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
(Registrant’s Telephone Number)
May 31
Date of Fiscal Year End
November 30, 2013
Date of Reporting Period
Item 1. Reports to Stockholders
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Eaton Vance
Floating-Rate Income Trust
(EFT)
Semiannual Report
November 30, 2013
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Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.
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.
Semiannual Report November 30, 2013
Eaton Vance
Floating-Rate Income Trust
Table of Contents
| | | | |
Performance | | | 2 | |
| |
Fund Profile | | | 3 | |
| |
Endnotes and Additional Disclosures | | | 4 | |
| |
Financial Statements | | | 5 | |
| |
Officers and Trustees | | | 41 | |
| |
Important Notices | | | 42 | |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Performance1,2
Portfolio Managers Scott H. Page, CFA and Ralph Hinckley, CFA
| | | | | | | | | | | | | | | | | | | | |
% Average Annual Total Returns | | Inception Date | | | Six Months | | | One Year | | | Five Years | | | Since Inception | |
Fund at NAV | | | 06/29/2004 | | | | 2.44 | % | | | 8.00 | % | | | 21.12 | % | | | 5.85 | % |
Fund at Market Price | | | — | | | | –5.21 | | | | –0.65 | | | | 22.23 | | | | 5.23 | |
S&P/LSTA Leveraged Loan Index | | | — | | | | 1.83 | % | | | 5.62 | % | | | 13.58 | % | | | 5.24 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
% Premium/Discount to NAV3 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | –5.36 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions4 | | | | | | | | | | | | | | | |
Total Distributions per share for the period | | | | | | | | | | | | | | | | | | $ | 0.470 | |
Distribution Rate at NAV | | | | | | | | | | | | | | | | | | | 5.62 | % |
Distribution Rate at Market Price | | | | | | | | | | | | | | | | | | | 5.94 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
% Total Leverage5 | | | | | | | | | | | | | | | |
Borrowings | | | | | | | | | | | | | | | | | | | 29.23 | % |
Variable Rate Term Preferred Shares (VRTP Shares) | | | | | | | | | | | | | | | | | | | 7.79 | |
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 and includes management fees and other expenses. 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 eatonvance.com.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Fund Profile
| | | | |
Top 10 Issuers (% of total investments)6 | | | | |
| |
Alliance Boots Holdings Limited | | | 1.2 | % |
| |
Dell Inc. | | | 1.1 | |
| |
Asurion LLC | | | 1.0 | |
| |
H.J. Heinz Company | | | 1.0 | |
| |
Valeant Pharmaceuticals International, Inc. | | | 1.0 | |
| |
SunGard Data Systems, Inc. | | | 1.0 | |
| |
Laureate Education, Inc. | | | 0.9 | |
| |
Community Health Systems, Inc. | | | 0.9 | |
| |
Aramark Corporation | | | 0.9 | |
| |
Hilton Worldwide Finance, LLC | | | 0.8 | |
| | | | |
| |
Total | | | 9.8 | % |
| | | | |
| | | | |
Top 10 Sectors (% of total investments)6 | | | | |
| |
Health Care | | | 9.5 | % |
| |
Business Equipment and Services | | | 8.5 | |
| |
Electronics/Electrical | | | 7.6 | |
| |
Retailers (Except Food and Drug) | | | 4.8 | |
| |
Financial Intermediaries | | | 4.2 | |
| |
Chemicals and Plastics | | | 4.1 | |
| |
Food Products | | | 4.0 | |
| |
Publishing | | | 4.0 | |
| |
Telecommunications | | | 3.8 | |
| |
Food Service | | | 3.7 | |
| | | | |
| |
Total | | | 54.2 | % |
| | | | |
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See Endnotes and Additional Disclosures in this report.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Endnotes and Additional Disclosures
1 | 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. |
2 | Performance results reflect the effects of leverage. The Fund’s performance for certain periods reflect the effects of expense reductions. Absent these reductions, performance would have been lower. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Index data is available as of month-end only. |
3 | The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend. |
4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends and capital gains. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at www.eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
5 | Leverage represents the liquidation value of the Fund’s VRTP Shares and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus VRTP Shares 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 may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. |
6 | Excludes cash and cash equivalents. |
7 | Ratings are based on Moody’s, S&P or Fitch, as applicable. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by Standard and Poor’s or Fitch (Baa or higher by Moody’s) are considered to be investment grade quality. Credit ratings are based largely on the rating agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s 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. Holdings designated as “Not Rated” are not rated by the national rating agencies stated above. |
| Fund profile subject to change due to active management. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited)
| | | | | | | | | | |
Senior Floating-Rate Interests — 141.5%(1) | |
| | | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Aerospace and Defense — 2.3% | |
Atlantic Aviation FBO Inc. | | | | | | | | | | |
Term Loan, 3.25%, Maturing June 1, 2020 | | | | | 599 | | | $ | 599,686 | |
Beechcraft Holdings, LLC | | | | | | | | | | |
Term Loan, 5.75%, Maturing February 14, 2020 | | | | | 900 | | | | 910,500 | |
Booz Allen Hamilton Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing July 31, 2019 | | | | | 916 | | | | 917,848 | |
DAE Aviation Holdings, Inc. | | | | | | | | | | |
Term Loan, 6.25%, Maturing November 2, 2018 | | | | | 347 | | | | 350,231 | |
Term Loan, 6.25%, Maturing November 2, 2018 | | | | | 766 | | | | 772,568 | |
Ducommun Incorporated | | | | | | | | | | |
Term Loan, 5.00%, Maturing June 28, 2017 | | | | | 1,119 | | | | 1,131,875 | |
IAP Worldwide Services, Inc. | | | | | | | | | | |
Term Loan, 10.00%, Maturing December 31, 2015(2) | | | | | 1,714 | | | | 557,053 | |
Sequa Corporation | | | | | | | | | | |
Term Loan, 5.25%, Maturing December 19, 2017 | | | | | 987 | | | | 976,595 | |
Silver II US Holdings, LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 13, 2019 | | | | | 2,208 | | | | 2,212,281 | |
TASC, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing December 18, 2015 | | | | | 862 | | | | 822,426 | |
Transdigm, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing February 28, 2020 | | | | | 5,367 | | | | 5,402,136 | |
| |
| | | | | | | | $ | 14,653,199 | |
| |
|
Automotive — 5.1% | |
Affinia Group Intermediate Holdings Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing April 27, 2020 | | | | | 1,596 | | | $ | 1,615,950 | |
Allison Transmission, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing August 23, 2019 | | | | | 2,965 | | | | 2,980,705 | |
ASP HHI Acquisition Co., Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing October 5, 2018 | | | | | 2,084 | | | | 2,105,126 | |
Chrysler Group LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing May 24, 2017 | | | | | 5,497 | | | | 5,547,971 | |
Dayco Products, LLC | | | | | | | | | | |
Term Loan, Maturing November 26, 2019(3) | | | | | 1,100 | | | | 1,089,000 | |
Federal-Mogul Corporation | | | | | | | | | | |
Term Loan, 2.11%, Maturing December 29, 2014 | | | | | 3,025 | | | | 2,995,172 | |
Term Loan, 2.11%, Maturing December 28, 2015 | | | | | 2,171 | | | | 2,150,296 | |
Goodyear Tire & Rubber Company (The) | | | | | | | | | | |
Term Loan - Second Lien, 4.75%, Maturing April 30, 2019 | | | | | 7,450 | | | | 7,536,144 | |
Metaldyne, LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing December 18, 2018 | | | | | 1,889 | | | | 1,905,466 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Automotive (continued) | |
Schaeffler AG | | | | | | | | | | |
Term Loan, 4.25%, Maturing January 27, 2017 | | | | | 875 | | | $ | 882,547 | |
Tower Automotive Holdings USA, LLC | | | | | | | | | | |
Term Loan, 4.75%, Maturing April 23, 2020 | | | | | 896 | | | | 904,450 | |
Veyance Technologies, Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing September 8, 2017 | | | | | 3,209 | | | | 3,212,886 | |
| |
| | | | | | | | $ | 32,925,713 | |
| |
|
Beverage and Tobacco — 0.6% | |
Oak Leaf B.V. | | | | | | | | | | |
Term Loan, 4.50%, Maturing September 24, 2018 | | EUR | | | 2,775 | | | $ | 3,824,405 | |
| |
| | | | | | | | $ | 3,824,405 | |
| |
|
Building and Development — 1.3% | |
ABC Supply Co., Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing April 16, 2020 | | | | | 1,400 | | | $ | 1,402,430 | |
Armstrong World Industries, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing March 16, 2020 | | | | | 647 | | | | 648,670 | |
CPG International Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing September 30, 2020 | | | | | 675 | | | | 676,266 | |
Preferred Proppants, LLC | | | | | | | | | | |
Term Loan, 0.00%, Maturing December 15, 2016(4) | | | | | 788 | | | | 539,780 | |
Quikrete Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing September 28, 2020 | | | | | 1,075 | | | | 1,081,431 | |
RE/MAX International, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing July 31, 2020 | | | | | 1,945 | | | | 1,950,597 | |
Realogy Corporation | | | | | | | | | | |
Term Loan, 4.50%, Maturing March 5, 2020 | | | | | 995 | | | | 1,006,816 | |
Summit Materials Companies I, LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing January 30, 2019 | | | | | 543 | | | | 546,031 | |
WireCo WorldGroup, Inc. | | | | | | | | | | |
Term Loan, 6.00%, Maturing February 15, 2017 | | | | | 693 | | | | 700,796 | |
| |
| | | | | | | | $ | 8,552,817 | |
| |
|
Business Equipment and Services — 13.5% | |
Acosta, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing March 2, 2018 | | | | | 4,119 | | | $ | 4,152,064 | |
Advantage Sales & Marketing, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing December 18, 2017 | | | | | 2,832 | | | | 2,850,328 | |
Allied Security Holdings, LLC | | | | | | | | | | |
Term Loan, 5.25%, Maturing February 3, 2017 | | | | | 634 | | | | 638,258 | |
Altegrity, Inc. | | | | | | | | | | |
Term Loan, 7.75%, Maturing February 20, 2015 | | | | | 776 | | | | 774,181 | |
Term Loan, 5.00%, Maturing February 21, 2015 | | | | | 2,207 | | | | 2,165,409 | |
| | | | |
| | 5 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Business Equipment and Services (continued) | |
Altisource Solutions S.a.r.l. | | | | | | | | | | |
Term Loan, 6.75%, Maturing November 27, 2019 | | | | | 1,391 | | | $ | 1,395,959 | |
Audio Visual Services Group, Inc. | | | | | | | | | | |
Term Loan, 6.75%, Maturing November 9, 2018 | | | | | 1,213 | | | | 1,221,846 | |
BakerCorp International, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing February 14, 2020 | | | | | 1,911 | | | | 1,905,786 | |
BAR/BRI Review Courses, Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing June 16, 2017 | | | | | 697 | | | | 700,049 | |
Brickman Group Holdings Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing September 28, 2018 | | | | | 739 | | | | 740,666 | |
Brock Holdings III, Inc. | | | | | | | | | | |
Term Loan, 6.01%, Maturing March 16, 2017 | | | | | 1,209 | | | | 1,215,421 | |
CCC Information Services, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 20, 2019 | | | | | 497 | | | | 497,318 | |
Ceridian Corp. | | | | | | | | | | |
Term Loan, 4.42%, Maturing May 9, 2017 | | | | | 1,375 | | | | 1,384,883 | |
ClientLogic Corporation | | | | | | | | | | |
Term Loan, 7.00%, Maturing January 30, 2017 | | | | | 1,790 | | | | 1,803,467 | |
CPM Acquisition Corp. | | | | | | | | | | |
Term Loan, 6.25%, Maturing August 29, 2017 | | | | | 545 | | | | 547,223 | |
Term Loan - Second Lien, 10.25%, Maturing March 1, 2018 | | | | | 1,000 | | | | 1,011,250 | |
Crossmark Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing December 20, 2019 | | | | | 1,022 | | | | 1,020,508 | |
Education Management LLC | | | | | | | | | | |
Term Loan, 8.25%, Maturing March 29, 2018 | | | | | 2,287 | | | | 2,299,384 | |
EIG Investors Corp. | | | | | | | | | | |
Term Loan, Maturing November 9, 2019(3) | | | | | 475 | | | | 472,625 | |
Emdeon Business Services, LLC | | | | | | | | | | |
Term Loan, 3.75%, Maturing November 2, 2018 | | | | | 1,633 | | | | 1,641,049 | |
Expert Global Solutions, Inc. | | | | | | | | | | |
Term Loan, 8.50%, Maturing April 3, 2018 | | | | | 2,094 | | | | 2,115,057 | |
Garda World Security Corporation | | | | | | | | | | |
Term Loan, 0.50%, Maturing November 6, 2020(5) | | | | | 122 | | | | 123,113 | |
Term Loan, 4.00%, Maturing November 6, 2020 | | | | | 478 | | | | 481,262 | |
Term Loan, 4.97%, Maturing November 6, 2020 | | CAD | | | 700 | | | | 660,028 | |
Genesys Telecom Holdings, U.S., Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing February 7, 2020 | | | | | 649 | | | | 647,745 | |
Genpact International, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing August 30, 2019 | | | | | 1,787 | | | | 1,790,989 | |
IMS Health Incorporated | | | | | | | | | | |
Term Loan, 3.75%, Maturing September 1, 2017 | | | | | 2,188 | | | | 2,198,971 | |
Information Resources, Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing September 30, 2020 | | | | | 1,350 | | | | 1,360,125 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Business Equipment and Services (continued) | |
ION Trading Technologies S.a.r.l. | | | | | | | | | | |
Term Loan, 4.50%, Maturing May 22, 2020 | | | | | 723 | | | $ | 727,482 | |
Term Loan - Second Lien, 8.25%, Maturing May 21, 2021 | | | | | 1,000 | | | | 1,010,208 | |
ISS Holdings A/S | | | | | | | | | | |
Term Loan, 3.75%, Maturing April 30, 2018 | | | | | 524 | | | | 526,143 | |
Term Loan, 4.22%, Maturing April 30, 2018 | | EUR | | | 246 | | | | 338,496 | |
Term Loan, 4.22%, Maturing April 30, 2018 | | EUR | | | 1,754 | | | | 2,417,831 | |
Ista International GmbH | | | | | | | | | | |
Term Loan, Maturing April 30, 2020(3) | | EUR | | | 19 | | | | 26,312 | |
Term Loan, Maturing April 30, 2020(3) | | EUR | | | 147 | | | | 201,085 | |
Term Loan, Maturing April 30, 2020(3) | | EUR | | | 309 | | | | 423,508 | |
Jason Incorporated | | | | | | | | | | |
Term Loan, 5.00%, Maturing February 28, 2019 | | | | | 585 | | | | 585,898 | |
KAR Auction Services, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing May 19, 2017 | | | | | 3,111 | | | | 3,130,665 | |
Kronos Incorporated | | | | | | | | | | |
Term Loan, 4.50%, Maturing October 30, 2019 | | | | | 2,212 | | | | 2,231,040 | |
Term Loan - Second Lien, 9.75%, Maturing April 30, 2020 | | | | | 1,025 | | | | 1,060,875 | |
Language Line, LLC | | | | | | | | | | |
Term Loan, 6.25%, Maturing June 20, 2016 | | | | | 2,209 | | | | 2,202,404 | |
MCS AMS Sub-Holdings LLC | | | | | | | | | | |
Term Loan, 7.00%, Maturing October 15, 2019 | | | | | 650 | | | | 631,313 | |
MEI Conlux Holdings (US), Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing August 21, 2020 | | | | | 525 | | | | 526,641 | |
Monitronics International Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing March 23, 2018 | | | | | 1,335 | | | | 1,347,022 | |
Pacific Industrial Services US Finco LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing October 2, 2018 | | | | | 1,400 | | | | 1,417,500 | |
Quintiles Transnational Corp. | | | | | | | | | | |
Term Loan, 4.00%, Maturing June 8, 2018 | | | | | 5,702 | | | | 5,715,010 | |
Term Loan, 4.50%, Maturing June 8, 2018 | | | | | 296 | | | | 296,935 | |
Sensus USA Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing May 9, 2017 | | | | | 756 | | | | 757,986 | |
ServiceMaster Company | | | | | | | | | | |
Term Loan, 4.25%, Maturing January 31, 2017 | | | | | 1,613 | | | | 1,590,462 | |
Term Loan, 4.42%, Maturing January 31, 2017 | | | | | 2,907 | | | | 2,874,586 | |
SunGard Data Systems, Inc. | | | | | | | | | | |
Term Loan, 3.92%, Maturing February 28, 2017 | | | | | 952 | | | | 957,434 | |
Term Loan, 4.00%, Maturing March 9, 2020 | | | | | 8,856 | | | | 8,936,935 | |
TNS, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing February 14, 2020 | | | | | 944 | | | | 953,594 | |
TransUnion, LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing February 10, 2019 | | | | | 3,342 | | | | 3,363,760 | |
| | | | |
| | 6 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Business Equipment and Services (continued) | |
U.S. Security Holdings, Inc. | | | | | | | | | | |
Term Loan, 6.00%, Maturing July 28, 2017 | | | | | 132 | | | $ | 133,617 | |
Term Loan, 6.00%, Maturing July 28, 2017 | | | | | 677 | | | | 682,639 | |
WASH Multifamily Laundry Systems, LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing February 21, 2019 | | | | | 348 | | | | 349,556 | |
West Corporation | | | | | | | | | | |
Term Loan, 3.75%, Maturing June 29, 2018 | | | | | 4,045 | | | | 4,067,858 | |
| |
| | | | | | | | $ | 87,299,759 | |
| |
|
Cable and Satellite Television — 5.1% | |
Atlantic Broadband Finance, LLC | | | | | | | | | | |
Term Loan, 3.25%, Maturing December 2, 2019 | | | | | 941 | | | $ | 939,912 | |
Bragg Communications Incorporated | | | | | | | | | | |
Term Loan, 3.50%, Maturing February 28, 2018 | | | | | 442 | | | | 444,059 | |
Cequel Communications, LLC | | | | | | | | | | |
Term Loan, 3.50%, Maturing February 14, 2019 | | | | | 2,781 | | | | 2,790,105 | |
Charter Communications Operating, LLC | | | | | | | | | | |
Term Loan, 3.00%, Maturing July 1, 2020 | | | | | 1,496 | | | | 1,479,927 | |
Crown Media Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing July 14, 2018 | | | | | 1,435 | | | | 1,433,488 | |
CSC Holdings, Inc. | | | | | | | | | | |
Term Loan, 2.66%, Maturing April 17, 2020 | | | | | 1,920 | | | | 1,902,036 | |
MCC Iowa LLC | | | | | | | | | | |
Term Loan, 3.25%, Maturing January 29, 2021 | | | | | 1,097 | | | | 1,086,936 | |
Media Holdco, LP | | | | | | | | | | |
Term Loan, 8.25%, Maturing July 24, 2018 | | | | | 918 | | | | 922,653 | |
Mediacom Illinois, LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing October 23, 2017 | | | | | 895 | | | | 896,817 | |
P7S1 Broadcasting Holding II B.V. | | | | | | | | | | |
Term Loan, 2.97%, Maturing July 3, 2018 | | EUR | | | 1,722 | | | | 2,344,998 | |
Sterling Entertainment Enterprises, LLC | | | | | | | | | | |
Term Loan, 3.17%, Maturing December 28, 2017 | | | | | 825 | | | | 804,045 | |
UPC Financing Partnership | | | | | | | | | | |
Term Loan, 4.00%, Maturing January 29, 2021 | | | | | 875 | | | | 881,836 | |
Term Loan, 3.88%, Maturing March 31, 2021 | | EUR | | | 4,346 | | | | 5,950,727 | |
Virgin Media Investment Holdings Limited | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 5, 2020 | | GBP | | | 1,650 | | | | 2,735,331 | |
Term Loan, 3.50%, Maturing June 8, 2020 | | | | | 5,525 | | | | 5,535,017 | |
WaveDivision Holdings, LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing October 15, 2019 | | | | | 347 | | | | 348,350 | |
YPSO Holding S.a.r.l. | | | | | | | | | | |
Term Loan, 4.90%, Maturing December 29, 2017 | | EUR | | | 13 | | | | 17,691 | |
Term Loan, 4.90%, Maturing December 29, 2017 | | EUR | | | 198 | | | | 271,163 | |
Term Loan, 4.90%, Maturing December 29, 2017 | | EUR | | | 203 | | | | 278,841 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Cable and Satellite Television (continued) | |
YPSO Holding S.a.r.l. (continued) | | | | | | | | | | |
Term Loan, 4.90%, Maturing December 29, 2017 | | EUR | | | 263 | | | $ | 361,489 | |
Term Loan, 4.90%, Maturing December 29, 2017 | | EUR | | | 323 | | | | 442,720 | |
Term Loan, Maturing December 26, 2018(3) | | EUR | | | 850 | | | | 1,154,692 | |
| |
| | | | | | | | $ | 33,022,833 | |
| |
|
Chemicals and Plastics — 5.0% | |
Allnex USA, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing October 3, 2019 | | | | | 162 | | | $ | 163,426 | |
Term Loan, 4.50%, Maturing October 3, 2019 | | | | | 312 | | | | 314,977 | |
Arysta LifeScience Corporation | | | | | | | | | | |
Term Loan, 4.50%, Maturing May 29, 2020 | | | | | 2,569 | | | | 2,591,037 | |
Axalta Coating Systems US Holdings Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing February 1, 2020 | | | | | 4,104 | | | | 4,146,445 | |
AZ Chem US Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing December 22, 2017 | | | | | 1,061 | | | | 1,071,880 | |
Chemtura Corporation | | | | | | | | | | |
Term Loan, 3.50%, Maturing August 27, 2016 | | | | | 208 | | | | 209,258 | |
Emerald Performance Materials, LLC | | | | | | | | | | |
Term Loan, 6.75%, Maturing May 18, 2018 | | | | | 790 | | | | 795,927 | |
General Chemical Corporation | | | | | | | | | | |
Term Loan, 5.01%, Maturing October 6, 2015 | | | | | 481 | | | | 485,848 | |
Huntsman International, LLC | | | | | | | | | | |
Term Loan, Maturing October 15, 2020(3) | | | | | 2,200 | | | | 2,205,225 | |
Ineos US Finance LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing May 4, 2018 | | | | | 4,694 | | | | 4,709,506 | |
MacDermid, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing June 8, 2020 | | | | | 848 | | | | 853,810 | |
OEP Pearl Dutch Acquisition B.V. | | | | | | | | | | |
Term Loan, 6.50%, Maturing March 30, 2018 | | | | | 107 | | | | 108,159 | |
Omnova Solutions Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing May 31, 2018 | | | | | 970 | | | | 977,275 | |
OXEA Finance LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing January 15, 2020 | | | | | 775 | | | | 780,813 | |
Term Loan - Second Lien, 8.25%, Maturing July 15, 2020 | | | | | 1,000 | | | | 1,021,250 | |
Polarpak Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 5, 2020 | | | | | 274 | | | | 275,925 | |
PQ Corporation | | | | | | | | | | |
Term Loan, 4.50%, Maturing August 7, 2017 | | | | | 1,315 | | | | 1,329,270 | |
Schoeller Arca Systems Holding B.V. | | | | | | | | | | |
Term Loan, 4.73%, Maturing December 18, 2014 | | EUR | | | 72 | | | | 69,714 | |
Term Loan, 4.73%, Maturing December 18, 2014 | | EUR | | | 206 | | | | 198,767 | |
Term Loan, 4.73%, Maturing December 18, 2014 | | EUR | | | 222 | | | | 213,893 | |
| | | | |
| | 7 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Chemicals and Plastics (continued) | |
Sonneborn LLC | | | | | | | | | | |
Term Loan, 6.50%, Maturing March 30, 2018 | | | | | 607 | | | $ | 612,903 | |
Taminco Global Chemical Corporation | | | | | | | | | | |
Term Loan, 4.25%, Maturing February 15, 2019 | | | | | 419 | | | | 421,789 | |
Tronox Pigments (Netherlands) B.V. | | | | | | | | | | |
Term Loan, 4.50%, Maturing March 19, 2020 | | | | | 3,242 | | | | 3,287,465 | |
Univar Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing June 30, 2017 | | | | | 5,663 | | | | 5,587,318 | |
WNA Holdings Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 5, 2020 | | | | | 149 | | | | 149,885 | |
| |
| | | | | | | | $ | 32,581,765 | |
| |
|
Conglomerates — 0.9% | |
RGIS Services, LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing October 18, 2016 | | | | | 2,606 | | | $ | 2,565,697 | |
Term Loan, 5.50%, Maturing October 18, 2017 | | | | | 554 | | | | 547,329 | |
Spectrum Brands, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing December 17, 2019 | | | | | 2,713 | | | | 2,727,059 | |
| |
| | | | | | | | $ | 5,840,085 | |
| |
|
Containers and Glass Products — 1.9% | |
Berry Plastics Holding Corporation | | | | | | | | | | |
Term Loan, 3.50%, Maturing February 7, 2020 | | | | | 2,388 | | | $ | 2,384,829 | |
BWAY Corporation | | | | | | | | | | |
Term Loan, 4.50%, Maturing August 7, 2017 | | | | | 2,928 | | | | 2,953,494 | |
Pact Group (USA), Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing May 29, 2020 | | | | | 1,721 | | | | 1,711,008 | |
Pelican Products, Inc. | | | | | | | | | | |
Term Loan, 7.00%, Maturing July 11, 2018 | | | | | 543 | | | | 545,162 | |
Reynolds Group Holdings Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 31, 2018 | | | | | 3,688 | | | | 3,713,678 | |
TricorBraun, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing May 3, 2018 | | | | | 666 | | | | 669,058 | |
| |
| | | | | | | | $ | 11,977,229 | |
| |
|
Cosmetics / Toiletries — 0.6% | |
Prestige Brands, Inc. | | | | | | | | | | |
Term Loan, 4.15%, Maturing January 31, 2019 | | | | | 352 | | | $ | 354,504 | |
Revlon Consumer Products Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 19, 2019 | | | | | 1,350 | | | | 1,356,539 | |
Sun Products Corporation (The) | | | | | | | | | | |
Term Loan, 5.50%, Maturing March 23, 2020 | | | | | 2,413 | | | | 2,271,119 | |
| |
| | | | | | | | $ | 3,982,162 | |
| |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Drugs — 3.2% | |
Akorn, Inc. | | | | | | | | | | |
Term Loan, Maturing August 27, 2020(3) | | | | | 750 | | | $ | 753,516 | |
Alkermes, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing September 18, 2019 | | | | | 422 | | | | 423,738 | |
Aptalis Pharma, Inc. | | | | | | | | | | |
Term Loan, 6.00%, Maturing September 18, 2020 | | | | | 2,900 | | | | 2,932,625 | |
Auxilium Pharmaceuticals, Inc. | | | | | | | | | | |
Term Loan, 6.25%, Maturing April 26, 2017 | | | | | 634 | | | | 643,359 | |
Catalent Pharma Solutions Inc. | | | | | | | | | | |
Term Loan, 3.66%, Maturing September 15, 2016 | | | | | 2,297 | | | | 2,311,570 | |
Term Loan, 4.25%, Maturing September 15, 2017 | | | | | 1,254 | | | | 1,263,002 | |
Ikaria Acquisition Inc. | | | | | | | | | | |
Term Loan, 7.25%, Maturing July 3, 2018 | | | | | 741 | | | | 747,106 | |
Term Loan - Second Lien, 11.00%, Maturing July 3, 2019 | | | | | 500 | | | | 516,250 | |
Par Pharmaceutical Companies, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing September 30, 2019 | | | | | 1,312 | | | | 1,320,629 | |
Valeant Pharmaceuticals International, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing February 13, 2019 | | | | | 2,066 | | | | 2,084,841 | |
Term Loan, 3.75%, Maturing December 11, 2019 | | | | | 3,212 | | | | 3,241,377 | |
Term Loan, 4.50%, Maturing August 5, 2020 | | | | | 4,417 | | | | 4,474,593 | |
| |
| | | | | | | | $ | 20,712,606 | |
| |
|
Ecological Services and Equipment — 0.5% | |
ADS Waste Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing October 9, 2019 | | | | | 2,184 | | | $ | 2,198,121 | |
Progressive Waste Solutions Ltd. | | | | | | | | | | |
Term Loan, 3.50%, Maturing October 24, 2019 | | | | | 571 | | | | 571,401 | |
Viking Consortium Borrower Limited | | | | | | | | | | |
Term Loan - Second Lien, 6.60% (3.10% Cash, 3.50% PIK), Maturing March 31, 2016 | | GBP | | | 551 | | | | 241,226 | |
| |
| | | | | | | | $ | 3,010,748 | |
| |
|
Electronics / Electrical — 12.2% | |
Aeroflex Incorporated | | | | | | | | | | |
Term Loan, 4.50%, Maturing November 11, 2019 | | | | | 1,828 | | | $ | 1,843,468 | |
Allflex Holdings III, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing July 17, 2020 | | | | | 725 | | | | 729,984 | |
Aspect Software, Inc. | | | | | | | | | | |
Term Loan, 7.00%, Maturing May 6, 2016 | | | | | 743 | | | | 747,413 | |
Attachmate Corporation | | | | | | | | | | |
Term Loan, 7.25%, Maturing November 22, 2017 | | | | | 3,409 | | | | 3,445,109 | |
Blue Coat Systems, Inc. | | | | | | | | | | |
Term Loan - Second Lien, 9.50%, Maturing June 26, 2020 | | | | | 925 | | | | 940,031 | |
| | | | |
| | 8 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Electronics / Electrical (continued) | |
Cinedigm Digital Funding I, LLC | | | | | | | | | | |
Term Loan, 3.75%, Maturing April 29, 2016 | | | | | 525 | | | $ | 526,127 | |
CommScope, Inc. | | | | | | | | | | |
Term Loan, 3.87%, Maturing January 12, 2018 | | | | | 2,243 | | | | 2,246,005 | |
CompuCom Systems, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing May 11, 2020 | | | | | 1,347 | | | | 1,346,064 | |
Dell Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing October 29, 2018 | | | | | 1,800 | | | | 1,796,625 | |
Term Loan, 4.50%, Maturing April 29, 2020 | | | | | 9,975 | | | | 9,895,639 | |
Digital Generation, Inc. | | | | | | | | | | |
Term Loan, 7.25%, Maturing July 26, 2018 | | | | | 2,832 | | | | 2,848,334 | |
Eagle Parent, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing May 16, 2018 | | | | | 3,879 | | | | 3,906,582 | |
Edwards (Cayman Islands II) Limited | | | | | | | | | | |
Term Loan, 4.50%, Maturing March 26, 2020 | | | | | 1,210 | | | | 1,212,487 | |
Excelitas Technologies Corp. | | | | | | | | | | |
Term Loan, 6.00%, Maturing October 30, 2020 | | | | | 940 | | | | 943,449 | |
Freescale Semiconductor, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing February 28, 2020 | | | | | 3,209 | | | | 3,251,325 | |
Go Daddy Operating Company, LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 17, 2018 | | | | | 3,633 | | | | 3,644,220 | |
Hyland Software, Inc. | | | | | | | | | | |
Term Loan, 5.50%, Maturing October 25, 2019 | | | | | 372 | | | | 374,421 | |
Infor (US), Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing April 5, 2018 | | | | | 5,040 | | | | 5,078,242 | |
Internet Brands, Inc. | | | | | | | | | | |
Term Loan, 6.25%, Maturing March 18, 2019 | | | | | 1,045 | | | | 1,051,715 | |
Magic Newco LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing December 12, 2018 | | | | | 1,555 | | | | 1,566,739 | |
Microsemi Corporation | | | | | | | | | | |
Term Loan, 3.75%, Maturing February 19, 2020 | | | | | 1,478 | | | | 1,486,660 | |
NXP B.V. | | | | | | | | | | |
Term Loan, 4.50%, Maturing March 3, 2017 | | | | | 2,504 | | | | 2,539,674 | |
Term Loan, 4.75%, Maturing January 11, 2020 | | | | | 1,017 | | | | 1,030,983 | |
Renaissance Learning, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing October 16, 2020 | | | | | 925 | | | | 929,625 | |
Rocket Software, Inc. | | | | | | | | | | |
Term Loan, 5.75%, Maturing February 8, 2018 | | | | | 1,474 | | | | 1,477,448 | |
Term Loan - Second Lien, 10.25%, Maturing February 8, 2019 | | | | | 750 | | | | 753,750 | |
Rovi Solutions Corporation | | | | | | | | | | |
Term Loan, 3.50%, Maturing March 29, 2019 | | | | | 825 | | | | 819,862 | |
RP Crown Parent, LLC | | | | | | | | | | |
Term Loan, 6.75%, Maturing December 21, 2018 | | | | | 5,440 | | | | 5,495,831 | |
Term Loan - Second Lien, 11.25%, Maturing December 20, 2019 | | | | | 650 | | | | 677,625 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Electronics / Electrical (continued) | |
Sensata Technologies Finance Company, LLC | | | | | | | | | | |
Term Loan, 3.75%, Maturing May 11, 2018 | | | | | 1,356 | | | $ | 1,371,510 | |
Serena Software, Inc. | | | | | | | | | | |
Term Loan, 4.17%, Maturing March 10, 2016 | | | | | 991 | | | | 983,787 | |
Term Loan, 5.00%, Maturing March 10, 2016 | | | | | 375 | | | | 373,594 | |
Shield Finance Co. S.a.r.l. | | | | | | | | | | |
Term Loan, 6.50%, Maturing May 10, 2019 | | | | | 1,111 | | | | 1,113,715 | |
Sirius Computer Solutions, Inc. | | | | | | | | | | |
Term Loan, 7.00%, Maturing November 30, 2018 | | | | | 592 | | | | 601,933 | |
SkillSoft Corporation | | | | | | | | | | |
Term Loan, 5.00%, Maturing May 26, 2017 | | | | | 1,162 | | | | 1,171,700 | |
Smart Technologies ULC | | | | | | | | | | |
Term Loan, 10.50%, Maturing January 31, 2018 | | | | | 700 | | | | 675,500 | |
Sophia, L.P. | | | | | | | | | | |
Term Loan, 4.50%, Maturing July 19, 2018 | | | | | 1,466 | | | | 1,480,689 | |
SS&C Technologies Inc. | | | | | | | | | | |
Term Loan, 3.25%, Maturing June 7, 2019 | | | | | 116 | | | | 116,095 | |
Term Loan, 3.25%, Maturing June 7, 2019 | | | | | 1,119 | | | | 1,123,644 | |
SumTotal Systems LLC | | | | | | | | | | |
Term Loan, 6.28%, Maturing November 16, 2018 | | | | | 1,361 | | | | 1,343,737 | |
SurveyMonkey.com, LLC | | | | | | | | | | |
Term Loan, 5.50%, Maturing February 5, 2019 | | | | | 622 | | | | 629,260 | |
VeriFone Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing December 28, 2018 | | | | | 120 | | | | 120,323 | |
Vertafore, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing October 3, 2019 | | | | | 1,095 | | | | 1,102,252 | |
Wall Street Systems, Inc. | | | | | | | | | | |
Term Loan, 5.75%, Maturing October 25, 2019 | | | | | 1,813 | | | | 1,827,238 | |
Term Loan - Second Lien, 9.25%, Maturing October 26, 2020 | | | | | 500 | | | | 505,300 | |
Web.com Group, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing October 27, 2017 | | | | | 1,607 | | | | 1,626,903 | |
| |
| | | | | | | | $ | 78,772,617 | |
| |
|
Equipment Leasing — 0.5% | |
Flying Fortress Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing June 30, 2017 | | | | | 3,167 | | | $ | 3,177,221 | |
| |
| | | | | | | | $ | 3,177,221 | |
| |
|
Financial Intermediaries — 5.6% | |
American Beacon Advisors, Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing November 20, 2019 | | | | | 500 | | | $ | 499,375 | |
American Capital Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 22, 2016 | | | | | 694 | | | | 696,126 | |
| | | | |
| | 9 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Financial Intermediaries (continued) | |
Armor Holding II LLC | | | | | | | | | | |
Term Loan - Second Lien, 10.25%, Maturing December 11, 2020 | | | | | 1,000 | | | $ | 1,012,500 | |
Cetera Financial Group, Inc. | | | | | | | | | | |
Term Loan, 6.50%, Maturing August 2, 2019 | | | | | 825 | | | | 831,683 | |
Citco Funding LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 29, 2018 | | | | | 2,304 | | | | 2,311,913 | |
Clipper Acquisitions Corp. | | | | | | | | | | |
Term Loan, 4.00%, Maturing February 6, 2020 | | | | | 596 | | | | 597,981 | |
First Data Corporation | | | | | | | | | | |
Term Loan, 4.17%, Maturing March 23, 2018 | | | | | 4,136 | | | | 4,152,749 | |
Term Loan, 4.17%, Maturing September 24, 2018 | | | | | 2,100 | | | | 2,108,039 | |
Grosvenor Capital Management Holdings, LLP | | | | | | | | | | |
Term Loan, 4.19%, Maturing December 5, 2016 | | | | | 1,290 | | | | 1,287,475 | |
Guggenheim Partners, LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing July 17, 2020 | | | | | 950 | | | | 958,788 | |
Hamilton Lane Advisors, LLC | | | | | | | | | | |
Term Loan, 5.25%, Maturing February 28, 2018 | | | | | 722 | | | | 723,454 | |
Harbourvest Partners, LLC | | | | | | | | | | |
Term Loan, 4.75%, Maturing November 21, 2017 | | | | | 859 | | | | 865,667 | |
Home Loan Servicing Solutions, Ltd. | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 19, 2020 | | | | | 1,197 | | | | 1,207,474 | |
LPL Holdings, Inc. | | | | | | | | | | |
Term Loan, 3.25%, Maturing March 29, 2019 | | | | | 4,244 | | | | 4,244,173 | |
Mercury Payment Systems Canada, LLC | | | | | | | | | | |
Term Loan, 5.50%, Maturing July 3, 2017 | | | | | 1,105 | | | | 1,112,969 | |
MIP Delaware, LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing March 9, 2020 | | | | | 791 | | | | 795,978 | |
Moneygram International, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing March 27, 2020 | | | | | 473 | | | | 476,052 | |
Nuveen Investments, Inc. | | | | | | | | | | |
Term Loan, 4.16%, Maturing May 15, 2017 | | | | | 6,728 | | | | 6,666,403 | |
NXT Capital, Inc. | | | | | | | | | | |
Term Loan, 6.25%, Maturing September 4, 2018 | | | | | 825 | | | | 820,875 | |
Ocwen Financial Corporation | | | | | | | | | | |
Term Loan, 5.00%, Maturing February 15, 2018 | | | | | 1,368 | | | | 1,386,424 | |
Oz Management LP | | | | | | | | | | |
Term Loan, 1.66%, Maturing November 15, 2016 | | | | | 1,478 | | | | 1,375,774 | |
Starwood Property Trust, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing April 17, 2020 | | | | | 299 | | | | 298,624 | |
Walter Investment Management Corp. | | | | | | | | | | |
Term Loan, 5.75%, Maturing November 28, 2017 | | | | | 1,612 | | | | 1,627,568 | |
| |
| | | | | | | | $ | 36,058,064 | |
| |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Food Products — 6.4% | |
AdvancePierre Foods, Inc. | | | | | | | | | | |
Term Loan, 5.75%, Maturing July 10, 2017 | | | | | 1,439 | | | $ | 1,435,527 | |
American Seafoods Group LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing March 16, 2018 | | | | | 666 | | | | 664,849 | |
Blue Buffalo Company, Ltd. | | | | | | | | | | |
Term Loan, 4.75%, Maturing August 8, 2019 | | | | | 1,460 | | | | 1,474,272 | |
Clearwater Seafoods Limited Partnership | | | | | | | | | | |
Term Loan, 4.75%, Maturing June 24, 2019 | | | | | 1,097 | | | | 1,104,565 | |
CSM Bakery Supplies LLC | | | | | | | | | | |
Term Loan, 4.75%, Maturing July 3, 2020 | | | | | 1,147 | | | | 1,152,861 | |
Del Monte Foods Company | | | | | | | | | | |
Term Loan, 4.00%, Maturing March 8, 2018 | | | | | 5,553 | | | | 5,570,546 | |
Term Loan, Maturing November 6, 2020(3) | | | | | 675 | | | | 678,656 | |
Dole Food Company Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing November 1, 2018 | | | | | 1,450 | | | | 1,459,289 | |
H.J. Heinz Company | | | | | | | | | | |
Term Loan, 3.50%, Maturing June 5, 2020 | | | | | 10,596 | | | | 10,682,559 | |
Hearthside Food Solutions, LLC | | | | | | | | | | |
Term Loan, 6.50%, Maturing June 7, 2018 | | | | | 1,308 | | | | 1,316,644 | |
High Liner Foods Incorporated | | | | | | | | | | |
Term Loan, 4.75%, Maturing December 31, 2017 | | | | | 675 | | | | 678,261 | |
JBS USA Holdings Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing May 25, 2018 | | | | | 1,100 | | | | 1,101,189 | |
Term Loan, 3.75%, Maturing September 18, 2020 | | | | | 1,750 | | | | 1,748,542 | |
Michael Foods Group, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing February 23, 2018 | | | | | 705 | | | | 710,390 | |
NBTY, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing October 1, 2017 | | | | | 6,809 | | | | 6,861,968 | |
Pinnacle Foods Finance LLC | | | | | | | | | | |
Term Loan, 3.25%, Maturing April 29, 2020 | | | | | 775 | | | | 775,401 | |
Term Loan, 3.25%, Maturing April 29, 2020 | | | | | 4,154 | | | | 4,154,557 | |
| |
| | | | | | | | $ | 41,570,076 | |
| |
|
Food Service — 5.9% | |
Aramark Corporation | | | | | | | | | | |
Term Loan, 3.68%, Maturing July 26, 2016 | | | | | 194 | | | $ | 194,659 | |
Term Loan, 3.68%, Maturing July 26, 2016 | | | | | 348 | | | | 350,062 | |
Term Loan, 3.70%, Maturing July 26, 2016 | | | | | 4,301 | | | | 4,320,693 | |
Term Loan, 3.75%, Maturing July 26, 2016 | | | | | 2,401 | | | | 2,413,538 | |
Term Loan, 4.02%, Maturing July 26, 2016 | | GBP | | | 1,188 | | | | 1,950,393 | |
ARG IH Corporation | | | | | | | | | | |
Term Loan, 5.00%, Maturing November 15, 2021 | | | | | 300 | | | | 301,594 | |
Buffets, Inc. | | | | | | | | | | |
Term Loan, 0.12%, Maturing April 22, 2015(2) | | | | | 102 | | | | 101,875 | |
| | | | |
| | 10 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Food Service (continued) | |
Burger King Corporation | | | | | | | | | | |
Term Loan, 3.75%, Maturing September 28, 2019 | | | | | 2,871 | | | $ | 2,885,344 | |
Centerplate, Inc. | | | | | | | | | | |
Term Loan, 5.75%, Maturing October 15, 2018 | | | | | 396 | | | | 397,650 | |
DineEquity, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing October 19, 2017 | | | | | 1,149 | | | | 1,156,600 | |
Dunkin' Brands, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing February 14, 2020 | | | | | 3,367 | | | | 3,380,604 | |
Landry's, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing April 24, 2018 | | | | | 2,821 | | | | 2,841,222 | |
NPC International, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing December 28, 2018 | | | | | 736 | | | | 742,692 | |
OSI Restaurant Partners, LLC | | | | | | | | | | |
Term Loan, 3.50%, Maturing October 25, 2019 | | | | | 2,901 | | | | 2,907,877 | |
P.F. Chang's China Bistro Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing July 2, 2019 | | | | | 470 | | | | 472,895 | |
Sagittarius Restaurants, LLC | | | | | | | | | | |
Term Loan, 6.25%, Maturing October 1, 2018 | | | | | 660 | | | | 662,045 | |
Seminole Hard Rock Entertainment, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing May 14, 2020 | | | | | 299 | | | | 299,811 | |
US Foods, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing March 29, 2019 | | | | | 4,539 | | | | 4,563,211 | |
Weight Watchers International, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing April 2, 2020 | | | | | 7,587 | | | | 6,591,098 | |
Wendy's International, Inc. | | | | | | | | | | |
Term Loan, 3.25%, Maturing May 15, 2019 | | | | | 1,501 | | | | 1,504,277 | |
| |
| | | | | | | | $ | 38,038,140 | |
| |
|
Food / Drug Retailers — 4.3% | |
Albertson's, LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing March 21, 2016 | | | | | 1,234 | | | $ | 1,239,778 | |
Term Loan, 4.75%, Maturing March 21, 2019 | | | | | 1,230 | | | | 1,234,731 | |
Alliance Boots Holdings Limited | | | | | | | | | | |
Term Loan, 3.98%, Maturing July 9, 2017 | | GBP | | | 7,000 | | | | 11,455,117 | |
Term Loan, 3.62%, Maturing July 10, 2017 | | EUR | | | 1,000 | | | | 1,361,834 | |
General Nutrition Centers, Inc. | | | | | | | | | | |
Term Loan, 2.91%, Maturing March 2, 2018 | | | | | 5,774 | | | | 5,786,981 | |
Pantry, Inc. (The) | | | | | | | | | | |
Term Loan, 4.75%, Maturing August 2, 2019 | | | | | 495 | | | | 498,506 | |
Rite Aid Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing February 21, 2020 | | | | | 2,562 | | | | 2,581,607 | |
Term Loan - Second Lien, 5.75%, Maturing August 21, 2020 | | | | | 500 | | | | 514,791 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Food / Drug Retailers (continued) | |
Supervalu Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing March 21, 2019 | | | | | 3,054 | | | $ | 3,075,416 | |
| |
| | | | | | | | $ | 27,748,761 | |
| |
|
Forest Products — 0.1% | |
Expera Specialty Solutions, LLC | | | | | | | | | | |
Term Loan, 7.50%, Maturing December 21, 2018 | | | | | 599 | | | $ | 607,477 | |
| |
| | | | | | | | $ | 607,477 | |
| |
|
Health Care — 14.2% | |
Alere, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 30, 2017 | | | | | 517 | | | $ | 520,788 | |
Term Loan, 4.25%, Maturing June 30, 2017 | | | | | 639 | | | | 643,814 | |
Term Loan, 4.25%, Maturing June 30, 2017 | | | | | 2,597 | | | | 2,616,477 | |
Alliance Healthcare Services, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 3, 2019 | | | | | 1,372 | | | | 1,360,133 | |
Amneal Pharmaceuticals LLC | | | | | | | | | | |
Term Loan, 7.00%, Maturing November 1, 2019 | | | | | 625 | | | | 631,250 | |
Apria Healthcare Group Inc. | | | | | | | | | | |
Term Loan, 6.75%, Maturing April 5, 2020 | | | | | 623 | | | | 628,113 | |
Ardent Medical Services, Inc. | | | | | | | | | | |
Term Loan, 6.75%, Maturing July 2, 2018 | | | | | 3,067 | | | | 3,078,886 | |
ATI Holdings, Inc. | | | | | | | | | | |
Term Loan, 5.75%, Maturing December 21, 2019 | | | | | 496 | | | | 502,143 | |
Biomet Inc. | | | | | | | | | | |
Term Loan, 3.69%, Maturing July 25, 2017 | | | | | 8,377 | | | | 8,458,472 | |
BSN Medical Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 28, 2019 | | | | | 650 | | | | 653,250 | |
CeramTec Acquisition Corporation | | | | | | | | | | |
Term Loan, 4.25%, Maturing August 28, 2020 | | | | | 37 | | | | 37,224 | |
CHG Buyer Corporation | | | | | | | | | | |
Term Loan, 4.25%, Maturing November 19, 2019 | | | | | 941 | | | | 947,022 | |
Community Health Systems, Inc. | | | | | | | | | | |
Term Loan, 3.74%, Maturing January 25, 2017 | | | | | 6,791 | | | | 6,836,120 | |
Convatec Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 22, 2016 | | | | | 1,474 | | | | 1,484,645 | |
CRC Health Corporation | | | | | | | | | | |
Term Loan, 4.66%, Maturing November 16, 2015 | | | | | 1,974 | | | | 1,983,073 | |
DaVita, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing October 20, 2016 | | | | | 3,307 | | | | 3,330,783 | |
Term Loan, 4.00%, Maturing November 1, 2019 | | | | | 3,474 | | | | 3,500,672 | |
DJO Finance LLC | | | | | | | | | | |
Term Loan, 4.75%, Maturing September 15, 2017 | | | | | 1,570 | | | | 1,589,894 | |
| | | | |
| | 11 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Health Care (continued) | |
Envision Healthcare Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing May 25, 2018 | | | | | 2,019 | | | $ | 2,027,132 | |
Faenza Acquisition GmbH | | | | | | | | | | |
Term Loan, 4.25%, Maturing August 28, 2020 | | | | | 114 | | | | 114,986 | |
Term Loan, 4.25%, Maturing August 31, 2020 | | | | | 374 | | | | 378,039 | |
Gentiva Health Services, Inc. | | | | | | | | | | |
Term Loan, 6.50%, Maturing October 18, 2019 | | | | | 1,550 | | | | 1,531,594 | |
Grifols Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 1, 2017 | | | | | 3,238 | | | | 3,262,459 | |
HCA, Inc. | | | | | | | | | | |
Term Loan, 3.00%, Maturing March 31, 2017 | | | | | 3,602 | | | | 3,608,757 | |
Health Management Associates, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing November 16, 2018 | | | | | 2,615 | | | | 2,619,008 | |
Hologic Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing August 1, 2019 | | | | | 1,685 | | | | 1,695,964 | |
Iasis Healthcare LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing May 3, 2018 | | | | | 1,853 | | | | 1,867,794 | |
inVentiv Health, Inc. | | | | | | | | | | |
Term Loan, 7.50%, Maturing August 4, 2016 | | | | | 1,139 | | | | 1,130,803 | |
Term Loan, 7.75%, Maturing May 15, 2018 | | | | | 2,476 | | | | 2,458,845 | |
Kindred Healthcare, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 1, 2018 | | | | | 1,860 | | | | 1,866,887 | |
Kinetic Concepts, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing May 4, 2018 | | | | | 5,145 | | | | 5,207,212 | |
LHP Hospital Group, Inc. | | | | | | | | | | |
Term Loan, 9.00%, Maturing July 3, 2018 | | | | | 617 | | | | 590,957 | |
MedAssets, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 13, 2019 | | | | | 508 | | | | 509,271 | |
Medpace, Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing June 16, 2017 | | | | | 570 | | | | 570,230 | |
MMM Holdings, Inc. | | | | | | | | | | |
Term Loan, 9.75%, Maturing December 12, 2017 | | | | | 733 | | | | 737,545 | |
MSO of Puerto Rico, Inc. | | | | | | | | | | |
Term Loan, 9.75%, Maturing December 12, 2017 | | | | | 533 | | | | 536,728 | |
Multiplan, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 25, 2017 | | | | | 3,779 | | | | 3,811,856 | |
One Call Medical, Inc. | | | | | | | | | | |
Term Loan, Maturing November 20, 2020(3) | | | | | 1,225 | | | | 1,217,344 | |
Onex Carestream Finance LP | | | | | | | | | | |
Term Loan, 5.00%, Maturing June 7, 2019 | | | | | 3,234 | | | | 3,275,500 | |
Pharmaceutical Product Development LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing December 5, 2018 | | | | | 2,159 | | | | 2,178,154 | |
PRA Holdings, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing September 23, 2020 | | | | | 1,425 | | | | 1,431,377 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Health Care (continued) | |
Radnet Management, Inc. | | | | | | | | | | |
Term Loan, 4.26%, Maturing October 10, 2018 | | | | | 1,882 | | | $ | 1,886,045 | |
Sage Products, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing December 13, 2019 | | | | | 595 | | | | 598,535 | |
Select Medical Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing June 1, 2018 | | | | | 1,563 | | | | 1,571,783 | |
Sheridan Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 29, 2018 | | | | | 716 | | | | 722,157 | |
Steward Health Care System LLC | | | | | | | | | | |
Term Loan, 6.75%, Maturing April 13, 2020 | | | | | 374 | | | | 374,998 | |
TriZetto Group, Inc. (The) | | | | | | | | | | |
Term Loan, 4.75%, Maturing May 2, 2018 | | | | | 1,637 | | | | 1,615,482 | |
Truven Health Analytics Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 6, 2019 | | | | | 1,832 | | | | 1,832,073 | |
U.S. Renal Care, Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing July 3, 2019 | | | | | 250 | | | | 252,969 | |
VWR Funding, Inc. | | | | | | | | | | |
Term Loan, 4.16%, Maturing April 3, 2017 | | | | | 744 | | | | 748,097 | |
Term Loan, 4.41%, Maturing April 3, 2017 | | | | | 1,049 | | | | 1,054,536 | |
| |
| | | | | | | | $ | 92,087,876 | |
| |
|
Home Furnishings — 0.5% | |
Serta/Simmons Holdings, LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing October 1, 2019 | | | | | 1,808 | | | $ | 1,816,072 | |
Tempur-Pedic International Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing March 18, 2020 | | | | | 1,720 | | | | 1,721,958 | |
| |
| | | | | | | | $ | 3,538,030 | |
| |
|
Industrial Equipment — 3.2% | |
Apex Tool Group, LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing January 31, 2020 | | | | | 796 | | | $ | 801,324 | |
Filtration Group Corporation | | | | | | | | | | |
Term Loan - Second Lien, Maturing November 30, 2021(3) | | | | | 1,000 | | | | 1,020,000 | |
Gardner Denver, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing July 30, 2020 | | | | | 2,050 | | | | 2,042,895 | |
Term Loan, 4.75%, Maturing July 30, 2020 | | EUR | | | 450 | | | | 617,575 | |
Generac Power Systems, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing May 31, 2020 | | | | | 1,895 | | | | 1,899,988 | |
Grede LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing May 2, 2018 | | | | | 1,069 | | | | 1,074,778 | |
Husky Injection Molding Systems Ltd. | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 29, 2018 | | | | | 3,595 | | | | 3,625,910 | |
| | | | |
| | 12 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Industrial Equipment (continued) | |
Manitowoc Company, Inc. (The) | | | | | | | | | | |
Term Loan, 4.25%, Maturing November 13, 2017 | | | | | 146 | | | $ | 146,613 | |
Milacron LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing March 30, 2020 | | | | | 448 | | | | 448,683 | |
Paladin Brands Holding, Inc. | | | | | | | | | | |
Term Loan, 6.75%, Maturing August 16, 2019 | | | | | 825 | | | | 818,297 | |
Rexnord LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 21, 2020 | | | | | 5,125 | | | | 5,135,655 | |
Spansion LLC | | | | | | | | | | |
Term Loan, 5.25%, Maturing December 11, 2018 | | | | | 841 | | | | 847,592 | |
Tank Holding Corp. | | | | | | | | | | |
Term Loan, 4.25%, Maturing July 9, 2019 | | | | | 1,038 | | | | 1,034,276 | |
Terex Corporation | | | | | | | | | | |
Term Loan, 3.50%, Maturing April 28, 2017 | | | | | 597 | | | | 601,750 | |
Unifrax Corporation | | | | | | | | | | |
Term Loan, 4.25%, Maturing November 28, 2018 | | | | | 379 | | | | 381,205 | |
| |
| | | | | | | | $ | 20,496,541 | |
| |
|
Insurance — 4.6% | |
Alliant Holdings I, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing December 20, 2019 | | | | | 2,208 | | | $ | 2,221,079 | |
AmWINS Group, LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing September 6, 2019 | | | | | 5,416 | | | | 5,445,851 | |
Applied Systems, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing December 8, 2016 | | | | | 2,590 | | | | 2,603,569 | |
Asurion LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing May 24, 2019 | | | | | 9,652 | | | | 9,666,511 | |
Term Loan, 3.50%, Maturing July 8, 2020 | | | | | 1,072 | | | | 1,056,993 | |
Cooper Gay Swett & Crawford Ltd. | | | | | | | | | | |
Term Loan, 5.00%, Maturing April 16, 2020 | | | | | 549 | | | | 543,025 | |
Cunningham Lindsey U.S. Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing December 10, 2019 | | | | | 1,018 | | | | 1,017,298 | |
Term Loan - Second Lien, 9.25%, Maturing June 10, 2020 | | | | | 1,000 | | | | 998,750 | |
Hub International Limited | | | | | | | | | | |
Term Loan, 4.75%, Maturing October 2, 2020 | | | | | 3,125 | | | | 3,167,969 | |
Sedgwick CMS Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 12, 2018 | | | | | 723 | | | | 726,126 | |
USI, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing December 27, 2019 | | | | | 2,357 | | | | 2,371,920 | |
| |
| | | | | | | | $ | 29,819,091 | |
| |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Leisure Goods / Activities / Movies — 5.3% | |
Bombardier Recreational Products, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing January 30, 2019 | | | | | 3,583 | | | $ | 3,599,173 | |
Bright Horizons Family Solutions, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing January 30, 2020 | | | | | 1,017 | | | | 1,024,815 | |
ClubCorp Club Operations, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing July 24, 2020 | | | | | 2,573 | | | | 2,587,582 | |
Dave & Buster's, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 1, 2016 | | | | | 965 | | | | 967,715 | |
Delta 2 (LUX) S.a.r.l. | | | | | | | | | | |
Term Loan, 4.50%, Maturing April 30, 2019 | | | | | 2,216 | | | | 2,241,156 | |
Emerald Expositions Holding, Inc. | | | | | | | | | | |
Term Loan, 5.50%, Maturing June 17, 2020 | | | | | 848 | | | | 856,354 | |
Equinox Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing January 31, 2020 | | | | | 1,343 | | | | 1,352,485 | |
Fender Musical Instruments Corporation | | | | | | | | | | |
Term Loan, 5.75%, Maturing April 3, 2019 | | | | | 504 | | | | 511,245 | |
Kasima, LLC | | | | | | | | | | |
Term Loan, 3.25%, Maturing May 17, 2021 | | | | | 1,075 | | | | 1,075,000 | |
Live Nation Entertainment, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing August 17, 2020 | | | | | 2,936 | | | | 2,940,261 | |
LodgeNet Interactive Corp. | | | | | | | | | | |
Term Loan, 6.75%, Maturing March 31, 2018 | | | | | 1,323 | | | | 618,590 | |
Revolution Studios Distribution Company, LLC | | | | | | | | | | |
Term Loan, 3.92%, Maturing December 21, 2014 | | | | | 760 | | | | 672,081 | |
Term Loan - Second Lien, 7.17%, Maturing June 21, 2015(2) | | | | | 900 | | | | 619,650 | |
Sabre, Inc. | | | | | | | | | | |
Term Loan, 5.25%, Maturing February 19, 2019 | | | | | 1,315 | | | | 1,326,686 | |
SeaWorld Parks & Entertainment, Inc. | | | | | | | | | | |
Term Loan, 3.00%, Maturing May 14, 2020 | | | | | 3,147 | | | | 3,117,349 | |
Six Flags Theme Parks, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 20, 2018 | | | | | 1,613 | | | | 1,624,036 | |
SRAM, LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing April 10, 2020 | | | | | 2,137 | | | | 2,134,021 | |
Town Sports International Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing November 16, 2020 | | | | | 1,375 | | | | 1,384,883 | |
US Finco LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing May 29, 2020 | | | | | 524 | | | | 523,688 | |
Term Loan - Second Lien, 8.25%, Maturing November 30, 2020 | | | | | 1,000 | | | | 1,016,250 | |
WMG Acquisition Corp. | | | | | | | | | | |
Term Loan, 3.75%, Maturing July 1, 2020 | | | | | 600 | | | | 600,938 | |
Zuffa LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing February 25, 2020 | | | | | 3,201 | | | | 3,232,821 | |
| |
| | | | | | | | $ | 34,026,779 | |
| |
| | | | |
| | 13 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Lodging and Casinos — 4.8% | |
Affinity Gaming, LLC | | | | | | | | | | |
Term Loan, 5.50%, Maturing November 9, 2017 | | | | | 479 | | | $ | 485,023 | |
Bally Technologies, Inc. | | | | | | | | | | |
Term Loan, Maturing August 31, 2020(3) | | | | | 1,475 | | | | 1,483,297 | |
Boyd Gaming Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 14, 2020 | | | | | 550 | | | | 552,922 | |
Caesars Entertainment Operating Company | | | | | | | | | | |
Term Loan, 5.49%, Maturing January 26, 2018 | | | | | 2,024 | | | | 1,927,267 | |
CityCenter Holdings, LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing October 16, 2020 | | | | | 975 | | | | 988,609 | |
Four Seasons Holdings Inc. | | | | | | | | | | |
Term Loan - Second Lien, 6.25%, Maturing December 28, 2020 | | | | | 2,950 | | | | 3,034,812 | |
Gala Group Ltd. | | | | | | | | | | |
Term Loan, 5.49%, Maturing May 25, 2018 | | GBP | | | 2,850 | | | | 4,716,566 | |
Golden Nugget, Inc. | | | | | | | | | | |
Term Loan, 0.50%, Maturing November 21, 2019(5) | | | | | 158 | | | | 159,122 | |
Term Loan, 5.50%, Maturing November 21, 2019 | | | | | 368 | | | | 371,400 | |
Hilton Worldwide Finance, LLC | | | | | | | | | | |
Term Loan, 4.00%, Maturing October 26, 2020 | | | | | 8,610 | | | | 8,650,020 | |
MGM Resorts International | | | | | | | | | | |
Term Loan, 3.50%, Maturing December 20, 2019 | | | | | 2,729 | | | | 2,734,493 | |
Pinnacle Entertainment, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing August 13, 2020 | | | | | 1,097 | | | | 1,102,386 | |
Playa Resorts Holding B.V. | | | | | | | | | | |
Term Loan, 4.75%, Maturing August 6, 2019 | | | | | 550 | | | | 557,563 | |
Scientific Games International, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing October 18, 2020 | | | | | 4,050 | | | | 4,063,365 | |
Tropicana Entertainment Inc. | | | | | | | | | | |
Term Loan, Maturing November 26, 2020(3) | | | | | 400 | | | | 398,000 | |
| |
| | | | | | | | $ | 31,224,845 | |
| |
|
Nonferrous Metals / Minerals — 2.6% | |
Alpha Natural Resources, LLC | | | | | | | | | | |
Term Loan, 3.50%, Maturing May 22, 2020 | | | | | 896 | | | $ | 882,068 | |
Arch Coal Inc. | | | | | | | | | | |
Term Loan, 5.75%, Maturing May 16, 2018 | | | | | 3,982 | | | | 3,898,166 | |
Constellium Holdco B.V. | | | | | | | | | | |
Term Loan, 6.00%, Maturing March 25, 2020 | | | | | 572 | | | | 587,858 | |
Fairmount Minerals Ltd. | | | | | | | | | | |
Term Loan, 5.00%, Maturing September 5, 2019 | | | | | 2,275 | | | | 2,303,438 | |
Murray Energy Corporation | | | | | | | | | | |
Term Loan, 4.75%, Maturing May 24, 2019 | | | | | 424 | | | | 424,467 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Nonferrous Metals / Minerals (continued) | |
Noranda Aluminum Acquisition Corporation | | | | | | | | | | |
Term Loan, 5.75%, Maturing February 28, 2019 | | | | | 1,133 | | | $ | 1,061,953 | |
Novelis, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing March 10, 2017 | | | | | 2,996 | | | | 3,017,601 | |
Oxbow Carbon LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing July 19, 2019 | | | | | 518 | | | | 520,382 | |
Term Loan - Second Lien, 8.00%, Maturing January 17, 2020 | | | | | 875 | | | | 891,406 | |
United Central Industrial Supply Company, L.L.C. | | | | | | | | | | |
Term Loan, 7.50%, Maturing October 9, 2018 | | | | | 1,312 | | | | 1,236,324 | |
Term Loan - Second Lien, 12.50%, Maturing April 9, 2019 | | | | | 500 | | | | 452,500 | |
Walter Energy, Inc. | | | | | | | | | | |
Term Loan, 6.75%, Maturing April 2, 2018 | | | | | 1,834 | | | | 1,802,320 | |
| |
| | | | | | | | $ | 17,078,483 | |
| |
|
Oil and Gas — 4.8% | |
Ameriforge Group, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing December 19, 2019 | | | | | 596 | | | $ | 601,827 | |
Term Loan - Second Lien, 8.75%, Maturing December 18, 2020 | | | | | 1,800 | | | | 1,849,500 | |
Bronco Midstream Funding LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing August 17, 2020 | | | | | 2,000 | | | | 2,030,000 | |
Citgo Petroleum Corporation | | | | | | | | | | |
Term Loan, 8.00%, Maturing June 24, 2015 | | | | | 173 | | | | 174,676 | |
Term Loan, 9.00%, Maturing June 23, 2017 | | | | | 2,432 | | | | 2,484,145 | |
Crestwood Holdings LLC | | | | | | | | | | |
Term Loan, 7.00%, Maturing June 19, 2019 | | | | | 1,131 | | | | 1,162,125 | |
Energy Transfer Equity, L.P. | | | | | | | | | | |
Term Loan, 3.75%, Maturing March 24, 2017 | | | | | 1,316 | | | | 1,319,026 | |
Fieldwood Energy LLC | | | | | | | | | | |
Term Loan, 3.88%, Maturing September 28, 2018 | | | | | 875 | | | | 883,262 | |
MEG Energy Corp. | | | | | | | | | | |
Term Loan, 3.75%, Maturing March 31, 2020 | | | | | 8,270 | | | | 8,340,780 | |
Obsidian Natural Gas Trust | | | | | | | | | | |
Term Loan, 7.00%, Maturing November 2, 2015 | | | | | 1,889 | | | | 1,895,790 | |
Ruby Western Pipeline Holdings, LLC | | | | | | | | | | |
Term Loan, 3.50%, Maturing March 27, 2020 | | | | | 496 | | | | 499,216 | |
Samson Investment Company | | | | | | | | | | |
Term Loan - Second Lien, 6.00%, Maturing September 25, 2018 | | | | | 1,950 | | | | 1,967,063 | |
Sheridan Production Partners I, LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing September 14, 2019 | | | | | 2,238 | | | | 2,248,203 | |
Term Loan, 5.00%, Maturing September 25, 2019 | | | | | 181 | | | | 181,962 | |
Term Loan, 5.00%, Maturing September 25, 2019 | | | | | 297 | | | | 297,905 | |
| | | | |
| | 14 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Oil and Gas (continued) | |
Tallgrass Operations, LLC | | | | | | | | | | |
Term Loan, 5.25%, Maturing November 13, 2018 | | | | | 1,710 | | | $ | 1,720,757 | |
Tervita Corporation | | | | | | | | | | |
Term Loan, 6.25%, Maturing May 15, 2018 | | | | | 3,304 | | | | 3,311,022 | |
| |
| | | | | | | | $ | 30,967,259 | |
| |
|
Publishing — 5.3% | |
Advanstar Communications Inc. | | | | | | | | | | |
Term Loan, 5.50%, Maturing April 29, 2019 | | | | | 846 | | | $ | 840,464 | |
American Greetings Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 9, 2019 | | | | | 1,225 | | | | 1,228,063 | |
Ascend Learning, Inc. | | | | | | | | | | |
Term Loan, 7.00%, Maturing May 23, 2017 | | | | | 2,130 | | | | 2,142,065 | |
Flint Group SA | | | | | | | | | | |
Term Loan, 6.65%, Maturing December 31, 2016 | | | | | 93 | | | | 93,561 | |
Term Loan, 6.65%, Maturing December 31, 2016 | | | | | 1,665 | | | | 1,669,272 | |
Term Loan, 6.65%, Maturing December 31, 2016 | | | | | 1,683 | | | | 1,686,923 | |
Getty Images, Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing October 18, 2019 | | | | | 5,360 | | | | 4,977,137 | |
Interactive Data Corporation | | | | | | | | | | |
Term Loan, 3.75%, Maturing February 11, 2018 | | | | | 3,957 | | | | 3,961,249 | |
Lamar Media Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 30, 2016 | | | | | 39 | | | | 38,678 | |
Laureate Education, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing June 15, 2018 | | | | | 8,741 | | | | 8,813,503 | |
McGraw-Hill Global Education Holdings, LLC | | | | | | | | | | |
Term Loan, 9.00%, Maturing March 22, 2019 | | | | | 920 | | | | 938,783 | |
Media General Inc. | | | | | | | | | | |
Term Loan, 5.50%, Maturing July 31, 2020 | | | | | 1,250 | | | | 1,259,994 | |
Merrill Communications, LLC | | | | | | | | | | |
Term Loan, 7.25%, Maturing March 8, 2018 | | | | | 753 | | | | 764,481 | |
Multi Packaging Solutions, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing August 21, 2020 | | | | | 400 | | | | 401,667 | |
Nelson Education Ltd. | | | | | | | | | | |
Term Loan, 2.75%, Maturing July 3, 2014 | | | | | 441 | | | | 335,975 | |
Penton Media, Inc. | | | | | | | | | | |
Term Loan, 5.50%, Maturing October 1, 2019 | | | | | 650 | | | | 646,750 | |
Rentpath, Inc. | | | | | | | | | | |
Term Loan, 6.25%, Maturing May 29, 2020 | | | | | 1,147 | | | | 1,131,696 | |
Springer Science+Business Media Deutschland GmbH | | | | | | | | |
Term Loan, 5.00%, Maturing August 14, 2020 | | | | | 1,250 | | | | 1,253,516 | |
Tribune Company | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 31, 2019 | | | | | 1,886 | | | | 1,885,742 | |
| |
| | | | | | | | $ | 34,069,519 | |
| |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Radio and Television — 3.9% | |
Clear Channel Communications, Inc. | | | | | | | | | | |
Term Loan, 3.81%, Maturing January 29, 2016 | | | | | 384 | | | $ | 372,021 | |
Term Loan, 6.91%, Maturing January 30, 2019 | | | | | 1,132 | | | | 1,073,453 | |
Cumulus Media Holdings Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing September 17, 2018 | | | | | 6,829 | | | | 6,879,047 | |
Term Loan - Second Lien, 7.50%, Maturing September 16, 2019 | | | | | 1,000 | | | | 1,026,550 | |
Entercom Radio, LLC | | | | | | | | | | |
Term Loan, 5.00%, Maturing November 23, 2018 | | | | | 500 | | | | 502,916 | |
Foxco Acquisition Sub, LLC | | | | | | | | | | |
Term Loan, 5.50%, Maturing July 14, 2017 | | | | | 1,473 | | | | 1,480,170 | |
Gray Television, Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing October 15, 2019 | | | | | 462 | | | | 465,006 | |
Hubbard Radio, LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing April 29, 2019 | | | | | 795 | | | | 800,956 | |
LIN Television Corp. | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 21, 2018 | | | | | 663 | | | | 667,856 | |
Mission Broadcasting, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing December 3, 2019 | | | | | 458 | | | | 459,987 | |
Nexstar Broadcasting, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing December 3, 2019 | | | | | 1,084 | | | | 1,088,046 | |
Nine Entertainment Group Limited | | | | | | | | | | |
Term Loan, 3.25%, Maturing February 5, 2020 | | | | | 821 | | | | 817,541 | |
Raycom TV Broadcasting, Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing May 31, 2017 | | | | | 978 | | | | 981,166 | |
Sinclair Television Group Inc. | | | | | | | | | | |
Term Loan, 3.00%, Maturing April 9, 2020 | | | | | 572 | | | | 566,279 | |
TWCC Holding Corp. | | | | | | | | | | |
Term Loan, 3.50%, Maturing February 13, 2017 | | | | | 2,220 | | | | 2,230,577 | |
Univision Communications Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing March 2, 2020 | | | | | 5,496 | | | | 5,525,459 | |
| |
| | | | | | | | $ | 24,937,030 | |
| |
|
Retailers (Except Food and Drug) — 7.4% | |
99 Cents Only Stores | | | | | | | | | | |
Term Loan, 4.50%, Maturing January 11, 2019 | | | | | 2,069 | | | $ | 2,086,731 | |
B&M Retail Limited | | | | | | | | | | |
Term Loan, 6.02%, Maturing February 18, 2020 | | GBP | | | 1,925 | | | | 3,165,626 | |
Bass Pro Group, LLC | | | | | | | | | | |
Term Loan, Maturing November 20, 2019(3) | | | | | 2,675 | | | | 2,690,047 | |
CDW LLC | | | | | | | | | | |
Term Loan, 3.25%, Maturing April 29, 2020 | | | | | 5,200 | | | | 5,189,097 | |
David's Bridal, Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing October 11, 2019 | | | | | 744 | | | | 747,012 | |
| | | | |
| | 15 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Retailers (Except Food and Drug) (continued) | |
Evergreen Acqco 1 LP | | | | | | | | | | |
Term Loan, 5.00%, Maturing July 9, 2019 | | | | | 741 | | | $ | 743,112 | |
Harbor Freight Tools USA, Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing July 26, 2019 | | | | | 1,247 | | | | 1,262,610 | |
Hudson's Bay Company | | | | | | | | | | |
Term Loan, 4.75%, Maturing November 4, 2020 | | | | | 4,350 | | | | 4,414,162 | |
J Crew Group, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing March 7, 2018 | | | | | 1,779 | | | | 1,788,430 | |
Jo-Ann Stores, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing March 16, 2018 | | | | | 1,914 | | | | 1,925,526 | |
Michaels Stores, Inc. | | | | | | | | | | |
Term Loan, 3.75%, Maturing January 28, 2020 | | | | | 2,836 | | | | 2,849,257 | |
National Vision, Inc. | | | | | | | | | | |
Term Loan, 7.00%, Maturing August 2, 2018 | | | | | 876 | | | | 880,380 | |
Neiman Marcus Group, Inc. (The) | | | | | | | | | | |
Term Loan, 5.00%, Maturing October 26, 2020 | | | | | 4,775 | | | | 4,810,469 | |
Ollie's Bargain Outlet, Inc. | | | | | | | | | | |
Term Loan, 5.26%, Maturing September 27, 2019 | | | | | 545 | | | | 546,544 | |
Party City Holdings Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing July 29, 2019 | | | | | 2,509 | | | | 2,521,680 | |
Pep Boys-Manny, Moe & Jack (The) | | | | | | | | | | |
Term Loan, 4.00%, Maturing October 11, 2018 | | | | | 521 | | | | 523,668 | |
Petco Animal Supplies, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing November 24, 2017 | | | | | 2,344 | | | | 2,358,472 | |
Pilot Travel Centers LLC | | | | | | | | | | |
Term Loan, 3.75%, Maturing March 30, 2018 | | | | | 1,966 | | | | 1,970,703 | |
Term Loan, 4.25%, Maturing August 7, 2019 | | | | | 667 | | | | 670,173 | |
Spin Holdco Inc. | | | | | | | | | | |
Term Loan, 4.25%, Maturing November 14, 2019 | | | | | 2,175 | | | | 2,185,603 | |
Term Loan, Maturing November 14, 2019(3) | | | | | 625 | | | | 625,521 | |
Toys 'R' Us Property Company I, LLC | | | | | | | | | | |
Term Loan, 6.00%, Maturing August 21, 2019 | | | | | 900 | | | | 878,175 | |
Visant Corporation | | | | | | | | | | |
Term Loan, 5.25%, Maturing December 22, 2016 | | | | | 1,463 | | | | 1,430,452 | |
Vivarte SA | | | | | | | | | | |
Term Loan, 2.34%, Maturing March 9, 2015 | | EUR | | | 29 | | | | 35,099 | |
Term Loan, 2.34%, Maturing March 9, 2015 | | EUR | | | 62 | | | | 76,742 | |
Term Loan, 2.34%, Maturing March 9, 2015 | | EUR | | | 347 | | | | 426,541 | |
Term Loan, 2.84%, Maturing March 8, 2016 | | EUR | | | 18 | | | | 22,606 | |
Term Loan, 2.84%, Maturing March 8, 2016 | | EUR | | | 71 | | | | 87,450 | |
Term Loan, 2.84%, Maturing March 8, 2016 | | EUR | | | 440 | | | | 541,356 | |
Wilton Brands LLC | | | | | | | | | | |
Term Loan, 7.50%, Maturing August 30, 2018 | | | | | 689 | | | | 659,478 | |
| |
| | | | | | | | $ | 48,112,722 | |
| |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Steel — 2.1% | |
Essar Steel Algoma, Inc. | | | | | | | | | | |
Term Loan, 8.75%, Maturing September 19, 2014 | | | | | 1,163 | | | $ | 1,180,408 | |
FMG Resources (August 2006) Pty Ltd. | | | | | | | | | | |
Term Loan, 4.25%, Maturing June 28, 2019 | | | | | 6,909 | | | | 6,986,979 | |
JFB Firth Rixson Inc. | | | | | | | | | | |
Term Loan, 5.00%, Maturing June 30, 2017 | | GBP | | | 744 | | | | 1,221,447 | |
JMC Steel Group, Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing April 3, 2017 | | | | | 756 | | | | 758,706 | |
Neenah Foundry Company | | | | | | | | | | |
Term Loan, 6.80%, Maturing April 26, 2017 | | | | | 512 | | | | 512,515 | |
Patriot Coal Corporation | | | | | | | | | | |
DIP Loan, 9.25%, Maturing December 31, 2013 | | | | | 925 | | | | 929,625 | |
SunCoke Energy, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing July 26, 2018 | | | | | 174 | | | | 174,089 | |
Waupaca Foundry, Inc. | | | | | | | | | | |
Term Loan, 4.50%, Maturing June 29, 2017 | | | | | 1,598 | | | | 1,603,464 | |
| |
| | | | | | | | $ | 13,367,233 | |
| |
|
Surface Transport — 0.5% | |
Hertz Corporation (The) | | | | | | | | | | |
Term Loan, 3.75%, Maturing March 12, 2018 | | | | | 2,035 | | | $ | 2,044,617 | |
Swift Transportation Co. Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing December 21, 2017 | | | | | 1,353 | | | | 1,364,991 | |
| |
| | | | | | | | $ | 3,409,608 | |
| |
|
Telecommunications — 4.9% | |
Arris Group, Inc. | | | | | | | | | | |
Term Loan, 3.50%, Maturing April 17, 2020 | | | | | 1,169 | | | $ | 1,166,445 | |
Cellular South, Inc. | | | | | | | | | | |
Term Loan, 3.25%, Maturing May 22, 2020 | | | | | 423 | | | | 421,818 | |
Cricket Communications, Inc. | | | | | | | | | | |
Term Loan, 4.75%, Maturing October 10, 2019 | | | | | 546 | | | | 548,832 | |
Term Loan, 4.75%, Maturing March 9, 2020 | | | | | 3,317 | | | | 3,334,309 | |
Crown Castle International Corporation | | | | | | | | | | |
Term Loan, 3.25%, Maturing January 31, 2019 | | | | | 3,335 | | | | 3,336,897 | |
Intelsat Jackson Holdings S.A. | | | | | | | | | | |
Term Loan, Maturing June 30, 2019(3) | | | | | 8,350 | | | | 8,350,000 | |
Mitel US Holdings, Inc. | | | | | | | | | | |
Term Loan, 7.00%, Maturing February 27, 2019 | | | | | 736 | | | | 743,676 | |
SBA Finance | | | | | | | | | | |
Term Loan, 3.75%, Maturing June 29, 2018 | | | | | 379 | | | | 380,690 | |
Term Loan, 3.75%, Maturing September 27, 2019 | | | | | 174 | | | | 174,883 | |
| | | | |
| | 16 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Telecommunications (continued) | |
Syniverse Holdings, Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing April 23, 2019 | | | | | 1,333 | | | $ | 1,337,814 | |
Term Loan, 4.00%, Maturing April 23, 2019 | | | | | 2,016 | | | | 2,023,613 | |
Telesat LLC | | | | | | | | | | |
Term Loan, 3.50%, Maturing March 28, 2019 | | | | | 7,703 | | | | 7,736,492 | |
Windstream Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing August 8, 2019 | | | | | 2,032 | | | | 2,040,093 | |
| |
| | | | | | | | $ | 31,595,562 | |
| |
|
Utilities — 2.4% | |
AES Corporation | | | | | | | | | | |
Term Loan, 3.75%, Maturing June 1, 2018 | | | | | 2,999 | | | $ | 3,023,731 | |
Calpine Construction Finance Company, L.P. | | | | | | | | | | |
Term Loan, 3.00%, Maturing May 3, 2020 | | | | | 1,147 | | | | 1,137,907 | |
Term Loan, 3.25%, Maturing January 31, 2022 | | | | | 424 | | | | 420,626 | |
Calpine Corporation | | | | | | | | | | |
Term Loan, 4.00%, Maturing April 2, 2018 | | | | | 1,051 | | | | 1,059,596 | |
Term Loan, 4.00%, Maturing April 2, 2018 | | | | | 3,096 | | | | 3,122,712 | |
Term Loan, 4.00%, Maturing October 9, 2019 | | | | | 941 | | | | 948,377 | |
Dynegy Holdings Inc. | | | | | | | | | | |
Term Loan, 4.00%, Maturing April 23, 2020 | | | | | 1,074 | | | | 1,078,259 | |
EFS Cogen Holdings I Inc. | | | | | | | | | | |
Term Loan, Maturing December 1, 2020(3) | | | | | 675 | | | | 678,375 | |
Equipower Resources Holdings LLC | | | | | | | | | | |
Term Loan, 4.25%, Maturing December 31, 2019 | | | | | 648 | | | | 652,022 | |
La Frontera Generation, LLC | | | | | | | | | | |
Term Loan, 4.50%, Maturing September 30, 2020 | | | | | 679 | | | | 686,591 | |
LSP Madison Funding, LLC | | | | | | | | | | |
Term Loan, 5.50%, Maturing June 28, 2019 | | | | | 605 | | | | 611,504 | |
PowerTeam Services, LLC | | | | | | | | | | |
Term Loan, 3.69%, Maturing May 6, 2020(5) | | | | | 39 | | | | 38,500 | |
Term Loan, 4.25%, Maturing May 6, 2020 | | | | | 310 | | | | 307,695 | |
Raven Power Finance, LLC | | | | | | | | | | |
Term Loan, 7.25%, Maturing November 15, 2018 | | | | | 571 | | | | 582,815 | |
Texas Competitive Electric Holdings Company, LLC | | | | | | | | | | |
Term Loan, 4.73%, Maturing October 10, 2017 | | | | | 1,800 | | | | 1,249,894 | |
| |
| | | | | | | | $ | 15,598,604 | |
| |
| |
Total Senior Floating-Rate Interests (identified cost $911,995,749) | | | $ | 914,684,859 | |
| |
| | | | | | | | | | |
Corporate Bonds & Notes — 11.7% | |
| | | |
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Aerospace and Defense — 0.0%(7) | |
Alliant Techsystems, Inc. | | | | | | | | | | |
5.25%, 10/1/21(8) | | | | | 45 | | | $ | 45,450 | |
CBC Ammo, LLC/CBC FinCo, Inc. | | | | | | | | | | |
7.25%, 11/15/21(8) | | | | | 75 | | | | 73,219 | |
GenCorp, Inc. | | | | | | | | | | |
7.125%, 3/15/21 | | | | | 50 | | | | 53,750 | |
| |
| | | | | | | | $ | 172,419 | |
| |
|
Automotive — 0.1% | |
American Axle & Manufacturing, Inc. | | | | | | | | | | |
9.25%, 1/15/17(8) | | | | | 67 | | | $ | 70,742 | |
5.125%, 2/15/19 | | | | | 20 | | | | 20,500 | |
General Motors Financial Co., Inc. | | | | | | | | | | |
4.75%, 8/15/17(8) | | | | | 75 | | | | 79,875 | |
3.25%, 5/15/18(8) | | | | | 10 | | | | 10,050 | |
4.25%, 5/15/23(8) | | | | | 40 | | | | 38,200 | |
Navistar International Corp. | | | | | | | | | | |
8.25%, 11/1/21 | | | | | 105 | | | | 108,412 | |
| |
| | | | | | | | $ | 327,779 | |
| |
|
Beverage and Tobacco — 0.0%(7) | |
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer, Inc. | |
5.625%, 12/15/16(8) | | | | | 25 | | | $ | 25,688 | |
Constellation Brands, Inc. | | | | | | | | | | |
6.00%, 5/1/22 | | | | | 70 | | | | 75,162 | |
4.25%, 5/1/23 | | | | | 105 | | | | 98,962 | |
| |
| | | | | | | | $ | 199,812 | |
| |
|
Brokers, Dealers and Investment Houses — 0.0%(7) | |
Alliance Data Systems Corp. | | | | | | | | | | |
6.375%, 4/1/20(8) | | | | | 55 | | | $ | 57,612 | |
E*TRADE Financial Corp. | | | | | | | | | | |
6.00%, 11/15/17 | | | | | 15 | | | | 15,975 | |
6.375%, 11/15/19 | | | | | 45 | | | | 48,375 | |
Nielsen Co. Luxembourg S.a.r.l. (The) | | | | | | | | | | |
5.50%, 10/1/21(8) | | | | | 35 | | | | 35,875 | |
| |
| | | | | | | | $ | 157,837 | |
| |
| | | | |
| | 17 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Building and Development — 0.1% | |
Brookfield Residential Properties, Inc. | | | | | | | | | | |
6.50%, 12/15/20(8) | | | | | 55 | | | $ | 57,612 | |
Builders FirstSource, Inc. | | | | | | | | | | |
7.625%, 6/1/21(8) | | | | | 70 | | | | 72,800 | |
HD Supply, Inc. | | | | | | | | | | |
8.125%, 4/15/19 | | | | | 40 | | | | 44,850 | |
7.50%, 7/15/20 | | | | | 30 | | | | 31,950 | |
11.50%, 7/15/20 | | | | | 35 | | | | 41,912 | |
Interline Brands, Inc. | | | | | | | | | | |
10.00%, 11/15/18(6) | | | | | 140 | | | | 153,650 | |
Nortek, Inc. | | | | | | | | | | |
10.00%, 12/1/18 | | | | | 90 | | | | 99,675 | |
8.50%, 4/15/21 | | | | | 50 | | | | 55,500 | |
USG Corp. | | | | | | | | | | |
5.875%, 11/1/21(8) | | | | | 30 | | | | 31,088 | |
| |
| | | | | | | | $ | 589,037 | |
| |
|
Business Equipment and Services — 0.2% | |
ADT Corp. (The) | | | | | | | | | | |
6.25%, 10/15/21(8) | | | | | 105 | | | $ | 109,725 | |
Education Management, LLC/Education Management Finance Corp. | |
15.00%, 7/1/18 | | | | | 56 | | | | 60,309 | |
FTI Consulting, Inc. | | | | | | | | | | |
6.00%, 11/15/22 | | | | | 40 | | | | 40,800 | |
IMS Health, Inc. | | | | | | | | | | |
6.00%, 11/1/20(8) | | | | | 80 | | | | 84,400 | |
Iron Mountain, Inc. | | | | | | | | | | |
6.00%, 8/15/23 | | | | | 95 | | | | 97,375 | |
National CineMedia, LLC | | | | | | | | | | |
6.00%, 4/15/22 | | | | | 835 | | | | 868,400 | |
TransUnion Holding Co., Inc. | | | | | | | | | | |
8.125%, 6/15/18(6) | | | | | 110 | | | | 117,425 | |
United Rentals North America, Inc. | | | | | | | | | | |
8.375%, 9/15/20 | | | | | 20 | | | | 22,400 | |
7.625%, 4/15/22 | | | | | 25 | | | | 28,125 | |
| |
| | | | | | | | $ | 1,428,959 | |
| |
|
Cable and Satellite Television — 0.3% | |
AMC Networks, Inc. | | | | | | | | | | |
4.75%, 12/15/22 | | | | | 35 | | | $ | 33,600 | |
CCO Holdings, LLC/CCO Capital Corp. | | | | | | | | | | |
5.25%, 9/30/22 | | | | | 160 | | | | 151,600 | |
5.75%, 1/15/24 | | | | | 70 | | | | 66,150 | |
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Cable and Satellite Television (continued) | |
DISH DBS Corp. | | | | | | | | | | |
6.75%, 6/1/21 | | | | | 210 | | | $ | 227,325 | |
5.875%, 7/15/22 | | | | | 70 | | | | 71,225 | |
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | |
5.50%, 1/15/23(8) | | | | | 1,000 | | | | 980,000 | |
| |
| | | | | | | | $ | 1,529,900 | |
| |
|
Chemicals and Plastics — 1.6% | |
Chemtura Corp. | | | | | | | | | | |
5.75%, 7/15/21 | | | | | 25 | | | $ | 25,438 | |
Hexion US Finance Corp. | | | | | | | | | | |
6.625%, 4/15/20 | | | | | 3,075 | | | | 3,148,031 | |
Ineos Finance PLC | | | | | | | | | | |
7.25%, 2/15/19(8)(9) | | EUR | | | 1,000 | | | | 1,450,520 | |
8.375%, 2/15/19(8) | | | | | 1,950 | | | | 2,174,250 | |
7.50%, 5/1/20(8) | | | | | 900 | | | | 990,000 | |
Milacron, LLC/Mcron Finance Corp. | | | | | | | | | | |
7.75%, 2/15/21(8) | | | | | 20 | | | | 21,100 | |
Rockwood Specialties Group, Inc. | | | | | | | | | | |
4.625%, 10/15/20 | | | | | 130 | | | | 134,225 | |
Trinseo Materials Operating S.C.A. | | | | | | | | | | |
8.75%, 2/1/19(8) | | | | | 2,150 | | | | 2,203,750 | |
Tronox Finance, LLC | | | | | | | | | | |
6.375%, 8/15/20 | | | | | 160 | | | | 161,000 | |
| |
| | | | | | | | $ | 10,308,314 | |
| |
|
Clothing / Textiles — 0.0%(7) | |
Levi Strauss & Co. | | | | | | | | | | |
6.875%, 5/1/22 | | | | | 40 | | | $ | 43,900 | |
Quiksilver, Inc./QS Wholesale, Inc. | | | | | | | | | | |
7.875%, 8/1/18(8) | | | | | 10 | | | | 10,825 | |
10.00%, 8/1/20 | | | | | 10 | | | | 11,150 | |
| |
| | | | | | | | $ | 65,875 | |
| |
|
Commercial Services — 0.0%(7) | |
TMS International Corp. | | | | | | | | | | |
7.625%, 10/15/21(8) | | | | | 45 | | | $ | 47,813 | |
| |
| | | | | | | | $ | 47,813 | |
| |
|
Conglomerates — 0.0%(7) | |
Belden, Inc. | | | | | | | | | | |
5.50%, 9/1/22(8) | | | | | 20 | | | $ | 19,700 | |
| | | | |
| | 18 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Conglomerates (continued) | |
Harbinger Group, Inc. | | | | | | | | | | |
7.875%, 7/15/19(8) | | | | | 35 | | | $ | 37,713 | |
Spectrum Brands Escrow Corp. | | | | | | | | | | |
6.375%, 11/15/20(8) | | | | | 50 | | | | 53,375 | |
6.625%, 11/15/22(8) | | | | | 75 | | | | 80,062 | |
| |
| | | | | | | | $ | 190,850 | |
| |
|
Containers and Glass Products — 0.7% | |
BOE Merger Corp. | | | | | | | | | | |
9.50%, 11/1/17(6)(8) | | | | | 85 | | | $ | 90,525 | |
Crown Americas, LLC/Crown Americas Capital Corp. IV | | | | | | | | |
4.50%, 1/15/23 | | | | | 50 | | | | 46,625 | |
Reynolds Group Holdings, Inc. | | | | | | | | | | |
5.75%, 10/15/20 | | | | | 4,350 | | | | 4,480,500 | |
Sealed Air Corp. | | | | | | | | | | |
8.375%, 9/15/21(8) | | | | | 10 | | | | 11,500 | |
| |
| | | | | | | | $ | 4,629,150 | |
| |
|
Cosmetics / Toiletries — 0.1% | |
Alphabet Holding Co., Inc. | | | | | | | | | | |
7.75%, 11/1/17(6) | | | | | 135 | | | $ | 139,641 | |
Party City Holdings, Inc. | | | | | | | | | | |
8.875%, 8/1/20 | | | | | 130 | | | | 144,950 | |
Sun Products Corp. (The) | | | | | | | | | | |
7.75%, 3/15/21(8) | | | | | 70 | | | | 60,550 | |
| |
| | | | | | | | $ | 345,141 | |
| |
|
Diversified Financial Services — 0.4% | |
Denali Borrower, LLC/Denali Finance Corp. | | | | | | | | | | |
5.625%, 10/15/20(8) | | | | | 40 | | | $ | 39,500 | |
KION Finance SA | | | | | | | | | | |
4.718%, 2/15/20(8)(9) | | EUR | | | 1,450 | | | | 2,011,617 | |
SLM Corp. | | | | | | | | | | |
5.50%, 1/15/19 | | | | | 160 | | | | 166,159 | |
| |
| | | | | | | | $ | 2,217,276 | |
| |
|
Drugs — 0.1% | |
Capsugel SA | | | | | | | | | | |
7.00%, 5/15/19(6)(8) | | | | | 25 | | | $ | 25,484 | |
Valeant Pharmaceuticals International, Inc. | | | | | | | | | | |
6.375%, 10/15/20(8) | | | | | 245 | | | | 259,394 | |
7.50%, 7/15/21(8) | | | | | 70 | | | | 77,350 | |
5.625%, 12/1/21(8) | | | | | 25 | | | | 25,188 | |
| |
| | | | | | | | $ | 387,416 | |
| |
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Ecological Services and Equipment — 0.0%(7) | |
ADS Waste Holdings, Inc. | | | | | | | | | | |
8.25%, 10/1/20(8) | | | | | 55 | | | $ | 58,437 | |
Clean Harbors, Inc. | | | | | | | | | | |
5.25%, 8/1/20 | | | | | 50 | | | | 51,625 | |
5.125%, 6/1/21 | | | | | 25 | | | | 25,250 | |
| |
| | | | | | | | $ | 135,312 | |
| |
|
Electronics / Electrical — 0.1% | |
Alcatel-Lucent USA, Inc. | | | | | | | | | | |
8.875%, 1/1/20(8) | | | | | 260 | | | $ | 285,675 | |
BMC Software Finance, Inc. | | | | | | | | | | |
8.125%, 7/15/21(8) | | | | | 95 | | | | 101,175 | |
CommScope Holding Co., Inc. | | | | | | | | | | |
6.625%, 6/1/20(6)(8) | | | | | 55 | | | | 57,200 | |
Freescale Semiconductor, Inc. | | | | | | | | | | |
6.00%, 1/15/22(8) | | | | | 55 | | | | 55,688 | |
Infor US, Inc. | | | | | | | | | | |
9.375%, 4/1/19 | | | | | 65 | | | | 73,612 | |
NCR Corp. | | | | | | | | | | |
5.00%, 7/15/22 | | | | | 65 | | | | 63,537 | |
Nuance Communications, Inc. | | | | | | | | | | |
5.375%, 8/15/20(8) | | | | | 120 | | | | 113,700 | |
| |
| | | | | | | | $ | 750,587 | |
| |
|
Entertainment — 0.0%(7) | |
GLP Capital, LP/GLP Financing II, Inc. | | | | | | | | | | |
4.375%, 11/1/18(8) | | | | | 10 | | | $ | 10,225 | |
4.875%, 11/1/20(8) | | | | | 105 | | | | 105,000 | |
5.375%, 11/1/23(8) | | | | | 55 | | | | 53,900 | |
| |
| | | | | | | | $ | 169,125 | |
| |
|
Equipment Leasing — 0.4% | |
Air Lease Corp. | | | | | | | | | | |
4.50%, 1/15/16 | | | | | 265 | | | $ | 281,231 | |
International Lease Finance Corp. | | | | | | | | | | |
8.625%, 9/15/15 | | | | | 1,000 | | | | 1,117,500 | |
6.75%, 9/1/16(8) | | | | | 400 | | | | 447,500 | |
7.125%, 9/1/18(8) | | | | | 400 | | | | 464,500 | |
| |
| | | | | | | | $ | 2,310,731 | |
| |
|
Financial Intermediaries — 1.2% | |
Ally Financial, Inc. | | | | | | | | | | |
2.439%, 12/1/14(9) | | | | | 35 | | | $ | 35,198 | |
0.00%, 6/15/15 | | | | | 80 | | | | 76,600 | |
3.50%, 7/18/16 | | | | | 535 | | | | 551,719 | |
| | | | |
| | 19 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Financial Intermediaries (continued) | |
CIT Group, Inc. | | | | | | | | | | |
5.50%, 2/15/19(8) | | | | | 45 | | | $ | 48,713 | |
5.375%, 5/15/20 | | | | | 10 | | | | 10,725 | |
5.00%, 8/15/22 | | | | | 20 | | | | 19,885 | |
First Data Corp. | | | | | | | | | | |
7.375%, 6/15/19(8) | | | | | 1,000 | | | | 1,075,000 | |
6.75%, 11/1/20(8) | | | | | 1,640 | | | | 1,726,100 | |
11.25%, 1/15/21(8) | | | | | 65 | | | | 71,825 | |
10.625%, 6/15/21(8) | | | | | 65 | | | | 70,525 | |
Ford Motor Credit Co., LLC | | | | | | | | | | |
12.00%, 5/15/15 | | | | | 2,250 | | | | 2,620,199 | |
Lender Processing Services, Inc. | | | | | | | | | | |
5.75%, 4/15/23 | | | | | 80 | | | | 83,600 | |
UPCB Finance II, Ltd. | | | | | | | | | | |
6.375%, 7/1/20(8) | | EUR | | | 1,000 | | | | 1,454,189 | |
| |
| | | | | | | | $ | 7,844,278 | |
| |
|
Food Products — 0.0%(7) | |
B&G Foods, Inc. | | | | | | | | | | |
4.625%, 6/1/21 | | | | | 25 | | | $ | 23,938 | |
Michael Foods Holding, Inc. | | | | | | | | | | |
8.50%, 7/15/18(6)(8) | | | | | 155 | | | | 164,106 | |
Post Holdings, Inc. | | | | | | | | | | |
6.75%, 12/1/21(8) | | | | | 20 | | | | 20,450 | |
7.375%, 2/15/22(8) | | | | | 15 | | | | 15,975 | |
| |
| | | | | | | | $ | 224,469 | |
| |
|
Food Service — 0.0%(7) | |
Aramark Corp. | | | | | | | | | | |
5.75%, 3/15/20(8) | | | | | 35 | | | $ | 36,663 | |
Pinnacle Operating Corp. | | | | | | | | | | |
9.00%, 11/15/20(8) | | | | | 40 | | | | 42,700 | |
| |
| | | | | | | | $ | 79,363 | |
| |
|
Food / Drug Retailers — 0.0%(7) | |
Pantry, Inc. (The) | | | | | | | | | | |
8.375%, 8/1/20 | | | | | 75 | | | $ | 80,438 | |
| |
| | | | | | | | $ | 80,438 | |
| |
|
Health Care — 1.0% | |
Accellent, Inc. | | | | | | | | | | |
8.375%, 2/1/17 | | | | | 180 | | | $ | 189,675 | |
Air Medical Group Holdings, Inc. | | | | | | | | | | |
9.25%, 11/1/18 | | | | | 4 | | | | 4,360 | |
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Health Care (continued) | |
Alere, Inc. | | | | | | | | | | |
8.625%, 10/1/18 | | | | | 45 | | | $ | 49,050 | |
6.50%, 6/15/20 | | | | | 35 | | | | 36,050 | |
Amsurg Corp. | | | | | | | | | | |
5.625%, 11/30/20 | | | | | 20 | | | | 20,900 | |
Biomet, Inc. | | | | | | | | | | |
6.50%, 8/1/20 | | | | | 175 | | | | 186,375 | |
Community Health Systems, Inc. | | | | | | | | | | |
5.125%, 8/15/18 | | | | | 2,445 | | | | 2,548,912 | |
7.125%, 7/15/20 | | | | | 130 | | | | 134,712 | |
ConvaTec Finance International SA | | | | | | | | | | |
8.25%, 1/15/19(6)(8) | | | | | 200 | | | | 205,750 | |
DaVita, Inc. | | | | | | | | | | |
5.75%, 8/15/22 | | | | | 225 | | | | 230,625 | |
HCA Holdings, Inc. | | | | | | | | | | |
6.25%, 2/15/21 | | | | | 90 | | | | 94,500 | |
HCA, Inc. | | | | | | | | | | |
6.50%, 2/15/20 | | | | | 20 | | | | 22,125 | |
4.75%, 5/1/23 | | | | | 1,200 | | | | 1,137,000 | |
Hologic, Inc. | | | | | | | | | | |
6.25%, 8/1/20 | | | | | 265 | | | | 280,900 | |
INC Research, LLC | | | | | | | | | | |
11.50%, 7/15/19(8) | | | | | 55 | | | | 61,188 | |
Kinetic Concepts, Inc./KCI USA, Inc. | | | | | | | | | | |
10.50%, 11/1/18 | | | | | 50 | | | | 57,375 | |
MPH Intermediate Holding Co. 2 | | | | | | | | | | |
8.375%, 8/1/18(6)(8) | | | | | 180 | | | | 186,975 | |
Tenet Healthcare Corp. | | | | | | | | | | |
6.00%, 10/1/20(8) | | | | | 55 | | | | 57,578 | |
4.375%, 10/1/21(8) | | | | | 675 | | | | 635,344 | |
8.125%, 4/1/22 | | | | | 105 | | | | 114,187 | |
United Surgical Partners International, Inc. | | | | | | | | | | |
9.00%, 4/1/20 | | | | | 65 | | | | 73,125 | |
VWR Funding, Inc. | | | | | | | | | | |
7.25%, 9/15/17 | | | | | 95 | | | | 102,125 | |
WellCare Health Plans, Inc. | | | | | | | | | | |
5.75%, 11/15/20 | | | | | 85 | | | | 87,763 | |
| |
| | | | | | | | $ | 6,516,594 | |
| |
|
Home Furnishings — 0.2% | |
Libbey Glass, Inc. | | | | | | | | | | |
6.875%, 5/15/20 | | | | | 752 | | | $ | 806,520 | |
Sanitec Corp. | | | | | | | | | | |
4.968%, 5/15/18(8)(9) | | EUR | | | 300 | | | | 415,793 | |
| | | | |
| | 20 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Home Furnishings (continued) | |
Tempur Sealy International, Inc. | | | | | | | | | | |
6.875%, 12/15/20 | | | | | 40 | | | $ | 43,400 | |
| |
| | | | | | | | $ | 1,265,713 | |
| |
|
Homebuilders / Real Estate — 0.0%(7) | |
BC Mountain, LLC/BC Mountain Finance, Inc. | | | | | | | | | | |
7.00%, 2/1/21(8) | | | | | 65 | | | $ | 65,000 | |
| |
| | | | | | | | $ | 65,000 | |
| |
|
Industrial Equipment — 0.0%(7) | |
Erikson Air-Crane, Inc., Promissory Note | | | | | | | | | | |
6.00%, 11/2/20(2)(8)(10) | | | | | 87 | | | $ | 65,550 | |
Manitowoc Co., Inc. (The) | | | | | | | | | | |
5.875%, 10/15/22 | | | | | 40 | | | | 40,600 | |
| |
| | | | | | | | $ | 106,150 | |
| |
|
Insurance — 0.4% | |
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub, LLC | | | | | | | | | | |
7.875%, 12/15/20(8) | | | | | 50 | | | $ | 52,625 | |
CNO Financial Group, Inc. | | | | | | | | | | |
6.375%, 10/1/20(8) | | | | | 1,175 | | | | 1,263,125 | |
Onex USI Acquisition Corp. | | | | | | | | | | |
7.75%, 1/15/21(8) | | | | | 115 | | | | 118,162 | |
Towergate Finance PLC | | | | | | | | | | |
6.014%, 2/15/18(8)(9) | | GBP | | | 700 | | | | 1,145,410 | |
| |
| | | | | | | | $ | 2,579,322 | |
| |
|
Leisure Goods / Activities / Movies — 0.1% | |
Activision Blizzard, Inc. | | | | | | | | | | |
6.125%, 9/15/23(8) | | | | | 35 | | | $ | 36,750 | |
AMC Entertainment, Inc. | | | | | | | | | | |
8.75%, 6/1/19 | | | | | 85 | | | | 91,375 | |
Bombardier, Inc. | | | | | | | | | | |
4.25%, 1/15/16(8) | | | | | 50 | | | | 52,500 | |
MISA Investments, Ltd. | | | | | | | | | | |
8.625%, 8/15/18(6)(8) | | | | | 55 | | | | 57,063 | |
NCL Corp, Ltd. | | | | | | | | | | |
5.00%, 2/15/18 | | | | | 30 | | | | 30,900 | |
Regal Entertainment Group | | | | | | | | | | |
5.75%, 2/1/25 | | | | | 30 | | | | 28,650 | |
Royal Caribbean Cruises | | | | | | | | | | |
6.875%, 12/1/13 | | | | | 40 | | | | 40,000 | |
7.25%, 6/15/16 | | | | | 25 | | | | 28,313 | |
7.25%, 3/15/18 | | | | | 50 | | | | 57,750 | |
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Leisure Goods / Activities / Movies (continued) | |
Seven Seas Cruises, S. de R.L. | | | | | | | | | | |
9.125%, 5/15/19 | | | | | 75 | | | $ | 83,156 | |
Viking Cruises, Ltd. | | | | | | | | | | |
8.50%, 10/15/22(8) | | | | | 65 | | | | 73,287 | |
WMG Acquisition Corp. | | | | | | | | | | |
6.00%, 1/15/21(8) | | | | | 50 | | | | 52,375 | |
| |
| | | | | | | | $ | 632,119 | |
| |
|
Lodging and Casinos — 0.8% | |
Buffalo Thunder Development Authority | | | | | | | | | | |
9.375%, 12/15/14(4)(8) | | | | | 535 | | | $ | 211,325 | |
Caesars Entertainment Operating Co., Inc. | | | | | | | | | | |
8.50%, 2/15/20 | | | | | 2,375 | | | | 2,293,359 | |
9.00%, 2/15/20 | | | | | 1,930 | | | | 1,886,575 | |
Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp. | |
5.625%, 10/15/21(8) | | | | | 160 | | | | 163,500 | |
Inn of the Mountain Gods Resort & Casino | | | | | | | | | | |
9.25%, 11/30/20(8) | | | | | 66 | | | | 63,690 | |
MGM Resorts International | | | | | | | | | | |
6.625%, 12/15/21 | | | | | 120 | | | | 126,450 | |
7.75%, 3/15/22 | | | | | 30 | | | | 33,450 | |
Mohegan Tribal Gaming Authority | | | | | | | | | | |
11.00%, 9/15/18(6)(8) | | | | | 50 | | | | 50,093 | |
Penn National Gaming, Inc. | | | | | | | | | | |
5.875%, 11/1/21(8) | | | | | 45 | | | | 44,325 | |
Station Casinos, LLC | | | | | | | | | | |
7.50%, 3/1/21 | | | | | 85 | | | | 91,162 | |
SugarHouse HSP Gaming Property, LP/SugarHouse HSP Gaming Finance Corp. | |
6.375%, 6/1/21(8) | | | | | 20 | | | | 19,050 | |
Tunica-Biloxi Gaming Authority | | | | | | | | | | |
9.00%, 11/15/15(8) | | | | | 345 | | | | 315,675 | |
Waterford Gaming, LLC | | | | | | | | | | |
8.625%, 9/15/14(2)(8) | | | | | 160 | | | | 75,330 | |
| |
| | | | | | | | $ | 5,373,984 | |
| |
|
Mining, Steel, Iron and Nonprecious Metals — 0.1% | |
ArcelorMittal | | | | | | | | | | |
6.75%, 2/25/22 | | | | | 25 | | | $ | 27,219 | |
Eldorado Gold Corp. | | | | | | | | | | |
6.125%, 12/15/20(8) | | | | | 120 | | | | 118,200 | |
IAMGOLD Corp. | | | | | | | | | | |
6.75%, 10/1/20(8) | | | | | 100 | | | | 89,250 | |
| | | | |
| | 21 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Mining, Steel, Iron and Nonprecious Metals (continued) | |
Inmet Mining Corp. | | | | | | | | | | |
8.75%, 6/1/20(8) | | | | | 30 | | | $ | 32,775 | |
7.50%, 6/1/21(8) | | | | | 50 | | | | 52,375 | |
| |
| | | | | | | | $ | 319,819 | |
| |
|
Nonferrous Metals / Minerals — 0.0%(7) | |
New Gold, Inc. | | | | | | | | | | |
7.00%, 4/15/20(8) | | | | | 45 | | | $ | 46,744 | |
6.25%, 11/15/22(8) | | | | | 70 | | | | 69,125 | |
| |
| | | | | | | | $ | 115,869 | |
| |
|
Oil and Gas — 0.5% | |
Antero Resources Finance Corp. | | | | | | | | | | |
6.00%, 12/1/20 | | | | | 15 | | | $ | 15,788 | |
5.375%, 11/1/21(8) | | | | | 85 | | | | 85,903 | |
Atlas Energy Holdings Operating Co., LLC | | | | | | | | | | |
7.75%, 1/15/21(8) | | | | | 30 | | | | 28,500 | |
Atlas Pipeline Partners, LP | | | | | | | | | | |
4.75%, 11/15/21(8) | | | | | 30 | | | | 27,900 | |
Berry Petroleum Co. | | | | | | | | | | |
6.375%, 9/15/22 | | | | | 20 | | | | 20,500 | |
Bonanza Creek Energy, Inc. | | | | | | | | | | |
6.75%, 4/15/21 | | | | | 70 | | | | 74,375 | |
Bristow Group, Inc. | | | | | | | | | | |
6.25%, 10/15/22 | | | | | 85 | | | | 90,206 | |
Chesapeake Energy Corp. | | | | | | | | | | |
6.125%, 2/15/21 | | | | | 120 | | | | 129,600 | |
5.75%, 3/15/23 | | | | | 100 | | | | 104,000 | |
Concho Resources, Inc. | | | | | | | | | | |
5.50%, 4/1/23 | | | | | 170 | | | | 173,400 | |
Continental Resources, Inc. | | | | | | | | | | |
5.00%, 9/15/22 | | | | | 165 | | | | 170,775 | |
4.50%, 4/15/23 | | | | | 35 | | | | 34,825 | |
CrownRock, LP/CrownRock Finance, Inc. | | | | | | | | | | |
7.125%, 4/15/21(8) | | | | | 70 | | | | 71,400 | |
CVR Refining, LLC/Coffeyville Finance, Inc. | | | | | | | | | | |
6.50%, 11/1/22 | | | | | 130 | | | | 129,350 | |
Energy Transfer Equity, L.P. | | | | | | | | | | |
7.50%, 10/15/20 | | | | | 60 | | | | 68,700 | |
EP Energy, LLC/EP Energy Finance, Inc. | | | | | | | | | | |
9.375%, 5/1/20 | | | | | 145 | | | | 167,475 | |
EP Energy, LLC/Everest Acquisition Finance, Inc. | | | | | | | | | | |
6.875%, 5/1/19 | | | | | 190 | | | | 205,675 | |
7.75%, 9/1/22 | | | | | 40 | | | | 45,200 | |
EPL Oil & Gas, Inc. | | | | | | | | | | |
8.25%, 2/15/18 | | | | | 80 | | | | 86,300 | |
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Oil and Gas (continued) | |
Kodiak Oil & Gas Corp. | | | | | | | | | | |
5.50%, 1/15/21(8) | | | | | 15 | | | $ | 15,075 | |
Laredo Petroleum, Inc. | | | | | | | | | | |
7.375%, 5/1/22 | | | | | 75 | | | | 81,562 | |
MEG Energy Corp. | | | | | | | | | | |
6.375%, 1/30/23(8) | | | | | 105 | | | | 106,575 | |
Murphy Oil USA, Inc. | | | | | | | | | | |
6.00%, 8/15/23(8) | | | | | 140 | | | | 143,500 | |
Newfield Exploration Co. | | | | | | | | | | |
5.625%, 7/1/24 | | | | | 130 | | | | 130,325 | |
Oasis Petroleum, Inc. | | | | | | | | | | |
6.875%, 3/15/22(8) | | | | | 85 | | | | 91,800 | |
6.875%, 1/15/23 | | | | | 140 | | | | 151,200 | |
Plains Exploration & Production Co. | | | | | | | | | | |
6.875%, 2/15/23 | | | | | 195 | | | | 216,937 | |
Rosetta Resources, Inc. | | | | | | | | | | |
5.625%, 5/1/21 | | | | | 60 | | | | 60,525 | |
5.875%, 6/1/22 | | | | | 70 | | | | 70,263 | |
Sabine Pass Liquefaction, LLC | | | | | | | | | | |
5.625%, 2/1/21(8) | | | | | 170 | | | | 168,725 | |
Sabine Pass LNG, LP | | | | | | | | | | |
6.50%, 11/1/20 | | | | | 105 | | | | 109,200 | |
Samson Investment Company | | | | | | | | | | |
10.50%, 2/15/20(8) | | | | | 70 | | | | 76,038 | |
SandRidge Energy, Inc. | | | | | | | | | | |
7.50%, 3/15/21 | | | | | 30 | | | | 31,575 | |
8.125%, 10/15/22 | | | | | 5 | | | | 5,294 | |
Seven Generations Energy, Ltd. | | | | | | | | | | |
8.25%, 5/15/20(8) | | | | | 70 | | | | 75,600 | |
SM Energy Co. | | | | | | | | | | |
6.50%, 1/1/23 | | | | | 85 | | | | 90,525 | |
Tesoro Corp. | | | | | | | | | | |
5.375%, 10/1/22 | | | | | 105 | | | | 104,212 | |
| |
| | | | | | | | $ | 3,458,803 | |
| |
|
Pipelines — 0.0%(7) | |
Kinder Morgan, Inc. | | | | | | | | | | |
5.00%, 2/15/21(8) | | | | | 115 | | | $ | 114,615 | |
| |
| | | | | | | | $ | 114,615 | |
| |
|
Publishing — 0.2% | |
IAC/InterActiveCorp | | | | | | | | | | |
4.875%, 11/30/18(8) | | | | | 60 | | | $ | 61,575 | |
Laureate Education, Inc. | | | | | | | | | | |
9.25%, 9/1/19(8) | | | | | 645 | | | | 709,500 | |
| | | | |
| | 22 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Publishing (continued) | |
McGraw-Hill Global Education Holdings, LLC/McGraw- Hill Global Education Finance | |
9.75%, 4/1/21(8) | | | | | 115 | | | $ | 128,225 | |
| |
| | | | | | | | $ | 899,300 | |
| |
|
Radio and Television — 0.4% | |
Clear Channel Communications, Inc. | | | | | | | | | | |
9.00%, 12/15/19 | | | | | 953 | | | $ | 976,825 | |
11.25%, 3/1/21 | | | | | 105 | | | | 113,925 | |
Clear Channel Worldwide Holdings, Inc. | | | | | | | | | | |
Series A, 6.50%, 11/15/22 | | | | | 50 | | | | 51,750 | |
Series B, 6.50%, 11/15/22 | | | | | 100 | | | | 104,000 | |
Sirius XM Radio, Inc. | | | | | | | | | | |
5.875%, 10/1/20(8) | | | | | 75 | | | | 77,531 | |
Starz, LLC/Starz Finance Corp. | | | | | | | | | | |
5.00%, 9/15/19 | | | | | 70 | | | | 71,750 | |
Univision Communications, Inc. | | | | | | | | | | |
6.75%, 9/15/22(8) | | | | | 925 | | | | 1,022,125 | |
5.125%, 5/15/23(8) | | | | | 45 | | | | 45,225 | |
| |
| | | | | | | | $ | 2,463,131 | |
| |
|
Real Estate Investment Trusts (REITs) — 0.0%(7) | |
RHP Hotel Properties, LP/RHP Finance Corp. | | | | | | | | | | |
5.00%, 4/15/21 | | | | | 15 | | | $ | 14,775 | |
| |
| | | | | | | | $ | 14,775 | |
| |
|
Retailers (Except Food and Drug) — 0.2% | |
Burlington Holdings, LLC/Burlington Holding Finance, Inc. | | | | | |
9.00%, 2/15/18(6)(8) | | | | | 27 | | | $ | 27,945 | |
Claire's Stores, Inc. | | | | | | | | | | |
9.00%, 3/15/19(8) | | | | | 140 | | | | 157,325 | |
6.125%, 3/15/20(8) | | | | | 80 | | | | 81,600 | |
Hot Topic, Inc. | | | | | | | | | | |
9.25%, 6/15/21(8) | | | | | 130 | | | | 136,500 | |
Michaels FinCo Holdings, LLC/Michaels FinCo, Inc. | | | | | | | | | | |
7.50%, 8/1/18(6)(8) | | | | | 215 | | | | 223,600 | |
Michaels Stores, Inc. | | | | | | | | | | |
7.75%, 11/1/18 | | | | | 45 | | | | 48,938 | |
Neiman Marcus Group, Ltd., Inc. | | | | | | | | | | |
8.00%, 10/15/21(8) | | | | | 50 | | | | 51,625 | |
8.75%, 10/15/21(6)(8) | | | | | 60 | | | | 62,100 | |
New Academy Finance Co., LLC/New Academy Finance Corp. | |
8.00%, 6/15/18(6)(8) | | | | | 115 | | | | 118,307 | |
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Retailers (Except Food and Drug) (continued) | |
PETCO Holdings, Inc. | | | | | | | | | | |
8.50%, 10/15/17(6)(8) | | | | | 215 | | | $ | 219,840 | |
Radio Systems Corp. | | | | | | | | | | |
8.375%, 11/1/19(8) | | | | | 65 | | | | 71,337 | |
Sally Holdings, LLC/Sally Capital, Inc. | | | | | | | | | | |
5.75%, 6/1/22 | | | | | 170 | | | | 177,225 | |
ServiceMaster Co. | | | | | | | | | | |
7.00%, 8/15/20 | | | | | 40 | | | | 38,450 | |
| |
| | | | | | | | $ | 1,414,792 | |
| |
|
Software and Services — 0.0%(7) | |
Audatex North America, Inc. | | | | | | | | | | |
6.00%, 6/15/21(8) | | | | | 50 | | | $ | 52,500 | |
Healthcare Technology Intermediate, Inc. | | | | | | | | | | |
7.375%, 9/1/18(6)(8) | | | | | 75 | | | | 77,437 | |
| |
| | | | | | | | $ | 129,937 | |
| |
|
Steel — 0.0%(7) | |
AK Steel Corp. | | | | | | | | | | |
8.75%, 12/1/18 | | | | | 35 | | | $ | 38,938 | |
| |
| | | | | | | | $ | 38,938 | |
| |
|
Surface Transport — 0.0%(7) | |
Hertz Corp. (The) | | | | | | | | | | |
6.25%, 10/15/22 | | | | | 55 | | | $ | 57,475 | |
Watco Cos., LLC/Watco Finance Corp. | | | | | | | | | | |
6.375%, 4/1/23(8) | | | | | 35 | | | | 35,087 | |
| |
| | | | | | | | $ | 92,562 | |
| |
|
Telecommunications — 1.3% | |
Avaya, Inc. | | | | | | | | | | |
9.00%, 4/1/19(8) | | | | | 50 | | | $ | 51,625 | |
10.50%, 3/1/21(8) | | | | | 489 | | | | 444,677 | |
CenturyLink, Inc. | | | | | | | | | | |
6.75%, 12/1/23 | | | | | 50 | | | | 51,219 | |
Frontier Communications Corp. | | | | | | | | | | |
7.625%, 4/15/24 | | | | | 30 | | | | 31,238 | |
Hughes Satellite Systems Corp. | | | | | | | | | | |
6.50%, 6/15/19 | | | | | 1,000 | | | | 1,077,500 | |
Intelsat Jackson Holdings SA | | | | | | | | | | |
7.25%, 10/15/20 | | | | | 110 | | | | 120,725 | |
Intelsat Luxembourg SA | | | | | | | | | | |
7.75%, 6/1/21(8) | | | | | 160 | | | | 168,200 | |
8.125%, 6/1/23(8) | | | | | 120 | | | | 127,050 | |
| | | | |
| | 23 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Principal Amount* (000's omitted) | | | Value | |
| | | | | | | | | | |
|
Telecommunications (continued) | |
MetroPCS Wireless, Inc. | | | | | | | | | | |
6.25%, 4/1/21(8) | | | | | 40 | | | $ | 41,750 | |
6.625%, 4/1/23(8) | | | | | 55 | | | | 56,856 | |
NII International Telecom SCA | | | | | | | | | | |
7.875%, 8/15/19(8) | | | | | 70 | | | | 50,750 | |
SBA Communications Corp. | | | | | | | | | | |
5.625%, 10/1/19 | | | | | 60 | | | | 61,950 | |
SBA Telecommunications, Inc. | | | | | | | | | | |
5.75%, 7/15/20 | | | | | 95 | | | | 99,512 | |
Softbank Corp. | | | | | | | | | | |
4.50%, 4/15/20(8) | | | | | 200 | | | | 199,750 | |
Sprint Corp. | | | | | | | | | | |
7.25%, 9/15/21(8) | | | | | 75 | | | | 81,469 | |
7.875%, 9/15/23(8) | | | | | 170 | | | | 186,575 | |
Sprint Nextel Corp. | | | | | | | | | | |
7.00%, 8/15/20 | | | | | 680 | | | | 734,400 | |
6.00%, 11/15/22 | | | | | 110 | | | | 109,725 | |
T-Mobile USA, Inc. | | | | | | | | | | |
6.633%, 4/28/21 | | | | | 50 | | | | 52,563 | |
6.125%, 1/15/22 | | | | | 25 | | | | 25,531 | |
6.731%, 4/28/22 | | | | | 35 | | | | 36,619 | |
6.836%, 4/28/23 | | | | | 15 | | | | 15,656 | |
6.50%, 1/15/24 | | | | | 20 | | | | 20,300 | |
Virgin Media Secure Finance PLC | | | | | | | | | | |
5.375%, 4/15/21(8) | | | | | 1,025 | | | | 1,048,062 | |
6.00%, 4/15/21(8) | | GBP | | | 1,050 | | | | 1,773,953 | |
Wind Acquisition Finance SA | | | | | | | | | | |
5.479%, 4/30/19(8)(9) | | EUR | | | 550 | | | | 767,504 | |
6.50%, 4/30/20(8) | | | | | 525 | | | | 556,500 | |
Windstream Corp. | | | | | | | | | | |
7.75%, 10/1/21(8) | | | | | 90 | | | | 96,525 | |
6.375%, 8/1/23 | | | | | 40 | | | | 38,400 | |
| |
| | | | | | | | $ | 8,126,584 | |
| |
|
Utilities — 1.2% | |
Calpine Corp. | | | | | | | | | | |
7.50%, 2/15/21(8) | | | | | 4,078 | | | $ | 4,465,410 | |
7.875%, 1/15/23(8) | | | | | 3,057 | | | | 3,362,700 | |
Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc. | |
6.875%, 8/15/17(8) | | | | | 35 | | | | 36,050 | |
| |
| | | | | | | | $ | 7,864,160 | |
| |
| |
Total Corporate Bonds & Notes (identified cost $72,118,185) | | | $ | 75,784,048 | |
| |
| | | | | | | | | | |
Asset-Backed Securities — 2.4% | |
| | | |
| | | | | | | | | | |
Security | | | | Principal Amount (000's omitted) | | | Value | |
| | | | | | | | | | |
Babson Ltd., Series 2005-1A, Class C1, 2.194%, 4/15/19(8)(9) | | | | $ | 753 | | | $ | 721,129 | |
Babson Ltd., Series 2013-IA, Class C, 2.942%, 4/20/25(8)(9) | | | | | 500 | | | | 495,991 | |
Babson Ltd., Series 2013-IA, Class D, 3.742%, 4/20/25(8)(9) | | | | | 400 | | | | 389,491 | |
Babson Ltd., Series 2013-IA, Class E, 4.642%, 4/20/25(8)(9) | | | | | 250 | | | | 230,105 | |
Centurion CDO VIII Ltd., Series 2005-8A, Class D, 5.758%, 3/8/17(8)(9) | | | | | 985 | | | | 985,240 | |
Centurion CDO IX Ltd., Series 2005-9A, Class D1, 4.994%, 7/17/19(8)(9) | | | | | 750 | | | | 710,415 | |
CIFC Funding, Ltd., Series 2013-2A, Class A3L, 2.896%, 4/21/25(8)(9) | | | | | 2,925 | | | | 2,851,387 | |
Comstock Funding Ltd., Series 2006-1A, Class D, 4.489%, 5/30/20(8)(9) | | | | | 692 | | | | 643,664 | |
Dryden Senior XXII Loan Fund, Series 2013-28A, Class A3L, 2.941%, 8/15/25(8)(9) | | | | | 1,500 | | | | 1,495,117 | |
Dryden Senior XXII Loan Fund, Series 2013-28A, Class B1L, 3.441%, 8/15/25(8)(9) | | | | | 640 | | | | 612,857 | |
Dryden Senior XXII Loan Fund, Series 2013-28A, Class B2L, 4.141%, 8/15/25(8)(9) | | | | | 430 | | | | 375,505 | |
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class C, 2.942%, 4/20/25(8)(9) | | | | | 450 | | | | 441,742 | |
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class D, 3.742%, 4/20/25(8)(9) | | | | | 500 | | | | 484,550 | |
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class C1, 3.022%, 7/17/25(8)(9) | | | | | 1,025 | | | | 1,000,488 | |
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.622%, 7/17/25(8)(9) | | | | | 1,025 | | | | 993,044 | |
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class E, 4.772%, 7/17/25(8)(9) | | | | | 1,225 | | | | 1,135,157 | |
Race Point CLO, Ltd., Series 2012-7A, Class D, 4.489%, 11/8/24(8)(9) | | | | | 1,750 | | | $ | 1,755,775 | |
| |
| |
Total Asset-Backed Securities (identified cost $15,405,296) | | | $ | 15,321,657 | |
| |
|
Common Stocks — 1.4% | |
| | | |
| | | | | | | | | | |
Security | | | | Shares | | | Value | |
|
Automotive — 0.2% | |
Dayco Products, LLC(2)(10)(11) | | | | | 20,780 | | | $ | 1,018,220 | |
| |
| | | | | | | | $ | 1,018,220 | |
| |
| | | | |
| | 24 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Security | | | | Shares | | | Value | |
| | | | | | | | | | |
|
Building and Development — 0.0%(7) | |
Panolam Holdings Co.(2)(11)(12) | | | | | 280 | | | $ | 272,883 | |
United Subcontractors, Inc.(2)(10)(11) | | | | | 601 | | | | 9,359 | |
| |
| | | | | | | | $ | 282,242 | |
| |
|
Food Service — 0.1% | |
Buffets Restaurants Holdings, Inc.(2)(10)(11) | | | | | 50,495 | | | $ | 290,346 | |
| |
| | | | | | | | $ | 290,346 | |
| |
|
Lodging and Casinos — 0.1% | |
Greektown Superholdings, Inc.(11) | | | | | 83 | | | $ | 6,640 | |
Tropicana Entertainment, Inc.(10)(11) | | | | | 37,016 | | | | 681,094 | |
| |
| | | | | | | | $ | 687,734 | |
| |
|
Nonferrous Metals / Minerals — 0.0%(7) | |
Euramax International, Inc.(10)(11) | | | | | 701 | | | $ | 170,918 | |
| |
| | | | | | | | $ | 170,918 | |
| |
|
Publishing — 1.0% | |
ION Media Networks, Inc.(2)(10)(11) | | | | | 4,429 | | | $ | 3,031,075 | |
Media General, Inc.(2)(10)(11) | | | | | 171,695 | | | | 2,796,912 | |
MediaNews Group, Inc.(2)(10)(11) | | | | | 29,104 | | | | 748,556 | |
| |
| | | | | | | | $ | 6,576,543 | |
| |
| |
Total Common Stocks (identified cost $3,691,581) | | | $ | 9,026,003 | |
| |
|
Miscellaneous — 0.0%(7) | |
| | | |
| | | | | | | | | | |
Security | | | | Shares | | | Value | |
|
Oil and Gas — 0.0%(7) | |
SemGroup Corp., Escrow Certificate(11) | | | | | 605,000 | | | $ | 12,100 | |
| | | | | | | | | | |
| |
Total Miscellaneous (identified cost $0) | | | $ | 12,100 | |
| |
| | | | | | | | | | |
Short-Term Investments — 3.9% | |
| | | |
| | | | | | | | | | |
Description | | | | Interest (000's omitted) | | | Value | |
| | | | | | | | | | |
Eaton Vance Cash Reserves Fund, LLC, 0.12%(13) | | | | $ | 25,578 | | | $ | 25,578,407 | |
| |
| |
Total Short-Term Investments (identified cost $25,578,407) | | | $ | 25,578,407 | |
| |
| |
Total Investments — 160.9% (identified cost $1,028,789,218) | | | $ | 1,040,407,074 | |
| |
| |
Less Unfunded Loan Commitments — (0.0)%(7) | | | $ | (301,694 | ) |
| |
| |
Net Investments — 160.9% (identified cost $1,028,487,524) | | | $ | 1,040,105,380 | |
| |
| |
Notes Payable — (46.4)% | | | $ | (300,000,000 | ) |
| |
| |
Variable Rate Term Preferred Shares, at Liquidation Value — (12.4)% | | | $ | (80,000,000 | ) |
| |
| |
Other Assets, Less Liabilities — (2.1)% | | | $ | (13,614,479 | ) |
| |
| |
Net Assets Applicable to Common Shares — 100.0% | | | $ | 646,490,901 | |
| |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
| | | | |
DIP | | – | | Debtor In Possession |
PIK | | – | | Payment-in-kind |
CAD | | – | | Canadian Dollar |
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) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 13). |
| (3) | This Senior Loan will settle after November 30, 2013, at which time the interest rate will be determined. |
| (4) | 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. |
| | | | |
| | 25 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Portfolio of Investments (Unaudited) — continued
| (5) | Unfunded or partially unfunded loan commitments. See Note 1G for description. |
| (6) | Represents a payment-in-kind security which may pay all or a portion of interest in additional par. The interest rate paid in additional par is generally higher than the indicated cash rate. |
| (7) | Amount is less than 0.05%. |
| (8) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2013, the aggregate value of these securities is $57,039,808 or 8.8% of the Trust's net assets applicable to common shares. |
| (9) | Variable rate security. The stated interest rate represents the rate in effect at November 30, 2013. |
(10) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(11) | Non-income producing security. |
(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 November 30, 2013. |
| | | | |
| | 26 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Statement of Assets and Liabilities (Unaudited)
| | | | |
Assets | | November 30, 2013 | |
Unaffiliated investments, at value (identified cost, $1,002,909,117) | | $ | 1,014,526,973 | |
Affiliated investment, at value (identified cost, $25,578,407) | | | 25,578,407 | |
Cash | | | 2,103,056 | |
Restricted cash* | | | 320,030 | |
Foreign currency, at value (identified cost, $42,936) | | | 42,901 | |
Interest receivable | | | 5,903,309 | |
Interest receivable from affiliated investment | | | 1,110 | |
Receivable for investments sold | | | 4,505,272 | |
Receivable for open forward foreign currency exchange contracts | | | 95,169 | |
Deferred offering costs | | | 336,557 | |
Prepaid upfront fees on variable rate term preferred shares | | | 272,876 | |
Prepaid expenses | | | 41,534 | |
Total assets | | $ | 1,053,727,194 | |
| |
Liabilities | | | | |
Notes payable | | $ | 300,000,000 | |
Variable rate term preferred shares, at liquidation value | | | 80,000,000 | |
Payable for investments purchased | | | 25,331,525 | |
Payable for open forward foreign currency exchange contracts | | | 635,831 | |
Payable to affiliates: | | | | |
Investment adviser fee | | | 632,771 | |
Trustees' fees | | | 6,237 | |
Interest payable | | | 109,536 | |
Accrued expenses | | | 520,393 | |
Total liabilities | | $ | 407,236,293 | |
Net assets applicable to common shares | | $ | 646,490,901 | |
| |
Sources of Net Assets | | | | |
Common shares, $0.01 par value, unlimited number of shares authorized, 39,863,690 shares issued and outstanding | | $ | 398,637 | |
Additional paid-in capital | | | 748,285,647 | |
Accumulated net realized loss | | | (113,799,898 | ) |
Accumulated undistributed net investment income | | | 605,473 | |
Net unrealized appreciation | | | 11,001,042 | |
Net assets applicable to common shares | | $ | 646,490,901 | |
| |
Net Asset Value Per Common Share | | | | |
($646,490,901 ÷ 39,863,690 common shares issued and outstanding) | | $ | 16.22 | |
* | Represents restricted cash on deposit at the custodian for open forward foreign currency exchange contracts. |
| | | | |
| | 27 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Statement of Operations (Unaudited)
| | | | |
Investment Income | | Six Months Ended November 30, 2013 | |
Interest and other income | | $ | 24,945,005 | |
Dividends | | | 57,798 | |
Interest allocated from affiliated investment | | | 9,585 | |
Expenses allocated from affiliated investment | | | (1,396 | ) |
Total investment income | | $ | 25,010,992 | |
| |
Expenses | | | | |
Investment adviser fee | | $ | 3,848,164 | |
Trustees' fees and expenses | | | 19,457 | |
Custodian fee | | | 197,541 | |
Transfer and dividend disbursing agent fees | | | 9,106 | |
Legal and accounting services | | | 111,875 | |
Amortization of deferred offering costs | | | 82,438 | |
Printing and postage | | | 45,433 | |
Interest expense and fees | | | 2,516,380 | |
Miscellaneous | | | 87,571 | |
Total expenses | | $ | 6,917,965 | |
Deduct — | | | | |
Reduction of custodian fee | | $ | 7 | |
Total expense reductions | | $ | 7 | |
| |
Net expenses | | $ | 6,917,958 | |
| |
Net investment income | | $ | 18,093,034 | |
| |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) — | | | | |
Investment transactions | | $ | 1,945,685 | |
Investment transactions allocated from affiliated investment | | | 153 | |
Foreign currency and forward foreign currency exchange contract transactions | | | (2,543,458 | ) |
Net realized loss | | $ | (597,620 | ) |
Change in unrealized appreciation (depreciation) — | | | | |
Investments | | $ | (1,573,487 | ) |
Foreign currency and forward foreign currency exchange contracts | | | (696,065 | ) |
Net change in unrealized appreciation (depreciation) | | $ | (2,269,552 | ) |
| |
Net realized and unrealized loss | | $ | (2,867,172 | ) |
| |
Net increase in net assets from operations | | $ | 15,225,862 | |
| | | | |
| | 28 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Statements of Changes in Net Assets
| | | | | | | | |
Increase (Decrease) in Net Assets | | Six Months Ended November 30, 2013 (Unaudited) | | | Year Ended May 31, 2013 | |
From operations — | | | | | | | | |
Net investment income | | $ | 18,093,034 | | | $ | 40,138,873 | |
Net realized gain (loss) from investment, foreign currency and forward foreign currency exchange contract transactions | | | (597,620 | ) | | | 6,324,666 | |
Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange contracts | | | (2,269,552 | ) | | | 20,177,368 | |
Distributions to APS shareholders — | | | | | | | | |
From net investment income | | | — | | | | (915,192 | ) |
Discount on redemption and repurchase of APS | | | — | | | | 1,379,000 | |
Net increase in net assets from operations | | $ | 15,225,862 | | | $ | 67,104,715 | |
Distributions to common shareholders — | | | | | | | | |
From net investment income | | $ | (18,713,823 | ) | | $ | (39,488,564 | ) |
Total distributions to common shareholders | | $ | (18,713,823 | ) | | $ | (39,488,564 | ) |
Capital share transactions — | | | | | | | | |
Proceeds from shelf offering, net of offering costs (see Note 6) | | $ | 2,694,229 | | | $ | 35,966,994 | |
Reinvestment of distributions to common shareholders | | | 442,247 | | | | 1,248,451 | |
Net increase in net assets from capital share transactions | | $ | 3,136,476 | | | $ | 37,215,445 | |
| | |
Net increase (decrease) in net assets | | $ | (351,485 | ) | | $ | 64,831,596 | |
| | |
Net Assets Applicable to Common Shares | | | | | | | | |
At beginning of period | | $ | 646,842,386 | | | $ | 582,010,790 | |
At end of period | | $ | 646,490,901 | | | $ | 646,842,386 | |
| | |
Accumulated undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
At end of period | | $ | 605,473 | | | $ | 1,226,262 | |
| | | | |
APS | | – | | Auction Preferred Shares |
| | | | |
| | 29 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Statement of Cash Flows (Unaudited)
| | | | |
Cash Flows From Operating Activities | | Six Months Ended November 30, 2013 | |
Net increase in net assets from operations | | $ | 15,225,862 | |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | | | | |
Investments purchased | | | (223,958,902 | ) |
Investments sold and principal repayments | | | 203,662,032 | |
Increase in short-term investments, net | | | (7,249,652 | ) |
Net amortization/accretion of premium (discount) | | | (524,760 | ) |
Amortization of offering costs and prepaid upfront fees on variable rate term preferred shares | | | 149,288 | |
Increase in restricted cash | | | (317,782 | ) |
Increase in interest receivable | | | (392,178 | ) |
Decrease in interest receivable from affiliated investment | | | 78 | |
Decrease in receivable for open forward foreign currency exchange contracts | | | 139,578 | |
Decrease in receivable from affiliate | | | 1,200 | |
Decrease in tax reclaims receivable | | | 745 | |
Decrease in prepaid expenses and other assets | | | 4,026 | |
Increase in payable for open forward foreign currency exchange contracts | | | 457,056 | |
Decrease in payable to affiliate for investment adviser fee | | | (507 | ) |
Increase in payable to affiliate for Trustees' fees | | | 558 | |
Decrease in interest payable | | | (5,759 | ) |
Increase in accrued expenses | | | 53,587 | |
Increase in unfunded loan commitments | | | 262,805 | |
Net change in unrealized (appreciation) depreciation from investments | | | 1,573,487 | |
Net realized gain from investments | | | (1,945,685 | ) |
Net cash used in operating activities | | $ | (12,864,923 | ) |
| |
Cash Flows From Financing Activities | | | | |
Proceeds from shelf offering, net of offering costs | | $ | 3,079,863 | |
Distributions paid to common shareholders, net of reinvestments | | | (18,271,576 | ) |
Proceeds from notes payable | | | 10,000,000 | |
Net cash used in financing activities | | $ | (5,191,713 | ) |
| |
Net decrease in cash* | | $ | (18,056,636 | ) |
| |
Cash at beginning of period(1) | | $ | 20,202,593 | |
| |
Cash at end of period(1) | | $ | 2,145,957 | |
| |
Supplemental disclosure of cash flow information: | | | | |
Noncash financing activities not included herein consist of: | | | | |
Reinvestment of dividends and distributions | | $ | 442,247 | |
Cash paid for interest and fees on borrowings and variable rate term preferred shares | | | 2,445,444 | |
* | Includes net change in unrealized appreciation (depreciation) on foreign currency of ($22,268). |
(1) | Balance includes foreign currency, at value. |
| | | | |
| | 30 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended November 30, 2013 (Unaudited) | | | Year Ended May 31, | |
| | | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
Net asset value — Beginning of period (Common shares) | | $ | 16.300 | | | $ | 15.510 | | | $ | 15.900 | | | $ | 14.880 | | | $ | 11.390 | | | $ | 16.280 | |
| | | | | | |
Income (Loss) From Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | $ | 0.454 | | | $ | 1.058 | | | $ | 1.034 | | | $ | 0.991 | | | $ | 1.008 | | | $ | 1.136 | |
Net realized and unrealized gain (loss) | | | (0.066 | ) | | | 0.707 | | | | (0.368 | ) | | | 1.082 | | | | 3.468 | | | | (4.917 | ) |
Distributions to APS shareholders — | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income(1) | | | — | | | | (0.024 | ) | | | (0.032 | ) | | | (0.033 | ) | | | (0.044 | ) | | | (0.111 | ) |
Discount on redemption and repurchase of APS(1) | | | — | | | | 0.036 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | |
Total income (loss) from operations | | $ | 0.388 | | | $ | 1.777 | | | $ | 0.634 | | | $ | 2.040 | | | $ | 4.432 | | | $ | (3.892 | ) |
| | | | | | |
Less Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | $ | (0.470 | ) | | $ | (1.041 | ) | | $ | (1.024 | ) | | $ | (1.020 | ) | | $ | (0.942 | ) | | $ | (0.868 | ) |
Tax return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.130 | ) |
| | | | | | |
Total distributions to common shareholders | | $ | (0.470 | ) | | $ | (1.041 | ) | | $ | (1.024 | ) | | $ | (1.020 | ) | | $ | (0.942 | ) | | $ | (0.998 | ) |
| | | | | | |
Premium from common shares sold through shelf offering (see Note 6)(1) | | $ | 0.002 | | | $ | 0.054 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
Net asset value — End of period (Common shares) | | $ | 16.220 | | | $ | 16.300 | | | $ | 15.510 | | | $ | 15.900 | | | $ | 14.880 | | | $ | 11.390 | |
| | | | | | |
Market value — End of period (Common shares) | | $ | 15.350 | | | $ | 16.680 | | | $ | 15.790 | | | $ | 16.390 | | | $ | 14.350 | | | $ | 10.330 | |
| | | | | | |
Total Investment Return on Net Asset Value(2) | | | 2.44 | %(3) | | | 12.15 | % | | | 4.43 | % | | | 14.13 | % | | | 40.07 | % | | | (22.80 | )% |
| | | | | | |
Total Investment Return on Market Value(2) | | | (5.21 | )%(3) | | | 12.66 | % | | | 3.13 | % | | | 21.99 | % | | | 48.94 | % | | | (24.66 | )% |
| | | | |
| | 31 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended November 30, 2013 (Unaudited) | | | Year Ended May 31, | |
Ratios/Supplemental Data | | | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
Net assets applicable to common shares, end of period (000's omitted) | | $ | 646,491 | | | $ | 646,842 | | | $ | 582,011 | | | $ | 595,890 | | | $ | 556,611 | | | $ | 425,899 | |
Ratios (as a percentage of average daily net assets applicable to common shares):(4) | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses excluding interest and fees(5) | | | 1.36 | %(6) | | | 1.38 | % | | | 1.28 | % | | | 1.22 | % | | | 1.15 | % | | | 1.24 | % |
Interest and fee expense(7) | | | 0.78 | %(6) | | | 0.66 | % | | | 0.58 | % | | | 0.65 | % | | | 0.59 | % | | | 2.00 | % |
Total expenses | | | 2.14 | %(6) | | | 2.04 | % | | | 1.86 | % | | | 1.87 | % | | | 1.74 | % | | | 3.24 | % |
Net investment income | | | 5.60 | %(6) | | | 6.61 | % | | | 6.73 | % | | | 6.43 | % | | | 7.20 | % | | | 9.71 | % |
Portfolio Turnover | | | 18 | %(3) | | | 47 | % | | | 38 | % | | | 50 | % | | | 43 | % | | | 16 | % |
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 (variable rate term preferred shares and auction preferred shares, as applicable) and borrowings, are as follows: | |
Ratios (as a percentage of average daily net assets applicable to common shares plus preferred shares and borrowings):(4) | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses excluding interest and fees(5) | | | 0.86 | %(6) | | | 0.89 | % | | | 0.81 | % | | | 0.78 | % | | | 0.73 | % | | | 0.71 | % |
Interest and fee expense(7) | | | 0.49 | %(6) | | | 0.42 | % | | | 0.37 | % | | | 0.42 | % | | | 0.38 | % | | | 1.15 | % |
Total expenses | | | 1.35 | %(6) | | | 1.31 | % | | | 1.18 | % | | | 1.20 | % | | | 1.11 | % | | | 1.86 | % |
Net investment income | | | 3.52 | %(6) | | | 4.23 | % | | | 4.28 | % | | | 4.14 | % | | | 4.61 | % | | | 5.57 | % |
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | |
Total notes payable outstanding (in 000's) | | $ | 300,000 | | | $ | 290,000 | | | $ | 260,000 | | | $ | 238,000 | | | $ | 238,000 | | | $ | 96,000 | |
Asset coverage per $1,000 of notes payable(8) | | $ | 3,422 | | | $ | 3,506 | | | $ | 3,546 | | | $ | 3,840 | | | $ | 3,675 | | | $ | 6,947 | |
Total preferred shares outstanding(9) | | | 800 | | | | 800 | | | | 3,200 | | | | 3,200 | | | | 3,200 | | | | 5,800 | |
Asset coverage per preferred share(9)(10) | | $ | 270,129 | | | $ | 274,822 | | | $ | 67,796 | | | $ | 71,848 | | | $ | 68,760 | | | $ | 69,183 | |
Involuntary liquidation preference per preferred share(9)(11) | | $ | 100,000 | | | $ | 100,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | |
Approximate market value per preferred share(9)(11) | | $ | 100,000 | | | $ | 100,000 | | | $ | 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. Distributions are assumed to be reinvested at prices obtained under the Trust's dividend reinvestment plan. |
(4) | Ratios do not reflect the effect of dividend payments to auction-rate preferred shareholders. |
(5) | Excludes the effect of custody fee credits, if any, of less than 0.005%. |
(7) | Interest and fee expense relates to variable rate term preferred shares and the notes payable incurred to redeem the Trust's APS (see Note 10). |
(8) | Calculated by subtracting the Trust's total liabilities (not including the notes payable and preferred shares) from the Trust's total assets, and dividing the result by the notes payable balance in thousands. |
(9) | Preferred shares represent variable rate term preferred shares as of November 30, 2013 and May 31, 2013 and auction preferred shares as of May 31, 2012, 2011, 2010 and 2009. |
(10) | Calculated by subtracting the Trust's total liabilities (not including the notes payable and preferred shares) from the Trust's 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 270%, 275%, 271%, 287%, 275% and 277% at November 30, 2013, and May 31, 2013, 2012, 2011, 2010 and 2009, respectively. |
(11) | Plus accumulated and unpaid dividends. |
| | | | |
APS | | – | | Auction Preferred Shares |
| | | | |
| | 32 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Floating-Rate Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s 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 — The following methodologies are used to determine the market value or fair value of investments.
Senior Floating-Rate Loans. 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 borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. 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. 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.
Derivatives. 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 Trust’s 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. 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.
Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Trust's investment in Cash Reserves Fund reflects the Trust's proportionate interest in its net assets. 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.
Fair Valuation. 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 security’s 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 security’s disposition, the price and extent of public trading in similar securities of the issuer or
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited) — continued
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 company's or entity's financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.
D Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
At May 31, 2013, the Trust, for federal income tax purposes, had a capital loss carryforward of $112,762,227 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, 2016 ($1,444,527), 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 losses, if any, created after May 31, 2013.
As of November 30, 2013, 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 Trust’s custodian fees are reported as a reduction of expenses in the Statement of Operations.
F Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G Unfunded Loan Commitments — The Trust may enter into certain credit agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At November 30, 2013, 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 Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. 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 Trust's 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 Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
J Forward Foreign Currency Exchange Contracts — The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The 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. 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 Trust’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited) — continued
L Interim Financial Statements — The interim financial statements relating to November 30, 2013 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Variable Rate Term Preferred Shares
On December 18, 2012, the Trust issued 800 shares of Series C-1 Variable Rate Term Preferred Shares (VRTP Shares) in a private offering to a commercial paper conduit sponsored by a large financial institution (the Conduit), all of which are outstanding at November 30, 2013. The Trust used the net proceeds from the issuance to enter into a series of transactions which resulted in a redemption and/or repurchase of its Auction Preferred Shares.
The VRTP Shares are a form of preferred shares that represent stock of the Trust. The VRTP Shares have a par value of $0.01 per share, a liquidation preference of $100,000 per share, and a mandatory redemption date of December 18, 2015, unless extended. Dividends on the VRTP Shares are determined each day based on a spread of 1.45% to the Conduit’s current cost of funding. Such spread to the cost of funding is determined based on the current credit rating of the VRTP Shares.
The VRTP Shares are redeemable at the option of the Trust at a redemption price equal to $100,000 per share, plus accumulated and unpaid dividends, on any business day and solely for the purpose of reducing the leverage of the Trust. The VRTP Shares are also subject to mandatory redemption at a redemption price equal to $100,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance or leverage ratio requirements with respect to the VRTP Shares. The holders of the VRTP Shares, voting as a class, are entitled to elect two Trustees of the Trust. If the dividends on the VRTP Shares remain unpaid in an amount equal to two full years’ dividends, the holders of the VRTP Shares as a class have the right to elect a majority of the Board of Trustees.
For financial reporting purposes, the liquidation value of the VRTP Shares is presented as a liability on the Statement of Assets and Liabilities and unpaid dividends are included in interest payable. Dividends accrued on VRTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statement of Operations. Costs incurred by the Trust in connection with its offering of VRTP Shares were capitalized as deferred offering costs and are being amortized over a period of three years to the mandatory redemption date of the VRTP Shares. In connection with the issuance of VRTP Shares, the Trust paid an initial upfront fee to the Conduit of $400,000 which is being amortized to interest expense and fees over a period of three years. The unamortized amount as of November 30, 2013 is presented as prepaid upfront fees on VRTP shares on the Statement of Assets and Liabilities. If measured at fair value, the VRTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 13) at November 30, 2013.
The average liquidation preference of the VRTP Shares during the six months ended November 30, 2013 was $80 million.
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 VRTP Shares. 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). Distributions to common shareholders are recorded on the ex-dividend date. Dividends to VRTP shareholders are accrued daily and payable monthly. The dividend rate on the VRTP Shares at November 30, 2013 was 0.076%. The amount of dividends accrued and the average annual dividend rate of the VRTP Shares during the six months ended November 30, 2013 were $676,578 and 0.078%, respectively.
The Trust distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.75% of the Trust's average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. For the six months ended November 30, 2013, the Trust's investment adviser fee totaled $3,848,164. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Trust, but receives no compensation.
Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended November 30, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited) — continued
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $179,028,436 and $203,663,599, respectively, for the six months ended November 30, 2013.
6 Common Shares of Beneficial Interest and Shelf Offering
Common shares issued by the Trust pursuant to its dividend reinvestment plan for the six months ended November 30, 2013 and the year ended May 31, 2013 were 27,348 and 77,385, respectively.
On November 11, 2013, the Board of Trustees of the Trust authorized the repurchase by the Trust of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trust for the six months ended November 30, 2013.
Pursuant to a registration statement filed with and declared effective on January 17, 2013 by the SEC, the Trust is authorized to issue up to an additional 3,755,456 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share.
During the six months ended November 30, 2013, the Trust sold 162,985 common shares and received proceeds (net of offering costs) of $2,694,229 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold was $63,917. During the year ended May 31, 2013, the Trust sold 2,083,051 common shares and received proceeds (net of offering costs) of $35,966,994 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold was $2,048,302.
Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Trust’s shares and is entitled to receive a sales commission from the Trust of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Trust was informed that the sales commissions retained by EVD during the six months ended November 30, 2013 were $5,443.
7 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Trust at November 30, 2013, as determined on a federal income tax basis, were as follows:
| | | | |
| |
Aggregate cost | | $ | 1,029,061,681 | |
| |
Gross unrealized appreciation | | $ | 18,386,293 | |
Gross unrealized depreciation | | | (7,342,594 | ) |
| |
Net unrealized appreciation | | $ | 11,043,699 | |
8 Restricted Securities
At November 30, 2013, the Trust owned the following securities (representing less than 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.
| | | | | | | | | | | | | | | | |
Description | | Date of Acquisition | | | Shares | | | Cost | | | Value | |
| | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Panolam Holdings Co. | | | 12/30/09 | | | | 280 | | | $ | 153,860 | | | $ | 272,883 | |
| | | | |
Total Restricted Securities | | | | | | | | | | $ | 153,860 | | | $ | 272,883 | |
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited) — continued
9 Financial Instruments
The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at November 30, 2013 is as follows:
| | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | |
Settlement Date | | Deliver | | In Exchange For | | Counterparty | | Unrealized Appreciation | | | Unrealized (Depreciation) | | | Net Unrealized Appreciation (Depreciation) | |
| | | | | | |
12/31/13 | | British Pound Sterling 6,892,471 | | United States Dollar 11,033,468 | | Citibank NA | | $ | — | | | $ | (242,502 | ) | | $ | (242,502 | ) |
12/31/13 | | Euro 8,176,539 | | United States Dollar 11,026,799 | | HSBC Bank USA | | | — | | | | (83,342 | ) | | | (83,342 | ) |
1/31/14 | | British Pound Sterling 7,284,302 | | United States Dollar 11,681,325 | | HSBC Bank USA | | | — | | | | (232,860 | ) | | | (232,860 | ) |
1/31/14 | | Euro 5,715,034 | | United States Dollar 7,853,628 | | Deutsche Bank | | | 87,736 | | | | — | | | | 87,736 | |
2/28/14 | | British Pound Sterling 3,173,358 | | United States Dollar 5,130,971 | | Goldman Sachs International | | | — | | | | (58,169 | ) | | | (58,169 | ) |
2/28/14 | | Canadian Dollar 700,438 | | United States Dollar 663,338 | | JPMorgan Chase Bank | | | 5,574 | | | | — | | | | 5,574 | |
2/28/14 | | Euro 845,750 | | United States Dollar 1,151,168 | | Citibank NA | | | 1,859 | | | | — | | | | 1,859 | |
2/28/14 | | Euro 5,716,508 | | United States Dollar 7,749,338 | | Citibank NA | | | — | | | | (18,958 | ) | | | (18,958 | ) |
| | | |
| | $ | 95,169 | | | $ | (635,831 | ) | | $ | (540,662 | ) |
At November 30, 2013, 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 objective. 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 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 Trust's 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 November 30, 2013, the fair value of derivatives with credit-related contingent features in a net liability position was $635,831. The Trust may be required to pledge collateral in the form of cash or securities for the benefit of a counterparty if the net amount due to the counterparty exceeds a certain threshold. Collateral pledged for the benefit of a counterparty for over-the-counter derivatives is held in a segregated account by the Trust’s custodian. Securities pledged as collateral, if any, are identified in the Portfolio of Investments. Cash pledged as collateral, if any, is included in restricted cash on the Statement of Assets and Liabilities. The aggregate fair value of assets pledged as collateral by the Trust for such liability was $320,030 at November 30, 2013.
The non-exchange traded derivatives in which the Trust invests, including forward foreign currency exchange contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At November 30, 2013, the maximum amount of loss the Trust would incur due to counterparty risk was $95,169, representing the fair value of such derivatives in an asset position, with the highest amount from any one counterparty being $87,736. 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.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited) — continued
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 November 30, 2013 was as follows:
| | | | | | | | |
| | Fair Value | |
Derivative | | Asset Derivative | | | Liability Derivative | |
| | |
Forward foreign currency exchange contracts | | $ | 95,169 | (1) | | $ | (635,831 | )(2) |
(1) | Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized appreciation. |
(2) | Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized appreciation. |
During the current reporting period, the Trust adopted the new disclosure requirements for offsetting assets and liabilities, pursuant to which an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The Trust’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Trust’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Trust for assets and pledged by the Trust for liabilities as of November 30, 2013.
| | | | | | | | | | | | | | | | | | | | |
Counterparty | | Derivative Assets Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Non-cash Collateral Received(a) | | | Cash Collateral Received(a) | | | Net Amount of Derivative Assets(b) | |
| | | | | |
Citibank NA | | $ | 1,859 | | | $ | (1,859 | ) | | $ | — | | | $ | — | | | $ | — | |
Deutsche Bank | | | 87,736 | | | | — | | | | — | | | | — | | | | 87,736 | |
JPMorgan Chase Bank | | | 5,574 | | | | — | | | | — | | | | — | | | | 5,574 | |
| | | | | |
| | $ | 95,169 | | | $ | (1,859 | ) | | $ | — | | | $ | — | | | $ | 93,310 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
Counterparty | | Derivative Liabilities Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Non-cash Collateral Pledged(a) | | | Cash Collateral Pledged(a) | | | Net Amount of Derivative Liabilities(c) | |
| | | | | |
Citibank NA | | $ | (261,460 | ) | | $ | 1,859 | | | $ | — | | | $ | 259,601 | | | $ | — | |
HSBC Bank USA | | | (316,202 | ) | | | — | | | | — | | | | — | | | | (316,202 | ) |
Goldman Sachs International | | | (58,169 | ) | | | — | | | | — | | | | 58,169 | | | | — | |
| | | | | |
| | $ | (635,831 | ) | | $ | 1,859 | | | $ | — | | | $ | 317,770 | | | $ | (316,202 | ) |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended November 30, 2013 was as follows:
| | | | | | | | |
Derivative | | Realized Gain (Loss) on Derivatives Recognized in Income | | | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
| | |
Forward foreign currency exchange contracts | | $ | (2,868,610 | )(1) | | $ | (596,634 | )(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 six months ended November 30, 2013, which is indicative of the volume of this derivative type, was approximately $57,700,000.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited) — continued
10 Revolving Credit and Security Agreement
The Trust has entered into a Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank to borrow up to $300 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, in effect through March 19, 2014, the Trust also pays a program fee of 0.80% per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan amount is less than or equal to 50% of the total facility size) per annum on the borrowing limit under the Agreement. Program and liquidity fees for the six months ended November 30, 2013 totaled $1,447,417 and are included in interest expense and fees on the Statement of Operations. The Trust is required to maintain certain net asset levels during the term of the Agreement. At November 30, 2013, the Trust had borrowings outstanding under the Agreement of $300,000,000 at an interest rate of 0.17%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at November 30, 2013 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 13) at November 30, 2013. For the six months ended November 30, 2013, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $299,672,131 and 0.21%, 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, 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 loan’s 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.
Ÿ | | Level 1 – quoted prices in active markets for identical investments |
Ÿ | | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
Ÿ | | Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
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.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Notes to Financial Statements (Unaudited) — continued
At November 30, 2013, the hierarchy of inputs used in valuing the Trust's 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) | | $ | — | | | $ | 913,104,587 | | | $ | 1,278,578 | | | $ | 914,383,165 | |
Corporate Bonds & Notes | | | — | | | | 75,643,168 | | | | 140,880 | | | | 75,784,048 | |
Asset-Backed Securities | | | — | | | | 15,321,657 | | | | — | | | | 15,321,657 | |
Common Stocks | | | 681,094 | | | | 177,558 | | | | 8,167,351 | | | | 9,026,003 | |
Miscellaneous | | | — | | | | 12,100 | | | | — | | | | 12,100 | |
Short-Term Investments | | | — | | | | 25,578,407 | | | | — | | | | 25,578,407 | |
| | | | |
Total Investments | | $ | 681,094 | | | $ | 1,029,837,477 | | | $ | 9,586,809 | | | $ | 1,040,105,380 | |
| | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 95,169 | | | $ | — | | | $ | 95,169 | |
| | | | |
Total | | $ | 681,094 | | | $ | 1,029,932,646 | | | $ | 9,586,809 | | | $ | 1,040,200,549 | |
| | | | |
Liability Description | | | | | | | | | | | | | | | | |
| | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (635,831 | ) | | $ | — | | | $ | (635,831 | ) |
| | | | |
Total | | $ | — | | | $ | (635,831 | ) | | $ | — | | | $ | (635,831 | ) |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended November 30, 2013 is not presented.
At November 30, 2013, there were no investments transferred between Level 1 and Level 2 during the six months then ended.
Eaton Vance
Floating-Rate Income Trust
November 30, 2013
Officers and Trustees
Officers of Eaton Vance Floating-Rate Income Trust
Scott H. Page
President
Payson F. Swaffield
Vice President
Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer
James F. Kirchner
Treasurer
Paul M. O’Neil
Chief Compliance Officer
Trustees of Eaton Vance Floating-Rate Income Trust
Ralph F. Verni
Chairman
Scott E. Eston
Thomas E. Faust Jr.*
Allen R. Freedman
Valerie A. Mosley
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Lynn A. Stout
Harriett Tee Taggart
Number of Employees
The Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company and has no employees.
Number of Unit holders
As of November 30, 2013, Trust records indicate that there are 11 registered shareholders and approximately 24,400 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about the Trust, 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 symbol is EFT.
Eaton Vance Funds
IMPORTANT NOTICES
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
Ÿ | | 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. |
Ÿ | | None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers. |
Ÿ | | Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
Ÿ | | 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 Management’s 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 customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (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 SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase Program. On November 11, 2013, the Fund’s Board of Trustees approved a share repurchase program authorizing the Fund to repurchase up to 10% of its currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, will be disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. The funds’ net asset value per share is readily accessible on the Eaton Vance website. 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”.
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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
6201 15th Avenue
Brooklyn, NY 11219
Fund Offices
Two International Place
Boston, MA 02110
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Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
| | |
| |
(a)(1) | | Registrant’s Code of Ethics – Not applicable (please see Item 2). |
| |
(a)(2)(i) | | Treasurer’s Section 302 certification. |
| |
(a)(2)(ii) | | President’s Section 302 certification. |
| |
(b) | | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Floating-Rate Income Trust
| | |
By: | | /s/ Scott H. Page |
| | Scott H. Page |
| | President |
| |
Date: | | January 8, 2014 |
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/ James F. Kirchner |
| | James F. Kirchner |
| | Treasurer |
| |
Date: | | January 8, 2014 |
| |
By: | | /s/ Scott H. Page |
| | Scott H. Page |
| | President |
| |
Date: | | January 8, 2014 |