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)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
May 31
Date of Fiscal Year End
November 30, 2010
Date of Reporting Period
Item 1. Reports to Stockholders
IMPORTANT
NOTICES
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:
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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.
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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.
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Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
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We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the
link on our homepage: www.eatonvance.com.
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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. Our
Privacy Policy applies only 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(s) (if applicable) will file a schedule of
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 at 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.
Additional Notice to Shareholders.
The Fund may
redeem or purchase its outstanding auction preferred shares
(APS) in order to maintain compliance with regulatory
requirements, borrowing or rating agency requirements or for
other purposes as it deems appropriate or necessary. The Fund
also may purchase shares of its common stock in the open market
when they trade at a discount to net asset value or at other
times if the Fund determines such purchases are advisable. There
can be no assurance that the Fund will take such action or that
such purchases would reduce the discount.
Eaton Vance Floating-Rate Income Trust as of November 30, 2010
INVESTMENT UPDATE
Economic and Market Conditions
Scott H. Page, CFA
Co-Portfolio Manager
Ralph H. Hinckley, Jr., CFA
Co-Portfolio Manager
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The bank loan market generated positive returns and remained generally healthy, if not as
robust as earlier in 2010, during the six-month period ending November 30, 2010. Despite a
negative return in the May-June period that was driven primarily by concerns over the European
debt crisis, the floating-rate loan market regained strength for the remainder of the period.
The S&P/LSTA Leveraged Loan Index
1
(the Index), had a total return of 4.81% for the
six-month period.
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The markets recovery was driven by stronger demand and greater liquidity in the marketplace,
along with improved corporate fundamentals. As a result, investors in search of yield began to
take on incremental credit risk once again, evidenced by improved inflows into high-yield bond
and bank loan mutual funds. These greater inflows led to more robust demand in the secondary
market, as well as increased refinancing activity, bond-for-loan takeouts, and a general
improvement in the overall tone of the marketall of which contributed to tighter credit
spreads and higher prices for bank loans. Importantly, and in contrast to other fixed-income
sectors, bank loan credit spreads remained above their historical average levels over the
London Interbank Offered Rate (LIBOR).
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Bank loan issuer fundamentals, which have been improving for the past several quarters,
continued this trend into the latter months of the period. Corporate operating earnings growth improved in the second and third quarters of 2010, while
ratings downgrades and new defaults diminished to more modest levels.
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Management Discussion
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Eaton Vance Floating-Rate Income Trust (the Trust) is a closed-end fund and trades on the New
York Stock Exchange (NYSE) under the symbol EFT. The Trusts investment objective is to
provide a high level of current income. As a secondary objective, it will also seek
preservation of capital to the extent consistent with its primary goal of high current income.
Under normal market conditions, the Trust invests at least 80% of its total assets in senior,
secured floating-rate loans (senior loans). In managing the Trust, the investment adviser
seeks to invest in a portfolio of senior loans that 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.
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As of November 30, 2010, the Trusts investments included senior loans to 376 borrowers
spanning 38 industries, with an average loan representing 0.23% of total investments, and no
industry constituting more than 11.5% of total investments. Health care, business equipment
and services, and cable and satellite television were the top three industry weightings.
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Total Return Performance 5/31/10 11/30/10
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NYSE Symbol
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EFT
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At Net Asset Value (NAV)
2
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7.28
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%
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At Market Price
2
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16.73
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%
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S&P/LSTA Leveraged Loan Index
1
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4.81
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%
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Premium/(Discount) to NAV (11/30/10)
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4.93
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%
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Total Distributions per common share
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$
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0.513
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Distribution Rate
3
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At NAV
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6.77
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%
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At Market Price
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6.45
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%
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See page 3 for more performance information.
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1
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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 expenses that would have been incurred if an investor individually purchased or sold
the loans represented in the Index. Unlike the Trust, the Indexs total return does not
reflect the effect of leverage.
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2
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Six-month returns are cumulative. Performance results reflect the effects of Auction
Preferred Shares (APS) and debt financing, which are forms of leverage. Absent a fee reduction
by the investment adviser of the Trust, the returns would be lower.
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3
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The Distribution Rate is based on the Trusts last regular distribution per share in
the period (annualized) divided by the Trusts NAV or market price at the end of the period.
The Trusts distributions may be comprised of ordinary income, net realized capital gains and
return of capital.
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Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. The Trusts performance at market price will differ from its results at
NAV. Although market price performance generally reflects investment results over time, during
shorter periods, returns at market 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. For performance as of the most recent month end, please refer to
www.eatonvance.com.
Trust shares are not insured by the FDIC and are not deposits or other obligations of, or
guaranteed by, any depository institution. Shares are subject to investment risks, including
possible loss of principal invested.
1
Eaton Vance Floating-Rate Income Trust as of November 30, 2010
INVESTMENT UPDATE
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Managements use of leverage was a significant factor in the Trusts outperformance of its
benchmark (the Index) during the period. The Trusts loans acquired with borrowings were
bolstered by generally strong conditions in the credit markets during the period. As of
November 30, 2010, the Trust employed leverage of 35.5% of total assets8.9% from APS and
26.6% from borrowings.
1
Use of leverage creates an opportunity for income, but at the same
time creates special risks (including the likelihood of greater volatility of NAV and market
price of common shares).
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The Trust continued to maintain smaller allocations to very large, lower-quality
loansnotably, some significant issues that came to market in 2007than did the Index. This
underweighting detracted from performance during the period, because the price of these issues
rallied more than the overall market as investors sought higher discount opportunities. The
Trusts modestly lower allocation to B-rated loans, which rallied the most after the May/June
volatility, also detracted from relative performance.
2
However, the Trusts investments in
European loans contributed positively to its performance during the period.
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We continue to believe that the Trust is well positioned for the current market environment. The
Trust invests broadly across the floating-rate loan market, providing shareholders with diversified
exposure to the asset class.
3
The cornerstones of the Trusts investment approach have
always beenand continue to bebottom-up credit research and dedication to diversification.
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1
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APS percentage represents the liquidation value of the Trusts APS outstanding at
11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and
borrowings outstanding. In the event of a rise in long-term interest rates, the value of the
Trusts investment portfolio could decline, which would reduce the asset coverage for its APS
and borrowings.
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2
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Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based
largely on the rating agencys investment analysis at the time of rating and the rating
assigned to any particular security is not necessarily a reflection of the issuers current
financial condition. The rating assigned to a security by a rating agency does not necessarily
reflect its assessment of the volatility of a securitys market value or of the liquidity of
an investment in the security. If securities are rated differently by the rating agencies, the
higher rating is applied.
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3
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Diversification cannot assure a profit or eliminate the risk of loss.
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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.
2
Eaton Vance Floating-Rate Income Trust as of November 30, 2010
TRUST PERFORMANCE
Portfolio Composition
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Top 10 Holdings
1
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By total investments
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SunGard Data Systems, Inc.
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1.3
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%
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Community Health Systems, Inc.
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1.1
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Intelsat Corp.
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1.1
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Aramark Corp.
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1.1
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UPC Broadband Holding B.V.
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1.1
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Charter Communications Operating, LLC
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1.0
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HCA, Inc.
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1.0
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Rite Aid Corp.
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1.0
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Health Management Associates, Inc.
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1.0
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Nielsen Finance, LLC
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0.9
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1
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Top 10 Holdings represented 10.6% of the Trusts total investments as of 11/30/10.
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Top Five Industries
2
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By total investments
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Health Care
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11.5
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%
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Business Equipment and Services
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8.1
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Cable and Satellite Television
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6.6
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Leisure Goods/Activities/Movies
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4.9
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Publishing
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4.7
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2
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Industries are shown as a percentage of the Trusts total investments as of 11/30/10.
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Credit Quality Ratings for
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Total Loan Investments
3
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By total loan investments
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Baa
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2.4
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%
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Ba
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50.6
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B
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34.4
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Caa
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0.1
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Ca
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3.0
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Defaulted
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0.7
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Non-Rated
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8.8
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3
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Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based
largely on the rating agencys investment analysis at the time of rating and the rating
assigned to any
particular security is not necessarily a reflection of the issuers current financial condition.
The rating assigned to a security by a rating agency does not necessarily reflect its assessment
of the volatility of a securitys market value or of the liquidity of an investment in the
security. If securities are rated differently by the rating agencies, the higher rating is
applied.
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Trust Performance
4
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NYSE Symbol
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EFT
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Average Annual Total Return (by market price, NYSE)
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Six Months
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16.73
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%
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One Year
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32.33
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Five Years
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7.55
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Life of Trust (6/29/04)
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5.43
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Average Annual Total Return (at net asset value)
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Six Months
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7.28
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%
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One Year
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18.44
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Five Years
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4.46
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Life of Trust (6/29/04)
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4.65
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4
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Six-month returns are cumulative. Other returns are presented on an average annual
basis. Performance results reflect the effects of APS and debt financing, which are forms of
leverage. Absent a fee reduction by the investment adviser of the Trust, the returns would be
lower.
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Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. The Trusts performance at market price will differ from its results at
NAV. Although market price performance generally reflects investment results over time, during
shorter periods, returns at market 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. 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, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited)
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Senior
Floating-Rate Interests
139.4%
(1)
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Principal
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Amount*
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(000s
omitted)
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Borrower/Tranche
Description
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Value
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Aerospace
and Defense 3.1%
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Booz Allen Hamilton, Inc.
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546
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Term Loan, 6.00%, Maturing July 31, 2015
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$
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548,741
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DAE Aviation Holdings, Inc.
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934
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Term Loan, 4.04%, Maturing July 31, 2014
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894,774
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965
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Term Loan, 4.04%, Maturing July 31, 2014
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924,042
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Delos Aircraft, Inc.
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700
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Term Loan, 7.00%, Maturing March 17, 2016
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713,375
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Doncasters (Dunde HoldCo 4 Ltd.)
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435
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Term Loan, 4.26%, Maturing July 13, 2015
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384,708
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435
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Term Loan, 4.76%, Maturing July 13, 2015
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384,709
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GBP
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550
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Term Loan - Second Lien, 6.58%, Maturing January 13,
2016
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675,843
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DynCorp International, LLC
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1,000
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Term Loan, 6.25%, Maturing July 5, 2016
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1,009,369
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Evergreen International Aviation
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967
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Term Loan, 10.50%, Maturing October 31,
2011
(2)
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949,650
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Hawker Beechcraft Acquisition
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4,407
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Term Loan, 2.27%, Maturing March 26, 2014
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3,758,261
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263
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Term Loan, 2.29%, Maturing March 26, 2014
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224,687
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IAP Worldwide Services, Inc.
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914
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Term Loan, 8.25%, Maturing December 30,
2012
(2)
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899,394
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International Lease Finance Co.
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950
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Term Loan, 6.75%, Maturing March 17, 2015
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966,286
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Spirit Aerosystems, Inc.
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1,250
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Term Loan, 3.54%, Maturing September 30, 2016
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1,254,110
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TransDigm, Inc.
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1,800
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Term Loan, 2.27%, Maturing June 23, 2013
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1,791,675
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Triumph Group, Inc.
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648
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Term Loan, 4.50%, Maturing June 16, 2016
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653,035
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Wesco Aircraft Hardware Corp.
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1,122
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Term Loan, 2.51%, Maturing September 30, 2013
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1,121,324
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Wyle Laboratories, Inc.
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997
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Term Loan, 7.75%, Maturing March 25, 2016
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1,002,485
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$
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18,156,468
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Air
Transport 0.1%
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Delta Air Lines, Inc.
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742
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Term Loan, 2.28%, Maturing April 30, 2012
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$
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727,810
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$
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727,810
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Automotive 6.1%
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Adesa, Inc.
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3,921
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Term Loan, 3.01%, Maturing October 18, 2013
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$
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3,904,194
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Allison Transmission, Inc.
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3,818
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Term Loan, 3.03%, Maturing August 7, 2014
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3,694,816
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Autotrader.com, Inc.
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1,250
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Term Loan, 6.00%, Maturing June 14, 2016
|
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1,257,031
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Dayco Products, LLC
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|
460
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Term Loan, 10.50%, Maturing May 13, 2014
|
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459,181
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72
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Term Loan, 12.50%, Maturing November 13,
2014
(2)
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71,005
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Federal-Mogul Corp.
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3,609
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|
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Term Loan, 2.19%, Maturing December 29, 2014
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3,265,011
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2,241
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Term Loan, 2.19%, Maturing December 28, 2015
|
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2,026,796
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Ford Motor Co.
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4,071
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|
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Term Loan, 3.04%, Maturing December 16, 2013
|
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4,038,002
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1,000
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Term Loan, Maturing December 16,
2013
(3)
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990,938
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Goodyear Tire & Rubber Co.
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|
7,175
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Term Loan - Second Lien, 2.21%, Maturing April 30, 2014
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6,974,695
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HHI Holdings, LLC
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|
975
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|
|
Term Loan, 9.75%, Maturing March 30, 2015
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|
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994,500
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Keystone Automotive Operations, Inc.
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|
1,403
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Term Loan, 3.77%, Maturing January 12, 2012
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1,262,907
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|
|
LKQ Corp. U.S.
|
|
1,044
|
|
|
Term Loan, 2.50%, Maturing October 12, 2013
|
|
|
1,046,477
|
|
|
|
Metaldyne, LLC
|
|
1,025
|
|
|
Term Loan, 7.75%, Maturing October 28, 2016
|
|
|
1,037,812
|
|
|
|
TI Automotive
|
|
1,000
|
|
|
Term Loan, 9.50%, Maturing July 1, 2016
|
|
|
1,012,500
|
|
|
|
TriMas Corp.
|
|
88
|
|
|
Term Loan, 6.00%, Maturing August 2, 2011
|
|
|
88,156
|
|
|
|
|
2,067
|
|
|
Term Loan, 6.00%, Maturing December 15, 2015
|
|
|
2,082,119
|
|
|
|
United Components, Inc.
|
|
1,075
|
|
|
Term Loan, 6.25%, Maturing March 23, 2017
|
|
|
1,087,631
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,293,771
|
|
|
|
|
|
|
|
Beverage
and Tobacco 0.4%
|
|
Green Mountain Coffee Roasters
|
|
1,225
|
|
|
Term Loan, Maturing November 23,
2016
(3)
|
|
$
|
1,233,422
|
|
|
|
Van Houtte, Inc.
|
|
113
|
|
|
Term Loan, 2.79%, Maturing July 19, 2014
|
|
|
111,529
|
|
|
|
|
825
|
|
|
Term Loan, 2.79%, Maturing July 19, 2014
|
|
|
817,883
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,162,834
|
|
|
|
|
|
|
See
notes to financial statements
4
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
|
Building
and Development 2.0%
|
|
Armstrong World Industries, Inc.
|
|
750
|
|
|
Term Loan, Maturing May 23,
2017
(3)
|
|
$
|
755,938
|
|
|
|
Beacon Sales Acquisition, Inc.
|
|
1,173
|
|
|
Term Loan, 2.28%, Maturing September 30, 2013
|
|
|
1,117,720
|
|
|
|
Brickman Group Holdings, Inc.
|
|
1,325
|
|
|
Term Loan, 7.25%, Maturing October 14, 2016
|
|
|
1,338,250
|
|
|
|
Forestar USA Real Estate Group, Inc.
|
|
268
|
|
|
Revolving Loan, 1.25%, Maturing August 6,
2013
(4)
|
|
|
251,954
|
|
|
|
|
2,457
|
|
|
Term Loan, 6.50%, Maturing August 6, 2015
|
|
|
2,407,767
|
|
|
|
Metroflag BP, LLC
|
|
500
|
|
|
Term Loan - Second Lien, 0.00%, Maturing July 6,
2009
(5)(6)
|
|
|
0
|
|
|
|
NCI Building Systems, Inc.
|
|
173
|
|
|
Term Loan, 8.00%, Maturing April 18, 2014
|
|
|
168,349
|
|
|
|
November 2005 Land Investors, LLC
|
|
305
|
|
|
Term Loan, 0.00%, Maturing March 31,
2011
(6)(7)
|
|
|
64,017
|
|
|
|
Panolam Industries Holdings, Inc.
|
|
1,677
|
|
|
Term Loan, 8.25%, Maturing December 31, 2013
|
|
|
1,542,460
|
|
|
|
RE/MAX International, Inc.
|
|
2,164
|
|
|
Term Loan, 5.50%, Maturing April 15, 2016
|
|
|
2,177,651
|
|
|
|
Realogy Corp.
|
|
160
|
|
|
Term Loan, 3.26%, Maturing October 10, 2013
|
|
|
148,126
|
|
|
|
|
668
|
|
|
Term Loan, 3.29%, Maturing October 10, 2013
|
|
|
617,955
|
|
|
|
South Edge, LLC
|
|
1,644
|
|
|
Term Loan, 0.00%, Maturing October 31,
2009
(5)(6)
|
|
|
780,781
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,370,968
|
|
|
|
|
|
|
|
Business
Equipment and Services 12.1%
|
|
Activant Solutions, Inc.
|
|
125
|
|
|
Term Loan, 2.81%, Maturing May 1, 2013
|
|
$
|
122,822
|
|
|
|
|
226
|
|
|
Term Loan, 2.31%, Maturing May 2, 2013
|
|
|
222,887
|
|
|
|
|
2,098
|
|
|
Term Loan, 4.81%, Maturing February 2, 2016
|
|
|
2,093,182
|
|
|
|
Acxiom Corp.
|
|
1,221
|
|
|
Term Loan, 3.29%, Maturing March 15, 2015
|
|
|
1,227,105
|
|
|
|
Advantage Sales & Marketing, Inc.
|
|
2,363
|
|
|
Term Loan, 5.00%, Maturing May 5, 2016
|
|
|
2,366,079
|
|
|
|
Affinion Group, Inc.
|
|
4,154
|
|
|
Term Loan, 5.00%, Maturing October 10, 2016
|
|
|
4,136,815
|
|
|
|
Allied Barton Security Services
|
|
1,068
|
|
|
Term Loan, 7.75%, Maturing February 18, 2015
|
|
|
1,074,819
|
|
|
|
Dealer Computer Services, Inc.
|
|
1,863
|
|
|
Term Loan, 5.25%, Maturing April 21, 2017
|
|
|
1,869,984
|
|
|
|
Education Management, LLC
|
|
3,771
|
|
|
Term Loan, 2.06%, Maturing June 3, 2013
|
|
|
3,680,381
|
|
|
|
Fifth Third Processing Solution
|
|
1,025
|
|
|
Term Loan, Maturing November 1,
2016
(3)
|
|
|
1,031,919
|
|
|
|
First American Corp.
|
|
1,047
|
|
|
Term Loan, 4.75%, Maturing April 12, 2016
|
|
|
1,054,576
|
|
|
|
Infogroup, Inc.
|
|
823
|
|
|
Term Loan, 6.25%, Maturing July 1, 2016
|
|
|
829,110
|
|
|
|
iPayment, Inc.
|
|
2,334
|
|
|
Term Loan, 2.28%, Maturing May 10, 2013
|
|
|
2,240,614
|
|
|
|
Kronos, Inc.
|
|
1,150
|
|
|
Term Loan, 2.04%, Maturing June 11, 2014
|
|
|
1,124,671
|
|
|
|
Language Line, Inc.
|
|
2,184
|
|
|
Term Loan, 5.50%, Maturing November 4, 2015
|
|
|
2,168,488
|
|
|
|
Mitchell International, Inc.
|
|
972
|
|
|
Term Loan, 2.31%, Maturing March 28, 2014
|
|
|
908,486
|
|
|
|
|
1,000
|
|
|
Term Loan - Second Lien, 5.56%, Maturing March 30,
2015
|
|
|
880,625
|
|
|
|
NE Customer Service
|
|
1,890
|
|
|
Term Loan, 6.00%, Maturing March 23, 2016
|
|
|
1,880,316
|
|
|
|
Protection One Alarm Monitor, Inc.
|
|
1,940
|
|
|
Term Loan, 6.00%, Maturing May 16, 2016
|
|
|
1,939,678
|
|
|
|
Quantum Corp.
|
|
196
|
|
|
Term Loan, 3.77%, Maturing July 14, 2014
|
|
|
192,162
|
|
|
|
Quintiles Transnational Corp.
|
|
984
|
|
|
Term Loan, 2.29%, Maturing March 29, 2013
|
|
|
972,191
|
|
|
|
|
1,875
|
|
|
Term Loan - Second Lien, 4.29%, Maturing March 31,
2014
|
|
|
1,860,938
|
|
|
|
Sabre, Inc.
|
|
7,310
|
|
|
Term Loan, 2.27%, Maturing September 30, 2014
|
|
|
6,855,119
|
|
|
|
Safenet, Inc.
|
|
1,985
|
|
|
Term Loan, 2.75%, Maturing April 12, 2014
|
|
|
1,910,192
|
|
|
|
Serena Software, Inc.
|
|
991
|
|
|
Term Loan, 2.29%, Maturing March 10, 2013
|
|
|
966,440
|
|
|
|
Sitel (Client Logic)
|
|
1,790
|
|
|
Term Loan, 5.79%, Maturing January 30, 2014
|
|
|
1,669,214
|
|
|
|
Solera Holdings, LLC
|
EUR
|
820
|
|
|
Term Loan, 2.69%, Maturing May 16, 2014
|
|
|
1,053,752
|
|
|
|
SunGard Data Systems, Inc.
|
|
2,230
|
|
|
Term Loan, 2.00%, Maturing February 28, 2014
|
|
|
2,179,701
|
|
|
|
|
10,188
|
|
|
Term Loan, 3.91%, Maturing February 26, 2016
|
|
|
10,114,438
|
|
|
|
TransUnion, LLC
|
|
2,170
|
|
|
Term Loan, 6.75%, Maturing June 15, 2017
|
|
|
2,200,479
|
|
|
|
Travelport, LLC
|
|
584
|
|
|
Term Loan, 4.79%, Maturing August 21, 2015
|
|
|
562,652
|
|
|
|
|
975
|
|
|
Term Loan, 4.96%, Maturing August 21, 2015
|
|
|
939,230
|
|
|
|
|
3,218
|
|
|
Term Loan, 4.96%, Maturing August 21, 2015
|
|
|
3,100,443
|
|
|
|
EUR
|
1,054
|
|
|
Term Loan, 5.33%, Maturing August 21, 2015
|
|
|
1,335,940
|
|
|
|
West Corp.
|
|
309
|
|
|
Term Loan, 2.63%, Maturing October 24, 2013
|
|
|
306,055
|
|
|
|
|
759
|
|
|
Term Loan, 4.50%, Maturing July 15, 2016
|
|
|
761,278
|
|
|
|
See
notes to financial statements
5
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Business
Equipment and Services (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,156
|
|
|
Term Loan, 4.50%, Maturing July 15, 2016
|
|
$
|
2,157,309
|
|
|
|
|
|
|
|
|
|
|
|
$
|
69,990,090
|
|
|
|
|
|
|
|
Cable
and Satellite Television 10.0%
|
|
Atlantic Broadband Finance, LLC
|
|
1,650
|
|
|
Term Loan, Maturing November 27,
2015
(3)
|
|
$
|
1,660,312
|
|
|
|
Bragg Communications, Inc.
|
|
2,051
|
|
|
Term Loan, 2.79%, Maturing August 31, 2014
|
|
|
2,012,630
|
|
|
|
Bresnan Broadband Holdings, LLC
|
|
542
|
|
|
Term Loan, 2.26%, Maturing June 30, 2013
|
|
|
539,149
|
|
|
|
Casema NV
|
EUR
|
1,000
|
|
|
Term Loan - Second Lien, 5.55%, Maturing March 14, 2016
|
|
|
1,290,633
|
|
|
|
Cequel Communications, LLC
|
|
2,146
|
|
|
Term Loan, 2.25%, Maturing November 5, 2013
|
|
|
2,127,683
|
|
|
|
Charter Communications Operating, LLC
|
|
9,399
|
|
|
Term Loan, 2.26%, Maturing March 6, 2014
|
|
|
9,216,653
|
|
|
|
CSC Holdings, Inc.
|
|
3,778
|
|
|
Term Loan, 2.00%, Maturing March 29, 2016
|
|
|
3,754,874
|
|
|
|
Foxco Acquisition Sub., LLC
|
|
1,628
|
|
|
Term Loan, 7.50%, Maturing July 14, 2015
|
|
|
1,611,394
|
|
|
|
Insight Midwest Holdings, LLC
|
|
3,677
|
|
|
Term Loan, 2.01%, Maturing April 7, 2014
|
|
|
3,568,786
|
|
|
|
MCC Iowa, LLC
|
|
3,812
|
|
|
Term Loan, 2.00%, Maturing January 31, 2015
|
|
|
3,678,453
|
|
|
|
Mediacom Broadband, LLC
|
|
1,671
|
|
|
Term Loan, 4.50%, Maturing October 23, 2017
|
|
|
1,661,067
|
|
|
|
Mediacom Illinois, LLC
|
|
3,944
|
|
|
Term Loan, 2.00%, Maturing January 31, 2015
|
|
|
3,774,341
|
|
|
|
|
990
|
|
|
Term Loan, 5.50%, Maturing March 31, 2017
|
|
|
985,050
|
|
|
|
Mediacom, LLC
|
|
923
|
|
|
Term Loan, 4.50%, Maturing October 23, 2017
|
|
|
905,387
|
|
|
|
ProSiebenSat.1 Media AG
|
EUR
|
93
|
|
|
Term Loan, 2.54%, Maturing July 2, 2014
|
|
|
110,335
|
|
|
|
EUR
|
904
|
|
|
Term Loan, 2.54%, Maturing July 2, 2014
|
|
|
1,077,798
|
|
|
|
EUR
|
410
|
|
|
Term Loan, 3.52%, Maturing March 6, 2015
|
|
|
432,504
|
|
|
|
EUR
|
3,144
|
|
|
Term Loan, 2.91%, Maturing June 26, 2015
|
|
|
3,775,977
|
|
|
|
EUR
|
140
|
|
|
Term Loan, 2.91%, Maturing July 3, 2015
|
|
|
168,446
|
|
|
|
EUR
|
410
|
|
|
Term Loan, 3.77%, Maturing March 4, 2016
|
|
|
432,504
|
|
|
|
EUR
|
428
|
|
|
Term Loan, 8.14%, Maturing March 6,
2017
(2)
|
|
|
416,696
|
|
|
|
EUR
|
565
|
|
|
Term Loan - Second Lien, 4.89%, Maturing September 2,
2016
|
|
|
555,253
|
|
|
|
UPC Broadband Holding B.V.
|
|
1,765
|
|
|
Term Loan, 4.25%, Maturing December 30, 2016
|
|
|
1,739,786
|
|
|
|
EUR
|
2,614
|
|
|
Term Loan, 4.60%, Maturing December 31, 2016
|
|
|
3,178,073
|
|
|
|
|
1,410
|
|
|
Term Loan, 4.25%, Maturing December 29, 2017
|
|
|
1,387,113
|
|
|
|
EUR
|
2,886
|
|
|
Term Loan, 4.85%, Maturing December 31, 2017
|
|
|
3,523,992
|
|
|
|
Virgin Media Investment Holding
|
GBP
|
1,000
|
|
|
Term Loan, 4.28%, Maturing June 30, 2015
|
|
|
1,545,728
|
|
|
|
GBP
|
1,000
|
|
|
Term Loan, 4.78%, Maturing December 31, 2015
|
|
|
1,542,811
|
|
|
|
YPSO Holding SA
|
EUR
|
211
|
|
|
Term Loan, 4.66%, Maturing June 16,
2014
(2)
|
|
|
214,202
|
|
|
|
EUR
|
252
|
|
|
Term Loan, 4.66%, Maturing June 16,
2014
(2)
|
|
|
255,539
|
|
|
|
EUR
|
547
|
|
|
Term Loan, 4.66%, Maturing June 16,
2014
(2)
|
|
|
555,046
|
|
|
|
|
|
|
|
|
|
|
|
$
|
57,698,215
|
|
|
|
|
|
|
|
Chemicals
and Plastics 7.0%
|
|
Arizona Chemical, Inc.
|
|
625
|
|
|
Term Loan, Maturing November 18,
2016
(3)
|
|
$
|
630,078
|
|
|
|
Brenntag Holding GmbH and Co. KG
|
|
1,729
|
|
|
Term Loan, 3.76%, Maturing January 20, 2014
|
|
|
1,739,891
|
|
|
|
|
255
|
|
|
Term Loan, 3.78%, Maturing January 20, 2014
|
|
|
256,462
|
|
|
|
|
1,600
|
|
|
Term Loan - Second Lien, 6.45%, Maturing July 17, 2015
|
|
|
1,611,333
|
|
|
|
Celanese Holdings, LLC
|
|
1,555
|
|
|
Term Loan, 3.50%, Maturing April 2, 2014
|
|
|
1,550,559
|
|
|
|
|
1,804
|
|
|
Term Loan, 3.29%, Maturing October 31, 2016
|
|
|
1,813,634
|
|
|
|
Hexion Specialty Chemicals, Inc.
|
|
484
|
|
|
Term Loan, 4.06%, Maturing May 5, 2015
|
|
|
469,238
|
|
|
|
|
854
|
|
|
Term Loan, 4.06%, Maturing May 5, 2015
|
|
|
832,004
|
|
|
|
|
1,918
|
|
|
Term Loan, 4.06%, Maturing May 5, 2015
|
|
|
1,869,122
|
|
|
|
Huntsman International, LLC
|
|
2,136
|
|
|
Term Loan, 1.78%, Maturing April 21, 2014
|
|
|
2,080,254
|
|
|
|
|
855
|
|
|
Term Loan, 2.52%, Maturing June 30, 2016
|
|
|
839,617
|
|
|
|
INEOS Group
|
|
2,962
|
|
|
Term Loan, 7.50%, Maturing December 16, 2013
|
|
|
3,010,629
|
|
|
|
|
2,868
|
|
|
Term Loan, 8.00%, Maturing December 16, 2014
|
|
|
2,915,045
|
|
|
|
EUR
|
1,250
|
|
|
Term Loan, 9.00%, Maturing December 16, 2015
|
|
|
1,614,113
|
|
|
|
ISP Chemco, Inc.
|
|
1,418
|
|
|
Term Loan, 1.81%, Maturing June 4, 2014
|
|
|
1,391,704
|
|
|
|
Kraton Polymers, LLC
|
|
1,629
|
|
|
Term Loan, 2.31%, Maturing May 13, 2013
|
|
|
1,604,106
|
|
|
|
Lyondell Chemical Co.
|
|
748
|
|
|
Term Loan, 5.50%, Maturing April 8, 2016
|
|
|
750,532
|
|
|
|
MacDermid, Inc.
|
EUR
|
687
|
|
|
Term Loan, 3.01%, Maturing April 11, 2014
|
|
|
828,597
|
|
|
|
|
517
|
|
|
Term Loan, 2.25%, Maturing April 12, 2014
|
|
|
492,579
|
|
|
|
Millenium Inorganic Chemicals
|
|
1,353
|
|
|
Term Loan, 2.54%, Maturing May 15, 2014
|
|
|
1,325,174
|
|
|
|
Momentive Performance Material
|
|
1,781
|
|
|
Term Loan, 2.56%, Maturing December 4, 2013
|
|
|
1,726,953
|
|
|
|
See
notes to financial statements
6
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Chemicals
and Plastics (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nalco Co.
|
|
1,575
|
|
|
Term Loan, 4.50%, Maturing October 5, 2017
|
|
$
|
1,589,766
|
|
|
|
Omnova Solutions, Inc.
|
|
1,000
|
|
|
Term Loan, Maturing April 12,
2017
(3)
|
|
|
1,008,750
|
|
|
|
Rockwood Specialties Group, Inc.
|
|
3,450
|
|
|
Term Loan, 6.00%, Maturing May 15, 2014
|
|
|
3,476,293
|
|
|
|
Schoeller Arca Systems Holding
|
EUR
|
72
|
|
|
Term Loan, 5.24%, Maturing November 16, 2015
|
|
|
70,584
|
|
|
|
EUR
|
206
|
|
|
Term Loan, 5.24%, Maturing November 16, 2015
|
|
|
201,247
|
|
|
|
EUR
|
222
|
|
|
Term Loan, 5.24%, Maturing November 16, 2015
|
|
|
216,561
|
|
|
|
Solutia, Inc.
|
|
2,711
|
|
|
Term Loan, 4.50%, Maturing March 17, 2017
|
|
|
2,730,516
|
|
|
|
Styron S.A.R.L.
|
|
1,753
|
|
|
Term Loan, 7.50%, Maturing June 17, 2016
|
|
|
1,781,296
|
|
|
|
|
|
|
|
|
|
|
|
$
|
40,426,637
|
|
|
|
|
|
|
|
Clothing / Textiles 0.2%
|
|
Phillips-Van Heusen Corp.
|
|
1,183
|
|
|
Term Loan, 4.75%, Maturing May 6, 2016
|
|
$
|
1,198,593
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,198,593
|
|
|
|
|
|
|
|
Conglomerates 3.5%
|
|
Gentek
|
|
675
|
|
|
Term Loan, 6.75%, Maturing October 6, 2015
|
|
$
|
685,125
|
|
|
|
Goodman Global Holdings, Inc.
|
|
2,050
|
|
|
Term Loan, 5.75%, Maturing October 28, 2016
|
|
|
2,070,119
|
|
|
|
Jarden Corp.
|
|
2,146
|
|
|
Term Loan, 3.54%, Maturing January 26, 2015
|
|
|
2,163,029
|
|
|
|
Manitowoc Company, Inc. (The)
|
|
1,372
|
|
|
Term Loan, 8.00%, Maturing November 6, 2014
|
|
|
1,392,278
|
|
|
|
Polymer Group, Inc.
|
|
2,132
|
|
|
Term Loan, 7.00%, Maturing November 24, 2014
|
|
|
2,131,877
|
|
|
|
RBS Global, Inc.
|
|
337
|
|
|
Term Loan, 2.56%, Maturing July 19, 2013
|
|
|
327,892
|
|
|
|
|
4,425
|
|
|
Term Loan, 2.81%, Maturing July 19, 2013
|
|
|
4,355,860
|
|
|
|
RGIS Holdings, LLC
|
|
2,674
|
|
|
Term Loan, 2.77%, Maturing April 30, 2014
|
|
|
2,480,424
|
|
|
|
|
134
|
|
|
Term Loan, 2.79%, Maturing April 30, 2014
|
|
|
124,021
|
|
|
|
Service Master Co.
|
|
181
|
|
|
Term Loan, 2.76%, Maturing July 24, 2014
|
|
|
171,838
|
|
|
|
|
1,819
|
|
|
Term Loan, 2.77%, Maturing July 24, 2014
|
|
|
1,725,538
|
|
|
|
US Investigations Services, Inc.
|
|
987
|
|
|
Term Loan, 3.29%, Maturing February 21, 2015
|
|
|
931,712
|
|
|
|
|
923
|
|
|
Term Loan, 7.75%, Maturing February 21, 2015
|
|
|
927,301
|
|
|
|
Vertrue, Inc.
|
|
899
|
|
|
Term Loan, 3.29%, Maturing August 16, 2014
|
|
|
770,957
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,257,971
|
|
|
|
|
|
|
|
Containers
and Glass Products 3.8%
|
|
Berry Plastics Corp.
|
|
1,871
|
|
|
Term Loan, 2.28%, Maturing April 3, 2015
|
|
$
|
1,762,479
|
|
|
|
BWAY Corp.
|
|
889
|
|
|
Term Loan, 5.52%, Maturing June 16, 2017
|
|
|
896,425
|
|
|
|
|
83
|
|
|
Term Loan, 5.56%, Maturing June 16, 2017
|
|
|
84,040
|
|
|
|
Consolidated Container Co.
|
|
1,000
|
|
|
Term Loan - Second Lien, 5.75%, Maturing September 28,
2014
|
|
|
871,250
|
|
|
|
Graham Packaging Holdings Co.
|
|
2,811
|
|
|
Term Loan, 6.75%, Maturing April 5, 2014
|
|
|
2,839,114
|
|
|
|
|
1,250
|
|
|
Term Loan, 6.00%, Maturing September 23, 2016
|
|
|
1,264,323
|
|
|
|
Graphic Packaging International, Inc.
|
|
2,247
|
|
|
Term Loan, 2.29%, Maturing May 16, 2014
|
|
|
2,214,596
|
|
|
|
|
1,293
|
|
|
Term Loan, 3.04%, Maturing May 16, 2014
|
|
|
1,286,816
|
|
|
|
JSG Acquisitions
|
|
1,325
|
|
|
Term Loan, 3.66%, Maturing December 31, 2014
|
|
|
1,312,633
|
|
|
|
Pelican Products, Inc.
|
|
875
|
|
|
Term Loan, Maturing November 23,
2016
(3)
|
|
|
880,469
|
|
|
|
Reynolds Group Holdings, Inc.
|
|
1,019
|
|
|
Term Loan, 6.25%, Maturing May 5, 2016
|
|
|
1,027,931
|
|
|
|
|
1,350
|
|
|
Term Loan, 6.50%, Maturing May 5, 2016
|
|
|
1,362,559
|
|
|
|
|
2,024
|
|
|
Term Loan, 6.75%, Maturing May 5, 2016
|
|
|
2,046,175
|
|
|
|
Smurfit Kappa Acquisitions
|
|
1,325
|
|
|
Term Loan, 3.41%, Maturing December 31, 2014
|
|
|
1,312,633
|
|
|
|
Smurfit-Stone Container Corp.
|
|
2,693
|
|
|
Term Loan, 6.75%, Maturing July 15, 2016
|
|
|
2,731,615
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,893,058
|
|
|
|
|
|
|
|
Cosmetics / Toiletries 1.5%
|
|
Alliance Boots Holdings, Ltd.
|
GBP
|
1,000
|
|
|
Term Loan, 3.56%, Maturing July 5, 2015
|
|
$
|
1,403,793
|
|
|
|
EUR
|
1,000
|
|
|
Term Loan, 3.68%, Maturing July 5, 2015
|
|
|
1,201,624
|
|
|
|
Bausch & Lomb, Inc.
|
|
682
|
|
|
Term Loan, 3.51%, Maturing April 24, 2015
|
|
|
672,194
|
|
|
|
|
2,813
|
|
|
Term Loan, 3.53%, Maturing April 24, 2015
|
|
|
2,771,908
|
|
|
|
KIK Custom Products, Inc.
|
|
1,075
|
|
|
Term Loan - Second Lien, 5.29%, Maturing November 30,
2014
|
|
|
731,000
|
|
|
|
See
notes to financial statements
7
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Cosmetics / Toiletries (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Prestige Brands, Inc.
|
|
1,940
|
|
|
Term Loan, 4.75%, Maturing March 24, 2016
|
|
$
|
1,957,952
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,738,471
|
|
|
|
|
|
|
|
Drugs 0.8%
|
|
Graceway Pharmaceuticals, LLC
|
|
1,363
|
|
|
Term Loan, 5.01%, Maturing May 3, 2012
|
|
$
|
681,607
|
|
|
|
|
294
|
|
|
Term Loan, 10.01%, Maturing November 3,
2013
(2)(6)
|
|
|
7,357
|
|
|
|
|
1,500
|
|
|
Term Loan - Second Lien, 0.00%, Maturing May 3,
2013
(7)
|
|
|
172,500
|
|
|
|
Pharmaceutical Holdings Corp.
|
|
139
|
|
|
Term Loan, 4.54%, Maturing January 30, 2012
|
|
|
137,166
|
|
|
|
Warner Chilcott Corp.
|
|
756
|
|
|
Term Loan, 6.00%, Maturing October 30, 2014
|
|
|
757,914
|
|
|
|
|
365
|
|
|
Term Loan, 6.25%, Maturing April 30, 2015
|
|
|
368,229
|
|
|
|
|
608
|
|
|
Term Loan, 6.25%, Maturing April 30, 2015
|
|
|
613,168
|
|
|
|
|
509
|
|
|
Term Loan, 6.50%, Maturing February 22, 2016
|
|
|
514,391
|
|
|
|
|
1,566
|
|
|
Term Loan, 6.50%, Maturing February 22, 2016
|
|
|
1,583,187
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,835,519
|
|
|
|
|
|
|
|
Ecological
Services and Equipment 1.7%
|
|
Cory Environmental Holdings
|
GBP
|
500
|
|
|
Term Loan - Second Lien, 5.04%, Maturing September 30,
2014
|
|
$
|
622,180
|
|
|
|
Hilex Poly Co.
|
|
1,000
|
|
|
Term Loan, 11.25%, Maturing November 16, 2015
|
|
|
985,000
|
|
|
|
Kemble Water Structure, Ltd.
|
GBP
|
4,500
|
|
|
Term Loan - Second Lien, 5.03%, Maturing October 13,
2013
|
|
|
6,661,215
|
|
|
|
Sensus Metering Systems, Inc.
|
|
1,684
|
|
|
Term Loan, 7.00%, Maturing June 3, 2013
|
|
|
1,694,620
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,963,015
|
|
|
|
|
|
|
|
Electronics / Electrical 4.9%
|
|
Aspect Software, Inc.
|
|
2,788
|
|
|
Term Loan, 6.25%, Maturing April 19, 2016
|
|
$
|
2,783,845
|
|
|
|
Christie/Aix, Inc.
|
|
790
|
|
|
Term Loan, 5.25%, Maturing April 29, 2016
|
|
|
782,593
|
|
|
|
FCI International S.A.S.
|
|
175
|
|
|
Term Loan, 3.66%, Maturing November 1, 2013
|
|
|
166,854
|
|
|
|
|
181
|
|
|
Term Loan, 3.66%, Maturing November 1, 2013
|
|
|
173,314
|
|
|
|
|
175
|
|
|
Term Loan, 3.66%, Maturing October 31, 2014
|
|
|
166,854
|
|
|
|
|
181
|
|
|
Term Loan, 3.66%, Maturing October 31, 2014
|
|
|
173,315
|
|
|
|
Freescale Semiconductor, Inc.
|
|
3,784
|
|
|
Term Loan, 4.50%, Maturing December 1, 2016
|
|
|
3,572,627
|
|
|
|
Infor Enterprise Solutions Holdings
|
|
500
|
|
|
Term Loan, 5.76%, Maturing March 2,
2014
(6)
|
|
|
345,000
|
|
|
|
|
1,462
|
|
|
Term Loan, 5.01%, Maturing July 28, 2015
|
|
|
1,337,928
|
|
|
|
|
1,639
|
|
|
Term Loan, 6.01%, Maturing July 28, 2015
|
|
|
1,552,696
|
|
|
|
|
3,141
|
|
|
Term Loan, 6.01%, Maturing July 28, 2015
|
|
|
2,961,866
|
|
|
|
|
183
|
|
|
Term Loan - Second Lien, 6.51%, Maturing March 2, 2014
|
|
|
131,542
|
|
|
|
|
317
|
|
|
Term Loan - Second Lien, 6.51%, Maturing March 2, 2014
|
|
|
226,100
|
|
|
|
Network Solutions, LLC
|
|
555
|
|
|
Term Loan, 2.52%, Maturing March 7, 2014
|
|
|
528,070
|
|
|
|
Open Solutions, Inc.
|
|
2,875
|
|
|
Term Loan, 2.42%, Maturing January 23, 2014
|
|
|
2,434,686
|
|
|
|
Sensata Technologies Finance Co.
|
|
3,747
|
|
|
Term Loan, 2.04%, Maturing April 26, 2013
|
|
|
3,634,357
|
|
|
|
Shield Finance Co. S.A.R.L.
|
|
968
|
|
|
Term Loan, 7.75%, Maturing June 15, 2016
|
|
|
967,687
|
|
|
|
Spansion, LLC
|
|
559
|
|
|
Term Loan, 6.50%, Maturing January 8, 2015
|
|
|
566,437
|
|
|
|
Spectrum Brands, Inc.
|
|
3,407
|
|
|
Term Loan, 8.00%, Maturing June 16, 2016
|
|
|
3,482,254
|
|
|
|
SS&C Technologies, Inc.
|
|
599
|
|
|
Term Loan, 2.28%, Maturing November 23, 2012
|
|
|
595,994
|
|
|
|
VeriFone, Inc.
|
|
752
|
|
|
Term Loan, 3.01%, Maturing October 31, 2013
|
|
|
748,489
|
|
|
|
Vertafore, Inc.
|
|
1,122
|
|
|
Term Loan, 6.75%, Maturing July 29, 2016
|
|
|
1,128,360
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,460,868
|
|
|
|
|
|
|
|
Equipment
Leasing 0.5%
|
|
Hertz Corp.
|
|
2,397
|
|
|
Term Loan, 2.01%, Maturing December 21, 2012
|
|
$
|
2,376,362
|
|
|
|
|
444
|
|
|
Term Loan, 2.03%, Maturing December 21, 2012
|
|
|
440,586
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,816,948
|
|
|
|
|
|
|
|
Farming / Agriculture 0.6%
|
|
CF Industries, Inc.
|
|
1,542
|
|
|
Term Loan, 4.50%, Maturing April 6, 2015
|
|
$
|
1,552,326
|
|
|
|
WM. Bolthouse Farms, Inc.
|
|
1,775
|
|
|
Term Loan, 5.50%, Maturing February 11, 2016
|
|
|
1,783,141
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,335,467
|
|
|
|
|
|
|
|
Financial
Intermediaries 4.8%
|
|
Citco III, Ltd.
|
|
3,012
|
|
|
Term Loan, 4.75%, Maturing June 30, 2014
|
|
|
2,929,001
|
|
|
|
See
notes to financial statements
8
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Financial
Intermediaries (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Fidelity National Information Services, Inc.
|
|
2,750
|
|
|
Term Loan, 5.25%, Maturing July 18, 2016
|
|
$
|
2,784,119
|
|
|
|
First Data Corp.
|
|
500
|
|
|
Term Loan, 3.00%, Maturing September 24, 2014
|
|
|
452,756
|
|
|
|
|
951
|
|
|
Term Loan, 3.00%, Maturing September 24, 2014
|
|
|
859,457
|
|
|
|
|
2,406
|
|
|
Term Loan, 3.00%, Maturing September 24, 2014
|
|
|
2,174,723
|
|
|
|
Grosvenor Capital Management
|
|
1,397
|
|
|
Term Loan, 4.31%, Maturing December 5, 2016
|
|
|
1,379,418
|
|
|
|
Interactive Data Corp.
|
|
1,646
|
|
|
Term Loan, 6.75%, Maturing January 27, 2017
|
|
|
1,672,785
|
|
|
|
Jupiter Asset Management Group
|
GBP
|
334
|
|
|
Term Loan, 4.33%, Maturing March 17, 2015
|
|
|
497,175
|
|
|
|
LPL Holdings, Inc.
|
|
1,044
|
|
|
Term Loan, 2.04%, Maturing June 28, 2013
|
|
|
1,044,037
|
|
|
|
|
3,288
|
|
|
Term Loan, 4.25%, Maturing June 25, 2015
|
|
|
3,308,251
|
|
|
|
|
2,438
|
|
|
Term Loan, 5.25%, Maturing June 28, 2017
|
|
|
2,468,222
|
|
|
|
MSCI, Inc.
|
|
3,706
|
|
|
Term Loan, 4.75%, Maturing June 1, 2016
|
|
|
3,729,540
|
|
|
|
Nuveen Investments, Inc.
|
|
3,928
|
|
|
Term Loan, 3.29%, Maturing November 13, 2014
|
|
|
3,675,850
|
|
|
|
Oxford Acquisition III, Ltd.
|
|
374
|
|
|
Term Loan, 2.04%, Maturing May 12, 2014
|
|
|
338,926
|
|
|
|
RJO Holdings Corp. (RJ OBrien)
|
|
995
|
|
|
Term Loan, 5.26%, Maturing July 12,
2014
(2)
|
|
|
669,258
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,983,518
|
|
|
|
|
|
|
|
Food
Products 4.0%
|
|
Acosta, Inc.
|
|
3,209
|
|
|
Term Loan, 2.51%, Maturing July 28, 2013
|
|
$
|
3,167,943
|
|
|
|
American Seafoods Group, LLC
|
|
798
|
|
|
Term Loan, 5.50%, Maturing May 7, 2015
|
|
|
799,662
|
|
|
|
Dean Foods Co.
|
|
3,708
|
|
|
Term Loan, 1.79%, Maturing April 2, 2014
|
|
|
3,589,659
|
|
|
|
Dole Foods Company, Inc.
|
|
1,826
|
|
|
Term Loan, 5.04%, Maturing March 2, 2017
|
|
|
1,840,189
|
|
|
|
|
735
|
|
|
Term Loan, 5.06%, Maturing March 2, 2017
|
|
|
740,891
|
|
|
|
Michael Foods Holdings, Inc.
|
|
823
|
|
|
Term Loan, 6.25%, Maturing June 29, 2016
|
|
|
833,224
|
|
|
|
Pierre Foods, Inc.
|
|
1,400
|
|
|
Term Loan, 7.00%, Maturing September 30, 2016
|
|
|
1,391,834
|
|
|
|
Pinnacle Foods Finance, LLC
|
|
7,425
|
|
|
Term Loan, 2.75%, Maturing April 2, 2014
|
|
|
7,250,816
|
|
|
|
Provimi Group SA
|
|
220
|
|
|
Term Loan, 2.51%, Maturing June 28, 2015
|
|
|
209,040
|
|
|
|
|
270
|
|
|
Term Loan, 2.51%, Maturing June 28, 2015
|
|
|
257,249
|
|
|
|
EUR
|
284
|
|
|
Term Loan, 3.05%, Maturing June 28, 2015
|
|
|
350,963
|
|
|
|
EUR
|
459
|
|
|
Term Loan, 3.05%, Maturing June 28, 2015
|
|
|
566,282
|
|
|
|
EUR
|
490
|
|
|
Term Loan, 3.05%, Maturing June 28, 2015
|
|
|
604,842
|
|
|
|
EUR
|
632
|
|
|
Term Loan, 3.05%, Maturing June 28, 2015
|
|
|
779,974
|
|
|
|
|
178
|
|
|
Term Loan - Second Lien, 4.51%, Maturing December 28,
2016
|
|
|
154,760
|
|
|
|
EUR
|
29
|
|
|
Term Loan - Second Lien, 5.05%, Maturing December 28,
2016
|
|
|
32,771
|
|
|
|
EUR
|
397
|
|
|
Term Loan - Second Lien, 5.05%, Maturing December 28,
2016
|
|
|
448,823
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,018,922
|
|
|
|
|
|
|
|
Food
Service 5.4%
|
|
AFC Enterprises, Inc.
|
|
323
|
|
|
Term Loan, 7.00%, Maturing May 11, 2013
|
|
$
|
324,641
|
|
|
|
Aramark Corp.
|
|
2,401
|
|
|
Term Loan, 2.16%, Maturing January 27, 2014
|
|
|
2,374,159
|
|
|
|
|
194
|
|
|
Term Loan, 2.17%, Maturing January 27, 2014
|
|
|
191,483
|
|
|
|
GBP
|
1,203
|
|
|
Term Loan, 2.86%, Maturing January 27, 2014
|
|
|
1,791,866
|
|
|
|
|
5,298
|
|
|
Term Loan, 3.54%, Maturing July 26, 2016
|
|
|
5,289,520
|
|
|
|
|
348
|
|
|
Term Loan, 3.60%, Maturing July 26, 2016
|
|
|
347,865
|
|
|
|
Buffets, Inc.
|
|
1,415
|
|
|
Term Loan, 12.00%, Maturing April 21,
2015
(2)
|
|
|
1,314,145
|
|
|
|
|
129
|
|
|
Term Loan, 7.39%, Maturing April 22,
2015
(2)
|
|
|
99,517
|
|
|
|
Burger King Corp.
|
|
5,200
|
|
|
Term Loan, 6.25%, Maturing October 19, 2016
|
|
|
5,276,591
|
|
|
|
CBRL Group, Inc.
|
|
1,008
|
|
|
Term Loan, 1.79%, Maturing April 29, 2013
|
|
|
999,803
|
|
|
|
|
644
|
|
|
Term Loan, 2.79%, Maturing April 27, 2016
|
|
|
639,337
|
|
|
|
Dennys, Inc.
|
|
850
|
|
|
Term Loan, 6.50%, Maturing September 20, 2016
|
|
|
855,312
|
|
|
|
DineEquity, Inc.
|
|
2,196
|
|
|
Term Loan, 6.00%, Maturing October 19, 2017
|
|
|
2,229,950
|
|
|
|
Dunkin Brands, Inc.
|
|
2,350
|
|
|
Term Loan, Maturing November 18,
2017
(3)
|
|
|
2,375,704
|
|
|
|
NPC International, Inc.
|
|
340
|
|
|
Term Loan, 2.03%, Maturing May 3, 2013
|
|
|
328,283
|
|
|
|
OSI Restaurant Partners, LLC
|
|
316
|
|
|
Term Loan, 3.90%, Maturing June 14, 2013
|
|
|
296,839
|
|
|
|
|
3,431
|
|
|
Term Loan, 2.63%, Maturing June 14, 2014
|
|
|
3,224,207
|
|
|
|
QCE Finance, LLC
|
|
1,123
|
|
|
Term Loan, 5.06%, Maturing May 5, 2013
|
|
|
1,002,719
|
|
|
|
Sagittarius Restaurants, LLC
|
|
669
|
|
|
Term Loan, 7.50%, Maturing May 18, 2015
|
|
|
669,926
|
|
|
|
Selecta
|
EUR
|
741
|
|
|
Term Loan - Second Lien, 5.04%, Maturing December 28,
2015
|
|
|
687,955
|
|
|
|
See
notes to financial statements
9
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Food
Service (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Wendys/Arbys Restaurants, LLC
|
|
998
|
|
|
Term Loan, 5.00%, Maturing May 24, 2017
|
|
$
|
1,003,589
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,323,411
|
|
|
|
|
|
|
|
Food / Drug
Retailers 3.7%
|
|
General Nutrition Centers, Inc.
|
|
5,647
|
|
|
Term Loan, 2.53%, Maturing September 16, 2013
|
|
$
|
5,604,448
|
|
|
|
NBTY, Inc.
|
|
2,375
|
|
|
Term Loan, 6.25%, Maturing October 2, 2017
|
|
|
2,408,072
|
|
|
|
Pantry, Inc. (The)
|
|
247
|
|
|
Term Loan, 2.01%, Maturing May 15, 2014
|
|
|
236,994
|
|
|
|
|
857
|
|
|
Term Loan, 2.01%, Maturing May 15, 2014
|
|
|
823,099
|
|
|
|
Rite Aid Corp.
|
|
8,622
|
|
|
Term Loan, 2.01%, Maturing June 4, 2014
|
|
|
7,796,720
|
|
|
|
|
1,176
|
|
|
Term Loan, 6.00%, Maturing June 4, 2014
|
|
|
1,164,608
|
|
|
|
Roundys Supermarkets, Inc.
|
|
3,049
|
|
|
Term Loan, 7.00%, Maturing November 3, 2013
|
|
|
3,057,059
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,091,000
|
|
|
|
|
|
|
|
Forest
Products 1.4%
|
|
Georgia-Pacific Corp.
|
|
1,917
|
|
|
Term Loan, 2.29%, Maturing December 20, 2012
|
|
$
|
1,917,226
|
|
|
|
|
4,303
|
|
|
Term Loan, 2.29%, Maturing December 21, 2012
|
|
|
4,302,691
|
|
|
|
|
1,541
|
|
|
Term Loan, 3.54%, Maturing December 23, 2014
|
|
|
1,546,764
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,766,681
|
|
|
|
|
|
|
|
Health
Care 17.4%
|
|
1-800-Contacts, Inc.
|
|
884
|
|
|
Term Loan, 7.70%, Maturing March 4, 2015
|
|
$
|
881,342
|
|
|
|
Alliance Healthcare Services
|
|
1,340
|
|
|
Term Loan, 5.50%, Maturing June 1, 2016
|
|
|
1,336,665
|
|
|
|
American Medical Systems
|
|
43
|
|
|
Term Loan, 2.56%, Maturing July 20, 2012
|
|
|
42,456
|
|
|
|
Ardent Medical Services, Inc.
|
|
1,269
|
|
|
Term Loan, 6.50%, Maturing September 15, 2015
|
|
|
1,263,868
|
|
|
|
Aveta Holdings, LLC
|
|
686
|
|
|
Term Loan, 8.00%, Maturing April 14, 2015
|
|
|
673,351
|
|
|
|
|
686
|
|
|
Term Loan, 8.00%, Maturing April 14, 2015
|
|
|
673,351
|
|
|
|
Biomet, Inc.
|
|
6,877
|
|
|
Term Loan, 3.28%, Maturing March 25, 2015
|
|
|
6,820,776
|
|
|
|
Bright Horizons Family Solutions, Inc.
|
|
1,051
|
|
|
Term Loan, 7.50%, Maturing May 28, 2015
|
|
|
1,056,066
|
|
|
|
Cardinal Health 409, Inc.
|
|
2,370
|
|
|
Term Loan, 2.51%, Maturing April 10, 2014
|
|
|
2,243,956
|
|
|
|
Carestream Health, Inc.
|
|
3,032
|
|
|
Term Loan, 2.26%, Maturing April 30, 2013
|
|
|
2,970,476
|
|
|
|
Carl Zeiss Vision Holding GmbH
|
|
1,170
|
|
|
Term Loan, 1.78%, Maturing October 24, 2014
|
|
|
1,025,700
|
|
|
|
|
130
|
|
|
Term Loan, 4.00%, Maturing September 30, 2019
|
|
|
96,200
|
|
|
|
CDRL MS, Inc.
|
|
1,000
|
|
|
Term Loan, 6.75%, Maturing September 29, 2016
|
|
|
1,006,250
|
|
|
|
Community Health Systems, Inc.
|
|
6,816
|
|
|
Term Loan, 2.54%, Maturing July 25, 2014
|
|
|
6,673,324
|
|
|
|
|
350
|
|
|
Term Loan, 2.54%, Maturing July 25, 2014
|
|
|
343,124
|
|
|
|
|
3,429
|
|
|
Term Loan, 3.79%, Maturing January 25, 2017
|
|
|
3,403,165
|
|
|
|
Concentra, Inc.
|
|
740
|
|
|
Term Loan - Second Lien, 5.79%, Maturing June 25, 2015
|
|
|
733,219
|
|
|
|
ConMed Corp.
|
|
491
|
|
|
Term Loan, 1.76%, Maturing April 12, 2013
|
|
|
461,853
|
|
|
|
ConvaTec Cidron
|
EUR
|
745
|
|
|
Term Loan, 5.10%, Maturing July 30, 2016
|
|
|
963,680
|
|
|
|
CRC Health Corp.
|
|
520
|
|
|
Term Loan, 2.54%, Maturing February 6, 2013
|
|
|
499,084
|
|
|
|
|
522
|
|
|
Term Loan, 2.54%, Maturing February 6, 2013
|
|
|
501,592
|
|
|
|
Dako EQT Project Delphi
|
|
500
|
|
|
Term Loan - Second Lien, 4.04%, Maturing December 12,
2016
|
|
|
358,750
|
|
|
|
DaVita, Inc.
|
|
3,400
|
|
|
Term Loan, 4.50%, Maturing October 20, 2016
|
|
|
3,417,694
|
|
|
|
DJO Finance, LLC
|
|
722
|
|
|
Term Loan, 3.26%, Maturing May 20, 2014
|
|
|
708,703
|
|
|
|
Fresenius Medical Care Holdings
|
|
2,815
|
|
|
Term Loan, 1.66%, Maturing March 31, 2013
|
|
|
2,789,637
|
|
|
|
Grifols SA
|
|
2,400
|
|
|
Term Loan, Maturing October 15,
2016
(3)
|
|
|
2,427,643
|
|
|
|
Hanger Orthopedic Group, Inc.
|
|
790
|
|
|
Term Loan, 2.26%, Maturing May 28, 2013
|
|
|
793,399
|
|
|
|
|
750
|
|
|
Term Loan, Maturing November 17,
2016
(3)
|
|
|
746,250
|
|
|
|
Harvard Drug Group, LLC
|
|
118
|
|
|
Term Loan, 6.50%, Maturing April 8, 2016
|
|
|
112,259
|
|
|
|
|
857
|
|
|
Term Loan, 6.50%, Maturing April 8, 2016
|
|
|
816,429
|
|
|
|
HCA, Inc.
|
|
2,690
|
|
|
Term Loan, 2.54%, Maturing November 18, 2013
|
|
|
2,640,168
|
|
|
|
|
6,452
|
|
|
Term Loan, 3.54%, Maturing March 31, 2017
|
|
|
6,385,739
|
|
|
|
Health Management Associates, Inc.
|
|
9,100
|
|
|
Term Loan, 2.04%, Maturing February 28, 2014
|
|
|
8,882,895
|
|
|
|
Iasis Healthcare, LLC
|
|
154
|
|
|
Term Loan, 2.26%, Maturing March 14, 2014
|
|
|
150,043
|
|
|
|
|
565
|
|
|
Term Loan, 2.26%, Maturing March 14, 2014
|
|
|
550,003
|
|
|
|
|
1,631
|
|
|
Term Loan, 2.26%, Maturing March 14, 2014
|
|
|
1,589,091
|
|
|
|
See
notes to financial statements
10
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Health
Care (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Ikaria Acquisition, Inc.
|
|
975
|
|
|
Term Loan, 7.00%, Maturing May 16, 2016
|
|
$
|
921,782
|
|
|
|
IM U.S. Holdings, LLC
|
|
972
|
|
|
Term Loan, 2.27%, Maturing June 26, 2014
|
|
|
955,650
|
|
|
|
|
700
|
|
|
Term Loan - Second Lien, 4.51%, Maturing June 26, 2015
|
|
|
681,187
|
|
|
|
IMS Health, Inc.
|
|
1,436
|
|
|
Term Loan, 5.25%, Maturing February 26, 2016
|
|
|
1,452,300
|
|
|
|
inVentiv Health, Inc.
|
|
923
|
|
|
Term Loan, 6.50%, Maturing August 4, 2016
|
|
|
929,320
|
|
|
|
Lifepoint Hospitals, Inc.
|
|
2,251
|
|
|
Term Loan, 3.04%, Maturing April 15, 2015
|
|
|
2,253,660
|
|
|
|
MPT Operating Partnership, LP
|
|
1,222
|
|
|
Term Loan, 5.00%, Maturing May 17, 2016
|
|
|
1,221,937
|
|
|
|
MultiPlan, Inc.
|
|
2,954
|
|
|
Term Loan, 6.50%, Maturing August 26, 2017
|
|
|
2,971,847
|
|
|
|
Mylan, Inc.
|
|
936
|
|
|
Term Loan, 3.56%, Maturing October 2, 2014
|
|
|
938,116
|
|
|
|
National Mentor Holdings, Inc.
|
|
69
|
|
|
Term Loan, 2.15%, Maturing June 29, 2013
|
|
|
63,969
|
|
|
|
|
1,107
|
|
|
Term Loan, 2.29%, Maturing June 29, 2013
|
|
|
1,032,514
|
|
|
|
National Renal Institutes, Inc.
|
|
775
|
|
|
Term Loan, 9.00%, Maturing March 31, 2013
|
|
|
782,937
|
|
|
|
Nyco Holdings
|
EUR
|
472
|
|
|
Term Loan, 4.80%, Maturing December 29, 2014
|
|
|
573,676
|
|
|
|
EUR
|
471
|
|
|
Term Loan, 5.30%, Maturing December 29, 2015
|
|
|
573,535
|
|
|
|
Physiotherapy Associates, Inc.
|
|
726
|
|
|
Term Loan, 7.50%, Maturing June 27, 2013
|
|
|
671,989
|
|
|
|
Prime Healthcare Services, Inc.
|
|
2,637
|
|
|
Term Loan, 7.25%, Maturing April 22, 2015
|
|
|
2,544,464
|
|
|
|
RadNet Management, Inc.
|
|
1,219
|
|
|
Term Loan, 5.75%, Maturing April 1, 2016
|
|
|
1,210,115
|
|
|
|
ReAble Therapeutics Finance, LLC
|
|
2,638
|
|
|
Term Loan, 2.26%, Maturing November 16, 2013
|
|
|
2,595,519
|
|
|
|
RehabCare Group, Inc.
|
|
837
|
|
|
Term Loan, 6.00%, Maturing November 24, 2015
|
|
|
842,762
|
|
|
|
Select Medical Holdings Corp.
|
|
2,472
|
|
|
Term Loan, 4.04%, Maturing August 22, 2014
|
|
|
2,466,030
|
|
|
|
Skillsoft Corp.
|
|
998
|
|
|
Term Loan, 6.50%, Maturing May 26, 2017
|
|
|
1,006,228
|
|
|
|
Sunrise Medical Holdings, Inc.
|
EUR
|
273
|
|
|
Term Loan, 6.75%, Maturing May 13, 2014
|
|
|
327,496
|
|
|
|
TZ Merger Sub., Inc. (TriZetto)
|
|
723
|
|
|
Term Loan, 6.75%, Maturing August 4, 2015
|
|
|
723,956
|
|
|
|
Universal Health Services, Inc.
|
|
2,575
|
|
|
Term Loan, 5.50%, Maturing November 15, 2016
|
|
|
2,607,860
|
|
|
|
Vanguard Health Holding Co., LLC
|
|
1,791
|
|
|
Term Loan, 5.00%, Maturing January 29, 2016
|
|
|
1,802,019
|
|
|
|
VWR Funding, Inc.
|
|
2,148
|
|
|
Term Loan, 2.76%, Maturing June 30, 2014
|
|
|
2,075,271
|
|
|
|
|
|
|
|
|
|
|
|
$
|
100,264,340
|
|
|
|
|
|
|
|
Home
Furnishings 0.7%
|
|
Hunter Fan Co.
|
|
413
|
|
|
Term Loan, 2.76%, Maturing April 16, 2014
|
|
$
|
364,901
|
|
|
|
National Bedding Co., LLC
|
|
1,453
|
|
|
Term Loan, 2.31%, Maturing February 28, 2013
|
|
|
1,431,670
|
|
|
|
|
2,050
|
|
|
Term Loan - Second Lien, 5.31%, Maturing February 28,
2014
|
|
|
2,003,875
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,800,446
|
|
|
|
|
|
|
|
Industrial
Equipment 4.2%
|
|
Alliance Laundry Systems, LLC
|
|
1,000
|
|
|
Term Loan, 6.25%, Maturing September 23, 2016
|
|
$
|
1,012,917
|
|
|
|
Brand Energy and Infrastructure Services, Inc.
|
|
688
|
|
|
Term Loan, 2.56%, Maturing February 7, 2014
|
|
|
658,550
|
|
|
|
|
830
|
|
|
Term Loan, 3.56%, Maturing February 7, 2014
|
|
|
803,662
|
|
|
|
Bucyrus International, Inc.
|
|
1,453
|
|
|
Term Loan, 4.25%, Maturing February 19, 2016
|
|
|
1,462,804
|
|
|
|
Butterfly Wendel US, Inc.
|
|
304
|
|
|
Term Loan, 3.54%, Maturing June 23, 2014
|
|
|
277,051
|
|
|
|
|
304
|
|
|
Term Loan, 4.04%, Maturing June 22, 2015
|
|
|
276,961
|
|
|
|
EPD Holdings, (Goodyear Engineering Products)
|
|
243
|
|
|
Term Loan, 2.76%, Maturing July 31, 2014
|
|
|
211,808
|
|
|
|
|
1,696
|
|
|
Term Loan, 2.76%, Maturing July 31, 2014
|
|
|
1,478,841
|
|
|
|
|
850
|
|
|
Term Loan - Second Lien, 6.00%, Maturing July 13, 2015
|
|
|
687,792
|
|
|
|
Excelitas Technologies Corp.
|
|
1,000
|
|
|
Term Loan, Maturing November 23,
2016
(3)
|
|
|
1,005,000
|
|
|
|
Generac Acquisition Corp.
|
|
1,518
|
|
|
Term Loan, 2.79%, Maturing November 11, 2013
|
|
|
1,471,812
|
|
|
|
Gleason Corp.
|
|
780
|
|
|
Term Loan, 2.05%, Maturing June 30, 2013
|
|
|
768,231
|
|
|
|
Jason, Inc.
|
|
196
|
|
|
Term Loan, 8.25%, Maturing September 21, 2014
|
|
|
193,906
|
|
|
|
|
77
|
|
|
Term Loan, 8.25%, Maturing September 21, 2014
|
|
|
75,743
|
|
|
|
John Maneely Co.
|
|
4,311
|
|
|
Term Loan, 3.54%, Maturing December 9, 2013
|
|
|
4,215,163
|
|
|
|
KION Group GmbH
|
|
1,016
|
|
|
Term Loan, 2.53%, Maturing December 23,
2014
(2)
|
|
|
849,056
|
|
|
|
|
1,017
|
|
|
Term Loan, 4.26%, Maturing December 23,
2015
(2)
|
|
|
850,187
|
|
|
|
See
notes to financial statements
11
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Industrial
Equipment (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinafore, LLC
|
|
2,425
|
|
|
Term Loan, 6.75%, Maturing September 29, 2016
|
|
$
|
2,457,776
|
|
|
|
Polypore, Inc.
|
|
4,639
|
|
|
Term Loan, 2.26%, Maturing July 3, 2014
|
|
|
4,555,290
|
|
|
|
Sequa Corp.
|
|
794
|
|
|
Term Loan, 3.54%, Maturing December 3, 2014
|
|
|
757,052
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24,069,602
|
|
|
|
|
|
|
|
Insurance 3.6%
|
|
Alliant Holdings I, Inc.
|
|
3,753
|
|
|
Term Loan, 3.29%, Maturing August 21, 2014
|
|
$
|
3,677,717
|
|
|
|
AmWINS Group, Inc.
|
|
956
|
|
|
Term Loan, 2.80%, Maturing June 8, 2013
|
|
|
896,718
|
|
|
|
|
500
|
|
|
Term Loan - Second Lien, 5.80%, Maturing June 8, 2014
|
|
|
430,625
|
|
|
|
Applied Systems, Inc.
|
|
2,235
|
|
|
Term Loan, 2.76%, Maturing September 26, 2013
|
|
|
2,221,325
|
|
|
|
CCC Information Services Group, Inc.
|
|
1,607
|
|
|
Term Loan, 2.51%, Maturing February 10, 2013
|
|
|
1,571,129
|
|
|
|
Conseco, Inc.
|
|
3,925
|
|
|
Term Loan, 7.50%, Maturing October 10, 2013
|
|
|
3,927,140
|
|
|
|
Crawford & Company
|
|
1,279
|
|
|
Term Loan, 5.25%, Maturing October 30, 2013
|
|
|
1,260,985
|
|
|
|
Crump Group, Inc.
|
|
774
|
|
|
Term Loan, 3.26%, Maturing August 1, 2014
|
|
|
750,937
|
|
|
|
HUB International Holdings, Inc.
|
|
431
|
|
|
Term Loan, 2.79%, Maturing June 13, 2014
|
|
|
419,308
|
|
|
|
|
1,916
|
|
|
Term Loan, 2.79%, Maturing June 13, 2014
|
|
|
1,865,919
|
|
|
|
|
619
|
|
|
Term Loan, 6.75%, Maturing June 13, 2014
|
|
|
620,812
|
|
|
|
U.S.I. Holdings Corp.
|
|
3,348
|
|
|
Term Loan, 2.76%, Maturing May 5, 2014
|
|
|
3,175,361
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,817,976
|
|
|
|
|
|
|
|
Leisure
Goods / Activities / Movies 7.5%
|
|
24 Hour Fitness Worldwide, Inc.
|
|
998
|
|
|
Term Loan, 6.75%, Maturing April 22, 2016
|
|
$
|
962,900
|
|
|
|
AMC Entertainment, Inc.
|
|
5,446
|
|
|
Term Loan, 1.75%, Maturing January 28, 2013
|
|
|
5,386,981
|
|
|
|
Bombardier Recreational Products
|
|
3,028
|
|
|
Term Loan, 3.27%, Maturing June 28, 2013
|
|
|
2,762,911
|
|
|
|
Carmike Cinemas, Inc.
|
|
2,650
|
|
|
Term Loan, 5.50%, Maturing January 27, 2016
|
|
|
2,665,514
|
|
|
|
Cedar Fair, L.P.
|
|
2,294
|
|
|
Term Loan, 5.50%, Maturing December 15, 2016
|
|
|
2,324,566
|
|
|
|
CFV I, LLC/Hicks Sports Group
|
|
92
|
|
|
Term Loan, 11.89%, Maturing January 1,
2011
(2)(4)
|
|
|
96,273
|
|
|
|
Cinemark, Inc.
|
|
3,913
|
|
|
Term Loan, 3.54%, Maturing April 29, 2016
|
|
|
3,935,704
|
|
|
|
Club Corporation Operations, Inc.
|
|
725
|
|
|
Term Loan, Maturing November 9,
2016
(3)
|
|
|
730,438
|
|
|
|
Dave & Busters, Inc.
|
|
995
|
|
|
Term Loan, 6.00%, Maturing June 1, 2016
|
|
|
995,000
|
|
|
|
Deluxe Entertainment Services
|
|
62
|
|
|
Term Loan, 6.25%, Maturing May 11, 2013
|
|
|
59,218
|
|
|
|
|
1,023
|
|
|
Term Loan, 6.25%, Maturing May 11, 2013
|
|
|
977,089
|
|
|
|
Fender Musical Instruments Corp.
|
|
571
|
|
|
Term Loan, 2.54%, Maturing June 9, 2014
|
|
|
525,276
|
|
|
|
|
288
|
|
|
Term Loan, 2.55%, Maturing June 9, 2014
|
|
|
265,355
|
|
|
|
Formula One (Alpha D2, Ltd.)
|
|
2,000
|
|
|
Term Loan - Second Lien, 3.76%, Maturing June 30, 2014
|
|
|
1,749,000
|
|
|
|
Metro-Goldwyn-Mayer Holdings, Inc.
|
|
3,655
|
|
|
Term Loan, 0.00%, Maturing April 9,
2012
(7)
|
|
|
1,638,320
|
|
|
|
National CineMedia, LLC
|
|
2,850
|
|
|
Term Loan, 2.05%, Maturing February 13, 2015
|
|
|
2,796,563
|
|
|
|
Regal Cinemas Corp.
|
|
4,648
|
|
|
Term Loan, 3.79%, Maturing November 21, 2016
|
|
|
4,671,125
|
|
|
|
Revolution Studios Distribution Co., LLC
|
|
1,076
|
|
|
Term Loan, 4.01%, Maturing December 21, 2014
|
|
|
855,627
|
|
|
|
|
900
|
|
|
Term Loan - Second Lien, 7.26%, Maturing June 21,
2015
(6)
|
|
|
378,000
|
|
|
|
Six Flags Theme Parks, Inc.
|
|
2,806
|
|
|
Term Loan, 6.00%, Maturing June 30, 2016
|
|
|
2,826,523
|
|
|
|
SW Acquisition Co., Inc.
|
|
2,010
|
|
|
Term Loan, 5.75%, Maturing June 1, 2016
|
|
|
2,026,771
|
|
|
|
Universal City Development Partners, Ltd.
|
|
2,822
|
|
|
Term Loan, 5.50%, Maturing November 6, 2014
|
|
|
2,849,410
|
|
|
|
Zuffa, LLC
|
|
1,952
|
|
|
Term Loan, 2.31%, Maturing June 19, 2015
|
|
|
1,890,005
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,368,569
|
|
|
|
|
|
|
|
Lodging
and Casinos 2.9%
|
|
Ameristar Casinos, Inc.
|
|
1,167
|
|
|
Term Loan, 3.54%, Maturing November 10, 2012
|
|
$
|
1,168,854
|
|
|
|
Harrahs Operating Co.
|
|
408
|
|
|
Term Loan, 3.29%, Maturing January 28, 2015
|
|
|
357,761
|
|
|
|
|
2,781
|
|
|
Term Loan, 3.29%, Maturing January 28, 2015
|
|
|
2,437,610
|
|
|
|
|
2,978
|
|
|
Term Loan, 9.50%, Maturing October 31, 2016
|
|
|
3,08
|
|
|
|
See
notes to financial statements
12
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Lodging
and Casinos (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Isle of Capri Casinos, Inc.
|
|
441
|
|
|
Term Loan, 5.00%, Maturing November 25, 2013
|
|
$
|
437,243
|
|
|
|
|
599
|
|
|
Term Loan, 5.00%, Maturing November 25, 2013
|
|
|
593,765
|
|
|
|
|
1,498
|
|
|
Term Loan, 5.00%, Maturing November 25, 2013
|
|
|
1,484,410
|
|
|
|
Las Vegas Sands, LLC
|
|
170
|
|
|
Term Loan, Maturing May 23,
2014
(3)
|
|
|
163,489
|
|
|
|
|
830
|
|
|
Term Loan, Maturing May 23,
2014
(3)
|
|
|
796,928
|
|
|
|
|
396
|
|
|
Term Loan, 3.03%, Maturing November 23, 2016
|
|
|
372,496
|
|
|
|
|
1,352
|
|
|
Term Loan, 3.03%, Maturing November 23, 2016
|
|
|
1,272,276
|
|
|
|
LodgeNet Entertainment Corp.
|
|
1,942
|
|
|
Term Loan, 2.29%, Maturing April 4, 2014
|
|
|
1,846,543
|
|
|
|
Penn National Gaming, Inc.
|
|
1,002
|
|
|
Term Loan, 2.02%, Maturing October 3, 2012
|
|
|
998,323
|
|
|
|
Tropicana Entertainment, Inc.
|
|
191
|
|
|
Term Loan, 15.00%, Maturing December 29, 2012
|
|
|
212,832
|
|
|
|
VML US Finance, LLC
|
|
186
|
|
|
Term Loan, 4.80%, Maturing May 25, 2012
|
|
|
186,191
|
|
|
|
|
432
|
|
|
Term Loan, 4.80%, Maturing May 27, 2013
|
|
|
433,341
|
|
|
|
|
994
|
|
|
Term Loan, 4.80%, Maturing May 27, 2013
|
|
|
996,207
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,844,820
|
|
|
|
|
|
|
|
Nonferrous
Metals / Minerals 1.3%
|
|
Euramax International, Inc.
|
|
343
|
|
|
Term Loan, 10.00%, Maturing June 29, 2013
|
|
$
|
329,366
|
|
|
|
|
325
|
|
|
Term Loan, 14.00%, Maturing June 29,
2013
(2)
|
|
|
312,077
|
|
|
|
Fairmount Minerals, Ltd.
|
|
1,150
|
|
|
Term Loan, 6.27%, Maturing August 5, 2016
|
|
|
1,166,770
|
|
|
|
Noranda Aluminum Acquisition
|
|
769
|
|
|
Term Loan, 2.01%, Maturing May 18, 2014
|
|
|
757,606
|
|
|
|
Novelis, Inc.
|
|
688
|
|
|
Term Loan, 2.26%, Maturing July 6, 2014
|
|
|
684,697
|
|
|
|
|
1,513
|
|
|
Term Loan, 2.26%, Maturing July 7, 2014
|
|
|
1,506,438
|
|
|
|
Oxbow Carbon and Mineral Holdings
|
|
2,466
|
|
|
Term Loan, 2.29%, Maturing May 8, 2014
|
|
|
2,459,484
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,216,438
|
|
|
|
|
|
|
|
Oil
and Gas 2.8%
|
|
Big West Oil, LLC
|
|
1,207
|
|
|
Term Loan, 12.00%, Maturing July 23, 2015
|
|
$
|
1,234,456
|
|
|
|
CITGO Petroleum Corp.
|
|
642
|
|
|
Term Loan, 8.00%, Maturing June 24, 2015
|
|
|
659,226
|
|
|
|
|
2,868
|
|
|
Term Loan, 9.00%, Maturing June 15, 2017
|
|
|
2,965,049
|
|
|
|
Crestwood Holdings, LLC
|
|
575
|
|
|
Term Loan, 10.50%, Maturing September 30, 2016
|
|
|
585,062
|
|
|
|
Dresser, Inc.
|
|
1,564
|
|
|
Term Loan, 2.53%, Maturing May 4, 2014
|
|
|
1,559,068
|
|
|
|
|
1,000
|
|
|
Term Loan - Second Lien, 6.03%, Maturing May 4, 2015
|
|
|
999,375
|
|
|
|
Dynegy Holdings, Inc.
|
|
369
|
|
|
Term Loan, 4.01%, Maturing April 2, 2013
|
|
|
361,137
|
|
|
|
|
5,623
|
|
|
Term Loan, 4.01%, Maturing April 2, 2013
|
|
|
5,498,669
|
|
|
|
SemGroup Corp.
|
|
654
|
|
|
Term Loan, 7.56%, Maturing November 30, 2012
|
|
|
659,134
|
|
|
|
Sheridan Production Partners I, LLC
|
|
121
|
|
|
Term Loan, 7.50%, Maturing April 20, 2017
|
|
|
121,607
|
|
|
|
|
198
|
|
|
Term Loan, 7.50%, Maturing April 20, 2017
|
|
|
199,093
|
|
|
|
|
1,493
|
|
|
Term Loan, 7.50%, Maturing April 20, 2017
|
|
|
1,502,499
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,344,375
|
|
|
|
|
|
|
|
Publishing 6.2%
|
|
American Media Operations, Inc.
|
|
2,430
|
|
|
Term Loan, 10.00%, Maturing January 30,
2013
(2)
|
|
$
|
2,419,444
|
|
|
|
Aster Zweite Beteiligungs GmbH
|
|
1,850
|
|
|
Term Loan, 2.71%, Maturing September 27, 2013
|
|
|
1,741,313
|
|
|
|
GateHouse Media Operating, Inc.
|
|
649
|
|
|
Term Loan, 2.26%, Maturing August 28, 2014
|
|
|
236,751
|
|
|
|
|
1,522
|
|
|
Term Loan, 2.26%, Maturing August 28, 2014
|
|
|
555,454
|
|
|
|
|
748
|
|
|
Term Loan, 2.51%, Maturing August 28, 2014
|
|
|
273,174
|
|
|
|
Getty Images, Inc.
|
|
2,500
|
|
|
Term Loan, 5.25%, Maturing November 7, 2016
|
|
|
2,525,313
|
|
|
|
Lamar Media Corp.
|
|
985
|
|
|
Term Loan, 4.25%, Maturing December 30, 2016
|
|
|
993,613
|
|
|
|
Laureate Education, Inc.
|
|
496
|
|
|
Term Loan, 3.54%, Maturing August 17, 2014
|
|
|
467,458
|
|
|
|
|
3,312
|
|
|
Term Loan, 3.54%, Maturing August 17, 2014
|
|
|
3,122,593
|
|
|
|
|
1,485
|
|
|
Term Loan, 7.00%, Maturing August 31, 2014
|
|
|
1,482,680
|
|
|
|
MediaNews Group, Inc.
|
|
359
|
|
|
Term Loan, 8.50%, Maturing March 19, 2014
|
|
|
341,759
|
|
|
|
Merrill Communications, LLC
|
|
5,113
|
|
|
Term Loan, 8.50%, Maturing December 24, 2012
|
|
|
5,023,652
|
|
|
|
Nelson Education, Ltd.
|
|
473
|
|
|
Term Loan, 2.79%, Maturing July 5, 2014
|
|
|
423,155
|
|
|
|
Nielsen Finance, LLC
|
|
6,352
|
|
|
Term Loan, 2.25%, Maturing August 9, 2013
|
|
|
6,247,193
|
|
|
|
|
1,982
|
|
|
Term Loan, 4.00%, Maturing May 2, 2016
|
|
|
1,969,383
|
|
|
|
SGS International, Inc.
|
|
535
|
|
|
Term Loan, 3.78%, Maturing September 30, 2013
|
|
|
529,614
|
|
|
|
Source Interlink Companies, Inc.
|
|
905
|
|
|
Term Loan, 7.25%, Maturing June 18, 2013
|
|
|
863,808
|
|
|
|
|
562
|
|
|
Term Loan, 15.00%, Maturing March 18,
2014
(2)(6)
|
|
|
353,875
|
|
|
|
See
notes to financial statements
13
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
Publishing (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Source Media, Inc.
|
|
1,089
|
|
|
Term Loan, 7.00%, Maturing November 8, 2011
|
|
$
|
1,045,793
|
|
|
|
Trader Media Corp.
|
GBP
|
1,475
|
|
|
Term Loan, 2.58%, Maturing March 23, 2015
|
|
|
2,180,377
|
|
|
|
Xsys, Inc.
|
|
1,642
|
|
|
Term Loan, 2.71%, Maturing September 27, 2013
|
|
|
1,545,071
|
|
|
|
|
1,834
|
|
|
Term Loan, 2.71%, Maturing September 27, 2014
|
|
|
1,726,582
|
|
|
|
|
|
|
|
|
|
|
|
$
|
36,068,055
|
|
|
|
|
|
|
|
Radio
and Television 2.5%
|
|
Block Communications, Inc.
|
|
905
|
|
|
Term Loan, 2.29%, Maturing December 22, 2011
|
|
$
|
877,729
|
|
|
|
CMP KC, LLC
|
|
956
|
|
|
Term Loan, 0.00%, Maturing May 3,
2011
(6)(7)
|
|
|
274,426
|
|
|
|
Gray Television, Inc.
|
|
737
|
|
|
Term Loan, 3.76%, Maturing December 31, 2014
|
|
|
718,953
|
|
|
|
HIT Entertainment, Inc.
|
|
965
|
|
|
Term Loan, 5.54%, Maturing June 1, 2012
|
|
|
938,104
|
|
|
|
Live Nation Worldwide, Inc.
|
|
2,612
|
|
|
Term Loan, 4.50%, Maturing November 7, 2016
|
|
|
2,609,676
|
|
|
|
Mission Broadcasting, Inc.
|
|
593
|
|
|
Term Loan, 5.00%, Maturing September 30, 2016
|
|
|
593,263
|
|
|
|
New Young Broadcasting Holding Co., Inc.
|
|
216
|
|
|
Term Loan, 8.00%, Maturing June 30, 2015
|
|
|
217,060
|
|
|
|
Nexstar Broadcasting, Inc.
|
|
928
|
|
|
Term Loan, 5.01%, Maturing September 30, 2016
|
|
|
927,924
|
|
|
|
Raycom TV Broadcasting, LLC
|
|
1,119
|
|
|
Term Loan, 1.81%, Maturing June 25, 2014
|
|
|
1,041,019
|
|
|
|
Univision Communications, Inc.
|
|
1,942
|
|
|
Term Loan, 2.51%, Maturing September 29, 2014
|
|
|
1,847,562
|
|
|
|
|
1,942
|
|
|
Term Loan, 4.51%, Maturing March 31, 2017
|
|
|
1,813,284
|
|
|
|
Weather Channel
|
|
2,273
|
|
|
Term Loan, 5.00%, Maturing September 14, 2015
|
|
|
2,289,767
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,148,767
|
|
|
|
|
|
|
|
Rail
Industries 0.4%
|
|
Kansas City Southern Railway Co.
|
|
2,154
|
|
|
Term Loan, 2.04%, Maturing April 26, 2013
|
|
$
|
2,122,059
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,122,059
|
|
|
|
|
|
|
|
Retailers
(Except Food and Drug) 3.8%
|
|
Amscan Holdings, Inc.
|
|
523
|
|
|
Term Loan, 2.54%, Maturing May 25, 2013
|
|
$
|
521,359
|
|
|
|
|
1,750
|
|
|
Term Loan, Maturing December 4,
2017
(3)
|
|
|
1,732,500
|
|
|
|
Educate, Inc.
|
|
498
|
|
|
Term Loan - Second Lien, 8.51%, Maturing June 16, 2014
|
|
|
485,076
|
|
|
|
FTD, Inc.
|
|
1,242
|
|
|
Term Loan, 6.75%, Maturing August 26, 2014
|
|
|
1,248,053
|
|
|
|
Harbor Freight Tools USA, Inc.
|
|
994
|
|
|
Term Loan, 5.02%, Maturing February 24, 2016
|
|
|
994,809
|
|
|
|
Mapco Express, Inc.
|
|
270
|
|
|
Term Loan, 6.50%, Maturing April 28, 2011
|
|
|
265,524
|
|
|
|
Michaels Stores, Inc.
|
|
2,000
|
|
|
Term Loan, 2.56%, Maturing October 31, 2013
|
|
|
1,933,750
|
|
|
|
Neiman Marcus Group, Inc.
|
|
3,412
|
|
|
Term Loan, 4.29%, Maturing April 6, 2015
|
|
|
3,353,516
|
|
|
|
Orbitz Worldwide, Inc.
|
|
2,177
|
|
|
Term Loan, 3.27%, Maturing July 25, 2014
|
|
|
2,068,610
|
|
|
|
Oriental Trading Co., Inc.
|
|
1,225
|
|
|
Term Loan - Second Lien, 0.00%, Maturing January 31,
2014
(7)
|
|
|
38,281
|
|
|
|
Petco Animal Supplies, Inc.
|
|
1,400
|
|
|
Term Loan, Maturing November 24,
2017
(3)
|
|
|
1,405,075
|
|
|
|
Pilot Travel Centers, LLC
|
|
1,162
|
|
|
Term Loan, 5.25%, Maturing June 30, 2016
|
|
|
1,179,175
|
|
|
|
Rent-A-Center, Inc.
|
|
3
|
|
|
Term Loan, 2.04%, Maturing June 30, 2012
|
|
|
2,596
|
|
|
|
|
622
|
|
|
Term Loan, 3.30%, Maturing March 31, 2015
|
|
|
623,930
|
|
|
|
Savers, Inc.
|
|
1,343
|
|
|
Term Loan, 5.75%, Maturing March 11, 2016
|
|
|
1,348,287
|
|
|
|
Visant Corp.
|
|
1,225
|
|
|
Term Loan, 7.00%, Maturing December 22, 2016
|
|
|
1,237,761
|
|
|
|
Vivarte
|
EUR
|
500
|
|
|
Term Loan, Maturing March 9,
2015
(3)
|
|
|
547,210
|
|
|
|
EUR
|
500
|
|
|
Term Loan, Maturing March 8,
2016
(3)
|
|
|
547,209
|
|
|
|
Yankee Candle Company, Inc. (The)
|
|
2,522
|
|
|
Term Loan, 2.26%, Maturing February 6, 2014
|
|
|
2,472,371
|
|
|
|
|
|
|
|
|
|
|
|
$
|
22,005,092
|
|
|
|
|
|
|
|
Steel 0.1%
|
|
Niagara Corp.
|
|
786
|
|
|
Term Loan, 10.50%, Maturing June 29,
2014
(2)(6)
|
|
$
|
744,365
|
|
|
|
|
|
|
|
|
|
|
|
$
|
744,365
|
|
|
|
|
|
|
|
Surface
Transport 0.2%
|
|
Swift Transportation Co., Inc.
|
|
1,092
|
|
|
Term Loan, 8.25%, Maturing May 9, 2014
|
|
$
|
1,087,861
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,087,861
|
|
|
|
|
|
|
See
notes to financial statements
14
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Borrower/Tranche
Description
|
|
Value
|
|
|
|
|
|
|
Telecommunications 5.0%
|
|
Alaska Communications Systems Holdings, Inc.
|
|
2,075
|
|
|
Term Loan, 6.25%, Maturing October 15, 2016
|
|
$
|
2,089,589
|
|
|
|
Asurion Corp.
|
|
4,282
|
|
|
Term Loan, 3.26%, Maturing July 3, 2014
|
|
|
4,002,464
|
|
|
|
|
2,000
|
|
|
Term Loan, 6.75%, Maturing March 31, 2015
|
|
|
1,976,786
|
|
|
|
CommScope, Inc.
|
|
1,695
|
|
|
Term Loan, 2.79%, Maturing December 26, 2014
|
|
|
1,694,552
|
|
|
|
Intelsat Corp.
|
|
3,499
|
|
|
Term Loan, 2.79%, Maturing January 3, 2014
|
|
|
3,436,782
|
|
|
|
|
3,499
|
|
|
Term Loan, 2.79%, Maturing January 3, 2014
|
|
|
3,436,782
|
|
|
|
|
3,501
|
|
|
Term Loan, 2.79%, Maturing January 3, 2014
|
|
|
3,437,843
|
|
|
|
Intelsat Subsidiary Holding Co.
|
|
1,056
|
|
|
Term Loan, 2.79%, Maturing July 3, 2013
|
|
|
1,039,280
|
|
|
|
Macquarie UK Broadcast Ventures, Ltd.
|
GBP
|
828
|
|
|
Term Loan, 2.58%, Maturing December 1, 2014
|
|
|
1,097,876
|
|
|
|
MetroPCS Wireless
|
|
997
|
|
|
Term Loan, Maturing November 4,
2016
(3)
|
|
|
997,756
|
|
|
|
NTelos, Inc.
|
|
1,984
|
|
|
Term Loan, 5.75%, Maturing August 7, 2015
|
|
|
1,996,145
|
|
|
|
Telesat Canada, Inc.
|
|
157
|
|
|
Term Loan, 3.26%, Maturing October 31, 2014
|
|
|
156,206
|
|
|
|
|
1,828
|
|
|
Term Loan, 3.26%, Maturing October 31, 2014
|
|
|
1,818,571
|
|
|
|
TowerCo Finance, LLC
|
|
447
|
|
|
Term Loan, 6.00%, Maturing November 24, 2014
|
|
|
451,836
|
|
|
|
Windstream Corp.
|
|
1,366
|
|
|
Term Loan, 3.04%, Maturing December 17, 2015
|
|
|
1,373,602
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,006,070
|
|
|
|
|
|
|
|
Utilities 3.2%
|
|
AEI Finance Holding, LLC
|
|
302
|
|
|
Revolving Loan, 3.48%, Maturing March 30, 2012
|
|
$
|
296,529
|
|
|
|
|
1,979
|
|
|
Term Loan, 3.29%, Maturing March 30, 2014
|
|
|
1,945,006
|
|
|
|
Astoria Generating Co.
|
|
500
|
|
|
Term Loan - Second Lien, 4.04%, Maturing August 23,
2013
|
|
|
493,750
|
|
|
|
BRSP, LLC
|
|
972
|
|
|
Term Loan, 7.50%, Maturing June 4, 2014
|
|
|
977,833
|
|
|
|
Calpine Corp.
|
|
2,151
|
|
|
Term Loan, 3.17%, Maturing March 29, 2014
|
|
|
2,141,322
|
|
|
|
Covanta Energy Corp.
|
|
261
|
|
|
Term Loan, 1.79%, Maturing February 10, 2014
|
|
|
255,216
|
|
|
|
|
511
|
|
|
Term Loan, 1.81%, Maturing February 10, 2014
|
|
|
500,263
|
|
|
|
New Development Holdings, Inc.
|
|
998
|
|
|
Term Loan, 7.00%, Maturing July 3, 2017
|
|
|
1,016,982
|
|
|
|
NRG Energy, Inc.
|
|
287
|
|
|
Term Loan, 2.04%, Maturing February 1, 2013
|
|
|
284,796
|
|
|
|
|
1
|
|
|
Term Loan, 3.64%, Maturing February 1, 2013
|
|
|
939
|
|
|
|
|
1,361
|
|
|
Term Loan, 3.54%, Maturing August 31, 2015
|
|
|
1,364,191
|
|
|
|
|
2,470
|
|
|
Term Loan, 3.54%, Maturing August 31, 2015
|
|
|
2,461,962
|
|
|
|
Pike Electric, Inc.
|
|
857
|
|
|
Term Loan, 2.06%, Maturing July 2, 2012
|
|
|
816,658
|
|
|
|
|
233
|
|
|
Term Loan, 2.06%, Maturing December 10, 2012
|
|
|
221,701
|
|
|
|
TXU Texas Competitive Electric Holdings Co., LLC
|
|
990
|
|
|
Term Loan, 3.75%, Maturing October 10, 2014
|
|
|
767,154
|
|
|
|
|
1,455
|
|
|
Term Loan, 3.75%, Maturing October 10, 2014
|
|
|
1,124,390
|
|
|
|
|
3,813
|
|
|
Term Loan, 3.75%, Maturing October 10, 2014
|
|
|
2,956,296
|
|
|
|
Vulcan Energy Corp.
|
|
1,082
|
|
|
Term Loan, 5.50%, Maturing September 29, 2015
|
|
|
1,089,775
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,714,763
|
|
|
|
|
|
|
|
|
Total
Senior Floating-Rate Interests
|
|
|
(identified
cost $815,781,854)
|
|
$
|
805,133,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
& Notes 10.7%
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Aerospace
and Defense 0.2%
|
|
International Lease Finance Corp., Sr. Notes
|
|
400
|
|
|
6.50%, 9/1/14
(8)
|
|
$
|
421,000
|
|
|
|
|
400
|
|
|
6.75%, 9/1/16
(8)
|
|
|
424,000
|
|
|
|
|
400
|
|
|
7.125%, 9/1/18
(8)
|
|
|
425,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,270,000
|
|
|
|
|
|
|
|
Automotive 0.2%
|
|
Allison Transmission, Inc.
|
|
25
|
|
|
11.00%, 11/1/15
(8)
|
|
$
|
27,188
|
|
|
|
|
670
|
|
|
11.25%, 11/1/15
(2)(8)
|
|
|
733,650
|
|
|
|
American Axle & Manufacturing Holdings, Inc., Sr.
Notes
|
|
150
|
|
|
9.25%, 1/15/17
(8)
|
|
|
166,500
|
|
|
|
Commercial Vehicle Group, Inc., Sr. Notes
|
|
110
|
|
|
8.00%, 7/1/13
|
|
|
99,550
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,026,888
|
|
|
|
|
|
|
|
Broadcast
Radio and Television 0.5%
|
|
Clear Channel Communications, Inc., Sr. Notes
|
|
1,000
|
|
|
6.25%, 3/15/11
|
|
|
1,000,000
|
|
|
|
See
notes to financial statements
15
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Broadcast
Radio and Television (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Entravision Communications, Sr. Notes
|
|
1,000
|
|
|
8.75%, 8/1/17
(8)
|
|
$
|
1,050,000
|
|
|
|
Rainbow National Services, LLC, Sr. Sub. Notes
|
|
335
|
|
|
10.375%, 9/1/14
(8)
|
|
|
349,656
|
|
|
|
XM Satellite Radio Holdings, Inc.
|
|
480
|
|
|
13.00%, 8/1/13
(8)
|
|
|
564,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,963,656
|
|
|
|
|
|
|
|
Building
and Development 0.8%
|
|
AMO Escrow Corp., Sr. Notes
|
|
2,150
|
|
|
11.50%, 12/15/17
(8)
|
|
$
|
2,150,000
|
|
|
|
Grohe Holding GmbH, Variable Rate
|
EUR
|
2,000
|
|
|
3.857%, 1/15/14
(9)
|
|
|
2,453,316
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,603,316
|
|
|
|
|
|
|
|
Business
Equipment and Services 0.7%
|
|
Brocade Communications Systems, Inc., Sr. Notes
|
|
40
|
|
|
6.625%, 1/15/18
|
|
$
|
42,400
|
|
|
|
|
40
|
|
|
6.875%, 1/15/20
|
|
|
43,000
|
|
|
|
Education Management, LLC, Sr. Notes
|
|
445
|
|
|
8.75%, 6/1/14
|
|
|
455,569
|
|
|
|
Education Management, LLC, Sr. Sub. Notes
|
|
97
|
|
|
10.25%, 6/1/16
|
|
|
99,425
|
|
|
|
MediMedia USA, Inc., Sr. Sub. Notes
|
|
180
|
|
|
11.375%, 11/15/14
(8)
|
|
|
155,700
|
|
|
|
RSC Equipment Rental, Inc., Sr. Notes
|
|
750
|
|
|
10.00%, 7/15/17
(8)
|
|
|
832,500
|
|
|
|
Softlayer Tech, Inc.
|
|
725
|
|
|
7.75%, 11/5/16
|
|
|
728,852
|
|
|
|
SunGard Data Systems, Inc., Sr. Notes
|
|
1,380
|
|
|
10.625%, 5/15/15
|
|
|
1,504,200
|
|
|
|
Ticketmaster Entertainment, Inc.
|
|
220
|
|
|
10.75%, 8/1/16
|
|
|
239,800
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,101,446
|
|
|
|
|
|
|
|
Cable
and Satellite Television 0.5%
|
|
Virgin Media Finance PLC, Sr. Notes
|
|
2,500
|
|
|
6.50%, 1/15/18
|
|
$
|
2,653,125
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,653,125
|
|
|
|
|
|
|
|
Chemicals
and Plastics 0.1%
|
|
CII Carbon, LLC
|
|
195
|
|
|
11.125%, 11/15/15
(8)
|
|
$
|
209,625
|
|
|
|
INEOS Group Holdings PLC, Sr. Sub. Notes
|
|
345
|
|
|
8.50%, 2/15/16
(8)
|
|
|
301,013
|
|
|
|
Reichhold Industries, Inc., Sr. Notes
|
|
310
|
|
|
9.00%, 8/15/14
(8)
|
|
|
278,225
|
|
|
|
Wellman Holdings, Inc., Sr. Sub. Notes
|
|
158
|
|
|
5.00%, 1/29/19
(2)(6)
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
$
|
788,863
|
|
|
|
|
|
|
|
Conglomerates 0.0%
(10)
|
|
RBS Global & Rexnord Corp.
|
|
175
|
|
|
11.75%, 8/1/16
|
|
$
|
185,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
185,500
|
|
|
|
|
|
|
|
Containers
and Glass Products 0.3%
|
|
Berry Plastics Corp., Sr. Notes, Variable Rate
|
|
1,000
|
|
|
5.039%, 2/15/15
|
|
$
|
960,000
|
|
|
|
Intertape Polymer US, Inc., Sr. Sub. Notes
|
|
865
|
|
|
8.50%, 8/1/14
|
|
|
726,600
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,686,600
|
|
|
|
|
|
|
|
Cosmetics / Toiletries 0.3%
|
|
Revlon Consumer Products Corp.
|
|
1,420
|
|
|
9.75%, 11/15/15
(8)
|
|
$
|
1,498,100
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,498,100
|
|
|
|
|
|
|
|
Electronics / Electrical 0.2%
|
|
NXP BV/NXP Funding, LLC, Variable Rate
|
|
875
|
|
|
3.039%, 10/15/13
|
|
$
|
830,156
|
|
|
|
|
|
|
|
|
|
|
|
$
|
830,156
|
|
|
|
|
|
|
|
Equipment
Leasing 0.0%
(10)
|
|
Hertz Corp.
|
|
60
|
|
|
8.875%, 1/1/14
|
|
$
|
61,275
|
|
|
|
|
95
|
|
|
10.50%, 1/1/16
|
|
|
100,225
|
|
|
|
|
|
|
|
|
|
|
|
$
|
161,500
|
|
|
|
|
|
|
|
Financial
Intermediaries 0.5%
|
|
Ford Motor Credit Co., Sr. Notes
|
|
2,250
|
|
|
12.00%, 5/15/15
|
|
$
|
2,788,726
|
|
|
|
|
260
|
|
|
8.00%, 12/15/16
|
|
|
285,987
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,074,713
|
|
|
|
|
|
|
See
notes to financial statements
16
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Food
Products 0.2%
|
|
Smithfield Foods, Inc., Sr. Notes
|
|
1,000
|
|
|
10.00%, 7/15/14
(8)
|
|
$
|
1,135,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,135,000
|
|
|
|
|
|
|
|
Food
Service 0.2%
|
|
NPC International, Inc., Sr. Sub. Notes
|
|
280
|
|
|
9.50%, 5/1/14
|
|
$
|
287,000
|
|
|
|
U.S. Foodservice, Inc., Sr. Notes
|
|
940
|
|
|
10.25%, 6/30/15
(8)
|
|
|
958,800
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,245,800
|
|
|
|
|
|
|
|
Food / Drug
Retailers 0.1%
|
|
General Nutrition Center, Sr. Notes, Variable Rate
|
|
245
|
|
|
5.75%, 3/15/14
(2)
|
|
$
|
238,875
|
|
|
|
General Nutrition Center, Sr. Sub. Notes
|
|
430
|
|
|
10.75%, 3/15/15
|
|
|
436,450
|
|
|
|
|
|
|
|
|
|
|
|
$
|
675,325
|
|
|
|
|
|
|
|
Forest
Products 0.0%
(10)
|
|
Verso Paper Holdings, LLC/Verso Paper, Inc.
|
|
255
|
|
|
11.375%, 8/1/16
|
|
$
|
250,219
|
|
|
|
|
|
|
|
|
|
|
|
$
|
250,219
|
|
|
|
|
|
|
|
Health
Care 1.0%
|
|
Accellent, Inc., Sr. Notes
|
|
180
|
|
|
8.375%, 2/1/17
|
|
$
|
182,700
|
|
|
|
Biomet, Inc.
|
|
125
|
|
|
10.375%, 10/15/17
(2)
|
|
|
136,875
|
|
|
|
|
600
|
|
|
11.625%, 10/15/17
|
|
|
664,500
|
|
|
|
DJO Finance, LLC/DJO Finance Corp.
|
|
240
|
|
|
10.875%, 11/15/14
(8)
|
|
|
262,800
|
|
|
|
HCA, Inc.
|
|
145
|
|
|
9.25%, 11/15/16
|
|
|
155,512
|
|
|
|
Medassets, Inc.
|
|
1,050
|
|
|
5.25%, 11/15/16
|
|
|
1,057,219
|
|
|
|
National Mentor Holdings, Inc.
|
|
330
|
|
|
11.25%, 7/1/14
|
|
|
335,362
|
|
|
|
Res-Care, Inc., Sr. Notes
|
|
125
|
|
|
7.75%, 10/15/13
|
|
|
127,344
|
|
|
|
US Oncology, Inc.
|
|
1,915
|
|
|
10.75%, 8/15/14
|
|
|
1,991,600
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,913,912
|
|
|
|
|
|
|
Industrial
Equipment 0.4%
|
|
CEVA Group PLC, Sr. Notes
|
|
205
|
|
|
11.50%, 4/1/18
(8)
|
|
$
|
219,350
|
|
|
|
Chart Industries, Inc., Sr. Sub. Notes
|
|
215
|
|
|
9.125%, 10/15/15
|
|
|
218,762
|
|
|
|
ESCO Corp., Sr. Notes
|
|
660
|
|
|
8.625%, 12/15/13
(8)
|
|
|
688,466
|
|
|
|
Terex Corp., Sr. Notes
|
|
1,000
|
|
|
10.875%, 6/1/16
|
|
|
1,157,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,284,078
|
|
|
|
|
|
|
|
Insurance 0.1%
|
|
Alliant Holdings I, Inc.
|
|
115
|
|
|
11.00%, 5/1/15
(8)
|
|
$
|
119,313
|
|
|
|
HUB International Holdings, Inc., Sr. Notes
|
|
140
|
|
|
9.00%, 12/15/14
(8)
|
|
|
140,700
|
|
|
|
U.S.I. Holdings Corp., Sr. Notes, Variable Rate
|
|
115
|
|
|
4.161%, 11/15/14
(8)
|
|
|
98,900
|
|
|
|
|
|
|
|
|
|
|
|
$
|
358,913
|
|
|
|
|
|
|
|
Leisure
Goods / Activities/Movies 0.3%
|
|
AMC Entertainment, Inc.
|
|
760
|
|
|
11.00%, 2/1/16
|
|
$
|
809,400
|
|
|
|
AMC Entertainment, Inc., Sr. Notes
|
|
85
|
|
|
8.75%, 6/1/19
|
|
|
90,737
|
|
|
|
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital
Corp.
|
|
220
|
|
|
12.50%, 4/1/13
(6)(7)(8)
|
|
|
0
|
|
|
|
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital
Corp., Variable Rate
|
|
405
|
|
|
0.00%, 4/1/12
(6)(7)(8)
|
|
|
0
|
|
|
|
Marquee Holdings, Inc., Sr. Disc. Notes
|
|
390
|
|
|
12.00%, 8/15/14
|
|
|
322,725
|
|
|
|
Royal Caribbean Cruises, Sr. Notes
|
|
40
|
|
|
6.875%, 12/1/13
|
|
|
42,800
|
|
|
|
|
105
|
|
|
7.00%, 6/15/13
|
|
|
111,300
|
|
|
|
|
25
|
|
|
7.25%, 6/15/16
|
|
|
27,250
|
|
|
|
|
50
|
|
|
7.25%, 3/15/18
|
|
|
53,875
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,458,087
|
|
|
|
|
|
|
|
Lodging
and Casinos 0.7%
|
|
Buffalo Thunder Development Authority
|
|
535
|
|
|
9.375%, 12/15/14
(7)(8)
|
|
$
|
144,450
|
|
|
|
CCM Merger, Inc.
|
|
105
|
|
|
8.00%, 8/1/13
(8)
|
|
|
101,325
|
|
|
|
Chukchansi EDA, Sr. Notes, Variable Rate
|
|
310
|
|
|
3.943%, 11/15/12
(8)
|
|
|
204,600
|
|
|
|
See
notes to financial statements
17
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Lodging
and Casinos (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Fontainebleau Las Vegas Casino, LLC
|
|
525
|
|
|
10.25%, 6/15/15
(7)(8)
|
|
$
|
4,305
|
|
|
|
Harrahs Operating Co., Inc., Sr. Notes
|
|
1,000
|
|
|
11.25%, 6/1/17
|
|
|
1,095,000
|
|
|
|
Inn of the Mountain Gods Resort & Casino, Sr. Notes
|
|
565
|
|
|
12.00%, 11/15/10
(5)
|
|
|
230,944
|
|
|
|
Majestic HoldCo, LLC
|
|
150
|
|
|
12.50%, 10/15/11
(7)(8)
|
|
|
17
|
|
|
|
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
|
|
165
|
|
|
8.00%, 4/1/12
|
|
|
146,025
|
|
|
|
|
240
|
|
|
7.125%, 8/15/14
|
|
|
168,000
|
|
|
|
|
260
|
|
|
6.875%, 2/15/15
|
|
|
175,500
|
|
|
|
Peninsula Gaming, LLC
|
|
1,000
|
|
|
10.75%, 8/15/17
(8)
|
|
|
1,082,500
|
|
|
|
San Pasqual Casino
|
|
125
|
|
|
8.00%, 9/15/13
(8)
|
|
|
124,375
|
|
|
|
Seminole Hard Rock Entertainment, Variable Rate
|
|
195
|
|
|
2.792%, 3/15/14
(8)
|
|
|
174,037
|
|
|
|
Tunica-Biloxi Gaming Authority, Sr. Notes
|
|
345
|
|
|
9.00%, 11/15/15
(8)
|
|
|
322,575
|
|
|
|
Waterford Gaming, LLC, Sr. Notes
|
|
275
|
|
|
8.625%, 9/15/14
(6)(8)
|
|
|
177,347
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,151,000
|
|
|
|
|
|
|
|
Nonferrous
Metals / Minerals 0.1%
|
|
Teck Resources, Ltd., Sr. Notes
|
|
335
|
|
|
10.75%, 5/15/19
|
|
$
|
436,147
|
|
|
|
|
|
|
|
|
|
|
|
$
|
436,147
|
|
|
|
|
|
|
|
Oil
and Gas 0.6%
|
|
Cloud Peak Energy Resources, LLC / Cloud Peak Energy Finance
Corp.
|
|
1,000
|
|
|
8.25%, 12/15/17
|
|
$
|
1,095,000
|
|
|
|
|
335
|
|
|
8.50%, 12/15/19
|
|
|
370,175
|
|
|
|
Compton Petroleum Finance Corp.
|
|
165
|
|
|
10.00%, 9/15/17
|
|
|
138,759
|
|
|
|
Denbury Resources, Inc., Sr. Sub. Notes
|
|
55
|
|
|
7.50%, 12/15/15
|
|
|
56,925
|
|
|
|
El Paso Corp., Sr. Notes
|
|
245
|
|
|
9.625%, 5/15/12
|
|
|
263,753
|
|
|
|
Forbes Energy Services, Sr. Notes
|
|
325
|
|
|
11.00%, 2/15/15
|
|
|
323,375
|
|
|
|
McJunkin Red Man Corp., Sr. Notes
|
|
1,000
|
|
|
9.50%, 12/15/16
(8)
|
|
|
915,000
|
|
|
|
OPTI Canada, Inc., Sr. Notes
|
|
55
|
|
|
8.25%, 12/15/14
|
|
|
38,500
|
|
|
|
Petroleum Development Corp., Sr. Notes
|
|
135
|
|
|
12.00%, 2/15/18
|
|
|
151,875
|
|
|
|
Petroplus Finance, Ltd.
|
|
160
|
|
|
7.00%, 5/1/17
(8)
|
|
|
138,400
|
|
|
|
Quicksilver Resources, Inc., Sr. Notes
|
|
135
|
|
|
11.75%, 1/1/16
|
|
|
155,587
|
|
|
|
SESI, LLC, Sr. Notes
|
|
65
|
|
|
6.875%, 6/1/14
|
|
|
66,300
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,713,649
|
|
|
|
|
|
|
|
Publishing 0.4%
|
|
Laureate Education, Inc.
|
|
1,100
|
|
|
10.00%, 8/15/15
(8)
|
|
$
|
1,130,250
|
|
|
|
|
1,312
|
|
|
10.25%, 8/15/15
(2)(8)
|
|
|
1,331,679
|
|
|
|
Nielsen Finance, LLC
|
|
80
|
|
|
12.50%, (0.00% until 8/1/11), 8/1/16
|
|
|
81,200
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,543,129
|
|
|
|
|
|
|
|
Rail
Industries 0.2%
|
|
American Railcar Industry, Sr. Notes
|
|
195
|
|
|
7.50%, 3/1/14
|
|
$
|
195,975
|
|
|
|
Kansas City Southern Mexico, Sr. Notes
|
|
315
|
|
|
7.625%, 12/1/13
|
|
|
326,025
|
|
|
|
|
100
|
|
|
7.375%, 6/1/14
|
|
|
105,250
|
|
|
|
|
220
|
|
|
8.00%, 6/1/15
|
|
|
235,950
|
|
|
|
|
500
|
|
|
8.00%, 2/1/18
|
|
|
540,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,403,200
|
|
|
|
|
|
|
|
Retailers
(Except Food and Drug) 0.6%
|
|
Amscan Holdings, Inc., Sr. Sub. Notes
|
|
455
|
|
|
8.75%, 5/1/14
|
|
$
|
460,687
|
|
|
|
Neiman Marcus Group, Inc.
|
|
718
|
|
|
9.00%, 10/15/15
|
|
|
750,351
|
|
|
|
Sally Holdings, LLC, Sr. Notes
|
|
670
|
|
|
9.25%, 11/15/14
|
|
|
700,150
|
|
|
|
|
510
|
|
|
10.50%, 11/15/16
|
|
|
553,350
|
|
|
|
Toys R Us
|
|
1,000
|
|
|
10.75%, 7/15/17
|
|
|
1,130,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,594,538
|
|
|
|
|
|
|
See
notes to financial statements
18
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Steel 0.0%
(10)
|
|
RathGibson, Inc., Sr. Notes
|
|
495
|
|
|
11.25%, 2/15/14
(7)
|
|
$
|
4,950
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,950
|
|
|
|
|
|
|
|
Surface
Transport 0.0%
(10)
|
|
Teekay Corp., Sr. Notes
|
|
70
|
|
|
8.50%, 1/15/20
|
|
$
|
76,650
|
|
|
|
|
|
|
|
|
|
|
|
$
|
76,650
|
|
|
|
|
|
|
|
Telecommunications 0.6%
|
|
Avaya, Inc., Sr. Notes
|
|
1,000
|
|
|
9.75%, 11/1/15
|
|
$
|
997,500
|
|
|
|
Clearwire Communications, LLC/Clearwire Finance, Inc., Sr.
Notes
|
|
500
|
|
|
12.00%, 12/1/15
(8)
|
|
|
533,125
|
|
|
|
Intelsat Bermuda, Ltd.
|
|
900
|
|
|
11.25%, 6/15/16
|
|
|
966,375
|
|
|
|
NII Capital Corp.
|
|
335
|
|
|
10.00%, 8/15/16
|
|
|
373,525
|
|
|
|
Telesat Canada/Telesat, LLC, Sr. Notes
|
|
590
|
|
|
11.00%, 11/1/15
|
|
|
659,325
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,529,850
|
|
|
|
|
|
|
|
Utilities 0.9%
|
|
Calpine Corp., Sr. Notes
|
|
5,100
|
|
|
7.50%, 2/15/21
(8)
|
|
$
|
5,036,250
|
|
|
|
NGC Corp.
|
|
430
|
|
|
7.625%, 10/15/26
|
|
|
260,150
|
|
|
|
Reliant Energy, Inc., Sr. Notes
|
|
20
|
|
|
7.625%, 6/15/14
|
|
|
20,100
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,316,500
|
|
|
|
|
|
|
|
|
Total
Corporate Bonds & Notes
|
|
|
(identified
cost $63,481,719)
|
|
$
|
61,934,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed
Securities 0.7%
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
$
|
462
|
|
|
Alzette European CLO SA, Series 2004-1A, Class E2,
6.792%, 12/15/20
(11)
|
|
$
|
308,136
|
|
|
|
|
589
|
|
|
Avalon Capital Ltd. 3, Series 1A, Class D,
2.234%, 2/24/19
(8)(11)
|
|
|
391,617
|
|
|
|
|
753
|
|
|
Babson Ltd., Series 2005-1A, Class C1,
2.239%, 4/15/19
(8)(11)
|
|
|
497,083
|
|
|
|
|
1,000
|
|
|
Bryant Park CDO Ltd., Series 2005-1A, Class C,
2.339%, 1/15/19
(8)(11)
|
|
|
569,770
|
|
|
|
|
985
|
|
|
Centurion CDO 8 Ltd., Series 2005-8A, Class D,
5.793%, 3/8/17
(11)
|
|
|
718,623
|
|
|
|
|
750
|
|
|
Centurion CDO 9 Ltd., Series 2005-9A, Class D1,
5.039%, 7/17/19
(11)
|
|
|
502,224
|
|
|
|
|
707
|
|
|
Comstock Funding Ltd., Series 2006-1A, Class D,
4.549%, 5/30/20
(8)(11)
|
|
|
479,268
|
|
|
|
|
1,000
|
|
|
First CLO Ltd., Series 2004-1A1, Class C,
2.588%, 7/27/16
(8)(11)
|
|
|
814,338
|
|
|
|
|
|
|
|
|
Total
Asset-Backed Securities
|
|
|
(identified
cost $6,065,165)
|
|
$
|
4,281,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks 1.7%
|
|
Shares
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Automotive 0.4%
|
|
|
20,780
|
|
|
Dayco Products,
LLC
(12)(13)
|
|
$
|
1,028,610
|
|
|
|
|
35,798
|
|
|
Hayes Lemmerz International,
Inc.
(12)(13)
|
|
|
1,351,374
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,379,984
|
|
|
|
|
|
|
|
Building
and Development 0.1%
|
|
|
280
|
|
|
Panolam Holdings
Co.
(6)(12)(14)
|
|
$
|
222,631
|
|
|
|
|
569
|
|
|
United Subcontractors,
Inc.
(6)(12)(13)
|
|
|
58,722
|
|
|
|
|
|
|
|
|
|
|
|
$
|
281,353
|
|
|
|
|
|
|
|
Chemicals
and Plastics 0.0%
|
|
|
146
|
|
|
Wellman Holdings,
Inc.
(6)(12)(13)
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0
|
|
|
|
|
|
|
|
Diversified
Manufacturing 0.0%
(10)
|
|
|
357,266
|
|
|
MEGA Brands,
Inc.
(12)
|
|
$
|
217,754
|
|
|
|
|
|
|
|
|
|
|
|
$
|
217,754
|
|
|
|
|
|
|
|
Food
Service 0.0%
(10)
|
|
|
25,547
|
|
|
Buffets,
Inc.
(12)
|
|
$
|
89,415
|
|
|
|
|
|
|
|
|
|
|
|
$
|
89,415
|
|
|
|
|
|
|
See
notes to financial statements
19
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Lodging
and Casinos 0.1%
|
|
|
83
|
|
|
Greektown Superholdings,
Inc.
(12)
|
|
$
|
6,142
|
|
|
|
|
37,016
|
|
|
Tropicana Entertainment,
Inc.
(12)(13)
|
|
|
545,986
|
|
|
|
|
|
|
|
|
|
|
|
$
|
552,128
|
|
|
|
|
|
|
|
Nonferrous
Metals / Minerals 0.1%
|
|
|
701
|
|
|
Euramax International,
Inc.
(12)(13)
|
|
$
|
220,878
|
|
|
|
|
|
|
|
|
|
|
|
$
|
220,878
|
|
|
|
|
|
|
|
Oil
and
Gas 0.0%
(10)
|
|
|
1,565
|
|
|
SemGroup
Corp.
(12)
|
|
$
|
40,878
|
|
|
|
|
|
|
|
|
|
|
|
$
|
40,878
|
|
|
|
|
|
|
|
Publishing 0.8%
|
|
|
313
|
|
|
Dex One
Corp.
(12)
|
|
$
|
1,487
|
|
|
|
|
4,429
|
|
|
Ion Media Networks,
Inc.
(12)(13)
|
|
|
1,993,050
|
|
|
|
|
29,104
|
|
|
MediaNews Group,
Inc.
(12)(13)
|
|
|
552,977
|
|
|
|
|
85,127
|
|
|
Readers Digest Association, Inc.
(The)
(12)(13)
|
|
|
1,808,949
|
|
|
|
|
2,290
|
|
|
Source Interlink Companies,
Inc.
(6)(12)(13)
|
|
|
37,441
|
|
|
|
|
10,855
|
|
|
SuperMedia,
Inc.
(12)
|
|
|
49,065
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,442,969
|
|
|
|
|
|
|
|
Radio
and Television 0.1%
|
|
|
355
|
|
|
New Young Broadcasting Holding Co.,
Inc.
(12)(13)
|
|
$
|
736,802
|
|
|
|
|
|
|
|
|
|
|
|
$
|
736,802
|
|
|
|
|
|
|
|
Steel 0.1%
|
|
|
13,108
|
|
|
KNIA Holdings,
Inc.
(6)(12)(13)
|
|
$
|
154,669
|
|
|
|
|
22,100
|
|
|
RathGibson Acquisition Co.,
LLC
(6)(12)(14)
|
|
|
518,024
|
|
|
|
|
|
|
|
|
|
|
|
$
|
672,693
|
|
|
|
|
|
|
|
|
Total
Common Stocks
|
|
|
(identified
cost $6,240,590)
|
|
$
|
9,634,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
0.0%
(10)
|
|
Shares
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Oil
and
Gas 0.0%
(10)
|
|
|
1,647
|
|
|
SemGroup Corp., Expires
11/30/14
(12)
|
|
$
|
12,352
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,352
|
|
|
|
|
|
|
Publishing 0.0%
|
|
|
1,609
|
|
|
Readers Digest Association, Inc. (The), Expires
2/19/14
(6)(12)(13)
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0
|
|
|
|
|
|
|
|
Radio
and
Television 0.0%
(10)
|
|
|
4
|
|
|
New Young Broadcasting Holding Co., Inc., Expires
12/24/24
(12)(13)
|
|
$
|
8,302
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,302
|
|
|
|
|
|
|
|
|
Total
Warrants
|
|
|
(identified
cost $6,891)
|
|
$
|
20,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments 5.6%
|
|
Interest/
Principal
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000s
Omitted)
|
|
|
Description
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,379
|
|
|
Eaton Vance Cash Reserves Fund, LLC,
0.22%
(15)
|
|
$
|
30,378,607
|
|
|
|
|
2,036
|
|
|
State Street Bank and Trust Euro Time Deposit,
0.01%, 12/1/10
|
|
|
2,035,782
|
|
|
|
|
|
|
|
|
Total
Short-Term Investments
|
|
|
(identified
cost $32,414,389)
|
|
$
|
32,414,389
|
|
|
|
|
|
|
|
|
Total
Investments 158.1%
|
|
|
(identified
cost $923,990,608)
|
|
$
|
913,419,599
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
Unfunded Loan
Commitments 0.0%
(10)
|
|
$
|
(238,295
|
)
|
|
|
|
|
|
|
|
Net
Investments 158.1%
|
|
|
(identified
cost $923,752,313)
|
|
$
|
913,181,304
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (44.2)%
|
|
$
|
(255,503,518
|
)
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative
|
|
|
Unpaid
Dividends (13.9)%
|
|
$
|
(80,041,396
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to Common Shares 100.0%
|
|
$
|
577,636,390
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
EUR - Euro
GBP - British Pound Sterling
See
notes to financial statements
20
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
PORTFOLIO OF
INVESTMENTS
(Unaudited) CONTD
|
|
|
*
|
|
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 and includes
commitment fees on unfunded loan commitments, if any. 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)
|
|
Represents a
payment-in-kind
security which may pay all or a portion of interest/dividends in
additional par/shares.
|
|
(3)
|
|
This Senior Loan will settle after November 30, 2010, at
which time the interest rate will be determined.
|
|
(4)
|
|
Unfunded or partially unfunded loan commitments. See
Note 1G for description.
|
|
(5)
|
|
Defaulted matured security. For a variable rate security,
interest rate has been adjusted to reflect non-accrual status.
|
|
(6)
|
|
Security valued at fair value using methods determined in good
faith by or at the direction of the Trustees.
|
|
(7)
|
|
Currently the issuer is in default with respect to interest
payments. For a variable rate security, interest rate has been
adjusted to reflect non-accrual status.
|
|
(8)
|
|
Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be sold
in certain transactions (normally to qualified institutional
buyers) and remain exempt from registration. At
November 30, 2010, the aggregate value of these securities
is $27,381,797 or 4.7% of the Trusts net assets applicable
to common shares.
|
|
(9)
|
|
Security exempt from registration under Regulation S of the
Securities Act of 1933, which exempts from registration
securities offered and sold outside the United States. Security
may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933.
|
|
(10)
|
|
Amount is less than 0.05%.
|
|
(11)
|
|
Variable rate security. The stated interest rate represents the
rate in effect at November 30, 2010.
|
|
(12)
|
|
Non-income producing security.
|
|
(13)
|
|
Security was acquired in connection with a restructuring of a
Senior Loan and may be subject to restrictions on resale.
|
|
|
|
(14)
|
|
Restricted security (See Note 8).
|
|
(15)
|
|
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, 2010. Net income allocated from
the investment in Eaton Vance Cash Reserves Fund, LLC for the
six months ended November 30, 2010 was $19,245.
|
See
notes to financial statements
21
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
FINANCIAL
STATEMENTS
(Unaudited)
Statement
of Assets and Liabilities
|
|
|
|
|
|
|
As of
November 30, 2010
|
|
|
|
|
|
|
Assets
|
|
Unaffiliated investments, at value
(identified cost, $893,373,706)
|
|
$
|
882,802,697
|
|
|
|
Affiliated investment, at value
(identified cost, $30,378,607)
|
|
|
30,378,607
|
|
|
|
Foreign currency, at value
(identified cost, $2,407,453)
|
|
|
2,387,438
|
|
|
|
Interest and dividends receivable
|
|
|
4,964,067
|
|
|
|
Interest receivable from affiliated investment
|
|
|
4,212
|
|
|
|
Receivable for investments sold
|
|
|
5,046,091
|
|
|
|
Receivable for open forward foreign currency exchange contracts
|
|
|
796,208
|
|
|
|
Receivable from the transfer agent
|
|
|
106,004
|
|
|
|
Prepaid expenses
|
|
|
132,033
|
|
|
|
Other assets
|
|
|
9,547
|
|
|
|
|
|
Total assets
|
|
$
|
926,626,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Notes payable
|
|
$
|
238,000,000
|
|
|
|
Payable for investments purchased
|
|
|
29,986,033
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
479,443
|
|
|
|
Trustees fees
|
|
|
5,298
|
|
|
|
Accrued expenses
|
|
|
478,344
|
|
|
|
|
|
Total liabilities
|
|
$
|
268,949,118
|
|
|
|
|
|
Auction preferred shares (3,200 shares outstanding) at
liquidation value plus cumulative unpaid dividends
|
|
$
|
80,041,396
|
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
577,636,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 37,442,168 shares issued and outstanding
|
|
$
|
374,422
|
|
|
|
Additional paid-in capital
|
|
|
715,335,594
|
|
|
|
Accumulated net realized loss
|
|
|
(130,921,084
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
2,639,312
|
|
|
|
Net unrealized depreciation
|
|
|
(9,791,854
|
)
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
577,636,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value Per Common Share
|
|
($577,636,390
¸
37,442,168 common shares issued and outstanding)
|
|
$
|
15.43
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
|
November 30,
2010
|
|
|
|
|
|
|
Investment
Income
|
|
Interest
|
|
$
|
23,729,367
|
|
|
|
Dividends
|
|
|
183,190
|
|
|
|
Interest allocated from affiliated investment
|
|
|
19,728
|
|
|
|
Expenses allocated from affiliated investment
|
|
|
(483
|
)
|
|
|
|
|
Total investment income
|
|
$
|
23,931,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
3,322,528
|
|
|
|
Trustees fees and expenses
|
|
|
16,393
|
|
|
|
Custodian fee
|
|
|
145,033
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
10,739
|
|
|
|
Legal and accounting services
|
|
|
331,566
|
|
|
|
Printing and postage
|
|
|
49,211
|
|
|
|
Interest expense and fees
|
|
|
1,969,674
|
|
|
|
Preferred shares service fee
|
|
|
57,660
|
|
|
|
Miscellaneous
|
|
|
81,186
|
|
|
|
|
|
Total expenses
|
|
$
|
5,983,990
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of investment adviser fee
|
|
$
|
476,448
|
|
|
|
Reduction of custodian fee
|
|
|
38
|
|
|
|
|
|
Total expense reductions
|
|
$
|
476,486
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
5,507,504
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
18,424,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
(8,650,643
|
)
|
|
|
Investment transactions allocated from affiliated investment
|
|
|
502
|
|
|
|
Foreign currency and forward foreign currency exchange
contract transactions
|
|
|
(3,904,950
|
)
|
|
|
|
|
Net realized loss
|
|
$
|
(12,555,091
|
)
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments
|
|
$
|
33,247,641
|
|
|
|
Foreign currency and forward foreign currency exchange contracts
|
|
|
1,175,632
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
34,423,273
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain
|
|
$
|
21,868,182
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(624,117
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
39,668,363
|
|
|
|
|
|
See
notes to financial statements
22
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
FINANCIAL
STATEMENTS
CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
Increase
(Decrease)
|
|
November 30,
2010
|
|
|
Year Ended
|
|
|
|
in Net Assets
|
|
(Unaudited)
|
|
|
May 31,
2010
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
18,424,298
|
|
|
$
|
37,701,615
|
|
|
|
Net realized loss from investment, foreign currency and forward
foreign currency exchange contract transactions
|
|
|
(12,555,091
|
)
|
|
|
(21,518,286
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, foreign currency and forward foreign currency
exchange contracts
|
|
|
34,423,273
|
|
|
|
150,975,117
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(624,117
|
)
|
|
|
(1,640,529
|
)
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
39,668,363
|
|
|
$
|
165,517,917
|
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(19,195,802
|
)
|
|
$
|
(35,216,021
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(19,195,802
|
)
|
|
$
|
(35,216,021
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
552,974
|
|
|
$
|
409,852
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
552,974
|
|
|
$
|
409,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets
|
|
$
|
21,025,535
|
|
|
$
|
130,711,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares
|
|
At beginning of period
|
|
$
|
556,610,855
|
|
|
$
|
425,899,107
|
|
|
|
|
|
At end of period
|
|
$
|
577,636,390
|
|
|
$
|
556,610,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
undistributed
net investment income
included in net assets
applicable to common shares
|
|
At end of period
|
|
$
|
2,639,312
|
|
|
$
|
4,034,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
Cash Flows From
|
|
November 30,
2010
|
|
|
|
Operating Activities
|
|
(Unaudited)
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
39,668,363
|
|
|
|
Distributions to preferred shareholders
|
|
|
624,117
|
|
|
|
|
|
Net increase in net assets from operations excluding
distributions to preferred shareholders
|
|
$
|
40,292,480
|
|
|
|
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
|
|
|
|
|
|
|
Investments purchased
|
|
|
(149,350,472
|
)
|
|
|
Investments sold and principal repayments
|
|
|
164,646,802
|
|
|
|
Increase in short-term investments, net
|
|
|
(22,764,603
|
)
|
|
|
Net amortization/accretion of premium (discount)
|
|
|
(3,419,312
|
)
|
|
|
Amortization of renewal fee on notes payable
|
|
|
183,904
|
|
|
|
Decrease in interest and dividends receivable
|
|
|
273,230
|
|
|
|
Increase in interest receivable from affiliated investment
|
|
|
(1,572
|
)
|
|
|
Increase in receivable for investments sold
|
|
|
(1,062,669
|
)
|
|
|
Increase in receivable for open forward foreign currency
exchange contracts
|
|
|
(796,208
|
)
|
|
|
Increase in receivable from the transfer agent
|
|
|
(106,004
|
)
|
|
|
Decrease in prepaid expenses
|
|
|
3,242
|
|
|
|
Increase in other assets
|
|
|
(2,316
|
)
|
|
|
Increase in payable for investments purchased
|
|
|
16,157,399
|
|
|
|
Decrease in payable for open forward foreign currency
exchange contracts
|
|
|
(393,842
|
)
|
|
|
Increase in payable to affiliate for investment adviser fee
|
|
|
28,526
|
|
|
|
Increase in payable to affiliate for Trustees fees
|
|
|
498
|
|
|
|
Decrease in accrued expenses
|
|
|
(34,535
|
)
|
|
|
Decrease in unfunded loan commitments
|
|
|
(29,395
|
)
|
|
|
Net change in unrealized (appreciation) depreciation from
investments
|
|
|
(33,247,641
|
)
|
|
|
Net realized loss from investments
|
|
|
8,650,643
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
19,028,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Financing Activities
|
|
Distributions paid to common shareholders, net of reinvestments
|
|
$
|
(18,642,828
|
)
|
|
|
Cash distributions to preferred shareholders
|
|
|
(603,892
|
)
|
|
|
Proceeds from notes payable
|
|
|
7,000,000
|
|
|
|
Repayment of notes payable
|
|
|
(7,000,000
|
)
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(19,246,720
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash*
|
|
$
|
(218,565
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of
period
(1)
|
|
$
|
2,606,003
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
period
(1)
|
|
$
|
2,387,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow
information:
|
|
Noncash financing activities not included herein consist of:
|
|
|
|
|
|
|
Reinvestment of dividends and distributions
|
|
$
|
552,974
|
|
|
|
Cash paid for interest and fees on borrowings
|
|
$
|
1,805,861
|
|
|
|
|
|
|
|
*
|
Includes net change
in unrealized appreciation (depreciation) on foreign currency of
$(42,034).
|
|
|
|
(1)
|
|
Balance includes
foreign currency, at value.
|
See
notes to financial statements
23
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Year Ended
May 31,
|
|
|
November 30,
2010
|
|
|
|
|
|
(Unaudited)
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
14.880
|
|
|
$
|
11.390
|
|
|
$
|
16.280
|
|
|
$
|
18.980
|
|
|
$
|
18.910
|
|
|
$
|
18.840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.492
|
|
|
$
|
1.008
|
|
|
$
|
1.136
|
|
|
$
|
2.002
|
|
|
$
|
2.174
|
|
|
$
|
1.833
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
0.588
|
|
|
|
3.468
|
|
|
|
(4.917
|
)
|
|
|
(2.701
|
)
|
|
|
0.114
|
|
|
|
0.087
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment
income
(1)
|
|
|
(0.017
|
)
|
|
|
(0.044
|
)
|
|
|
(0.111
|
)
|
|
|
(0.575
|
)
|
|
|
(0.601
|
)
|
|
|
(0.463
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
1.063
|
|
|
$
|
4.432
|
|
|
$
|
(3.892
|
)
|
|
$
|
(1.274
|
)
|
|
$
|
1.687
|
|
|
$
|
1.457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
Distributions to Common Shareholders
|
|
From net investment income
|
|
$
|
(0.513
|
)
|
|
$
|
(0.942
|
)
|
|
$
|
(0.868
|
)
|
|
$
|
(1.417
|
)
|
|
$
|
(1.617
|
)
|
|
$
|
(1.387
|
)
|
|
|
Tax return of capital
|
|
|
|
|
|
|
|
|
|
|
(0.130
|
)
|
|
|
(0.009
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.513
|
)
|
|
$
|
(0.942
|
)
|
|
$
|
(0.998
|
)
|
|
$
|
(1.426
|
)
|
|
$
|
(1.617
|
)
|
|
$
|
(1.387
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
15.430
|
|
|
$
|
14.880
|
|
|
$
|
11.390
|
|
|
$
|
16.280
|
|
|
$
|
18.980
|
|
|
$
|
18.910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
16.190
|
|
|
$
|
14.350
|
|
|
$
|
10.330
|
|
|
$
|
15.130
|
|
|
$
|
19.480
|
|
|
$
|
17.950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
7.28
|
%
(3)
|
|
|
40.07
|
%
|
|
|
(22.80
|
)%
|
|
|
(6.31
|
)%
|
|
|
9.45
|
%
|
|
|
8.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
16.73
|
%
(3)
|
|
|
48.94
|
%
|
|
|
(24.66
|
)%
|
|
|
(15.15
|
)%
|
|
|
18.34
|
%
|
|
|
7.38
|
%
|
|
|
|
|
See
notes to financial statements
24
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Year Ended
May 31,
|
|
|
November 30,
2010
|
|
|
|
|
|
(Unaudited)
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
577,636
|
|
|
$
|
556,611
|
|
|
$
|
425,899
|
|
|
$
|
608,310
|
|
|
$
|
708,775
|
|
|
$
|
705,175
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and
fees
(5)
|
|
|
1.25
|
%
(6)
|
|
|
1.15
|
%
|
|
|
1.24
|
%
|
|
|
1.22
|
%
|
|
|
1.14
|
%
|
|
|
1.15
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.70
|
%
(6)
|
|
|
0.59
|
%
|
|
|
2.00
|
%
|
|
|
0.12
|
%
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.95
|
%
(6)
|
|
|
1.74
|
%
|
|
|
3.24
|
%
|
|
|
1.34
|
%
|
|
|
1.14
|
%
|
|
|
1.15
|
%
|
|
|
Net investment income
|
|
|
6.54
|
%
(6)
|
|
|
7.20
|
%
|
|
|
9.71
|
%
|
|
|
11.68
|
%
|
|
|
11.50
|
%
|
|
|
9.67
|
%
|
|
|
Portfolio Turnover
|
|
|
17
|
%
(3)
|
|
|
43
|
%
|
|
|
16
|
%
|
|
|
36
|
%
|
|
|
58
|
%
|
|
|
51
|
%
|
|
|
|
|
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 and borrowings,
are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares plus preferred shares and
borrowings):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and
fees
(5)
|
|
|
0.80
|
%
(6)
|
|
|
0.73
|
%
|
|
|
0.71
|
%
|
|
|
0.73
|
%
|
|
|
0.71
|
%
|
|
|
0.71
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.44
|
%
(6)
|
|
|
0.38
|
%
|
|
|
1.15
|
%
|
|
|
0.07
|
%
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.24
|
%
(6)
|
|
|
1.11
|
%
|
|
|
1.86
|
%
|
|
|
0.80
|
%
|
|
|
0.71
|
%
|
|
|
0.71
|
%
|
|
|
Net investment income
|
|
|
4.16
|
%
(6)
|
|
|
4.61
|
%
|
|
|
5.57
|
%
|
|
|
6.96
|
%
|
|
|
7.11
|
%
|
|
|
5.99
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable outstanding (in 000s)
|
|
$
|
238,000
|
|
|
$
|
238,000
|
|
|
$
|
96,000
|
|
|
$
|
290,000
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Asset coverage per $1,000 of notes
payable
(8)
|
|
$
|
3,763
|
|
|
$
|
3,675
|
|
|
$
|
6,947
|
|
|
$
|
3,598
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Total preferred shares outstanding
|
|
|
3,200
|
|
|
|
3,200
|
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
17,400
|
|
|
|
17,400
|
|
|
|
Asset coverage per preferred share
|
|
$
|
70,415
|
(9)
|
|
$
|
68,760
|
(9)
|
|
$
|
69,183
|
(9)
|
|
$
|
59,955
|
(9)
|
|
$
|
65,741
|
(10)
|
|
$
|
65,535
|
(10)
|
|
|
Involuntary liquidation preference per preferred
share
(11)
|
|
$
|
25,000
|
|
|
$
|
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
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Not annualized.
|
|
(4)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(5)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%.
|
|
(6)
|
|
Annualized.
|
|
(7)
|
|
Interest and fee expense relates to the notes payable incurred
to partially redeem the Trusts APS (see Note 10).
|
|
(8)
|
|
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.
|
|
(9)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the notes payables and preferred shares) from the
Trusts total assets, dividing the result by the sum of the
value of the notes payables and liquidation value of the
preferred shares, and multiplying the result by the liquidation
value of one preferred share. Such amount equates to 282%, 275%,
277% and 240% at November 30, 2010, and at May 31,
2010, 2009 and 2008, respectively.
|
|
(10)
|
|
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.
|
|
(11)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
25
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
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 investment objective is to provide a high level of
current income. The Trust will, 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 a third party 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 valuation techniques described in
(i) through (iii) below to assess the likelihood that
the borrower will make a full repayment of the loan underlying
such Senior Loan relative to yields on other Senior Loans issued
by companies of comparable credit quality. If the investment
adviser believes that there is a reasonable likelihood of full
repayment, the investment adviser will determine fair value
using a matrix pricing approach that considers the yield on the
Senior Loan. If the investment adviser believes there is not a
reasonable likelihood of full repayment, the investment adviser
will determine fair value using analyses that include, but are
not limited to: (i) a comparison of the value of the
borrowers outstanding equity and debt to that of
comparable public companies; (ii) a discounted cash flow
analysis; or (iii) when the investment adviser believes it
is likely that a borrower will be liquidated or sold, an
analysis of the terms of such liquidation or sale. In certain
cases, the investment adviser will use a combination of
analytical methods to determine fair value, such as when only a
portion of a 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 short-term obligations with a
remaining maturity of more than sixty days) are generally valued
on the basis of valuations provided by third party pricing
services, as derived from such services pricing models.
Inputs to the models may include, but are not limited to,
reported trades, executable bid and asked prices, broker/dealer
quotations, prices or yields of securities with similar
characteristics, benchmark curves or information pertaining to
the issuer, as well as industry and economic events. The pricing
services may use a matrix approach, which considers information
regarding securities with similar characteristics to determine
the valuation for a security. Short-term debt obligations
purchased with a remaining maturity of sixty days or less are
generally valued at amortized cost, which approximates market
value.
Equity securities (including common shares of closed-end
investment companies) listed on a U.S. securities exchange
generally are valued at the last sale or closing 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 a third party pricing
service that will use various techniques that consider factors
including, but not limited to, prices or yields of securities
with similar characteristics, benchmark yields, broker/dealer
quotes, quotes of underlying common stock, issuer spreads, as
well as industry and economic events. Forward foreign currency
exchange contracts are generally valued at the mean of the
average bid and average asked prices that are reported by
currency dealers to a third party pricing service at the
valuation time. Such third party pricing service valuations are
supplied for specific settlement periods and the Trusts
forward foreign currency exchange contracts are valued at an
interpolated rate between the closest preceding and subsequent
settlement period reported by the third party pricing service.
Foreign securities and currencies are valued in U.S. dollars,
based on foreign currency exchange rate quotations supplied by a
third party pricing service. The pricing service uses a
proprietary model to determine the exchange rate. Inputs to the
model include reported trades and implied bid/ask
26
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
spreads. Investments for which valuations or market quotations
are not readily available or are deemed unreliable are valued at
fair value using methods determined in good faith by or at the
direction of the Trustees of the Trust in a manner that most
fairly reflects the securitys value, or the amount that
the Trust might reasonably expect to receive for the security
upon its current sale in the ordinary course. Each such
determination is based on a consideration of all relevant
factors, which are likely to vary from one pricing context to
another. These factors may include, but are not limited to, the
type of security, the existence of any contractual restrictions
on the securitys disposition, the price and extent of
public trading in similar securities of the issuer or of
comparable companies or entities, quotations or relevant
information obtained from broker-dealers or other market
participants, information obtained from the issuer, analysts,
and/or
the
appropriate stock exchange (for exchange-traded securities), an
analysis of the companys or entitys financial
condition, and an evaluation of the forces that influence the
issuer and the market(s) in which the security is purchased and
sold.
The Trust may invest in Eaton Vance Cash Reserves Fund, LLC
(Cash Reserves Fund), an affiliated investment company managed
by Eaton Vance Management (EVM). Cash Reserves Fund generally
values its investment securities utilizing the amortized cost
valuation technique in accordance with
Rule 2a-7
under the 1940 Act. This technique involves initially valuing a
portfolio security at its cost and thereafter assuming a
constant amortization to maturity of any discount or premium. If
amortized cost is determined not to approximate fair value, Cash
Reserves Fund may value its investment securities in the same
manner as debt obligations described above.
B
Investment
Transactions
Investment transactions for
financial statement purposes are accounted for on a trade date
basis. Realized gains and losses on investments sold are
determined on the basis of identified cost.
C
Income
Interest income is recorded on the basis of interest
accrued, adjusted for amortization of premium or accretion of
discount. Fees associated with loan amendments are recognized
immediately. Dividend income is recorded on the ex-dividend date
for dividends received in cash
and/or
securities.
D
Federal
Taxes
The 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, 2010, the Trust, for federal income tax
purposes, had a capital loss carryforward of $104,940,604 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), May 31, 2016
($3,161,472), May 31, 2017 ($53,628,558) and May 31,
2018 ($40,967,167).
Additionally, at May 31, 2010, the Trust had a net capital
loss of $12,895,147 attributable to security transactions
incurred after October 31, 2009. This net capital loss is
treated as arising on the first day of the Trusts taxable
year ending May 31, 2011.
As of November 30, 2010, 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, 2010 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.
27
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
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. At November 30,
2010, the Trust had sufficient cash and/or securities to cover
these commitments.
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. Under Massachusetts law, if certain
conditions prevail, shareholders of a Massachusetts business
trust (such as the Trust) could be deemed to have personal
liability for the obligations of the Trust. However, the
Trusts Declaration of Trust contains an express disclaimer
of liability on the part of Trust shareholders and the By-laws
provide that the Trust shall assume the defense on behalf of any
Trust shareholders. Moreover, the By-laws also provide for
indemnification out of Trust property of any shareholder held
personally liable solely by reason of being or having been a
shareholder for all loss or expense arising from such liability.
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 enters into forward contracts
for hedging purposes as well as non-hedging purposes. The
forward foreign currency exchange contracts are adjusted by the
daily exchange rate of the underlying currency and any gains or
losses are recorded as unrealized until such time as the
contracts have 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
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.
L
Interim
Financial Statements
The interim financial
statements relating to November 30, 2010 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,
2010 is as follows:
|
|
|
|
|
|
|
|
|
APS Issued and
Outstanding
|
|
|
|
|
Series A
|
|
|
640
|
|
|
|
Series B
|
|
|
640
|
|
|
|
Series C
|
|
|
640
|
|
|
|
Series D
|
|
|
640
|
|
|
|
Series E
|
|
|
640
|
|
|
|
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
28
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
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 up to 0.15% of the liquidation value of the
APS to broker-dealers as a service fee if the auctions are
unsuccessful; otherwise, the annual fee is 0.25%.
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 preferred shareholders are
recorded daily and are payable at the end of each dividend
period. The dividend rates for the APS at November 30,
2010, and the amount of dividends accrued (including capital
gains, if any) to APS shareholders, average APS dividend rates
(annualized), and dividend rate ranges for the six months then
ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APS
|
|
|
Dividends
|
|
|
Average APS
|
|
|
Dividend
|
|
|
|
|
|
Dividend Rates
at
|
|
|
Accrued to APS
|
|
|
Dividend
|
|
|
Rate
|
|
|
|
|
|
November 30,
2010
|
|
|
Shareholders
|
|
|
Rates
|
|
|
Ranges
|
|
|
|
|
Series A
|
|
|
1.50%
|
|
|
$
|
124,322
|
|
|
|
1.55%
|
|
|
|
1.50%1.58%
|
|
|
|
Series B
|
|
|
1.50%
|
|
|
$
|
124,291
|
|
|
|
1.55%
|
|
|
|
1.50%1.58%
|
|
|
|
Series C
|
|
|
1.50%
|
|
|
$
|
124,262
|
|
|
|
1.55%
|
|
|
|
1.50%1.58%
|
|
|
|
Series D
|
|
|
1.51%
|
|
|
$
|
125,621
|
|
|
|
1.57%
|
|
|
|
1.51%1.60%
|
|
|
|
Series E
|
|
|
1.51%
|
|
|
$
|
125,621
|
|
|
|
1.57%
|
|
|
|
1.51%1.60%
|
|
|
|
|
|
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, 2010.
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
management and 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. For the six
months ended November 30, 2010, the Trusts investment
adviser fee totaled $3,322,528. EVM also serves as administrator
of the Trust, but receives no compensation.
In addition, EVM has contractually agreed to reimburse the Trust
for fees and other expenses at an annual rate of 0.20% of the
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. The Trust concluded its
first full six years of operations on June 29, 2010.
Pursuant to this agreement, EVM waived $476,448 of its
investment adviser fee for the six months ended
November 30, 2010.
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, 2010, 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 $149,350,472 and
$164,646,802, respectively, for the six months ended
November 30, 2010.
6
Common
Shares of Beneficial Interest
Common shares issued pursuant to the Trusts dividend
reinvestment plan for the six months ended November 30,
2010 and the year ended May 31, 2010 were 36,597 and
27,221, respectively.
29
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
7
Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Trust at November 30, 2010, as
determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
924,713,545
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
18,843,913
|
|
|
|
Gross unrealized depreciation
|
|
|
(30,376,154
|
)
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(11,532,241
|
)
|
|
|
|
|
8
Restricted Securities
At November 30, 2010, the Trust owned the following
securities (representing 0.1% of net assets applicable to common
shares) which were restricted as to public resale and not
registered under the Securities Act of 1933 (excluding
Rule 144A securities). The Trust has various registration
rights (exercisable under a variety of circumstances) with
respect to these securities. The value of these securities is
determined based on valuations provided by brokers when
available, or if not available, they are valued at fair value
using methods determined in good faith by or at the direction of
the Trustees.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Acquisition
|
|
|
Shares
|
|
|
Cost
|
|
|
Value
|
|
|
|
|
Common
Stocks
|
|
Panolam Holdings Co.
|
|
|
12/30/09
|
|
|
|
280
|
|
|
$
|
153,860
|
|
|
$
|
222,631
|
|
|
|
RathGibson Acquisition Co., LLC
|
|
|
6/14/10
|
|
|
|
22,100
|
|
|
|
117,286
|
|
|
|
518,024
|
|
|
|
|
|
Total Restricted Securities
|
|
|
|
|
|
|
|
|
|
$
|
271,146
|
|
|
$
|
740,655
|
|
|
|
|
|
9
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 may involve, to a varying degree,
elements of risk in excess of the amounts recognized for
financial statement purposes. The notional or contractual
amounts of these instruments represent the investment the Trust
has in particular classes of financial instruments and do 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, 2010 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Exchange Contracts
|
|
Sales
|
|
|
|
|
|
|
|
|
|
Net Unrealized
|
|
|
|
Settlement
Date
|
|
Deliver
|
|
In Exchange
For
|
|
Counterparty
|
|
Appreciation
|
|
|
|
|
12/31/10
|
|
British Pound Sterling
397,486
|
|
United States Dollar
629,964
|
|
State Street Bank
and Trust Company
|
|
$
|
11,809
|
|
|
|
12/31/10
|
|
British Pound Sterling
11,204,611
|
|
United States Dollar
17,496,785
|
|
State Street Bank
and Trust Company
|
|
|
71,828
|
|
|
|
12/31/10
|
|
Euro
541,733
|
|
United States Dollar
729,108
|
|
State Street Bank
and Trust Company
|
|
|
25,975
|
|
|
|
12/31/10
|
|
Euro
24,186,806
|
|
United States Dollar
32,079,445
|
|
State Street Bank
and Trust Company
|
|
|
686,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
796,208
|
|
|
|
|
|
At November 30, 2010, the Trust had sufficient cash
and/or
securities to cover commitments under these contracts.
The Trust is subject to foreign exchange risk in the normal
course of pursuing its investment objectives. Because the Trust
holds foreign currency denominated investments, the value of
these investments and related receivables and payables may
change due to future changes in foreign currency exchange rates.
To hedge against this risk, the Trust enters into forward
foreign currency exchange contracts. The Trust also enters into
such contracts to hedge the currency risk of investments it
anticipates purchasing.
The non-exchange traded derivatives in which the Trust invests,
including forward foreign currency exchange contracts, are
subject to the risk that the counterparty to the contract fails
to perform its obligations under the contract. At
November 30, 2010, the maximum amount of loss the Fund
would incur due to counterparty risk was $796,208, representing
the fair value of such derivatives in an asset position.
The fair value of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) and
whose primary underlying risk exposure is foreign exchange risk
at November 30, 2010 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value
|
|
|
|
Derivative
|
|
Asset
Derivative
(1)
|
|
|
Liability
Derivative
|
|
|
|
|
Forward foreign currency exchange contracts
|
|
$
|
796,208
|
|
|
$
|
|
|
|
|
|
|
|
(1)
|
|
Statement of Assets and Liabilities location: Receivable for
open forward foreign currency exchange contracts.
|
30
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the
Statement of Operations and whose primary underlying risk
exposure is foreign exchange risk for the six months ended
November 30, 2010 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
Realized Gain
|
|
|
Appreciation
|
|
|
|
|
|
(Loss) on
|
|
|
(Depreciation)
on
|
|
|
|
|
|
Derivatives
|
|
|
Derivatives
|
|
|
|
|
|
Recognized in
|
|
|
Recognized in
|
|
|
|
Derivative
|
|
Income
(1)
|
|
|
Income
(2)
|
|
|
|
|
Forward foreign currency exchange contracts
|
|
$
|
(4,042,138
|
)
|
|
$
|
1,190,050
|
|
|
|
|
|
|
(1)
|
|
Statement of Operations location: Net realized gain
(loss) Foreign currency and forward foreign currency
exchange contract transactions.
|
|
(2)
|
|
Statement of Operations location: Change in unrealized
appreciation (depreciation) Foreign currency and
forward foreign currency exchange contracts.
|
The average notional amount of forward foreign currency exchange
contracts outstanding during the six months ended
November 30, 2010, which is indicative of the volume of
this derivative type, was approximately $49,577,000.
10
Credit Agreement
The Trust has entered into a Credit Agreement (the Agreement)
with a bank to borrow up to a limit of $250 million
pursuant to a
364-day
revolving line of credit. Borrowings under the Agreement are
secured by the assets of the Trust. Interest is charged at a
rate above the London Interbank Offered Rate (LIBOR) and is
payable monthly. Under the terms of the Agreement, the Trust
pays a commitment fee of 0.15% on the borrowing limit. In
connection with the renewal of the Agreement on March 30,
2010, the Trust paid an up-front fee of $375,000, which is being
amortized to interest expense through March 29, 2011, the
termination date of the Agreement. The unamortized balance at
November 30, 2010 is approximately $126,000 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, 2010, the
Trust had borrowings outstanding under the Agreement of
$238,000,000 at an interest rate of 1.25%. The carrying amount
of the borrowings at November 30, 2010 approximated its
fair value. For the six months ended November 30, 2010, the
average borrowings under the Agreement and the average interest
rate (annualized) were $241,710,383 and 1.32%, respectively.
11
Risks
Associated with Foreign Investments
Investing in securities issued by companies whose principal
business activities are outside the United States may involve
significant risks not present in domestic investments. For
example, there is generally less publicly available information
about foreign companies, particularly those not subject to the
disclosure and reporting requirements of the U.S. securities
laws. Certain foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and
standards of practice comparable to those applicable to domestic
issuers. Investments in foreign securities also involve the risk
of possible adverse changes in investment or exchange control
regulations, expropriation or confiscatory taxation, limitation
on the removal of funds or other assets of the Trust, political
or financial instability or diplomatic and other developments
which could affect such investments. Foreign securities markets,
while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some
foreign issuers (particularly those located in developing
countries) may be less liquid and more volatile than securities
of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities
markets, broker-dealers and issuers than in the United States.
12
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 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.
13
Fair
Value Measurements
Under generally accepted accounting principles for fair value
measurements, a
three-tier
hierarchy to prioritize the assumptions, referred to as inputs,
is 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
|
|
|
|
Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)
|
31
Eaton Vance
Floating-Rate Income
Trust
as
of November 30, 2010
NOTES TO FINANCIAL
STATEMENTS
(Unaudited) CONTD
|
|
|
|
|
Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
At November 30, 2010, the inputs used in valuing the
Trusts investments, which are carried at value, were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
Significant
|
|
|
|
|
|
|
|
|
|
|
|
Markets for
|
|
|
Other
|
|
|
Significant
|
|
|
|
|
|
|
|
|
Identical
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
|
|
|
|
|
|
|
Asset
Description
|
|
(Level
1)
|
|
|
(Level
2)
|
|
|
(Level
3)
|
|
|
Total
|
|
|
|
|
Senior Floating-Rate Interests (Less Unfunded Loan Commitments)
|
|
$
|
|
|
|
$
|
801,947,717
|
|
|
$
|
2,947,821
|
|
|
$
|
804,895,538
|
|
|
|
Corporate Bonds & Notes
|
|
|
|
|
|
|
61,757,463
|
|
|
|
177,347
|
|
|
|
61,934,810
|
|
|
|
Asset-Backed Securities
|
|
|
|
|
|
|
4,281,059
|
|
|
|
|
|
|
|
4,281,059
|
|
|
|
Common Stocks
|
|
|
309,184
|
|
|
|
8,334,183
|
|
|
|
991,487
|
|
|
|
9,634,854
|
|
|
|
Warrants
|
|
|
|
|
|
|
20,654
|
|
|
|
0
|
|
|
|
20,654
|
|
|
|
Short-Term Investments
|
|
|
|
|
|
|
32,414,389
|
|
|
|
|
|
|
|
32,414,389
|
|
|
|
|
|
Total Investments
|
|
$
|
309,184
|
|
|
$
|
908,755,465
|
|
|
$
|
4,116,655
|
|
|
$
|
913,181,304
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
$
|
|
|
|
$
|
796,208
|
|
|
$
|
|
|
|
$
|
796,208
|
|
|
|
|
|
Total
|
|
$
|
309,184
|
|
|
$
|
909,551,673
|
|
|
$
|
4,116,655
|
|
|
$
|
913,977,512
|
|
|
|
|
|
The following is a reconciliation of Level 3 assets for
which significant unobservable inputs were used to determine
fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Senior
|
|
|
Investments in
|
|
|
Investments
|
|
|
|
|
|
|
|
|
Floating-
|
|
|
Corporate
|
|
|
in Common
|
|
|
|
|
|
|
|
|
Rate
|
|
|
Bonds &
|
|
|
Stocks and
|
|
|
|
|
|
|
|
|
Interests
|
|
|
Notes
|
|
|
Warrants
|
|
|
Total
|
|
|
|
|
Balance as of May 31, 2010
|
|
$
|
1,057,240
|
|
|
$
|
427,089
|
|
|
$
|
1,793,084
|
|
|
$
|
3,277,413
|
|
|
|
Realized gains (losses)
|
|
|
(10
|
)
|
|
|
457
|
|
|
|
2,015
|
|
|
|
2,462
|
|
|
|
Change in net unrealized appreciation (depreciation)*
|
|
|
(402,097
|
)
|
|
|
(123,412
|
)
|
|
|
603,726
|
|
|
|
78,217
|
|
|
|
Net purchases (sales)
|
|
|
5,333
|
|
|
|
(14,614
|
)
|
|
|
115,271
|
|
|
|
105,990
|
|
|
|
Accrued discount (premium)
|
|
|
101,134
|
|
|
|
9,102
|
|
|
|
|
|
|
|
110,236
|
|
|
|
Net transfers to (from) Level 3**
|
|
|
2,186,221
|
|
|
|
(121,275
|
)
|
|
|
(1,522,609
|
)
|
|
|
542,337
|
|
|
|
|
|
Balance as of November 30, 2010
|
|
$
|
2,947,821
|
|
|
$
|
177,347
|
|
|
$
|
991,487
|
|
|
$
|
4,116,655
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) on
investments still held as of November 30, 2010*
|
|
$
|
(402,097
|
)
|
|
$
|
(128,686
|
)
|
|
$
|
603,726
|
|
|
$
|
72,943
|
|
|
|
|
|
|
|
|
*
|
|
Amount is included in the related amount on investments in the
Statement of Operations.
|
|
**
|
|
Transfers are reflected at the value of the securities at the
beginning of the period.
|
14
Legal
Proceedings
In May 2010, the Trust received a demand letter from a law firm
on behalf of a putative common shareholder. The demand letter
alleged that Eaton Vance Management and the Trustees and
officers of the Trust breached their fiduciary duty to the Trust
in connection with redemption by the Trust of its auction
preferred securities following the collapse of auction markets
in February 2008. The letter demanded that the Board of Trustees
of the Trust take certain action to remedy those alleged
breaches. In August 2010, following a thorough investigation
conducted by the independent Trustees of the Trust, the Board of
Trustees of the Trust (including all of the independent
Trustees) rejected the demands set forth in the demand letter.
32
Eaton Vance
Floating-Rate Income
Trust
BOARD OF TRUSTEES CONTRACT
APPROVAL
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 26, 2010, 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, 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 between
February and April 2010. 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 (including yield where relevant) to the investment
performance of comparable funds over various time periods;
|
|
|
Data regarding investment performance in comparison to relevant
peer groups of similarly managed funds and appropriate indices;
|
|
|
For each fund, comparative information concerning the fees
charged and the services provided by each adviser in managing
other mutual funds and institutional accounts using investment
strategies and techniques similar to those used in managing such
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 policies and
procedures relating to proxy voting, the handling of corporate
actions and class actions;
|
|
|
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;
|
|
|
A description of Eaton Vance Managements procedures for
overseeing third party advisers and subadvisers;
|
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.
|
33
Eaton Vance
Floating-Rate Income
Trust
BOARD OF TRUSTEES CONTRACT
APPROVAL
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, 2010, with respect to one or more
Funds, the Board met ten times and the Contract Review
Committee, the Audit Committee, the Governance Committee, the
Portfolio Management Committee and the Compliance Reports and
Regulatory Matters Committee, each of which is a Committee
comprised solely of Independent Trustees, met nine, thirteen,
three, eight and fifteen 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 including, where relevant, the use of
derivative instruments, as well as trading policies and
procedures and risk management techniques
.
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 of Eaton Vance Floating-Rate Income Trust (the
Fund) with 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 and, where relevant,
restructuring senior secured floating rate loans. Specifically,
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 methods of the Adviser 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 in recent years from
regulatory authorities such as the Securities and Exchange
Commission and the Financial Industry Regulatory Authority.
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.
34
Eaton Vance
Floating-Rate Income
Trust
BOARD OF TRUSTEES CONTRACT
APPROVAL
CONTD
Fund Performance
The Board compared the Funds investment performance to a
relevant universe of comparable funds identified by an
independent data provider as well as a peer group of similarly
managed funds and appropriate benchmark indices. The Board
reviewed comparative performance data for the
one-,
three-
and
five-year
periods ended September 30, 2009 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
payable by the Fund (referred to as management
fees). As part of its review, the Board considered the
management fees and the Funds total expense ratio for the
year ended September 30, 2009, as compared to a group of
similarly managed funds selected by an independent data
provider. The Board also considered factors that had an impact
on Fund expense ratios, as identified by management in response
to inquiries from the Contract Review Committee, as well as
actions being taken to reduce expenses at the Eaton Vance fund
complex level. 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 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, including the benefits of research services that may be
available to the Adviser as a result of securities transactions
effected for the Fund and other investment advisory clients.
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.
35
Eaton Vance
Floating-Rate Income Trust
OFFICERS AND TRUSTEES
|
|
|
Officers
Scott H. Page
President
Michael B. Botthof
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
Thomas E. Faust Jr.
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Lynn A. Stout
|
36
Investment
Adviser and Administrator of
Eaton Vance
Floating-Rate Income Trust
Eaton Vance
Management
Two International
Place
Boston, MA 02110
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
Two
International Place
Boston, MA
02110
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 Chief Financial
Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice
Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief
Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice
President and Chief Financial Officer of United Asset Management Corporation (an institutional
investment management firm) and as a Senior Manager at Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public accounting firm).
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 11, 2011
|
|
|
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 11, 2011
|
|
|
|
|
|
|
|
By:
|
|
/s/ Scott H. Page
|
|
|
|
|
|
|
|
|
|
Scott H. Page
|
|
|
|
|
President
|
|
|
|
|
|
|
|
Date:
|
|
January 11, 2011
|
|
|
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