss
|
|
$
|
(24,082,138
|
)
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments (identified cost basis)
|
|
$
|
(258,296,880
|
)
|
|
|
Swap contracts
|
|
|
(11,285
|
)
|
|
|
Foreign currency and forward foreign currency exchange contracts
|
|
|
1,721,693
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(256,586,472
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(280,668,610
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(2,822,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
|
(258,617,090
|
)
|
|
|
|
|
See
notes to financial statements
24
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
FINANCIAL
STATEMENTS
(Unaudited) CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
Increase
(Decrease)
|
|
November 30,
2008
|
|
|
Year Ended
|
|
|
|
in Net Assets
|
|
(Unaudited)
|
|
|
May 31,
2008
|
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
24,873,894
|
|
|
$
|
74,779,522
|
|
|
|
Net realized loss from investment transactions, swap contracts,
and foreign currency and forward foreign currency exchange
contract transactions
|
|
|
(24,082,138
|
)
|
|
|
(14,034,759
|
)
|
|
|
Net change in unrealized appreciation (depreciation) of
investments, swap contracts, and foreign currency and forward
foreign currency exchange contracts
|
|
|
(256,586,472
|
)
|
|
|
(86,744,499
|
)
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
(2,822,374
|
)
|
|
|
(21,490,060
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(258,617,090
|
)
|
|
$
|
(47,489,796
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(21,741,215
|
)
|
|
$
|
(52,919,931
|
)
|
|
|
Tax return of capital
|
|
|
|
|
|
|
(347,281
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(21,741,215
|
)
|
|
$
|
(53,267,212
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
|
|
|
$
|
291,781
|
|
|
|
|
|
Total increase in net assets from capital share
transactions
|
|
$
|
|
|
|
$
|
291,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(280,358,305
|
)
|
|
$
|
(100,465,227
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable
to Common Shares
|
|
At beginning of period
|
|
$
|
608,309,708
|
|
|
$
|
708,774,935
|
|
|
|
|
|
At end of period
|
|
$
|
327,951,403
|
|
|
$
|
608,309,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
net investment
loss included in net assets
applicable to common shares
|
|
At end of period
|
|
$
|
(804,604
|
)
|
|
$
|
(1,114,909
|
)
|
|
|
|
|
Statement
of Cash Flows
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
November 30,
2008
|
|
|
|
Cash Flows From
Operating Activities
|
|
(Unaudited)
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(258,617,090
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
2,822,374
|
|
|
|
|
|
Net decrease in net assets from operations excluding
distributions to preferred shareholders
|
|
$
|
(255,794,716
|
)
|
|
|
Adjustments to reconcile net decrease in net assets from
operations to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
Investments purchased
|
|
|
(58,024,022
|
)
|
|
|
Investments sold and principal repayments
|
|
|
186,402,658
|
|
|
|
Decrease in short-term investments, net
|
|
|
4,372,602
|
|
|
|
Net amortization/accretion of premium (discount)
|
|
|
(1,137,610
|
)
|
|
|
Amortization of structuring fee on notes payable
|
|
|
290,635
|
|
|
|
Increase in receivable for investments sold
|
|
|
(18,499,444
|
)
|
|
|
Increase in dividends and interest receivable
|
|
|
(226,610
|
)
|
|
|
Decrease in interest receivable from affiliated investment
|
|
|
16,455
|
|
|
|
Decrease in receivable for open swap contracts
|
|
|
11,285
|
|
|
|
Increase in receivable for closed swap contracts
|
|
|
(1,551
|
)
|
|
|
Increase in receivable for open forward foreign currency
contracts
|
|
|
(1,049,353
|
)
|
|
|
Decrease in prepaid expenses
|
|
|
19,742
|
|
|
|
Decrease in payable to affiliate for investment adviser fee
|
|
|
(182,016
|
)
|
|
|
Increase in payable to affiliate for Trustees fees
|
|
|
7,227
|
|
|
|
Decrease in payable for investments purchased
|
|
|
(4,549,723
|
)
|
|
|
Decrease in payable for open forward foreign currency contracts
|
|
|
(213,478
|
)
|
|
|
Decrease in unfunded loan commitments
|
|
|
(2,963,796
|
)
|
|
|
Increase in accrued expenses
|
|
|
364,425
|
|
|
|
Net change in unrealized (appreciation) depreciation on
investments
|
|
|
258,296,880
|
|
|
|
Net realized (gain) loss on investments
|
|
|
36,111,452
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
143,251,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Financing Activities
|
|
Cash distributions paid to common shareholders, net of
reinvestments
|
|
$
|
(21,741,215
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
(2,766,629
|
)
|
|
|
Repayments of notes payable
|
|
|
(121,500,000
|
)
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(146,007,844
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
|
|
$
|
(2,756,802
|
)
|
|
|
|
|
Cash at beginning of
period
(1)
|
|
$
|
3,824,483
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
period
(1)
|
|
$
|
1,067,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of
cash flow information:
|
|
Cash paid for interest and fees on borrowings
|
|
$
|
5,223,583
|
|
|
|
|
|
|
|
|
(1)
|
|
Balance includes foreign currency, at value.
|
See
notes to financial statements
25
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
FINANCIAL
STATEMENTS
(Unaudited) CONTD
Financial
Highlights
Selected
data for a common share outstanding during the periods
stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30,
2008
|
|
|
Year Ended
May 31,
|
|
|
Period Ended
|
|
|
|
|
|
(Unaudited)
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
May 31,
2005
(1)
|
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
16.280
|
|
|
$
|
18.980
|
|
|
$
|
18.910
|
|
|
$
|
18.840
|
|
|
$
|
19.100
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(2)
|
|
$
|
0.666
|
|
|
$
|
2.002
|
|
|
$
|
2.174
|
|
|
$
|
1.833
|
|
|
$
|
1.101
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(7.508
|
)
|
|
|
(2.701
|
)
|
|
|
0.114
|
|
|
|
0.087
|
|
|
|
(0.055
|
)
|
|
|
Distributions to preferred shareholders from net investment
income
(2)
|
|
|
(0.076
|
)
|
|
|
(0.575
|
)
|
|
|
(0.601
|
)
|
|
|
(0.463
|
)
|
|
|
(0.209
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(6.918
|
)
|
|
$
|
(1.274
|
)
|
|
$
|
1.687
|
|
|
$
|
1.457
|
|
|
$
|
0.837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.582
|
)
|
|
$
|
(1.417
|
)
|
|
$
|
(1.617
|
)
|
|
$
|
(1.387
|
)
|
|
$
|
(0.952
|
)
|
|
|
Tax return of capital
|
|
|
|
|
|
|
(0.009
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.582
|
)
|
|
$
|
(1.426
|
)
|
|
$
|
(1.617
|
)
|
|
$
|
(1.387
|
)
|
|
$
|
(0.952
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred and Common shares offering costs charged to paid-in
capital
(2)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.027
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares underwriting
discounts
(2)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.118
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
8.780
|
|
|
$
|
16.280
|
|
|
$
|
18.980
|
|
|
$
|
18.910
|
|
|
$
|
18.840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
7.940
|
|
|
$
|
15.130
|
|
|
$
|
19.480
|
|
|
$
|
17.950
|
|
|
$
|
18.070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(4)
|
|
|
(43.24
|
)%
(14)
|
|
|
(6.31
|
)%
|
|
|
9.45
|
%
|
|
|
8.50
|
%
|
|
|
3.72
|
%
(5)(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(4)
|
|
|
(44.76
|
)%
(14)
|
|
|
(15.15
|
)%
|
|
|
18.34
|
%
|
|
|
7.38
|
%
|
|
|
(0.52
|
)%
(5)(14)
|
|
|
|
|
See
notes to financial statements
26
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
FINANCIAL
STATEMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30,
2008
|
|
|
Year Ended
May 31,
|
|
|
Period Ended
|
|
|
|
|
|
(Unaudited)
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
May 31,
2005
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
327,951
|
|
|
$
|
608,310
|
|
|
$
|
708,775
|
|
|
$
|
705,175
|
|
|
$
|
702,725
|
|
|
|
Ratios (As a percentage of average daily net assets applicable
to common
shares):
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before custodian fee reduction excluding interest and
fees
(7)
|
|
|
1.24
|
%
(8)
|
|
|
1.22
|
%
|
|
|
1.14
|
%
|
|
|
1.15
|
%
|
|
|
1.04
|
%
(8)
|
|
|
Interest and fee
expense
(12)
|
|
|
2.26
|
%
(8)
|
|
|
0.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
3.50
|
%
(8)
|
|
|
1.34
|
%
|
|
|
1.14
|
%
|
|
|
1.15
|
%
|
|
|
1.04
|
%
(8)
|
|
|
Net investment income
|
|
|
9.42
|
%
(8)
|
|
|
11.68
|
%
|
|
|
11.50
|
%
|
|
|
9.67
|
%
|
|
|
6.26
|
%
(8)
|
|
|
Portfolio Turnover
|
|
|
6
|
%
|
|
|
36
|
%
|
|
|
58
|
%
|
|
|
51
|
%
|
|
|
100
|
%
(14)
|
|
|
|
|
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios (As a percentage of average daily net assets applicable
to common shares and preferred
shares):
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before custodian fee reduction excluding interest and
fees
(7)
|
|
|
0.98
|
%
(8)
|
|
|
0.74
|
%
|
|
|
0.71
|
%
|
|
|
0.71
|
%
|
|
|
0.70
|
%
(8)
|
|
|
Interest and fee
expense
(12)
|
|
|
1.77
|
%
(8)
|
|
|
0.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
2.75
|
%
(8)
|
|
|
0.81
|
%
|
|
|
0.71
|
%
|
|
|
0.71
|
%
|
|
|
0.70
|
%
(8)
|
|
|
Net investment income
|
|
|
7.39
|
%
(8)
|
|
|
7.05
|
%
|
|
|
7.11
|
%
|
|
|
5.99
|
%
|
|
|
4.24
|
%
(8)
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable outstanding (in 000s)
|
|
$
|
168,500
|
|
|
$
|
290,000
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Asset coverage per $1,000 of notes
payable
(9)
|
|
$
|
3,808
|
|
|
$
|
3,598
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Total preferred shares outstanding
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
17,400
|
|
|
|
17,400
|
|
|
|
17,400
|
|
|
|
Asset coverage per preferred share
|
|
$
|
51,183
|
(10)
|
|
$
|
59,955
|
(10)
|
|
$
|
65,741
|
(13)
|
|
$
|
65,535
|
(13)
|
|
$
|
65,396
|
(13)
|
|
|
Involuntary liquidation preference per preferred
share
(11)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(11)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
For the period from the start of business, June 29, 2004,
to May 31, 2005.
|
|
(2)
|
|
Computed using average common shares outstanding.
|
|
(3)
|
|
Net asset value at beginning of period reflects the deduction of
the sales load of $0.90 per share paid by the shareholder from
the $20.00 offering price.
|
|
(4)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(5)
|
|
Total investment return on net asset value is calculated
assuming a purchase at the offering price of $20.00 less the
sales load of $0.90 per share paid by the shareholder on the
first day and a sale at the net asset value on the last day of
the period reported with all distributions reinvested. Total
investment return on market value is calculated assuming a
purchase at the offering price of $20.00 less the sales load of
$0.90 per share paid by the shareholder on the first day and a
sale at the current market price on the last day of the period
reported with all distributions reinvested.
|
|
(6)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(7)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%.
|
|
(8)
|
|
Annualized.
|
|
(9)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the notes payable and preferred shares) from the
Trusts total assets, and dividing the result by the notes
payable balance in thousands.
|
|
(10)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the notes payable and preferred shares) from the
Trusts total assets, and dividing the result by the sum of
the value of the notes payable and preferred shares, multiplied
by the per share liquidation value of a preferred share. Such
amount equates to 205% at November 30, 2008 and 240% at
May 31, 2008.
|
|
(11)
|
|
Plus accumulated and unpaid dividends.
|
|
(12)
|
|
Interest and fee expense relates to the notes payable incurred
to partially redeem the Trusts APS (see Note 9).
|
|
(13)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
|
|
(14)
|
|
Not annualized.
|
See
notes to financial statements
27
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
(Unaudited)
1
Significant
Accounting Policies
Eaton Vance Floating-Rate Income Trust (the Trust) is a
Massachusetts business trust registered under the Investment
Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company. The
Trusts primary investment objective is to provide a high
level of current income. The Trust may, as a secondary
objective, also seek preservation of capital to the extent
consistent with its primary goal of high current income.
The following is a summary of significant accounting policies of
the Trust. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A
Investment
Valuation
Interests in senior floating-rate
loans (Senior Loans) for which reliable market quotations are
readily available are valued generally at the average mean of
bid and ask quotations obtained from an independent pricing
service. Other Senior Loans are valued at fair value by the
investment adviser under procedures approved by the Trustees. In
fair valuing a Senior Loan, the investment adviser utilizes one
or more of the following valuation techniques: (i) a matrix
pricing approach that considers the yield on the Senior Loan
relative to yields on other loan interests issued by companies
of comparable credit quality; (ii) a comparison of the
value of the borrowers outstanding equity and debt to that
of comparable public companies; (iii) a discounted cash
flow analysis; or (iv) when the investment adviser believes
it is likely that a borrower will be liquidated or sold, an
analysis of the terms of such liquidation or sale. In certain
cases, the investment adviser will use a combination of
analytical methods to determine fair value, such as when only a
portion of a borrowers assets are likely to be sold. In
conducting its assessment and analyses for purposes of
determining fair value of a Senior Loan, the investment adviser
will use its discretion and judgment in considering and
appraising relevant factors. Fair value determinations are made
by the portfolio managers of the Trust based on information
available to such managers. The portfolio managers of other
funds managed by the investment adviser that invest in Senior
Loans may not possess the same information about a Senior Loan
borrower as the portfolio managers of the Trust. At times, the
fair value of a Senior Loan determined by the portfolio managers
of other funds managed by the investment adviser that invest in
Senior Loans may vary from the fair value of the same Senior
Loan determined by the portfolio managers of the Trust. The fair
value of each Senior Loan is periodically reviewed and approved
by the investment advisers Valuation Committee and by the
Trustees based upon procedures approved by the Trustees. Junior
Loans are valued in the same manner as Senior Loans.
Debt obligations, including listed securities and securities for
which quotations are available, will normally be valued on the
basis of market quotations provided by independent pricing
services. The pricing services consider various factors relating
to bonds
and/or
market transactions to determine market value. Short-term debt
securities with a remaining maturity of sixty days or less are
valued at amortized cost, which approximates market value. If
short-term debt securities are acquired with a remaining
maturity of more than sixty days, they will be valued by a
pricing service.
Equity securities listed on a U.S. securities exchange generally
are valued at the last sale price on the day of valuation or, if
no sales took place on such date, at the mean between the
closing bid and asked prices therefore on the exchange where
such securities are principally traded. Equity securities listed
on the NASDAQ Global or Global Select Market generally are
valued at the NASDAQ official closing price. Unlisted or listed
securities for which closing sales prices or closing quotations
are not available are valued at the mean between the latest
available bid and asked prices or, in the case of preferred
equity securities that are not listed or traded in the
over-the-counter market, by an independent pricing service.
Forward foreign currency exchange contracts are generally valued
using prices supplied by a pricing vendor or dealers. Credit
default swaps are valued by a broker-dealer (usually the
counterparty to the agreement). Foreign securities and
currencies are valued in U.S. dollars, based on foreign currency
exchange rate quotations supplied by an independent quotation
service. The independent service uses a proprietary model to
determine the exchange rate. Inputs to the model include
reported trades and implied bid/ask spreads. Investments for
which valuations or market quotations are not readily available
are valued at fair value using methods determined in good faith
by or at the direction of the Trustees of the Trust considering
relevant factors, data and information including the market
value of freely tradable securities of the same class in the
principal market on which such securities are normally traded.
The Trust may invest in Cash Management Portfolio (Cash
Management), an affiliated investment company managed by Boston
Management and Research (BMR), a subsidiary of Eaton Vance
Management (EVM). Cash Management values its investment
securities utilizing the amortized cost valuation technique
permitted by
Rule 2a-7
of the 1940 Act, pursuant to which Cash Management must comply
with certain conditions. This technique involves initially
valuing a portfolio security at its cost and thereafter assuming
a constant amortization to maturity of any discount or premium.
If amortized cost is determined not to approximate fair value,
Cash Management may value its investment securities based on
available market quotations provided by a pricing service.
B
Investment
Transactions
Investment transactions for
financial statement purposes are accounted for on a trade date
basis. Realized gains and losses on
28
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
investments sold are determined on the basis of identified cost.
C
Income
Interest income is recorded on the basis of interest
accrued, adjusted for amortization of premium or accretion of
discount. Fees associated with loan amendments are recognized
immediately. Dividend income is recorded on the ex-dividend date
for dividends received in cash
and/or
securities.
D
Federal
Taxes
The Trusts policy is to comply
with the provisions of the Internal Revenue Code applicable to
regulated investment companies and to distribute to shareholders
each year substantially all of its net investment income, and
all or substantially all of its net realized capital gains.
Accordingly, no provision for federal income or excise tax is
necessary.
At May 31, 2008, the Trust, for federal income tax
purposes, had a capital loss carryforward of $10,344,879 which
will reduce its taxable income arising from future net realized
gains on investment transactions, if any, to the extent
permitted by the Internal Revenue Code, and thus will reduce the
amount of distributions to shareholders, which would otherwise
be necessary to relieve the Trust of any liability for federal
income or excise tax. Such capital loss carryforward will expire
on May 31, 2013 ($1,477,364), May 31, 2014
($5,274,046), May 31, 2015 ($431,997) and May 31, 2016
($3,161,472).
Additionally, at May 31, 2008, the Trust had a net currency
loss of $1,667,365 and a net capital loss of $12,131,492
attributable to currency and security transactions,
respectively, incurred after October 31, 2007. These losses
are treated as arising on the first day of the Trusts
taxable year ending May 31, 2009.
As of November 30, 2008, the Trust had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Trusts federal
tax returns filed in the
3-year
period ended May 31, 2008 remains subject to examination by
the Internal Revenue Service.
E
Expense
Reduction
State Street Bank and
Trust Company (SSBT) serves as custodian of the Trust.
Pursuant to the custodian agreement, SSBT receives a fee reduced
by credits, which are determined based on the average daily cash
balance the Trust maintains with SSBT. All credit balances, if
any, used to reduce the Trusts custodian fees are reported
as a reduction of expenses in the Statement of Operations.
F
Foreign
Currency Translation
Investment valuations,
other assets, and liabilities initially expressed in foreign
currencies are translated each business day into U.S. dollars
based upon current exchange rates. Purchases and sales of
foreign investment securities and income and expenses
denominated in foreign currencies are translated into U.S.
dollars based upon currency exchange rates in effect on the
respective dates of such transactions. Recognized gains or
losses on investment transactions attributable to changes in
foreign currency exchange rates are recorded for financial
statement purposes as net realized gains and losses on
investments. That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed.
G
Unfunded
Loan Commitments
The Trust may enter into
certain credit agreements all or a portion of which may be
unfunded. The Trust is obligated to fund these commitments at
the borrowers discretion. The commitments are disclosed in
the accompanying Portfolio of Investments.
H
Use
of Estimates
The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during
the reporting period. Actual results could differ from those
estimates.
I
Indemnifications
Under the Trusts organizational documents, its
officers and Trustees may be indemnified against certain
liabilities and expenses arising out of the performance of their
duties to the Trust, and shareholders are indemnified against
personal liability for the obligations of the Trust
.
Additionally, in the normal course of business, the Trust enters
into agreements with service providers that may contain
indemnification clauses. The Trusts maximum exposure under
these arrangements is unknown as this would involve future
claims that may be made against the Trust that have not yet
occurred.
J
Forward
Foreign Currency Exchange Contracts
The Trust
may enter into forward foreign currency exchange contracts for
the purchase or sale of a specific foreign currency at a fixed
price on a future date. The Trust may enter into forward
contracts for hedging purposes as well as non-hedging purposes.
The forward foreign currency exchange contract is adjusted by
the daily exchange rate of the underlying currency and any gains
or losses are recorded as unrealized until such time as the
contract has been closed or offset by another contract with the
same broker for the same settlement date and currency. Risks may
arise upon entering these contracts from the potential inability
of counterparties to meet the terms of their contracts and from
movements in the value of a foreign currency relative to the
U.S. dollar.
K
Credit
Default Swaps
The Trust may enter into credit
default swap contacts to buy or sell protection
29
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
against default on an individual issuer or a basket of issuers
of bonds. When the Trust is a buyer of a credit default swap
contract, the Trust is entitled to receive the par (or other
agreed-upon)
value of a referenced debt obligation (or basket of debt
obligations) from the counterparty to the contract in the event
of default by a third party, such as a U.S. or foreign corporate
issuer, on the debt obligation. In return, the Trust pays the
counterparty a periodic stream of payments over the term of the
contract provided that no event of default has occurred. If no
default occurs, the Trust would have spent the stream of
payments and received no benefits from the contract. When the
Trust is the seller of a credit default swap contract, it
receives the stream of payments, but is obligated to pay upon
default of the referenced debt obligations. As the seller, the
Trust effectively adds leverage to its portfolio because, in
addition to its total net assets, the Trust is subject to
investment exposure on the notional amount of the swap. The
interest fee paid or received on the swap contract, which is
based on a specified interest rate on a fixed notional amount,
is accrued daily as a component of unrealized appreciation
(depreciation) and is recorded as realized gain upon receipt or
realized loss upon payment. The Trust also records an increase
or decrease to unrealized appreciation (depreciation) in an
amount equal to the daily valuation. Up-front payments or
receipts, if any, are recorded as other assets or other
liabilities, respectively, and amortized over the life of the
swap contract as realized gains or losses. The Trust segregates
assets in the form of cash and cash equivalents in an amount
equal to the aggregate market value of the credit default swaps
of which it is the seller, marked to market on a daily basis.
These transactions involve certain risks, including the risk
that the seller may be unable to fulfill the transaction.
L
Statement
of Cash Flows
The cash amount shown in the
Statement of Cash Flows of the Trust is the amount included in
the Trusts Statement of Assets and Liabilities and
represents the cash on hand at its custodian and does not
include any short-term investments.
M
Interim
Financial Statements
The interim financial
statements relating to November 30, 2008 and for the six
months then ended have not been audited by an independent
registered public accounting firm, but in the opinion of the
Trusts management, reflect all adjustments, consisting
only of normal recurring adjustments, necessary for the fair
presentation of the financial statements.
2
Auction
Preferred Shares
The Trust issued Auction Preferred Shares (APS) on
September 16, 2004 in a public offering. The underwriting
discount and other offering costs incurred in connection with
the offering were recorded as a reduction of the paid-in capital
of the common shares. Dividends on the APS, which accrue daily,
are cumulative at rates which are reset weekly for
Series A, Series B and Series C, and
approximately monthly for Series D and Series E by an
auction, unless a special dividend period has been set. Series
of APS are identical in all respects except for the reset dates
of the dividend rates. If the APS auctions do not successfully
clear, the dividend payment rate over the next period for the
APS holders is set at a specified maximum applicable rate until
such time as the APS auctions are successful. Auctions have not
cleared since February 13, 2008 and the rate since that
date has been the maximum applicable rate (See Note 3). The
maximum applicable rate on the APS is the greater of
1) 125% of LIBOR at the date of the auction or
2) LIBOR at the date of the auction plus 1.25%.
The number of APS issued and outstanding as of November 30,
2008 is as follows:
|
|
|
|
|
|
|
APS Issued
|
|
|
|
|
and
Outstanding
|
|
|
|
Series A
|
|
1,160
|
|
|
Series B
|
|
1,160
|
|
|
Series C
|
|
1,160
|
|
|
Series D
|
|
1,160
|
|
|
Series E
|
|
1,160
|
|
|
|
|
The APS are redeemable at the option of the Trust at a
redemption price equal to $25,000 per share, plus accumulated
and unpaid dividends, on any dividend payment date. The APS are
also subject to mandatory redemption at a redemption price equal
to $25,000 per share, plus accumulated and unpaid dividends, if
the Trust is in default for an extended period on its asset
maintenance requirements with respect to the APS. If the
dividends on the APS remain unpaid in an amount equal to two
full years dividends, the holders of the APS as a class
have the right to elect a majority of the Board of Trustees. In
general, the holders of the APS and the common shares have equal
voting rights of one vote per share, except that the holders of
the APS, as a separate class, have the right to elect at least
two members of the Board of Trustees. The APS have a liquidation
preference of $25,000 per share, plus accumulated and unpaid
dividends. The Trust is required to maintain certain asset
coverage with respect to the APS as defined in the Trusts
By-Laws and the 1940 Act. The Trust pays an annual fee
equivalent to 0.25% of the liquidation value of the APS to
broker-dealers as a service fee.
3
Distributions
to Shareholders
The Trust intends to make monthly distributions of net
investment income to common shareholders, after payment of any
dividends on any outstanding APS. In addition, at least
annually, the Trust intends to distribute all or substantially
all of its net realized capital gains, (reduced by available
capital loss carryforwards from prior years, if any).
Distributions to common shareholders are recorded on the
ex-dividend date. Distributions to
30
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
preferred shareholders are recorded daily and are payable at the
end of each dividend period. The dividend rates for APS at
November 30, 2008, and the amount of dividends paid
(including capital gains, if any) to APS shareholders, average
APS dividend rates, and dividend rate ranges for the six months
then ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
APS Dividend
|
|
|
|
|
|
|
|
|
|
|
Rates at
|
|
Dividends Paid
to
|
|
Average APS
|
|
Dividend Rate
|
|
|
|
|
November 30,
2008
|
|
APS
Shareholders
|
|
Dividend
Rates
|
|
Ranges
|
|
|
|
Series A
|
|
2.38%
|
|
$551,813
|
|
3.80%
|
|
2.09% - 5.50%
|
|
|
Series B
|
|
2.42%
|
|
$553,531
|
|
3.81%
|
|
2.09% - 5.77%
|
|
|
Series C
|
|
2.42%
|
|
$552,153
|
|
3.80%
|
|
2.10% - 6.01%
|
|
|
Series D
|
|
2.79%
|
|
$582,053
|
|
4.00%
|
|
2.79% - 5.84%
|
|
|
Series E
|
|
2.87%
|
|
$582,824
|
|
4.01%
|
|
2.87% - 5.84%
|
|
|
Beginning February 13, 2008 and consistent with the
patterns in the broader market for auction-rate securities, the
Trusts APS auctions were unsuccessful in clearing due to
an imbalance of sell orders over bids to buy the APS. As a
result, the dividend rates of the APS were reset to the maximum
applicable rate. The table above reflects such maximum dividend
rate for each series as of November 30, 2008.
The Trust distinguishes between distributions on a tax basis and
a financial reporting basis. Accounting principles generally
accepted in the United States of America require that only
distributions in excess of tax basis earnings and profits be
reported in the financial statements as a return of capital.
Permanent differences between book and tax accounting relating
to distributions are reclassified to paid-in capital. For tax
purposes, distributions from short-term capital gains are
considered to be from ordinary income.
4
Investment
Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for
investment advisory services rendered to the Trust. The fee is
computed at an annual rate of 0.75% of the Trusts average
daily gross assets and is payable monthly. Gross assets as
referred to herein represent net assets plus obligations
attributable to investment leverage. The portion of the adviser
fee payable by Cash Management on the Trusts investment of
cash therein is credited against the Trusts adviser fee.
For the six months ended November 30, 2008, the
Trusts adviser fee totaled $3,505,371 of which $26,551 was
allocated from Cash Management and $3,478,820 was paid or
accrued directly by the Trust. EVM also serves as the
administrator of the Trust, but receives no compensation.
In addition, EVM has contractually agreed to reimburse the Trust
for fees and other expenses at an annual rate of 0.20% of the
Trusts average daily gross assets during the first five
full years of the Trusts operations, 0.15% of the
Trusts average daily gross assets in year six, 0.10% in
year seven and 0.05% in year eight. Pursuant to this agreement,
EVM waived $919,639 of its adviser fee for the six months ended
November 30, 2008.
EVM has further agreed to waive its adviser fee to the extent
that the cost of the committed financing to partially redeem the
APS is greater than the dividends and preferred shares service
fee that would have been incurred had the APS not been redeemed,
hereafter referred to as incremental cost. Such
waiver is calculated as the lesser of 50% of the Trusts
adviser fee on assets attributable to the committed financing or
the incremental cost and will remain in effect until
October 31, 2009. Pursuant to this agreement, EVM waived
$28,140 of its adviser fee for the six months ended
November 30, 2008.
Except for Trustees of the Trust who are not members of
EVMs organization, officers and Trustees receive
remuneration for their services to the Trust out of the
investment adviser fee. Trustees of the Trust who are not
affiliated with EVM may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of
the Trustees Deferred Compensation Plan. For the six months
ended November 30, 2008, no significant amounts have been
deferred. Certain officers and Trustees of the Trust are
officers of EVM.
5
Purchases
and Sales of Investments
Purchases and sales of investments, other than short-term
obligations and including maturities, paydowns and principal
repayments on Senior Loans, aggregated $58,024,022 and
$186,402,658, respectively, for the six months ended
November 30, 2008.
6
Common
Shares of Beneficial Interest
The Trust may issue common shares pursuant to its dividend
reinvestment plan. There were no transactions in common shares
for the six months ended November 30, 2008. Common shares
issued pursuant to the Trusts dividend reinvestment plan
for the year ended May 31, 2008 were 15,487.
7
Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Trust at November 30, 2008, as
determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
947,484,848
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
503,977
|
|
|
|
Gross unrealized depreciation
|
|
|
(336,700,405
|
)
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(336,196,428
|
)
|
|
|
|
|
8
Financial
Instruments
The Trust may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities.
These financial instruments may include forward foreign currency
exchange contracts and credit default swaps and may involve, to
a varying degree, elements of risk in excess of the amounts
recognized for financial
31
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
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
November 30, 2008 is as follows:
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Exchange Contracts
|
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
Settlement
|
|
|
|
In
|
|
Unrealized
|
|
Date
|
|
Deliver
|
|
Exchange
For
|
|
Appreciation
|
|
|
|
12/31/08
|
|
British Pound Sterling
9,749,701
|
|
United States Dollar
15,101,311
|
|
$
|
139,059
|
|
|
|
12/31/08
|
|
Euro
24,060,410
|
|
United States Dollar
31,431,317
|
|
|
910,294
|
|
|
|
|
|
|
|
|
|
$
|
1,049,353
|
|
|
|
At November 30, 2008, the Trust had sufficient cash
and/or
securities to cover commitments under these contracts.
9
Revolving
Credit and Security Agreement
Effective April 11, 2008, the Trust entered into a
Revolving Credit and Security Agreement, as amended (the
Agreement) with conduit lenders and a bank to borrow up to an
initial limit of $290,000,000 for a period of five years, the
proceeds of which were used to partially redeem the Trusts
APS. The Agreement provides for a renewable
364-day
backstop financing arrangement, which ensures that alternate
financing will continue to be available to the Trust should the
conduits be unable to place their commercial paper. Borrowings
under the Agreement are secured by the assets of the Trust.
Interest is charged at a rate above the conduits
commercial paper issuance rate and is payable monthly. Under the
terms of the Agreement, the Trust pays a monthly program fee of
1.25% per annum (0.60% per annum prior to October 31, 2008)
on its outstanding borrowings to administer the facility and a
monthly liquidity fee of 1.25% per annum (0.40% per annum prior
to October 31, 2008) on the borrowing limit under the
Agreement. The Trust also paid a structuring fee of $2,900,000,
which is being amortized to interest expense over a period of
five years. The unamortized balance at November 30, 2008 is
approximately $2,535,000 and is included in prepaid expenses on
the Statement of Assets and Liabilities. The Trust is required
to maintain certain net asset levels during the term of the
Agreement. At November 30, 2008, the Trust had borrowings
outstanding under the Agreement of $168,500,000 at an interest
rate of 3.19%. For the six months ended November 30, 2008,
the average borrowings under the Agreement and the average
interest rate (annualized) were $262,978,142 and 3.01%,
respectively.
10
Risk
Associated with Foreign Investments
Investing in securities issued by companies whose principal
business activities are outside the United States may involve
significant risks not present in domestic investments. For
example, there is generally less publicly available information
about foreign companies, particularly those not subject to the
disclosure and reporting requirements of the U.S. securities
laws. Certain foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and
standards of practice comparable to those applicable to domestic
issuers. Investments in foreign securities also involve the risk
of possible adverse changes in investment or exchange control
regulations, expropriation or confiscatory taxation, limitation
on the removal of funds or other assets of the Trust, political
or financial instability or diplomatic and other developments
which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some
foreign issuers (particularly those located in developing
countries) may be less liquid and more volatile than securities
of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities
markets, broker-dealers and issuers than in the United States.
11
Concentration
of Credit Risk
The Trust invests primarily in below investment grade
floating-rate loans and floating-rate debt obligations, which
are considered speculative because of the credit risk of their
issuers. Changes in economic conditions or other circumstances
are more likely to reduce the capacity of issuers of these
securities to make principal and interest payments. Such
companies are more likely to default on their payments of
interest and principal owed than issuers of investment grade
bonds. An economic downturn generally leads to a higher
non-payment rate, and a loan or other debt obligation may lose
significant value before a default occurs. Lower rated
investments also may be subject to a greater price volatility
than higher rated investments. Moreover, the specific collateral
used to secure a loan may decline in value or become illiquid,
which would adversely affect the loans value.
12
Fair
Value Measurements
The Trust adopted Financial Accounting Standards Board (FASB)
Statement of Financial Accounting Standards No. 157
(FAS 157), Fair Value Measurements, effective
June 1, 2008. FAS 157 established a three-tier
hierarchy to prioritize the assumptions, referred to as inputs,
used in valuation techniques to measure fair value. The
three-tier hierarchy of inputs is summarized in the three broad
levels listed below.
|
|
|
|
|
Level 1 quoted prices in active markets for
identical investments
|
32
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
|
|
|
|
|
Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments)
|
The inputs or methology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
At November 30, 2008, the inputs used in valuing the
Trusts investments, which are carried at value, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
8,082,052
|
|
|
$
|
|
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
601,683,225
|
|
|
|
1,049,353
|
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
1,523,143
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
611,288,420
|
|
|
$
|
1,049,353
|
|
|
|
|
|
|
|
*
|
Other financial instruments are forward foreign currency
exchange contracts not reflected in the Portfolio of
Investments, which are valued at the unrealized appreciation
(depreciation) on the instrument.
|
The following is a reconciliation of Level 3 assets for which
significant unobservable inputs were used to determine fair
value:
|
|
|
|
|
|
|
Investments in
Securities
|
|
|
|
Balance as of May 31, 2008
|
|
$
|
462,500
|
|
Realized gains (losses)
|
|
|
|
|
Change in net unrealized appreciation (depreciation)
|
|
|
(114,380
|
)
|
Net purchases (sales)
|
|
|
4,731
|
|
Accrued discount (premium)
|
|
|
720
|
|
Net transfers to (from) Level 3
|
|
|
1,169,572
|
|
|
|
Balance as of November 30, 2008
|
|
$
|
1,523,143
|
|
|
|
13
Recently
Issued Accounting Pronouncement
In March 2008, the FASB issued Statement of Financial
Accounting Standards No. 161 (FAS 161),
Disclosures about Derivative Instruments and Hedging
Activities. FAS 161 requires enhanced disclosures
about an entitys derivative and hedging activities,
including qualitative disclosures about the objectives and
strategies for using derivatives, quantitative disclosures about
fair value amounts of and gains and losses on derivative
instruments, and disclosures about credit-risk related
contingent features in derivative instruments. FAS 161 is
effective for fiscal years and interim periods beginning after
November 15, 2008. Management is currently evaluating the
impact the adoption of FAS 161 will have on the
Trusts financial statement disclosures.
33
Eaton Vance
Floating-Rate Income
Trust
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the Plan)
pursuant to which shareholders may elect to have distributions
automatically reinvested in common shares (the Shares) of the
Trust. You may elect to participate in the Plan by completing
the Dividend Reinvestment Plan Application Form. If you do not
participate, you will receive all distributions in cash paid by
check mailed directly to you by American Stock Transfer &
Trust Company, as dividend paying agent. On the distribution
payment date, if the net asset value per Share is equal to or
less than the market price per Share plus estimated brokerage
commissions, then new Shares will be issued. The number of
Shares shall be determined by the greater of the net asset value
per Share or 95% of the market price. Otherwise, Shares
generally will be purchased on the open market by the Plan
Agent. Distributions subject to income tax (if any) are taxable
whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in
the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that your shares be re-registered in
your name with the Trusts transfer agent, American Stock
Transfer & Trust Company, or you will not be able to
participate.
The Plan Agents service fee for handling distributions
will be paid by the Trust. Each participant will be charged
their pro rata share of brokerage commissions on all open-market
purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Plan Agent at the address noted on the following
page. If you withdraw, you will receive shares in your name for
all Shares credited to your account under the Plan. If a
participant elects by written notice to the Plan Agent to have
the Plan Agent sell part or all of his or her Shares and remit
the proceeds, the Plan Agent is authorized to deduct a $5.00 fee
plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held
in your own name, you may complete the form on the following
page and deliver it to the Plan Agent.
Any inquiries regarding the Plan can be directed to the Plan
Agent, American Stock Transfer & Trust Company, at
1-866-439-6787.
34
Eaton Vance
Floating-Rate Income
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 Floating-Rate Income Trust
c/o American Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY
10269-0560
Number of
Employees
The Trust is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a diversified, closed-end management investment company and
has no employees.
Number of
Shareholders
As of November 30, 2008, our records indicate that there
are 150 registered shareholders and approximately 22,895
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
1-800-262-1122
New York
Stock Exchange symbol
The New York Stock Exchange symbol is EFT.
35
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Overview
of the Contract Review Process
The Investment Company Act of 1940, as amended (the 1940
Act), provides, in substance, that each investment
advisory agreement between a fund and its investment adviser
will continue in effect from year to year only if its
continuance is approved at least annually by the funds
board of trustees, including by a vote of a majority of the
trustees who are not interested persons of the fund
(Independent Trustees), cast in person at a meeting
called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a
Board) of the Eaton Vance group of mutual funds (the
Eaton Vance Funds) held on April 21, 2008, the
Board, including a majority of the Independent Trustees, voted
to approve continuation of existing advisory and
sub-advisory
agreements for the Eaton Vance Funds for an additional one-year
period. In voting its approval, the Board relied upon the
affirmative recommendation of the Contract Review Committee of
the Board (formerly the Special Committee), which is a committee
comprised exclusively of Independent Trustees. Prior to making
its recommendation, the Contract Review Committee reviewed
information furnished for a series of meetings of the Contract
Review Committee held in February, March and April 2008.
Such information included, among other things, the following:
Information
about Fees, Performance and Expenses
|
|
|
|
|
An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds;
|
|
|
An independent report comparing each funds total expense
ratio and its components to comparable funds;
|
|
|
An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods;
|
|
|
Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices;
|
|
|
Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund;
|
|
|
Profitability analyses for each adviser with respect to each
fund;
|
Information
about Portfolio Management
|
|
|
|
|
Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel;
|
|
|
Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds;
|
|
|
Data relating to portfolio turnover rates of each fund;
|
|
|
The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes;
|
Information
about each Adviser
|
|
|
|
|
Reports detailing the financial results and condition of each
adviser;
|
|
|
Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts;
|
|
|
Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes;
|
|
|
Copies of or descriptions of each advisers proxy voting
policies and procedures;
|
|
|
Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions;
|
|
|
Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates;
|
Other
Relevant Information
|
|
|
|
|
Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates;
|
|
|
Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and
|
|
|
The terms of each advisory agreement.
|
36
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT
CONTD
In addition to the information identified above, the Contract
Review Committee considered information provided from time to
time by each adviser throughout the year at meetings of the
Board and its committees. Over the course of the twelve-month
period ended April 30, 2008, the Board met eleven times and
the Contract Review Committee, the Audit Committee and the
Governance Committee, each of which is a Committee comprised
solely of Independent Trustees, met twelve, seven and five
times, respectively. At such meetings, the Trustees received,
among other things, presentations by the portfolio managers and
other investment professionals of each adviser relating to the
investment performance of each fund and the investment
strategies used in pursuing the funds investment
objective. The Portfolio Management Committee and the Compliance
Reports and Regulatory Matters Committee are newly established
and did not meet during the twelve-month period ended
April 30, 2008.
For funds that invest through one or more underlying portfolios,
the Board considered similar information about the portfolio(s)
when considering the approval of advisory agreements. In
addition, in cases where the funds investment adviser has
engaged a
sub-adviser,
the Board considered similar information about the
sub-adviser
when considering the approval of any
sub-advisory
agreement.
The Contract Review Committee was assisted throughout the
contract review process by Goodwin Procter LLP, legal counsel
for the Independent Trustees. The members of the Contract Review
Committee relied upon the advice of such counsel and their own
business judgment in determining the material factors to be
considered in evaluating each advisory and
sub-advisory
agreement and the weight to be given to each such factor. The
conclusions reached with respect to each advisory and
sub-advisory
agreement were based on a comprehensive evaluation of all the
information provided and not any single factor. Moreover, each
member of the Contract Review Committee may have placed varying
emphasis on particular factors in reaching conclusions with
respect to each advisory and
sub-advisory
agreement.
Results
of the Process
Based on its consideration of the foregoing, and such other
information as it deemed relevant, including the factors and
conclusions described below, the Contract Review Committee
concluded that the continuance of the investment advisory
agreement between the Eaton Vance Floating-Rate Income Trust
(the Fund) and Eaton Vance Management (the
Adviser), including its fee structure, is in the
interests of shareholders and, therefore, the Contract Review
Committee recommended to the Board approval of the agreement.
The Board accepted the recommendation of the Contract Review
Committee as well as the factors considered and conclusions
reached by the Contract Review Committee with respect to the
agreement. Accordingly, the Board, including a majority of the
Independent Trustees, voted to approve continuation of the
investment advisory agreement for the Fund.
Nature,
Extent and Quality of Services
In considering whether to approve the investment advisory
agreement of the Fund, the Board evaluated the nature, extent
and quality of services provided to the Fund by the Adviser.
The Board considered the Advisers management capabilities
and investment process with respect to the types of investments
held by the Fund, including the education, experience and number
of its investment professionals and other personnel who provide
portfolio management, investment research, and similar services
to the Fund. In particular, the Board evaluated the abilities
and experience of such investment personnel in analyzing special
considerations relevant to investing in senior secured
floating-rate loans. The Board noted the experience of the
Advisers large group of bank loan investment professionals
and other personnel who provide services to the Fund, including
portfolio managers and analysts. The Board also took into
account the resources dedicated to portfolio management and
other services, including the compensation paid to recruit and
retain investment personnel, and the time and attention devoted
to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser
and relevant affiliates thereof. Among other matters, the Board
considered compliance and reporting matters relating to personal
trading by investment personnel, selective disclosure of
portfolio holdings, late trading, frequent trading, portfolio
valuation, business continuity and the allocation of investment
opportunities. The Board also evaluated the responses of the
Adviser and its affiliates to requests from regulatory
authorities such as the Securities and Exchange Commission.
The Board considered shareholder and other administrative
services provided or managed by Eaton Vance Management and its
affiliates, including transfer agency and accounting services.
The Board evaluated the benefits to shareholders of investing in
a fund that is a part of a large family of funds.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services
provided by the Adviser, taken as a whole, are appropriate and
consistent with the terms of the investment advisory agreement.
37
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT
CONTD
Fund Performance
The Board compared the Funds investment performance to a
relevant universe of similarly managed funds identified by an
independent data provider and appropriate benchmark indices. The
Board reviewed comparative performance data for the one- and
three-year periods ended September 30, 2007 for the Fund.
The Board concluded that the performance of the Fund was
satisfactory.
Management
Fees and Expenses
The Board reviewed contractual investment advisory fee rates,
including any administrative fee rates, payable by the Fund
(referred to as management fees). As part of its
review, the Board considered the Funds management fee and
total expense ratio for the year ended September 30, 2007,
as compared to a group of similarly managed funds selected by an
independent data provider. The Board considered the fact that
the Adviser had waived fees
and/or
paid
expenses for the Fund.
After reviewing the foregoing information, and in light of the
nature, extent and quality of the services provided by the
Adviser, the Board concluded that the management fees charged
for advisory and related services and the Funds total
expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser
and relevant affiliates thereof in providing investment advisory
and administrative services to the Fund and to all Eaton Vance
Funds as a group. The Board considered the level of profits
realized with and without regard to revenue sharing or other
payments by the Adviser and its affiliates to third parties in
respect of distribution services. The Board also considered
other direct or indirect benefits received by the Adviser and
its affiliates in connection with its relationship with the Fund.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the
profits realized by the Adviser and its affiliates are
reasonable.
Economies
of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates,
on the one hand, and the Fund, on the other hand, can expect to
realize benefits from economies of scale as the assets of the
Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from the economies
of scale with respect to the management of any specific fund or
group of funds. The Board also considered the fact that the Fund
is not continuously offered and concluded that, in light of the
level of the Advisers profits with respect to the Fund,
the implementation of breakpoints in the advisory fee schedule
is not appropriate at this time. Based upon the foregoing, the
Board concluded that the benefits from economies of scale are
currently being shared equitably by the Adviser and its
affiliates and the Fund.
38
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2008
OFFICERS AND TRUSTEES
|
|
|
Officers
Scott H. Page
President
Thomas E. Faust Jr.
Trustee and Vice President
Ralph H. Hinckley, Jr.
Vice President
Michael W. Weilheimer
Vice President
Barbara E. Campbell
Treasurer
Maureen A. Gemma
Secretary and Chief Legal Officer
Paul M. ONeil
Chief Compliance Officer
|
|
Trustees
Ralph F. Verni
Chairman
Benjamin C. Esty
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Heidi L. Steiger
Lynn A. Stout
|
39
This Page Intentionally Left Blank
Investment
Adviser and Administrator of Eaton Vance Floating-Rate Income
Trust
Eaton Vance
Management
The Eaton Vance
Building
255 State Street
Boston, MA 02109
State Street
Bank and Trust Company
200 Clarendon
Street
Boston, MA 02116
American Stock
Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Eaton
Vance Floating-Rate Income Trust
The Eaton Vance
Building
255 State
Street
Boston, MA
02109
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer,
Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide
a copy of such code of ethics to any person upon request, without charge, by calling
1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of
Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President
and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as
Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM)
(a holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial
officer that the effectiveness of the registrants current disclosure controls and procedures (such
disclosure controls and procedures having been evaluated within 90 days of the date of this filing)
provide reasonable assurance that the information required to be disclosed by the registrant has
been recorded, processed, summarized and reported within the time period specified in the
Commissions rules and forms and that the information required to be disclosed by the registrant
has been accumulated and communicated to the registrants principal executive officer and principal
financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting
during the second fiscal quarter of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrants internal control over financial
reporting.
Item 12. Exhibits
|
|
|
(a)(1)
|
|
Registrants Code of Ethics Not applicable (please see Item 2).
|
|
(a)(2)(i)
|
|
Treasurers Section 302 certification.
|
|
(a)(2)(ii)
|
|
Presidents 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 Floating-Rate Income Trust
|
|
|
|
|
|
|
|
By:
|
|
/s/Scott H. Page
Scott H. Page
|
|
|
|
|
President
|
|
|
|
|
|
|
|
Date:
|
|
January 12, 2009
|
|
|
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: January 12, 2009
|
|
|
|
|
|
|
|
By:
|
|
/s/Scott H. Page
|
|
|
|
|
|
|
|
|
|
Scott H. Page
|
|
|
|
|
President
|
|
|
|
|
|
|
|
Date: January 12, 2009
|
|
|
Eaton Vance Floating Rat... (NYSE:EFT)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Eaton Vance Floating Rat... (NYSE:EFT)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024