UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FormN-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, 2018
Date of Reporting Period
Item 1. Reports to Stockholders
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Eaton Vance
Floating-Rate Income Trust (EFT)
Semiannual Report
November 30, 2018
Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website(funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.
You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.
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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. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to 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 ReportNovember 30, 2018
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 | | | 44 | |
| |
Important Notices | | | 45 | |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Performance1,2
Portfolio ManagersScott H. Page, CFA and Ralph Hinckley, CFA
| | | | | | | | | | | | | | | | | | | | |
% Average Annual Total Returns | | Inception Date | | | Six Months | | | One Year | | | Five Years | | | Ten Years | |
Fund at NAV | | | 06/29/2004 | | | | 1.04 | % | | | 4.58 | % | | | 5.12 | % | | | 12.84 | % |
Fund at Market Price | | | — | | | | –7.09 | | | | –0.50 | | | | 3.48 | | | | 12.46 | |
S&P/LSTA Leveraged Loan Index | | | — | | | | 1.00 | % | | | 3.47 | % | | | 3.68 | % | | | 8.52 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
% Premium/Discount to NAV3 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | –12.52 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions4 | | | | | | | | | | | | | | | |
Total Distributions per share for the period | | | | | | | | | | | | | | | | | | $ | 0.408 | |
Distribution Rate at NAV | | | | | | | | | | | | | | | | | | | 5.40 | % |
Distribution Rate at Market Price | | | | | | | | | | | | | | | | | | | 6.17 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
% Total Leverage5 | | | | | | | | | | | | | | | |
Borrowings | | | | | | | | | | | | | | | | | | | 26.17 | % |
Variable Rate Term Preferred Shares (VRTP Shares) | | | | | | | | | | | | | | | | | | | 8.54 | |
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 include 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 or equal to 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, 2018
Fund Profile
Top 10 Issuers (% of total investments)6
| | | | |
Reynolds Group Holdings, Inc. | | | 1.2 | % |
| |
Bausch Health Companies, Inc. | | | 1.1 | |
| |
Asurion, LLC | | | 1.1 | |
| |
TransDigm, Inc. | | | 1.0 | |
| |
Univision Communications, Inc. | | | 1.0 | |
| |
Virgin Media Investment Holdings Limited | | | 0.8 | |
| |
JBS USA, LLC | | | 0.8 | |
| |
Infor (US), Inc. | | | 0.7 | |
| |
Jaguar Holding Company II | | | 0.7 | |
| |
MA FinanceCo., LLC | | | 0.7 | |
| |
Total | | | 9.1 | % |
Top 10 Sectors (% of total investments)6
| | | | |
Electronics/Electrical | | | 11.7 | % |
| |
Health Care | | | 9.8 | |
| |
Business Equipment and Services | | | 8.7 | |
| |
Chemicals and Plastics | | | 4.9 | |
| |
Telecommunications | | | 4.5 | |
| |
Drugs | | | 4.4 | |
| |
Industrial Equipment | | | 4.1 | |
| |
Cable and Satellite Television | | | 3.9 | |
| |
Lodging and Casinos | | | 3.8 | |
| |
Leisure Goods/Activities/Movies | | | 3.6 | |
| |
Total | | | 59.4 | % |
Credit Quality (% of bonds, loans and asset-backed securities)7
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See Endnotes and Additional Disclosures in this report.
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
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 reflects 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. |
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. Forup-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 andnon-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed- End Fund Distribution Notices (19a) posted on our website, eatonvance.com. 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 toPerformance-Tax Character of Distributions on the Fund’s webpage available at 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. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. 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 | Credit ratings are categorized using S&P Global Ratings (“S&P”). 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 S&P are considered to be investment- grade quality. Credit ratings are based largely on the ratings 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. Holdings designated as “Not Rated” (if any) are not rated by S&P. |
| Fund profile subject to change due to active management. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited)
| | | | | | | | | | | | |
Senior Floating-Rate Loans — 141.4%(1) | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Aerospace and Defense — 2.2% | |
Accudyne Industries, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing August 18, 2024 | | | | | | | 693 | | | $ | 684,491 | |
IAP Worldwide Services, Inc. | | | | | | | | | |
Revolving Loan, 1.46%, (3 mo. USD LIBOR + 5.50%), Maturing July 18, 2019(2) | | | | | | | 325 | | | | 324,920 | |
Term Loan - Second Lien, 8.89%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2019(3) | | | | | | | 431 | | | | 346,539 | |
TransDigm, Inc. | | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023 | | | | | | | 6,610 | | | | 6,478,887 | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024 | | | | | | | 2,863 | | | | 2,794,400 | |
Wesco Aircraft Hardware Corp. | | | | | | | | | |
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020 | | | | | | | 968 | | | | 965,081 | |
WP CPP Holdings, LLC | | | | | | | | | |
Term Loan, 6.28%, (USD LIBOR + 3.75%), Maturing April 30, 2025(4) | | | | | | | 1,700 | | | | 1,691,500 | |
| | | | | | | | | | $ | 13,285,818 | |
|
Automotive — 2.8% | |
American Axle and Manufacturing, Inc. | | | | | | | | | |
Term Loan, 4.64%, (USD LIBOR + 2.25%), Maturing April 6, 2024(4) | | | | | | | 3,291 | | | $ | 3,177,098 | |
Apro, LLC | | | | | | | | | |
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.00%), Maturing August 8, 2024 | | | | | | | 292 | | | | 291,864 | |
Belron Finance US, LLC | | | | | | | | | |
Term Loan, 4.84%, (3 mo. USD LIBOR + 2.25%), Maturing November 7, 2024 | | | | | | | 596 | | | | 589,545 | |
Chassix, Inc. | | | | | | | | | |
Term Loan, 8.29%, (USD LIBOR + 5.50%), Maturing November 15, 2023(4) | | | | | | | 1,489 | | | | 1,490,611 | |
Dayco Products, LLC | | | | | | | | | |
Term Loan, 6.96%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023 | | | | | | | 1,102 | | | | 1,110,172 | |
Garrett LX III S.a.r.l. | | | | | | | | | |
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025 | | | EUR | | | | 475 | | | | 533,267 | |
Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing September 27, 2025 | | | | | | | 275 | | | | 270,875 | |
Horizon Global Corporation | | | | | | | | | |
Term Loan, 8.34%, (1 mo. USD LIBOR + 6.00%), Maturing June 30, 2021 | | | | | | | 388 | | | | 360,659 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Automotive (continued) | |
L&W, Inc. | | | | | | | | | |
Term Loan, 6.32%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025 | | | | | | | 873 | | | $ | 874,994 | |
Tenneco, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing October 1, 2025 | | | | | | | 3,825 | | | | 3,750,891 | |
Thor Industries, Inc. | | | | | | | | | |
Term Loan, Maturing October 30, 2025(5) | | | | | | | 1,750 | | | | 1,731,406 | |
TI Group Automotive Systems, LLC | | | | | | | | | |
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022 | | | EUR | | | | 873 | | | | 988,736 | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022 | | | | | | | 1,057 | | | | 1,040,401 | |
Tower Automotive Holdings USA, LLC | | | | | | | | | |
Term Loan, 5.13%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024 | | | | | | | 1,202 | | | | 1,188,771 | |
| | | | | | | | | | $ | 17,399,290 | |
|
Beverage and Tobacco — 0.8% | |
Arterra Wines Canada, Inc. | | | | | | | | | |
Term Loan, 5.09%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 | | | | | | | 2,731 | | | $ | 2,710,618 | |
Flavors Holdings, Inc. | | | | | | | | | |
Term Loan, 8.14%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020 | | | | | | | 1,219 | | | | 1,148,924 | |
Term Loan - Second Lien, 12.39%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021 | | | | | | | 1,000 | | | | 875,000 | |
| | | | | | | | | | $ | 4,734,542 | |
|
Brokerage / Securities Dealers / Investment Houses — 0.7% | |
Advisor Group, Inc. | | | | | | | | | |
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025 | | | | | | | 625 | | | $ | 625,391 | |
Aretec Group, Inc. | | | | | | | | | |
Term Loan, 6.59%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025 | | | | | | | 2,225 | | | | 2,215,265 | |
OZ Management L.P. | | | | | | | | | |
Term Loan, 7.25%, (2 mo. USD LIBOR + 4.75%), Maturing April 10, 2023 | | | | | | | 560 | | | | 554,400 | |
Resolute Investment Managers, Inc. | | | | | | | | | |
Term Loan - Second Lien, 10.03%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023 | | | | | | | 600 | | | | 607,500 | |
| | | | | | | | | | $ | 4,002,556 | |
| | | | |
| | 5 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Building and Development — 3.9% | |
American Builders & Contractors Supply Co., Inc. | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023 | | | | | | | 2,807 | | | $ | 2,737,319 | |
Beacon Roofing Supply, Inc. | | | | | | | | | |
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025 | | | | | | | 622 | | | | 606,328 | |
Brookfield Property REIT, Inc. | | | | | | | | | |
Term Loan, 4.85%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025 | | | | | | | 1,025 | | | | 994,250 | |
Core & Main L.P. | | | | | | | | | |
Term Loan, 5.53%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024 | | | | | | | 817 | | | | 810,114 | |
CPG International, Inc. | | | | | | | | | |
Term Loan, 6.25%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024 | | | | | | | 2,014 | | | | 2,004,056 | |
DTZ U.S. Borrower, LLC | | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025 | | | | | | | 5,950 | | | | 5,870,020 | |
Henry Company, LLC | | | | | | | | | |
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023 | | | | | | | 443 | | | | 442,564 | |
Ply Gem Midco, Inc. | | | | | | | | | |
Term Loan, 6.18%, (3 mo. USD LIBOR + 3.75%), Maturing April 12, 2025 | | | | | | | 825 | | | | 808,844 | |
Quikrete Holdings, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023 | | | | | | | 2,788 | | | | 2,738,668 | |
RE/MAX International, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 | | | | | | | 2,080 | | | | 2,072,182 | |
Realogy Group, LLC | | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025 | | | | | | | 907 | | | | 889,998 | |
Summit Materials Companies I, LLC | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024 | | | | | | | 670 | | | | 657,795 | |
Werner FinCo L.P. | | | | | | | | | |
Term Loan, 6.30%, (1 mo. USD LIBOR + 4.00%), Maturing July 24, 2024 | | | | | | | 1,139 | | | | 1,105,067 | |
WireCo WorldGroup, Inc. | | | | | | | | | |
Term Loan, 7.34%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023 | | | | | | | 637 | | | | 639,123 | |
Term Loan - Second Lien, 11.34%, (1 mo. USD LIBOR + 9.00%), Maturing September 30, 2024 | | | | | | | 1,500 | | | | 1,507,500 | |
| | | | | | | | | | $ | 23,883,828 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Business Equipment and Services — 13.2% | |
Acosta Holdco, Inc. | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021 | | | | | 3,284 | | | $ | 2,290,749 | |
Adtalem Global Education, Inc. | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025 | | | | | 424 | | | | 423,408 | |
AlixPartners, LLP | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024 | | | | | 2,417 | | | | 2,398,104 | |
Altran Technologies S.A. | | | | | | | | |
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025 | | EUR | | | 1,541 | | | | 1,745,665 | |
AppLovin Corporation | | | | | | | | |
Term Loan, 6.19%, (3 mo. USD LIBOR + 3.75%), Maturing August 15, 2025 | | | | | 1,625 | | | | 1,620,937 | |
ASGN Incorporated | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025 | | | | | 503 | | | | 499,190 | |
BlitzF18-675 GmbH | | | | | | | | |
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025 | | EUR | | | 1,625 | | | | 1,844,262 | |
Bracket Intermediate Holding Corp. | | | | | | | | |
Term Loan, 6.57%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025 | | | | | 950 | | | | 953,563 | |
Brand Energy & Infrastructure Services, Inc. | | | | | | | | |
Term Loan, 6.73%, (3 mo. USD LIBOR + 4.25%), Maturing June 21, 2024 | | | | | 568 | | | | 560,912 | |
Camelot UK Holdco Limited | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023 | | | | | 2,001 | | | | 1,982,189 | |
Cast and Crew Payroll, LLC | | | | | | | | |
Term Loan, 5.10%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 | | | | | 419 | | | | 412,367 | |
Ceridian HCM Holding, Inc. | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2025 | | | | | 1,575 | | | | 1,567,125 | |
Change Healthcare Holdings, LLC | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024 | | | | | 6,924 | | | | 6,848,453 | |
Crossmark Holdings, Inc. | | | | | | | | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 20, 2019 | | | | | 1,500 | | | | 592,449 | |
Cypress Intermediate Holdings III, Inc. | | | | | | | | |
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.00%), Maturing April 26, 2024 | | | | | 2,583 | | | | 2,557,481 | |
EAB Global, Inc. | | | | | | | | |
Term Loan, 6.41%, (USD LIBOR + 3.75%), Maturing November 15, 2024(4) | | | | | 1,393 | | | | 1,375,588 | |
| | | | |
| | 6 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Business Equipment and Services (continued) | |
Education Management, LLC | | | | | | | | |
Term Loan, 0.00%, Maturing July 2, 2020(3)(6) | | | | | 566 | | | $ | 0 | |
Term Loan, 0.00%, Maturing July 2, 2020(3)(6) | | | | | 252 | | | | 47,468 | |
EIG Investors Corp. | | | | | | | | |
Term Loan, 6.43%, (USD LIBOR + 3.75%), Maturing February 9, 2023(4) | | | | | 3,448 | | | | 3,443,234 | |
Element Materials Technology Group US Holdings, Inc. | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing June 28, 2024 | | | | | 422 | | | | 421,813 | |
Extreme Reach, Inc. | | | | | | | | |
Term Loan, 8.60%, (1 mo. USD LIBOR + 6.25%), Maturing February 7, 2020 | | | | | 2,183 | | | | 2,180,163 | |
First Data Corporation | | | | | | | | |
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.00%), Maturing July 8, 2022 | | | | | 2,296 | | | | 2,262,360 | |
Garda World Security Corporation | | | | | | | | |
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024 | | | | | 2,088 | | | | 2,082,730 | |
Term Loan, 6.33%, (1 mo. USD LIBOR + 4.25%), Maturing May 24, 2024 | | CAD | | | 960 | | | | 724,627 | |
Global Payments, Inc. | | | | | | | | |
Term Loan, 4.09%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023 | | | | | 984 | | | | 978,426 | |
IG Investment Holdings, LLC | | | | | | | | |
Term Loan, 5.86%, (USD LIBOR + 3.50%), Maturing May 23, 2025(4) | | | | | 2,648 | | | | 2,644,917 | |
Information Resources, Inc. | | | | | | | | |
Term Loan, Maturing December 1, 2025(5) | | | | | 1,650 | | | | 1,633,500 | |
Iron Mountain, Inc. | | | | | | | | |
Term Loan, 4.09%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026 | | | | | 920 | | | | 905,028 | |
J.D. Power and Associates | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023 | | | | | 3,440 | | | | 3,439,812 | |
KAR Auction Services, Inc. | | | | | | | | |
Term Loan, 4.69%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021 | | | | | 1,963 | | | | 1,952,547 | |
Kronos Incorporated | | | | | | | | |
Term Loan, 5.54%, (USD LIBOR + 3.00%), Maturing November 1, 2023(4) | | | | | 6,378 | | | | 6,310,186 | |
Monitronics International, Inc. | | | | | | | | |
Term Loan, 7.89%, (3 mo. USD LIBOR + 5.50%), Maturing September 30, 2022 | | | | | 1,910 | | | | 1,806,438 | |
PGX Holdings, Inc. | | | | | | | | |
Term Loan, 7.60%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020 | | | | | 1,360 | | | | 1,326,250 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Business Equipment and Services (continued) | |
Ping Identity Corporation | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025 | | | | | 374 | | | $ | 371,257 | |
Pre-Paid Legal Services, Inc. | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2025 | | | | | 482 | | | | 479,279 | |
Prime Security Services Borrower, LLC | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022 | | | | | 2,777 | | | | 2,752,436 | |
Red Ventures, LLC | | | | | | | | |
Term Loan, 5.32%, (3 mo. USD LIBOR + 3.00%), Maturing November 8, 2024 | | | | | 1,063 | | | | 1,058,006 | |
SMG Holdings, Inc. | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025 | | | | | 249 | | | | 246,263 | |
Solera, LLC | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023 | | | | | 2,389 | | | | 2,361,293 | |
Spin Holdco, Inc. | | | | | | | | |
Term Loan, 5.69%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022 | | | | | 3,826 | | | | 3,764,259 | |
Tempo Acquisition, LLC | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 | | | | | 1,931 | | | | 1,917,013 | |
Trans Union, LLC | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025 | | | | | 449 | | | | 444,586 | |
Travelport Finance (Luxembourg) S.a.r.l. | | | | | | | | |
Term Loan, 5.12%, (3 mo. USD LIBOR + 2.50%), Maturing March 17, 2025 | | | | | 2,127 | | | | 2,105,197 | |
Vestcom Parent Holdings, Inc. | | | | | | | | |
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023 | | | | | 565 | | | | 559,309 | |
WASH Multifamily Laundry Systems, LLC | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | | | | | 268 | | | | 263,897 | |
West Corporation | | | | | | | | |
Term Loan, 6.03%, (USD LIBOR + 3.50%), Maturing October 10, 2024(4) | | | | | 349 | | | | 341,083 | |
Term Loan, 6.53%, (USD LIBOR + 4.00%), Maturing October 10, 2024(4) | | | | | 1,166 | | | | 1,152,612 | |
Worldpay, LLC | | | | | | | | |
Term Loan, 4.06%, (1 mo. USD LIBOR + 1.75%), Maturing October 14, 2023 | | | | | 307 | | | | 304,736 | |
Term Loan, 4.06%, (1 mo. USD LIBOR + 1.75%), Maturing August 9, 2024 | | | | | 1,915 | | | | 1,904,069 | |
| | | | |
| | 7 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Business Equipment and Services (continued) | |
ZPG PLC | | | | | | | | | |
Term Loan, 5.49%, (1 mo. GBP LIBOR + 4.75%), Maturing June 30, 2025 | | | GBP | | | | 775 | | | $ | 985,383 | |
| | | | | | | | | | $ | 80,842,619 | |
| | | |
Cable and Satellite Television — 5.9% | | | | | | | | | |
Charter Communications Operating, LLC | | | | | | | | | |
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025 | | | | | | | 3,821 | | | $ | 3,787,213 | |
CSC Holdings, LLC | | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025 | | | | | | | 3,762 | | | | 3,704,242 | |
Term Loan, Maturing January 15, 2026(5) | | | | | | | 1,100 | | | | 1,075,250 | |
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026 | | | | | | | 1,368 | | | | 1,350,168 | |
Numericable Group S.A. | | | | | | | | | |
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025 | | | EUR | | | | 493 | | | | 541,414 | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025 | | | | | | | 1,995 | | | | 1,868,714 | |
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026 | | | | | | | 798 | | | | 753,098 | |
Radiate Holdco, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024 | | | | | | | 2,054 | | | | 2,017,614 | |
Telenet Financing USD, LLC | | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026 | | | | | | | 2,750 | | | | 2,709,322 | |
Unitymedia Finance, LLC | | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 | | | | | | | 1,050 | | | | 1,041,562 | |
Unitymedia Hessen GmbH & Co. KG | | | | | | | | | |
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027 | | | EUR | | | | 1,000 | | | | 1,132,525 | |
UPC Financing Partnership | | | | | | | | | |
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | | | | | | | 2,166 | | | | 2,142,561 | |
Virgin Media Bristol, LLC | | | | | | | | | |
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | | | | | | | 7,400 | | | | 7,319,643 | |
Ziggo Secured Finance B.V. | | | | | | | | | |
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025 | | | EUR | | | | 2,425 | | | | 2,730,071 | |
Ziggo Secured Finance Partnership | | | | | | | | | |
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025 | | | | | | | 3,825 | | | | 3,741,328 | |
| | | | | | | | | | $ | 35,914,725 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Chemicals and Plastics — 7.4% | |
Alpha 3 B.V. | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024 | | | | | 683 | | | $ | 678,820 | |
Aruba Investments, Inc. | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022 | | | | | 994 | | | | 988,793 | |
Ashland, Inc. | | | | | | | | |
Term Loan, 4.07%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024 | | | | | 617 | | | | 615,799 | |
Axalta Coating Systems US Holdings, Inc. | | | | | | | | |
Term Loan, 4.14%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024 | | | | | 2,699 | | | | 2,666,739 | |
Cabot Microelectronics Corporation | | | | | | | | |
Term Loan, 4.63%, (1 mo. USD LIBOR + 2.25%), Maturing November 14, 2025 | | | | | 875 | | | | 872,802 | |
Chemours Company (The) | | | | | | | | |
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 21, 2025 | | EUR | | | 644 | | | | 730,548 | |
Term Loan, 4.10%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025 | | | | | 341 | | | | 335,869 | |
Emerald Performance Materials, LLC | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021 | | | | | 549 | | | | 546,242 | |
Term Loan - Second Lien, 10.09%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022 | | | | | 625 | | | | 625,391 | |
Ferro Corporation | | | | | | | | |
Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | | | | | 357 | | | | 354,746 | |
Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | | | | | 365 | | | | 362,458 | |
Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | | | | | 443 | | | | 440,710 | |
Flint Group GmbH | | | | | | | | |
Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | | | | | 160 | | | | 154,018 | |
Flint Group US, LLC | | | | | | | | |
Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | | | | | 968 | | | | 931,682 | |
Gemini HDPE, LLC | | | | | | | | |
Term Loan, 5.03%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024 | | | | | 2,342 | | | | 2,330,680 | |
H.B. Fuller Company | | | | | | | | |
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024 | | | | | 1,987 | | | | 1,959,458 | |
Ineos US Finance, LLC | | | | | | | | |
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024 | | EUR | | | 3,250 | | | | 3,639,700 | |
| | | | |
| | 8 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Chemicals and Plastics (continued) | |
Ineos US Finance, LLC (continued) | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024 | | | | | 99 | | | $ | 97,992 | |
Invictus US, LLC | | | | | | | | |
Term Loan, 5.50%, (2 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | | | | | 522 | | | | 520,198 | |
Kraton Polymers, LLC | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025 | | | | | 1,015 | | | | 1,010,593 | |
MacDermid, Inc. | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing June 7, 2020 | | | | | 1,077 | | | | 1,077,628 | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023 | | | | | 2,773 | | | | 2,779,229 | |
Messer Industries GmbH | | | | | | | | |
Term Loan, Maturing October 1, 2025(5) | | | | | 1,550 | | | | 1,532,175 | |
Minerals Technologies, Inc. | | | | | | | | |
Term Loan, 4.58%, (USD LIBOR + 2.25%), Maturing February 14, 2024(4) | | | | | 928 | | | | 922,138 | |
Orion Engineered Carbons GmbH | | | | | | | | |
Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024 | | | | | 1,157 | | | | 1,154,592 | |
Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing July 31, 2024 | | EUR | | | 828 | | | | 939,075 | |
Platform Specialty Products Corporation | | | | | | | | |
Term Loan, Maturing November 15, 2025(5) | | | | | 700 | | | | 694,313 | |
PMHC II, Inc. | | | | | | | | |
Term Loan, 6.15%, (USD LIBOR + 3.50%), Maturing March 31, 2025(4) | | | | | 398 | | | | 384,070 | |
PQ Corporation | | | | | | | | |
Term Loan, 5.03%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025 | | | | | 3,005 | | | | 2,970,911 | |
Schenectady International Group, Inc. | | | | | | | | |
Term Loan, 7.19%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025 | | | | | 1,000 | | | | 990,000 | |
Sonneborn Refined Products B.V. | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing December 10, 2020 | | | | | 69 | | | | 69,251 | |
Sonneborn, LLC | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing December 10, 2020 | | | | | 392 | | | | 392,422 | |
Spectrum Holdings III Corp. | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025 | | | | | 362 | | | | 354,031 | |
Starfruit Finco B.V. | | | | | | | | |
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing October 1, 2025 | | EUR | | | 475 | | | | 538,294 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Chemicals and Plastics (continued) | |
Starfruit Finco B.V. (continued) | | | | | | | | | |
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | | | | | | | 3,050 | | | $ | 3,012,333 | |
Tronox Blocked Borrower, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024 | | | | | | | 1,110 | | | | 1,100,847 | |
Tronox Finance, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024 | | | | | | | 2,562 | | | | 2,540,416 | |
Unifrax I, LLC | | | | | | | | | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing April 4, 2024 | | | | | | | 593 | | | | 585,849 | |
Univar, Inc. | | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024 | | | | | | | 2,701 | | | | 2,656,705 | |
Venator Materials Corporation | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024 | | | | | | | 421 | | | | 414,954 | |
| | | | | | | | | | $ | 44,972,471 | |
|
Conglomerates — 0.0%(7) | |
Penn Engineering & Manufacturing Corp. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024 | | | | | | | 272 | | | $ | 269,526 | |
| | | | | | | | | | $ | 269,526 | |
|
Containers and Glass Products — 3.9% | |
Berlin Packaging, LLC | | | | | | | | | |
Term Loan, 5.32%, (USD LIBOR + 3.00%), Maturing November 7, 2025(4) | | | | | | | 274 | | | $ | 270,655 | |
Berry Global, Inc. | | | | | | | | | |
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022 | | | | | | | 873 | | | | 867,303 | |
BWAY Holding Company | | | | | | | | | |
Term Loan, 5.66%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024 | | | | | | | 2,554 | | | | 2,491,221 | |
Consolidated Container Company, LLC | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | | | | | | | 421 | | | | 416,813 | |
Crown Americas, LLC | | | | | | | | | |
Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing April 3, 2025 | | | EUR | | | | 623 | | | | 709,028 | |
Flex Acquisition Company, Inc. | | | | | | | | | |
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing December 29, 2023 | | | | | | | 3,472 | | | | 3,404,419 | |
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing June 29, 2025 | | | | | | | 1,546 | | | | 1,525,639 | |
| | | | |
| | 9 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Containers and Glass Products (continued) | |
Libbey Glass, Inc. | | | | | | | | | |
Term Loan, 5.32%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021 | | | | | | | 1,111 | | | $ | 1,089,844 | |
Pelican Products, Inc. | | | | | | | | | |
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025 | | | | | | | 648 | | | | 643,917 | |
Reynolds Group Holdings, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023 | | | | | | | 5,771 | | | | 5,727,030 | |
Ring Container Technologies Group, LLC | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024 | | | | | | | 919 | | | | 909,624 | |
Trident TPI Holdings, Inc. | | | | | | | | | |
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing October 17, 2024 | | | EUR | | | | 1,365 | | | | 1,523,720 | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024 | | | | | | | 770 | | | | 760,678 | |
Verallia Packaging S.A.S | | | | | | | | | |
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022 | | | EUR | | | | 1,692 | | | | 1,898,888 | |
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing August 29, 2025 | | | EUR | | | | 1,525 | | | | 1,719,331 | |
| | | | | | | | | | $ | 23,958,110 | |
|
Cosmetics / Toiletries — 0.3% | |
KIK Custom Products, Inc. | | | | | | | | | |
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023 | | | | | | | 2,019 | | | $ | 1,932,851 | |
| | | | | | | | | | $ | 1,932,851 | |
|
Drugs — 6.1% | |
Albany Molecular Research, Inc. | | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024 | | | | | | | 842 | | | $ | 834,558 | |
Term Loan - Second Lien, 9.34%, (1 mo. USD LIBOR + 7.00%), Maturing August 30, 2025 | | | | | | | 500 | | | | 501,875 | |
Alkermes, Inc. | | | | | | | | | |
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023 | | | | | | | 402 | | | | 402,431 | |
Amneal Pharmaceuticals, LLC | | | | | | | | | |
Term Loan, 5.88%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025 | | | | | | | 3,790 | | | | 3,787,234 | |
Arbor Pharmaceuticals, Inc. | | | | | | | | | |
Term Loan, 7.35%, (1 mo. USD LIBOR + 5.00%), Maturing July 5, 2023 | | | | | | | 2,905 | | | | 2,730,670 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Drugs (continued) | |
Endo Luxembourg Finance Company I S.a.r.l. | | | | | | | | | |
Term Loan, 6.63%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024 | | | | | | | 6,436 | | | $ | 6,430,766 | |
Horizon Pharma, Inc. | | | | | | | | | |
Term Loan, 5.38%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2024 | | | | | | | 4,297 | | | | 4,273,822 | |
Jaguar Holding Company II | | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022 | | | | | | | 7,037 | | | | 6,940,101 | |
Mallinckrodt International Finance S.A. | | | | | | | | | |
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024 | | | | | | | 2,750 | | | | 2,658,707 | |
Term Loan, 5.62%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025 | | | | | | | 920 | | | | 895,558 | |
PharMerica Corporation | | | | | | | | | |
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing December 6, 2024 | | | | | | | 846 | | | | 841,521 | |
Term Loan - Second Lien, 10.06%, (1 mo. USD LIBOR + 7.75%), Maturing December 5, 2025 | | | | | | | 450 | | | | 446,625 | |
Valeant Pharmaceuticals International, Inc. | | | | | | | | | |
Term Loan, 5.31%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025 | | | | | | | 6,677 | | | | 6,618,734 | |
| | | | | | | | | | $ | 37,362,602 | |
|
Ecological Services and Equipment — 1.0% | |
Advanced Disposal Services, Inc. | | | | | | | | | |
Term Loan, 4.47%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023 | | | | | | | 2,180 | | | $ | 2,158,509 | |
EnergySolutions, LLC | | | | | | | | | |
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025 | | | | | | | 1,297 | | | | 1,270,815 | |
GFL Environmental, Inc. | | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing May 30, 2025 | | | | | | | 2,307 | | | | 2,253,578 | |
Term Loan, 7.00%, (3 mo. USD Prime + 1.75%), Maturing May 30, 2025 | | | | | | | 287 | | | | 280,649 | |
Wastequip, LLC | | | | | | | | | |
Term Loan, 5.82%, (1 mo. USD LIBOR + 3.50%), Maturing March 20, 2025 | | | | | | | 149 | | | | 149,623 | |
| | | | | | | | | | $ | 6,113,174 | |
|
Electronics / Electrical — 18.1% | |
Almonde, Inc. | | | | | | | | | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024 | | | | | | | 3,795 | | | $ | 3,688,653 | |
| | | | |
| | 10 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
Answers Finance, LLC | | | | | | | | |
Term Loan - Second Lien, 9.00%, (3 mo. USD Prime + 7.90%, Cap 1.10%), Maturing September 15, 2021(3) | | | | | 497 | | | $ | 397,728 | |
Applied Systems, Inc. | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing September 19, 2024 | | | | | 3,076 | | | | 3,071,656 | |
Term Loan - Second Lien, Maturing September 19, 2025(5) | | | | | 2,200 | | | | 2,224,200 | |
Aptean, Inc. | | | | | | | | |
Term Loan, 6.64%, (3 mo. USD LIBOR + 4.25%), Maturing December 20, 2022 | | | | | 1,277 | | | | 1,276,220 | |
Avast Software B.V. | | | | | | | | |
Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing September 30, 2023 | | | | | 1,510 | | | | 1,506,065 | |
Barracuda Networks, Inc. | | | | | | | | |
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing February 12, 2025 | | | | | 1,942 | | | | 1,926,341 | |
Blackhawk Network Holdings, Inc. | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing June 15, 2025 | | | | | 848 | | | | 839,820 | |
BMC Software Finance, Inc. | | | | | | | | |
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025 | | EUR | | | 300 | | | | 340,409 | |
Term Loan, 6.65%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025 | | | | | 3,450 | | | | 3,414,520 | |
Campaign Monitor Finance Pty. Limited | | | | | | | | |
Term Loan, 7.64%, (3 mo. USD LIBOR + 5.25%), Maturing March 18, 2021 | | | | | 1,024 | | | | 927,744 | |
Celestica, Inc. | | | | | | | | |
Term Loan, 4.81%, (2 mo. USD LIBOR + 2.50%), Maturing June 27, 2025 | | | | | 375 | | | | 370,781 | |
Cohu, Inc. | | | | | | | | |
Term Loan, 5.40%, (3 mo. USD LIBOR + 3.00%), Maturing September 20, 2025 | | | | | 825 | | | | 812,625 | |
CommScope, Inc. | | | | | | | | |
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.00%), Maturing December 29, 2022 | | | | | 399 | | | | 393,239 | |
CPI International, Inc. | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024 | | | | | 718 | | | | 713,264 | |
Cypress Semiconductor Corporation | | | | | | | | |
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021 | | | | | 1,102 | | | | 1,093,957 | |
DigiCert, Inc. | | | | | | | | |
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024 | | | | | 4,520 | | | | 4,498,278 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
Electro Rent Corporation | | | | | | | | |
Term Loan, 7.49%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024 | | | | | 1,351 | | | $ | 1,356,848 | |
Energizer Holdings, Inc. | | | | | | | | |
Term Loan, Maturing June 20, 2025(5) | | | | | 575 | | | | 562,781 | |
Epicor Software Corporation | | | | | | | | |
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022 | | | | | 2,907 | | | | 2,874,739 | |
Exact Merger Sub, LLC | | | | | | | | |
Term Loan, 6.64%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024 | | | | | 668 | | | | 668,668 | |
EXC Holdings III Corp. | | | | | | | | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024 | | | | | 521 | | | | 519,760 | |
Financial & Risk US Holdings, Inc. | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing October 1, 2025 | | | | | 1,225 | | | | 1,195,779 | |
Flexera Software, LLC | | | | | | | | |
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.25%), Maturing February 26, 2025 | | | | | 274 | | | | 272,832 | |
GlobalLogic Holdings, Inc. | | | | | | | | |
Term Loan, 1.63%, Maturing August 1, 2025(2) | | | | | 66 | | | | 65,377 | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025 | | | | | 459 | | | | 457,641 | |
Go Daddy Operating Company, LLC | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing February 15, 2024 | | | | | 5,771 | | | | 5,718,301 | |
GTCR Valor Companies, Inc. | | | | | | | | |
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023 | | | | | 1,603 | | | | 1,592,311 | |
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing June 20, 2023 | | EUR | | | 495 | | | | 562,053 | |
Hyland Software, Inc. | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing July 1, 2024 | | | | | 4,025 | | | | 4,006,279 | |
Infoblox, Inc. | | | | | | | | |
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023 | | | | | 2,072 | | | | 2,083,202 | |
Infor (US), Inc. | | | | | | | | |
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing February 1, 2022 | | | | | 7,120 | | | | 7,041,263 | |
Informatica, LLC | | | | | | | | |
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022 | | EUR | | | 347 | | | | 395,608 | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022 | | | | | 3,965 | | | | 3,959,633 | |
| | | | |
| | 11 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
Lattice Semiconductor Corporation | | | | | | | | |
Term Loan, 6.57%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021 | | | | | 498 | | | $ | 499,918 | |
MA FinanceCo., LLC | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021 | | | | | 3,027 | | | | 2,979,110 | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | | | | | 525 | | | | 515,660 | |
MACOM Technology Solutions Holdings, Inc. | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024 | | | | | 1,290 | | | | 1,245,742 | |
Microchip Technology Incorporated | | | | | | | | |
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025 | | | | | 2,510 | | | | 2,498,546 | |
MTS Systems Corporation | | | | | | | | |
Term Loan, 5.56%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023 | | | | | 1,213 | | | | 1,207,992 | |
Prometric Holdings, Inc. | | | | | | | | |
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025 | | | | | 323 | | | | 321,354 | |
Renaissance Holding Corp. | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025 | | | | | 1,297 | | | | 1,280,541 | |
Term Loan - Second Lien, 9.34%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026 | | | | | 200 | | | | 195,500 | |
Seattle Spinco, Inc. | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | | | | | 3,544 | | | | 3,483,484 | |
SGS Cayman L.P. | | | | | | | | |
Term Loan, 7.76%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | | | | | 401 | | | | 382,299 | |
SkillSoft Corporation | | | | | | | | |
Term Loan, 7.09%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021 | | | | | 5,047 | | | | 4,624,004 | |
SolarWinds Holdings, Inc. | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024 | | | | | 3,481 | | | | 3,472,093 | |
Southwire Company | | | | | | | | |
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.00%), Maturing May 19, 2025 | | | | | 623 | | | | 619,541 | |
SS&C Technologies Holdings Europe S.a.r.l. | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | | | | | 1,421 | | | | 1,391,167 | |
SS&C Technologies, Inc. | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | | | | | 3,732 | | | | 3,652,535 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
SurveyMonkey, Inc. | | | | | | | | | |
Term Loan, 6.10%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025 | | | | | | | 1,063 | | | $ | 1,060,675 | |
Sutherland Global Services, Inc. | | | | | | | | | |
Term Loan, 7.76%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | | | | | | | 1,722 | | | | 1,642,339 | |
Switch, Ltd. | | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing June 27, 2024 | | | | | | | 272 | | | | 269,977 | |
Tibco Software, Inc. | | | | | | | | | |
Term Loan, 5.85%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020 | | | | | | | 542 | | | | 541,591 | |
TriTech Software Systems | | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025 | | | | | | | 925 | | | | 918,930 | |
TTM Technologies, Inc. | | | | | | | | | |
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024 | | | | | | | 320 | | | | 311,607 | |
Uber Technologies | | | | | | | | | |
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023 | | | | | | | 4,316 | | | | 4,257,690 | |
Term Loan, 6.32%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025 | | | | | | | 2,621 | | | | 2,596,366 | |
Ultra Clean Holdings, Inc. | | | | | | | | | |
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | | | | | | | 950 | | | | 928,625 | |
VeriFone Systems, Inc. | | | | | | | | | |
Term Loan, 6.64%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025 | | | | | | | 1,000 | | | | 993,125 | |
Veritas Bermuda Ltd. | | | | | | | | | |
Term Loan, 6.85%, (USD LIBOR + 4.50%), Maturing January 27, 2023(4) | | | | | | | 2,421 | | | | 2,184,860 | |
Vero Parent, Inc. | | | | | | | | | |
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024 | | | | | | | 2,599 | | | | 2,608,495 | |
Wall Street Systems Delaware, Inc. | | | | | | | | | |
Term Loan, 4.00%, (3 mo. EURIBOR + 3.00%, Floor 1.00%), Maturing November 21, 2024 | | | EUR | | | | 620 | | | | 705,182 | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing November 21, 2024 | | | | | | | 794 | | | | 781,097 | |
Western Digital Corporation | | | | | | | | | |
Term Loan, 4.06%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023 | | | | | | | 1,694 | | | | 1,650,362 | |
| | | | | | | | | | $ | 110,648,982 | |
| | | | |
| | 12 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Equipment Leasing — 0.8% | |
Avolon TLB Borrower 1 (US), LLC | | | | | | | | | |
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025 | | | | | | | 4,480 | | | $ | 4,441,801 | |
IBC Capital Limited | | | | | | | | | |
Term Loan, 6.09%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023 | | | | | | | 622 | | | | 617,988 | |
| | | | | | | | | | $ | 5,059,789 | |
|
Financial Intermediaries — 4.1% | |
Citco Funding, LLC | | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 | | | | | | | 2,835 | | | $ | 2,816,904 | |
Clipper Acquisitions Corp. | | | | | | | | | |
Term Loan, 4.06%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024 | | | | | | | 1,265 | | | | 1,262,011 | |
Ditech Holding Corporation | | | | | | | | | |
Term Loan, 8.34%, (1 mo. USD LIBOR + 6.00%), Maturing June 30, 2022 | | | | | | | 3,315 | | | | 2,975,094 | |
Donnelley Financial Solutions, Inc. | | | | | | | | | |
Term Loan, 5.22%, (1 week USD LIBOR + 3.00%), Maturing October 2, 2023 | | | | | | | 184 | | | | 183,595 | |
EIG Management Company, LLC | | | | | | | | | |
Term Loan, 6.06%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025 | | | | | | | 274 | | | | 274,480 | |
Evergood 4 ApS | | | | | | | | | |
Term Loan, Maturing February 6, 2025(5) | | | EUR | | | | 118 | | | | 134,772 | |
Term Loan, Maturing February 6, 2025(5) | | | EUR | | | | 632 | | | | 718,785 | |
Focus Financial Partners, LLC | | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024 | | | | | | | 1,995 | | | | 1,981,284 | |
Fortress Investment Group, LLC | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022 | | | | | | | 1,081 | | | | 1,072,164 | |
Franklin Square Holdings L.P. | | | | | | | | | |
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025 | | | | | | | 575 | | | | 572,484 | |
Freedom Mortgage Corporation | | | | | | | | | |
Term Loan, 7.09%, (1 mo. USD LIBOR + 4.75%), Maturing February 23, 2022 | | | | | | | 1,977 | | | | 1,971,183 | |
Greenhill & Co., Inc. | | | | | | | | | |
Term Loan, 6.21%, (USD LIBOR + 3.75%), Maturing October 12, 2022(4) | | | | | | | 1,059 | | | | 1,061,397 | |
GreenSky Holdings, LLC | | | | | | | | | |
Term Loan, 5.63%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025 | | | | | | | 1,493 | | | | 1,486,903 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Financial Intermediaries (continued) | |
Guggenheim Partners, LLC | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023 | | | | | | | 1,133 | | | $ | 1,133,534 | |
Harbourvest Partners, LLC | | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025 | | | | | | | 1,134 | | | | 1,127,284 | |
LPL Holdings, Inc. | | | | | | | | | |
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024 | | | | | | | 1,481 | | | | 1,471,400 | |
MIP Delaware, LLC | | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing March 9, 2020 | | | | | | | 109 | | | | 108,987 | |
Ocwen Financial Corporation | | | | | | | | | |
Term Loan, 7.32%, (1 mo. USD LIBOR + 5.00%), Maturing December 5, 2020 | | | | | | | 317 | | | | 316,892 | |
Sesac Holdco II, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024 | | | | | | | 591 | | | | 582,135 | |
StepStone Group L.P. | | | | | | | | | |
Term Loan, 6.35%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025 | | | | | | | 647 | | | | 645,942 | |
Victory Capital Holdings, Inc. | | | | | | | | | |
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing February 12, 2025 | | | | | | | 292 | | | | 291,849 | |
Virtus Investment Partners, Inc. | | | | | | | | | |
Term Loan, 4.91%, (3 mo. USD LIBOR + 2.50%), Maturing June 1, 2024 | | | | | | | 702 | | | | 702,414 | |
Walker & Dunlop, Inc. | | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2025 | | | | | | | 2,300 | | | | 2,297,125 | |
| | | | | | | | | | $ | 25,188,618 | |
|
Food Products — 4.2% | |
Alphabet Holding Company, Inc. | | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024 | | | | | | | 2,574 | | | $ | 2,428,410 | |
Badger Buyer Corp. | | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024 | | | | | | | 371 | | | | 363,361 | |
CHG PPC Parent, LLC | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025 | | | | | | | 524 | | | | 517,783 | |
Del Monte Foods, Inc. | | | | | | | | | |
Term Loan, 5.91%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021 | | | | | | | 2,312 | | | | 1,985,107 | |
| | | | |
| | 13 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Food Products (continued) | |
Dole Food Company, Inc. | | | | | | | | | |
Term Loan, 5.09%, (USD LIBOR + 2.75%), Maturing April 6, 2024(4) | | | | | | | 1,841 | | | $ | 1,816,467 | |
Froneri International PLC | | | | | | | | | |
Term Loan, 2.63%, (3 mo. EURIBOR + 2.63%), Maturing January 22, 2025 | | | EUR | | | | 2,825 | | | | 3,196,184 | |
Hearthside Food Solutions, LLC | | | | | | | | | |
Term Loan, 6.03%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025 | | | | | | | 773 | | | | 754,702 | |
Term Loan, 6.32%, (1 mo. USD LIBOR + 4.00%), Maturing May 31, 2025 | | | | | | | 500 | | | | 495,625 | |
High Liner Foods Incorporated | | | | | | | | | |
Term Loan, 5.65%, (3 mo. USD LIBOR + 3.25%), Maturing April 24, 2021 | | | | | | | 848 | | | | 795,405 | |
HLF Financing S.a.r.l. | | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025 | | | | | | | 1,125 | | | | 1,123,125 | |
Jacobs Douwe Egberts International B.V. | | | | | | | | | |
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing November 1, 2025 | | | EUR | | | | 285 | | | | 324,333 | |
Term Loan, 4.56%, (3 mo. USD LIBOR + 2.00%), Maturing November 1, 2025 | | | | | | | 1,737 | | | | 1,733,826 | |
JBS USA Lux S.A. | | | | | | | | | |
Term Loan, 4.84%, (3 mo. USD LIBOR + 2.50%), Maturing October 30, 2022 | | | | | | | 7,542 | | | | 7,468,557 | |
Nomad Foods Europe Midco Limited | | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024 | | | | | | | 1,294 | | | | 1,271,672 | |
Post Holdings, Inc. | | | | | | | | | |
Term Loan, 4.32%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024 | | | | | | | 1,071 | | | | 1,068,061 | |
Restaurant Technologies, Inc. | | | | | | | | | |
Term Loan, 5.65%, (3 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | | | | | | | 225 | | | | 224,859 | |
| | | | | | | | | | $ | 25,567,477 | |
|
Food Service — 2.5% | |
1011778 B.C. Unlimited Liability Company | | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024 | | | | | | | 6,329 | | | $ | 6,199,735 | |
Aramark Services, Inc. | | | | | | | | | |
Term Loan, 4.09%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025 | | | | | | | 909 | | | | 904,516 | |
Del Frisco’s Restaurant Group, Inc. | | | | | | | | | |
Term Loan, 8.38%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025 | | | | | | | 648 | | | | 619,198 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Food Service (continued) | |
Dhanani Group, Inc. | | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing July 20, 2025 | | | | | | | 648 | | | $ | 641,891 | |
IRB Holding Corp. | | | | | | | | | |
Term Loan, 5.57%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025 | | | | | | | 2,301 | | | | 2,280,610 | |
KFC Holding Co. | | | | | | | | | |
Term Loan, 4.05%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025 | | | | | | | 1,054 | | | | 1,047,786 | |
NPC International, Inc. | | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024 | | | | | | | 938 | | | | 900,600 | |
Seminole Hard Rock Entertainment, Inc. | | | | | | | | | |
Term Loan, 5.15%, (3 mo. USD LIBOR + 2.75%), Maturing May 14, 2020 | | | | | | | 284 | | | | 283,954 | |
US Foods, Inc. | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023 | | | | | | | 895 | | | | 886,186 | |
Welbilt, Inc. | | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025 | | | | | | | 1,753 | | | | 1,732,953 | |
| | | | | | | | | | $ | 15,497,429 | |
|
Food / Drug Retailers — 1.3% | |
Albertsons, LLC | | | | | | | | | |
Term Loan, 5.38%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022 | | | | | | | 1,474 | | | $ | 1,453,281 | |
Term Loan, 5.69%, (3 mo. USD LIBOR + 3.00%), Maturing June 22, 2023 | | | | | | | 3,983 | | | | 3,918,377 | |
Term Loan, 5.45%, (3 mo. USD LIBOR + 3.00%), Maturing November 17, 2025 | | | | | | | 1,125 | | | | 1,101,832 | |
Diplomat Pharmacy, Inc. | | | | | | | | | |
Term Loan, 6.85%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024 | | | | | | | 505 | | | | 506,896 | |
Holland & Barrett International | | | | | | | | | |
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024 | | | EUR | | | | 450 | | | | 497,346 | |
Term Loan, 6.05%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024 | | | GBP | | | | 450 | | | | 547,430 | |
| | | | | | | | | | $ | 8,025,162 | |
|
Health Care — 14.0% | |
Acadia Healthcare Company, Inc. | | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022 | | | | | | | 258 | | | $ | 256,460 | |
| | | | |
| | 14 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Health Care (continued) | |
ADMI Corp. | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025 | | | | | 1,845 | | | $ | 1,837,685 | |
Akorn, Inc. | | | | | | | | |
Term Loan, 7.88%, (1 mo. USD LIBOR + 5.50%), Maturing April 16, 2021 | | | | | 1,935 | | | | 1,641,891 | |
Alliance Healthcare Services, Inc. | | | | | | | | |
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023 | | | | | 1,084 | | | | 1,083,594 | |
Term Loan - Second Lien, 12.34%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024 | | | | | 525 | | | | 525,000 | |
Argon Medical Devices, Inc. | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025 | | | | | 821 | | | | 821,388 | |
Athletico Management, LLC | | | | | | | | |
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025 | | | | | 575 | | | | 577,875 | |
Auris Luxembourg III S.a.r.l. | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing January 17, 2022 | | | | | 820 | | | | 818,268 | |
Avantor, Inc. | | | | | | | | |
Term Loan, 6.07%, (1 mo. USD LIBOR + 3.75%), Maturing November 21, 2024 | | | | | 1,315 | | | | 1,315,679 | |
Beaver-Visitec International, Inc. | | | | | | | | |
Term Loan, 6.39%, (3 mo. USD LIBOR + 4.00%), Maturing August 21, 2023 | | | | | 858 | | | | 857,538 | |
BioClinica, Inc. | | | | | | | | |
Term Loan, 6.75%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023 | | | | | 1,525 | | | | 1,440,979 | |
BW NHHC Holdco, Inc. | | | | | | | | |
Term Loan, 7.30%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025 | | | | | 1,072 | | | | 1,053,547 | |
Carestream Dental Equipment, Inc. | | | | | | | | |
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing September 1, 2024 | | | | | 1,386 | | | | 1,365,210 | |
Certara L.P. | | | | | | | | |
Term Loan, 5.89%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2024 | | | | | 990 | | | | 978,863 | |
CHG Healthcare Services, Inc. | | | | | | | | |
Term Loan, 5.46%, (USD LIBOR + 3.00%), Maturing June 7, 2023(4) | | | | | 3,526 | | | | 3,514,262 | |
Community Health Systems, Inc. | | | | | | | | |
Term Loan, 5.96%, (3 mo. USD LIBOR + 3.25%), Maturing January 27, 2021 | | | | | 1,793 | | | | 1,756,759 | |
Concentra, Inc. | | | | | | | | |
Term Loan, 5.07%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022 | | | | | 611 | | | | 606,114 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Health Care (continued) | |
Convatec, Inc. | | | | | | | | |
Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing October 31, 2023 | | | | | 640 | | | $ | 635,848 | |
CPI Holdco, LLC | | | | | | | | |
Term Loan, 5.89%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2024 | | | | | 839 | | | | 834,617 | |
CryoLife, Inc. | | | | | | | | |
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024 | | | | | 521 | | | | 520,411 | |
CTC AcquiCo GmbH | | | | | | | | |
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing March 7, 2025 | | EUR | | | 903 | | | | 1,018,094 | |
DaVita, Inc. | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing June 24, 2021 | | | | | 1,935 | | | | 1,933,850 | |
DJO Finance, LLC | | | | | | | | |
Term Loan, 5.62%, (USD LIBOR + 3.25%), Maturing June 8, 2020(4) | | | | | 2,346 | | | | 2,344,721 | |
Envision Healthcare Corporation | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025 | | | | | 4,925 | | | | 4,739,081 | |
Equian, LLC | | | | | | | | |
Term Loan, 5.57%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024 | | | | | 668 | | | | 663,923 | |
Gentiva Health Services, Inc. | | | | | | | | |
Term Loan, 6.13%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | | | | | 2,175 | | | | 2,170,583 | |
GHX Ultimate Parent Corporation | | | | | | | | |
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing June 28, 2024 | | | | | 990 | | | | 974,152 | |
Greatbatch Ltd. | | | | | | | | |
Term Loan, 5.32%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022 | | | | | 1,702 | | | | 1,700,583 | |
Grifols Worldwide Operations USA, Inc. | | | | | | | | |
Term Loan, 4.47%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025 | | | | | 3,669 | | | | 3,644,127 | |
Hanger, Inc. | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025 | | | | | 1,144 | | | | 1,142,820 | |
Indivior Finance S.a.r.l. | | | | | | | | |
Term Loan, 7.03%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2022 | | | | | 2,017 | | | | 1,986,364 | |
Inovalon Holdings, Inc. | | | | | | | | |
Term Loan, 5.88%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025 | | | | | 1,347 | | | | 1,339,330 | |
| | | | |
| | 15 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Health Care (continued) | |
IQVIA, Inc. | | | | | | | | |
Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024 | | | | | 551 | | | $ | 549,510 | |
Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025 | | | | | 990 | | | | 982,884 | |
Kinetic Concepts, Inc. | | | | | | | | |
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024 | | | | | 2,913 | | | | 2,905,842 | |
KUEHG Corp. | | | | | | | | |
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025 | | | | | 3,278 | | | | 3,267,633 | |
Term Loan - Second Lien, 10.64%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025 | | | | | 425 | | | | 427,125 | |
Medical Solutions, LLC | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024 | | | | | 769 | | | | 768,281 | |
MedPlast Holdings, Inc. | | | | | | | | |
Term Loan, 6.15%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | | | | | 500 | | | | 500,313 | |
MPH Acquisition Holdings, LLC | | | | | | | | |
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023 | | | | | 3,436 | | | | 3,378,078 | |
National Mentor Holdings, Inc. | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2021 | | | | | 1,061 | | | | 1,060,495 | |
Navicure, Inc. | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024 | | | | | 844 | | | | 838,164 | |
New Millennium Holdco, Inc. | | | | | | | | |
Term Loan, 8.84%, (1 mo. USD LIBOR + 6.50%), Maturing December 21, 2020 | | | | | 554 | | | | 313,666 | |
One Call Corporation | | | | | | | | |
Term Loan, 7.56%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022 | | | | | 2,512 | | | | 2,302,756 | |
Ortho-Clinical Diagnostics S.A. | | | | | | | | |
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing June 30, 2025 | | | | | 3,619 | | | | 3,534,859 | |
Parexel International Corporation | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 | | | | | 2,822 | | | | 2,748,141 | |
Press Ganey Holdings, Inc. | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023 | | | | | 811 | | | | 802,710 | |
Prospect Medical Holdings, Inc. | | | | | | | | |
Term Loan, 7.88%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024 | | | | | 1,269 | | | | 1,273,382 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Health Care (continued) | |
R1 RCM, Inc. | | | | | | | | | |
Term Loan, 7.65%, (3 mo. USD LIBOR + 5.25%), Maturing May 8, 2025 | | | | | | | 623 | | | $ | 621,100 | |
RadNet, Inc. | | | | | | | | | |
Term Loan, 6.22%, (3 mo. USD LIBOR + 3.75%), Maturing June 30, 2023 | | | | | | | 1,628 | | | | 1,628,568 | |
Select Medical Corporation | | | | | | | | | |
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025 | | | | | | | 1,773 | | | | 1,765,243 | |
Sotera Health Holdings, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022 | | | | | | | 900 | | | | 891,975 | |
Sound Inpatient Physicians | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing June 27, 2025 | | | | | | | 499 | | | | 497,815 | |
Surgery Center Holdings, Inc. | | | | | | | | | |
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024 | | | | | | | 1,064 | | | | 1,051,279 | |
Syneos Health, Inc. | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing August 1, 2024 | | | | | | | 391 | | | | 388,169 | |
Team Health Holdings, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024 | | | | | | | 2,216 | | | | 2,072,194 | |
Tecomet, Inc. | | | | | | | | | |
Term Loan, 5.82%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024 | | | | | | | 839 | | | | 832,030 | |
U.S. Anesthesia Partners, Inc. | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024 | | | | | | | 1,710 | | | | 1,706,805 | |
Universal Hospital Services, Inc. | | | | | | | | | |
Term Loan, Maturing October 18, 2025(5) | | | | | | | 475 | | | | 473,813 | |
Verscend Holding Corp. | | | | | | | | | |
Term Loan, 6.84%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | | | | | | | 1,625 | | | | 1,619,413 | |
Wink Holdco, Inc. | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024 | | | | | | | 496 | | | | 490,047 | |
| | | | | | | | | | $ | 85,791,906 | |
|
Home Furnishings — 1.0% | |
Bright Bidco B.V. | | | | | | | | | |
Term Loan, 5.87%, (USD LIBOR + 3.50%), Maturing June 30, 2024(4) | | | | | | | 1,680 | | | $ | 1,545,882 | |
| | | | |
| | 16 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Home Furnishings (continued) | |
Serta Simmons Bedding, LLC | | | | | | | | | |
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023 | | | | | | | 4,839 | | | $ | 4,320,658 | |
| | | | | | | | | | $ | 5,866,540 | |
|
Industrial Equipment — 6.4% | |
AL Alpine AT Bidco GmbH | | | | | | | | | |
Term Loan, 5.81%, (3 mo. USD LIBOR + 3.25%), Maturing October 31, 2025 | | | | | | | 250 | | | $ | 246,875 | |
Altra Industrial Motion Corp. | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025 | | | | | | | 800 | | | | 795,250 | |
Apex Tool Group, LLC | | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022 | | | | | | | 2,600 | | | | 2,530,429 | |
CFSP Acquisition Corp. | | | | | | | | | |
Term Loan, 1.00%, Maturing March 20, 2025(2) | | | | | | | 51 | | | | 49,791 | |
Term Loan, 5.32%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025 | | | | | | | 223 | | | | 219,637 | |
Clark Equipment Company | | | | | | | | | |
Term Loan, 4.38%, (USD LIBOR + 2.00%), Maturing May 18, 2024(4) | | | | | | | 1,758 | | | | 1,732,684 | |
Coherent Holding GmbH | | | | | | | | | |
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing November 7, 2023 | | | EUR | | | | 749 | | | | 853,218 | |
CPM Holdings, Inc. | | | | | | | | | |
Term Loan, 6.06%, (1 mo. USD LIBOR + 3.75%), Maturing November 15, 2025 | | | | | | | 325 | | | | 326,625 | |
Delachaux S.A. | | | | | | | | | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing October 28, 2021 | | | | | | | 412 | | | | 412,010 | |
DexKo Global, Inc. | | | | | | | | | |
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024 | | | EUR | | | | 330 | | | | 373,523 | |
Term Loan, 3.75%, (1 week EURIBOR + 3.75%), Maturing July 24, 2024 | | | EUR | | | | 825 | | | | 933,807 | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024 | | | | | | | 918 | | | | 913,484 | |
DXP Enterprises, Inc. | | | | | | | | | |
Term Loan, 7.09%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023 | | | | | | | 545 | | | | 548,584 | |
Engineered Machinery Holdings, Inc. | | | | | | | | | |
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024 | | | | | | | 1,838 | | | | 1,800,091 | |
EWT Holdings III Corp. | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024 | | | | | | | 2,141 | | | | 2,132,939 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Industrial Equipment (continued) | |
Filtration Group Corporation | | | | | | | | |
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025 | | EUR | | | 398 | | | $ | 452,829 | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025 | | | | | 1,766 | | | | 1,757,019 | |
Gardner Denver, Inc. | | | | | | | | |
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024 | | EUR | | | 429 | | | | 485,741 | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024 | | | | | 1,137 | | | | 1,133,225 | |
Gates Global, LLC | | | | | | | | |
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024 | | EUR | | | 936 | | | | 1,054,450 | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024 | | | | | 4,651 | | | | 4,580,371 | |
Hamilton Holdco, LLC | | | | | | | | |
Term Loan, 4.40%, (3 mo. USD LIBOR + 2.00%), Maturing July 2, 2025 | | | | | 898 | | | | 888,773 | |
Hayward Industries, Inc. | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024 | | | | | 495 | | | | 490,256 | |
LTI Holdings, Inc. | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025 | | | | | 500 | | | | 483,750 | |
Milacron, LLC | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 | | | | | 2,752 | | | | 2,707,222 | |
Paladin Brands Holding, Inc. | | | | | | | | |
Term Loan, 7.89%, (3 mo. USD LIBOR + 5.50%), Maturing August 15, 2022 | | | | | 1,314 | | | | 1,318,754 | |
Pro Mach Group, Inc. | | | | | | | | |
Term Loan, 5.32%, (1 mo. USD LIBOR + 3.00%), Maturing March 7, 2025 | | | | | 249 | | | | 243,568 | |
Rexnord, LLC | | | | | | | | |
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.00%), Maturing August 21, 2024 | | | | | 2,523 | | | | 2,512,300 | |
Robertshaw US Holding Corp. | | | | | | | | |
Term Loan, 5.88%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025 | | | | | 1,070 | | | | 1,037,536 | |
Shape Technologies Group, Inc. | | | | | | | | |
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing April 20, 2025 | | | | | 249 | | | | 246,258 | |
Tank Holding Corp. | | | | | | | | |
Term Loan, 5.59%, (USD LIBOR + 3.25%), Maturing March 17, 2022(4) | | | | | 1,160 | | | | 1,149,861 | |
Thermon Industries, Inc. | | | | | | | | |
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024 | | | | | 352 | | | | 351,320 | |
| | | | |
| | 17 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Industrial Equipment (continued) | |
Titan Acquisition Limited | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | | | | | | | 3,159 | | | $ | 2,968,592 | |
Wittur GmbH | | | | | | | | | |
Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, 2022 | | | EUR | | | | 1,000 | | | | 1,139,411 | |
| | | | | | | | | | $ | 38,870,183 | |
|
Insurance — 4.7% | |
Alliant Holdings I, Inc. | | | | | | | | | |
Term Loan, 5.06%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025 | | | | | | | 2,576 | | | $ | 2,533,820 | |
AmWINS Group, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024 | | | | | | | 3,082 | | | | 3,057,322 | |
Asurion, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022 | | | | | | | 5,191 | | | | 5,157,057 | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023 | | | | | | | 2,312 | | | | 2,292,433 | |
Term Loan - Second Lien, 8.84%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025 | | | | | | | 2,700 | | | | 2,760,750 | |
Financiere CEP SAS | | | | | | | | | |
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025 | | | EUR | | | | 550 | | | | 614,288 | |
FrontDoor, Inc. | | | | | | | | | |
Term Loan, 4.88%, (1 mo. USD LIBOR + 2.50%), Maturing August 14, 2025 | | | | | | | 500 | | | | 497,500 | |
Hub International Limited | | | | | | | | | |
Term Loan, 5.24%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025 | | | | | | | 5,287 | | | | 5,206,714 | |
NFP Corp. | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024 | | | | | | | 2,597 | | | | 2,549,322 | |
Sedgwick Claims Management Services, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2021 | | | | | | | 1,169 | | | | 1,165,365 | |
USI, Inc. | | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024 | | | | | | | 3,069 | | | | 3,000,715 | |
| | | | | | | | | | $ | 28,835,286 | |
|
Leisure Goods / Activities / Movies — 5.5% | |
AMC Entertainment Holdings, Inc. | | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2022 | | | | | | | 1,304 | | | $ | 1,295,398 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Leisure Goods / Activities / Movies (continued) | |
AMC Entertainment Holdings, Inc. (continued) | | | | | | | | |
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2023 | | | | | 590 | | | $ | 585,724 | |
Ancestry.com Operations, Inc. | | | | | | | | |
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023 | | | | | 3,186 | | | | 3,178,048 | |
Bombardier Recreational Products, Inc. | | | | | | | | |
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025 | | | | | 4,790 | | | | 4,746,495 | |
CDS U.S. Intermediate Holdings, Inc. | | | | | | | | |
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing July 8, 2022 | | | | | 1,261 | | | | 1,210,510 | |
ClubCorp Holdings, Inc. | | | | | | | | |
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024 | | | | | 2,410 | | | | 2,338,541 | |
Crown Finance US, Inc. | | | | | | | | |
Term Loan, 2.63%, (1 mo. EURIBOR + 2.63%), Maturing February 28, 2025 | | EUR | | | 920 | | | | 1,038,050 | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing February 28, 2025 | | | | | 2,164 | | | | 2,128,185 | |
Delta 2 (LUX) S.a.r.l. | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024 | | | | | 1,780 | | | | 1,723,319 | |
Emerald Expositions Holding, Inc. | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | | | | | 1,190 | | | | 1,181,201 | |
Etraveli Holding AB | | | | | | | | |
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 2, 2024 | | EUR | | | 850 | | | | 969,502 | |
Lindblad Expeditions, Inc. | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2025 | | | | | 346 | | | | 345,797 | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2025 | | | | | 1,383 | | | | 1,383,189 | |
Live Nation Entertainment, Inc. | | | | | | | | |
Term Loan, 4.13%, (1 mo. USD LIBOR + 1.75%), Maturing October 31, 2023 | | | | | 2,791 | | | | 2,780,329 | |
Match Group, Inc. | | | | | | | | |
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing November 16, 2022 | | | | | 558 | | | | 558,510 | |
Sabre GLBL, Inc. | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024 | | | | | 1,042 | | | | 1,029,510 | |
SeaWorld Parks & Entertainment, Inc. | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024 | | | | | 1,949 | | | | 1,929,695 | |
| | | | |
| | 18 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Leisure Goods / Activities / Movies (continued) | |
SRAM, LLC | | | | | | | | | |
Term Loan, 5.21%, (USD LIBOR + 2.75%), Maturing March 15, 2024(4) | | | | | | | 1,737 | | | $ | 1,732,925 | |
Steinway Musical Instruments, Inc. | | | | | | | | | |
Term Loan, 6.06%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025 | | | | | | | 920 | | | | 915,773 | |
Travel Leaders Group, LLC | | | | | | | | | |
Term Loan, 6.30%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024 | | | | | | | 998 | | | | 999,994 | |
UFC Holdings, LLC | | | | | | | | | |
Term Loan, 5.60%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2023 | | | | | | | 1,544 | | | | 1,540,927 | |
| | | | | | | | | | $ | 33,611,622 | |
|
Lodging and Casinos — 5.9% | |
Aristocrat Technologies, Inc. | | | | | | | | | |
Term Loan, 4.22%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024 | | | | | | | 1,181 | | | $ | 1,164,681 | |
Azelis Finance S.A. | | | | | | | | | |
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing November 7, 2025 | | | EUR | | | | 500 | | | | 569,057 | |
Boyd Gaming Corporation | | | | | | | | | |
Term Loan, 4.48%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023 | | | | | | | 1,026 | | | | 1,008,744 | |
CityCenter Holdings, LLC | | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024 | | | | | | | 2,695 | | | | 2,651,247 | |
Eldorado Resorts, LLC | | | | | | | | | |
Term Loan, 4.75%, (2 mo. USD LIBOR + 2.25%), Maturing April 17, 2024 | | | | | | | 891 | | | | 883,708 | |
ESH Hospitality, Inc. | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023 | | | | | | | 1,355 | | | | 1,342,094 | |
Four Seasons Hotels Limited | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023 | | | | | | | 1,007 | | | | 999,761 | |
Golden Nugget, Inc. | | | | | | | | | |
Term Loan, 5.23%, (USD LIBOR + 2.75%), Maturing October 4, 2023(4) | | | | | | | 4,543 | | | | 4,489,070 | |
GVC Holdings PLC | | | | | | | | | |
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 29, 2024 | | | EUR | | | | 1,350 | | | | 1,529,052 | |
Term Loan, 4.30%, (3 mo. GBP LIBOR + 3.50%), Maturing March 29, 2024 | | | GBP | | | | 700 | | | | 892,068 | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing March 29, 2024 | | | | | | | 1,194 | | | | 1,188,030 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Lodging and Casinos (continued) | |
Hanjin International Corp. | | | | | | | | | |
Term Loan, 4.94%, (3 mo. USD LIBOR + 2.50%), Maturing October 18, 2020 | | | | | | | 550 | | | $ | 545,875 | |
Hilton Worldwide Finance, LLC | | | | | | | | | |
Term Loan, 4.07%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023 | | | | | | | 4,077 | | | | 4,044,269 | |
Las Vegas Sands, LLC | | | | | | | | | |
Term Loan, 4.09%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025 | | | | | | | 1,119 | | | | 1,104,994 | |
MGM Growth Properties Operating Partnership L.P. | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025 | | | | | | | 2,048 | | | | 2,014,867 | |
Playa Resorts Holding B.V. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024 | | | | | | | 2,622 | | | | 2,544,739 | |
Stars Group Holdings B.V. (The) | | | | | | | | | |
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025 | | | EUR | | | | 1,000 | | | | 1,139,176 | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025 | | | | | | | 4,339 | | | | 4,330,312 | |
VICI Properties 1, LLC | | | | | | | | | |
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024 | | | | | | | 2,315 | | | | 2,282,222 | |
Wyndham Hotels & Resorts, Inc. | | | | | | | | | |
Term Loan, 4.09%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025 | | | | | | | 1,400 | | | | 1,387,968 | |
| | | | | | | | | | $ | 36,111,934 | |
|
Nonferrous Metals / Minerals — 1.3% | |
CD&R Hydra Buyer, Inc. | | | | | | | | | |
Term Loan, 7.50%, (0.00% Cash, 7.50% PIK), Maturing August 15, 2021(3)(8) | | | | | | | 140 | | | $ | 117,722 | |
Dynacast International, LLC | | | | | | | | | |
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022 | | | | | | | 1,315 | | | | 1,303,755 | |
Global Brass & Copper, Inc. | | | | | | | | | |
Term Loan, 4.88%, (1 mo. USD LIBOR + 2.50%), Maturing May 29, 2025 | | | | | | | 907 | | | | 904,234 | |
Murray Energy Corporation | | | | | | | | | |
Term Loan, 9.78%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022 | | | | | | | 2,084 | | | | 1,820,586 | |
Noranda Aluminum Acquisition Corporation | | | | | | | | | |
Term Loan, 0.00%, Maturing February 28, 2019(3)(6) | | | | | | | 942 | | | | 72,624 | |
Oxbow Carbon, LLC | | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing January 4, 2023 | | | | | | | 1,489 | | | | 1,489,233 | |
| | | | |
| | 19 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Nonferrous Metals / Minerals (continued) | |
Oxbow Carbon, LLC (continued) | | | | | | | | | |
Term Loan - Second Lien, 9.84%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024 | | | | | | | 800 | | | $ | 818,000 | |
Rain Carbon GmbH | | | | | | | | | |
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 16, 2025 | | | EUR | | | | 1,025 | | | | 1,160,113 | |
| | | | | | | | | | $ | 7,686,267 | |
|
Oil and Gas — 2.1% | |
Ameriforge Group, Inc. | | | | | | | | | |
Term Loan, 9.39%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022 | | | | | | | 768 | | | $ | 773,396 | |
Apergy Corporation | | | | | | | | | |
Term Loan, 4.88%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025 | | | | | | | 357 | | | | 350,681 | |
Centurion Pipeline Company, LLC | | | | | | | | | |
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing September 29, 2025 | | | | | | | 275 | | | | 276,031 | |
CITGO Petroleum Corporation | | | | | | | | | |
Term Loan, 5.90%, (3 mo. USD LIBOR + 3.50%), Maturing July 29, 2021 | | | | | | | 1,056 | | | | 1,050,720 | |
Delek US Holdings, Inc. | | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025 | | | | | | | 398 | | | | 394,269 | |
Fieldwood Energy, LLC | | | | | | | | | |
Term Loan, 7.59%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022 | | | | | | | 2,475 | | | | 2,434,596 | |
Term Loan - Second Lien, 9.59%, (1 mo. USD LIBOR + 7.25%), Maturing April 11, 2023 | | | | | | | 202 | | | | 180,704 | |
McDermott Technology Americas, Inc. | | | | | | | | | |
Term Loan, 7.34%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025 | | | | | | | 1,318 | | | | 1,272,782 | |
MEG Energy Corp. | | | | | | | | | |
Term Loan, 5.85%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023 | | | | | | | 1,415 | | | | 1,410,165 | |
PSC Industrial Holdings Corp. | | | | | | | | | |
Term Loan, 6.06%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024 | | | | | | | 769 | | | | 772,072 | |
Sheridan Investment Partners II L.P. | | | | | | | | | |
Term Loan, 6.21%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 | | | | | | | 38 | | | | 33,774 | |
Term Loan, 6.21%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 | | | | | | | 103 | | | | 90,559 | |
Term Loan, 6.21%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 | | | | | | | 740 | | | | 651,002 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Oil and Gas (continued) | |
Sheridan Production Partners I, LLC | | | | | | | | | |
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | | | | | | | 123 | | | $ | 110,654 | |
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | | | | | | | 201 | | | | 181,160 | |
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | | | | | | | 1,519 | | | | 1,367,163 | |
Ultra Resources, Inc. | | | | | | | | | |
Term Loan, 5.47%, (3 mo. USD LIBOR + 3.00%), Maturing April 12, 2024 | | | | | | | 1,550 | | | | 1,447,959 | |
| | | | | | | | | | $ | 12,797,687 | |
|
Publishing — 1.7% | |
Ascend Learning, LLC | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024 | | | | | | | 1,213 | | | $ | 1,204,033 | |
Getty Images, Inc. | | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing October 18, 2019 | | | | | | | 3,721 | | | | 3,692,665 | |
Harland Clarke Holdings Corp. | | | | | | | | | |
Term Loan, 7.14%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023 | | | | | | | 934 | | | | 862,845 | |
Lamar Media Corporation | | | | | | | | | |
Term Loan, 4.13%, (1 mo. USD LIBOR + 1.75%), Maturing March 14, 2025 | | | | | | | 572 | | | | 570,337 | |
LSC Communications, Inc. | | | | | | | | | |
Term Loan, 7.84%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2022 | | | | | | | 972 | | | | 974,096 | |
Merrill Communications, LLC | | | | | | | | | |
Term Loan, 7.78%, (3 mo. USD LIBOR + 5.25%), Maturing June 1, 2022 | | | | | | | 283 | | | | 283,931 | |
Multi Color Corporation | | | | | | | | | |
Term Loan, 4.34%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2024 | | | | | | | 347 | | | | 343,467 | |
ProQuest, LLC | | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing October 24, 2021 | | | | | | | 1,932 | | | | 1,929,346 | |
Tweddle Group, Inc. | | | | | | | | | |
Term Loan, 6.80%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023 | | | | | | | 272 | | | | 262,749 | |
| | | | | | | | | | $ | 10,123,469 | |
|
Radio and Television — 3.6% | |
ALM Media Holdings, Inc. | |
Term Loan, 6.89%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020 | | | | | | | 424 | | | $ | 385,732 | |
| | | | |
| | 20 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Radio and Television (continued) | |
CBS Radio, Inc. | | | | | | | | | |
Term Loan, 5.07%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024 | | | | | | | 1,623 | | | $ | 1,606,881 | |
Cumulus Media New Holdings, Inc. | | | | | | | | | |
Term Loan, 6.85%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022 | | | | | | | 3,300 | | | | 3,186,631 | |
Entravision Communications Corporation | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024 | | | | | | | 1,163 | | | | 1,141,439 | |
Gray Television, Inc. | | | | | | | | | |
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024 | | | | | | | 255 | | | | 252,680 | |
Hubbard Radio, LLC | | | | | | | | | |
Term Loan, 5.35%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | | | | | | | 673 | | | | 671,588 | |
iHeartCommunications, Inc. | | | | | | | | | |
Term Loan, 0.00%, Maturing January 30, 2019(6) | | | | | | | 2,132 | | | | 1,525,134 | |
Term Loan, 0.00%, Maturing July 30, 2019(6) | | | | | | | 364 | | | | 262,087 | |
Mission Broadcasting, Inc. | | | | | | | | | |
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | | | | | | | 362 | | | | 358,839 | |
Nexstar Broadcasting, Inc. | | | | | | | �� | | |
Term Loan, 4.57%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | | | | | | | 2,089 | | | | 2,070,467 | |
Raycom TV Broadcasting, LLC | | | | | | | | | |
Term Loan, 4.59%, (1 mo. USD LIBOR + 2.25%), Maturing August 23, 2024 | | | | | | | 1,163 | | | | 1,162,159 | |
Sinclair Television Group, Inc. | | | | | | | | | |
Term Loan, 4.60%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024 | | | | | | | 544 | | | | 538,687 | |
Univision Communications, Inc. | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024 | | | | | | | 9,602 | | | | 8,974,222 | |
| | | | | | | | | | $ | 22,136,546 | |
|
Retailers (Except Food and Drug) — 4.4% | |
Ascena Retail Group, Inc. | | | | | | | | | |
Term Loan, 6.88%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022 | | | | | | | 2,070 | | | $ | 1,978,647 | |
Bass Pro Group, LLC | | | | | | | | | |
Term Loan, 7.34%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024 | | | | | | | 1,411 | | | | 1,395,467 | |
BJ’s Wholesale Club, Inc. | | | | | | | | | |
Term Loan, 5.32%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024 | | | | | | | 994 | | | | 991,110 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Retailers (Except Food and Drug) (continued) | |
CDW, LLC | | | | | | | | |
Term Loan, 4.10%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023 | | | | | 3,948 | | | $ | 3,919,332 | |
Coinamatic Canada, Inc. | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | | | | | 47 | | | | 46,216 | |
David’s Bridal, Inc. | | | | | | | | |
DIP Loan, 9.81%, (1 mo. USD LIBOR + 7.50%), Maturing May 19, 2019 | | | | | 305 | | | | 307,248 | |
Term Loan, 0.00%, Maturing October 11, 2019(6) | | | | | 2,063 | | | | 1,274,135 | |
Evergreen Acqco 1 L.P. | | | | | | | | |
Term Loan, 6.22%, (3 mo. USD LIBOR + 3.75%), Maturing July 9, 2019 | | | | | 2,384 | | | | 2,295,041 | |
Global Appliance, Inc. | | | | | | | | |
Term Loan, 6.35%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024 | | | | | 1,040 | | | | 1,010,914 | |
Harbor Freight Tools USA, Inc. | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2023 | | | | | 564 | | | | 547,645 | |
Hoya Midco, LLC | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024 | | | | | 2,101 | | | | 2,073,338 | |
J. Crew Group, Inc. | | | | | | | | |
Term Loan, 5.37%, (USD LIBOR + 3.00%), Maturing March 5, 2021(3)(4) | | | | | 3,140 | | | | 2,379,481 | |
LSF9 Atlantis Holdings, LLC | | | | | | | | |
Term Loan, 8.32%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023 | | | | | 1,066 | | | | 1,016,340 | |
Party City Holdings, Inc. | | | | | | | | |
Term Loan, 4.85%, (1 mo. USD LIBOR + 2.50%), Maturing August 19, 2022 | | | | | 861 | | | | 854,189 | |
PetSmart, Inc. | | | | | | | | |
Term Loan, 5.32%, (1 mo. USD LIBOR + 3.00%), Maturing March 11, 2022 | | | | | 4,352 | | | | 3,651,773 | |
PFS Holding Corporation | | | | | | | | |
Term Loan, 5.82%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021 | | | | | 2,363 | | | | 1,311,437 | |
Pier 1 Imports (U.S.), Inc. | | | | | | | | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021 | | | | | 551 | | | | 411,545 | |
Radio Systems Corporation | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024 | | | | | 444 | | | | 443,820 | |
Shutterfly, Inc. | | | | | | | | |
Term Loan, 5.10%, (1 mo. USD LIBOR + 2.75%), Maturing August 17, 2024 | | | | | 574 | | | | 567,827 | |
| | | | |
| | 21 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Retailers (Except Food and Drug) (continued) | |
Staples, Inc. | |
Term Loan, 6.54%, (3 mo. USD LIBOR + 4.00%), Maturing September 12, 2024 | | | | | | | 668 | | | $ | 658,763 | |
| | | | | | | | | | $ | 27,134,268 | |
|
Steel — 1.2% | |
Atkore International, Inc. | | | | | | | | | |
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023 | | | | | | | 1,414 | | | $ | 1,396,634 | |
GrafTech Finance, Inc. | | | | | | | | | |
Term Loan, 5.84%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025 | | | | | | | 2,987 | | | | 2,953,507 | |
Neenah Foundry Company | | | | | | | | | |
Term Loan, 9.06%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022 | | | | | | | 842 | | | | 837,976 | |
Phoenix Services International, LLC | | | | | | | | | |
Term Loan, 6.07%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025 | | | | | | | 896 | | | | 888,784 | |
Zekelman Industries, Inc. | | | | | | | | | |
Term Loan, 4.62%, (3 mo. USD LIBOR + 2.25%), Maturing June 14, 2021 | | | | | | | 1,211 | | | | 1,200,565 | |
| | | | | | | | | | $ | 7,277,466 | |
|
Surface Transport — 0.8% | |
Agro Merchants NAI Holdings, LLC | | | | | | | | | |
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024 | | | | | | | 397 | | | $ | 397,083 | |
Hertz Corporation (The) | | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023 | | | | | | | 1,113 | | | | 1,100,664 | |
Kenan Advantage Group, Inc. | | | | | | | | | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | | | | | | | 119 | | | | 117,981 | |
Term Loan, 5.34%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | | | | | | | 392 | | | | 387,969 | |
PODS, LLC | | | | | | | | | |
Term Loan, 5.07%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024 | | | | | | | 668 | | | | 658,436 | |
Stena International S.a.r.l. | | | | | | | | | |
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021 | | | | | | | 1,671 | | | | 1,604,400 | |
XPO Logistics, Inc. | | | | | | | | | |
Term Loan, 4.51%, (3 mo. USD LIBOR + 2.00%), Maturing February 24, 2025 | | | | | | | 650 | | | | 645,125 | |
| | | | | | | | | | $ | 4,911,658 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Telecommunications — 6.7% | |
CenturyLink, Inc. | | | | | | | | |
Term Loan, 5.09%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025 | | | | | 5,533 | | | $ | 5,387,941 | |
Colorado Buyer, Inc. | | | | | | | | |
Term Loan, 5.32%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 | | | | | 1,683 | | | | 1,660,634 | |
Digicel International Finance Limited | | | | | | | | |
Term Loan, 5.96%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024 | | | | | 1,807 | | | | 1,702,865 | |
eircom Finco S.a.r.l. | | | | | | | | |
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 19, 2024 | | EUR | | | 2,075 | | | | 2,347,273 | |
Frontier Communications Corp. | | | | | | | | |
Term Loan, 6.10%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024 | | | | | 2,049 | | | | 1,956,843 | |
Gamma Infrastructure III B.V. | | | | | | | | |
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing January 9, 2025 | | EUR | | | 1,650 | | | | 1,864,463 | |
Global Eagle Entertainment, Inc. | | | | | | | | |
Term Loan, 10.02%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023 | | | | | 2,226 | | | | 2,264,888 | |
Intelsat Jackson Holdings S.A. | | | | | | | | |
Term Loan, 6.07%, (1 mo. USD LIBOR + 3.75%), Maturing November 27, 2023 | | | | | 2,400 | | | | 2,388,375 | |
Term Loan, 6.82%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024 | | | | | 1,600 | | | | 1,634,499 | |
IPC Corp. | | | | | | | | |
Term Loan, 7.03%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021 | | | | | 1,230 | | | | 1,150,322 | |
Lumentum Holdings | | | | | | | | |
Term Loan, Maturing August 7, 2025(5) | | | | | 625 | | | | 619,531 | |
Onvoy, LLC | | | | | | | | |
Term Loan, 6.89%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024 | | | | | 1,773 | | | | 1,622,295 | |
Plantronics, Inc. | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025 | | | | | 1,475 | | | | 1,454,719 | |
Sprint Communications, Inc. | | | | | | | | |
Term Loan, 4.88%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024 | | | | | 3,743 | | | | 3,697,773 | |
Term Loan, 5.38%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024 | | | | | 550 | | | | 546,391 | |
Syniverse Holdings, Inc. | | | | | | | | |
Term Loan, 7.31%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023 | | | | | 1,045 | | | | 1,009,490 | |
TDC A/S | | | | | | | | |
Term Loan, 3.50%, (1 week EURIBOR + 3.50%), Maturing June 4, 2025 | | EUR | | | 3,892 | | | | 4,405,441 | |
| | | | |
| | 22 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Telecommunications (continued) | |
Telesat Canada | |
Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023 | | | | | | | 5,039 | | | $ | 4,960,543 | |
| | | | | | | | | | $ | 40,674,286 | |
|
Utilities — 2.9% | |
Brookfield WEC Holdings, Inc. | | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing August 1, 2025 | | | | | | | 2,425 | | | $ | 2,419,694 | |
Calpine Construction Finance Company L.P. | | | | | | | | | |
Term Loan, 4.84%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025 | | | | | | | 961 | | | | 946,269 | |
Calpine Corporation | | | | | | | | | |
Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024 | | | | | | | 3,410 | | | | 3,352,620 | |
Dayton Power & Light Company (The) | | | | | | | | | |
Term Loan, 4.35%, (1 mo. USD LIBOR + 2.00%), Maturing August 24, 2022 | | | | | | | 614 | | | | 614,830 | |
Granite Acquisition, Inc. | | | | | | | | | |
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | | | | | | | 121 | | | | 120,881 | |
Term Loan, 5.90%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | | | | | | | 2,660 | | | | 2,653,750 | |
Lightstone Holdco, LLC | | | | | | | | | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | | | | | | | 86 | | | | 83,573 | |
Term Loan, 6.09%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | | | | | | | 1,600 | | | | 1,556,023 | |
Longview Power, LLC | | | | | | | | | |
Term Loan, 8.53%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021 | | | | | | | 3,193 | | | | 2,755,742 | |
Talen Energy Supply, LLC | | | | | | | | | |
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023 | | | | | | | 1,086 | | | | 1,087,573 | |
Term Loan, 6.34%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024 | | | | | | | 785 | | | | 785,209 | |
USIC Holdings, Inc. | | | | | | | | | |
Term Loan, 5.59%, (1 mo. USD LIBOR + 3.25%), Maturing December 8, 2023 | | | | | | | 199 | | | | 196,284 | |
Vistra Energy Corp. | | | | | | | | | |
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025 | | | | | | | 1,147 | | | | 1,133,414 | |
| | | | | | | | | | $ | 17,705,862 | |
| |
Total Senior Floating-Rate Loans (identified cost $886,992,513) | | | $ | 864,194,549 | |
| | | | | | | | | | | | |
Corporate Bonds & Notes — 5.1% | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Aerospace and Defense — 0.0%(7) | |
Huntington Ingalls Industries, Inc. | | | | | | | | | |
5.00%, 11/15/25(9) | | | | | | | 10 | | | $ | 10,255 | |
TransDigm, Inc. | | | | | | | | | |
6.00%, 7/15/22 | | | | | | | 85 | | | | 85,319 | |
6.50%, 7/15/24 | | | | | | | 80 | | | | 80,400 | |
| | | | | | | | | | $ | 175,974 | |
|
Building and Development — 0.1% | |
Builders FirstSource, Inc. | | | | | | | | | |
5.625%, 9/1/24(9) | | | | | | | 6 | | | $ | 5,535 | |
Hillman Group, Inc. (The) | | | | | | | | | |
6.375%, 7/15/22(9) | | | | | | | 53 | | | | 45,580 | |
Reliance Intermediate Holdings, L.P. | | | | | | | | | |
6.50%, 4/1/23(9) | | | | | | | 120 | | | | 124,200 | |
Standard Industries, Inc. | | | | | | | | | |
6.00%, 10/15/25(9) | | | | | | | 50 | | | | 48,938 | |
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | | | | | | | | | |
4.375%, 6/15/19 | | | | | | | 45 | | | | 44,874 | |
5.875%, 6/15/24 | | | | | | | 18 | | | | 16,199 | |
| | | | | | | | | | $ | 285,326 | |
|
Business Equipment and Services — 0.3% | |
First Data Corp. | | | | | | | | | |
5.00%, 1/15/24(9) | | | | | | | 20 | | | $ | 19,799 | |
ServiceMaster Co., LLC (The) | | | | | | | | | |
7.45%, 8/15/27 | | | | | | | 45 | | | | 46,575 | |
Solera, LLC/Solera Finance, Inc. | | | | | | | | | |
10.50%, 3/1/24(9) | | | | | | | 15 | | | | 16,237 | |
Travelport Corporate Finance PLC | | | | | | | | | |
6.00%, 3/15/26(9) | | | | | | | 1,475 | | | | 1,460,250 | |
| | | | | | | | | | $ | 1,542,861 | |
|
Cable and Satellite Television — 0.2% | |
Cablevision Systems Corp. | | | | | | | | | |
5.875%, 9/15/22 | | | | | | | 15 | | | $ | 15,038 | |
CCO Holdings, LLC/CCO Holdings Capital Corp. | | | | | | | | | �� |
5.25%, 9/30/22 | | | | | | | 160 | | | | 160,900 | |
5.75%, 1/15/24 | | | | | | | 10 | | | | 10,075 | |
5.375%, 5/1/25(9) | | | | | | | 95 | | | | 93,575 | |
5.75%, 2/15/26(9) | | | | | | | 45 | | | | 45,113 | |
CSC Holdings, LLC | | | | | | | | | |
5.25%, 6/1/24 | | | | | | | 10 | | | | 9,525 | |
| | | | |
| | 23 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Cable and Satellite Television (continued) | |
DISH DBS Corp. | | | | | | | | | |
6.75%, 6/1/21 | | | | | | | 20 | | | $ | 20,375 | |
5.875%, 7/15/22 | | | | | | | 25 | | | | 23,937 | |
5.875%, 11/15/24 | | | | | | | 5 | | | | 4,281 | |
Virgin Media Secured Finance PLC | |
5.50%, 1/15/25(9) | | | | | | | 625 | | | | 604,297 | |
| | | | | | | | | | $ | 987,116 | |
|
Chemicals and Plastics — 0.3% | |
Hexion, Inc. | | | | | | | | | |
6.625%, 4/15/20 | | | | | | | 2,000 | | | $ | 1,660,000 | |
Platform Specialty Products Corp. | | | | | | | | | |
6.50%, 2/1/22(9) | | | | | | | 45 | | | | 46,013 | |
W.R. Grace & Co. | | | | | | | | | |
5.125%, 10/1/21(9) | | | | | | | 30 | | | | 30,291 | |
5.625%, 10/1/24(9) | | | | | | | 15 | | | | 15,239 | |
| | | | | | | | | | $ | 1,751,543 | |
|
Conglomerates — 0.0%(7) | |
Spectrum Brands, Inc. | | | | | | | | | |
6.625%, 11/15/22 | | | | | | | 35 | | | $ | 35,805 | |
5.75%, 7/15/25 | | | | | | | 75 | | | | 71,344 | |
| | | | | | | | | | $ | 107,149 | |
|
Consumer Products — 0.0%(7) | |
Central Garden & Pet Co. | | | | | | | | | |
6.125%, 11/15/23 | | | | | | | 25 | | | $ | 25,510 | |
| | | | | | | | | | $ | 25,510 | |
|
Containers and Glass Products — 0.9% | |
Berry Global, Inc. | | | | | | | | | |
6.00%, 10/15/22 | | | | | | | 25 | | | $ | 25,375 | |
Owens-Brockway Glass Container, Inc. | | | | | | | | | |
5.875%, 8/15/23(9) | | | | | | | 35 | | | | 35,131 | |
6.375%, 8/15/25(9) | | | | | | | 15 | | | | 15,075 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC | | | | | | | | | |
5.75%, 10/15/20 | | | | | | | 4,216 | | | | 4,215,619 | |
5.936%, (3 mo. USD LIBOR + 3.50%), 7/15/21(9)(10) | | | | | | | 1,050 | | | | 1,060,395 | |
| | | | | | | | | | $ | 5,351,595 | |
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Drugs — 0.7% | |
Bausch Health Companies, Inc. | |
5.625%, 12/1/21(9) | | | | | | | 30 | | | $ | 30,075 | |
6.50%, 3/15/22(9) | | | | | | | 887 | | | | 919,154 | |
7.00%, 3/15/24(9) | | | | | | | 1,153 | | | | 1,209,209 | |
5.50%, 11/1/25(9) | | | | | | | 1,875 | | | | 1,849,218 | |
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC | | | | | | | | | |
6.375%, 8/1/23(9) | | | | | | | 75 | | | | 74,250 | |
| | | | | | | | | | $ | 4,081,906 | |
|
Ecological Services and Equipment — 0.0%(7) | |
Clean Harbors, Inc. | | | | | | | | | |
5.125%, 6/1/21 | | | | | | | 25 | | | $ | 25,109 | |
Covanta Holding Corp. | |
5.875%, 3/1/24 | | | | | | | 25 | | | | 24,156 | |
| | | | | | | | | | $ | 49,265 | |
|
Electronics / Electrical — 0.0%(7) | |
Infor (US), Inc. | | | | | | | | | |
6.50%, 5/15/22 | | | | | | | 50 | | | $ | 49,938 | |
| | | | | | | | | | $ | 49,938 | |
|
Financial Intermediaries — 0.0%(7) | |
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp. | | | | | | | | | |
6.25%, 2/1/22 | | | | | | | 40 | | | $ | 40,750 | |
JPMorgan Chase & Co. | | | | | | | | | |
Series S, 6.75% to 2/1/24(11)(12) | | | | | | | 80 | | | | 84,720 | |
Navient Corp. | | | | | | | | | |
5.50%, 1/15/19 | | | | | | | 110 | | | | 110,082 | |
5.00%, 10/26/20 | | | | | | | 30 | | | | 29,775 | |
| | | | | | | | | | $ | 265,327 | |
|
Food Products — 0.1% | |
Iceland Bondco PLC | | | | | | | | | |
5.063%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(9)(10) | | | GBP | | | | 254 | | | $ | 323,094 | |
Post Holdings, Inc. | | | | | | | | | |
8.00%, 7/15/25(9) | | | | | | | 20 | | | | 21,400 | |
| | | | | | | | | | $ | 344,494 | |
| | | | |
| | 24 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Food Service — 0.0%(7) | |
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc. | | | | | | | | | |
4.625%, 1/15/22(9) | | | | | | | 65 | | | $ | 64,838 | |
| | | | | | | | | | $ | 64,838 | |
|
Health Care — 1.2% | |
Avantor, Inc. | | | | | | | | | |
6.00%, 10/1/24(9) | | | | | | | 1,425 | | | $ | 1,416,094 | |
Centene Corp. | | | | | | | | | |
4.75%, 5/15/22 | | | | | | | 20 | | | | 20,150 | |
CHS/Community Health Systems, Inc. | | | | | | | | | |
6.25%, 3/31/23 | | | | | | | 1,650 | | | | 1,536,562 | |
HCA Healthcare, Inc. | | | | | | | | | |
6.25%, 2/15/21 | | | | | | | 90 | | | | 93,150 | |
HCA, Inc. | | | | | | | | | |
6.50%, 2/15/20 | | | | | | | 20 | | | | 20,600 | |
4.75%, 5/1/23 | | | | | | | 1,200 | | | | 1,203,000 | |
5.875%, 2/15/26 | | | | | | | 25 | | | | 25,813 | |
Hologic, Inc. | | | | | | | | | |
4.375%, 10/15/25(9) | | | | | | | 30 | | | | 28,650 | |
RegionalCare Hospital Partners Holdings, Inc. | | | | | | | | | |
8.25%, 5/1/23(9) | | | | | | | 1,850 | | | | 1,942,500 | |
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc. | | | | | | | | | |
7.50%, 10/1/24(9) | | | | | | | 27 | | | | 28,485 | |
Teleflex, Inc. | | | | | | | | | |
5.25%, 6/15/24 | | | | | | | 20 | | | | 20,200 | |
Tenet Healthcare Corp. | | | | | | | | | |
6.00%, 10/1/20 | | | | | | | 60 | | | | 61,350 | |
4.375%, 10/1/21 | | | | | | | 675 | | | | 666,562 | |
8.125%, 4/1/22 | | | | | | | 45 | | | | 46,800 | |
6.75%, 6/15/23 | | | | | | | 10 | | | | 9,913 | |
| | | | | | | | | | $ | 7,119,829 | |
|
Insurance — 0.0%(7) | |
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer | | | | | | | | | |
8.25%, 8/1/23(9) | | | | | | | 40 | | | $ | 40,875 | |
| | | | | | | | | | $ | 40,875 | |
|
Internet Software & Services — 0.0%(7) | |
Netflix, Inc. | | | | | | | | | |
5.50%, 2/15/22 | | | | | | | 45 | | | $ | 46,125 | |
5.875%, 2/15/25 | | | | | | | 55 | | | | 56,237 | |
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Internet Software & Services (continued) | |
Riverbed Technology, Inc. | | | | | | | | | |
8.875%, 3/1/23(9) | | | | | | | 40 | | | $ | 33,400 | |
| | | | | | | | | | $ | 135,762 | |
|
Leisure Goods / Activities / Movies — 0.1% | |
National CineMedia, LLC | |
6.00%, 4/15/22 | | | | | | | 775 | | | $ | 781,781 | |
Sabre GLBL, Inc. | | | | | | | | | |
5.375%, 4/15/23(9) | | | | | | | 25 | | | | 25,000 | |
5.25%, 11/15/23(9) | | | | | | | 40 | | | | 39,900 | |
Viking Cruises, Ltd. | | | | | | | | | |
6.25%, 5/15/25(9) | | | | | | | 45 | | | | 44,775 | |
| | | | | | | | | | $ | 891,456 | |
|
Lodging and Casinos — 0.1% | |
ESH Hospitality, Inc. | |
5.25%, 5/1/25(9) | | | | | | | 35 | | | $ | 33,556 | |
GLP Capital, L.P./GLP Financing II, Inc. | |
4.875%, 11/1/20 | | | | | | | 75 | | | | 75,562 | |
MGM Growth Properties Operating Partnership, L.P./MGP FinanceCo-Issuer, Inc. | | | | | | | | | |
5.625%, 5/1/24 | | | | | | | 15 | | | | 15,204 | |
MGM Resorts International | | | | | | | | | |
6.625%, 12/15/21 | | | | | | | 90 | | | | 94,500 | |
7.75%, 3/15/22 | | | | | | | 25 | | | | 26,938 | |
RHP Hotel Properties, L.P./RHP Finance Corp. | |
5.00%, 4/15/23 | | | | | | | 30 | | | | 29,775 | |
Tunica-Biloxi Gaming Authority | |
3.78%, 12/15/20(9) | | | | | | | 182 | | | | 48,191 | |
| | | | | | | | | | $ | 323,726 | |
|
Nonferrous Metals / Minerals — 0.0%(7) | |
Eldorado Gold Corp. | | | | | | | | | |
6.125%, 12/15/20(9) | | | | | | | 120 | | | $ | 111,000 | |
Imperial Metals Corp. | | | | | | | | | |
7.00%, 3/15/19(9) | | | | | | | 23 | | | | 16,215 | |
New Gold, Inc. | | | | | | | | | |
6.25%, 11/15/22(9) | | | | | | | 28 | | | | 24,115 | |
| | | | | | | | | | $ | 151,330 | |
|
Oil and Gas — 0.2% | |
Antero Resources Corp. | | | | | | | | | |
5.375%, 11/1/21 | | | | | | | 100 | | | $ | 99,875 | |
5.625%, 6/1/23 | | | | | | | 5 | | | | 4,975 | |
| | | | |
| | 25 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Oil and Gas (continued) | |
Canbriam Energy, Inc. | | | | | | | | | |
9.75%, 11/15/19(9) | | | | | | | 30 | | | $ | 27,075 | |
CITGO Petroleum Corp. | | | | | | | | | |
6.25%, 8/15/22(9) | | | | | | | 775 | | | | 772,094 | |
CVR Refining, LLC/Coffeyville Finance, Inc. | |
6.50%, 11/1/22 | | | | | | | 130 | | | | 129,350 | |
Energy Transfer, L.P. | | | | | | | | | |
5.875%, 1/15/24 | | | | | | | 35 | | | | 36,181 | |
Gulfport Energy Corp. | | | | | | | | | |
6.625%, 5/1/23 | | | | | | | 35 | | | | 34,212 | |
Newfield Exploration Co. | | | | | | | | | |
5.625%, 7/1/24 | | | | | | | 130 | | | | 133,250 | |
Parsley Energy, LLC/Parsley Finance Corp. | |
5.25%, 8/15/25(9) | | | | | | | 15 | | | | 14,250 | |
PBF Logistics, L.P./PBF Logistics Finance Corp. | |
6.875%, 5/15/23 | | | | | | | 50 | | | | 50,125 | |
Seven Generations Energy, Ltd. | | | | | | | | | |
6.75%, 5/1/23(9) | | | | | | | 65 | | | | 65,244 | |
6.875%, 6/30/23(9) | | | | | | | 30 | | | | 30,150 | |
Williams Cos., Inc. (The) | | | | | | | | | |
4.55%, 6/24/24 | | | | | | | 5 | | | | 5,012 | |
| | | | | | | | | | $ | 1,401,793 | |
|
Publishing — 0.0%(7) | |
Tribune Media Co. | | | | | | | | | |
5.875%, 7/15/22 | | | | | | | 35 | | | $ | 35,613 | |
| | | | | | | | | | $ | 35,613 | |
|
Radio and Television — 0.2% | |
Clear Channel Worldwide Holdings, Inc. | |
Series A, 6.50%, 11/15/22 | | | | | | | 50 | | | $ | 50,719 | |
Series B, 6.50%, 11/15/22 | | | | | | | 100 | | | | 102,030 | |
iHeartCommunications, Inc. | | | | | | | | | |
9.00%, 12/15/19(6) | | | | | | | 953 | | | | 686,160 | |
Nielsen Co. Luxembourg S.a.r.l. (The) | |
5.50%, 10/1/21(9) | | | | | | | 35 | | | | 35,208 | |
Sirius XM Radio, Inc. | | | | | | | | | |
6.00%, 7/15/24(9) | | | | | | | 95 | | | | 97,494 | |
Univision Communications, Inc. | |
6.75%, 9/15/22(9) | | | | | | | 270 | | | | 273,375 | |
| | | | | | | | | | $ | 1,244,986 | |
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Retailers (Except Food and Drug) — 0.2% | |
Fresh Market, Inc. (The) | | | | | | | | | |
9.75%, 5/1/23(9) | | | | | | | 1,300 | | | $ | 968,240 | |
Murphy Oil USA, Inc. | | | | | | | | | |
6.00%, 8/15/23 | | | | | | | 140 | | | | 142,275 | |
Party City Holdings, Inc. | | | | | | | | | |
6.125%, 8/15/23(9) | | | | | | | 60 | | | | 60,450 | |
| | | | | | | | | | $ | 1,170,965 | |
|
Road & Rail — 0.0%(7) | |
Watco Cos., LLC/Watco Finance Corp. | | | | | | | | | |
6.375%, 4/1/23(9) | | | | | | | 45 | | | $ | 45,338 | |
| | | | | | | | | | $ | 45,338 | |
|
Software and Services — 0.0%(7) | |
IHS Markit, Ltd. | | | | | | | | | |
5.00%, 11/1/22(9) | | | | | | | 60 | | | $ | 61,386 | |
Infor Software Parent, LLC/Infor Software Parent, Inc. | | | | | | | | | |
7.125%, (7.125% cash or 7.875% PIK), 5/1/21(9)(13) | | | | | | | 60 | | | | 60,150 | |
| | | | | | | | | | $ | 121,536 | |
|
Surface Transport — 0.0%(7) | |
XPO Logistics, Inc. | | | | | | | | | |
6.50%, 6/15/22(9) | | | | | | | 56 | | | $ | 57,190 | |
| | | | | | | | | | $ | 57,190 | |
|
Telecommunications — 0.3% | |
CenturyLink, Inc. | | | | | | | | | |
6.75%, 12/1/23 | | | | | | | 40 | | | $ | 40,200 | |
CommScope Technologies, LLC | | | | | | | | | |
6.00%, 6/15/25(9) | | | | | | | 50 | | | | 46,565 | |
5.00%, 3/15/27(9) | | | | | | | 5 | | | | 4,131 | |
Frontier Communications Corp. | | | | | | | | | |
10.50%, 9/15/22 | | | | | | | 15 | | | | 12,075 | |
7.625%, 4/15/24 | | | | | | | 30 | | | | 17,400 | |
6.875%, 1/15/25 | | | | | | | 50 | | | | 27,375 | |
Intelsat Jackson Holdings S.A. | | | | | | | | | |
5.50%, 8/1/23 | | | | | | | 25 | | | | 22,125 | |
Level 3 Financing, Inc. | | | | | | | | | |
5.375%, 1/15/24 | | | | | | | 25 | | | | 24,600 | |
Sprint Communications, Inc. | | | | | | | | | |
7.00%, 8/15/20 | | | | | | | 149 | | | | 154,587 | |
6.00%, 11/15/22 | | | | | | | 5 | | | | 5,011 | |
| | | | |
| | 26 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Telecommunications (continued) | |
Sprint Corp. | | | | | | | | | |
7.25%, 9/15/21 | | | | | | | 230 | | | $ | 240,350 | |
7.875%, 9/15/23 | | | | | | | 571 | | | | 600,977 | |
7.625%, 2/15/25 | | | | | | | 35 | | | | 36,094 | |
T-Mobile USA, Inc. | | | | | | | | | |
6.375%, 3/1/25 | | | | | | | 35 | | | | 36,094 | |
6.50%, 1/15/26 | | | | | | | 110 | | | | 114,400 | |
Wind Tre SpA | | | | | | | | | |
2.75%, (3 mo. EURIBOR + 2.75%), 1/20/24(9)(10) | | | EUR | | | | 650 | | | | 667,503 | |
| | | | | | | | | | $ | 2,049,487 | |
|
Utilities — 0.2% | |
Calpine Corp. | | | | | | | | | |
5.25%, 6/1/26(9) | | | | | | | 1,150 | | | $ | 1,073,812 | |
Vistra Energy Corp. | | | | | | | | | |
7.375%, 11/1/22 | | | | | | | 20 | | | | 20,800 | |
7.625%, 11/1/24 | | | | | | | 35 | | | | 37,275 | |
8.125%, 1/30/26(9) | | | | | | | 25 | | | | 27,000 | |
| | | | | | | | | | $ | 1,158,887 | |
| |
Total Corporate Bonds & Notes (identified cost $32,350,809) | | | $ | 31,031,615 | |
|
Asset-Backed Securities — 2.4% | |
Security | | | | | Principal Amount (000’s omitted) | | | Value | |
Ares CLO, Ltd. | | | | | | | | | |
Series 2014-32RA, Class D, 8.466%, (3 mo. USD LIBOR + 5.85%), 5/15/30(9)(10) | | | | | | $ | 2,000 | | | $ | 1,914,006 | |
Series2015-2A, Class E2, 7.709%, (3 mo. USD LIBOR + 5.20%), 7/29/26(9)(10) | | | | | | | 1,000 | | | | 1,001,434 | |
Carlyle Global Market Strategies CLO, Ltd. | | | | | | | | | |
Series2012-3A, Class DR, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(14) | | | | | | | 1,200 | | | | 1,200,000 | |
Series2012-3A, Class DR, 9.886%, (3 mo. USD LIBOR + 7.45%), 10/14/28(9)(10) | | | | | | | 1,200 | | | | 1,201,599 | |
Series2015-5A, Class D, 8.569%, (3 mo. USD LIBOR + 6.10%), 1/20/28(9)(10) | | | | | | | 500 | | | | 502,672 | |
Dryden Senior Loan Fund | | | | | | | | | |
Series2015-40A, Class ER, 8.366%, (3 mo. USD LIBOR + 5.75%), 8/15/31(9)(10) | | | | | | | 1,000 | | | | 981,762 | |
Galaxy CLO, Ltd. | | | | | | | | | |
Series2015-21A, Class ER, 7.719%, (3 mo. USD LIBOR + 5.25%), 4/20/31(9)(10) | | | | | | | 1,000 | | | | 949,661 | |
| | | | | | | | | | | | |
Security | | | | | Principal Amount (000’s omitted) | | | Value | |
Golub Capital Partners CLO, Ltd. | | | | | | | | | |
Series2015-23A, Class ER, 8.219%, (3 mo. USD LIBOR + 5.75%), 1/20/31(9)(10) | | | | | | $ | 1,200 | | | $ | 1,141,810 | |
Palmer Square CLO, Ltd. | | | | | | | | | |
Series2015-2A, Class DR, 8.969%, (3 mo. USD LIBOR + 6.50%), 7/20/30(9)(10) | | | | | | | 1,200 | | | | 1,152,800 | |
Recette CLO, LLC | | | | | | | | | |
Series2015-1A, Class E, 8.169%, (3 mo. USD LIBOR + 5.70%), 10/20/27(9)(10) | | | | | | | 1,000 | | | | 1,002,389 | |
Voya CLO, Ltd. | | | | | | | | | |
Series2013-1A, Class DR, 8.916%, (3 mo. USD LIBOR + 6.48%), 10/15/30(9)(10) | | | | | | | 2,000 | | | | 1,919,670 | |
Westcott Park CLO, Ltd. | | | | | | | | | |
Series2016-1A, Class E, 9.669%, (3 mo. USD LIBOR + 7.20%), 7/20/28(9)(10) | | | | | | | 1,600 | | | | 1,618,148 | |
| |
Total Asset-Backed Securities (identified cost $14,569,314) | | | $ | 14,585,951 | |
|
Common Stocks — 1.7% | |
Security | | | | | Shares | | | Value | |
|
Aerospace and Defense — 0.1% | |
IAP Global Services, LLC(3)(15)(16) | | | | | | | 58 | | | $ | 681,055 | |
| | | | | | | | | | $ | 681,055 | |
|
Automotive — 0.1% | |
Dayco Products, LLC(15)(16) | | | | | | | 20,780 | | | $ | 748,080 | |
| | | | | | | | | | $ | 748,080 | |
|
Business Equipment and Services — 0.0% | |
Education Management Corp.(3)(15)(16) | | | | | | | 3,569,737 | | | $ | 0 | |
| | | | | | | | | | $ | 0 | |
|
Electronics / Electrical — 0.0%(7) | |
Answers Corp.(3)(15)(16) | | | | | | | 96,908 | | | $ | 260,683 | |
| | | | | | | | | | $ | 260,683 | |
|
Health Care — 0.0%(7) | |
New Millennium Holdco, Inc.(15)(16) | | | | | | | 68,551 | | | $ | 13,710 | |
| | | | | | | | | | $ | 13,710 | |
|
Nonferrous Metals / Minerals — 0.0% | |
ASP United/GHX Holding, LLC(3)(15)(16) | | | | | | | 76,163 | | | $ | 0 | |
| | | | | | | | | | $ | 0 | |
| | | | |
| | 27 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
|
Oil and Gas — 0.7% | |
AFG Holdings, Inc.(3)(15)(16) | | | | | | | 30,640 | | | $ | 2,083,520 | |
Fieldwood Energy, Inc.(15)(16) | | | | | | | 19,189 | | | | 841,117 | |
Nine Point Energy Holdings, Inc.(3)(15)(17) | | | | | | | 758 | | | | 841 | |
Paragon Offshore Finance Company, Class A(15)(16) | | | | | | | 1,707 | | | | 1,814 | |
Paragon Offshore Finance Company, Class B(15)(16) | | | | | | | 854 | | | | 32,452 | |
Samson Resources II, LLC, Class A(15)(16) | | | | | | | 46,484 | | | | 1,069,132 | |
Southcross Holdings Group, LLC(3)(15)(16) | | | | | | | 67 | | | | 0 | |
Southcross Holdings L.P., Class A(15)(16) | | | | | | | 67 | | | | 63,650 | |
| | | | | | | | | | $ | 4,092,526 | |
|
Publishing — 0.7% | |
ION Media Networks, Inc.(3)(15)(16) | | | | | | | 4,429 | | | $ | 4,095,496 | |
Tweddle Group, Inc.(3)(15)(16) | | | | | | | 1,944 | | | | 108,495 | |
| | | | | | | | | | $ | 4,203,991 | |
|
Radio and Television — 0.1% | |
Cumulus Media, Inc.(15)(16) | | | | | | | 42,499 | | | $ | 480,239 | |
| | | | | | | | | | $ | 480,239 | |
| |
Total Common Stocks (identified cost $4,789,174) | | | $ | 10,480,284 | |
|
Convertible Preferred Stocks — 0.0%(7) | |
Security | | | | | Shares | | | Value | |
|
Business Equipment and Services — 0.0% | |
Education Management Corp., SeriesA-1, 7.50%(3)(15)(16) | | | | | | | 3,972 | | | $ | 0 | |
| | | | | | | | | | $ | 0 | |
|
Oil and Gas — 0.0%(7) | |
Nine Point Energy Holdings, Inc., Series A, 12.00%(3)(15)(17) | | | | | | | 14 | | | $ | 20,552 | |
| | | | | | | | | | $ | 20,552 | |
| |
Total Convertible Preferred Stocks (identified cost $294,330) | | | $ | 20,552 | |
|
Closed-End Funds — 1.9% | |
Security | | | | | Shares | | | Value | |
BlackRock Floating Rate Income Strategies Fund, Inc. | | | | | | | 111,292 | | | $ | 1,410,070 | |
Invesco Senior Income Trust | | | | | | | 538,147 | | | | 2,211,784 | |
Nuveen Credit Strategies Income Fund | | | | | | | 406,731 | | | | 3,078,954 | |
Nuveen Floating Rate Income Fund | | | | | | | 164,907 | | | | 1,606,194 | |
| | | | | | | | | | |
Security | | | | Shares | | | Value | |
Nuveen Floating Rate Income Opportunity Fund | | | | | 115,017 | | | $ | 1,116,815 | |
Voya Prime Rate Trust | | | | | 441,753 | | | | 2,080,656 | |
| |
TotalClosed-End Funds (identified cost $13,551,541) | | | $ | 11,504,473 | |
|
Miscellaneous — 0.0% | |
Security | | | | Principal Amount | | | Value | |
|
Telecommunications — 0.0% | |
Avaya, Inc., Escrow Certificates(3)(15) | | | | $ | 25,000 | | | $ | 0 | |
| |
Total Miscellaneous (identified cost $0) | | | $ | 0 | |
|
Short-Term Investments — 2.4% | |
Description | | | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 2.33%(18) | | | | | 14,942,113 | | | $ | 14,940,619 | |
| |
Total Short-Term Investments (identified cost $14,940,484) | | | $ | 14,940,619 | |
| |
Total Investments — 154.9% (identified cost $967,488,165) | | | $ | 946,758,043 | |
| |
Less Unfunded Loan Commitments — (0.1)% | | | $ | (408,959 | ) |
| |
Net Investments — 154.8% (identified cost $967,079,206) | | | $ | 946,349,084 | |
| |
Notes Payable — (40.1)% | | | $ | (245,000,000 | ) |
| |
Variable Rate Term Preferred Shares, at Liquidation Value (net of unamortized deferred debt issuance costs) — (13.1)% | | | $ | (79,871,702 | ) |
| |
Other Assets, Less Liabilities — (1.6)% | | | $ | (10,155,152 | ) |
| |
Net Assets Applicable to Common Shares — 100.0% | | | $ | 611,322,230 | |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
| * | In U.S. dollars unless otherwise indicated. |
| (1) | Senior floating-rate loans (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 typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to |
| | | | |
| | 28 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Portfolio of Investments (Unaudited) — continued
| a base lending rate, plus a spread. 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”). Base lending rates may be subject to a floor, or minimum rate. |
| (2) | Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12). |
| (4) | The stated interest rate represents the weighted average interest rate at November 30, 2018 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. |
| (5) | This Senior Loan will settle after November 30, 2018, at which time the interest rate will be determined. |
| (6) | Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflectnon-accrual status. |
| (7) | Amount is less than 0.05%. |
| (9) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in |
| certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2018, the aggregate value of these securities is $30,972,523 or 5.1% of the Trust’s net assets applicable to common shares. |
(10) | Variable rate security. The stated interest rate represents the rate in effect at November 30, 2018. |
(11) | Security converts to floating rate after the indicated fixed-rate coupon period. |
(12) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(13) | Represents apayment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(14) | When-issued, variable rate security whose interest rate will be determined after November 30, 2018. |
(15) | Non-income producing security. |
(16) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(17) | Restricted security (see Note 7). |
(18) | 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 annualizedseven-day yield as of November 30, 2018. |
| | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | |
| | | | | |
Currency Purchased | | | Currency Sold | | | Counterparty | | Settlement Date | | | Unrealized Appreciation | | | Unrealized (Depreciation) | |
| | | | | | | |
USD | | | 22,769,606 | | | EUR | | | 19,391,261 | | | Goldman Sachs International | | | 12/6/18 | | | $ | 813,432 | | | $ | — | |
USD | | | 343,340 | | | EUR | | | 295,872 | | | HSBC Bank USA, N.A. | | | 12/6/18 | | | | 8,333 | | | | — | |
USD | | | 552,668 | | | EUR | | | 475,000 | | | State Street Bank and Trust Company | | | 12/6/18 | | | | 14,839 | | | | — | |
USD | | | 13,833,959 | | | EUR | | | 12,041,299 | | | Goldman Sachs International | | | 1/31/19 | | | | 127,061 | | | | — | |
USD | | | 567,449 | | | EUR | | | 500,000 | | | State Street Bank and Trust Company | | | 1/31/19 | | | | — | | | | (1,713 | ) |
USD | | | 2,786,010 | | | GBP | | | 2,165,102 | | | State Street Bank and Trust Company | | | 1/31/19 | | | | 18,037 | | | | — | |
USD | | | 726,536 | | | CAD | | | 962,776 | | | HSBC Bank USA, N.A. | | | 2/28/19 | | | | 460 | | | | — | |
USD | | | 13,862,356 | | | EUR | | | 12,084,307 | | | State Street Bank and Trust Company | | | 2/28/19 | | | | 74,202 | | | | — | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 1,056,364 | | | $ | (1,713 | ) |
Abbreviations:
| | | | |
DIP | | – | | Debtor In Possession |
EURIBOR | | – | | Euro Interbank Offered Rate |
LIBOR | | – | | London Interbank Offered Rate |
PIK | | – | | Payment In Kind |
Currency Abbreviations:
| | | | |
CAD | | – | | Canadian Dollar |
EUR | | – | | Euro |
GBP | | – | | British Pound Sterling |
USD | | – | | United States Dollar |
| | | | |
| | 29 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Statement of Assets and Liabilities (Unaudited)
| | | | |
Assets | | November 30, 2018 | |
Unaffiliated investments, at value (identified cost, $952,138,723) | | $ | 931,408,465 | |
Affiliated investment, at value (identified cost, $14,940,484) | | | 14,940,619 | |
Cash | | | 5,093,878 | |
Deposits for derivatives collateral — forward foreign currency exchange contracts | | | 780,361 | |
Foreign currency, at value (identified cost, $882,419) | | | 882,277 | |
Interest and dividends receivable | | | 3,218,869 | |
Dividends receivable from affiliated investment | | | 27,021 | |
Receivable for investments sold | | | 1,281,922 | |
Receivable for open forward foreign currency exchange contracts | | | 1,056,364 | |
Prepaid upfront fees on variable rate term preferred shares | | | 111,985 | |
Prepaid upfront fees on notes payable | | | 83,705 | |
Prepaid expenses | | | 63,083 | |
Total assets | | $ | 958,948,549 | |
| |
Liabilities | | | | |
Notes payable | | $ | 245,000,000 | |
Variable rate term preferred shares, at liquidation value (net of unamortized deferred debt issuance costs of $128,298) | | | 79,871,702 | |
Cash collateral due to broker | | | 780,361 | |
Payable for investments purchased | | | 18,581,488 | |
Payable for when-issued securities | | | 1,200,000 | |
Payable for open forward foreign currency exchange contracts | | | 1,713 | |
Payable to affiliates: | | | | |
Investment adviser fee | | | 583,054 | |
Trustees’ fees | | | 6,936 | |
Interest expense and fees payable | | | 1,371,119 | |
Accrued expenses | | | 229,946 | |
Total liabilities | | $ | 347,626,319 | |
Commitments and contingencies (Note 13) | | | | |
Net assets applicable to common shares | | $ | 611,322,230 | |
| |
Sources of Net Assets | | | | |
Common shares, $0.01 par value, unlimited number of shares authorized, 39,863,690 shares issued and outstanding | | $ | 398,637 | |
Additionalpaid-in capital | | | 636,160,986 | |
Accumulated loss | | | (25,237,393 | ) |
Net assets applicable to common shares | | $ | 611,322,230 | |
| |
Net Asset Value Per Common Share | | | | |
($611,322,230 ÷ 39,863,690 common shares issued and outstanding) | | $ | 15.34 | |
| | | | |
| | 30 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Statement of Operations (Unaudited)
| | | | |
Investment Income | | Six Months Ended November 30, 2018 | |
Interest and other income | | $ | 25,540,958 | |
Dividends | | | 362,476 | |
Dividends from affiliated investment | | | 139,388 | |
Total investment income | | $ | 26,042,822 | |
| |
Expenses | | | | |
Investment adviser fee | | $ | 3,595,519 | |
Trustees’ fees and expenses | | | 21,400 | |
Custodian fee | | | 179,603 | |
Transfer and dividend disbursing agent fees | | | 10,052 | |
Legal and accounting services | | | 118,769 | |
Printing and postage | | | 48,166 | |
Interest expense and fees | | | 6,034,737 | |
Miscellaneous | | | 40,225 | |
Total expenses | | $ | 10,048,471 | |
| |
Net investment income | | $ | 15,994,351 | |
| |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) — | | | | |
Investment transactions | | $ | 5,132,295 | |
Investment transactions — affiliated investment | | | 714 | |
Foreign currency transactions | | | (52,038 | ) |
Forward foreign currency exchange contracts | | | 3,711,461 | |
Net realized gain | | $ | 8,792,432 | |
Change in unrealized appreciation (depreciation) — | | | | |
Investments | | $ | (18,648,651 | ) |
Investments — affiliated investment | | | (725 | ) |
Foreign currency | | | 55,398 | |
Forward foreign currency exchange contracts | | | (847,615 | ) |
Net change in unrealized appreciation (depreciation) | | $ | (19,441,593 | ) |
| |
Net realized and unrealized loss | | $ | (10,649,161 | ) |
| |
Net increase in net assets from operations | | $ | 5,345,190 | |
| | | | |
| | 31 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Statements of Changes in Net Assets
| | | | | | | | |
Increase (Decrease) in Net Assets | | Six Months Ended November 30, 2018 (Unaudited) | | | Year Ended May 31, 2018 | |
From operations — | | | | | | | | |
Net investment income | | $ | 15,994,351 | | | $ | 31,565,651 | |
Net realized gain | | | 8,792,432 | | | | 2,717,912 | |
Net change in unrealized appreciation (depreciation) | | | (19,441,593 | ) | | | 193,031 | |
Net increase in net assets from operations | | $ | 5,345,190 | | | $ | 34,476,594 | |
| | |
Distributions to common shareholders(1) | | $ | (16,264,386 | ) | | $ | (33,007,135 | ) |
| | |
Net increase (decrease) in net assets | | $ | (10,919,196 | ) | | $ | 1,469,459 | |
| | |
Net Assets Applicable to Common Shares | | | | | | | | |
At beginning of period | | $ | 622,241,426 | | | $ | 620,771,967 | |
At end of period | | $ | 611,322,230 | | | $ | 622,241,426 | (2) |
(1) | For the year ended May 31, 2018, the source of distributions was from net investment income. The current period presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018. |
(2) | Includes accumulated undistributed net investment income of $3,608,617 at May 31, 2018. The requirement to disclose the corresponding amount as of November 30, 2018 was eliminated. |
| | | | |
| | 32 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Statement of Cash Flows (Unaudited)
| | | | |
Cash Flows From Operating Activities | | Six Months Ended November 30, 2018 | |
Net increase in net assets from operations | | $ | 5,345,190 | |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | | | | |
Investments purchased | | | (134,057,212 | ) |
Investments sold and principal repayments | | | 144,921,667 | |
Increase in short-term investments, net | | | (5,321,068 | ) |
Net amortization/accretion of premium (discount) | | | (287,344 | ) |
Amortization of prepaid upfront fees on variable rate term preferred shares | | | 65,255 | |
Amortization of deferred debt issuance costs on variable rate term preferred shares | | | 75,934 | |
Amortization of prepaid upfront fees on notes payable | | | 144,083 | |
Decrease in interest and dividends receivable | | | 556,857 | |
Increase in dividends receivable from affiliated investment | | | (11,501 | ) |
Decrease in receivable for open forward foreign currency exchange contracts | | | 1,020,420 | |
Increase in prepaid expenses | | | (8,619 | ) |
Decrease in cash collateral due to broker | | | (429,639 | ) |
Decrease in payable for open forward foreign currency exchange contracts | | | (172,805 | ) |
Decrease in payable to affiliate for investment adviser fee | | | (27,200 | ) |
Increase in payable to affiliate for Trustees’ fees | | | 393 | |
Increase in interest expense and fees payable | | | 51,281 | |
Decrease in accrued expenses | | | (90,656 | ) |
Decrease in unfunded loan commitments | | | (1,233,179 | ) |
Net change in unrealized (appreciation) depreciation from investments | | | 18,649,376 | |
Net realized gain from investments | | | (5,133,009 | ) |
Net cash provided by operating activities | | $ | 24,058,224 | |
| |
Cash Flows From Financing Activities | | | | |
Cash distributions paid to common shareholders | | $ | (16,264,386 | ) |
Proceeds from notes payable | | | 6,000,000 | |
Repayments of notes payable | | | (15,000,000 | ) |
Net cash used in financing activities | | $ | (25,264,386 | ) |
| |
Net decrease in cash and restricted cash* | | $ | (1,206,162 | ) |
| |
Cash and restricted cash at beginning of period including foreign currency | | $ | 7,962,678 | |
| |
Cash and restricted cash at end of period including foreign currency | | $ | 6,756,516 | |
| |
Supplemental disclosure of cash flow information: | | | | |
Cash paid for interest and fees on borrowings and variable rate term preferred shares | | $ | 5,698,184 | |
* | Includes net change in unrealized appreciation (depreciation) on foreign currency of $33,234. |
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such
amounts shown on the Statement of Cash Flows.
| | | | | | | | |
| | November 30, 2018 | | | May 31, 2018 | |
Cash | | $ | 5,093,878 | | | $ | 5,788,413 | |
Deposits for derivatives collateral — forward foreign currency exchange contracts | | | 780,361 | | | | 1,210,000 | |
Foreign currency | | | 882,277 | | | | 964,265 | |
Total cash and restricted cash as shown on the Statement of Cash Flows | | $ | 6,756,516 | | | $ | 7,962,678 | |
| | | | |
| | 33 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended November 30, 2018 (Unaudited) | | | Year Ended May 31, | |
| | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
Net asset value — Beginning of period (Common shares) | | $ | 15.610 | | | $ | 15.570 | | | $ | 14.680 | | | $ | 15.640 | | | $ | 16.080 | | | $ | 16.300 | |
| | | | | | |
Income (Loss) From Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | $ | 0.401 | | | $ | 0.792 | | | $ | 0.864 | | | $ | 0.908 | | | $ | 0.882 | | | $ | 0.889 | |
Net realized and unrealized gain (loss) | | | (0.263 | ) | | | 0.076 | | | | 0.899 | | | | (0.964 | ) | | | (0.431 | ) | | | (0.145 | ) |
| | | | | | |
Total income (loss) from operations | | $ | 0.138 | | | $ | 0.868 | | | $ | 1.763 | | | $ | (0.056 | ) | | $ | 0.451 | | | $ | 0.744 | |
| | | | | | |
Less Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | $ | (0.408 | ) | | $ | (0.828 | ) | | $ | (0.873 | ) | | $ | (0.904 | ) | | $ | (0.891 | ) | | $ | (0.966 | ) |
| | | | | | |
Total distributions to common shareholders | | $ | (0.408 | ) | | $ | (0.828 | ) | | $ | (0.873 | ) | | $ | (0.904 | ) | | $ | (0.891 | ) | | $ | (0.966 | ) |
| | | | | | |
Premium from common shares sold through shelf offering (see Note 6)(1) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.002 | |
| | | | | | |
Net asset value — End of period (Common shares) | | $ | 15.340 | | | $ | 15.610 | | | $ | 15.570 | | | $ | 14.680 | | | $ | 15.640 | | | $ | 16.080 | |
| | | | | | |
Market value — End of period (Common shares) | | $ | 13.410 | | | $ | 14.850 | | | $ | 15.150 | | | $ | 13.560 | | | $ | 14.360 | | | $ | 15.180 | |
| | | | | | |
Total Investment Return on Net Asset Value(2) | | | 1.04 | %(3) | | | 6.03 | % | | | 12.65 | % | | | 0.46 | % | | | 3.43 | % | | | 4.87 | % |
| | | | | | |
Total Investment Return on Market Value(2) | | | (7.09 | )%(3) | | | 3.67 | % | | | 18.58 | % | | | 1.14 | % | | | 0.59 | % | | | (3.19 | )% |
| | | | |
| | 34 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended November 30, 2018 (Unaudited) | | | Year Ended May 31, | |
Ratios/Supplemental Data | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 611,322 | | | $ | 622,241 | | | $ | 620,772 | | | $ | 585,101 | | | $ | 623,439 | | | $ | 641,079 | |
Ratios (as a percentage of average daily net assets applicable to common shares):† | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses excluding interest and fees(4) | | | 1.28 | %(5) | | | 1.28 | % | | | 1.32 | % | | | 1.36 | % | | | 1.37 | % | | | 1.36 | % |
Interest and fee expense(6) | | | 1.93 | %(5) | | | 1.52 | % | | | 1.16 | % | | | 0.93 | % | | | 0.80 | % | | | 0.77 | % |
Total expenses(4) | | | 3.21 | %(5) | | | 2.80 | % | | | 2.48 | % | | | 2.29 | % | | | 2.17 | % | | | 2.13 | % |
Net investment income | | | 5.11 | %(5) | | | 5.09 | % | | | 5.68 | % | | | 6.22 | % | | | 5.60 | % | | | 5.50 | % |
Portfolio Turnover | | | 13 | %(3) | | | 34 | % | | | 47 | % | | | 29 | % | | | 32 | % | | | 35 | % |
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | |
Total notes payable outstanding (in 000’s) | | $ | 245,000 | | | $ | 254,000 | | | $ | 246,000 | | | $ | 232,000 | | | $ | 290,000 | | | $ | 300,000 | |
Asset coverage per $1,000 of notes payable(7) | | $ | 3,822 | | | $ | 3,765 | | | $ | 3,849 | | | $ | 3,867 | | | $ | 3,426 | | | $ | 3,404 | |
Total preferred shares outstanding | | | 800 | | | | 800 | | | | 800 | | | | 800 | | | | 800 | | | | 800 | |
Asset coverage per preferred share(8) | | $ | 288,099 | | | $ | 286,300 | | | $ | 290,421 | | | $ | 287,532 | | | $ | 268,497 | | �� | $ | 268,705 | |
Involuntary liquidation preference per preferred share(9) | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | |
Approximate market value per preferred share(9) | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | |
(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) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
(6) | Interest and fee expense relates to variable rate term preferred shares (see Note 2) and the notes payable (see Note 9). |
(7) | 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. |
(8) | 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 288%, 286%, 290%, 288%, 268% and 269% at November 30, 2018 and May 31, 2018, 2017, 2016, 2015 and 2014, respectively. |
(9) | Plus accumulated and unpaid dividends. |
† | Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended November 30, 2018 (Unaudited) | | | Year Ended May 31, | |
| | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
Expenses excluding interest and fees | | | 0.84 | % | | | 0.83 | % | | | 0.86 | % | | | 0.86 | % | | | 0.85 | % | | | 0.85 | % |
Interest and fee expense | | | 1.26 | % | | | 1.00 | % | | | 0.76 | % | | | 0.58 | % | | | 0.50 | % | | | 0.49 | % |
Total expenses | | | 2.10 | % | | | 1.83 | % | | | 1.62 | % | | | 1.44 | % | | | 1.35 | % | | | 1.34 | % |
Net investment income | | | 3.34 | % | | | 3.33 | % | | | 3.72 | % | | | 3.90 | % | | | 3.50 | % | | | 3.46 | % |
| | | | |
| | 35 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
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 (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
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 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, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities.Equity securities 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 on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in theover-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
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). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
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
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Notes to Financial Statements (Unaudited) — continued
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 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 theex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
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.
As of November 30, 2018, 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 fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E 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.
F Unfunded Loan Commitments — The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At November 30, 2018, the Trust had sufficient cash and/or securities to cover these commitments.
G Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP 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.
H 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 theBy-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, theBy-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.
I 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.
J When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
K Interim Financial Statements — The interim financial statements relating to November 30, 2018 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.
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Notes to Financial Statements (Unaudited) — continued
L New Accounting Pronouncement — During the six months ended November 30, 2018, the Trust adopted the FASB’s Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230) — Restricted Cash (ASU 2016-18), which became effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Pursuant to the new standard, the Trust is required to include amounts described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. Prior to the change, such amounts were disclosed separately within the Statement of Cash Flows. This change in accounting had no impact on the Trust’s net assets.
2 Variable Rate Term Preferred Shares
On December 18, 2012, the Trust issued 800 shares of SeriesC-1 Variable Rate Term Preferred Shares (SeriesC-1 VRTP Shares) in a private offering to a commercial paper conduit sponsored by a large financial institution (the Conduit). 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.
Variable rate term preferred shares are a form of preferred shares that represent stock of the Trust. They have a par value of $0.01 per share and a liquidation preference of $100,000 per share. The SeriesC-1 VRTP Shares also had an original mandatory redemption date of December 18, 2015 that had been extended on various dates through April 7, 2017 upon consent of the holders of the SeriesC-1 VRTP Shares and approval of the Trust’s Board of Trustees.
On September 30, 2016, the SeriesC-1 VRTP Shares were transferred to another large financial institution (the Assignee) as permitted by the Trust’sBy-laws. The transferred SeriesC-1 VRTP Shares were then exchanged for an equal number of SeriesL-2 Variable Rate Term Preferred Shares (SeriesL-2 VRTP Shares), and the mandatory redemption date was extended to three years from the date of transfer. Dividends on the SeriesL-2 VRTP Shares are determined each day based on a spread of 1.85% to three-month LIBOR. Such spread is determined based on the current credit rating of the SeriesL-2 VRTP Shares, which is provided by Moody’s Investors Service.
The SeriesL-2 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 SeriesL-2 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 SeriesL-2 VRTP Shares. Six months prior to the mandatory redemption date, the Trust is required to segregate in a liquidity account with its custodian investments equal to 110% of the SeriesL-2 VRTP Shares’ redemption price, and over the six month period execute a series of liquidation transactions to assure sufficient liquidity to redeem the SeriesL-2 VRTP Shares. The holders of the SeriesL-2 VRTP Shares, voting as a class, are entitled to elect two Trustees of the Trust. If the dividends on the SeriesL-2 VRTP Shares remain unpaid in an amount equal to two full years’ dividends, the holders of the SeriesL-2 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 SeriesL-2 VRTP Shares (net of unamortized deferred debt issuance costs) is presented as a liability on the Statement of Assets and Liabilities and unpaid dividends are included in interest expense and fees payable. Dividends accrued onSeries L-2 VRTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statement of Operations.
In connection with the transfer of the SeriesC-1 VRTP Shares to the Assignee on September 30, 2016, the Trust paid an upfront fee of $400,000 and debt issuance costs of $458,267, both of which are being amortized to interest expense and fees over a period of three years to September 30, 2019. The unamortized amount of the debt issuance costs as of November 30, 2018 is presented as a deduction of the liability for variable rate term preferred shares on the Statement of Assets and Liabilities.
The carrying amount of the SeriesL-2 VRTP Shares at November 30, 2018 represents its liquidation value, which approximates fair value. If measured at fair value, the SeriesL-2 VRTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 12) at November 30, 2018. The average liquidation preference of the SeriesL-2 VRTP Shares during the six months ended November 30, 2018 was $80,000,000.
3 Distributions to Shareholders and Income Tax Information
The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding variable rate term preferred 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 theex-dividend date. Dividends to variable rate term preferred shareholders are accrued daily and payable quarterly. The dividend rate on the Series L-2 VRTP Shares at November 30, 2018 was 4.59%. The amount of dividends accrued and the average annual dividend rate of the Series L-2 VRTP Shares during the six months ended November 30, 2018 were $1,731,387 and 4.32%, respectively.
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Notes to Financial Statements (Unaudited) — continued
At May 31, 2018, the Trust, for federal income tax purposes, had capital loss carryforwards of $16,721,975 which would 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 would 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. The capital loss carryforwards will expire on May 31, 2019 and their character is short-term. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of the Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused.
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Trust at November 30, 2018, as determined on a federal income tax basis, were as follows:
| | | | |
| |
Aggregate cost | | $ | 967,437,356 | |
| |
Gross unrealized appreciation | | $ | 10,168,330 | |
Gross unrealized depreciation | | | (30,201,951 | ) |
| |
Net unrealized depreciation | | $ | (20,033,621 | ) |
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, 2018, the Trust’s investment adviser fee amounted to $3,595,519. 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, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $126,021,652 and $142,833,618, respectively, for the six months ended November 30, 2018.
6 Common Shares of Beneficial Interest and Shelf Offering
The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the six months ended November 30, 2018 and the year ended May 31, 2018.
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, 2018 and the year ended May 31, 2018.
Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 5,495,789 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, 2018 and the year ended May 31, 2018, there were no shares sold by the Trust pursuant to its shelf offering.
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Notes to Financial Statements (Unaudited) — continued
7 Restricted Securities
At November 30, 2018, the Trust owned the following securities (representing less than 0.01% 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 | | | | | | | | | | | | | | | | |
Nine Point Energy Holdings, Inc. | | | 7/15/14, | | | | 758 | | | $ | 34,722 | | | $ | 841 | |
| | | 10/21/14 | | | | | | | | | | | | | |
| | | | |
Convertible Preferred Stocks | | | | | | | | | | | | | | | | |
Nine Point Energy Holdings, Inc., Series A, 12.00% | | | 5/26/17 | | | | 14 | | | | 14,000 | | | | 20,552 | |
| | | | |
Total Restricted Securities | | | | | | | | | | $ | 48,722 | | | $ | 21,393 | |
8 Financial Instruments
The Trust may trade in financial instruments withoff-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, 2018 is included in the Portfolio of Investments. At November 30, 2018, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.
The Trust 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, 2018, the fair value of derivatives with credit-related contingent features in a net liability position was $1,713. At November 30, 2018, there were no assets pledged by the Trust for such liability.
Theover-the-counter (OTC) derivatives in which the Trust invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Trust has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things,set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trust’s net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trust’s custodian and cannot be sold,re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Trust, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Trust as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to broker at November 30, 2018 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at November 30, 2018.
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
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, 2018 was as follows:
| | | | | | | | |
| | Fair Value | |
Derivative | | Asset Derivative(1) | | | Liability Derivative(2) | |
| | |
Forward foreign currency exchange contracts | | $ | 1,056,364 | | | $ | (1,713 | ) |
(1) | Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. |
(2) | Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
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 such assets and pledged by the Trust for such liabilities as of November 30, 2018.
| | | | | | | | | | | | | | | | | | | | |
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) | |
Goldman Sachs International | | $ | 940,493 | | | $ | — | | | $ | — | | | $ | (780,361 | ) | | $ | 160,132 | |
HSBC Bank USA, N.A. | | | 8,793 | | | | — | | | | — | | | | — | | | | 8,793 | |
State Street Bank and Trust Company | | | 107,078 | | | | (1,713 | ) | | | (105,365 | ) | | | — | | | | — | |
| | | | | |
| | $ | 1,056,364 | | | $ | (1,713 | ) | | $ | (105,365 | ) | | $ | (780,361 | ) | | $ | 168,925 | |
| | | | | |
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) | |
| | | | | |
State Street Bank and Trust Company | | $ | (1,713 | ) | | $ | 1,713 | | | $ | — | | | $ | — | | | $ | — | |
(a) | In some instances, the total 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, 2018 was as follows:
| | | | | | | | |
Derivative | | Realized Gain (Loss) on Derivatives Recognized in Income(1) | | | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) | |
Forward foreign currency exchange contracts | | $ | 3,711,461 | | | $ | (847,615 | ) |
(1) | Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts. |
The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended November 30, 2018, which is indicative of the volume of this derivative type, was approximately $60,270,000.
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Notes to Financial Statements (Unaudited) — continued
9 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 $290 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 11, 2019, the Trust also pays a program fee of 0.67% 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 60% 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, 2018 totaled $1,078,482 and are included in interest expense and fees on the Statement of Operations. The Trust also paid an upfront fee of $290,000, which is being amortized to interest expense over a period of one year through March 2019. The unamortized balance at November 30, 2018 is approximately $84,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. The Trust is required to maintain certain net asset levels during the term of the Agreement. At November 30, 2018, the Trust had borrowings outstanding under the Agreement of $245,000,000 at an interest rate of 2.50%. 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, 2018 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 12) at November 30, 2018. For the six months ended November 30, 2018, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $251,732,240 and 2.32%, respectively.
10 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.
11 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 highernon-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.
12 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | | Level 1 – quoted prices in active markets for identical investments |
• | | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | | Level 3 – significant unobservable inputs (including a 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, 2018
Notes to Financial Statements (Unaudited) — continued
At November 30, 2018, 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 Loans (Less Unfunded Loan Commitments) | | $ | — | | | $ | 860,424,028 | | | $ | 3,361,562 | | | $ | 863,785,590 | |
Corporate Bonds & Notes | | | — | | | | 31,031,615 | | | | — | | | | 31,031,615 | |
Asset-Backed Securities | | | — | | | | 14,585,951 | | | | — | | | | 14,585,951 | |
Common Stocks | | | 480,239 | | | | 2,769,955 | | | | 7,230,090 | | | | 10,480,284 | |
Convertible Preferred Stocks | | | — | | | | — | | | | 20,552 | | | | 20,552 | |
Closed-End Funds | | | 11,504,473 | | | | — | | | | — | | | | 11,504,473 | |
Miscellaneous | | | — | | | | — | | | | 0 | | | | 0 | |
Short-Term Investments | | | — | | | | 14,940,619 | | | | — | | | | 14,940,619 | |
| | | | |
Total Investments | | $ | 11,984,712 | | | $ | 923,752,168 | | | $ | 10,612,204 | | | $ | 946,349,084 | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 1,056,364 | | | $ | — | | | $ | 1,056,364 | |
| | | | |
Total | | $ | 11,984,712 | | | $ | 924,808,532 | | | $ | 10,612,204 | | | $ | 947,405,448 | |
| | | | |
Liability Description | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (1,713 | ) | | $ | — | | | $ | (1,713 | ) |
| | | | |
Total | | $ | — | | | $ | (1,713 | ) | | $ | — | | | $ | (1,713 | ) |
* | 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, 2018 is not presented.
13 Legal Proceedings
In May 2015, the Trust was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Trust is approximately $4,166,000 (equal to 0.68% of net assets applicable to common shares at November 30, 2018). The Trust cannot predict the outcome of these proceedings or the effect, if any, on the Trust’s net asset value. The attorneys’ fees and costs related to these actions are expensed by the Trust as incurred.
Eaton Vance
Floating-Rate Income Trust
November 30, 2018
Officers and Trustees
Officers of Eaton Vance Floating-Rate Income Trust
Payson F. Swaffield
President
Maureen A. Gemma
Vice President, Secretary and
Chief Legal Officer
James F. Kirchner
Treasurer
Richard F. Froio
Chief Compliance Officer
Trustees of Eaton Vance Floating-Rate Income Trust
William H. Park
Chairperson
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
George J. Gorman
Valerie A. Mosley
Helen Frame Peters
Keith Quinton(1)
Marcus L. Smith(1)
Susan J. Sutherland
Scott E. Wennerholm
(1) | Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018. |
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:
• | | Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
• | | None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers. |
• | | Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
• | | We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our 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 (International) Limited, Eaton Vance Advisers International Ltd., 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 call1-800-262-1122.
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. American Stock Transfer & Trust Company, LLC (“AST”), theclosed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST 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 FormN-Q with the SEC for the first and third quarters of each fiscal year. The FormN-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. FormN-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call1-800-732-0330 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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its outstanding common shares as of the approved date 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, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also 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 Vanceclosed-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. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recentmonth-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
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Fund Offices
Two International Place
Boston, MA 02110
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7739 11.30.18
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 FormN-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities byClosed-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. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies
Not applicable.
Item 13. 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/ Payson F. Swaffield |
| | Payson F. Swaffield |
| | President |
| |
Date: | | January 24, 2019 |
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 24, 2019 |
| | |
By: | | /s/ Payson F. Swaffield |
| | Payson F. Swaffield |
| | President |
| |
Date: | | January 24, 2019 |