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
May 31, 2012
Date of Reporting Period
Item 1. Reports to Stockholders
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Eaton Vance
Floating-Rate Income Trust (EFT)
Annual Report
May 31, 2012
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Fund 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.
Annual Report
May 31, 2012
Eaton Vance
Floating-Rate Income Trust
Table of Contents
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Managements Discussion of Fund Performance
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2
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Performance
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3
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Fund Profile
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4
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Endnotes and Additional Disclosures
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5
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Financial Statements
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6
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Report of Independent Registered Public Accounting Firm
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37
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Federal Tax Information
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38
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Annual Meeting of Shareholders
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39
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Dividend Reinvestment Plan
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40
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Board of Trustees Contract Approval
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42
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Management and Organization
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45
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Important Notices
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47
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Eaton Vance
Floating-Rate Income Trust
May 31, 2012
Managements Discussion of Fund Performance
1
Economic and Market Conditions
The 12-month period ended May 31, 2012 was marked by
significant market volatility, as investor sentiment
seesawed in reaction to financial headlines. Changes
in investor sentiment were in fact the primary driver
of volatility in floating rate bank loans, as
corporate fundamentals underlying the U.S. loan market
remained strong throughout the period. The publicly
traded firms in the S&P/LSTA Leveraged Loan Index (the
Index),
2
reported average EBITDA (earnings
before interest, taxes, depreciation and amortization)
growth in excess of 13% during the fiscal year. An
industry default rate of 1.05% for the period, compared
with a trailing 10-year average of about 3%, offered
further evidence of strong U.S. corporate fundamentals.
The macroeconomic backdrop made investors alternately
nervous and confident during the period. At the
start of the fiscal year in June 2011, economic
indicators were beginning to weaken. By late summer,
the U.S. debt downgrade and a deteriorating global
outlook helped create a strong risk-off dynamic in
the market, pushing prices down for floating rate
loans. The Feds stated intent to keep interest rates
low into 2014 was another factor putting downward
pressure on the asset class.
Beginning in October 2011, the market rebounded as
improving U.S. economic indicators nudged investors
back to a risk-on mentality. Bank loans and high
yield bonds, each rated below investment grade, were
among the asset classes that benefited. This risk-on
mentality continued through the first quarter of
2012 and into April. But in the closing month of the
period, evidence of slowing GDP and job growth
combined with a deteriorating European outlook seemed
to push investors back to a more fearful stance, and
the bank loan market retreated again. For the
one-year period as a whole, floating-rate bank
loans, as measured by the Index, were in positive
territory, up 2.35%.
Fund Performance
For the fiscal year ending May 31, 2012, Eaton
Vance Floating-Rate Income Trust (the Fund) shares
at net asset value (NAV) had a total return of
4.43%, outperforming the 2.35% return of the Index.
Under normal market conditions, the Fund invests at
least 80% of its total assets in senior, secured floating-rate loans (senior loans). In keeping with
the Funds secondary goal of preservation of capital, management tends to
overweight higher-rated loans relative to the
Indexa strategy that may help results in a risk-off
environment but detract from
performance in a risk-on environment, when
lower-rated investments generally outperform.
Fundamental research drives the credit selection
process, with the goal of producing a fundamentally
stronger portfolio than the Index with fewer loan
defaults.
The Fund may also invest in second-lien loans and
high-yield bonds, and may employ leverage,
5
which may increase risk and volatility. As of May 31,
2012, the Funds investments included senior loans to
390 borrowers spanning 37 industries, with an average
loan representing 0.23% of total investments, and no
industry constituting more than
10.6% of total investments. Health care, business
equipment and services, and electronics/electrical
were the top three industry weightings.
The Funds relative outperformance was due largely to
its higher credit quality portfolio, which
outperformed the Index when the market declined
during the period, and to the use of leverage, which
magnifies income and price volatility and during
this period benefited performance. The Fund also
benefited from investing in high yield bonds, which
outperformed the bank loan market during the fiscal
year; as of period end, high yield bonds constituted
5.2% of total investments. Another positive factor
was the Funds low default rate: less than 0.25% of
the Funds bank loan assets defaulted over the
one-year period, compared with 1.05% of assets for
the Index.
Within the Funds bank loan investments, relative
results were also aided by overweights in food/drug
retailerssectors that outperformed during the
periodand by underweights in the utilities and
publishing sectors, which underperformed.
In contrast,
underweights in several strong-performing sectors
dragged on relative results; these included financial
intermediaries, building and development, and
retailers other than food and drug firms.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value (NAV) or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance less than one year is cumulative. Performance is for the stated time period only; due
to market volatility, current Fund 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.
2
Eaton Vance
Floating-Rate Income Trust
May 31, 2012
Portfolio Managers
Scott H. Page, CFA and Ralph Hinckley, CFA
Performance
2,3
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Since
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% Average Annual Total Returns
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Inception Date
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One Year
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Five Years
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Inception
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Fund at NAV
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6/29/2004
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4.43
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%
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3.84
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%
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5.14
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%
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Fund at Market Price
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3.13
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3.67
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5.37
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S&P/LSTA Leveraged Loan Index
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6/29/2004
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2
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2.35
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%
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4.28
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%
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4.90
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%
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% Premium/Discount to NAV
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1.81
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%
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Distributions
4
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Total Distributions per share for the period
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$
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1.024
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Distribution Rate at NAV
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6.58
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%
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Distribution Rate at Market Price
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6.46
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%
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% Total Leverage
5
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Auction Preferred Shares (APS)
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8.68
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%
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Borrowings
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28.20
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See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value (NAV) or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance less than one year is cumulative. Performance is for the stated time period only; due
to market volatility, current Fund 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
May 31, 2012
Fund Profile
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Top 10 Holdings (% of total investments)
6
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Intelsat Jackson Holdings S.A.
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1.2
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%
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Rite Aid Corporation
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1.1
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Asurion LLC
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1.1
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Aramark Corporation
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1.1
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Calpine Corp. (corporate bond)
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1.0
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HCA, Inc.
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1.0
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Chrysler Group LLC
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1.0
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Community Health Systems, Inc.
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0.9
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Sungard Data Systems, Inc.
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0.9
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Telesat LLC
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0.8
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Total
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10.1
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%
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Top 10 Sectors (% of total investments)
6
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Health Care
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10.6
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%
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Business Equipment and Services
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8.5
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Electronics/Electrical
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6.7
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Leisure Goods/Activities/Movies
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4.7
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Automotive
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4.6
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Cable and Satellite Television
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4.2
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Telecommunications
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4.2
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Financial Intermediaries
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4.1
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Chemicals and Plastics
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4.1
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Food Service
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3.9
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Total
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55.6
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%
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Credit Quality (% of loan holdings)
7
See Endnotes and Additional Disclosures in this report.
4
Eaton Vance
Floating-Rate Income Trust
May 31, 2012
Endnotes and Additional Disclosures
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1
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The views expressed in this report are those of the portfolio manager(s) and are
current only through the date stated at the top of this page. These views are subject to
change at any time based upon market or other conditions, and Eaton Vance and the Fund(s)
disclaim any responsibility to update such views. These views may not be relied upon as
investment advice and, because investment decisions are based on many factors, may not be
relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This
commentary may contain statements that are not historical facts, referred to as forward
looking statements. The Funds actual future results may differ significantly from those
stated in any forward looking statement, depending on factors such as changes in
securities or financial markets or general economic conditions, the volume of sales and
purchases of Fund shares, the continuation of investment advisory, administrative and
service contracts, and other risks discussed from time to time in the Funds filings with
the Securities and Exchange Commission.
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2
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S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged
loan market. Unless otherwise stated, index returns do not reflect the effect of any
applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is
not possible to invest directly in an index. Index data is available as of month-end only.
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3
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Performance results reflect the effects of leverage.
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4
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The Distribution Rate is based on the Funds last regular distribution per share in
the period (annualized) divided by the Funds NAV or market price at the end of the
period. The Funds distributions may be composed of ordinary income, tax-exempt income,
net realized capital gains and return of capital.
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5
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Leverage represents the liquidation value of the Funds APS and borrowings
outstanding as a percentage of Fund net assets applicable to common shares plus APS and
borrowings outstanding. Use of leverage creates an opportunity for income, but creates
risks including greater price volatility. The cost of leverage rises and falls with
changes in short-term interest rates. The Fund is required to maintain prescribed asset
coverage for its APS and borrowings, which could be reduced if Fund asset values decline.
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6
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Excludes cash and cash equivalents.
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7
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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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Fund profile subject to change due to active management.
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5
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
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Senior Floating-Rate Interests
145.7%
(1)
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Principal
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Amount*
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Borrower/Tranche Description
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(000s omitted)
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Value
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Aerospace and
Defense 2.7%
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AVIO S.p.A
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Term Loan, Maturing December 13,
2014
(2)
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711
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$
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698,314
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Term Loan, Maturing December 13,
2015
(2)
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762
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748,511
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Term Loan, Maturing May 23,
2018
(2)
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EUR
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600
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732,627
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DAE Aviation Holdings, Inc.
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Term Loan, 5.47%, Maturing July 31, 2014
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1,406
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1,392,194
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Term Loan, 5.47%, Maturing July 31, 2014
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1,474
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1,459,011
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Ducommun Incorporated
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Term Loan, 5.50%, Maturing June 28, 2017
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1,590
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1,604,404
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IAP Worldwide Services, Inc.
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Term Loan, 9.25%, Maturing December 28, 2012
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1,845
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1,642,312
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Sequa Corporation
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Term Loan, 3.72%, Maturing December 3, 2014
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794
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782,530
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Term Loan, 6.25%, Maturing December 3, 2014
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274
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274,313
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TASC, Inc.
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Term Loan, 4.50%, Maturing December 18, 2015
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1,635
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1,608,855
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Transdigm, Inc.
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Term Loan, 4.00%, Maturing February 14, 2017
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923
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921,972
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Term Loan, 4.00%, Maturing February 14, 2017
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2,664
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2,648,796
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Wesco Aircraft Hardware Corp.
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Term Loan, 4.25%, Maturing April 7, 2017
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432
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432,517
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Wyle Services Corporation
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Term Loan, 5.00%, Maturing March 27, 2017
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927
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917,503
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$
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15,863,859
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Air Transport 0.5%
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Evergreen International Aviation, Inc.
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Term Loan, 11.50%, Maturing June 30, 2015
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941
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$
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800,161
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Orbitz Worldwide Inc.
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Term Loan, 3.24%, Maturing July 25, 2014
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1,947
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1,895,462
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$
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2,695,623
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Automotive 7.2%
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Allison Transmission, Inc.
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Term Loan, 2.74%, Maturing August 7, 2014
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3,667
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$
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3,623,847
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August LuxUK Holding Company Sarl
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Term Loan, 6.25%, Maturing April 27, 2018
|
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240
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240,816
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August U.S. Holding Company, Inc.
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Term Loan, 6.25%, Maturing April 27, 2018
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185
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185,247
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Autoparts Holdings Limited
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Term Loan, 6.50%, Maturing July 28, 2017
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473
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459,037
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Chrysler Group LLC
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Term Loan, 6.00%, Maturing May 24, 2017
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8,870
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8,864,341
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Delphi Corporation
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Term Loan, 3.50%, Maturing March 31, 2017
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2,075
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2,070,342
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Federal-Mogul Corporation
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Term Loan, 2.18%, Maturing December 29, 2014
|
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3,554
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|
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3,375,162
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Term Loan, 2.18%, Maturing December 28, 2015
|
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2,206
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|
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|
2,095,174
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Goodyear Tire & Rubber Company (The)
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Term Loan - Second Lien, 4.75%, Maturing April 30, 2019
|
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7,450
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|
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|
7,259,094
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HHI Holdings LLC
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Term Loan, 7.00%, Maturing March 21, 2017
|
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1,804
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1,805,904
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Metaldyne Company LLC
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Term Loan, 5.25%, Maturing May 18, 2017
|
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2,379
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2,378,026
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SRAM, LLC
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Term Loan, 4.77%, Maturing June 7, 2018
|
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1,381
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|
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1,380,243
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Term Loan - Second Lien, 8.50%, Maturing December 7,
2018
|
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500
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505,000
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Tomkins LLC
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Term Loan, 4.25%, Maturing September 29, 2016
|
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2,175
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2,170,047
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TriMas Corporation
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Term Loan, 4.25%, Maturing June 21, 2017
|
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1,140
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1,148,627
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Veyance Technologies, Inc.
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Term Loan, 2.74%, Maturing July 31, 2014
|
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364
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353,396
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Term Loan, 2.74%, Maturing July 31, 2014
|
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2,540
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2,467,312
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Term Loan, 5.50%, Maturing July 31, 2014
|
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375
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373,125
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Term Loan - Second Lien, 5.99%, Maturing
July 31, 2015
|
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1,350
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1,258,875
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$
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42,013,615
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Brokers, Dealers and Investment
Houses 0.1%
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Sonneborn LLC
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Term Loan, 7.12%, Maturing March 26, 2018
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638
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$
|
639,891
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$
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639,891
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Building and
Development 1.8%
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Armstrong World Industries, Inc.
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Term Loan, 4.00%, Maturing March 9, 2018
|
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|
|
1,018
|
|
|
$
|
1,009,091
|
|
|
|
Forestar Real Estate Group Inc.
|
Revolving Loan, 0.49%, Maturing August 6,
2013
(3)
|
|
|
|
|
268
|
|
|
|
251,954
|
|
|
|
Term Loan, 6.50%, Maturing August 6, 2015
|
|
|
|
|
2,457
|
|
|
|
2,370,913
|
|
|
|
Goodman Global Inc.
|
Term Loan, 5.75%, Maturing October 28, 2016
|
|
|
|
|
1,908
|
|
|
|
1,911,616
|
|
|
|
See Notes to
Financial Statements.
6
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Building and
Development (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NCI Building Systems, Inc.
|
Term Loan, 6.50%, Maturing April 18, 2014
|
|
|
|
|
163
|
|
|
$
|
163,171
|
|
|
|
Panolam Industries International, Inc.
|
Term Loan, 8.25%, Maturing December 31, 2013
|
|
|
|
|
1,442
|
|
|
|
1,431,269
|
|
|
|
Preferred Sands Holding Company, LLC
|
Term Loan, 7.50%, Maturing December 15, 2016
|
|
|
|
|
798
|
|
|
|
780,045
|
|
|
|
RE/MAX International, Inc.
|
Term Loan, 5.50%, Maturing April 15, 2016
|
|
|
|
|
1,925
|
|
|
|
1,922,145
|
|
|
|
Realogy Corporation
|
Term Loan, 3.24%, Maturing October 10, 2013
|
|
|
|
|
116
|
|
|
|
110,982
|
|
|
|
Summit Materials Companies I, LLC
|
Term Loan, 6.00%, Maturing January 30, 2019
|
|
|
|
|
550
|
|
|
|
552,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,503,765
|
|
|
|
|
|
|
|
Business Equipment and
Services 13.6%
|
|
ACCO Brands Corporation
|
Term Loan, 4.25%, Maturing April 30, 2019
|
|
|
|
|
547
|
|
|
$
|
547,934
|
|
|
|
Acosta, Inc.
|
Term Loan, 4.75%, Maturing March 1, 2018
|
|
|
|
|
3,381
|
|
|
|
3,338,537
|
|
|
|
Acxiom Corporation
|
Term Loan, 3.44%, Maturing March 15, 2015
|
|
|
|
|
738
|
|
|
|
736,528
|
|
|
|
Advantage Sales & Marketing, Inc.
|
Term Loan, 5.25%, Maturing December 18, 2017
|
|
|
|
|
2,597
|
|
|
|
2,579,319
|
|
|
|
Affinion Group, Inc.
|
Term Loan, 5.00%, Maturing July 16, 2015
|
|
|
|
|
5,153
|
|
|
|
4,822,414
|
|
|
|
Allied Security Holdings, LLC
|
Term Loan, 5.25%, Maturing February 3, 2017
|
|
|
|
|
644
|
|
|
|
639,478
|
|
|
|
Altegrity, Inc.
|
Term Loan, 2.99%, Maturing February 21, 2015
|
|
|
|
|
716
|
|
|
|
681,979
|
|
|
|
Term Loan, 7.75%, Maturing February 20, 2015
|
|
|
|
|
785
|
|
|
|
787,049
|
|
|
|
BAR/BRI Review Courses, Inc.
|
Term Loan, 6.00%, Maturing June 16, 2017
|
|
|
|
|
797
|
|
|
|
789,030
|
|
|
|
Brand Energy & Infrastructure Services, Inc.
|
Term Loan, 2.50%, Maturing February 7, 2014
|
|
|
|
|
682
|
|
|
|
644,957
|
|
|
|
Term Loan, 3.74%, Maturing February 7, 2014
|
|
|
|
|
823
|
|
|
|
782,054
|
|
|
|
Brickman Group Holdings Inc.
|
Term Loan, 5.50%, Maturing October 14, 2016
|
|
|
|
|
1,594
|
|
|
|
1,595,774
|
|
|
|
Brock Holdings III, Inc.
|
Term Loan, 6.01%, Maturing March 16, 2017
|
|
|
|
|
1,249
|
|
|
|
1,247,204
|
|
|
|
ClientLogic Corporation
|
Term Loan, 7.22%, Maturing January 30, 2017
|
|
|
|
|
1,790
|
|
|
|
1,611,037
|
|
|
|
DynCorp International LLC
|
Term Loan, 6.25%, Maturing July 7, 2016
|
|
|
|
|
732
|
|
|
|
732,062
|
|
|
|
Education Management LLC
|
Term Loan, 8.25%, Maturing March 29, 2018
|
|
|
|
|
2,325
|
|
|
|
2,287,219
|
|
|
|
EIG Investors Corp.
|
Term Loan, 7.75%, Maturing April 20, 2018
|
|
|
|
|
1,250
|
|
|
|
1,243,750
|
|
|
|
Expert Global Solutions, Inc.
|
Term Loan, 8.00%, Maturing April 3, 2018
|
|
|
|
|
2,150
|
|
|
|
2,117,750
|
|
|
|
Fidelity National Information Solutions, Inc.
|
Term Loan, 4.25%, Maturing July 18, 2016
|
|
|
|
|
126
|
|
|
|
126,091
|
|
|
|
Genesys Telecom Holdings, U.S., Inc.
|
Term Loan, 6.75%, Maturing January 31, 2019
|
|
|
|
|
700
|
|
|
|
701,750
|
|
|
|
Go Daddy Operating Company, LLC
|
Term Loan, 5.50%, Maturing December 17, 2018
|
|
|
|
|
1,642
|
|
|
|
1,628,206
|
|
|
|
IMS Health Incorporated
|
Term Loan, 4.50%, Maturing August 25, 2017
|
|
|
|
|
1,421
|
|
|
|
1,416,581
|
|
|
|
KAR Auction Services, Inc.
|
Term Loan, 5.00%, Maturing May 19, 2017
|
|
|
|
|
3,226
|
|
|
|
3,228,651
|
|
|
|
Kronos, Inc.
|
Term Loan, 5.22%, Maturing June 9, 2017
|
|
|
|
|
1,135
|
|
|
|
1,131,178
|
|
|
|
Term Loan, 6.25%, Maturing December 28, 2017
|
|
|
|
|
923
|
|
|
|
927,301
|
|
|
|
Term Loan - Second Lien, 10.58%, Maturing
June 11, 2018
|
|
|
|
|
1,000
|
|
|
|
1,014,375
|
|
|
|
Language Line, LLC
|
Term Loan, 6.25%, Maturing June 20, 2016
|
|
|
|
|
2,324
|
|
|
|
2,312,384
|
|
|
|
Meritas LLC
|
Term Loan, 7.50%, Maturing July 28, 2017
|
|
|
|
|
856
|
|
|
|
853,486
|
|
|
|
Mitchell International, Inc.
|
Term Loan, 2.50%, Maturing March 28, 2014
|
|
|
|
|
921
|
|
|
|
908,743
|
|
|
|
Term Loan - Second Lien, 5.75%, Maturing
March 30, 2015
|
|
|
|
|
1,000
|
|
|
|
985,000
|
|
|
|
Monitronics International Inc.
|
Term Loan, 5.50%, Maturing March 16, 2018
|
|
|
|
|
950
|
|
|
|
941,687
|
|
|
|
Oz Management LP
|
Term Loan, Maturing November 15,
2016
(2)
|
|
|
|
|
1,500
|
|
|
|
1,305,000
|
|
|
|
Quintiles Transnational Corp.
|
Term Loan, 5.00%, Maturing June 8, 2018
|
|
|
|
|
4,814
|
|
|
|
4,759,472
|
|
|
|
Sabre, Inc.
|
Term Loan, 2.24%, Maturing September 30, 2014
|
|
|
|
|
7,212
|
|
|
|
6,883,675
|
|
|
|
Sensus USA Inc.
|
Term Loan, 4.75%, Maturing May 9, 2017
|
|
|
|
|
767
|
|
|
|
765,652
|
|
|
|
Term Loan - Second Lien, 8.50%, Maturing
May 9, 2018
|
|
|
|
|
1,000
|
|
|
|
1,005,000
|
|
|
|
Softlayer Technologies, Inc.
|
Term Loan, 7.25%, Maturing November 5, 2016
|
|
|
|
|
716
|
|
|
|
714,148
|
|
|
|
See Notes to
Financial Statements.
7
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Business Equipment and
Services (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sungard Data Systems, Inc.
|
Term Loan, 3.93%, Maturing February 26, 2016
|
|
|
|
|
7,114
|
|
|
$
|
7,072,716
|
|
|
|
Term Loan, 3.99%, Maturing February 28, 2017
|
|
|
|
|
1,557
|
|
|
|
1,544,441
|
|
|
|
SymphonyIRI Group, Inc.
|
Term Loan, 5.00%, Maturing December 1, 2017
|
|
|
|
|
943
|
|
|
|
938,750
|
|
|
|
Trans Union, LLC
|
Term Loan, 5.50%, Maturing February 12, 2018
|
|
|
|
|
3,225
|
|
|
|
3,247,153
|
|
|
|
Travelport LLC
|
Term Loan, 4.97%, Maturing August 21, 2015
|
|
|
|
|
679
|
|
|
|
612,850
|
|
|
|
Term Loan, 4.97%, Maturing August 21, 2015
|
|
|
|
|
2,262
|
|
|
|
2,043,236
|
|
|
|
Term Loan, 4.97%, Maturing August 21, 2015
|
|
|
|
|
584
|
|
|
|
527,395
|
|
|
|
Term Loan, 5.18%, Maturing August 21, 2015
|
|
EUR
|
|
|
741
|
|
|
|
810,176
|
|
|
|
U.S. Security Holdings, Inc.
|
Term Loan, 6.00%, Maturing July 28, 2017
|
|
|
|
|
134
|
|
|
|
133,382
|
|
|
|
Term Loan, 6.00%, Maturing July 28, 2017
|
|
|
|
|
687
|
|
|
|
681,490
|
|
|
|
West Corporation
|
Term Loan, 4.49%, Maturing July 15, 2016
|
|
|
|
|
745
|
|
|
|
745,639
|
|
|
|
Term Loan, 4.60%, Maturing July 15, 2016
|
|
|
|
|
2,120
|
|
|
|
2,114,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
79,263,700
|
|
|
|
|
|
|
|
Cable and Satellite
Television 6.8%
|
|
Atlantic Broadband Finance, LLC
|
Term Loan, 5.25%, Maturing April 4, 2019
|
|
|
|
|
1,475
|
|
|
$
|
1,472,419
|
|
|
|
Term Loan - Second Lien, 9.75%, Maturing
October 4, 2019
|
|
|
|
|
850
|
|
|
|
842,562
|
|
|
|
BBHI Acquisition LLC
|
Term Loan, 4.50%, Maturing December 14, 2017
|
|
|
|
|
1,407
|
|
|
|
1,389,598
|
|
|
|
Bragg Communications Incorporated
|
Term Loan, 4.00%, Maturing February 28, 2018
|
|
|
|
|
449
|
|
|
|
446,631
|
|
|
|
Cequel Communications, LLC
|
Term Loan, 4.00%, Maturing February 14, 2019
|
|
|
|
|
4,950
|
|
|
|
4,838,645
|
|
|
|
Charter Communications Operating, LLC
|
Term Loan, 3.72%, Maturing September 6, 2016
|
|
|
|
|
764
|
|
|
|
755,446
|
|
|
|
Term Loan, 4.00%, Maturing May 15, 2019
|
|
|
|
|
300
|
|
|
|
296,550
|
|
|
|
Crown Media Holdings, Inc.
|
Term Loan, 5.75%, Maturing July 14, 2018
|
|
|
|
|
1,755
|
|
|
|
1,754,509
|
|
|
|
CSC Holdings, Inc.
|
Term Loan, 1.99%, Maturing March 29, 2016
|
|
|
|
|
3,721
|
|
|
|
3,661,959
|
|
|
|
Kabel Deutschland GMBH
|
Term Loan, 4.25%, Maturing February 1, 2019
|
|
|
|
|
1,200
|
|
|
|
1,197,093
|
|
|
|
Lavena Holdings 4 GmbH
|
Term Loan, 3.68%, Maturing March 6, 2015
|
|
EUR
|
|
|
369
|
|
|
|
392,529
|
|
|
|
Term Loan, 4.06%, Maturing March 4, 2016
|
|
EUR
|
|
|
369
|
|
|
|
392,529
|
|
|
|
Term Loan, 8.43%, Maturing March 6,
2017
(4)
|
|
EUR
|
|
|
451
|
|
|
|
364,132
|
|
|
|
Term Loan - Second Lien, 5.18%, Maturing September 2,
2016
|
|
EUR
|
|
|
565
|
|
|
|
530,016
|
|
|
|
MCC Iowa LLC
|
Term Loan, 1.95%, Maturing January 30, 2015
|
|
|
|
|
3,752
|
|
|
|
3,639,889
|
|
|
|
Mediacom Broadband LLC
|
Term Loan, 4.50%, Maturing October 23, 2017
|
|
|
|
|
1,646
|
|
|
|
1,638,488
|
|
|
|
Mediacom Illinois, LLC
|
Term Loan, 1.95%, Maturing January 30, 2015
|
|
|
|
|
3,883
|
|
|
|
3,747,069
|
|
|
|
Mediacom LLC
|
Term Loan, 4.50%, Maturing October 23, 2017
|
|
|
|
|
909
|
|
|
|
906,825
|
|
|
|
NDS Finance Limited
|
Term Loan, 3.75%, Maturing March 12, 2018
|
|
|
|
|
1,510
|
|
|
|
1,505,976
|
|
|
|
P7S1 Broadcasting Holding II B.V.
|
Term Loan, 3.18%, Maturing July 1, 2016
|
|
EUR
|
|
|
1,781
|
|
|
|
2,088,363
|
|
|
|
UPC Broadband Holding B.V.
|
Term Loan, 4.15%, Maturing December 31, 2016
|
|
EUR
|
|
|
2,614
|
|
|
|
3,155,781
|
|
|
|
Term Loan, 4.40%, Maturing December 29, 2017
|
|
EUR
|
|
|
1,732
|
|
|
|
2,099,677
|
|
|
|
UPC Financing Partnership
|
Term Loan, 3.74%, Maturing December 30, 2016
|
|
|
|
|
429
|
|
|
|
423,231
|
|
|
|
Term Loan, 3.74%, Maturing December 29, 2017
|
|
|
|
|
1,410
|
|
|
|
1,390,050
|
|
|
|
Term Loan, 4.75%, Maturing December 29, 2017
|
|
|
|
|
425
|
|
|
|
418,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
39,348,592
|
|
|
|
|
|
|
|
Chemicals and
Plastics 5.4%
|
|
AZ Chem US Inc.
|
Term Loan, 7.25%, Maturing December 22, 2017
|
|
|
|
|
1,377
|
|
|
$
|
1,396,555
|
|
|
|
Emerald Performance Materials, LLC
|
Term Loan, 7.75%, Maturing May 15, 2018
|
|
|
|
|
800
|
|
|
|
796,000
|
|
|
|
General Chemical Corporation
|
Term Loan, 5.00%, Maturing October 6, 2015
|
|
|
|
|
624
|
|
|
|
620,078
|
|
|
|
Harko C.V.
|
Term Loan, 5.75%, Maturing August 2, 2017
|
|
|
|
|
572
|
|
|
|
573,317
|
|
|
|
Houghton International, Inc.
|
Term Loan, 6.75%, Maturing January 29, 2016
|
|
|
|
|
912
|
|
|
|
916,912
|
|
|
|
Huntsman International, LLC
|
Term Loan, 2.55%, Maturing June 30, 2016
|
|
|
|
|
846
|
|
|
|
836,339
|
|
|
|
Term Loan, 2.85%, Maturing April 19, 2017
|
|
|
|
|
1,547
|
|
|
|
1,516,241
|
|
|
|
Ineos US Finance LLC
|
Term Loan, 6.50%, Maturing May 4, 2018
|
|
|
|
|
3,875
|
|
|
|
3,809,125
|
|
|
|
Momentive Performance Materials Inc.
|
Term Loan, 3.75%, Maturing May 29, 2015
|
|
|
|
|
725
|
|
|
|
688,750
|
|
|
|
Momentive Performance Materials USA Inc.
|
Term Loan, 3.75%, Maturing May 5, 2015
|
|
|
|
|
1,441
|
|
|
|
1,394,205
|
|
|
|
See Notes to
Financial Statements.
8
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Chemicals and
Plastics (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Momentive Specialty Chemicals Inc.
|
Term Loan, 4.00%, Maturing May 5, 2015
|
|
|
|
|
1,860
|
|
|
$
|
1,803,794
|
|
|
|
Term Loan, 4.25%, Maturing May 5, 2015
|
|
|
|
|
476
|
|
|
|
453,628
|
|
|
|
Term Loan, 4.25%, Maturing May 5, 2015
|
|
|
|
|
840
|
|
|
|
815,188
|
|
|
|
Norit NV
|
Term Loan, 6.75%, Maturing July 7, 2017
|
|
|
|
|
1,393
|
|
|
|
1,391,259
|
|
|
|
OEP Pearl Dutch Acquisition B.V.
|
Term Loan, 6.50%, Maturing March 30, 2018
|
|
|
|
|
113
|
|
|
|
112,922
|
|
|
|
Omnova Solutions Inc.
|
Term Loan, 5.75%, Maturing May 31, 2017
|
|
|
|
|
985
|
|
|
|
985,025
|
|
|
|
Schoeller Arca Systems Holding B.V.
|
Term Loan, 5.49%, Maturing November 16, 2015
|
|
EUR
|
|
|
72
|
|
|
|
62,546
|
|
|
|
Term Loan, 5.49%, Maturing November 16, 2015
|
|
EUR
|
|
|
206
|
|
|
|
178,329
|
|
|
|
Term Loan, 5.49%, Maturing November 16, 2015
|
|
EUR
|
|
|
222
|
|
|
|
191,900
|
|
|
|
Solutia, Inc.
|
Term Loan, 3.50%, Maturing August 1, 2017
|
|
|
|
|
2,351
|
|
|
|
2,349,267
|
|
|
|
Styron S.A.R.L, LLC
|
Term Loan, 6.03%, Maturing August 2, 2017
|
|
|
|
|
4,108
|
|
|
|
3,699,857
|
|
|
|
Taminco Global Chemical Corporation
|
Term Loan, 5.25%, Maturing February 15, 2019
|
|
|
|
|
425
|
|
|
|
424,469
|
|
|
|
Tronox Pigments (Netherlands) B.V.
|
Term Loan, 1.00%, Maturing February 8,
2018
(3)
|
|
|
|
|
354
|
|
|
|
351,656
|
|
|
|
Term Loan, 4.25%, Maturing February 8, 2018
|
|
|
|
|
1,296
|
|
|
|
1,288,326
|
|
|
|
Univar Inc.
|
Term Loan, 5.00%, Maturing June 30, 2017
|
|
|
|
|
4,740
|
|
|
|
4,623,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,279,371
|
|
|
|
|
|
|
|
Clothing / Textiles 0.2%
|
|
Phillips-Van Heusen Corporation
|
Term Loan, 3.50%, Maturing May 6, 2016
|
|
|
|
|
618
|
|
|
$
|
620,131
|
|
|
|
Warnaco Inc.
|
Term Loan, 3.75%, Maturing June 15, 2018
|
|
|
|
|
546
|
|
|
|
543,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,163,277
|
|
|
|
|
|
|
|
Conglomerates 2.7%
|
|
Jason Incorporated
|
Term Loan, 8.25%, Maturing September 21, 2014
|
|
|
|
|
190
|
|
|
$
|
189,278
|
|
|
|
Term Loan, 7.75%, Maturing September 22, 2014
|
|
|
|
|
249
|
|
|
|
247,534
|
|
|
|
Term Loan, 8.25%, Maturing September 22, 2014
|
|
|
|
|
76
|
|
|
|
76,031
|
|
|
|
Rexnord Corporation
|
Term Loan, 5.00%, Maturing April 2, 2018
|
|
|
|
|
3,666
|
|
|
|
3,662,378
|
|
|
|
RGIS Services, LLC
|
Term Loan, 4.49%, Maturing October 18, 2016
|
|
|
|
|
2,646
|
|
|
|
2,616,345
|
|
|
|
Term Loan, Maturing October 3,
2017
(2)
|
|
|
|
|
1,575
|
|
|
|
1,565,156
|
|
|
|
Rocket Software, Inc.
|
Term Loan, 7.00%, Maturing February 8, 2018
|
|
|
|
|
1,496
|
|
|
|
1,493,133
|
|
|
|
Term Loan - Second Lien, 10.25%, Maturing February 8,
2019
|
|
|
|
|
750
|
|
|
|
750,000
|
|
|
|
Spectrum Brands, Inc.
|
Term Loan, 5.00%, Maturing June 17, 2016
|
|
|
|
|
2,536
|
|
|
|
2,540,781
|
|
|
|
Walter Energy, Inc.
|
Term Loan, 4.00%, Maturing April 2, 2018
|
|
|
|
|
2,500
|
|
|
|
2,417,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,557,775
|
|
|
|
|
|
|
|
Containers and Glass
Products 2.8%
|
|
Berry Plastics Corporation
|
Term Loan, 2.24%, Maturing April 3, 2015
|
|
|
|
|
1,842
|
|
|
$
|
1,774,974
|
|
|
|
BWAY Corporation
|
Term Loan, 4.50%, Maturing February 23, 2018
|
|
|
|
|
160
|
|
|
|
158,409
|
|
|
|
Term Loan, 4.50%, Maturing February 23, 2018
|
|
|
|
|
1,688
|
|
|
|
1,670,878
|
|
|
|
Consolidated Container Company LLC
|
Term Loan - Second Lien, 5.75%, Maturing September 28,
2014
|
|
|
|
|
1,000
|
|
|
|
995,000
|
|
|
|
Hilex Poly Co. LLC
|
Term Loan, 11.25%, Maturing November 16, 2015
|
|
|
|
|
815
|
|
|
|
830,824
|
|
|
|
Pelican Products, Inc.
|
Term Loan, 5.00%, Maturing March 7, 2017
|
|
|
|
|
778
|
|
|
|
775,699
|
|
|
|
Reynolds Group Holdings Inc.
|
Term Loan, 6.50%, Maturing February 9, 2018
|
|
|
|
|
2,962
|
|
|
|
2,976,025
|
|
|
|
Term Loan, 6.50%, Maturing August 9, 2018
|
|
|
|
|
3,125
|
|
|
|
3,139,459
|
|
|
|
Sealed Air Corporation
|
Term Loan, 4.75%, Maturing October 3, 2018
|
|
|
|
|
712
|
|
|
|
716,764
|
|
|
|
Smurfit Kappa Acquisitions
|
Term Loan, 4.09%, Maturing December 31, 2014
|
|
|
|
|
1,325
|
|
|
|
1,328,642
|
|
|
|
Term Loan, 4.34%, Maturing December 31, 2014
|
|
|
|
|
1,325
|
|
|
|
1,328,642
|
|
|
|
TricorBraun, Inc.
|
Term Loan, 5.50%, Maturing May 3, 2018
|
|
|
|
|
700
|
|
|
|
701,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,396,483
|
|
|
|
|
|
|
|
Cosmetics / Toiletries 0.8%
|
|
Bausch & Lomb, Inc.
|
Term Loan, 5.25%, Maturing May 17, 2019
|
|
|
|
|
3,375
|
|
|
$
|
3,330,177
|
|
|
|
KIK Custom Products, Inc.
|
Term Loan - Second Lien, 5.24%, Maturing November 28,
2014
|
|
|
|
|
1,075
|
|
|
|
729,208
|
|
|
|
Prestige Brands, Inc.
|
Term Loan, 5.26%, Maturing January 31, 2019
|
|
|
|
|
492
|
|
|
|
493,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,552,946
|
|
|
|
|
|
|
See Notes to
Financial Statements.
9
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Drugs 1.5%
|
|
Aptalis Pharma, Inc.
|
Term Loan, 5.50%, Maturing February 10, 2017
|
|
|
|
|
500
|
|
|
$
|
485,000
|
|
|
|
Term Loan, 5.50%, Maturing February 10, 2017
|
|
|
|
|
2,103
|
|
|
|
2,042,951
|
|
|
|
Capsugel Holdings US, Inc.
|
Term Loan, 5.25%, Maturing August 1, 2018
|
|
|
|
|
1,413
|
|
|
|
1,417,450
|
|
|
|
Endo Pharmaceuticals Holdings Inc.
|
Term Loan, 4.00%, Maturing June 18, 2018
|
|
|
|
|
566
|
|
|
|
566,110
|
|
|
|
Warner Chilcott Company, LLC
|
Term Loan, 3.75%, Maturing March 17, 2016
|
|
|
|
|
398
|
|
|
|
396,176
|
|
|
|
Term Loan, 4.25%, Maturing March 15, 2018
|
|
|
|
|
899
|
|
|
|
894,651
|
|
|
|
Warner Chilcott Corporation
|
Term Loan, 4.25%, Maturing March 15, 2018
|
|
|
|
|
1,799
|
|
|
|
1,789,302
|
|
|
|
WC Luxco S.a.r.l.
|
Term Loan, 4.25%, Maturing March 15, 2018
|
|
|
|
|
1,237
|
|
|
|
1,230,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,821,785
|
|
|
|
|
|
|
|
Ecological Services and
Equipment 0.0%
(5)
|
|
Viking Consortium Borrower Limited
|
Term Loan - Second Lien, 7.32%, Maturing
March 31,
2016
(4)
|
|
GBP
|
|
|
515
|
|
|
$
|
269,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
269,805
|
|
|
|
|
|
|
|
Electronics / Electrical 10.7%
|
|
Aeroflex Incorporated
|
Term Loan, 5.75%, Maturing May 9, 2018
|
|
|
|
|
2,063
|
|
|
$
|
2,009,768
|
|
|
|
Aspect Software, Inc.
|
Term Loan, 6.25%, Maturing May 6, 2016
|
|
|
|
|
2,595
|
|
|
|
2,577,819
|
|
|
|
Attachmate Corporation
|
Term Loan, 7.25%, Maturing November 22, 2017
|
|
|
|
|
3,500
|
|
|
|
3,448,596
|
|
|
|
Cinedigm Digital Funding I, LLC
|
Term Loan, 5.25%, Maturing April 29, 2016
|
|
|
|
|
565
|
|
|
|
564,122
|
|
|
|
CommScope, Inc.
|
Term Loan, 4.25%, Maturing January 12, 2018
|
|
|
|
|
2,277
|
|
|
|
2,266,526
|
|
|
|
Dealer Computer Services, Inc.
|
Term Loan, 3.75%, Maturing April 20, 2018
|
|
|
|
|
2,089
|
|
|
|
2,078,075
|
|
|
|
DG FastChannel, Inc.
|
Term Loan, 5.75%, Maturing July 26, 2018
|
|
|
|
|
1,718
|
|
|
|
1,713,905
|
|
|
|
Eagle Parent, Inc.
|
Term Loan, 5.00%, Maturing May 16, 2018
|
|
|
|
|
2,928
|
|
|
|
2,873,724
|
|
|
|
Edwards (Cayman Islands II) Limited
|
Term Loan, 5.50%, Maturing May 31, 2016
|
|
|
|
|
434
|
|
|
|
430,974
|
|
|
|
Term Loan, 5.50%, Maturing May 31, 2016
|
|
|
|
|
1,207
|
|
|
|
1,197,678
|
|
|
|
FCI International
|
Term Loan, 3.61%, Maturing November 1, 2013
|
|
|
|
|
137
|
|
|
|
134,849
|
|
|
|
Term Loan, 3.61%, Maturing November 1, 2013
|
|
|
|
|
137
|
|
|
|
134,849
|
|
|
|
Term Loan, 3.61%, Maturing November 1, 2013
|
|
|
|
|
143
|
|
|
|
140,071
|
|
|
|
Term Loan, 3.61%, Maturing November 1, 2013
|
|
|
|
|
143
|
|
|
|
140,071
|
|
|
|
Freescale Semiconductor, Inc.
|
Term Loan, 4.49%, Maturing December 1, 2016
|
|
|
|
|
4,485
|
|
|
|
4,226,284
|
|
|
|
Lawson Software Inc.
|
Term Loan, 6.25%, Maturing April 5, 2018
|
|
|
|
|
5,675
|
|
|
|
5,681,208
|
|
|
|
Magic Newco, LLC
|
Term Loan, Maturing December 20,
2019
(2)
|
|
|
|
|
1,575
|
|
|
|
1,544,239
|
|
|
|
Microsemi Corporation
|
Term Loan, 4.00%, Maturing February 2, 2018
|
|
|
|
|
1,766
|
|
|
|
1,748,529
|
|
|
|
NeuStar, Inc.
|
Term Loan, 5.00%, Maturing November 8, 2018
|
|
|
|
|
1,070
|
|
|
|
1,069,625
|
|
|
|
Nxp B.V.
|
Term Loan, 4.50%, Maturing March 3, 2017
|
|
|
|
|
3,044
|
|
|
|
2,945,312
|
|
|
|
Term Loan, 5.50%, Maturing March 3, 2017
|
|
|
|
|
1,169
|
|
|
|
1,154,511
|
|
|
|
Term Loan, 5.25%, Maturing March 19, 2019
|
|
|
|
|
1,825
|
|
|
|
1,788,500
|
|
|
|
Open Solutions, Inc.
|
Term Loan, 2.60%, Maturing January 23, 2014
|
|
|
|
|
2,830
|
|
|
|
2,707,585
|
|
|
|
Rovi Solutions Corporation
|
Term Loan, 4.00%, Maturing March 28, 2019
|
|
|
|
|
900
|
|
|
|
894,375
|
|
|
|
SafeNet Inc.
|
Term Loan, 2.74%, Maturing April 12, 2014
|
|
|
|
|
1,812
|
|
|
|
1,784,421
|
|
|
|
Semtech Corp
|
Term Loan, 4.25%, Maturing March 20, 2017
|
|
|
|
|
450
|
|
|
|
450,000
|
|
|
|
Sensata Technologies Finance Company, LLC
|
Term Loan, 4.00%, Maturing May 11, 2018
|
|
|
|
|
3,945
|
|
|
|
3,906,442
|
|
|
|
Serena Software, Inc.
|
Term Loan, 4.47%, Maturing March 10, 2016
|
|
|
|
|
991
|
|
|
|
971,397
|
|
|
|
Term Loan, 5.00%, Maturing March 10, 2016
|
|
|
|
|
375
|
|
|
|
367,500
|
|
|
|
Shield Finance Co. S.A.R.L.
|
Term Loan, 6.50%, Maturing May 3, 2019
|
|
|
|
|
1,125
|
|
|
|
1,118,672
|
|
|
|
SkillSoft Corporation
|
Term Loan, 6.50%, Maturing May 26, 2017
|
|
|
|
|
299
|
|
|
|
300,366
|
|
|
|
Term Loan, 6.50%, Maturing May 26, 2017
|
|
|
|
|
978
|
|
|
|
984,501
|
|
|
|
Sophia, L.P.
|
Term Loan, 6.25%, Maturing July 19, 2018
|
|
|
|
|
1,575
|
|
|
|
1,583,859
|
|
|
|
Spansion LLC
|
Term Loan, 4.75%, Maturing February 9, 2015
|
|
|
|
|
522
|
|
|
|
519,580
|
|
|
|
SS&C Technologies Inc.
|
Term Loan, Maturing May 11,
2019
(2)
|
|
|
|
|
1,518
|
|
|
|
1,517,349
|
|
|
|
Term Loan, Maturing May 13,
2019
(2)
|
|
|
|
|
157
|
|
|
|
156,933
|
|
|
|
See Notes to
Financial Statements.
10
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Electronics / Electrical (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunquest Information Systems, Inc.
|
Term Loan, 6.25%, Maturing December 16, 2016
|
|
|
|
|
842
|
|
|
$
|
843,604
|
|
|
|
VeriFone Inc.
|
Term Loan, 4.25%, Maturing December 28, 2018
|
|
|
|
|
574
|
|
|
|
574,040
|
|
|
|
Vertafore, Inc.
|
Term Loan, 5.25%, Maturing July 29, 2016
|
|
|
|
|
1,106
|
|
|
|
1,098,401
|
|
|
|
Web.com Group, Inc.
|
Term Loan, 7.00%, Maturing October 27, 2017
|
|
|
|
|
2,893
|
|
|
|
2,881,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
62,529,661
|
|
|
|
|
|
|
|
Equipment
Leasing 1.2%
|
|
BakerCorp International, Inc.
|
Term Loan, 4.75%, Maturing June 1, 2018
|
|
|
|
|
1,940
|
|
|
$
|
1,927,426
|
|
|
|
Delos Aircraft Inc.
|
Term Loan, 4.75%, Maturing April 12, 2016
|
|
|
|
|
1,425
|
|
|
|
1,421,438
|
|
|
|
Flying Fortress Inc.
|
Term Loan, 5.00%, Maturing June 30, 2017
|
|
|
|
|
3,800
|
|
|
|
3,790,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,139,364
|
|
|
|
|
|
|
|
Farming / Agriculture 0.3%
|
|
Wm. Bolthouse Farms, Inc.
|
Term Loan, 5.51%, Maturing February 11, 2016
|
|
|
|
|
1,547
|
|
|
$
|
1,553,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,553,345
|
|
|
|
|
|
|
|
Financial
Intermediaries 5.7%
|
|
AmWINS Group, Inc.
|
Term Loan, 5.40%, Maturing June 8, 2013
|
|
|
|
|
948
|
|
|
$
|
944,564
|
|
|
|
Term Loan - Second Lien, 5.74%, Maturing
June 8, 2014
|
|
|
|
|
500
|
|
|
|
493,125
|
|
|
|
Asset Acceptance Capital Corp.
|
Term Loan, 8.75%, Maturing November 14, 2017
|
|
|
|
|
1,432
|
|
|
|
1,431,875
|
|
|
|
CB Richard Ellis Services, Inc.
|
Term Loan, 3.49%, Maturing March 5, 2018
|
|
|
|
|
766
|
|
|
|
754,158
|
|
|
|
Term Loan, 3.74%, Maturing September 4, 2019
|
|
|
|
|
723
|
|
|
|
712,261
|
|
|
|
Citco III Limited
|
Term Loan, 5.50%, Maturing June 29, 2018
|
|
|
|
|
1,861
|
|
|
|
1,844,654
|
|
|
|
First Data Corporation
|
Term Loan, 2.99%, Maturing September 24, 2014
|
|
|
|
|
257
|
|
|
|
244,678
|
|
|
|
Term Loan, 2.99%, Maturing September 24, 2014
|
|
|
|
|
1,239
|
|
|
|
1,178,594
|
|
|
|
Term Loan, 2.99%, Maturing September 24, 2014
|
|
|
|
|
2,988
|
|
|
|
2,842,317
|
|
|
|
Term Loan, 4.24%, Maturing March 23, 2018
|
|
|
|
|
1,636
|
|
|
|
1,490,727
|
|
|
|
Grosvenor Capital Management Holdings, LLP
|
Term Loan, 4.25%, Maturing December 5, 2016
|
|
|
|
|
1,350
|
|
|
|
1,323,399
|
|
|
|
Hamilton Lane Advisors, LLC
|
Term Loan, 6.50%, Maturing February 23, 2018
|
|
|
|
|
825
|
|
|
|
827,063
|
|
|
|
Harbourvest Partners, LLC
|
Term Loan, 6.25%, Maturing December 16, 2016
|
|
|
|
|
1,159
|
|
|
|
1,159,076
|
|
|
|
iPayment, Inc.
|
Term Loan, 5.75%, Maturing May 8, 2017
|
|
|
|
|
1,034
|
|
|
|
1,036,585
|
|
|
|
LPL Holdings, Inc.
|
Term Loan, 2.76%, Maturing March 29, 2017
|
|
|
|
|
900
|
|
|
|
876,375
|
|
|
|
Term Loan, 4.00%, Maturing March 29, 2019
|
|
|
|
|
3,450
|
|
|
|
3,393,937
|
|
|
|
Mercury Payment Systems Canada, LLC
|
Term Loan, 5.50%, Maturing July 3, 2017
|
|
|
|
|
720
|
|
|
|
720,462
|
|
|
|
MIP Delaware, LLC
|
Term Loan, 5.50%, Maturing July 12, 2018
|
|
|
|
|
936
|
|
|
|
936,003
|
|
|
|
Nuveen Investments, Inc.
|
Term Loan, 5.97%, Maturing May 12, 2017
|
|
|
|
|
2,616
|
|
|
|
2,593,543
|
|
|
|
Term Loan, 5.97%, Maturing May 13, 2017
|
|
|
|
|
1,811
|
|
|
|
1,787,568
|
|
|
|
Term Loan, 7.25%, Maturing May 13, 2017
|
|
|
|
|
1,600
|
|
|
|
1,607,333
|
|
|
|
RJO Holdings Corp.
|
Term Loan, 6.24%, Maturing December 10,
2015
(6)
|
|
|
|
|
15
|
|
|
|
12,487
|
|
|
|
Term Loan, 6.99%, Maturing December 10,
2015
(6)
|
|
|
|
|
484
|
|
|
|
365,899
|
|
|
|
RPI Finance Trust
|
Term Loan, 4.00%, Maturing May 9, 2018
|
|
|
|
|
3,914
|
|
|
|
3,901,847
|
|
|
|
Vantiv, LLC
|
Term Loan, 3.75%, Maturing February 27, 2019
|
|
|
|
|
525
|
|
|
|
524,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
33,002,874
|
|
|
|
|
|
|
|
Food Products 5.0%
|
|
American Seafoods Group LLC
|
Term Loan, 4.25%, Maturing March 8, 2018
|
|
|
|
|
736
|
|
|
$
|
712,032
|
|
|
|
Dean Foods Company
|
Term Loan, 1.62%, Maturing April 2, 2014
|
|
|
|
|
3,650
|
|
|
|
3,622,835
|
|
|
|
Del Monte Foods Company
|
Term Loan, 4.50%, Maturing March 8, 2018
|
|
|
|
|
4,890
|
|
|
|
4,803,132
|
|
|
|
Dole Food Company Inc.
|
Term Loan, 5.04%, Maturing July 6, 2018
|
|
|
|
|
1,094
|
|
|
|
1,090,128
|
|
|
|
High Liner Foods Incorporated
|
Term Loan, 7.00%, Maturing January 3, 2018
|
|
|
|
|
723
|
|
|
|
723,188
|
|
|
|
JBS USA Holdings Inc.
|
Term Loan, 4.25%, Maturing May 25, 2018
|
|
|
|
|
1,117
|
|
|
|
1,094,231
|
|
|
|
Michael Foods Group, Inc.
|
Term Loan, 4.25%, Maturing February 23, 2018
|
|
|
|
|
763
|
|
|
|
761,785
|
|
|
|
NBTY, Inc.
|
Term Loan, 4.25%, Maturing October 2, 2017
|
|
|
|
|
3,909
|
|
|
|
3,882,114
|
|
|
|
See Notes to
Financial Statements.
11
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Food Products (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pierre Foods, Inc.
|
Term Loan, 7.00%, Maturing September 30, 2016
|
|
|
|
|
2,871
|
|
|
$
|
2,883,409
|
|
|
|
Pinnacle Foods Finance LLC
|
Term Loan, 2.77%, Maturing April 2, 2014
|
|
|
|
|
7,370
|
|
|
|
7,338,127
|
|
|
|
Term Loan, 4.75%, Maturing October 17, 2018
|
|
|
|
|
325
|
|
|
|
324,086
|
|
|
|
Solvest Ltd.
|
Term Loan, 5.03%, Maturing July 6, 2018
|
|
|
|
|
1,958
|
|
|
|
1,950,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,185,825
|
|
|
|
|
|
|
|
Food Service 6.3%
|
|
Aramark Corporation
|
Term Loan, 3.34%, Maturing July 26, 2016
|
|
|
|
|
194
|
|
|
$
|
192,524
|
|
|
|
Term Loan, 3.34%, Maturing July 26, 2016
|
|
|
|
|
348
|
|
|
|
346,150
|
|
|
|
Term Loan, 3.49%, Maturing July 26, 2016
|
|
|
|
|
5,298
|
|
|
|
5,263,448
|
|
|
|
Term Loan, 3.65%, Maturing July 26, 2016
|
|
|
|
|
2,401
|
|
|
|
2,387,065
|
|
|
|
Term Loan, 4.40%, Maturing July 26, 2016
|
|
GBP
|
|
|
1,188
|
|
|
|
1,798,910
|
|
|
|
Buffets, Inc.
|
Term Loan, 0.00%, Maturing April 21,
2015
(7)
|
|
|
|
|
1,422
|
|
|
|
635,220
|
|
|
|
Term Loan, 0.00%, Maturing April 22,
2015
(6)(7)
|
|
|
|
|
143
|
|
|
|
65,591
|
|
|
|
Burger King Corporation
|
Term Loan, 4.50%, Maturing October 19, 2016
|
|
|
|
|
5,798
|
|
|
|
5,755,900
|
|
|
|
DineEquity, Inc.
|
Term Loan, 4.25%, Maturing October 19, 2017
|
|
|
|
|
1,505
|
|
|
|
1,497,886
|
|
|
|
Dunkin Brands, Inc.
|
Term Loan, 4.00%, Maturing November 23, 2017
|
|
|
|
|
3,422
|
|
|
|
3,394,956
|
|
|
|
NPC International, Inc.
|
Term Loan, 5.25%, Maturing December 28, 2018
|
|
|
|
|
750
|
|
|
|
750,000
|
|
|
|
OSI Restaurant Partners, LLC
|
Term Loan, 2.60%, Maturing June 14, 2013
|
|
|
|
|
588
|
|
|
|
576,277
|
|
|
|
Term Loan, 2.56%, Maturing June 14, 2014
|
|
|
|
|
6,316
|
|
|
|
6,195,215
|
|
|
|
Sagittarius Restaurants, LLC
|
Term Loan, 7.51%, Maturing May 18, 2015
|
|
|
|
|
470
|
|
|
|
466,863
|
|
|
|
Selecta
|
Term Loan - Second Lien, 5.64%, Maturing December 28,
2015
|
|
EUR
|
|
|
741
|
|
|
|
599,195
|
|
|
|
U.S. Foodservice, Inc.
|
Term Loan, 2.74%, Maturing July 3, 2014
|
|
|
|
|
2,974
|
|
|
|
2,886,213
|
|
|
|
Weight Watchers International, Inc.
|
Term Loan, 3.75%, Maturing March 12, 2019
|
|
|
|
|
1,475
|
|
|
|
1,460,859
|
|
|
|
Wendys International, Inc.
|
Term Loan, 0.50%, Maturing May 15,
2019
(3)
|
|
|
|
|
976
|
|
|
|
967,267
|
|
|
|
Term Loan, 4.75%, Maturing May 15, 2019
|
|
|
|
|
1,224
|
|
|
|
1,212,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
36,451,647
|
|
|
|
|
|
|
|
Food / Drug
Retailers 4.7%
|
|
Alliance Boots Holdings Limited
|
Term Loan, 3.32%, Maturing July 9, 2015
|
|
EUR
|
|
|
1,000
|
|
|
$
|
1,172,272
|
|
|
|
Term Loan, 3.58%, Maturing July 9, 2015
|
|
GBP
|
|
|
3,000
|
|
|
|
4,294,169
|
|
|
|
General Nutrition Centers, Inc.
|
Term Loan, 4.25%, Maturing March 2, 2018
|
|
|
|
|
4,238
|
|
|
|
4,228,474
|
|
|
|
Landrys, Inc.
|
Term Loan, 6.50%, Maturing April 24, 2018
|
|
|
|
|
1,475
|
|
|
|
1,472,234
|
|
|
|
Rite Aid Corporation
|
Term Loan, 1.99%, Maturing June 4, 2014
|
|
|
|
|
8,358
|
|
|
|
8,218,335
|
|
|
|
Term Loan, 4.50%, Maturing March 2, 2018
|
|
|
|
|
2,405
|
|
|
|
2,388,053
|
|
|
|
Roundys Supermarkets, Inc.
|
Term Loan, 5.75%, Maturing February 8, 2019
|
|
|
|
|
1,100
|
|
|
|
1,101,375
|
|
|
|
Sprouts Farmers Markets Holdings, LLC
|
Term Loan, 6.00%, Maturing April 20, 2018
|
|
|
|
|
650
|
|
|
|
641,875
|
|
|
|
Supervalu Inc.
|
Term Loan, 4.50%, Maturing April 28, 2018
|
|
|
|
|
3,638
|
|
|
|
3,590,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,107,285
|
|
|
|
|
|
|
|
Health Care 17.0%
|
|
1-800 Contacts, Inc.
|
Term Loan, 7.70%, Maturing March 4, 2015
|
|
|
|
|
897
|
|
|
$
|
901,285
|
|
|
|
Alere, Inc.
|
Term Loan, 4.75%, Maturing June 30, 2017
|
|
|
|
|
525
|
|
|
|
517,781
|
|
|
|
Term Loan, 4.75%, Maturing June 30, 2017
|
|
|
|
|
648
|
|
|
|
639,730
|
|
|
|
Term Loan, 4.75%, Maturing June 30, 2017
|
|
|
|
|
2,637
|
|
|
|
2,601,594
|
|
|
|
Alliance Healthcare Services, Inc.
|
Term Loan, 7.25%, Maturing June 1, 2016
|
|
|
|
|
1,235
|
|
|
|
1,161,273
|
|
|
|
Ardent Medical Services, Inc.
|
Term Loan, 6.50%, Maturing September 15, 2015
|
|
|
|
|
1,974
|
|
|
|
1,963,906
|
|
|
|
Biomet Inc.
|
Term Loan, 3.37%, Maturing March 25, 2015
|
|
|
|
|
6,770
|
|
|
|
6,632,093
|
|
|
|
CareStream Health, Inc.
|
Term Loan, 5.00%, Maturing February 25, 2017
|
|
|
|
|
1,707
|
|
|
|
1,649,707
|
|
|
|
Catalent Pharma Solutions
|
Term Loan, 4.24%, Maturing September 15, 2016
|
|
|
|
|
2,334
|
|
|
|
2,304,455
|
|
|
|
Term Loan, 5.25%, Maturing September 15, 2017
|
|
|
|
|
1,273
|
|
|
|
1,263,701
|
|
|
|
CDRL MS, Inc.
|
Term Loan, 6.75%, Maturing September 30, 2016
|
|
|
|
|
783
|
|
|
|
786,478
|
|
|
|
Community Health Systems, Inc.
|
Term Loan, 2.57%, Maturing July 25, 2014
|
|
|
|
|
5,478
|
|
|
|
5,385,012
|
|
|
|
Term Loan, 3.97%, Maturing January 25, 2017
|
|
|
|
|
3,301
|
|
|
|
3,233,610
|
|
|
|
ConMed Corporation
|
Term Loan, 1.74%, Maturing April 12, 2013
|
|
|
|
|
473
|
|
|
|
463,630
|
|
|
|
See Notes to
Financial Statements.
12
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Health Care (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convatec Inc.
|
Term Loan, 5.75%, Maturing December 22, 2016
|
|
|
|
|
970
|
|
|
$
|
967,397
|
|
|
|
CRC Health Corporation
|
Term Loan, 4.97%, Maturing November 16, 2015
|
|
|
|
|
1,999
|
|
|
|
1,846,800
|
|
|
|
Dako (EQT Project Delphi)
|
Term Loan - Second Lien, 4.22%, Maturing December 12,
2016
|
|
|
|
|
500
|
|
|
|
496,667
|
|
|
|
DaVita, Inc.
|
Term Loan, 4.50%, Maturing October 20, 2016
|
|
|
|
|
3,358
|
|
|
|
3,354,331
|
|
|
|
DJO Finance LLC
|
Term Loan, 5.24%, Maturing November 1, 2016
|
|
|
|
|
1,035
|
|
|
|
1,027,445
|
|
|
|
Term Loan, 6.25%, Maturing September 15, 2017
|
|
|
|
|
875
|
|
|
|
870,443
|
|
|
|
Drumm Investors LLC
|
Term Loan, 5.00%, Maturing May 4, 2018
|
|
|
|
|
2,988
|
|
|
|
2,786,746
|
|
|
|
Emdeon, Inc.
|
Term Loan, 5.00%, Maturing November 2, 2018
|
|
|
|
|
925
|
|
|
|
926,156
|
|
|
|
Emergency Medical Services Corporation
|
Term Loan, 5.28%, Maturing May 25, 2018
|
|
|
|
|
2,312
|
|
|
|
2,284,070
|
|
|
|
Grifols Inc.
|
Term Loan, 4.50%, Maturing June 1, 2017
|
|
|
|
|
3,302
|
|
|
|
3,268,228
|
|
|
|
Hanger Orthopedic Group, Inc.
|
Term Loan, 4.01%, Maturing December 1, 2016
|
|
|
|
|
739
|
|
|
|
735,181
|
|
|
|
HCA, Inc.
|
Term Loan, 3.72%, Maturing March 31, 2017
|
|
|
|
|
6,452
|
|
|
|
6,281,934
|
|
|
|
Term Loan, 3.49%, Maturing May 1, 2018
|
|
|
|
|
2,690
|
|
|
|
2,614,813
|
|
|
|
Health Management Associates, Inc.
|
Term Loan, 4.50%, Maturing November 16, 2018
|
|
|
|
|
1,671
|
|
|
|
1,650,442
|
|
|
|
Iasis Healthcare LLC
|
Term Loan, 5.00%, Maturing May 3, 2018
|
|
|
|
|
1,881
|
|
|
|
1,852,785
|
|
|
|
Immucor, Inc.
|
Term Loan, 7.25%, Maturing August 17, 2018
|
|
|
|
|
771
|
|
|
|
772,731
|
|
|
|
inVentiv Health, Inc.
|
Term Loan, 6.50%, Maturing August 4, 2016
|
|
|
|
|
2,121
|
|
|
|
1,989,860
|
|
|
|
Term Loan, 6.75%, Maturing May 15, 2018
|
|
|
|
|
1,315
|
|
|
|
1,254,241
|
|
|
|
Kindred Healthcare, Inc.
|
Term Loan, 5.25%, Maturing June 1, 2018
|
|
|
|
|
2,059
|
|
|
|
1,971,911
|
|
|
|
Kinetic Concepts, Inc.
|
Term Loan, 7.00%, Maturing May 4, 2018
|
|
|
|
|
4,564
|
|
|
|
4,613,273
|
|
|
|
Lifepoint Hospitals, Inc.
|
Term Loan, 2.99%, Maturing April 15, 2015
|
|
|
|
|
714
|
|
|
|
705,030
|
|
|
|
MedAssets, Inc.
|
Term Loan, 5.25%, Maturing November 16, 2016
|
|
|
|
|
954
|
|
|
|
956,583
|
|
|
|
Medpace, Inc.
|
Term Loan, 6.50%, Maturing June 16, 2017
|
|
|
|
|
968
|
|
|
|
933,818
|
|
|
|
Multiplan, Inc.
|
Term Loan, 4.75%, Maturing August 26, 2017
|
|
|
|
|
4,476
|
|
|
|
4,391,721
|
|
|
|
MX USA, Inc.
|
Term Loan, 6.50%, Maturing April 28, 2017
|
|
|
|
|
650
|
|
|
|
643,500
|
|
|
|
Pharmaceutical Product Development, Inc.
|
Term Loan, 6.25%, Maturing December 5, 2018
|
|
|
|
|
2,195
|
|
|
|
2,201,358
|
|
|
|
Physiotherapy Associates Holdings, Inc.
|
Term Loan, 6.00%, Maturing April 30, 2018
|
|
|
|
|
350
|
|
|
|
350,875
|
|
|
|
Prime Healthcare Services, Inc.
|
Term Loan, 7.50%, Maturing April 28, 2015
|
|
|
|
|
2,305
|
|
|
|
2,293,240
|
|
|
|
Radnet Management, Inc.
|
Term Loan, 5.75%, Maturing April 6, 2016
|
|
|
|
|
1,201
|
|
|
|
1,188,495
|
|
|
|
Select Medical Corporation
|
Term Loan, 5.50%, Maturing June 1, 2018
|
|
|
|
|
3,375
|
|
|
|
3,273,265
|
|
|
|
Sunrise Medical Holdings B.V.
|
Term Loan, 6.75%, Maturing May 13, 2014
|
|
EUR
|
|
|
245
|
|
|
|
289,742
|
|
|
|
TriZetto Group, Inc. (The)
|
Term Loan, 4.75%, Maturing May 2, 2018
|
|
|
|
|
1,662
|
|
|
|
1,634,038
|
|
|
|
Universal Health Services, Inc.
|
Term Loan, 3.75%, Maturing November 15, 2016
|
|
|
|
|
2,327
|
|
|
|
2,320,596
|
|
|
|
Valeant Pharmaceuticals International
|
Term Loan, 3.75%, Maturing February 13, 2019
|
|
|
|
|
1,100
|
|
|
|
1,081,438
|
|
|
|
Vanguard Health Holding Co. II, LLC
|
Term Loan, 5.00%, Maturing January 29, 2016
|
|
|
|
|
1,764
|
|
|
|
1,763,211
|
|
|
|
VWR Funding, Inc.
|
Term Loan, 2.74%, Maturing June 30, 2014
|
|
|
|
|
2,131
|
|
|
|
2,102,148
|
|
|
|
Wolverine Healthcare
|
Term Loan, Maturing May 12,
2017
(2)
|
|
|
|
|
1,600
|
|
|
|
1,586,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
98,784,767
|
|
|
|
|
|
|
|
Home
Furnishings 0.7%
|
|
Hunter Fan Company
|
Term Loan, 2.74%, Maturing April 16, 2014
|
|
|
|
|
368
|
|
|
$
|
341,625
|
|
|
|
National Bedding Company LLC
|
Term Loan, 4.00%, Maturing November 28, 2013
|
|
|
|
|
1,428
|
|
|
|
1,427,473
|
|
|
|
Term Loan - Second Lien, 5.25%, Maturing February 28,
2014
|
|
|
|
|
2,050
|
|
|
|
2,042,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,811,411
|
|
|
|
|
|
|
|
Industrial
Equipment 2.2%
|
|
Colfax Corporation
|
Term Loan, 4.50%, Maturing January 11, 2019
|
|
|
|
|
1,471
|
|
|
$
|
1,470,761
|
|
|
|
Excelitas Technologies Corp.
|
Term Loan, 4.75%, Maturing November 23, 2016
|
|
|
|
|
985
|
|
|
|
975,150
|
|
|
|
See Notes to
Financial Statements.
13
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Industrial
Equipment (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generac Power Systems, Inc.
|
Term Loan, Maturing May 22,
2018
(2)
|
|
|
|
|
1,725
|
|
|
$
|
1,690,500
|
|
|
|
Grede LLC
|
Term Loan, 7.00%, Maturing April 3, 2017
|
|
|
|
|
925
|
|
|
|
911,125
|
|
|
|
Husky Injection Molding Systems Ltd.
|
Term Loan, 6.50%, Maturing June 29, 2018
|
|
|
|
|
2,397
|
|
|
|
2,394,280
|
|
|
|
Kion Group GMBH
|
Term Loan, 3.60%, Maturing December 23,
2014
(4)
|
|
|
|
|
1,036
|
|
|
|
937,276
|
|
|
|
Term Loan, 4.10%, Maturing December 23,
2015
(4)
|
|
|
|
|
1,036
|
|
|
|
937,276
|
|
|
|
Manitowoc Company, Inc. (The)
|
Term Loan, 4.25%, Maturing November 13, 2017
|
|
|
|
|
643
|
|
|
|
644,855
|
|
|
|
Schaeffler AG
|
Term Loan, 6.00%, Maturing January 27, 2017
|
|
|
|
|
1,275
|
|
|
|
1,273,805
|
|
|
|
Terex Corporation
|
Term Loan, 5.50%, Maturing April 28, 2017
|
|
|
|
|
796
|
|
|
|
801,348
|
|
|
|
Unifrax Corporation
|
Term Loan, 6.50%, Maturing November 28, 2018
|
|
|
|
|
649
|
|
|
|
657,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,693,425
|
|
|
|
|
|
|
|
Insurance 4.8%
|
|
Alliant Holdings I, Inc.
|
Term Loan, 3.47%, Maturing August 21, 2014
|
|
|
|
|
3,580
|
|
|
$
|
3,585,682
|
|
|
|
Applied Systems, Inc.
|
Term Loan, 5.51%, Maturing December 8, 2016
|
|
|
|
|
1,500
|
|
|
|
1,497,687
|
|
|
|
Term Loan, Maturing December 8,
2016
(2)
|
|
|
|
|
650
|
|
|
|
646,750
|
|
|
|
Asurion LLC
|
Term Loan, 5.50%, Maturing May 24, 2018
|
|
|
|
|
9,201
|
|
|
|
9,086,140
|
|
|
|
Term Loan - Second Lien, 9.00%, Maturing
May 24, 2019
|
|
|
|
|
1,250
|
|
|
|
1,261,161
|
|
|
|
Aveta, Inc.
|
Term Loan, 8.50%, Maturing April 4, 2017
|
|
|
|
|
763
|
|
|
|
763,453
|
|
|
|
Term Loan, 8.50%, Maturing April 4, 2017
|
|
|
|
|
763
|
|
|
|
763,453
|
|
|
|
CCC Information Services, Inc.
|
Term Loan, 5.50%, Maturing November 11, 2015
|
|
|
|
|
1,551
|
|
|
|
1,546,885
|
|
|
|
CNO Financial Group, Inc.
|
Term Loan, 6.25%, Maturing September 30, 2016
|
|
|
|
|
1,065
|
|
|
|
1,065,432
|
|
|
|
Hub International Limited
|
Term Loan, 4.97%, Maturing June 13, 2017
|
|
|
|
|
2,310
|
|
|
|
2,278,701
|
|
|
|
Term Loan, 6.75%, Maturing December 13, 2017
|
|
|
|
|
609
|
|
|
|
614,707
|
|
|
|
Towergate Finance, PLC
|
Term Loan, 6.50%, Maturing August 4, 2017
|
|
GBP
|
|
|
1,000
|
|
|
|
1,428,179
|
|
|
|
USI Holdings Corporation
|
Term Loan, 2.74%, Maturing May 5, 2014
|
|
|
|
|
3,296
|
|
|
|
3,251,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,789,352
|
|
|
|
|
|
|
|
Leisure
Goods / Activities / Movies 7.1%
|
|
Alpha D2 Limited
|
Term Loan, 5.75%, Maturing April 28, 2017
|
|
|
|
|
2,250
|
|
|
$
|
2,247,590
|
|
|
|
AMC Entertainment, Inc.
|
Term Loan, 3.49%, Maturing December 15, 2016
|
|
|
|
|
5,360
|
|
|
|
5,348,310
|
|
|
|
Term Loan, 4.25%, Maturing February 22, 2018
|
|
|
|
|
1,097
|
|
|
|
1,094,507
|
|
|
|
AMC Networks Inc.
|
Term Loan, 4.00%, Maturing December 31, 2018
|
|
|
|
|
1,489
|
|
|
|
1,480,685
|
|
|
|
Bombardier Recreational Products, Inc.
|
Term Loan, 4.49%, Maturing June 28, 2016
|
|
|
|
|
2,983
|
|
|
|
2,938,418
|
|
|
|
Bright Horizons Family Solutions, Inc.
|
Term Loan, 4.24%, Maturing May 28, 2015
|
|
|
|
|
1,019
|
|
|
|
1,001,529
|
|
|
|
Cedar Fair, L.P.
|
Term Loan, 4.00%, Maturing December 15, 2017
|
|
|
|
|
2,188
|
|
|
|
2,185,788
|
|
|
|
Cinemark USA, Inc.
|
Term Loan, 3.56%, Maturing April 29, 2016
|
|
|
|
|
3,854
|
|
|
|
3,837,958
|
|
|
|
Clubcorp Club Operations, Inc.
|
Term Loan, 6.00%, Maturing November 30, 2016
|
|
|
|
|
2,706
|
|
|
|
2,712,626
|
|
|
|
Dave & Busters, Inc.
|
Term Loan, 5.50%, Maturing June 1, 2016
|
|
|
|
|
980
|
|
|
|
981,225
|
|
|
|
Fender Musical Instruments Corporation
|
Term Loan, 2.49%, Maturing June 9, 2014
|
|
|
|
|
272
|
|
|
|
266,075
|
|
|
|
Term Loan, 2.49%, Maturing June 9, 2014
|
|
|
|
|
537
|
|
|
|
526,604
|
|
|
|
Live Nation Entertainment, Inc.
|
Term Loan, 4.50%, Maturing November 7, 2016
|
|
|
|
|
2,573
|
|
|
|
2,575,716
|
|
|
|
Regal Cinemas, Inc.
|
Term Loan, 3.37%, Maturing August 23, 2017
|
|
|
|
|
3,999
|
|
|
|
3,978,662
|
|
|
|
Revolution Studios Distribution Company, LLC
|
Term Loan, 3.99%, Maturing December 21, 2014
|
|
|
|
|
931
|
|
|
|
858,602
|
|
|
|
Term Loan - Second Lien, 7.24%, Maturing
June 21,
2015
(6)
|
|
|
|
|
900
|
|
|
|
430,470
|
|
|
|
SeaWorld Parks & Entertainment, Inc.
|
Term Loan, 4.00%, Maturing August 17, 2017
|
|
|
|
|
2,605
|
|
|
|
2,573,763
|
|
|
|
Six Flags Theme Parks, Inc.
|
Term Loan, 4.25%, Maturing December 20, 2018
|
|
|
|
|
2,400
|
|
|
|
2,386,260
|
|
|
|
Town Sports International Inc.
|
Term Loan, 7.00%, Maturing May 11, 2018
|
|
|
|
|
1,959
|
|
|
|
1,979,076
|
|
|
|
Zuffa LLC
|
Term Loan, 2.25%, Maturing June 19, 2015
|
|
|
|
|
1,922
|
|
|
|
1,870,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41,274,577
|
|
|
|
|
|
|
|
Lodging and
Casinos 2.9%
|
|
Affinity Gaming, LLC
|
Term Loan, 5.50%, Maturing November 9, 2017
|
|
|
|
|
500
|
|
|
|
499,379
|
|
|
|
See Notes to
Financial Statements.
14
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Lodging and Casinos (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ameristar Casinos, Inc.
|
Term Loan, 4.00%, Maturing April 16, 2018
|
|
|
|
|
1,152
|
|
|
$
|
1,151,718
|
|
|
|
Caesars Entertainment Operating Company
|
Term Loan, 5.49%, Maturing January 26, 2018
|
|
|
|
|
2,788
|
|
|
|
2,470,688
|
|
|
|
Term Loan, 9.50%, Maturing October 31, 2016
|
|
|
|
|
2,933
|
|
|
|
2,981,376
|
|
|
|
Gala Group LTD
|
Term Loan, 5.68%, Maturing May 30, 2018
|
|
GBP
|
|
|
2,850
|
|
|
|
3,873,017
|
|
|
|
Isle of Capri Casinos, Inc.
|
Term Loan, 4.75%, Maturing November 1, 2013
|
|
|
|
|
1,037
|
|
|
|
1,039,467
|
|
|
|
Las Vegas Sands LLC
|
Term Loan, 1.85%, Maturing May 23, 2014
|
|
|
|
|
175
|
|
|
|
172,398
|
|
|
|
Term Loan, 1.85%, Maturing May 23, 2014
|
|
|
|
|
810
|
|
|
|
799,696
|
|
|
|
Term Loan, 2.85%, Maturing November 23, 2016
|
|
|
|
|
390
|
|
|
|
380,163
|
|
|
|
Term Loan, 2.85%, Maturing November 23, 2016
|
|
|
|
|
1,332
|
|
|
|
1,300,480
|
|
|
|
LodgeNet Entertainment Corporation
|
Term Loan, 6.50%, Maturing April 4, 2014
|
|
|
|
|
1,370
|
|
|
|
1,185,958
|
|
|
|
Pinnacle Entertainment, Inc.
|
Term Loan, 4.00%, Maturing March 19, 2019
|
|
|
|
|
650
|
|
|
|
647,834
|
|
|
|
Tropicana Entertainment Inc.
|
Term Loan, 7.50%, Maturing March 16, 2018
|
|
|
|
|
350
|
|
|
|
346,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,848,893
|
|
|
|
|
|
|
|
Nonferrous
Metals / Minerals 2.2%
|
|
Arch Coal Inc.
|
Term Loan, 5.75%, Maturing May 17, 2018
|
|
|
|
|
2,675
|
|
|
$
|
2,613,697
|
|
|
|
Fairmount Minerals LTD
|
Term Loan, 5.25%, Maturing March 15, 2017
|
|
|
|
|
3,662
|
|
|
|
3,616,225
|
|
|
|
Noranda Aluminum Acquisition Corporation
|
Term Loan, 5.75%, Maturing February 24, 2019
|
|
|
|
|
1,150
|
|
|
|
1,153,594
|
|
|
|
Novelis, Inc.
|
Term Loan, 4.00%, Maturing March 10, 2017
|
|
|
|
|
746
|
|
|
|
735,756
|
|
|
|
Term Loan, 4.00%, Maturing March 10, 2017
|
|
|
|
|
2,296
|
|
|
|
2,263,652
|
|
|
|
Oxbow Carbon and Mineral Holdings LLC
|
Term Loan, 3.85%, Maturing May 8, 2016
|
|
|
|
|
2,152
|
|
|
|
2,152,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,534,990
|
|
|
|
|
|
|
|
Oil and Gas 3.9%
|
|
Buffalo Gulf Coast Terminals LLC
|
Term Loan, 7.50%, Maturing October 31, 2017
|
|
|
|
|
2,122
|
|
|
$
|
2,129,832
|
|
|
|
Citgo Petroleum Corporation
|
Term Loan, 8.00%, Maturing June 24, 2015
|
|
|
|
|
222
|
|
|
|
222,666
|
|
|
|
Term Loan, 9.00%, Maturing June 23, 2017
|
|
|
|
|
2,825
|
|
|
|
2,855,584
|
|
|
|
Crestwood Holdings LLC
|
Term Loan, 9.75%, Maturing March 26, 2018
|
|
|
|
|
1,250
|
|
|
|
1,262,500
|
|
|
|
Energy Transfer Equity, L.P.
|
Term Loan, 3.75%, Maturing March 21, 2017
|
|
|
|
|
2,925
|
|
|
|
2,851,144
|
|
|
|
Frac Tech International LLC
|
Term Loan, 6.25%, Maturing May 6, 2016
|
|
|
|
|
3,805
|
|
|
|
3,413,499
|
|
|
|
Gibson Energy ULC
|
Term Loan, Maturing June 15,
2018
(2)
|
|
|
|
|
2,600
|
|
|
|
2,622,750
|
|
|
|
MEG Energy Corp.
|
Term Loan, 4.00%, Maturing March 16, 2018
|
|
|
|
|
1,368
|
|
|
|
1,358,725
|
|
|
|
Obsidian Natural Gas Trust
|
Term Loan, 7.00%, Maturing November 2, 2015
|
|
|
|
|
3,415
|
|
|
|
3,431,790
|
|
|
|
Sheridan Production Partners I, LLC
|
Term Loan, 6.50%, Maturing April 20, 2017
|
|
|
|
|
118
|
|
|
|
118,528
|
|
|
|
Term Loan, 6.50%, Maturing April 20, 2017
|
|
|
|
|
194
|
|
|
|
194,052
|
|
|
|
Term Loan, 6.50%, Maturing April 20, 2017
|
|
|
|
|
1,463
|
|
|
|
1,464,451
|
|
|
|
Tervita Corporation
|
Term Loan, 3.24%, Maturing November 14, 2014
|
|
|
|
|
499
|
|
|
|
482,366
|
|
|
|
Term Loan, 6.50%, Maturing October 17, 2014
|
|
|
|
|
599
|
|
|
|
602,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,010,377
|
|
|
|
|
|
|
|
Publishing 5.0%
|
|
Ascend Learning, Inc.
|
Term Loan, Maturing May 17,
2017
(2)
|
|
|
|
|
2,175
|
|
|
$
|
2,167,387
|
|
|
|
Aster Zweite Beteiligungs GmbH
|
Term Loan, 5.72%, Maturing December 31, 2014
|
|
|
|
|
93
|
|
|
|
84,629
|
|
|
|
Term Loan, 5.72%, Maturing December 31, 2014
|
|
|
|
|
1,665
|
|
|
|
1,509,897
|
|
|
|
Term Loan, 5.72%, Maturing December 31, 2014
|
|
|
|
|
1,683
|
|
|
|
1,525,863
|
|
|
|
Cengage Learning Acquisitions, Inc.
|
Term Loan, 2.49%, Maturing July 3, 2014
|
|
|
|
|
987
|
|
|
|
899,300
|
|
|
|
GateHouse Media Operating, Inc.
|
Term Loan, 2.24%, Maturing August 28, 2014
|
|
|
|
|
640
|
|
|
|
200,271
|
|
|
|
Term Loan, 2.24%, Maturing August 28, 2014
|
|
|
|
|
1,502
|
|
|
|
469,866
|
|
|
|
Term Loan, 2.49%, Maturing August 28, 2014
|
|
|
|
|
738
|
|
|
|
231,082
|
|
|
|
Getty Images, Inc.
|
Term Loan, 4.22%, Maturing November 2, 2015
|
|
|
|
|
626
|
|
|
|
626,023
|
|
|
|
Term Loan, 5.25%, Maturing November 7, 2016
|
|
|
|
|
2,369
|
|
|
|
2,369,791
|
|
|
|
Instant Web, Inc.
|
Term Loan, 3.61%, Maturing August 7, 2014
|
|
|
|
|
183
|
|
|
|
161,429
|
|
|
|
Term Loan, 3.61%, Maturing August 7, 2014
|
|
|
|
|
1,760
|
|
|
|
1,548,583
|
|
|
|
Interactive Data Corp
|
Term Loan, 4.50%, Maturing February 12, 2018
|
|
|
|
|
2,966
|
|
|
|
2,932,320
|
|
|
|
Lamar Media Corporation
|
Term Loan, 4.00%, Maturing December 30, 2016
|
|
|
|
|
553
|
|
|
|
553,925
|
|
|
|
Laureate Education, Inc.
|
Term Loan, 5.25%, Maturing August 15, 2018
|
|
|
|
|
6,957
|
|
|
|
6,803,432
|
|
|
|
See Notes to
Financial Statements.
15
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Publishing (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medianews Group
|
Term Loan, 8.50%, Maturing March 19, 2014
|
|
|
|
|
296
|
|
|
$
|
287,503
|
|
|
|
Merrill Communications, LLC
|
Term Loan, 7.75%, Maturing December 24, 2012
|
|
|
|
|
2,613
|
|
|
|
2,377,950
|
|
|
|
Nelson Education Ltd.
|
Term Loan, 2.97%, Maturing July 3, 2014
|
|
|
|
|
462
|
|
|
|
399,808
|
|
|
|
Nielsen Finance LLC
|
Term Loan, 3.99%, Maturing May 2, 2016
|
|
|
|
|
1,953
|
|
|
|
1,944,738
|
|
|
|
SGS International, Inc.
|
Term Loan, 3.74%, Maturing September 30, 2013
|
|
|
|
|
492
|
|
|
|
490,474
|
|
|
|
Source Interlink Companies, Inc.
|
Term Loan, 15.00%, Maturing March 18,
2014
(4)(6)
|
|
|
|
|
702
|
|
|
|
421,331
|
|
|
|
Term Loan - Second Lien, 7.25%, Maturing
June 18, 2013
|
|
|
|
|
891
|
|
|
|
859,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,865,197
|
|
|
|
|
|
|
|
Radio and
Television 4.3%
|
|
Clear Channel Communications, Inc.
|
Term Loan, 3.89%, Maturing January 28, 2016
|
|
|
|
|
1,969
|
|
|
$
|
1,541,782
|
|
|
|
Cumulus Media, Inc.
|
Term Loan, 5.75%, Maturing September 17, 2018
|
|
|
|
|
7,178
|
|
|
|
7,151,346
|
|
|
|
Entercom Radio, LLC
|
Term Loan, 6.25%, Maturing November 23, 2018
|
|
|
|
|
596
|
|
|
|
597,323
|
|
|
|
Foxco Acquisition Sub, LLC
|
Term Loan, 4.75%, Maturing July 14, 2015
|
|
|
|
|
1,424
|
|
|
|
1,424,118
|
|
|
|
Gray Television, Inc.
|
Term Loan, 3.74%, Maturing December 31, 2014
|
|
|
|
|
704
|
|
|
|
700,436
|
|
|
|
Hubbard Radio, LLC
|
Term Loan, 5.25%, Maturing April 28, 2017
|
|
|
|
|
929
|
|
|
|
924,622
|
|
|
|
LIN Television Corp.
|
Term Loan, 5.00%, Maturing December 21, 2018
|
|
|
|
|
673
|
|
|
|
674,996
|
|
|
|
Mission Broadcasting, Inc.
|
Term Loan, 5.00%, Maturing September 30, 2016
|
|
|
|
|
584
|
|
|
|
582,881
|
|
|
|
Nexstar Broadcasting, Inc.
|
Term Loan, 5.00%, Maturing September 30, 2016
|
|
|
|
|
914
|
|
|
|
911,717
|
|
|
|
Raycom TV Broadcasting, Inc.
|
Term Loan, 4.50%, Maturing May 31, 2017
|
|
|
|
|
993
|
|
|
|
987,537
|
|
|
|
Sinclair Television Group Inc.
|
Term Loan, 4.00%, Maturing October 28, 2016
|
|
|
|
|
822
|
|
|
|
819,993
|
|
|
|
Univision Communications Inc.
|
Term Loan, 4.49%, Maturing March 31, 2017
|
|
|
|
|
6,910
|
|
|
|
6,355,519
|
|
|
|
Weather Channel
|
Term Loan, 4.25%, Maturing February 13, 2017
|
|
|
|
|
2,220
|
|
|
|
2,209,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24,881,813
|
|
|
|
|
|
|
|
Rail
Industries 0.1%
|
|
RailAmerica, Inc.
|
Term Loan, 4.00%, Maturing March 1, 2019
|
|
|
|
|
875
|
|
|
$
|
875,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
875,000
|
|
|
|
|
|
|
|
Retailers (Except Food and
Drug) 4.8%
|
|
99 Cents Only Stores
|
Term Loan, 5.25%, Maturing January 11, 2019
|
|
|
|
|
1,574
|
|
|
$
|
1,568,318
|
|
|
|
AMSCAN Holdings, Inc.
|
Term Loan, 6.75%, Maturing December 4, 2017
|
|
|
|
|
4,216
|
|
|
|
4,231,985
|
|
|
|
FTD, Inc.
|
Term Loan, 4.75%, Maturing June 11, 2018
|
|
|
|
|
1,346
|
|
|
|
1,334,328
|
|
|
|
Harbor Freight Tools USA, Inc.
|
Term Loan, 5.50%, Maturing November 10, 2017
|
|
|
|
|
1,125
|
|
|
|
1,116,562
|
|
|
|
J Crew Group, Inc.
|
Term Loan, 4.75%, Maturing March 7, 2018
|
|
|
|
|
1,807
|
|
|
|
1,767,804
|
|
|
|
Jo-Ann Stores, Inc.
|
Term Loan, 4.75%, Maturing March 16, 2018
|
|
|
|
|
1,944
|
|
|
|
1,938,803
|
|
|
|
Michaels Stores, Inc.
|
Term Loan, 5.00%, Maturing July 29, 2016
|
|
|
|
|
1,852
|
|
|
|
1,850,372
|
|
|
|
Neiman Marcus Group, Inc. (The)
|
Term Loan, 4.75%, Maturing May 16, 2018
|
|
|
|
|
3,450
|
|
|
|
3,402,293
|
|
|
|
Petco Animal Supplies, Inc.
|
Term Loan, 4.50%, Maturing November 24, 2017
|
|
|
|
|
2,362
|
|
|
|
2,338,280
|
|
|
|
Pilot Travel Centers LLC
|
Term Loan, 4.25%, Maturing March 30, 2018
|
|
|
|
|
1,991
|
|
|
|
1,994,625
|
|
|
|
Savers, Inc.
|
Term Loan, 4.25%, Maturing March 3, 2017
|
|
|
|
|
1,278
|
|
|
|
1,276,853
|
|
|
|
ServiceMaster Company
|
Term Loan, 2.74%, Maturing July 24, 2014
|
|
|
|
|
267
|
|
|
|
261,203
|
|
|
|
Term Loan, 2.79%, Maturing July 24, 2014
|
|
|
|
|
2,685
|
|
|
|
2,623,018
|
|
|
|
Visant Holding Corp.
|
Term Loan, 5.25%, Maturing December 22, 2016
|
|
|
|
|
1,507
|
|
|
|
1,463,053
|
|
|
|
Vivarte SA
|
Term Loan, 2.94%, Maturing March 9, 2015
|
|
EUR
|
|
|
29
|
|
|
|
29,238
|
|
|
|
Term Loan, 2.94%, Maturing March 9, 2015
|
|
EUR
|
|
|
62
|
|
|
|
63,927
|
|
|
|
Term Loan, 2.94%, Maturing March 9, 2015
|
|
EUR
|
|
|
347
|
|
|
|
355,313
|
|
|
|
Term Loan, 3.57%, Maturing March 8, 2016
|
|
EUR
|
|
|
18
|
|
|
|
18,831
|
|
|
|
Term Loan, 3.57%, Maturing March 8, 2016
|
|
EUR
|
|
|
71
|
|
|
|
72,846
|
|
|
|
Term Loan, 3.57%, Maturing March 8, 2016
|
|
EUR
|
|
|
440
|
|
|
|
450,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,158,607
|
|
|
|
|
|
|
|
Steel 0.2%
|
|
JMC Steel Group, Inc.
|
Term Loan, 4.75%, Maturing April 3, 2017
|
|
|
|
|
767
|
|
|
|
767,253
|
|
|
|
See Notes to
Financial Statements.
16
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Borrower/Tranche Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Steel (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SunCoke Energy, Inc.
|
Term Loan, 4.00%, Maturing July 26, 2018
|
|
|
|
|
571
|
|
|
$
|
566,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,333,661
|
|
|
|
|
|
|
|
Surface
Transport 1.0%
|
|
Hertz Corporation (The)
|
Term Loan, 3.75%, Maturing March 9, 2018
|
|
|
|
|
3,935
|
|
|
$
|
3,882,372
|
|
|
|
Swift Transportation Co. Inc.
|
Term Loan, 5.00%, Maturing December 21, 2017
|
|
|
|
|
2,146
|
|
|
|
2,140,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,023,059
|
|
|
|
|
|
|
|
Telecommunications 6.2%
|
|
Alaska Communications Systems Holdings, Inc.
|
Term Loan, 5.50%, Maturing October 21, 2016
|
|
|
|
|
2,049
|
|
|
$
|
1,812,566
|
|
|
|
Cellular South, Inc.
|
Term Loan, 4.50%, Maturing July 27, 2017
|
|
|
|
|
943
|
|
|
|
935,803
|
|
|
|
Crown Castle International Corporation
|
Term Loan, 4.00%, Maturing January 31, 2019
|
|
|
|
|
2,095
|
|
|
|
2,071,446
|
|
|
|
Intelsat Jackson Holdings S.A.
|
Term Loan, 5.25%, Maturing April 2, 2018
|
|
|
|
|
11,657
|
|
|
|
11,586,817
|
|
|
|
Macquarie UK Broadcast Limited
|
Term Loan, 3.17%, Maturing December 1, 2014
|
|
GBP
|
|
|
828
|
|
|
|
1,154,811
|
|
|
|
MetroPCS Wireless, Inc.
|
Term Loan, 4.07%, Maturing November 3, 2016
|
|
|
|
|
982
|
|
|
|
963,900
|
|
|
|
Term Loan, 4.00%, Maturing March 16, 2018
|
|
|
|
|
4,504
|
|
|
|
4,417,774
|
|
|
|
NTELOS Inc.
|
Term Loan, 4.00%, Maturing August 7, 2015
|
|
|
|
|
1,212
|
|
|
|
1,203,215
|
|
|
|
Oberthur Technologies
|
Term Loan, 6.25%, Maturing March 30, 2019
|
|
|
|
|
625
|
|
|
|
609,375
|
|
|
|
SBA Finance
|
Term Loan, 3.75%, Maturing June 29, 2018
|
|
|
|
|
1,042
|
|
|
|
1,036,914
|
|
|
|
Syniverse Technologies, Inc.
|
Term Loan, 5.00%, Maturing April 23, 2019
|
|
|
|
|
2,100
|
|
|
|
2,091,470
|
|
|
|
Telesat LLC
|
Term Loan, 4.25%, Maturing March 26, 2019
|
|
|
|
|
7,800
|
|
|
|
7,735,002
|
|
|
|
TowerCo Finance LLC
|
Term Loan, 4.50%, Maturing February 2, 2017
|
|
|
|
|
743
|
|
|
|
743,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
36,362,521
|
|
|
|
|
|
|
|
Utilities 3.3%
|
|
AES Corporation
|
Term Loan, 4.25%, Maturing June 1, 2018
|
|
|
|
|
2,896
|
|
|
$
|
2,874,046
|
|
|
|
BRSP, LLC
|
Term Loan, 7.50%, Maturing June 4, 2014
|
|
|
|
|
757
|
|
|
|
760,865
|
|
|
|
Calpine Corporation
|
Term Loan, 4.50%, Maturing April 2, 2018
|
|
|
|
|
1,067
|
|
|
|
1,052,267
|
|
|
|
Term Loan, 4.50%, Maturing April 2, 2018
|
|
|
|
|
3,143
|
|
|
|
3,099,647
|
|
|
|
Dynegy Midwest Generation LLC
|
Term Loan, 9.25%, Maturing August 4, 2016
|
|
|
|
|
572
|
|
|
|
582,137
|
|
|
|
Dynegy Power, LLC
|
Term Loan, 9.25%, Maturing August 4, 2016
|
|
|
|
|
1,045
|
|
|
|
1,080,446
|
|
|
|
Equipower Resources Holdings LLC
|
Term Loan, 5.75%, Maturing January 26, 2018
|
|
|
|
|
602
|
|
|
|
596,262
|
|
|
|
Invenergy LLC
|
Term Loan, 9.00%, Maturing November 21, 2017
|
|
|
|
|
848
|
|
|
|
858,473
|
|
|
|
NRG Energy, Inc.
|
Term Loan, 4.00%, Maturing July 2, 2018
|
|
|
|
|
4,938
|
|
|
|
4,900,285
|
|
|
|
Texas Competitive Electric Holdings Company, LLC
|
Term Loan, 4.74%, Maturing October 10, 2017
|
|
|
|
|
6,000
|
|
|
|
3,512,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,316,884
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Senior Floating-Rate Interests
|
|
|
|
|
|
|
(identified cost $858,934,852)
|
|
$
|
847,905,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds & Notes 8.3%
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Security
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
|
Automotive 0.0%
(5)
|
|
American Axle & Manufacturing Holdings, Inc., Sr.
Notes
|
9.25%, 1/15/17
(8)
|
|
|
|
|
135
|
|
|
$
|
149,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
149,513
|
|
|
|
|
|
|
|
Beverage and
Tobacco 0.0%
(5)
|
|
Constellation Brands, Inc., Sr. Notes
|
6.00%, 5/1/22
|
|
|
|
|
70
|
|
|
$
|
74,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
74,550
|
|
|
|
|
|
|
|
Brokers, Dealers and Investment
Houses 0.0%
(5)
|
|
Alliance Data Systems Corp., Sr. Notes
|
6.375%, 4/1/20
(8)
|
|
|
|
|
55
|
|
|
$
|
55,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
55,000
|
|
|
|
|
|
|
See Notes to
Financial Statements.
17
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Security
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Building and
Development 0.0%
(5)
|
|
Nortek, Inc., Sr. Notes
|
10.00%, 12/1/18
|
|
|
|
|
90
|
|
|
$
|
95,400
|
|
|
|
8.50%, 4/15/21
|
|
|
|
|
15
|
|
|
|
14,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
110,025
|
|
|
|
|
|
|
|
Business Equipment and
Services 0.1%
|
|
Brocade Communications Systems, Inc., Sr. Notes
|
6.625%, 1/15/18
|
|
|
|
|
40
|
|
|
$
|
41,900
|
|
|
|
6.875%, 1/15/20
|
|
|
|
|
40
|
|
|
|
43,800
|
|
|
|
Education Management, LLC, Sr. Notes
|
8.75%, 6/1/14
|
|
|
|
|
280
|
|
|
|
273,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
358,700
|
|
|
|
|
|
|
|
Chemicals and
Plastics 1.1%
|
|
Hexion US Finance Corp., Sr. Notes
|
6.625%, 4/15/20
(8)
|
|
|
|
|
2,000
|
|
|
$
|
2,035,000
|
|
|
|
Ineos Finance PLC, Sr. Notes
|
7.25%, 2/15/19
(8)(9)
|
|
EUR
|
|
|
1,000
|
|
|
|
1,212,018
|
|
|
|
8.375%, 2/15/19
(8)
|
|
|
|
|
1,950
|
|
|
|
2,008,500
|
|
|
|
7.50%, 5/1/20
(8)
|
|
|
|
|
900
|
|
|
|
895,500
|
|
|
|
LyondellBasell Industries N.V., Sr. Notes
|
5.00%, 4/15/19
(8)
|
|
|
|
|
235
|
|
|
|
240,287
|
|
|
|
5.75%, 4/15/24
(8)
|
|
|
|
|
200
|
|
|
|
206,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,597,305
|
|
|
|
|
|
|
|
Containers and Glass
Products 0.2%
|
|
Berry Plastics Corp., Sr. Notes
|
5.217%, 2/15/15
(9)
|
|
|
|
|
1,000
|
|
|
$
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000,000
|
|
|
|
|
|
|
|
Cosmetics / Toiletries 0.3%
|
|
Revlon Consumer Products Corp.
|
9.75%, 11/15/15
|
|
|
|
|
1,420
|
|
|
$
|
1,530,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,530,050
|
|
|
|
|
|
|
|
Electronics / Electrical 0.0%
(5)
|
|
Lawson Software, Inc., Sr. Notes
|
9.375%, 4/1/19
(8)
|
|
|
|
|
65
|
|
|
$
|
67,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
67,275
|
|
|
|
|
|
|
|
Equipment
Leasing 0.3%
|
|
Aircastle, Ltd., Sr. Notes
|
6.75%, 4/15/17
(8)
|
|
|
|
|
55
|
|
|
$
|
54,725
|
|
|
|
7.625%, 4/15/20
(8)
|
|
|
|
|
25
|
|
|
|
25,187
|
|
|
|
International Lease Finance Corp., Sr. Notes
|
5.65%, 6/1/14
|
|
|
|
|
1,000
|
|
|
|
1,017,500
|
|
|
|
6.75%, 9/1/16
(8)
|
|
|
|
|
400
|
|
|
|
431,000
|
|
|
|
7.125%, 9/1/18
(8)
|
|
|
|
|
400
|
|
|
|
442,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,970,412
|
|
|
|
|
|
|
|
Financial
Intermediaries 0.9%
|
|
Ally Financial, Inc., Sr. Notes
|
2.688%, 12/1/14
(9)
|
|
|
|
|
35
|
|
|
$
|
33,552
|
|
|
|
First Data Corp., Sr. Notes
|
7.375%, 6/15/19
(8)
|
|
|
|
|
1,000
|
|
|
|
1,005,000
|
|
|
|
Ford Motor Credit Co., LLC, Sr. Notes
|
12.00%, 5/15/15
|
|
|
|
|
2,250
|
|
|
|
2,857,500
|
|
|
|
8.00%, 12/15/16
|
|
|
|
|
260
|
|
|
|
314,967
|
|
|
|
UPCB Finance II, Ltd., Sr. Notes
|
6.375%, 7/1/20
(8)
|
|
EUR
|
|
|
1,000
|
|
|
|
1,196,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,407,333
|
|
|
|
|
|
|
|
Food
Service 0.0%
(5)
|
|
Ruby Tuesday, Inc., Sr. Notes
|
7.625%, 5/15/20
(8)
|
|
|
|
|
135
|
|
|
$
|
125,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
125,550
|
|
|
|
|
|
|
|
Health Care 0.1%
|
|
Accellent, Inc., Sr. Notes
|
8.375%, 2/1/17
|
|
|
|
|
180
|
|
|
$
|
179,100
|
|
|
|
Biomet, Inc., Sr. Notes
|
10.375%, 10/15/17
|
|
|
|
|
125
|
|
|
|
133,672
|
|
|
|
USPI Finance Corp., Sr. Notes
|
9.00%, 4/1/20
(8)
|
|
|
|
|
65
|
|
|
|
67,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
380,534
|
|
|
|
|
|
|
|
Home
Furnishings 0.2%
|
|
Libbey Glass, Inc., Sr. Notes
|
6.875%, 5/15/20
(8)
|
|
|
|
|
835
|
|
|
$
|
841,262
|
|
|
|
Monaco SpinCo, Inc.
|
6.75%, 4/30/20
(8)
|
|
|
|
|
135
|
|
|
|
139,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
980,650
|
|
|
|
|
|
|
See Notes to
Financial Statements.
18
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Security
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Industrial
Equipment 0.2%
|
|
Terex Corp., Sr. Notes
|
10.875%, 6/1/16
|
|
|
|
|
920
|
|
|
$
|
1,035,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,035,000
|
|
|
|
|
|
|
|
Insurance 0.0%
(5)
|
|
Alliant Holdings I, Inc., Sr. Notes
|
11.00%, 5/1/15
(8)
|
|
|
|
|
50
|
|
|
$
|
52,125
|
|
|
|
USI Holdings Corp., Sr. Notes
|
4.342%, 11/15/14
(8)(9)
|
|
|
|
|
75
|
|
|
|
68,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
120,938
|
|
|
|
|
|
|
|
Leisure
Goods / Activities / Movies 0.2%
|
|
AMC Entertainment, Inc., Sr. Notes
|
8.75%, 6/1/19
|
|
|
|
|
85
|
|
|
$
|
91,375
|
|
|
|
National CineMedia, LLC, Sr. Notes
|
6.00%, 4/15/22
(8)
|
|
|
|
|
835
|
|
|
|
837,088
|
|
|
|
Royal Caribbean Cruises, Sr. Notes
|
7.00%, 6/15/13
|
|
|
|
|
105
|
|
|
|
109,200
|
|
|
|
6.875%, 12/1/13
|
|
|
|
|
40
|
|
|
|
42,000
|
|
|
|
7.25%, 6/15/16
|
|
|
|
|
25
|
|
|
|
27,000
|
|
|
|
7.25%, 3/15/18
|
|
|
|
|
50
|
|
|
|
54,000
|
|
|
|
Seven Seas Cruises, S de RL, LLC
|
9.125%, 5/15/19
(8)
|
|
|
|
|
25
|
|
|
|
25,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,186,538
|
|
|
|
|
|
|
|
Lodging and
Casinos 1.0%
|
|
Buffalo Thunder Development Authority, Sr. Notes
|
9.375%, 12/15/14
(7)(8)
|
|
|
|
|
535
|
|
|
$
|
197,950
|
|
|
|
Caesars Entertainment Operating Co., Sr. Notes
|
11.25%, 6/1/17
|
|
|
|
|
1,000
|
|
|
|
1,067,500
|
|
|
|
8.50%, 2/15/20
(8)
|
|
|
|
|
2,375
|
|
|
|
2,372,031
|
|
|
|
Inn of the Mountain Gods Resort & Casino, Sr. Notes
|
8.75%, 11/30/20
(8)
|
|
|
|
|
106
|
|
|
|
102,290
|
|
|
|
Mohegan Tribal Gaming Authority
|
10.50%, 12/15/16
(8)
|
|
|
|
|
165
|
|
|
|
152,625
|
|
|
|
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
|
11.00%, 9/15/18
(8)
|
|
|
|
|
500
|
|
|
|
362,500
|
|
|
|
Peninsula Gaming, LLC, Sr. Notes
|
10.75%, 8/15/17
|
|
|
|
|
1,000
|
|
|
|
1,147,500
|
|
|
|
Tunica-Biloxi Gaming Authority, Sr. Notes
|
9.00%, 11/15/15
(8)
|
|
|
|
|
345
|
|
|
|
329,475
|
|
|
|
Waterford Gaming, LLC, Sr. Notes
|
8.625%, 9/15/14
(6)(8)
|
|
|
|
|
216
|
|
|
|
125,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,857,104
|
|
|
|
|
|
|
|
Nonferrous
Metals / Minerals 0.3%
|
|
Cloud Peak Energy Resources, LLC/Cloud Peak Energy
Finance Corp., Sr. Notes
|
8.25%, 12/15/17
|
|
|
|
|
1,000
|
|
|
$
|
1,027,500
|
|
|
|
8.50%, 12/15/19
|
|
|
|
|
335
|
|
|
|
346,725
|
|
|
|
FMG Resources (August 2006) Pty, Ltd., Sr. Notes
|
7.00%, 11/1/15
(8)
|
|
|
|
|
80
|
|
|
|
80,400
|
|
|
|
Inmet Mining Corp., Sr. Notes
|
8.75%, 6/1/20
(8)
|
|
|
|
|
30
|
|
|
|
29,400
|
|
|
|
Molycorp, Inc., Sr. Notes
|
10.00%, 6/1/20
(8)
|
|
|
|
|
190
|
|
|
|
190,475
|
|
|
|
New Gold, Inc., Sr. Notes
|
7.00%, 4/15/20
(8)
|
|
|
|
|
45
|
|
|
|
46,013
|
|
|
|
Penn Virginia Resource Partners, LP/Penn Virginia Resource
Finance Corp. II, Sr. Notes
|
8.375%, 6/1/20
(8)
|
|
|
|
|
55
|
|
|
|
55,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,775,788
|
|
|
|
|
|
|
|
Oil and Gas 0.1%
|
|
Chaparral Energy, Inc., Sr. Notes
|
7.625%, 11/15/22
(8)
|
|
|
|
|
25
|
|
|
$
|
25,625
|
|
|
|
Everest Acquisition, LLC/Everest Acquisition Finance, Inc.,
Sr. Notes
|
6.875%, 5/1/19
(8)
|
|
|
|
|
190
|
|
|
|
194,988
|
|
|
|
9.375%, 5/1/20
(8)
|
|
|
|
|
145
|
|
|
|
148,806
|
|
|
|
Laredo Petroleum, Inc., Sr. Notes
|
7.375%, 5/1/22
(8)
|
|
|
|
|
40
|
|
|
|
41,000
|
|
|
|
Petroleum Development Corp., Sr. Notes
|
12.00%, 2/15/18
|
|
|
|
|
135
|
|
|
|
145,800
|
|
|
|
Quicksilver Resources, Inc., Sr. Notes
|
11.75%, 1/1/16
|
|
|
|
|
135
|
|
|
|
139,050
|
|
|
|
SESI, LLC, Sr. Notes
|
6.875%, 6/1/14
|
|
|
|
|
65
|
|
|
|
65,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
760,350
|
|
|
|
|
|
|
|
Publishing 0.5%
|
|
Laureate Education, Inc., Sr. Notes
|
11.00%, 8/15/15
(8)
|
|
|
|
|
1,280
|
|
|
$
|
1,324,800
|
|
|
|
11.25%, 8/15/15
(8)(9)
|
|
|
|
|
1,349
|
|
|
|
1,396,581
|
|
|
|
See Notes to
Financial Statements.
19
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount*
|
|
|
|
|
|
|
Security
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Publishing (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Laureate Education, Inc., Sr. Sub. Notes
|
12.75%, 8/15/17
(8)
|
|
|
|
|
105
|
|
|
$
|
111,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,833,206
|
|
|
|
|
|
|
|
Radio and
Television 0.3%
|
|
Entravision Communications Corp., Sr. Notes
|
8.75%, 8/1/17
|
|
|
|
|
948
|
|
|
$
|
995,400
|
|
|
|
XM Satellite Radio Holdings, Inc., Sr. Notes
|
13.00%, 8/1/14
(8)
|
|
|
|
|
480
|
|
|
|
541,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,536,600
|
|
|
|
|
|
|
|
Rail
Industries 0.1%
|
|
American Railcar Industry, Sr. Notes
|
7.50%, 3/1/14
|
|
|
|
|
195
|
|
|
$
|
198,656
|
|
|
|
Kansas City Southern Mexico, Sr. Notes
|
8.00%, 2/1/18
|
|
|
|
|
500
|
|
|
|
560,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
758,656
|
|
|
|
|
|
|
|
Retailers (Except Food and
Drug) 0.2%
|
|
Amscan Holdings, Inc., Sr. Notes
|
8.75%, 5/1/14
|
|
|
|
|
455
|
|
|
$
|
456,137
|
|
|
|
Michaels Stores, Inc., Sr. Notes
|
7.75%, 11/1/18
|
|
|
|
|
95
|
|
|
|
99,513
|
|
|
|
Sally Holdings, LLC/Sally Capital, Inc., Sr. Notes
|
5.75%, 6/1/22
|
|
|
|
|
185
|
|
|
|
188,006
|
|
|
|
Toys R Us, Inc., Sr. Notes
|
7.875%, 4/15/13
|
|
|
|
|
160
|
|
|
|
163,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
906,856
|
|
|
|
|
|
|
|
Steel 0.0%
|
|
RathGibson, Inc., Sr. Notes
|
11.25%, 2/15/14
(6)(7)
|
|
|
|
|
495
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0
|
|
|
|
|
|
|
|
Telecommunications 0.6%
|
|
Avaya, Inc., Sr. Notes
|
9.75%, 11/1/15
|
|
|
|
|
840
|
|
|
$
|
697,200
|
|
|
|
Digicel Group, Ltd., Sr. Notes
|
8.875%, 1/15/15
(8)
|
|
|
|
|
815
|
|
|
|
806,850
|
|
|
|
Hughes Satellite Systems Corp., Sr. Notes
|
6.50%, 6/15/19
|
|
|
|
|
1,000
|
|
|
|
1,020,000
|
|
|
|
Intelsat Bermuda, Ltd., Sr. Notes
|
11.25%, 6/15/16
|
|
|
|
|
119
|
|
|
|
124,504
|
|
|
|
Intelsat Jackson Holdings, Ltd., Sr. Notes
|
7.25%, 10/15/20
(8)
|
|
|
|
|
110
|
|
|
|
109,725
|
|
|
|
Telesat Canada/Telesat, LLC, Sr. Notes
|
11.00%, 11/1/15
|
|
|
|
|
405
|
|
|
|
430,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,188,551
|
|
|
|
|
|
|
|
Utilities 1.6%
|
|
Calpine Corp., Sr. Notes
|
7.50%, 2/15/21
(8)
|
|
|
|
|
5,100
|
|
|
$
|
5,355,000
|
|
|
|
7.875%, 1/15/23
(8)
|
|
|
|
|
3,825
|
|
|
|
4,064,062
|
|
|
|
Reliant Energy, Inc., Sr. Notes
|
7.625%, 6/15/14
|
|
|
|
|
20
|
|
|
|
20,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,439,262
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds &
Notes
|
|
|
|
|
|
|
(identified cost $47,534,066)
|
|
$
|
48,205,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities 0.7%
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
Security
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Alzette European CLO SA,
Series 2004-1A,
Class E2,
6.974%, 12/15/20
(9)
|
|
|
|
$
|
343
|
|
|
$
|
291,270
|
|
|
|
Avalon Capital Ltd. 3, Series 1A, Class D,
2.417%, 2/24/19
(8)(9)
|
|
|
|
|
589
|
|
|
|
459,651
|
|
|
|
Babson Ltd.,
Series 2005-1A,
Class C1,
2.417%, 4/15/19
(8)(9)
|
|
|
|
|
753
|
|
|
|
540,729
|
|
|
|
Centurion CDO 8 Ltd.,
Series 2005-8A,
Class D,
5.975%, 3/8/17
(9)
|
|
|
|
|
985
|
|
|
|
833,394
|
|
|
|
Centurion CDO 9 Ltd.,
Series 2005-9A,
Class D1,
5.216%, 7/17/19
(9)
|
|
|
|
|
750
|
|
|
|
558,009
|
|
|
|
Comstock Funding Ltd.,
Series 2006-1A,
Class D,
4.717%, 5/30/20
(8)(9)
|
|
|
|
|
692
|
|
|
|
498,697
|
|
|
|
First CLO Ltd.,
Series 2004-1A1,
Class C,
2.766%, 7/27/16
(8)(9)
|
|
|
|
|
1,000
|
|
|
|
940,454
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
|
|
|
|
|
|
|
(identified cost $4,951,570)
|
|
$
|
4,122,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
20
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks 1.5%
|
|
Security
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Automotive 0.1%
|
|
Dayco Products,
LLC
(10)(11)
|
|
|
|
|
20,780
|
|
|
$
|
742,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
742,885
|
|
|
|
|
|
|
|
Building and
Development 0.1%
|
|
Panolam Holdings
Co.
(6)(10)(12)
|
|
|
|
|
280
|
|
|
$
|
456,428
|
|
|
|
United Subcontractors,
Inc.
(6)(10)(11)
|
|
|
|
|
569
|
|
|
|
21,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
477,512
|
|
|
|
|
|
|
|
Diversified
Manufacturing 0.0%
(5)
|
|
MEGA Brands,
Inc.
(10)
|
|
|
|
|
17,863
|
|
|
$
|
108,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
108,823
|
|
|
|
|
|
|
|
Financial
Intermediaries 0.0%
(5)
|
|
RTS Investor
Corp.
(6)(10)(11)
|
|
|
|
|
168
|
|
|
$
|
16,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,079
|
|
|
|
|
|
|
|
Food Service 0.0%
|
|
Buffets,
Inc.
(6)(10)(11)
|
|
|
|
|
25,547
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0
|
|
|
|
|
|
|
|
Leisure
Goods / Activities / Movies 0.3%
|
|
Metro-Goldwyn-Mayer
Holdings,
Inc.
(10)(11)
|
|
|
|
|
66,174
|
|
|
$
|
1,742,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,742,580
|
|
|
|
|
|
|
|
Lodging and
Casinos 0.1%
|
|
Greektown Superholdings,
Inc.
(10)
|
|
|
|
|
83
|
|
|
$
|
4,358
|
|
|
|
Tropicana Entertainment,
Inc.
(6)(10)(11)
|
|
|
|
|
37,016
|
|
|
|
513,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
517,955
|
|
|
|
|
|
|
|
Nonferrous
Metals / Minerals 0.1%
|
|
Euramax International,
Inc.
(10)(11)
|
|
|
|
|
701
|
|
|
$
|
199,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
199,842
|
|
|
|
|
|
|
|
Oil and
Gas 0.0%
(5)
|
|
SemGroup
Corp.
(10)
|
|
|
|
|
1,565
|
|
|
$
|
47,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,185
|
|
|
|
|
|
|
|
Publishing 0.7%
|
|
Ion Media Networks,
Inc.
(6)(10)(11)
|
|
|
|
|
4,429
|
|
|
$
|
3,543,200
|
|
|
|
MediaNews Group,
Inc.
(6)(10)(11)
|
|
|
|
|
29,104
|
|
|
|
625,737
|
|
|
|
Source Interlink Companies,
Inc.
(6)(10)(11)
|
|
|
|
|
2,290
|
|
|
|
13,442
|
|
|
|
SuperMedia,
Inc.
(10)(11)
|
|
|
|
|
10,855
|
|
|
|
28,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,210,494
|
|
|
|
|
|
|
|
Radio and
Television 0.1%
|
|
New Young Broadcasting Holding Co.,
Inc.
(10)(11)
|
|
|
|
|
251
|
|
|
$
|
762,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
762,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
(identified cost $5,510,519)
|
|
$
|
8,825,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
0.0%
(5)
|
|
Security
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Oil and
Gas 0.0%
(5)
|
|
SemGroup Corp., Expires
11/30/14
(10)
|
|
|
|
|
1,647
|
|
|
$
|
12,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,880
|
|
|
|
|
|
|
|
Publishing 0.0%
|
|
Readers Digest Association, Inc. (The), Expires
2/14/19
(6)(10)(11)
|
|
|
|
|
1,609
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0
|
|
|
|
|
|
|
|
Radio and
Television 0.0%
(5)
|
|
New Young Broadcasting Holding Co., Inc., Expires
12/24/24
(10)(11)
|
|
|
|
|
3
|
|
|
$
|
9,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,112
|
|
|
|
|
|
|
|
Retailers (Except Food and
Drug) 0.0%
|
|
Oriental Trading Co., Inc., Expires
2/11/16
(6)(10)(11)
|
|
|
|
|
7,328
|
|
|
$
|
0
|
|
|
|
Oriental Trading Co., Inc., Expires
2/11/16
(6)(10)(11)
|
|
|
|
|
6,680
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Warrants
|
|
|
|
|
|
|
(identified cost $5,172)
|
|
$
|
21,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
21
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Portfolio
of Investments continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous
0.0%
(5)
|
|
Security
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
Oil and
Gas 0.0%
(5)
|
|
SemGroup Corp., Escrow Certificate
|
8.75%, Maturing November 15, 2049
|
|
|
|
|
605
|
|
|
$
|
27,225
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Miscellaneous
|
|
|
|
|
|
|
(identified cost $0)
|
|
$
|
27,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Investments 3.8%
|
|
|
|
|
|
Interest/
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
Description
|
|
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Eaton Vance Cash Reserves Fund, LLC,
0.10%
(13)
|
|
|
|
$
|
12,621
|
|
|
$
|
12,620,652
|
|
|
|
State Street Bank and Trust Euro Time Deposit,
0.01%, 6/1/12
|
|
|
|
|
9,698
|
|
|
|
9,697,664
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
(identified cost $22,318,316)
|
|
$
|
22,318,316
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 160.0%
|
|
|
|
|
|
|
(identified cost $939,254,495)
|
|
$
|
931,426,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Unfunded Loan
Commitments (0.3)%
|
|
|
|
|
|
$
|
(1,598,028
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Investments 159.7%
|
|
|
|
|
|
|
(identified cost $937,656,467)
|
|
$
|
929,828,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (46.0)%
|
|
|
|
|
|
$
|
(267,797,139
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (13.7)%
|
|
|
|
|
|
$
|
(80,020,315
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
|
|
|
|
$
|
582,010,790
|
|
|
|
|
|
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
|
|
|
|
*
|
|
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)
|
|
This Senior Loan will settle after May 31, 2012, at which
time the interest rate will be determined.
|
|
(3)
|
|
Unfunded or partially unfunded loan commitments. See
Note 1G for description.
|
|
(4)
|
|
Represents a
payment-in-kind
security which may pay all or a portion of interest in
additional par.
|
|
(5)
|
|
Amount is less than 0.05%.
|
|
(6)
|
|
For fair value measurement disclosure purposes, security is
categorized as Level 3 (see Note 13).
|
|
(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 May 31,
2012, the aggregate value of these securities is $32,784,842 or
5.6% of the Trusts net assets applicable to common shares.
|
|
(9)
|
|
Variable rate security. The stated interest rate represents the
rate in effect at May 31, 2012.
|
|
(10)
|
|
Non-income producing security.
|
|
(11)
|
|
Security was acquired in connection with a restructuring of a
Senior Loan and may be subject to restrictions on resale.
|
|
(12)
|
|
Restricted security (see Note 8).
|
|
(13)
|
|
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 May 31, 2012.
|
See Notes to
Financial Statements.
22
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Statement
of Assets and Liabilities
|
|
|
|
|
|
|
Assets
|
|
May 31, 2012
|
|
|
|
Unaffiliated investments, at value (identified cost,
$925,035,815)
|
|
$
|
917,207,592
|
|
|
|
Affiliated investment, at value (identified cost, $12,620,652)
|
|
|
12,620,652
|
|
|
|
Foreign currency, at value (identified cost, $738,453)
|
|
|
738,493
|
|
|
|
Interest receivable
|
|
|
5,270,552
|
|
|
|
Interest receivable from affiliated investment
|
|
|
1,185
|
|
|
|
Receivable for investments sold
|
|
|
4,186,498
|
|
|
|
Receivable for open forward foreign currency exchange contracts
|
|
|
986,362
|
|
|
|
Receivable from the transfer agent
|
|
|
110,307
|
|
|
|
Tax reclaims receivable
|
|
|
1,859
|
|
|
|
Prepaid expenses
|
|
|
40,090
|
|
|
|
Other assets
|
|
|
10,281
|
|
|
|
|
|
Total assets
|
|
$
|
941,173,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Notes payable
|
|
$
|
260,000,000
|
|
|
|
Payable for investments purchased
|
|
|
18,157,441
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
552,249
|
|
|
|
Trustees fees
|
|
|
6,138
|
|
|
|
Accrued expenses
|
|
|
426,938
|
|
|
|
|
|
Total liabilities
|
|
$
|
279,142,766
|
|
|
|
|
|
Auction preferred shares (3,200 shares outstanding) at
liquidation value plus cumulative unpaid dividends
|
|
$
|
80,020,315
|
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
582,010,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 37,512,921 shares issued and outstanding
|
|
$
|
375,129
|
|
|
|
Additional paid-in capital
|
|
|
708,631,800
|
|
|
|
Accumulated net realized loss
|
|
|
(120,335,104
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
245,739
|
|
|
|
Net unrealized depreciation
|
|
|
(6,906,774
|
)
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
582,010,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Per Common Share
|
|
($582,010,790
¸
37,512,921 common shares issued and outstanding)
|
|
$
|
15.51
|
|
|
|
|
|
See Notes to
Financial Statements.
23
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
Investment Income
|
|
May 31, 2012
|
|
|
|
Interest and other income
|
|
$
|
49,463,057
|
|
|
|
Interest allocated from affiliated investment
|
|
|
16,387
|
|
|
|
Expenses allocated from affiliated investment
|
|
|
(2,897
|
)
|
|
|
|
|
Total investment income
|
|
$
|
49,476,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
6,808,888
|
|
|
|
Trustees fees and expenses
|
|
|
34,139
|
|
|
|
Custodian fee
|
|
|
393,222
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
19,020
|
|
|
|
Legal and accounting services
|
|
|
212,147
|
|
|
|
Printing and postage
|
|
|
81,288
|
|
|
|
Interest expense and fees
|
|
|
3,355,318
|
|
|
|
Preferred shares service fee
|
|
|
115,319
|
|
|
|
Miscellaneous
|
|
|
173,423
|
|
|
|
|
|
Total expenses
|
|
$
|
11,192,764
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of investment adviser fee
|
|
$
|
488,868
|
|
|
|
Reduction of custodian fee
|
|
|
34
|
|
|
|
|
|
Total expense reductions
|
|
$
|
488,902
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
10,703,862
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
38,772,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
402,452
|
|
|
|
Investment transactions allocated from affiliated investment
|
|
|
503
|
|
|
|
Foreign currency and forward foreign currency exchange contract
transactions
|
|
|
3,894,114
|
|
|
|
|
|
Net realized gain
|
|
$
|
4,297,069
|
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments
|
|
$
|
(19,293,079
|
)
|
|
|
Foreign currency and forward foreign currency exchange contracts
|
|
|
1,417,978
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(17,875,101
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(13,578,032
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(1,186,482
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
24,008,171
|
|
|
|
|
|
See Notes to
Financial Statements.
24
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended May 31,
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
2012
|
|
2011
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
38,772,685
|
|
|
$
|
37,113,803
|
|
|
|
Net realized gain (loss) from investment, foreign currency and
forward foreign currency exchange contract transactions
|
|
|
4,297,069
|
|
|
|
(14,691,792
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, foreign currency and forward foreign currency
exchange contracts
|
|
|
(17,875,101
|
)
|
|
|
55,101,570
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(1,186,482
|
)
|
|
|
(1,225,305
|
)
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
24,008,171
|
|
|
$
|
76,298,276
|
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(38,389,236
|
)
|
|
$
|
(38,187,166
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(38,389,236
|
)
|
|
$
|
(38,187,166
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
502,012
|
|
|
$
|
1,167,878
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
502,012
|
|
|
$
|
1,167,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
$
|
(13,879,053
|
)
|
|
$
|
39,278,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares
|
|
At beginning of year
|
|
$
|
595,889,843
|
|
|
$
|
556,610,855
|
|
|
|
|
|
At end of year
|
|
$
|
582,010,790
|
|
|
$
|
595,889,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated undistributed net
investment income
included in net assets applicable to common shares
|
|
At end of year
|
|
$
|
245,739
|
|
|
$
|
3,169,029
|
|
|
|
|
|
See Notes to
Financial Statements.
25
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
Cash Flows From
Operating Activities
|
|
May 31, 2012
|
|
|
|
Net increase in net assets from operations
|
|
$
|
24,008,171
|
|
|
|
Distributions to preferred shareholders
|
|
|
1,186,482
|
|
|
|
|
|
Net increase in net assets from operations excluding
distributions to preferred shareholders
|
|
$
|
25,194,653
|
|
|
|
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
|
|
|
|
|
|
|
Investments purchased
|
|
|
(362,225,779
|
)
|
|
|
Investments sold and principal repayments
|
|
|
343,497,402
|
|
|
|
Decrease in short-term investments, net
|
|
|
7,732,387
|
|
|
|
Net amortization/accretion of premium (discount)
|
|
|
(4,550,674
|
)
|
|
|
Decrease in restricted cash
|
|
|
782,194
|
|
|
|
Increase in interest receivable
|
|
|
(410,374
|
)
|
|
|
Decrease in interest receivable from affiliated investment
|
|
|
1,273
|
|
|
|
Increase in receivable for investments sold
|
|
|
(3,747,010
|
)
|
|
|
Increase in receivable for open forward foreign currency
exchange contracts
|
|
|
(544,196
|
)
|
|
|
Decrease in receivable from the transfer agent
|
|
|
(13,158
|
)
|
|
|
Increase in tax reclaims receivable
|
|
|
(1,859
|
)
|
|
|
Increase in prepaid expenses
|
|
|
(22,622
|
)
|
|
|
Increase in other assets
|
|
|
(1,311
|
)
|
|
|
Decrease in payable for investments purchased
|
|
|
(6,137,964
|
)
|
|
|
Decrease in payable for open forward foreign currency exchange
contracts
|
|
|
(826,924
|
)
|
|
|
Increase in payable to affiliate for investment adviser fee
|
|
|
48,106
|
|
|
|
Increase in payable to affiliate for Trustees fees
|
|
|
1,155
|
|
|
|
Decrease in accrued expenses
|
|
|
(97,077
|
)
|
|
|
Decrease in unfunded loan commitments
|
|
|
(1,258,980
|
)
|
|
|
Net change in unrealized (appreciation) depreciation from
investments
|
|
|
19,293,079
|
|
|
|
Net realized gain from investments
|
|
|
(402,452
|
)
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
16,309,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities
|
|
Distributions paid to common shareholders, net of reinvestments
|
|
$
|
(37,887,224
|
)
|
|
|
Cash distributions to preferred shareholders
|
|
|
(1,188,388
|
)
|
|
|
Proceeds from notes payable
|
|
|
272,000,000
|
|
|
|
Repayments of notes payable
|
|
|
(250,000,000
|
)
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(17,075,612
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash*
|
|
$
|
(765,743
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of
year
(1)
|
|
$
|
1,504,236
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
year
(1)
|
|
$
|
738,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash
flow information:
|
|
Noncash financing activities not included herein consist of:
|
|
|
|
|
|
|
Reinvestment of dividends and distributions
|
|
$
|
502,012
|
|
|
|
Cash paid for interest and fees on borrowings
|
|
|
3,552,789
|
|
|
|
|
|
|
|
|
*
|
|
Includes net change in unrealized appreciation (depreciation) on
foreign currency of $504.
|
(1)
|
|
Balance includes foreign currency, at value.
|
See Notes to
Financial Statements.
26
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended May 31,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
15.900
|
|
|
$
|
14.880
|
|
|
$
|
11.390
|
|
|
$
|
16.280
|
|
|
$
|
18.980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
1.034
|
|
|
$
|
0.991
|
|
|
$
|
1.008
|
|
|
$
|
1.136
|
|
|
$
|
2.002
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(0.368
|
)
|
|
|
1.082
|
|
|
|
3.468
|
|
|
|
(4.917
|
)
|
|
|
(2.701
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment
income
(1)
|
|
|
(0.032
|
)
|
|
|
(0.033
|
)
|
|
|
(0.044
|
)
|
|
|
(0.111
|
)
|
|
|
(0.575
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
0.634
|
|
|
$
|
2.040
|
|
|
$
|
4.432
|
|
|
$
|
(3.892
|
)
|
|
$
|
(1.274
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(1.024
|
)
|
|
$
|
(1.020
|
)
|
|
$
|
(0.942
|
)
|
|
$
|
(0.868
|
)
|
|
$
|
(1.417
|
)
|
|
|
Tax return of capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.130
|
)
|
|
|
(0.009
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(1.024
|
)
|
|
$
|
(1.020
|
)
|
|
$
|
(0.942
|
)
|
|
$
|
(0.998
|
)
|
|
$
|
(1.426
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
15.510
|
|
|
$
|
15.900
|
|
|
$
|
14.880
|
|
|
$
|
11.390
|
|
|
$
|
16.280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
15.790
|
|
|
$
|
16.390
|
|
|
$
|
14.350
|
|
|
$
|
10.330
|
|
|
$
|
15.130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
4.43
|
%
|
|
|
14.13
|
%
|
|
|
40.07
|
%
|
|
|
(22.80
|
)%
|
|
|
(6.31
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
3.13
|
%
|
|
|
21.99
|
%
|
|
|
48.94
|
%
|
|
|
(24.66
|
)%
|
|
|
(15.15
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
27
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended May 31,
|
|
|
|
Ratios/Supplemental
Data
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
582,011
|
|
|
$
|
595,890
|
|
|
$
|
556,611
|
|
|
$
|
425,899
|
|
|
$
|
608,310
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and
fees
(4)
|
|
|
1.28
|
%
|
|
|
1.22
|
%
|
|
|
1.15
|
%
|
|
|
1.24
|
%
|
|
|
1.22
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.58
|
%
|
|
|
0.65
|
%
|
|
|
0.59
|
%
|
|
|
2.00
|
%
|
|
|
0.12
|
%
|
|
|
Total expenses
|
|
|
1.86
|
%
|
|
|
1.87
|
%
|
|
|
1.74
|
%
|
|
|
3.24
|
%
|
|
|
1.34
|
%
|
|
|
Net investment income
|
|
|
6.73
|
%
|
|
|
6.43
|
%
|
|
|
7.20
|
%
|
|
|
9.71
|
%
|
|
|
11.68
|
%
|
|
|
Portfolio Turnover
|
|
|
38
|
%
|
|
|
50
|
%
|
|
|
43
|
%
|
|
|
16
|
%
|
|
|
36
|
%
|
|
|
|
|
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):
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and
fees
(4)
|
|
|
0.81
|
%
|
|
|
0.78
|
%
|
|
|
0.73
|
%
|
|
|
0.71
|
%
|
|
|
0.73
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.37
|
%
|
|
|
0.42
|
%
|
|
|
0.38
|
%
|
|
|
1.15
|
%
|
|
|
0.07
|
%
|
|
|
Total expenses
|
|
|
1.18
|
%
|
|
|
1.20
|
%
|
|
|
1.11
|
%
|
|
|
1.86
|
%
|
|
|
0.80
|
%
|
|
|
Net investment income
|
|
|
4.28
|
%
|
|
|
4.14
|
%
|
|
|
4.61
|
%
|
|
|
5.57
|
%
|
|
|
6.96
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable outstanding (in 000s)
|
|
$
|
260,000
|
|
|
$
|
238,000
|
|
|
$
|
238,000
|
|
|
$
|
96,000
|
|
|
$
|
290,000
|
|
|
|
Asset coverage per $1,000 of notes
payable
(6)
|
|
$
|
3,546
|
|
|
$
|
3,840
|
|
|
$
|
3,675
|
|
|
$
|
6,947
|
|
|
$
|
3,598
|
|
|
|
Total preferred shares outstanding
|
|
|
3,200
|
|
|
|
3,200
|
|
|
|
3,200
|
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
Asset coverage per preferred
share
(7)
|
|
$
|
67,796
|
|
|
$
|
71,848
|
|
|
$
|
68,760
|
|
|
$
|
69,183
|
|
|
$
|
59,955
|
|
|
|
Involuntary liquidation preference per preferred
share
(8)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(8)
|
|
$
|
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)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(4)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%.
|
(5)
|
|
Interest and fee expense relates to the notes payable incurred
to redeem the Trusts APS (see Note 10).
|
(6)
|
|
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.
|
(7)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the notes payable and preferred shares) from the
Trusts total assets, dividing the result by the sum of the
value of the notes payable and liquidation value of the
preferred shares, and multiplying the result by the liquidation
value of one preferred share. Such amount equates to 271%, 287%,
275%, 277% and 240% at May 31, 2012, 2011, 2010, 2009 and
2008, respectively.
|
(8)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
28
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements
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 (i.e., subordinated loans and second lien 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 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 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 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 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.
29
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements continued
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.
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, 2012, the Trust, for federal income tax
purposes, had a capital loss carryforward of $119,841,950 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, 2014 ($4,930,781), May 31, 2015 ($431,997),
May 31, 2016 ($3,161,472), May 31, 2017 ($53,628,558),
May 31, 2018 ($40,967,167) and May 31, 2019
($16,721,975). In addition, such capital loss carryforward
cannot be utilized prior to the utilization of new capital loss
carryforwards, if any, created after May 31, 2012.
During the year ended May 31, 2012, a capital loss
carryforward of $1,820,629 was utilized to offset net realized
gains by the Trust.
As of May 31, 2012, the Trust had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. The Trust files a U.S. federal
income tax return annually after its fiscal year-end, which is
subject to examination by the Internal Revenue Service for a
period of three years from the date of filing.
E Expense
Reduction
State Street Bank and
Trust Company (SSBT) serves as custodian of the Trust.
Pursuant to the custodian agreement, SSBT receives a fee reduced
by credits, which are determined based on the average daily cash
balance the Trust maintains with SSBT. All credit balances, if
any, used to reduce the Trusts custodian fees are reported
as a reduction of expenses in the Statement of Operations.
F Foreign Currency
Translation
Investment valuations, other
assets, and liabilities initially expressed in foreign
currencies are translated each business day into U.S. dollars
based upon current exchange rates. Purchases and sales of
foreign investment securities and income and expenses
denominated in foreign currencies are translated into U.S.
dollars based upon currency exchange rates in effect on the
respective dates of such transactions. Recognized gains or
losses on investment transactions attributable to changes in
foreign currency exchange rates are recorded for financial
statement purposes as net realized gains and losses on
investments. That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed.
G Unfunded Loan
Commitments
The Trust may enter into certain
credit agreements all or a portion of which may be unfunded. The
Trust is obligated to fund these commitments at the
borrowers discretion. These commitments are disclosed in
the accompanying Portfolio of Investments. At May 31, 2012,
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 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.
30
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements continued
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% (200% effective July 12, 2012) of LIBOR at the
date of the auction or 2) LIBOR at the date of the auction
plus 1.25% (2.00% effective July 12, 2012).
The number of APS issued and outstanding as of May 31, 2012
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 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 May 31, 2012, and
the amount of dividends accrued (including capital gains, if
any) to APS shareholders, average APS dividend rates, and
dividend rate ranges for the year then ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APS Dividend
|
|
Dividends
|
|
Average APS
|
|
Dividend
|
|
|
|
|
Rates at
|
|
Accrued to APS
|
|
Dividend
|
|
Rate
|
|
|
|
|
May 31, 2012
|
|
Shareholders
|
|
Rates
|
|
Ranges (%)
|
|
|
|
|
Series A
|
|
|
1.44
|
%
|
|
$
|
233,717
|
|
|
|
1.46
|
%
|
|
|
1.411.47
|
|
|
|
Series B
|
|
|
1.44
|
|
|
|
233,710
|
|
|
|
1.46
|
|
|
|
1.411.46
|
|
|
|
Series C
|
|
|
1.44
|
|
|
|
235,605
|
|
|
|
1.47
|
|
|
|
1.411.47
|
|
|
|
Series D
|
|
|
1.49
|
|
|
|
241,749
|
|
|
|
1.51
|
|
|
|
1.441.55
|
|
|
|
Series E
|
|
|
1.49
|
|
|
|
241,701
|
|
|
|
1.51
|
|
|
|
1.441.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 May 31, 2012.
31
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements continued
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.
The tax character of distributions declared for the year ended
May 31, 2012 and May 31, 2011 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended May 31,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
Distributions declared from:
|
|
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
39,575,718
|
|
|
$
|
39,412,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended May 31, 2012, accumulated net
realized loss was increased by $2,567,381, accumulated
undistributed net investment income was decreased by $2,120,257
and paid-in capital was increased by $4,687,638 due to
differences between book and tax accounting, primarily for
defaulted bond interest, premium amortization, mixed straddles
and foreign currency gain (loss). These reclassifications had no
effect on the net assets or net asset value per share of the
Trust.
As of May 31, 2012, the components of distributable
earnings (accumulated losses) and unrealized appreciation
(depreciation) on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed ordinary income
|
|
$
|
403,327
|
|
|
|
Capital loss carryforward
|
|
$
|
(119,841,950
|
)
|
|
|
Net unrealized depreciation
|
|
$
|
(7,557,516
|
)
|
|
|
|
|
|
|
|
|
|
|
|
The differences between components of distributable earnings
(accumulated losses) on a tax basis and the amounts reflected in
the Statement of Assets and Liabilities are primarily due to
wash sales, investments in partnerships, premium amortization,
and defaulted bond interest.
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. The Trust
invests its cash in Cash Reserves Fund. EVM does not currently
receive a fee for advisory services provided to Cash Reserves
Fund. For the year ended May 31, 2012, the Trusts
investment adviser fee totaled $6,808,888. 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 seven full years of operations on June 29, 2011.
Pursuant to this agreement, EVM waived $488,868 of its
investment adviser fee for the year ended May 31, 2012.
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 year ended
May 31, 2012, 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 $362,225,779 and
$343,497,402, respectively, for the year ended May 31, 2012.
6 Common
Shares of Beneficial Interest
Common shares issued pursuant to the Trusts dividend
reinvestment plan for the years ended May 31, 2012 and
May 31, 2011 were 32,074 and 75,276, respectively.
32
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements continued
7 Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Trust at May 31, 2012, as determined on
a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
938,307,209
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
11,589,584
|
|
|
|
Gross unrealized depreciation
|
|
|
(20,068,549
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(8,478,965
|
)
|
|
|
|
|
|
|
|
|
|
|
|
8 Restricted
Securities
At May 31, 2012, 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
|
|
|
$
|
456,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Restricted Securities
|
|
|
|
|
|
|
|
|
|
$
|
153,860
|
|
|
$
|
456,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
33
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements continued
A summary of obligations under these financial instruments at
May 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency
Exchange Contracts
|
Sales
|
|
|
|
|
|
|
|
|
Net Unrealized
|
|
|
Settlement Date
|
|
Deliver
|
|
In Exchange For
|
|
Counterparty
|
|
Appreciation
|
|
|
|
|
6/29/12
|
|
British Pound Sterling
3,058,220
|
|
United States Dollar
4,851,942
|
|
Goldman Sachs International
|
|
$
|
139,129
|
|
|
|
6/29/12
|
|
Euro
2,117,447
|
|
United States Dollar
2,819,285
|
|
HSBC Bank USA
|
|
|
200,771
|
|
|
|
7/31/12
|
|
British Pound Sterling
758,612
|
|
United States Dollar
1,227,700
|
|
HSBC Bank USA
|
|
|
58,834
|
|
|
|
7/31/12
|
|
Euro
4,741,728
|
|
United States Dollar
6,277,811
|
|
Deutsche Bank
|
|
|
412,469
|
|
|
|
8/31/12
|
|
British Pound Sterling
4,496,828
|
|
United States Dollar
7,028,025
|
|
JPMorgan Chase Bank
|
|
|
100,298
|
|
|
|
8/31/12
|
|
Euro
6,481,316
|
|
United States Dollar
8,094,904
|
|
Citibank NA
|
|
|
74,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
986,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At May 31, 2012, 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 Trust enters into forward foreign currency exchange
contracts that may contain provisions whereby the counterparty
may terminate the contract under certain conditions, including
but not limited to a decline in the Trusts net assets
below a certain level over a certain period of time, which would
trigger a payment by the Trust for those derivatives in a
liability position. At May 31, 2012, the Trust had no open
derivatives with credit-related contingent features in a net
liability position.
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 May 31,
2012, the maximum amount of loss the Trust would incur due to
counterparty risk was $986,362, representing the fair value of
such derivatives in an asset position, with the highest amount
from any one counterparty being $412,469. To mitigate this risk,
the Trust has entered into master netting agreements with
substantially all its derivative counterparties, which allows it
and a counterparty to aggregate amounts owed by each of them for
derivative transactions under the agreement into a single net
amount payable by either the Trust or the counterparty.
Counterparties may be required to pledge collateral in the form
of cash, U.S. Government securities or highly-rated bonds for
the benefit of the Trust if the net amount due from the
counterparty with respect to a derivative contract exceeds a
certain threshold. The amount of collateral posted by the
counterparties with respect to such contracts would also reduce
the amount of any loss incurred.
The fair value of open derivative instruments (not considered to
be hedging instruments for accounting disclosure purposes) and
whose primary underlying risk exposure is foreign exchange risk
at May 31, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
Derivative
|
|
Asset Derivative
|
|
Liability Derivative
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
$
|
986,362
|
(1)
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Statement of Assets and Liabilities location: Receivable for
open forward foreign currency exchange contracts; Net unrealized
depreciation.
|
34
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements continued
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 year ended
May 31, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Gain (Loss)
|
|
Change in Unrealized
|
|
|
|
|
on Derivatives Recognized
|
|
Appreciation (Depreciation) on
|
|
|
Derivative
|
|
in Income
|
|
Derivatives Recognized in Income
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
$
|
4,048,015
|
(1)
|
|
$
|
1,371,120
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 year ended May 31, 2012,
which is indicative of the volume of this derivative type, was
approximately $46,715,000.
10 Revolving
Credit and Security Agreement
Effective January 11, 2012, the Trust entered into a
Revolving Credit and Security Agreement, as amended (the
Agreement) with conduit lenders and a bank to borrow up to
$265 million. Borrowings under the Agreement are secured by
the assets of the Trust. Interest is charged at a rate above the
conduits commercial paper issuance rate and is payable
monthly. Under the terms of the Agreement, the Trust pays a
monthly program fee of 0.85% per annum on its outstanding
borrowings to administer the facility and a monthly liquidity
fee of 0.15% per annum on the borrowing limit under the
Agreement. The Trust is required to maintain certain net asset
levels during the term of the Agreement. At May 31, 2012,
the Trust had borrowings outstanding under the Agreement of
$260,000,000 at an interest rate of 0.37%. The carrying amount
of the borrowings at May 31, 2012 approximated its fair
value. Prior to January 11, 2012, the Trust had a Credit
Agreement with a bank to borrow up to $265 million pursuant
to a
364-day
revolving line of credit, at a rate above the London Interbank
Offered Rate. Under the terms of the Credit Agreement, the Trust
paid a commitment fee of 0.15% on the borrowing limit. Program,
liquidity and commitment fees for the year ended May 31,
2012 totaled $1,243,738 and are included in interest expense and
fees on the Statement of Operations. For the year ended
May 31, 2012, the combined average borrowings and average
interest rate under the Agreement and Credit Agreement were
$249,527,322 and 0.85%, 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.)
|
|
|
Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments)
|
35
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Notes
to Financial Statements continued
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level
disclosed is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. The
inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
At May 31, 2012, the hierarchy of inputs used in valuing
the Trusts investments and open derivative instruments,
which are carried at value, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Senior Floating-Rate Interests (Less Unfunded Loan Commitments)
|
|
$
|
|
|
|
$
|
845,011,216
|
|
|
$
|
1,295,778
|
|
|
$
|
846,306,994
|
|
|
|
Corporate Bonds & Notes
|
|
|
|
|
|
|
48,080,513
|
|
|
|
125,233
|
|
|
|
48,205,746
|
|
|
|
Asset-Backed Securities
|
|
|
|
|
|
|
4,122,204
|
|
|
|
|
|
|
|
4,122,204
|
|
|
|
Common Stocks
|
|
|
184,122
|
|
|
|
3,452,078
|
|
|
|
5,189,567
|
|
|
|
8,825,767
|
|
|
|
Warrants
|
|
|
|
|
|
|
21,992
|
|
|
|
0
|
|
|
|
21,992
|
|
|
|
Miscellaneous
|
|
|
|
|
|
|
27,225
|
|
|
|
|
|
|
|
27,225
|
|
|
|
Short-Term Investments
|
|
|
|
|
|
|
22,318,316
|
|
|
|
|
|
|
|
22,318,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
184,122
|
|
|
$
|
923,033,544
|
|
|
$
|
6,610,578
|
|
|
$
|
929,828,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
$
|
|
|
|
$
|
986,362
|
|
|
$
|
|
|
|
$
|
986,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
184,122
|
|
|
$
|
924,019,906
|
|
|
$
|
6,610,578
|
|
|
$
|
930,814,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of Level 3 assets for
which significant unobservable inputs were used to determine
fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
Investments
|
|
Investments
|
|
|
|
|
|
|
in Senior
|
|
in Corporate
|
|
in Common
|
|
|
|
|
|
|
Floating-Rate
|
|
Bonds &
|
|
Stocks and
|
|
|
|
|
|
|
Interests
|
|
Notes
|
|
Warrants
|
|
Total
|
|
|
|
|
Balance as of May 31, 2011
|
|
$
|
1,630,220
|
|
|
$
|
164,959
|
|
|
$
|
8,431,442
|
|
|
$
|
10,226,621
|
|
|
|
Realized gains (losses)
|
|
|
(812,471
|
)
|
|
|
78,702
|
|
|
|
2,748,078
|
|
|
|
2,014,309
|
|
|
|
Change in net unrealized appreciation (depreciation)*
|
|
|
706,981
|
|
|
|
82,854
|
|
|
|
(2,677,530
|
)
|
|
|
(1,887,695
|
)
|
|
|
Cost of
purchases
(1)
|
|
|
114,649
|
|
|
|
4,037
|
|
|
|
|
|
|
|
118,686
|
|
|
|
Proceeds from
sales
(1)
|
|
|
(1,031,872
|
)
|
|
|
(208,598
|
)
|
|
|
(3,109,075
|
)
|
|
|
(4,349,545
|
)
|
|
|
Accrued discount (premium)
|
|
|
87,192
|
|
|
|
3,229
|
|
|
|
|
|
|
|
90,421
|
|
|
|
Transfers to Level 3**
|
|
|
601,079
|
|
|
|
50
|
|
|
|
|
|
|
|
601,129
|
|
|
|
Transfers from Level 3**
|
|
|
|
|
|
|
|
|
|
|
(203,348
|
)
|
|
|
(203,348
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of May 31, 2012
|
|
$
|
1,295,778
|
|
|
$
|
125,233
|
|
|
$
|
5,189,567
|
|
|
$
|
6,610,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) on
investments still held as of May 31, 2012*
|
|
$
|
(201,793
|
)
|
|
$
|
(12,167
|
)
|
|
$
|
(33,652
|
)
|
|
$
|
(247,612
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
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. Transfers from Level 2 to
Level 3 were due to a reduction in the availability of
significant observable inputs in determining the fair value of
these investments. Transfers from Level 3 to Level 2
were due to increased market trading activity resulting in the
availability of significant observable inputs in determining the
fair value of these investments.
|
|
(1)
|
|
Cost of purchases may include securities received in corporate
actions; proceeds from sales may include securities delivered in
corporate actions.
|
At May 31, 2012, the value of investments transferred
between Level 1 and Level 2, if any, during the year
then ended was not significant.
36
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Report
of Independent Registered Public Accounting Firm
To the Trustees and
Shareholders of Eaton Vance Floating-Rate Income Trust:
We have audited the accompanying statement of assets and
liabilities of Eaton Vance Floating-Rate Income Trust (the
Trust), including the portfolio of investments, as
of May 31, 2012, and the related statements of operations
and cash flows for the year then ended, the statements of
changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the five
years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trusts
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. The
Trust is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trusts
internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. Our
procedures included confirmation of securities and senior loans
owned as of May 31, 2012, by correspondence with the
custodian, brokers and selling or agent banks; where replies
were not received from brokers and selling or agent banks, we
performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Eaton Vance Floating-Rate
Income Trust as of May 31, 2012, the results of its
operations and its cash flows for the year then ended, the
changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the
five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of
America.
DELOITTE &
TOUCHE LLP
Boston, Massachusetts
July 17, 2012
37
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Federal
Tax Information (Unaudited)
The
Form 1099-DIV
you receive in January 2013 will show the tax status of all
distributions paid to your account in calendar year 2012.
Shareholders are advised to consult their own tax adviser with
respect to the tax consequences of their investment in the Trust.
38
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Annual
Meeting of Shareholders
The Fund held its Annual Meeting of Shareholders on
March 23, 2012. The following action was taken by the
shareholders:
Item 1:
The election of William H. Park, Ronald
A. Pearlman and Harriett Tee Taggart as Class II Trustees
of the Fund for a three-year term expiring in 2015. The election
of Scott E. Eston as Class I Trustee of the Fund for a
two-year term expiring in 2014.
|
|
|
|
|
|
|
|
|
|
|
Nominee for Trustee
|
|
Number of Shares
|
|
|
|
Elected by All Shareholders
|
|
For
|
|
|
Withheld
|
|
|
|
|
|
William H. Park
|
|
|
34,428,013
|
|
|
|
711,528
|
|
|
|
Ronald A. Pearlman
|
|
|
34,421,329
|
|
|
|
718,212
|
|
|
|
Harriett Tee Taggart
|
|
|
34,231,754
|
|
|
|
907,787
|
|
|
|
Scott E. Eston
|
|
|
34,382,749
|
|
|
|
756,792
|
|
|
|
39
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Dividend
Reinvestment Plan
The Fund offers a dividend reinvestment plan (the Plan) pursuant
to which shareholders may elect to have distributions
automatically reinvested in common shares (the Shares) of the
Fund. You may elect to participate in the Plan by completing the
Dividend Reinvestment Plan Application Form. If you do not
participate, you will receive all distributions in cash paid by
check mailed directly to you by American Stock
Transfer & Trust Company (AST) as dividend paying
agent. On the distribution payment date, if the NAV per Share is
equal to or less than the market price per Share plus estimated
brokerage commissions, then new Shares will be issued. The
number of Shares shall be determined by the greater of the NAV
per Share or 95% of the market price. Otherwise, Shares
generally will be purchased on the open market by AST, the Plan
agent (Agent). Distributions subject to income tax (if any) are
taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in
the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that the Funds transfer agent
re-register your Shares in your name or you will not be able to
participate.
The Agents service fee for handling distributions will be
paid by the Fund. Plan participants will be charged their pro
rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Agent at the address noted on the following page.
If you withdraw, you will receive Shares in your name for all
Shares credited to your account under the Plan. If a participant
elects by written notice to the Agent to sell part or all of his
or her Shares and remit the proceeds, the Agent is authorized to
deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held
in your own name, you may complete the form on the following
page and deliver it to the Agent. Any inquiries regarding the
Plan can be directed to the Agent at 1-866-439-6787.
40
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Application
for Participation in Dividend Reinvestment Plan
This form is for shareholders who hold their common shares in
their own names. If your common shares are held in the name of a
brokerage firm, bank, or other nominee, you should contact your
nominee to see if it will participate in the Plan on your
behalf. If you wish to participate in the Plan, but your
brokerage firm, bank, or nominee is unable to participate on
your behalf, you should request that your common shares be
re-registered in your own name which will enable your
participation in the Plan.
The following authorization and appointment is given with the
understanding that I may terminate it at any time by terminating
my participation in the Plan as provided in the terms and
conditions of the Plan.
Please print exact name on account:
Shareholder
signature
Date
Shareholder
signature
Date
Please sign exactly as your common shares are registered. All
persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE
YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the
following address:
Eaton Vance Floating-Rate Income Trust
c/o American Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY
10269-0560
Number of
Employees
The Fund is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a closed-end management investment company and has no
employees.
Number of
Shareholders
As of May 31, 2012, Fund records indicate that there are 51
registered shareholders and approximately 22,827 shareholders
owning the Fund shares in street name, such as through brokers,
banks, and financial intermediaries.
If you are a street name shareholder and wish to receive Fund
reports directly, which contain important information about the
Fund, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
New York Stock
Exchange symbol
The New York Stock Exchange symbol is EFT.
41
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
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
continuation 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 23, 2012, 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 by each
adviser to the Eaton Vance Funds (including information
specifically requested by the Board) for a series of meetings of
the Contract Review Committee held between February and
April 2012, as well as information considered during prior
meetings of the committee. 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, where relevant, yield data, Sharpe ratios
and information ratios) to the investment performance of
comparable funds over various time periods;
|
|
|
Data regarding investment performance in comparison to benchmark
indices and customized peer groups, in each case as approved by
the Board with respect to the funds;
|
|
|
For each fund, comparative information concerning the fees
charged and the services provided by each adviser in managing
other accounts (including mutual funds, other collective
investment 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 and Trading
|
|
|
|
|
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 about 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 client commission arrangements and the funds
policies with respect to soft dollar arrangements;
|
|
|
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 advisers processes for monitoring
best execution of portfolio transactions, and other policies and
practices of each adviser with respect to trading;
|
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
sub-advisers,
including with respect to regulatory and compliance issues,
investment management and other matters;
|
42
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Board
of Trustees Contract Approval continued
Other Relevant
Information
|
|
|
|
|
Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates;
|
|
|
Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and
|
|
|
The terms of each advisory agreement.
|
In addition to the information identified above, the 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, 2012, 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 ten, nineteen,
seven, eight and fourteen times respectively. At such meetings,
the Trustees participated in investment and performance reviews
with the portfolio managers and other investment professionals
of each adviser relating to each fund. The Board and its
Committees considered the investment and trading strategies used
in pursuing each funds investment objective, including,
where relevant, the use of derivative instruments, as well as
risk management techniques. The Board and its Committees also
evaluated issues pertaining to industry and regulatory
developments, compliance procedures, fund governance and other
issues with respect to the funds, and received and participated
in reports and presentations provided by Eaton Vance Management
and other fund advisers with respect to such matters.
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 continuation 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 considered the abilities
and experience of such investment personnel in analyzing factors
such as the special considerations relevant to investing in
senior floating rate loans. The Board noted the experience of
the Advisers large group of bank loan investment
professionals and other personnel who provide services to the
Fund, including portfolio managers and analysts. The Board also
took into account the resources dedicated to portfolio
management and other services, including the compensation
methods of the Adviser to recruit and retain investment
personnel, and the time and attention devoted to the Fund by
senior management.
The Board 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.
43
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Board
of Trustees Contract Approval continued
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services
provided by the Adviser, taken as a whole, are appropriate and
consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Funds investment performance to a
relevant universe of similarly managed funds identified by an
independent data provider as well as a customized 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, 2011 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, 2011, as compared to a group of
similarly managed funds selected by an independent data
provider. The Board noted that the Adviser had waived fees
and/or
paid
expenses for the Fund. 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 taken by management in recent
years to reduce expenses at the Eaton Vance fund complex level,
including the negotiation of reduced fees for transfer agency
and custody services.
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 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 their relationships 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 reviewed data summarizing the
increases and decreases in the assets of the Fund and of all
Eaton Vance Funds as a group over various time periods, and
evaluated the extent to which the total expense ratio of the
Fund and the profitability of the Adviser and its affiliates may
have been affected by such increases or decreases. Based upon
the foregoing, the Board concluded that the Fund currently
shares in the benefits from economies of scale. 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.
44
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Management
and Organization
Fund Management.
The Trustees of Eaton Vance
Floating-Rate Income Trust (the Trust) are responsible for the
overall management and supervision of the Trusts affairs.
The Trustees and officers of the Trust are listed below. Except
as indicated, each individual has held the office shown or other
offices in the same company for the last five years. The
Noninterested Trustees consist of those Trustees who
are not interested persons of the Trust, as that
term is defined under the 1940 Act. The business address of each
Trustee and officer is Two International Place, Boston,
Massachusetts 02110. As used below, EVC refers to
Eaton Vance Corp., EV refers to Eaton Vance, Inc.,
EVM refers to Eaton Vance Management,
BMR refers to Boston Management and Research and
EVD refers to Eaton Vance Distributors, Inc. EVC and
EV are the corporate parent and trustee, respectively, of EVM
and BMR. EVD is the Trusts principal underwriter and a
wholly-owned subsidiary of EVC. Each officer affiliated with
Eaton Vance may hold a position with other Eaton Vance
affiliates that is comparable to his or her position with EVM
listed below. Each Trustee oversees 182 portfolios in the Eaton
Vance Complex (including all master and feeder funds in a master
feeder structure). Each officer serves as an officer of certain
other Eaton Vance funds. Each Trustee serves for a three year
term. Each officer serves until his or her successor is elected.
|
|
|
|
|
|
|
|
|
Position(s)
|
|
|
|
|
|
|
with the
|
|
Term of Office;
|
|
Principal Occupation(s) and Directorships
|
Name and Year of Birth
|
|
Trust
|
|
Length of Service
|
|
During Past Five Years and Other Relevant Experience
|
|
|
|
Interested Trustee
|
|
|
|
|
|
|
|
Thomas E. Faust Jr.
1958
|
|
Class I
Trustee
|
|
Until 2014.
3 years.
Since 2008.
|
|
Chairman, Chief Executive Officer and President of EVC, Director
and President of EV, Chief Executive Officer and President of
EVM and BMR, and Director of EVD. Trustee
and/or
officer of 182 registered investment companies. Mr. Faust
is an interested person because of his positions with EVM, BMR,
EVD, EVC and EV, which are affiliates of the Trust.
Directorships in the Last Five
Years.
(1)
Director of EVC.
|
|
Noninterested
Trustees
|
|
|
|
|
|
|
|
Scott E. Eston
1956
|
|
Class I
Trustee
|
|
Until 2014.
2 years.
Since 2011.
|
|
Private investor. Formerly held various positions at Grantham,
Mayo, Van Otterloo and Co., L.L.C. (investment management firm)
(1997-2009),
including Chief Operating Officer
(2002-2009),
Chief Financial Officer
(1997-2009)
and Chairman of the Executive Committee
(2002-2008);
President and Principal Executive Officer, GMO Trust (open-end
registered investment company)
(2006-2009).
Former Partner, Coopers and Lybrand L.L.P. (now
PricewaterhouseCoopers) (public accounting firm)
(1987-1997).
Directorships in the Last Five Years.
None.
|
|
|
|
|
|
|
|
Benjamin C.
Esty
(A)
1963
|
|
Class I
Trustee
|
|
Until 2014.
3 years.
Since 2005.
|
|
Roy and Elizabeth Simmons Professor of Business Administration
and Finance Unit Head, Harvard University Graduate School of
Business Administration.
Directorships in the Last Five
Years.
(1)
None.
|
|
|
|
|
|
|
|
Allen R. Freedman
1940
|
|
Class I
Trustee
|
|
Until 2014.
3 years.
Since 2007.
|
|
Private Investor. Former Chairman
(2002-2004)
and a Director
(1983-2004)
of Systems & Computer Technology Corp. (provider of
software to higher education). Formerly, a Director of Loring
Ward International (fund distributor)
(2005-2007).
Former Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
Former Chief Executive Officer of Assurant, Inc. (insurance
provider)
(1979-2000).
Directorships in the Last Five
Years.
(1)
Director of Stonemor Partners, L.P. (owner and operator of
cemeteries). Formerly, Director of Assurant, Inc. (insurance
provider)
(1979-2011).
|
|
|
|
|
|
|
|
William H. Park
1947
|
|
Class II
Trustee
|
|
Until 2015.
3 years.
Since 2004.
|
|
Consultant and private investor. Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm)
(2010-2011).
Formerly, Vice Chairman, Commercial Industrial Finance Corp.
(specialty finance company)
(2006-2010).
Formerly, President and Chief Executive Officer, Prizm Capital
Management, LLC (investment management firm)
(2002-2005).
Formerly, Executive Vice President and Chief Financial Officer,
United Asset Management Corporation (investment management firm)
(1982-2001).
Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm)
(1972-1981).
Directorships in the Last Five
Years.
(1)
None.
|
|
|
|
|
|
|
|
Ronald A. Pearlman
1940
|
|
Class II
Trustee
|
|
Until 2015.
3 years.
Since 2004.
|
|
Professor of Law, Georgetown University Law Center. Formerly,
Deputy Assistant Secretary (Tax Policy) and Assistant Secretary
(Tax Policy), U.S. Department of the Treasury
(1983-1985).
Formerly, Chief of Staff, Joint Committee on Taxation, U.S.
Congress
(1988-1990).
Directorships in the Last Five
Years.
(1)
None.
|
45
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Management
and Organization continued
|
|
|
|
|
|
|
|
|
Position(s)
|
|
|
|
|
|
|
with the
|
|
Term of Office;
|
|
Principal Occupation(s) and Directorships
|
Name and Year of Birth
|
|
Trust
|
|
Length of Service
|
|
During Past Five Years and Other Relevant Experience
|
|
|
Noninterested
Trustees (continued)
|
|
|
|
|
|
|
|
Helen Frame Peters
1948
|
|
Class III
Trustee
|
|
Until 2013.
3 years.
Since 2008.
|
|
Professor of Finance, Carroll School of Management, Boston
College. Formerly, Dean, Carroll School of Management, Boston
College
(2000-2002).
Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper
Investments (investment management firm)
(1998-1999).
Formerly, Chief Investment Officer, Equity and Fixed Income,
Colonial Management Associates (investment management firm)
(1991-1998).
Directorships in the Last Five
Years.
(1)
Formerly, Director of BJs Wholesale Club, Inc. (wholesale
club retailer)
(2004-2011).
Formerly, Trustee of SPDR Index Shares Funds and SPDR
Series Trust (exchange traded funds)
(2000-2009).
Formerly, Director of Federal Home Loan Bank of Boston (a bank
for banks)
(2007-2009).
|
|
|
|
|
|
|
|
Lynn A. Stout
1957
|
|
Class III
Trustee
|
|
Until 2013.
3 years.
Since 2004.
|
|
Distinguished Professor of Corporate and Business Law, Jack C.
Clarke Business Law Institute, Cornell University Law School.
Formerly, the Paul Hastings Professor of Corporate and
Securities Law
(2006-2012)
and Professor of Law
(2001-2006),
University of California at Los Angeles School of Law.
Directorships in the Last Five
Years.
(1)
None.
|
|
|
|
|
|
|
|
Harriett Tee Taggart
1948
|
|
Class II
Trustee
|
|
Until 2015.
3 years.
Since 2011.
|
|
Managing Director, Taggart Associates (a professional practice
firm). Formerly, Partner and Senior Vice President, Wellington
Management Company, LLP (investment management firm)
(1983-2006).
Directorships in the Last Five Years.
Director of
Albemarle Corporation (chemicals manufacturer) (since
2007) and The Hanover Group (specialty property and
casualty insurance company) (since 2009). Formerly, Director of
Lubrizol Corporation (specialty chemicals)
(2007-2011).
|
|
|
|
|
|
|
|
Ralph F.
Verni
(A)
1943
|
|
Chairman of
the Board and
Class III
Trustee
|
|
Until 2013.
3 years. Chairman of
the Board
since 2007
and Trustee since 2005.
|
|
Consultant and private investor. Formerly, Chief Investment
Officer
(1982-1992),
Chief Financial Officer
(1988-1990)
and Director
(1982-1992),
New England Life. Formerly, Chairperson, New England Mutual
Funds
(1982-1992).
Formerly, President and Chief Executive Officer, State Street
Management & Research
(1992-2000).
Formerly, Chairperson, State Street Research Mutual Funds
(1992-2000).
Formerly, Director, W.P. Carey, LLC
(1998-2004)
and First Pioneer Farm Credit Corp.
(2002-2006).
Directorships in the Last Five
Years.
(1)
None.
|
|
Principal Officers
who are not Trustees
|
|
|
Position(s)
|
|
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal Occupation(s)
|
Year of Birth
|
|
Trust
|
|
Service
|
|
During Past Five Years
|
|
Scott H. Page
1959
|
|
President
|
|
Since 2007
|
|
Vice President of EVM and BMR.
|
|
|
|
|
|
|
|
Payson F. Swaffield
1956
|
|
Vice President
|
|
Since 2011
|
|
Chief Income Investment Officer of EVC. Vice President of EVM
and BMR.
|
|
|
|
|
|
|
|
Barbara E. Campbell
1957
|
|
Treasurer
|
|
Since 2004
|
|
Vice President of EVM and BMR.
|
|
|
|
|
|
|
|
Maureen A. Gemma
1960
|
|
Vice President, Secretary and Chief Legal Officer
|
|
Vice President since 2011, Secretary since 2007 and Chief Legal
Officer since 2008
|
|
Vice President of EVM and BMR.
|
|
|
|
|
|
|
|
Paul M. ONeil
1953
|
|
Chief Compliance Officer
|
|
Since 2004
|
|
Vice President of EVM and BMR.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
During their respective tenures, the Trustees also served as
trustees of one or more of the following Eaton Vance funds
(which operated in the years noted): Eaton Vance Credit
Opportunities Fund (launched in 2005 and terminated in 2010);
Eaton Vance Insured Florida Plus Municipal Bond Fund (launched
in 2002 and terminated in 2009); and Eaton Vance National
Municipal Income Trust (launched in 1998 and terminated in 2009).
|
(A)
|
|
APS Trustee
|
46
Eaton Vance
Floating-Rate
Income Trust
May 31, 2012
Privacy.
The
Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has
in effect the following policy (Privacy Policy) with
respect to nonpublic personal information about its customers:
|
|
|
Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information
such as name, address, social security number, tax status,
account balances and transactions.
|
|
|
None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In
the normal course of servicing a customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers.
|
|
|
Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
|
|
|
We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the
link on our homepage: www.eatonvance.com.
|
Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel, Eaton
Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance
Managements Real Estate Investment Group and Boston
Management and Research. In addition, 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 advisor/broker-dealer, it is likely that only such
advisors 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 (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 advisor, may household the mailing of
your documents indefinitely unless you instruct Eaton Vance, or
your financial advisor, 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 advisor. 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 advisor.
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
and by accessing the SECs website at www.sec.gov.
Additional Notice to
Shareholders.
A 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. A 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 a Fund
will take such action or that such purchases would reduce the
discount.
Closed-End
Fund Information.
The Eaton Vance
closed-end funds make certain fund performance data and
information about portfolio characteristics (such as top
holdings and asset allocation) available on the Eaton Vance
website after the end of each month. Certain fund performance
data for the funds, including total returns, are posted to the
website shortly after the end of each month. Portfolio holdings
for the most recent month-end are also posted to the website
approximately 30 days following the end of the month. This
information is available at www.eatonvance.com on the fund
information pages under Individual Investors
Closed-End Funds.
47
This Page Intentionally Left Blank
Investment
Adviser and Administrator
Eaton
Vance Management
Two International Place
Boston, MA 02110
Custodian
State
Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer
Agent
American
Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Independent
Registered Public Accounting Firm
Deloitte
& Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund
Offices
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 a consultant and
private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an
investment management firm), 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
(a) (d)
The following table presents the aggregate fees billed to the registrant for the registrants
fiscal years ended May 31, 2011 and May 31, 2012 by the registrants principal accountant, Deloitte
& Touche LLP (D&T), for professional services rendered for the audit of the registrants annual
financial statements and fees billed for other services rendered by D&T during such periods
Eaton Vance Floating Rate Income Trust
|
|
|
|
|
|
|
|
|
Fiscal Years Ended
|
|
5/31/11
|
|
5/31/12
|
|
Audit Fees
|
|
$
|
82,110
|
|
|
$
|
82,930
|
|
Audit-Related Fees
(1)
|
|
$
|
3,915
|
|
|
$
|
21,915
|
|
Tax Fees
(2)
|
|
$
|
17,810
|
|
|
$
|
17,990
|
|
All Other Fees
(3)
|
|
$
|
1,400
|
|
|
$
|
1,200
|
|
|
|
|
Total
|
|
$
|
105,235
|
|
|
$
|
124,035
|
|
|
|
|
|
|
|
(1)
|
|
Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the audit of financial
statements and are not reported under the category of audit fees and specifically include fees
for the performance of certain agreed-upon procedures relating to the registrants auction
preferred shares and revolving credit agreement.
|
|
(2)
|
|
Tax fees consist of the aggregate fees billed for professional services rendered by
the principal accountant relating to tax compliance, tax advice, and tax planning and
specifically include fees for tax return preparation.
|
|
(3)
|
|
All other fees consist of the aggregate fees billed for products and services
provided by the principal accountant other than audit, audit-related, and tax services.
|
(e)(1) The registrants audit committee has adopted policies and procedures relating to
the pre-approval of services provided by the registrants principal accountant (the Pre-Approval
Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee
in the proper discharge of its pre-approval responsibilities. As a general matter, the
Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate specific procedures
governing the mechanics of the pre-approval process, including the approval and monitoring of audit
and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval
Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must
be reviewed and ratified by the registrants audit committee at least annually. The registrants
audit committee maintains full responsibility for the appointment, compensation, and oversight of
the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants audit
committee pursuant to the de minimis exception set forth in Rule 2-01(c)(7)(i)(C) of Regulation
S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related,
tax, and other services) billed to the registrant by D&T for the registrants fiscal years ended
May 31, 2011 and May 31, 2012; and (ii) the aggregate non-audit fees (i.e., fees for audit-related,
tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended
|
|
5/31/11
|
|
5/31/12
|
|
Registrant
|
|
$
|
23,125
|
|
|
$
|
41,105
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance
(1)
|
|
$
|
370,538
|
|
|
$
|
504,130
|
|
|
|
|
(1)
|
|
The investment adviser to the registrant, as well as any of its affiliates that
provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.
|
(h) The registrants audit committee has considered whether the provision by the registrants
principal accountant of non-audit services to the registrants investment adviser and any entity
controlling, controlled by, or under common control with the adviser that provides ongoing services
to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountants independence.
Item 5. Audit Committee of Listed Registrants
The registrant has a separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park
(Chair), Scott E. Eston, Helen Frame Peters, Lynn A. Stout and Ralph F. Verni are the members of
the registrants audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund
Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds
investment adviser and adopted the investment advisers proxy voting policies and procedures (the
Policies) which are described below. The Trustees will review the Funds proxy voting records
from time to time and will annually consider approving the Policies for the upcoming year. In the
event that a conflict of interest arises between the Funds shareholders and the investment
adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment
adviser will generally refrain from voting the proxies related to the companies giving rise to such
conflict until it consults with the Boards Special Committee except as contemplated under the Fund
Policy. The Boards Special Committee will instruct the investment adviser on the appropriate
course of action.
The Policies are designed to promote accountability of a companys management to its shareholders
and to align the interests of management with those shareholders. An independent proxy
voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to
assist in the voting of
proxies through the provision of vote analysis, implementation and recordkeeping and disclosure
services. The investment adviser will generally vote proxies through the Agent. The Agent is
required to vote all proxies and/or refer them back to the investment adviser pursuant to the
Policies. It is generally the policy of the investment adviser to vote in accordance with the
recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to
mergers and restructurings, and the disposition of assets, termination, liquidation and mergers
contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover
measures and other proposals designed to limit the ability of shareholders to act on possible
transactions, except in the case of closed-end management investment companies. The investment
adviser generally supports management on social and environmental proposals. The investment
adviser may abstain from voting from time to time where it determines that the costs associated
with voting a proxy outweighs the benefits derived from exercising the right to vote or the
economic effect on shareholders interests or the value of the portfolio holding is indeterminable
or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of
interest between the Funds shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund by maintaining a list of significant existing and
prospective corporate clients. The investment advisers personnel responsible for reviewing and
voting proxies on behalf of the Fund will report any proxy received or expected to be received from
a company included on that list to the personal of the investment adviser identified in the
Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner
inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel
will consult with members of senior management of the investment adviser to determine if a material
conflict of interests exists. If it is determined that a material conflict does exist, the
investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent
12 month period ended June 30 is available (1) without charge, upon request, by calling
1-800-262-1122, and (2) on the Securities and Exchange Commissions website at
http://www.sec.gov
.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Scott H. Page, Ralph H. Hinckley, Jr. and other Eaton Vance Management (EVM) investment
professionals comprise the investment team responsible for the overall management of the Funds
investments as well as allocations of the Funds assets between common and preferred stocks.
Messrs. Page and Hinckley are the portfolio managers responsible for the day-to-day management of
specific segments of the Funds investment portfolio.
Mr. Page has been an EVM portfolio manager since 1996 and is a Vice President of EVM and Boston
Management and Research, an EVM subsidiary (BMR). He is head of EVMs Bank Loan Investment Group.
Mr. Hinckley has been an EVM portfolio manager since 2008 and is a Vice President of EVM and BMR.
This information is provided as of the date of filing of this report.
The following tables show, as of the Funds most recent fiscal year end, the number of accounts
each portfolio manager managed in each of the listed categories and the total assets (in millions
of dollars) in the accounts managed within each category. The table also shows the number of
accounts with respect to which the advisory fee is based on the performance of the account, if any,
and the total assets (in millions of dollars) in those accounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
Total Assets of
|
|
|
|
Number of
|
|
|
|
|
Accounts
|
|
Accounts Paying
|
|
|
|
All
|
|
Total Assets of
|
|
Paying a
|
|
a Performance
|
|
|
|
Accounts
|
|
All Accounts
|
|
Performance Fee
|
|
Fee
|
|
Scott H. Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment
Companies
|
|
|
12
|
|
$
|
17,253.8
|
|
|
0
|
|
$
|
0
|
|
Other Pooled Investment
Vehicles
|
|
|
6
|
|
$
|
6,719.0
|
|
|
0
|
|
$
|
0
|
|
Other Accounts
|
|
|
2
|
|
$
|
1,458.3
|
|
|
0
|
|
$
|
0
|
|
Ralph H. Hinckley, Jr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment
Companies
|
|
|
1
|
|
$
|
581.9
|
|
|
0
|
|
$
|
0
|
|
Other Pooled Investment
Vehicles
|
|
|
1
|
|
$
|
276.6
|
|
|
0
|
|
$
|
0
|
|
Other Accounts
|
|
|
0
|
|
$
|
0
|
|
|
0
|
|
$
|
0
|
|
The following table shows the dollar range of Fund shares beneficially owned by each portfolio
manager as of the Funds most recent fiscal year end.
|
|
|
|
|
|
|
Dollar Range of Equity
|
Portfolio Manager
|
|
Securities Owned in the Fund
|
Scott H. Page
|
|
$
|
100,001 - $500,000
|
|
Ralph H. Hinckley, Jr.
|
|
$
|
10,001 - $50,000
|
|
Potential for Conflicts of Interest
. It is possible that conflicts of interest may arise in
connection with a portfolio managers management of a Funds investments on the one hand and the
investments of other accounts for which the portfolio manager is responsible on the other. For
example, a portfolio manager may have conflicts of interest in allocating management time,
resources and investment opportunities among the Fund and other accounts he or she advises. In
addition, due to differences in the investment strategies or restrictions between a Fund and the
other accounts, a portfolio manager may take action with respect to another account that differs
from the action taken with respect to the Fund. In some cases, another account managed by a
portfolio manager may compensate the investment adviser or sub-adviser based on the performance of
the securities held by that account. The existence of such a performance based fee may create
additional conflicts of interest for the portfolio manager in the allocation of management time,
resources and investment opportunities. Whenever conflicts of interest arise, the portfolio
manager will endeavor to exercise his or her discretion in a manner that he or she believes is
equitable to all interested persons. EVM and the sub-adviser have adopted several policies and
procedures designed to address these potential conflicts including: a code of ethics; and policies
which govern the investment adviser or sub-advisers trading practices, including among other
things the aggregation and allocation of trades among clients, brokerage allocation, cross trades
and best execution.
Compensation Structure for EVM
Compensation of EVMs portfolio managers and other investment professionals has three primary
components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation
consisting of options to purchase shares of EVCs nonvoting common stock andr restricted shares of
EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement,
insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs
investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based
compensation awards, and adjustments in base salary are typically paid or put into effect at or
shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation
. EVM compensates its portfolio managers based primarily on the
scale and complexity of their portfolio responsibilities and the total return performance of
managed funds and accounts versus appropriate peer groups or benchmarks. In addition to rankings
within peer groups of funds on the basis of absolute performance, consideration may also be given
to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not
limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September
30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer
groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a funds peer group as
determined by Lipper or Morningstar is deemed by EVMs management not to provide a fair comparison,
performance may instead be evaluated primarily against a custom peer group or market index. In
evaluating the performance of a fund and its manager, primary emphasis is normally placed on
three-year performance, with secondary consideration of performance over longer and shorter
periods. For funds that are tax-managed or otherwise have an objective of after-tax returns,
performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax
basis. For funds with an investment objective other than total return (such as current income),
consideration will also be given to the funds success in achieving its objective. For managers
responsible for multiple funds and accounts, investment performance is evaluated on an aggregate
basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts
that have performance-based advisory fees are not accorded disproportionate weightings in measuring
aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an
investment group or providing analytical support to other portfolios) will include consideration of
the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and
performance, and competitive with other firms within the investment management industry. EVM
participates in investment-industry compensation surveys and utilizes survey data as a factor in
determining salary, bonus and stock-based compensation levels for portfolio managers and other
investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the
operating performance of EVM and its parent company. The overall annual cash bonus pool is
generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While
the salaries of EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based
compensation may fluctuate significantly from year to year, based on changes in manager performance
and other factors as described herein. For a high performing portfolio manager, cash bonuses and
stock-based compensation may represent a substantial portion of total compensation.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the 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:
|
|
July 17, 2012
|
|
|
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:
|
|
July 17, 2012
|
|
|
|
|
|
|
|
By:
|
|
/s/ Scott H. Page
|
|
|
|
|
|
|
|
|
|
Scott H. Page
|
|
|
|
|
President
|
|
|
|
|
|
|
|
Date:
|
|
July 17, 2012
|
|
|
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