Annual Report May 31, 2022
Eaton Vance
Floating-Rate Income Trust
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Management’s Discussion of Fund Performance†
Economic and Market Conditions
Amid increasing global concerns about inflation and
supply-chain disruptions, and the negative effect of Russia’s invasion of Ukraine on both of those issues, senior loans displayed their value as a portfolio diversifier by outperforming the majority of U.S. fixed-income asset classes during
the 12-month period ended May 31, 2022. While returns were nonetheless negative at -0.26% for the S&P/LSTA Leveraged Loan Index (the Index), a broad measure of the asset class, senior loans significantly outperformed corporate bonds, corporate
high yield bonds, municipal bonds, and U.S. government bonds during the period.
For senior loan investors, the one-year period appeared to
consist of two distinct parts. From the opening of the period on June 1, 2021 through January 2022, the asset class generally rallied — except for pauses in March and July 2021 when returns were flat, and in November 2021 when a new COVID-19
variant caused asset prices to plummet worldwide. In a yield-starved environment, senior loans offered attractive spreads versus other asset classes.
The ongoing rollout of vaccines, the reopening of U.S.
businesses, and comparatively low yields in other fixed-income asset classes all provided tailwinds for senior loans during that time. Technical factors also bolstered loan performance as demand outpaced supply and institutional demand for
collateralized loan obligations (CLOs) remained strong. Reflecting investors’ increased appetite for risk, lower-rated loans generally outperformed higher-rated issues.
In February 2022, however, the economic impact of
Russia’s unprovoked invasion of Ukraine became a tipping point for loan performance. While the U.S. Federal Reserve’s projection of seven rate increases in 2022 was viewed as a positive for floating-rate loans, investors began to worry
about the negative effects of supply-chain disruptions, higher commodity and labor expenses, and rising debt service costs on loan issuers.
Manifesting investors’ concerns, higher-quality loans
began to outperform lower-quality loans. Loan prices, which had risen earlier in the period, declined each month from February through the end of the period on May 31. Nonetheless, mutual fund inflows for the asset class continued through April. The
final month of the period, however, was the worst month for senior loans since the beginning of the pandemic. In May 2022, loan prices fell to $94.60, from $98.08 at the start of the period. Mutual funds experienced outflows for the first time in
the period, CLO demand was the lowest in 18 months, and the Index fell 2.56%.
One remaining bright spot, however, was issuer fundamentals.
The trailing 12-month default rate plummeted from 1.73% at the beginning of the period to 0.21% at period-end, close to the market’s all-time low of 0.15%.
For the period as a whole, higher quality loans outperformed
lower quality issues, with BBB-, BB-, B-, CCC- and D-rated (defaulted) loans in the Index returning 0.28%, 0.09%, -0.29%, -2.22%, and -14.96%, respectively.
Fund Performance
For the 12-month period ended May 31, 2022, Eaton Vance
Floating-Rate Income Trust (the Fund) returned -2.81% at net asset value of its common shares (NAV), underperforming the -0.26% return of the S&P/LSTA Leveraged Loan Index (the Index).
Under normal market conditions, the Fund invests at least 80%
of its total assets in senior loans of domestic and foreign borrowers that are denominated in U.S. dollars and foreign currencies. The Fund has historically tended to underweight lower-quality loans relative to the Index — a strategy that may
help the Fund experience limited credit losses over time, but may detract from relative performance versus the Index during periods when lower-quality issues outperform.
The Fund’s employment of investment leverage detracted
from performance versus the Index. The use of leverage has the effect of achieving additional exposure to the loan market, and thus magnifying exposure to the Fund’s underlying investments in both up and down market environments. The use of
leverage hurt performance versus the Index, which does not employ leverage, as leverage amplified the price declines of loans in the Fund’s underlying portfolio during the period.
The Fund’s out-of-Index allocation to corporate high
yield bonds also detracted from Fund performance versus the Index. Rising interest rates led high yield bonds in general to underperform senior loans during the period.
Loan selections overall detracted from relative performance as
well. In particular, loan selections in the radio & television and health care industries hurt Fund returns versus the Index. An overweight position relative to the Index in the automotive industry — where factory production was restricted
by a worldwide semiconductor shortage — and an underweight position in the lodgings & casino industry — where business recovered as pandemic restrictions were lifted — also dragged on relative Fund performance.
See Endnotes and
Additional Disclosures in this report.
Past
performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions
reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market
price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations
for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than
their original cost. Performance for periods 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
May 31, 2022
Management’s
Discussion of Fund Performance† — continued
The Fund’s allocation to collateralized loan obligation
(CLO) debt was an additional detractor from Fund performance versus the Index, as CLO prices declined amid weakening demand from institutional investors.
In contrast, loan selections in the oil & gas industry,
along with the Fund’s modestly overweight position in the industry, contributed to Fund returns versus he Index. The Fund’s small cash position also helped relative performance as the senior loan asset class delivered negative
performance during the period.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods 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
May 31, 2022
Performance
Portfolio Manager(s) Ralph H.
Hinckley, CFA, Andrew N. Sveen, CFA, Catherine C. McDermott and Daniel P. McElaney, CFA
| %
Average Annual Total Returns1,2 |
Inception
Date |
One
Year |
Five
Years |
Ten
Years |
| Fund
at NAV |
06/29/2004
|
(2.81)%
|
3.22%
|
4.89%
|
| Fund
at Market Price |
—
|
(8.10)
|
2.22
|
3.91
|
|
| S&P/LSTA
Leveraged Loan Index |
—
|
(0.26)%
|
3.35%
|
4.04%
|
| %
Premium/Discount to NAV3 |
|
| |
(7.32)%
|
| Distributions
4 |
|
| Total
Distributions per share for the period |
$0.930
|
| Distribution
Rate at NAV |
7.02%
|
| Distribution
Rate at Market Price |
7.57
|
| %
Total Leverage5 |
|
| Borrowings
|
24.01%
|
| Variable
Rate Term Preferred Shares (VRTP Shares) |
13.07
|
Growth of $10,000
This graph shows the change in value of a hypothetical
investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods 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
May 31, 2022
| Top
10 Issuers (% of total investments)* |
|
| Ultimate
Software Group, Inc. (The) |
0.9%
|
| Citgo
Petroleum Corporation |
0.9
|
| Uber
Technologies, Inc. |
0.9
|
| Virgin
Media SFA Finance Limited |
0.9
|
| Magenta
Buyer, LLC |
0.9
|
| Finastra
USA, Inc., |
0.8
|
| Banff
Merger Sub, Inc. |
0.8
|
| UPC
Broadband Holding B.V. |
0.8
|
| Les
Schwab Tire Centers |
0.7
|
| Mallinckrodt
International Finance S.A. |
0.7
|
| Total
|
8.3%
|
| *
|
Excludes
cash and cash equivalents. |
| Credit
Quality (% of bonds, loans and asset-backed securities)1 |
|
1 |
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. |
| Top
10 Industries (% of total investments)* |
| Software
|
17.5%
|
| Health
Care Providers & Services |
4.9
|
| Machinery
|
4.7
|
| IT
Services |
3.8
|
| Commercial
Services & Supplies |
3.7
|
| Chemicals
|
3.2
|
| Diversified
Telecommunication Services |
2.8
|
| Specialty
Retail |
2.7
|
| Oil,
Gas & Consumable Fuels |
2.6
|
| Capital
Markets |
2.6
|
| Total
|
48.5%
|
| *
|
Excludes
cash and cash equivalents. |
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡
Investment Objectives. The Fund’s
investment objective is to provide a high level of current income. As a secondary objective, the Fund seeks preservation of capital to the extent consistent with its primary goal of high current income.
Principal Strategies. The
Fund pursues its objectives by investing its assets primarily in senior, secured floating rate loans (“Senior Loans”). Floating-rate loans are loans in which the interest rate paid fluctuates based on a reference rate. Under normal
market conditions, at least 80% of the Fund’s total assets will be invested in Senior Loans of domestic and foreign borrowers that are denominated in U.S. dollars, euros, British pounds, Swiss francs, Canadian dollars and Australian dollars
(each an “Authorized Foreign Currency”). For the purpose of the 80% test, total assets is defined as net assets plus any borrowings for investment purposes, including any outstanding preferred shares. Senior Loans typically are secured
with specific collateral and have a claim on the assets and/or stock that is senior to subordinated debtholders and stockholders of the borrower. Senior Loans are made to corporations, partnerships and other business entities
(“Borrowers”) which operate in various industries and geographical regions, including foreign Borrowers. Senior Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are
associated with securities having high risk, speculative characteristics (sometimes referred to as “junk”).
The Fund may invest up to 20% of its total assets in (i) loan
interests which have (a) a second lien on collateral (“Second Lien”), (b) no security interest in the collateral, or (c) lower than a senior claim on collateral; (ii) other income-producing securities, such as investment and
non-investment grade corporate debt securities and U.S. government and U.S. dollar-denominated foreign government or supranational debt securities; and (iii) warrants and equity securities issued by a Borrower or its affiliates as part of a package
of investments in the Borrower or its affiliates.
Under
normal market conditions, Eaton Vance expects the Fund to maintain a duration of less than one year (including the effect of leverage). As the value of a security changes over time, so will its duration. Prices of securities with longer durations
tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter
duration. Investing in loans involves investment risk.
The Fund may invest in individual Senior Loans and other
securities of any credit quality. The Fund may invest up to 15% of net assets in Senior Loans denominated in Authorized Foreign Currencies and may invest in other securities of non-United States issuers. The Fund’s investments may have
significant exposure to certain sectors of the economy and thus may react differently to political or economic developments than the market as a whole.
The Fund may purchase or sell derivative instruments (which
derive their value from another instrument, security or index) for risk management purposes, such as hedging against fluctuations in Senior Loans and other securities prices or interest rates; diversification purposes; changing the duration of the
Fund; or leveraging the Fund. Transactions in derivative instruments may include the purchase or sale of futures contracts on securities, indices and other financial instruments, credit-linked notes, tranches of collateralized loan obligations
and/or collateralized debt
obligations, options on futures contracts, exchange-traded and
over-the-counter options on securities or indices, forward foreign currency exchange contracts, and interest rate, total return and credit default swaps.
The Fund employs leverage to seek opportunities for additional
income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful. The Fund has issued preferred shares and borrowed
to establish leverage. Investments in derivative instruments may result in economic leverage for the Fund.
Principal Risks
Market Discount Risk. As with
any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of
closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.
Market Risk. The value of
investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global
markets. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be
predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or
foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to
sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.
Credit Risk. Investments in
fixed income and other debt obligations, including loans, (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may
reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt
instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make
payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the
instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset
value. Due to their lower place in the borrower’s capital structure, secured and unsecured subordinated loans, second lien loans and subordinate bridge loans involve a higher degree of overall risk than Senior Loans to the same
borrower.
See Endnotes and Additional Disclosures in this report.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Additional Risks of Loans. Loans are traded in
a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell
loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above. It also may take longer than seven days for transactions in loans to settle. The types of covenants included in loan
agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide
the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or
unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to
loans to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the
U.S. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans
are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.
Lower Rated Investments Risk.
Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or
other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher
non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.
Interest Rate Risk. In general,
the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash
flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with
shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or
maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the duration of income securities
that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.
LIBOR Risk. The London Interbank Offered Rate
or LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited,
the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. The Fund has exposure to LIBOR-based instruments. Although the transition
process away from LIBOR has become increasingly well defined in advance of the anticipated discontinuation, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The transition
process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. Any effects of the transition away from LIBOR and the adoption of
alternative reference rates, as well as other unforeseen effects, could result in losses to the Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects may occur prior to the discontinuation.
Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.
Leverage Risk. Leverage,
including leverage from the issuance of preferred shares and borrowings, creates risks, including the likelihood of greater volatility of NAV and market price of, and distributions from, the common shares and the risk that fluctuations in dividend
rates on preferred shares and in the costs of borrowings may affect the return to common shareholders. To the extent the income derived from investments purchased with funds received from leverage exceeds the cost of leverage, the Fund’s
distributions will be greater than if leverage had not been used. Conversely, if the income from the investments purchased with such funds is not sufficient to cover the cost of leverage, the amount of income available for distribution to common
shareholders will be less than if leverage had not been used. In the latter case, the investment adviser, may nevertheless determine to maintain the Fund’s leveraged position if it deems such action to be appropriate. While the Fund has
preferred shares or borrowings outstanding, an increase in short-term rates would also result in an increased cost of leverage, which would adversely affect the Fund’s income available for distribution. In connection with its borrowings and
preferred shares, the Fund will be required to maintain specified asset coverage by applicable federal securities laws and (as applicable) the terms of the preferred shares and its credit facility. The Fund may be required to dispose of portfolio
investments on unfavorable terms if market fluctuations or other factors cause the required asset coverage to be less than the prescribed amount. There can be no assurance that a leveraging strategy will be successful.
Foreign Investment Risk.
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information
about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which U.S. companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets
in the United States, and as a result, Fund share
See Endnotes and Additional Disclosures in this report.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
values may be more volatile. Trading in foreign markets typically involves
higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country.
Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain
sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital
markets.
Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally
are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.
Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in
the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints.
Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be
unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to
honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial
investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
U.S. Government Securities
Risk. Although certain U.S. Government sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their
securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity.
Equity Securities Risk. The
value of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse
geopolitical, social or environmental developments; issuer and sector-specific considerations; unexpected trading activity among retail investors; or other factors. Market
conditions may affect certain types of stocks to a greater extent than other
types of stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.
Liquidity Risk. The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices.
Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on
the Fund’s performance. These effects may be exacerbated during times of financial or political stress.
Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective
decisions.
Recent Market Conditions. An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health
screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in a
substantial economic downturn. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of
this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in
the future may have similar effects. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets
around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have
led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could
adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical
tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
Cybersecurity Risk. With the
increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or
unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which
the Fund invests, have the ability to cause disruptions and impact business
See Endnotes and Additional Disclosures in this report.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
operations potentially resulting in financial losses, interference with the
Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement
or other compensation costs, or additional compliance costs.
General Fund Investing Risks.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Potential Conflicts of Interest
As a diversified global financial services firm, Morgan
Stanley, the parent company of the investment adviser, engages in a broad spectrum of activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of the Fund. Morgan Stanley advises clients and
sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with any new or successor Morgan Stanley funds, programs, accounts or businesses, (other than funds, programs, accounts or
businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. (“Eaton Vance Investment Accounts”)), the “MS Investment Accounts,” and, together with the Eaton Vance Investment
Accounts, the ‘‘Affiliated Investment Accounts’’) with a wide variety of investment objectives that in some instances may overlap or conflict with a Fund’s investment objectives and present conflicts of interest. There
is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist.
Material Non-Public Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the
investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. Morgan Stanley has established
certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley.
Investments by Morgan Stanley and its Affiliated Investment
Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in
Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a Fund or its shareholders. A Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a
result, the members of an investment team may face conflicts in the allocation of investment opportunities among a Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser. Certain
Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser
to favor such other accounts. To seek to reduce potential conflicts of interest and to attempt to allocate investment opportunities in a fair and equitable manner the
investment adviser has implemented allocation policies and procedures. These
policies and procedures are intended to give all clients of the investment adviser, including the Fund(s), fair access to investment opportunities, consistent with the requirements of organizational documents, investment strategies, applicable laws
and regulations, and the fiduciary duties of the investment adviser.
Investments by Separate Investment Departments. The entities and individuals that provide investment-related services for the Fund and certain other Eaton Vance Investment Accounts (the “Eaton Vance Investment Department”) may be different from the
entities and individuals that provide investment-related services to MS Investment Accounts (the “MS Investment Department” and, together with the Eaton Vance Investment Department, the “Investment Departments”). Although
Morgan Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other
Investment Department on certain investment-related matters. A MS Investment Account could trade in advance of a Fund (and vice versa), might complete trades more quickly and efficiently than a Fund, and/or achieve different execution than a Fund on
the same or similar investments made contemporaneously.
Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Fund’s
holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and
potentially adverse to, that of a Fund.
Morgan
Stanley’s Investment Banking and Other Commercial Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act
as an advisor to clients, including other investment funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts
that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a Fund.
General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Investment Advisers Act of 1940,
as amended (the “Advisers Act”) the Investment Company Act of 1940, as amended (the “1940 Act”), and the Employee Retirement Income Security Act, as amended (“ERISA”) impose certain requirements designed to
decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition,
the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty
to its clients and in accordance with applicable law.
See Endnotes and Additional Disclosures in this report.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Endnotes and
Additional Disclosures
| †
|
The views expressed in this
report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any
responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund.
This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement,
depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks
discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
| ‡ |
The information contained
herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market
trading. |
| |
|
| 1 |
S&P/LSTA Leveraged Loan
Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® is a registered
trademark of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective
affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones
Indices. 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. Included in the average annual total return at NAV for the ten-year period is the impact of the 2013 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 98% of the
Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these
reductions, performance would have been lower. |
|
3 |
The
shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
| 4 |
The Distribution Rate is
based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal
income tax purposes as qualified and non-qualified ordinary dividends, 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 to Performance-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. |
| |
Fund profile subject to
change due to active management. |
| |
Important Notice to
Shareholders |
| |
Effective
July 1, 2022, Sarah Choi was added to the portfolio management team. |
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
| Asset-Backed
Securities — 7.4% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| AIG
CLO, Ltd., Series 2019-1A, Class ER, 6.959%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2) |
$
|
1,000
|
$ 873,915
|
| Ares
XXXIIR CLO, Ltd., Series 2014-32RA, Class D, 7.261%, (3 mo. USD LIBOR + 5.85%), 5/15/30(1)(2) |
|
2,000
|
1,756,696
|
| Ares
XXXIV CLO, Ltd., Series 2015-2A, Class ER, 7.894%, (3 mo. USD LIBOR + 6.85%), 4/17/33(1)(2) |
|
1,300
|
1,189,475
|
| Benefit
Street Partners CLO XIX, Ltd., Series 2019-19A, Class E, 8.064%, (3 mo. USD LIBOR + 7.02%), 1/15/33(1)(2) |
|
750
|
710,845
|
| Benefit
Street Partners CLO XVIII, Ltd., Series 2019-18A, Class ER, 7.794%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2) |
|
1,000
|
915,483
|
| Benefit
Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 7.247%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2) |
|
1,000
|
918,005
|
| BlueMountain
CLO XXVI, Ltd., Series 2019-26A, Class ER, 8.193%, (3 mo. USD LIBOR + 7.13%), 10/20/34(1)(2) |
|
1,500
|
1,354,575
|
| Canyon
Capital CLO, Ltd.: |
|
|
|
| Series
2019-2A, Class ER, 7.794%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2) |
|
400
|
364,573
|
| Series
2022-1A, Class E, 6.931%, (3 mo. SOFR + 6.40%), 4/15/35(1)(2) |
|
1,250
|
1,132,750
|
| Carlyle
Global Market Strategies CLO, Ltd.: |
|
|
|
| Series
2012-3A, Class DR2, 7.538%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2) |
|
1,200
|
1,005,007
|
| Series
2015-5A, Class DR, 7.763%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(2) |
|
500
|
430,345
|
| Cedar
Funding X CLO, Ltd., Series 2019-10A, Class ER, 7.563%, (3 mo. USD LIBOR + 6.50%), 10/20/32(1)(2) |
|
1,000
|
902,350
|
| Galaxy
XV CLO, Ltd., Series 2013-15A, Class ER, 7.689%, (3 mo. USD LIBOR + 6.645%), 10/15/30(1)(2) |
|
1,000
|
894,070
|
| Galaxy
XXI CLO, Ltd., Series 2015-21A, Class ER, 6.313%, (3 mo. USD LIBOR + 5.25%), 4/20/31(1)(2) |
|
1,000
|
850,167
|
| Galaxy
XXV CLO, Ltd., Series 2018-25A, Class E, 7.134%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) |
|
250
|
216,122
|
| Golub
Capital Partners CLO 23M, Ltd., Series 2015-23A, Class ER, 6.813%, (3 mo. USD LIBOR + 5.75%), 1/20/31(1)(2) |
|
1,200
|
980,422
|
| Golub
Capital Partners CLO 50B-R, Ltd., Series 2020-50A, Class ER, 7.492%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2) |
|
1,000
|
843,823
|
| Madison
Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 7.901%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2) |
|
1,000
|
907,676
|
| Neuberger
Berman CLO, Ltd., Series 2022-48A, Class E, 7.228%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2) |
|
1,000
|
905,188 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Palmer
Square CLO, Ltd.: |
|
|
|
| Series
2013-2A, Class DRR, 6.894%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2) |
$
|
900
|
$
809,336 |
| Series
2014-1A, Class DR2, 6.744%, (3 mo. USD LIBOR + 5.70%), 1/17/31(1)(2) |
|
1,500
|
1,344,253
|
| Series
2015-1A, Class DR4, 8.005%, (3 mo. USD LIBOR + 6.50%), 5/21/34(1)(2) |
|
500
|
449,230
|
| Series
2019-1A, Class DR, 7.911%, (3 mo. USD LIBOR + 6.50%), 11/14/34(1)(2) |
|
1,000
|
937,482
|
| RAD
CLO 5, Ltd., Series 2019-5A, Class E, 7.884%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2) |
|
1,000
|
995,297
|
| RAD
CLO 7, Ltd., Series 2020-7A, Class E, 7.544%, (3 mo. USD LIBOR + 6.50%), 4/17/33(1)(2) |
|
1,275
|
1,187,371
|
| Regatta
XIV Funding, Ltd., Series 2018-3A, Class E, 7.134%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) |
|
700
|
590,189
|
| Regatta
XVI Funding, Ltd., Series 2019-2A, Class E, 8.044%, (3 mo. USD LIBOR + 7.00%), 1/15/33(1)(2) |
|
750
|
693,144
|
| Vibrant
CLO X, Ltd., Series 2018-10A, Class D, 7.253%, (3 mo. USD LIBOR + 6.19%), 10/20/31(1)(2) |
|
850
|
690,320
|
| Vibrant
CLO XI, Ltd., Series 2019-11A, Class D, 7.833%, (3 mo. USD LIBOR + 6.77%), 7/20/32(1)(2) |
|
1,000
|
857,810
|
| Voya
CLO, Ltd., Series 2013-1A, Class DR, 7.524%, (3 mo. USD LIBOR + 6.48%), 10/15/30(1)(2) |
|
2,000
|
1,661,616
|
| Wellfleet
CLO, Ltd., Series 2020-1A, Class D, 8.284%, (3 mo. USD LIBOR + 7.24%), 4/15/33(1)(2) |
|
1,300
|
1,196,356
|
Total
Asset-Backed Securities
(identified cost $31,629,054) |
|
|
$ 28,563,891
|
| Security
|
Shares
|
Value
|
| BlackRock
Floating Rate Income Strategies Fund, Inc. |
|
111,292
|
$
1,304,342 |
| Invesco
Senior Income Trust |
|
402,161
|
1,592,558
|
| Nuveen
Credit Strategies Income Fund |
|
406,731
|
2,220,751
|
| Nuveen
Floating Rate Income Fund |
|
164,907
|
1,441,287
|
| Nuveen
Floating Rate Income Opportunity Fund |
|
115,017
|
996,047
|
Total
Closed-End Funds
(identified cost $9,825,290) |
|
|
$ 7,554,985
|
| Security
|
Shares
|
Value
|
| Aerospace
and Defense — 0.1% |
| IAP
Global Services, LLC(3)(4)(5) |
|
58
|
$
261,329 |
| |
|
|
$ 261,329
|
11
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| Electronics/Electrical
— 0.1% |
| Riverbed
Technology, Inc.(4)(5) |
|
326
|
$
449 |
| Skillsoft
Corp.(4)(5) |
|
56,469
|
330,908
|
| |
|
|
$ 331,357
|
| Oil
and Gas — 0.3% |
| Nine
Point Energy Holdings, Inc.(3)(4)(6) |
|
758
|
$
0 |
| QuarterNorth
Energy, Inc.(4)(5) |
|
10,477
|
1,354,152
|
| |
|
|
$ 1,354,152
|
| Radio
and Television — 0.3% |
| Clear
Channel Outdoor Holdings, Inc.(4)(5) |
|
86,335
|
$
136,409 |
| Cumulus
Media, Inc., Class A(4)(5) |
|
42,499
|
512,113
|
| iHeartMedia,
Inc., Class A(4)(5) |
|
36,714
|
433,225
|
| |
|
|
$ 1,081,747
|
| Retailers
(Except Food and Drug) — 0.1% |
| Phillips
Pet Holding Corp.(3)(4)(5) |
|
613
|
$
213,952 |
| |
|
|
$ 213,952
|
| Telecommunications
— 0.1% |
| GEE
Acquisition Holdings Corp.(3)(4)(5) |
|
46,236
|
$
482,704 |
| |
|
|
$ 482,704
|
Total
Common Stocks
(identified cost $3,642,457) |
|
|
$ 3,725,241
|
| Convertible
Preferred Stocks — 0.0%(7) |
| Security
|
Shares
|
Value
|
| Electronics/Electrical
— 0.0%(7) |
| Riverbed
Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(4)(5) |
|
107
|
$
919 |
| |
|
|
$ 919
|
| Oil
and Gas — 0.0% |
| Nine
Point Energy Holdings, Inc., Series A, 12.00%(3)(4)(6) |
|
14
|
$
0 |
| |
|
|
$ 0
|
Total
Convertible Preferred Stocks
(identified cost $17,197) |
|
|
$ 919
|
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Aerospace
and Defense — 0.2% |
| Transdigm,
Inc., 4.875%, 5/1/29 |
$
|
700
|
$
629,703 |
| |
|
|
$ 629,703
|
| Building
and Development — 0.3% |
| SRM
Escrow Issuer, LLC, 6.00%, 11/1/28(1) |
$
|
625
|
$
584,594 |
| Standard
Industries, Inc., 4.75%, 1/15/28(1) |
|
625
|
593,625
|
| |
|
|
$ 1,178,219
|
| Business
Equipment and Services — 0.4% |
| Prime
Security Services Borrower, LLC/Prime Finance, Inc.: |
|
|
|
| 5.25%,
4/15/24(1) |
$
|
750
|
$
750,918 |
| 5.75%,
4/15/26(1) |
|
750
|
742,684
|
| |
|
|
$ 1,493,602
|
| Consumer
Products — 0.1% |
| Central
Garden & Pet Co., 4.125%, 10/15/30 |
$
|
625
|
$
554,728 |
| |
|
|
$ 554,728
|
| Cosmetics/Toiletries
— 0.2% |
| Edgewell
Personal Care Co., 5.50%, 6/1/28(1) |
$
|
625
|
$
609,375 |
| |
|
|
$ 609,375
|
| Distribution
& Wholesale — 0.2% |
| BCPE
Empire Holdings, Inc., 7.625%, 5/1/27(1) |
$
|
625
|
$
569,717 |
| |
|
|
$ 569,717
|
| Diversified
Financial Services — 0.1% |
| VistaJet
Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(1) |
$
|
625
|
$
532,313 |
| |
|
|
$ 532,313
|
| Engineering
& Construction — 0.1% |
| TopBuild
Corp., 3.625%, 3/15/29(1) |
$
|
625
|
$
555,273 |
| |
|
|
$ 555,273
|
| Food
Service — 0.1% |
| Albertsons
Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons, LLC, 3.50%, 3/15/29(1) |
$
|
625
|
$
544,878 |
| |
|
|
$ 544,878
|
12
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Health
Care — 0.4% |
| Centene
Corp., 3.375%, 2/15/30 |
$
|
625
|
$
574,431 |
| LifePoint
Health, Inc., 5.375%, 1/15/29(1) |
|
625
|
527,775
|
| US
Acute Care Solutions, LLC, 6.375%, 3/1/26(1) |
|
625
|
594,300
|
| |
|
|
$ 1,696,506
|
| Home
Furnishings — 0.1% |
| Tempur
Sealy International, Inc., 4.00%, 4/15/29(1) |
$
|
625
|
$
546,731 |
| |
|
|
$ 546,731
|
| Insurance
— 0.2% |
| Alliant
Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(1) |
$
|
625
|
$
604,347 |
| |
|
|
$ 604,347
|
| Leisure
Goods/Activities/Movies — 0.1% |
| Viking
Cruises, Ltd., 5.875%, 9/15/27(1) |
$
|
625
|
$
531,250 |
| |
|
|
$ 531,250
|
| Media
— 0.7% |
| Audacy
Capital Corp., 6.50%, 5/1/27(1) |
$
|
625
|
$
408,803 |
| Diamond
Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1) |
|
3,160
|
1,048,219
|
| iHeartCommunications,
Inc.: |
|
|
|
| 6.375%,
5/1/26 |
|
208
|
204,932
|
| 8.375%,
5/1/27 |
|
376
|
353,659
|
| Sirius
XM Radio, Inc., 4.00%, 7/15/28(1) |
|
625
|
580,516
|
| |
|
|
$ 2,596,129
|
| Oil
and Gas — 0.3% |
| Centennial
Resource Production, LLC, 5.375%, 1/15/26(1) |
$
|
625
|
$
605,063 |
| PBF
Holding Co., LLC/PBF Finance Corp., 9.25%, 5/15/25(1) |
|
625
|
650,762
|
| |
|
|
$ 1,255,825
|
| Pipelines
— 0.1% |
| EQM
Midstream Partners, L.P., 4.75%, 1/15/31(1) |
$
|
625
|
$
543,394 |
| |
|
|
$ 543,394
|
| Real
Estate Investment Trusts (REITs) — 0.2% |
| HAT
Holdings I, LLC/HAT Holdings II, LLC, 3.375%, 6/15/26(1) |
$
|
625
|
$
579,094 |
| |
|
|
$ 579,094
|
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Retail
— 0.1% |
| Fertitta
Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30(1) |
$
|
625
|
$
542,706 |
| |
|
|
$ 542,706
|
| Technology
— 0.2% |
| Minerva
Merger Sub, Inc., 6.50%, 2/15/30(1) |
$
|
625
|
$
574,544 |
| |
|
|
$ 574,544
|
| Wireless
Telecommunication Services — 0.2% |
| Digicel
International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24(1) |
$
|
600
|
$
571,911 |
| |
|
|
$ 571,911
|
Total
Corporate Bonds
(identified cost $19,185,087) |
|
|
$ 16,710,245
|
| Senior
Floating-Rate Loans — 142.8%(8) |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Aerospace
and Defense — 2.7% |
| Aernnova
Aerospace S.A.U.: |
|
|
|
| Term
Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 2/22/27 |
EUR
|
107
|
$
106,971 |
| Term
Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 2/26/27 |
EUR
|
418
|
417,189
|
| AI
Convoy (Luxembourg) S.a.r.l.: |
|
|
|
| Term
Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/18/27 |
EUR
|
450
|
462,415
|
| Term
Loan, 5.025%, (USD LIBOR + 3.50%), 1/18/27(9) |
|
1,736
|
1,688,745
|
| Dynasty
Acquisition Co., Inc.: |
|
|
|
| Term
Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 4/6/26 |
|
1,941
|
1,852,797
|
| Term
Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 4/6/26 |
|
1,044
|
996,478
|
| IAP
Worldwide Services, Inc.: |
|
|
|
| Revolving
Loan, 0.75%, 7/18/23(10) |
|
325
|
317,992
|
| Term
Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), 7/18/23(3) |
|
414
|
327,791
|
| Spirit
Aerosystems, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 1/15/25 |
|
569
|
555,614
|
| WP
CPP Holdings, LLC, Term Loan, 4.99%, (USD LIBOR + 3.75%), 4/30/25(9) |
|
4,278
|
3,861,172
|
| |
|
|
$ 10,587,164
|
13
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Airlines
— 2.3% |
| AAdvantage
Loyalty IP, Ltd., Term Loan, 5.813%, (3 mo. USD LIBOR + 4.75%), 4/20/28 |
|
3,050
|
$
3,042,375 |
| Air
Canada, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 8/11/28 |
|
2,000
|
1,953,750
|
| Mileage
Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27 |
|
800
|
813,445
|
| United
Airlines, Inc., Term Loan, 4.711%, (1 mo. USD LIBOR + 3.75%), 4/21/28 |
|
3,126
|
3,055,414
|
| |
|
|
$ 8,864,984
|
| Auto
Components — 4.0% |
| Adient
US, LLC, Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/10/28 |
|
2,037
|
$
1,925,071 |
| Chassix,
Inc., Term Loan, 7.329%, (USD LIBOR + 5.50%), 11/15/23(9) |
|
1,436
|
1,261,506
|
| Clarios
Global, L.P.: |
|
|
|
| Term
Loan, 3.25%, (1 mo. EURIBOR + 3.25%), 4/30/26 |
EUR
|
1,000
|
1,010,479
|
| Term
Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/30/26 |
|
3,042
|
2,928,372
|
| Dayco
Products, LLC, Term Loan, 5.825%, (3 mo. USD LIBOR + 4.25%), 5/19/23 |
|
1,069
|
981,024
|
| DexKo
Global, Inc.: |
|
|
|
| Term
Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/4/28(10) |
EUR
|
74
|
74,664
|
| Term
Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/4/28 |
EUR
|
461
|
464,029
|
| Term
Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/4/28 |
EUR
|
240
|
241,308
|
| Term
Loan, 4.717%, (3 mo. USD LIBOR + 3.75%), 10/4/28 |
|
112
|
105,350
|
| Term
Loan, 4.717%, (3 mo. USD LIBOR + 3.75%), 10/4/28 |
|
588
|
553,087
|
| Garrett
LX I S.a.r.l., Term Loan, 4.49%, (3 mo. USD LIBOR + 3.25%), 4/30/28 |
|
771
|
732,569
|
| LTI
Holdings, Inc.: |
|
|
|
| Term
Loan, 5.81%, (1 mo. USD LIBOR + 4.75%), 7/24/26 |
|
372
|
361,952
|
| Term
Loan, 5.81%, (1 mo. USD LIBOR + 4.75%), 7/24/26 |
|
225
|
218,813
|
| Tenneco,
Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 10/1/25 |
|
2,985
|
2,855,245
|
| Truck
Hero, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 1/31/28 |
|
837
|
765,188
|
| Wheel
Pros, LLC, Term Loan, 5.428%, (1 mo. USD LIBOR + 4.50%), 5/11/28 |
|
1,020
|
848,196
|
| |
|
|
$ 15,326,853
|
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Automobiles
— 0.7% |
| MajorDrive
Holdings IV, LLC: |
|
|
|
| Term
Loan, 4.563%, (3 mo. USD LIBOR + 4.00%), 6/1/28 |
|
670
|
$
621,367 |
| Term
Loan, 6/1/29(11) |
|
1,500
|
1,395,000
|
| Thor
Industries, Inc., Term Loan, 4.063%, (1 mo. USD LIBOR + 3.00%), 2/1/26 |
|
844
|
829,644
|
| |
|
|
$ 2,846,011
|
| Beverages
— 1.1% |
| Arterra
Wines Canada, Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/24/27 |
|
1,086
|
$
1,049,136 |
| City
Brewing Company, LLC, Term Loan, 4.469%, (3 mo. USD LIBOR + 3.50%), 4/5/28 |
|
770
|
717,412
|
| Triton
Water Holdings, Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 3/31/28 |
|
2,481
|
2,304,462
|
| |
|
|
$ 4,071,010
|
| Biotechnology
— 0.2% |
| Alkermes,
Inc., Term Loan, 3.544%, (3 mo. USD LIBOR + 2.50%), 3/12/26 |
|
389
|
$
377,981 |
| Alltech,
Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 10/13/28 |
|
424
|
397,441
|
| |
|
|
$ 775,422
|
| Building
Products — 3.0% |
| ACProducts,
Inc., Term Loan, 4.75%, (6 mo. USD LIBOR + 4.25%, Floor 0.50%), 5/17/28 |
|
2,109
|
$
1,730,530 |
| Cornerstone
Building Brands, Inc., Term Loan, 4.125%, (1 mo. USD LIBOR + 3.25%), 4/12/28 |
|
2,433
|
2,183,584
|
| CP
Atlas Buyer, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 11/23/27 |
|
1,511
|
1,378,124
|
| Gardner
Denver, Inc., Term Loan, 2.884%, (1 mo. USD LIBOR + 1.75%), 3/1/27 |
|
1,277
|
1,248,093
|
| Ingersoll-Rand
Services Company, Term Loan, 2.884%, (1 mo. USD LIBOR + 1.85%), 3/1/27 |
|
1,397
|
1,364,690
|
| LHS
Borrower, LLC, Term Loan, 5.884%, (SOFR + 4.75%), 2/16/29 |
|
1,225
|
1,065,750
|
| MI
Windows and Doors, LLC, Term Loan, 4.28%, (SOFR + 3.50%), 12/18/27 |
|
1,547
|
1,485,440
|
| Standard
Industries, Inc., Term Loan, 3.788%, (6 mo. USD LIBOR + 2.50%), 9/22/28 |
|
957
|
940,283
|
| |
|
|
$ 11,396,494
|
| Capital
Markets — 4.1% |
| Advisor
Group, Inc., Term Loan, 5.56%, (1 mo. USD LIBOR + 4.50%), 7/31/26 |
|
2,392
|
$
2,317,457 |
| AllSpring
Buyer, LLC, Term Loan, 11/1/28(11) |
|
1,353
|
1,321,539 |
14
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Capital
Markets (continued) |
| Aretec
Group, Inc., Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 10/1/25 |
|
3,489
|
$
3,362,291 |
| Edelman
Financial Center, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 4/7/28 |
|
2,533
|
2,439,945
|
| EIG
Management Company, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 2/22/25 |
|
264
|
258,885
|
| Focus
Financial Partners, LLC, Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 6/30/28 |
|
1,489
|
1,445,697
|
| Greenhill
& Co., Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/12/24 |
|
476
|
473,445
|
| Hudson
River Trading, LLC, Term Loan, 4.149%, (SOFR + 3.00%), 3/20/28 |
|
1,750
|
1,679,748
|
| Mariner
Wealth Advisors, LLC: |
|
|
|
| Term
Loan, 0.00%, 8/18/28(10) |
|
39
|
37,960
|
| Term
Loan, 4.496%, (SOFR + 3.25%), 8/18/28 |
|
178
|
171,510
|
| Term
Loan, 4.496%, (SOFR + 3.25%), 8/18/28 |
|
1,241
|
1,198,769
|
| Term
Loan, 4.623%, (SOFR + 3.25%), 8/18/28 |
|
236
|
227,759
|
| Victory
Capital Holdings, Inc., Term Loan, 3.219%, (3 mo. USD LIBOR + 2.25%), 7/1/26 |
|
935
|
911,393
|
| |
|
|
$ 15,846,398
|
| Chemicals
— 5.1% |
| Apergy
Corporation, Term Loan, 3.563%, (1 mo. USD LIBOR + 2.50%), 5/9/25 |
|
127
|
$
126,546 |
| Aruba
Investments, Inc.: |
|
|
|
| Term
Loan, 4.00%, (1 mo. EURIBOR + 4.00%), 11/24/27 |
EUR
|
520
|
535,659
|
| Term
Loan, 4.974%, (1 mo. USD LIBOR + 4.00%), 11/24/27 |
|
792
|
758,854
|
| Atotech
B.V., Term Loan, 2.50%, (1 mo. EURIBOR + 2.50%), 3/18/28 |
EUR
|
375
|
390,504
|
| Charter
NEX US, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 12/1/27 |
|
494
|
476,469
|
| Chemours
Company (The), Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), 4/3/25 |
EUR
|
621
|
643,795
|
| CPC
Acquisition Corp., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 12/29/27 |
|
817
|
758,897
|
| Flint
Group GmbH, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, 9/21/23 |
|
108
|
100,430
|
| Flint
Group US, LLC, Term Loan, 6.136%, (3 mo. USD LIBOR + 5.00%), 5.386% cash, 0.75% PIK, 9/21/23 |
|
651
|
607,520
|
| Gemini
HDPE, LLC, Term Loan, 4.239%, (3 mo. USD LIBOR + 3.00%), 12/31/27 |
|
781
|
766,886
|
| Groupe
Solmax, Inc., Term Loan, 5.746%, (3 mo. USD LIBOR + 4.75%), 5/29/28 |
|
1,538
|
1,446,072 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Chemicals
(continued) |
| INEOS
Enterprises Holdings II Limited, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 8/31/26 |
EUR
|
200
|
$
206,960 |
| INEOS
Enterprises Holdings US Finco, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/28/26 |
|
220
|
218,148
|
| INEOS
Finance PLC: |
|
|
|
| Term
Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), 4/1/24 |
EUR
|
4
|
3,987
|
| Term
Loan, 3.25%, (1 mo. EURIBOR + 2.75%, Floor 0.50%), 11/8/28 |
EUR
|
625
|
645,668
|
| INEOS
Styrolution US Holding, LLC, Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 1/29/26 |
|
1,985
|
1,931,653
|
| INEOS
US Finance, LLC, Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 11/8/28 |
|
525
|
509,906
|
| Kraton
Corporation, Term Loan, 3.99%, (3 mo. USD LIBOR + 3.25%), 3/15/29 |
|
400
|
386,000
|
| Kraton
Polymers Holdings B.V., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 3/15/29 |
EUR
|
300
|
311,598
|
| Lonza
Group AG, Term Loan, 5.006%, (3 mo. USD LIBOR + 4.00%), 7/3/28 |
|
2,506
|
2,331,565
|
| LSF11
Skyscraper Holdco S.a.r.l., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 9/29/27 |
|
668
|
648,227
|
| Momentive
Performance Materials, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 5/15/24 |
|
462
|
449,234
|
| Olympus
Water US Holding Corporation, Term Loan, 5.298%, (SOFR + 4.50%), 11/9/28 |
|
350
|
337,750
|
| Orion
Engineered Carbons GmbH, Term Loan, 3.256%, (3 mo. USD LIBOR + 2.25%), 9/24/28 |
|
323
|
317,110
|
| Rohm
Holding GmbH, Term Loan, 5.269%, (6 mo. USD LIBOR + 4.75%), 7/31/26 |
|
1,483
|
1,401,039
|
| Starfruit
Finco B.V., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 10/1/25 |
EUR
|
448
|
458,078
|
| Venator
Materials Corporation, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 8/8/24 |
|
406
|
384,567
|
| W.R.
Grace & Co.-Conn., Term Loan, 4.813%, (3 mo. USD LIBOR + 3.75%), 9/22/28 |
|
2,469
|
2,410,948
|
| |
|
|
$ 19,564,070
|
| Commercial
Services & Supplies — 5.9% |
| Allied
Universal Holdco, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 5/12/28 |
|
3,541
|
$
3,360,651 |
| Belfor
Holdings, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 4/6/26 |
|
559
|
545,208
|
| EnergySolutions,
LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 5/9/25 |
|
1,785
|
1,718,144
|
| Garda
World Security Corporation, Term Loan, 5.26%, (1 mo. USD LIBOR + 4.25%), 10/30/26 |
|
2,426
|
2,286,185
|
| GFL
Environmental, Inc., Term Loan, 4.239%, (3 mo. USD LIBOR + 3.00%), 5/30/25 |
|
49
|
48,835 |
15
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Commercial
Services & Supplies (continued) |
| IRI
Holdings, Inc., Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 12/1/25 |
|
2,630
|
$
2,620,301 |
| LABL,
Inc., Term Loan, 6.06%, (1 mo. USD LIBOR + 5.00%), 10/29/28 |
|
623
|
589,148
|
| Monitronics
International, Inc., Term Loan, 8.75%, (1 mo. USD LIBOR + 7.50%, Floor 1.25%), 3/29/24 |
|
1,567
|
1,059,608
|
| PECF
USS Intermediate Holding III Corporation, Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 12/15/28 |
|
549
|
518,794
|
| Phoenix
Services International, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 3/1/25 |
|
864
|
712,980
|
| Prime
Security Services Borrower, LLC, Term Loan, 3.50%, (USD LIBOR + 2.75%, Floor 0.75%), 9/23/26(9) |
|
2,132
|
2,080,113
|
| SITEL
Worldwide Corporation, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 8/28/28 |
|
2,322
|
2,257,416
|
| Tempo
Acquisition, LLC, Term Loan, 4.034%, (SOFR + 3.00%), 8/31/28 |
|
1,640
|
1,608,464
|
| TMS
International Corp., Term Loan, 3.93%, (USD LIBOR + 2.75%), 8/14/24(9) |
|
272
|
259,342
|
| TruGreen
Limited Partnership, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 11/2/27 |
|
2,131
|
2,058,662
|
| Werner
FinCo L.P., Term Loan, 5.006%, (3 mo. USD LIBOR + 4.00%), 7/24/24 |
|
1,099
|
1,055,009
|
| |
|
|
$ 22,778,860
|
| Communications
Equipment — 0.2% |
| Digi
International, Inc., Term Loan, 5.50%, (3 mo. USD LIBOR + 5.00%, Floor 0.50%), 11/1/28 |
|
392
|
$
384,362 |
| Tiger
Acquisition, LLC, Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 6/1/28 |
|
596
|
540,881
|
| |
|
|
$ 925,243
|
| Construction
Materials — 0.8% |
| Oscar
AcquisitionCo, LLC, Term Loan, 6.108%, (SOFR + 4.50%), 4/29/29 |
|
825
|
$
757,969 |
| Quikrete
Holdings, Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 6/11/28 |
|
2,500
|
2,411,327
|
| |
|
|
$ 3,169,296
|
| Containers
& Packaging — 2.3% |
| Berlin
Packaging, LLC, Term Loan, 4.563%, (USD LIBOR + 3.75%), 3/11/28(9) |
|
1,045
|
$
999,042 |
| BWAY
Holding Company, Term Loan, 4.05%, (1 mo. USD LIBOR + 3.25%), 4/3/24 |
|
2,463
|
2,372,131 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Containers
& Packaging (continued) |
| Clydesdale
Acquisition Holdings, Inc., Term Loan, 5.384%, (SOFR + 4.25%), 4/13/29 |
|
525
|
$
495,772 |
| Pregis
TopCo Corporation, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 7/31/26 |
|
660
|
633,420
|
| Pretium
PKG Holdings, Inc.: |
|
|
|
| Term
Loan, 4.883%, (1 mo. USD LIBOR + 4.00%), 10/2/28 |
|
524
|
489,648
|
| Term
Loan - Second Lien, 7.633%, (1 mo. USD LIBOR + 6.75%), 10/1/29 |
|
300
|
266,500
|
| Proampac
PG Borrower, LLC, Term Loan, 4.957%, (USD LIBOR + 3.75%), 11/3/25(9) |
|
620
|
592,181
|
| Reynolds
Group Holdings, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 9/24/28 |
|
2,338
|
2,239,604
|
| Trident
TPI Holdings, Inc., Term Loan, 4.256%, (3 mo. USD LIBOR + 3.25%), 10/17/24 |
|
743
|
727,815
|
| |
|
|
$ 8,816,113
|
| Distributors
— 1.4% |
| Autokiniton
US Holdings, Inc., Term Loan, 5.345%, (1 mo. USD LIBOR + 4.50%), 4/6/28 |
|
3,304
|
$
3,146,864 |
| Phillips
Feed Service, Inc., Term Loan, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), 11/13/24(3) |
|
113
|
90,524
|
| White
Cap Buyer, LLC, Term Loan, 4.784%, (SOFR + 3.75%), 10/19/27 |
|
2,339
|
2,241,971
|
| |
|
|
$ 5,479,359
|
| Diversified
Consumer Services — 1.0% |
| Ascend
Learning, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 12/11/28 |
|
574
|
$
547,752 |
| KUEHG
Corp.: |
|
|
|
| Term
Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 2/21/25 |
|
2,678
|
2,601,546
|
| Term
Loan - Second Lien, 9.256%, (3 mo. USD LIBOR + 8.25%), 8/22/25 |
|
425
|
417,562
|
| Sotheby's,
Term Loan, 5.544%, (3 mo. USD LIBOR + 4.50%), 1/15/27 |
|
461
|
448,802
|
| |
|
|
$ 4,015,662
|
| Diversified
Financial Services — 0.7% |
| Concorde
Midco Ltd., Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), 3/1/28 |
EUR
|
575
|
$
597,615 |
| Sandy
BidCo B.V., Term Loan, 6/12/28(11) |
EUR
|
950
|
996,500
|
| Zephyr
Bidco Limited, Term Loan, 5.722%, (SONIA + 4.75%), 7/23/25 |
GBP
|
775
|
922,255
|
| |
|
|
$ 2,516,370
|
16
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Diversified
Telecommunication Services — 4.4% |
| Altice
France S.A.: |
|
|
|
| Term
Loan, 4.732%, (3 mo. USD LIBOR + 3.688%), 1/31/26 |
|
2,258
|
$
2,131,068 |
| Term
Loan, 5.411%, (3 mo. USD LIBOR + 4.00%), 8/14/26 |
|
1,713
|
1,626,925
|
| GEE
Holdings 2, LLC: |
|
|
|
| Term
Loan, 9.00%, (3 mo. USD LIBOR + 8.00%, Floor 1.00%), 3/24/25 |
|
408
|
405,998
|
| Term
Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), 2.50% cash, 6.75% PIK, 3/23/26 |
|
841
|
757,076
|
| Numericable
Group S.A., Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 7/31/25 |
EUR
|
475
|
481,133
|
| UPC
Broadband Holding B.V.: |
|
|
|
| Term
Loan, 2.50%, (6 mo. EURIBOR + 2.50%), 4/30/29 |
EUR
|
775
|
792,897
|
| Term
Loan, 3.125%, (1 mo. USD LIBOR + 2.25%), 4/30/28 |
|
900
|
865,875
|
| UPC
Financing Partnership, Term Loan, 3.875%, (1 mo. USD LIBOR + 3.00%), 1/31/29 |
|
3,000
|
2,906,874
|
| Virgin
Media Bristol, LLC, Term Loan, 4.125%, (1 mo. USD LIBOR + 3.25%), 1/31/29 |
|
5,775
|
5,679,355
|
| Zayo
Group Holdings, Inc., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 3/9/27 |
EUR
|
1,436
|
1,423,030
|
| |
|
|
$ 17,070,231
|
| Electrical
Equipment — 0.7% |
| AZZ
Incorporated, Term Loan, 5.384%, (SOFR + 4.35%), 5/13/29 |
|
400
|
$
387,500 |
| GrafTech
Finance, Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 2/12/25 |
|
1,494
|
1,463,615
|
| II-VI
Incorporated, Term Loan, 1/14/28(11) |
|
875
|
856,771
|
| |
|
|
$ 2,707,886
|
| Electronic
Equipment, Instruments & Components — 2.3% |
| Chamberlain
Group, Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/3/28 |
|
1,347
|
$
1,245,628 |
| CPI
International, Inc., Term Loan, 4.738%, (USD LIBOR + 3.50%), 7/26/24(9) |
|
657
|
646,171
|
| Creation
Technologies, Inc., Term Loan, 6.462%, (3 mo. USD LIBOR + 5.50%), 10/5/28 |
|
850
|
803,250
|
| DG
Investment Intermediate Holdings 2, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 3/31/28 |
|
993
|
956,057
|
| EXC
Holdings III Corp., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 12/2/24 |
|
1,629
|
1,596,575
|
| Mirion
Technologies, Inc., Term Loan, 3.25%, (6 mo. USD LIBOR + 2.75%, Floor 0.50%), 10/20/28 |
|
623
|
601,715 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Electronic
Equipment, Instruments & Components (continued) |
| Robertshaw
US Holding Corp., Term Loan, 4.563%, (1 mo. USD LIBOR + 3.50%), 2/28/25 |
|
1,032
|
$
854,625 |
| Verifone
Systems, Inc., Term Loan, 5.524%, (3 mo. USD LIBOR + 4.00%), 8/20/25 |
|
1,232
|
1,107,512
|
| Verisure
Holding AB: |
|
|
|
| Term
Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 7/20/26 |
EUR
|
325
|
330,877
|
| Term
Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 3/27/28 |
EUR
|
850
|
863,850
|
| |
|
|
$ 9,006,260
|
| Energy
Equipment & Services — 0.0%(7) |
| Ameriforge
Group, Inc., Term Loan, 12.608%, (1 mo. USD LIBOR + 13.00%), 12/29/23(10) |
|
53
|
$
26,482 |
| |
|
|
$ 26,482
|
| Engineering
& Construction — 2.0% |
| Aegion
Corporation, Term Loan, 5.637%, (1 mo. USD LIBOR + 4.75%), 5/17/28 |
|
547
|
$
527,412 |
| Amentum
Government Services Holdings, LLC, Term Loan, 4.647%, (SOFR + 4.00%), 2/15/29 |
|
675
|
656,438
|
| American
Residential Services, LLC, Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 10/15/27 |
|
617
|
592,500
|
| Brand
Energy & Infrastructure Services, Inc., Term Loan, 5.396%, (3 mo. USD LIBOR + 4.25%), 6/21/24 |
|
1,650
|
1,475,111
|
| Northstar
Group Services, Inc., Term Loan, 6.56%, (1 mo. USD LIBOR + 5.50%), 11/12/26 |
|
1,553
|
1,535,967
|
| Pike
Corporation, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 1/21/28 |
|
503
|
487,693
|
| USIC
Holdings, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 5/12/28 |
|
2,388
|
2,308,897
|
| |
|
|
$ 7,584,018
|
| Entertainment
— 1.7% |
| Alchemy
Copyrights, LLC, Term Loan, 3.80%, (1 mo. USD LIBOR + 3.00%), 3/10/28 |
|
517
|
$
504,213 |
| City
Football Group Limited, Term Loan, 4.598%, (3 mo. USD LIBOR + 3.50%), 7/21/28 |
|
998
|
942,638
|
| Crown
Finance US, Inc.: |
|
|
|
| Term
Loan, 4.00%, (6 mo. USD LIBOR + 2.50%, Floor 1.50%), 2/28/25 |
|
2,096
|
1,500,140
|
| Term
Loan, 4.25%, (6 mo. USD LIBOR + 2.75%, Floor 1.50%), 9/30/26 |
|
1,515
|
1,046,172
|
| Term
Loan, 15.25%, (7.00% cash, 8.25% PIK), 5/23/24(12) |
|
538
|
614,723
|
| Renaissance
Holding Corp.: |
|
|
|
| Term
Loan, 5.242%, (SOFR + 4.50%), 3/30/29 |
|
150
|
147,000 |
17
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Entertainment
(continued) |
| Renaissance
Holding Corp.: (continued) |
|
|
|
| Term
Loan - Second Lien, 8.06%, (1 mo. USD LIBOR + 7.00%), 5/29/26 |
|
200
|
$
194,833 |
| UFC
Holdings, LLC, Term Loan, 3.50%, (6 mo. USD LIBOR + 2.75%, Floor 0.75%), 4/29/26 |
|
1,190
|
1,156,608
|
| Vue
International Bidco PLC, Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), 7/3/26 |
EUR
|
678
|
575,533
|
| |
|
|
$ 6,681,860
|
| Food
Products — 1.0% |
| 8th
Avenue Food & Provisions, Inc., Term Loan, 5.81%, (1 mo. USD LIBOR + 4.75%), 10/1/25 |
|
498
|
$
427,021 |
| Badger
Buyer Corp., Term Loan, 4.562%, (1 mo. USD LIBOR + 3.50%), 9/30/24 |
|
358
|
323,208
|
| CHG
PPC Parent, LLC, Term Loan, 4.063%, (1 mo. USD LIBOR + 3.00%), 12/8/28 |
|
400
|
386,000
|
| Del
Monte Foods, Inc., Term Loan, 5.132%, (SOFR + 4.25%), 5/16/29 |
|
400
|
383,000
|
| Monogram
Food Solutions, LLC, Term Loan, 5.063%, (1 mo. USD LIBOR + 4.00%), 8/28/28 |
|
449
|
434,286
|
| Shearer's
Foods, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 9/23/27 |
|
443
|
410,019
|
| Sovos
Brands Intermediate, Inc., Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 6/8/28 |
|
601
|
579,965
|
| United
Petfood Group B.V., Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 4/23/28 |
EUR
|
775
|
782,081
|
| |
|
|
$ 3,725,580
|
| Gas
Utilities — 0.8% |
| CQP
Holdco L.P., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 6/5/28 |
|
2,958
|
$
2,882,981 |
| |
|
|
$ 2,882,981
|
| Health
Care Equipment & Supplies — 1.7% |
| Bayou
Intermediate II, LLC, Term Loan, 5.786%, (3 mo. USD LIBOR + 4.50%), 8/2/28 |
|
873
|
$
837,900 |
| CryoLife,
Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 6/1/27 |
|
503
|
472,526
|
| Gloves
Buyer, Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 12/29/27 |
|
1,688
|
1,604,047
|
| Journey
Personal Care Corp., Term Loan, 5.256%, (3 mo. USD LIBOR + 4.25%), 3/1/28 |
|
1,265
|
1,081,949
|
| Medline
Borrower, L.P., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 10/23/28 |
|
2,500
|
2,412,153
|
| |
|
|
$ 6,408,575
|
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care Providers & Services — 7.7% |
| AEA
International Holdings (Lux) S.a.r.l., Term Loan, 4.813%, (3 mo. USD LIBOR + 3.75%), 9/7/28 |
|
898
|
$ 870,818
|
| Biogroup-LCD,
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 2/9/28 |
EUR
|
250
|
252,872
|
| BW
NHHC Holdco, Inc., Term Loan, 6.455%, (3 mo. USD LIBOR + 5.00%), 5/15/25 |
|
2,472
|
1,833,398
|
| Cano
Health, LLC, Term Loan, 4.507%, (SOFR + 4.00%), 11/23/27 |
|
2,530
|
2,387,271
|
| CCRR
Parent, Inc., Term Loan, 4.76%, (3 mo. USD LIBOR + 3.75%), 3/6/28 |
|
594
|
573,570
|
| Cerba
Healthcare S.A.S.: |
|
|
|
| Term
Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 6/30/28 |
EUR
|
450
|
455,621
|
| Term
Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 2/15/29 |
EUR
|
525
|
547,645
|
| CHG
Healthcare Services, Inc., Term Loan, 4.998%, (USD LIBOR + 3.50%), 9/29/28(9) |
|
945
|
913,466
|
| Covis
Finco S.a.r.l., Term Loan, 7.301%, (SOFR + 6.50%), 2/18/27 |
|
850
|
748,000
|
| Electron
BidCo, Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 11/1/28 |
|
700
|
677,907
|
| Envision
Healthcare Corporation, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/10/25 |
|
3,003
|
1,198,569
|
| Hanger,
Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 3/6/25 |
|
1,104
|
1,078,240
|
| IVC
Acquisition, Ltd., Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 2/13/26 |
EUR
|
1,350
|
1,406,901
|
| LSCS
Holdings, Inc., Term Loan, 5.56%, (1 mo. USD LIBOR + 4.50%), 12/16/28 |
|
648
|
628,924
|
| MDVIP,
Inc., Term Loan, 4.678%, (1 mo. USD LIBOR + 3.75%), 10/16/28 |
|
250
|
242,083
|
| Medical
Solutions Holdings, Inc.: |
|
|
|
| Term
Loan, 3.50%, 11/1/28(10) |
|
204
|
195,330
|
| Term
Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/1/28 |
|
1,071
|
1,025,483
|
| Midwest
Physician Administrative Services, LLC, Term Loan, 4.256%, (3 mo. USD LIBOR + 3.25%), 3/12/28 |
|
569
|
530,683
|
| National
Mentor Holdings, Inc.: |
|
|
|
| Term
Loan, 4.76%, (3 mo. USD LIBOR + 3.75%), 3/2/28 |
|
65
|
58,832
|
| Term
Loan, 4.782%, (USD LIBOR + 3.75%), 3/2/28(9) |
|
2,263
|
2,033,269
|
| Option
Care Health, Inc., Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 10/27/28 |
|
374
|
366,932
|
| Pacific
Dental Services, LLC, Term Loan, 4.125%, (1 mo. USD LIBOR + 3.25%), 5/5/28 |
|
596
|
573,913
|
| Pearl
Intermediate Parent, LLC, Term Loan - Second Lien, 7.31%, (1 mo. USD LIBOR + 6.25%), 2/13/26 |
|
175
|
172,083 |
18
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care Providers & Services (continued) |
| Pediatric
Associates Holding Company, LLC: |
|
|
|
| Term
Loan, 3.836%, (6 mo. USD LIBOR + 3.25%), 12/29/28(10) |
|
66
|
$
62,993 |
| Term
Loan, 5.076%, (6 mo. USD LIBOR + 3.25%), 12/29/28 |
|
434
|
415,757
|
| PetVet
Care Centers, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 2/14/25 |
|
347
|
335,435
|
| Phoenix
Guarantor, Inc.: |
|
|
|
| Term
Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 3/5/26 |
|
2,977
|
2,869,235
|
| Term
Loan, 4.461%, (1 mo. USD LIBOR + 3.50%), 3/5/26 |
|
1,538
|
1,482,581
|
| Radiology
Partners, Inc., Term Loan, 5.196%, (1 mo. USD LIBOR + 4.25%), 7/9/25 |
|
1,305
|
1,217,042
|
| Sound
Inpatient Physicians, Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 6/27/25 |
|
481
|
455,157
|
| Surgery
Center Holdings, Inc., Term Loan, 4.60%, (1 mo. USD LIBOR + 3.75%), 8/31/26 |
|
2,506
|
2,407,514
|
| Synlab
Bondco PLC, Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), 7/1/27 |
EUR
|
325
|
333,203
|
| U.S.
Anesthesia Partners, Inc., Term Loan, 5.05%, (1 mo. USD LIBOR + 4.25%), 10/1/28 |
|
970
|
931,185
|
| WP
CityMD Bidco, LLC, Term Loan, 3.75%, (6 mo. USD LIBOR + 3.25%, Floor 0.50%), 12/22/28 |
|
575
|
556,456
|
| |
|
|
$ 29,838,368
|
| Health
Care Technology — 3.0% |
| Bracket
Intermediate Holding Corp., Term Loan, 5.219%, (3 mo. USD LIBOR + 4.25%), 9/5/25 |
|
917
|
$
893,258 |
| Certara
L.P., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 8/15/26 |
|
955
|
933,385
|
| eResearchTechnology,
Inc., Term Loan, 5.56%, (1 mo. USD LIBOR + 4.50%), 2/4/27 |
|
346
|
334,636
|
| GHX
Ultimate Parent Corporation, Term Loan, 4.256%, (3 mo. USD LIBOR + 3.25%), 6/28/24 |
|
955
|
928,648
|
| Imprivata,
Inc.: |
|
|
|
| Term
Loan, 4.75%, (SOFR + 4.25%, Floor 0.50%), 12/1/27 |
|
200
|
196,625
|
| Term
Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 12/1/27 |
|
995
|
968,857
|
| MedAssets
Software Intermediate Holdings, Inc.: |
|
|
|
| Term
Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), 12/18/28 |
|
975
|
940,875
|
| Term
Loan - Second Lien, 7.25%, (6 mo. USD LIBOR + 6.75%, Floor 0.50%), 12/17/29 |
|
625
|
598,437
|
| Navicure,
Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 10/22/26 |
|
1,568
|
1,536,640
|
| PointClickCare
Technologies, Inc., Term Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 12/29/27 |
|
668
|
643,191 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care Technology (continued) |
| Project
Ruby Ultimate Parent Corp., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 3/3/28 |
|
1,238
|
$
1,192,254 |
| Symplr
Software, Inc., Term Loan, 5.251%, (3 mo. USD LIBOR + 4.50%), 12/22/27 |
|
1,041
|
1,011,211
|
| Verscend
Holding Corp., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 8/27/25 |
|
1,579
|
1,551,615
|
| |
|
|
$ 11,729,632
|
| Hotels,
Restaurants & Leisure — 3.6% |
| Carnival
Corporation: |
|
|
|
| Term
Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 6/30/25 |
|
1,376
|
$
1,331,370 |
| Term
Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 10/18/28 |
|
2,344
|
2,251,337
|
| ClubCorp
Holdings, Inc., Term Loan, 3.756%, (3 mo. USD LIBOR + 2.75%), 9/18/24 |
|
1,488
|
1,407,571
|
| IRB
Holding Corp., Term Loan, 3.892%, (SOFR + 3.15%), 12/15/27 |
|
2,323
|
2,254,150
|
| Oravel
Stays Singapore Pte, Ltd., Term Loan, 9.21%, (3 mo. USD LIBOR + 8.25%), 6/23/26 |
|
645
|
599,966
|
| Playa
Resorts Holding B.V., Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 4/29/24 |
|
1,088
|
1,053,132
|
| Raptor
Acquisition Corp., Term Loan, 4.934%, (3 mo. USD LIBOR + 4.00%), 11/1/26 |
|
1,525
|
1,490,688
|
| SeaWorld
Parks & Entertainment, Inc., Term Loan, 4.063%, (1 mo. USD LIBOR + 3.00%), 8/25/28 |
|
771
|
749,630
|
| SMG
US Midco 2, Inc., Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 1/23/25 |
|
240
|
230,945
|
| Travel
Leaders Group, LLC, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 1/25/24 |
|
1,699
|
1,543,759
|
| Twin
River Worldwide Holdings, Inc., Term Loan, 4.05%, (1 mo. USD LIBOR + 3.25%), 10/2/28 |
|
998
|
958,847
|
| |
|
|
$ 13,871,395
|
| Household
Durables — 1.0% |
| Libbey
Glass, Inc., Term Loan, 9.021%, (3 mo. USD LIBOR + 8.00%), 11/13/25 |
|
823
|
$
835,835 |
| Serta
Simmons Bedding, LLC: |
|
|
|
| Term
Loan, 8.50%, (1 mo. USD LIBOR + 7.50%), 8/10/23 |
|
1,156
|
1,140,213
|
| Term
Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23 |
|
2,673
|
1,977,976
|
| |
|
|
$ 3,954,024
|
| Household
Products — 0.4% |
| Kronos
Acquisition Holdings, Inc.: |
|
|
|
| Term
Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 12/22/26 |
|
1,407
|
$
1,304,287 |
19
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Household
Products (continued) |
| Kronos
Acquisition Holdings, Inc.: (continued) |
|
|
|
| Term
Loan, 7.00%, (SOFR + 6.00%, Floor 1.00%), 12/22/26 |
|
349
|
$
346,288 |
| |
|
|
$ 1,650,575
|
| Independent
Power and Renewable Electricity Producers — 0.2% |
| Calpine
Construction Finance Company L.P., Term Loan, 3.06%, (1 mo. USD LIBOR + 2.00%), 1/15/25 |
|
927
|
$
899,384 |
| |
|
|
$ 899,384
|
| Industrial
Conglomerates — 0.3% |
| SPX
Flow, Inc., Term Loan, 5.634%, (SOFR + 4.50%), 4/5/29 |
|
1,225
|
$
1,156,094 |
| |
|
|
$ 1,156,094
|
| Insurance
— 2.9% |
| AssuredPartners,
Inc.: |
|
|
|
| Term
Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 2/12/27 |
|
1,389
|
$
1,326,240 |
| Term
Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 2/12/27 |
|
1,390
|
1,332,183
|
| Financiere
CEP SAS, Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 6/18/27 |
EUR
|
550
|
570,156
|
| Hub
International Limited, Term Loan, 4.348%, (3 mo. USD LIBOR + 3.25%), 4/25/25 |
|
2,977
|
2,882,018
|
| NFP
Corp., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 2/15/27 |
|
2,183
|
2,075,491
|
| Ryan
Specialty Group, LLC, Term Loan, 4.134%, (SOFR + 3.00%), 9/1/27 |
|
2,977
|
2,925,227
|
| |
|
|
$ 11,111,315
|
| Interactive
Media & Services — 1.8% |
| Buzz
Merger Sub, Ltd.: |
|
|
|
| Term
Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 1/29/27 |
|
588
|
$
571,830 |
| Term
Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 1/29/27 |
|
67
|
65,928
|
| Camelot
U.S. Acquisition 1 Co., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 10/30/26 |
|
2,698
|
2,616,755
|
| Foundational
Education Group, Inc., Term Loan, 5.399%, (SOFR + 4.25%), 8/31/28 |
|
1,471
|
1,427,173
|
| Getty
Images, Inc., Term Loan, 6.124%, (USD LIBOR + 4.50%), 2/19/26(9) |
|
1,699
|
1,660,322
|
| Match
Group, Inc., Term Loan, 3.194%, (3 mo. USD LIBOR + 1.75%), 2/13/27 |
|
775
|
746,906
|
| |
|
|
$ 7,088,914
|
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Internet
& Direct Marketing Retail — 1.1% |
| Adevinta
ASA: |
|
|
|
| Term
Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 6/26/28 |
EUR
|
1,250
|
$
1,295,089 |
| Term
Loan, 3.756%, (3 mo. USD LIBOR + 2.75%), 6/26/28 |
|
323
|
314,297
|
| CNT
Holdings I Corp., Term Loan, 4.345%, (1 mo. USD LIBOR + 3.50%), 11/8/27 |
|
1,588
|
1,547,608
|
| Hoya
Midco, LLC, Term Loan, 3.75%, (SOFR + 3.25%, Floor 0.50%), 2/3/29 |
|
987
|
962,688
|
| |
|
|
$ 4,119,682
|
| IT
Services — 6.0% |
| Asurion,
LLC: |
|
|
|
| Term
Loan, 4.185%, (1 mo. USD LIBOR + 3.125%), 11/3/23 |
|
1,236
|
$
1,210,104 |
| Term
Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 12/23/26 |
|
1,323
|
1,256,426
|
| Term
Loan - Second Lien, 6.31%, (1 mo. USD LIBOR + 5.25%), 1/31/28 |
|
2,070
|
1,868,821
|
| Endure
Digital, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/10/28 |
|
3,325
|
3,112,914
|
| EP
Purchaser, LLC, Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/6/28 |
|
350
|
341,775
|
| Gainwell
Acquisition Corp., Term Loan, 5.006%, (3 mo. USD LIBOR + 4.00%), 10/1/27 |
|
4,283
|
4,197,221
|
| Indy
US Bidco, LLC: |
|
|
|
| Term
Loan, 3.75%, (1 mo. EURIBOR + 3.75%), 3/6/28 |
EUR
|
620
|
645,384
|
| Term
Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 3/5/28 |
|
792
|
770,239
|
| Informatica,
LLC, Term Loan, 3.813%, (1 mo. USD LIBOR + 2.75%), 10/27/28 |
|
2,325
|
2,266,875
|
| Intrado
Corporation, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 10/10/24 |
|
568
|
510,683
|
| NAB
Holdings, LLC, Term Loan, 3.801%, (SOFR + 3.00%), 11/23/28 |
|
973
|
927,278
|
| Rackspace
Technology Global, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 2/15/28 |
|
2,985
|
2,854,334
|
| Sedgwick
Claims Management Services, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 12/31/25 |
|
1,240
|
1,190,769
|
| Skopima
Merger Sub, Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 5/12/28 |
|
1,567
|
1,492,687
|
| Syniverse
Holdings, Inc., Term Loan, 8.286%, (SOFR + 7.00%), 5/13/27 |
|
350
|
318,500
|
| West
Corporation, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 10/10/24 |
|
297
|
266,014
|
| |
|
|
$ 23,230,024
|
20
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Leisure
Products — 0.6% |
| Amer
Sports Oyj, Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), 3/30/26 |
EUR
|
1,813
|
$
1,872,841 |
| Fender
Musical Instruments Corporation, Term Loan, 4.895%, (SOFR + 4.00%), 12/1/28 |
|
274
|
260,368
|
| |
|
|
$ 2,133,209
|
| Life
Sciences Tools & Services — 1.5% |
| Cambrex
Corporation, Term Loan, 4.634%, (SOFR + 3.50%), 12/4/26 |
|
313
|
$
303,703 |
| Curia
Global, Inc., Term Loan, 4.988%, (USD LIBOR + 3.75%), 8/30/26(9) |
|
1,977
|
1,908,505
|
| IQVIA,
Inc., Term Loan, 2.81%, (1 mo. USD LIBOR + 1.75%), 3/7/24 |
|
524
|
519,688
|
| LGC
Group Holdings, Ltd., Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), 4/21/27 |
EUR
|
500
|
502,220
|
| Loire
Finco Luxembourg S.a.r.l., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/21/27 |
|
368
|
350,984
|
| Packaging
Coordinators Midco, Inc., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 11/30/27 |
|
1,486
|
1,436,392
|
| Sotera
Health Holdings, LLC, Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 12/11/26 |
|
675
|
656,859
|
| |
|
|
$ 5,678,351
|
| Machinery
— 7.4% |
| AI
Aqua Merger Sub, Inc., Term Loan, 4.545%, (SOFR + 3.75%), 7/31/28 |
|
2,200
|
$
2,097,333 |
| Albion
Financing 3 S.a.r.l., Term Loan, 6.434%, (3 mo. USD LIBOR + 5.25%), 8/17/26 |
|
1,372
|
1,344,989
|
| Alliance
Laundry Systems, LLC, Term Loan, 4.52%, (USD LIBOR + 3.50%), 10/8/27(9) |
|
2,189
|
2,120,538
|
| American
Trailer World Corp., Term Loan, 4.634%, (SOFR + 3.50%), 3/3/28 |
|
1,894
|
1,709,557
|
| Apex
Tool Group, LLC, Term Loan, 5.75%, (SOFR + 5.25%, Floor 0.50%), 2/8/29 |
|
2,272
|
2,054,648
|
| Conair
Holdings, LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 5/17/28 |
|
2,189
|
2,013,880
|
| Delachaux
Group S.A., Term Loan, 5.738%, (3 mo. USD LIBOR + 4.50%), 4/16/26 |
|
444
|
419,698
|
| Engineered
Machinery Holdings, Inc., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 5/19/28 |
|
2,808
|
2,695,502
|
| Filtration
Group Corporation: |
|
|
|
| Term
Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 3/29/25 |
EUR
|
385
|
396,298
|
| Term
Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 10/21/28 |
|
647
|
622,497 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Machinery
(continued) |
| Gates
Global, LLC, Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 3/31/27 |
|
2,630
|
$
2,530,302 |
| Granite
Holdings US Acquisition Co., Term Loan, 5.021%, (3 mo. USD LIBOR + 4.00%), 9/30/26 |
|
1,410
|
1,361,074
|
| Icebox
Holdco III, Inc.: |
|
|
|
| Term
Loan, 3.75%, 12/22/28(10) |
|
124
|
118,563
|
| Term
Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 12/22/28 |
|
601
|
573,056
|
| Illuminate
Buyer, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 6/30/27 |
|
1,794
|
1,703,960
|
| Madison
IAQ, LLC, Term Loan, 4.524%, (6 mo. USD LIBOR + 3.25%), 6/21/28 |
|
2,481
|
2,362,356
|
| Penn
Engineering & Manufacturing Corp., Term Loan, 3.506%, (3 mo. USD LIBOR + 2.50%), 6/27/24 |
|
182
|
178,762
|
| Titan
Acquisition Limited, Term Loan, 5.376%, (3 mo. USD LIBOR + 4.37%), 3/28/25 |
|
1,990
|
1,907,565
|
| TK
Elevator Topco GmbH, Term Loan, 3.625%, (6 mo. EURIBOR + 3.625%), 7/29/27 |
EUR
|
525
|
537,828
|
| Vertical
US Newco, Inc., Term Loan, 4.019%, (6 mo. USD LIBOR + 3.50%), 7/30/27 |
|
1,330
|
1,285,990
|
| Zephyr
German BidCo GmbH, Term Loan, 3.40%, (3 mo. EURIBOR + 3.40%), 3/10/28 |
EUR
|
650
|
661,027
|
| |
|
|
$ 28,695,423
|
| Media
— 2.6% |
| Diamond
Sports Group, LLC, Term Loan, 9.00%, (SOFR + 8.00%, Floor 1.00%), 5/26/26 |
|
531
|
$
536,745 |
| Gray
Television, Inc.: |
|
|
|
| Term
Loan, 3.30%, (1 mo. USD LIBOR + 2.50%), 2/7/24 |
|
255
|
252,255
|
| Term
Loan, 3.30%, (1 mo. USD LIBOR + 2.50%), 1/2/26 |
|
637
|
619,708
|
| Term
Loan, 3.80%, (1 mo. USD LIBOR + 3.00%), 12/1/28 |
|
848
|
828,193
|
| Hubbard
Radio, LLC, Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 3/28/25 |
|
707
|
691,180
|
| Magnite,
Inc., Term Loan, 5.872%, (USD LIBOR + 5.00%), 4/28/28(9) |
|
769
|
749,958
|
| MJH
Healthcare Holdings, LLC, Term Loan, 4.464%, (SOFR + 3.60%), 1/28/29 |
|
250
|
238,750
|
| Nexstar
Broadcasting, Inc., Term Loan, 3.30%, (1 mo. USD LIBOR + 2.50%), 9/18/26 |
|
453
|
448,223
|
| Recorded
Books, Inc., Term Loan, 4.875%, (1 mo. USD LIBOR + 4.00%), 8/29/25 |
|
2,520
|
2,471,399
|
| Sinclair
Television Group, Inc.: |
|
|
|
| Term
Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 9/30/26 |
|
658
|
625,630
|
| Term
Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 4/1/28 |
|
449
|
426,103 |
21
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Media
(continued) |
| Univision
Communications, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 3/15/26 |
|
2,184
|
$
2,126,183 |
| |
|
|
$ 10,014,327
|
| Metals/Mining
— 0.5% |
| Dynacast
International, LLC, Term Loan, 10.506%, (3 mo. USD LIBOR + 9.00%), 10/22/25 |
|
368
|
$
349,379 |
| WireCo
WorldGroup, Inc., Term Loan, 5.688%, (3 mo. USD LIBOR + 4.25%), 11/13/28 |
|
446
|
436,081
|
| Zekelman
Industries, Inc., Term Loan, 2.927%, (1 mo. USD LIBOR + 2.00%), 1/24/27 |
|
1,040
|
1,013,917
|
| |
|
|
$ 1,799,377
|
| Oil,
Gas & Consumable Fuels — 4.1% |
| Centurion
Pipeline Company, LLC: |
|
|
|
| Term
Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 9/29/25 |
|
266
|
$
260,658 |
| Term
Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 9/28/25 |
|
247
|
240,703
|
| CITGO
Holding, Inc., Term Loan, 8.06%, (1 mo. USD LIBOR + 7.00%), 8/1/23 |
|
2,046
|
2,011,982
|
| CITGO
Petroleum Corporation, Term Loan, 7.31%, (1 mo. USD LIBOR + 6.25%), 3/28/24 |
|
4,093
|
4,030,448
|
| Delek
US Holdings, Inc., Term Loan, 6.523%, (1 mo. USD LIBOR + 5.50%), 3/31/25 |
|
588
|
585,060
|
| Freeport
LNG Investments, LLLP, Term Loan, 4.563%, (3 mo. USD LIBOR + 3.50%), 12/21/28 |
|
594
|
578,272
|
| Matador
Bidco S.a.r.l., Term Loan, 5.56%, (3 mo. USD LIBOR + 4.50%), 10/15/26 |
|
4,023
|
4,004,463
|
| Oryx
Midstream Services Permian Basin, LLC, Term Loan, 4.705%, (3 mo. USD LIBOR + 3.25%), 10/5/28 |
|
723
|
701,750
|
| Oxbow
Carbon, LLC, Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 10/17/25 |
|
717
|
701,821
|
| QuarterNorth
Energy Holding, Inc., Term Loan - Second Lien, 9.06%, (1 mo. USD LIBOR + 8.00%), 8/27/26 |
|
783
|
787,307
|
| UGI
Energy Services, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 8/13/26 |
|
1,985
|
1,964,228
|
| |
|
|
$ 15,866,692
|
| Personal
Products — 0.5% |
| HLF
Financing S.a.r.l., Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 8/18/25 |
|
727
|
$
694,665 |
| Sunshine
Luxembourg VII S.a.r.l., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 10/1/26 |
|
1,238
|
1,189,769
|
| |
|
|
$ 1,884,434
|
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Pharmaceuticals
— 3.1% |
| Akorn,
Inc., Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 10/1/25 |
|
398
|
$
396,371 |
| Amneal
Pharmaceuticals, LLC, Term Loan, 4.563%, (1 mo. USD LIBOR + 3.50%), 5/4/25 |
|
1,827
|
1,728,591
|
| Bausch
Health Companies, Inc., Term Loan, 6.04%, (SOFR + 5.25%), 2/1/27 |
|
1,715
|
1,575,702
|
| Elanco
Animal Health Incorporated, Term Loan, 2.55%, (1 mo. USD LIBOR + 1.75%), 8/1/27 |
|
619
|
599,993
|
| Jazz
Financing Lux S.a.r.l., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 5/5/28 |
|
2,481
|
2,431,846
|
| Mallinckrodt
International Finance S.A.: |
|
|
|
| Term
Loan, 6.246%, (3 mo. USD LIBOR + 5.25%), 9/24/24 |
|
2,115
|
1,845,731
|
| Term
Loan, 6.911%, (3 mo. USD LIBOR + 5.50%), 2/24/25 |
|
3,037
|
2,631,077
|
| Nidda
Healthcare Holding AG, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 8/21/26 |
EUR
|
625
|
622,323
|
| PharmaZell
GmbH, Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 5/12/27 |
EUR
|
125
|
129,665
|
| |
|
|
$ 11,961,299
|
| Professional
Services — 3.4% |
| AlixPartners,
LLP, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/4/28 |
EUR
|
520
|
$
541,238 |
| APFS
Staffing Holdings, Inc., Term Loan, 5.034%, (SOFR + 4.00%), 12/29/28 |
|
250
|
240,625
|
| Blitz
20-487 GmbH, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 4/28/28 |
EUR
|
825
|
847,484
|
| Brown
Group Holding, LLC, Term Loan, 3.506%, (3 mo. USD LIBOR + 2.50%), 6/7/28 |
|
2,209
|
2,105,146
|
| CoreLogic,
Inc., Term Loan, 4.563%, (1 mo. USD LIBOR + 3.50%), 6/2/28 |
|
3,122
|
2,882,994
|
| Deerfield
Dakota Holding, LLC, Term Loan, 4.784%, (SOFR + 3.75%), 4/9/27 |
|
2,311
|
2,230,896
|
| Employbridge,
LLC, Term Loan, 5.756%, (3 mo. USD LIBOR + 4.75%), 7/14/28 |
|
1,542
|
1,465,138
|
| Techem
Verwaltungsgesellschaft 675 mbH, Term Loan, 2.625%, (6 mo. EURIBOR + 2.625%), 7/15/25 |
EUR
|
801
|
825,028
|
| Trans
Union, LLC, Term Loan, 3.31%, (1 mo. USD LIBOR + 2.25%), 12/1/28 |
|
1,563
|
1,530,414
|
| Vaco
Holdings, LLC, Term Loan, 5.801%, (SOFR + 5.00%), 1/21/29 |
|
249
|
243,608
|
| |
|
|
$ 12,912,571
|
| Road
& Rail — 3.7% |
| Grab
Holdings, Inc., Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), 1/29/26 |
|
2,500
|
$
2,321,123 |
22
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Road
& Rail (continued) |
| Kenan
Advantage Group, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 3/24/26 |
|
2,617
|
$
2,494,753 |
| PODS,
LLC, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 3/31/28 |
|
3,476
|
3,335,043
|
| Uber
Technologies, Inc.: |
|
|
|
| Term
Loan, 5.075%, (3 mo. USD LIBOR + 3.50%), 4/4/25 |
|
6,092
|
5,945,870
|
| Term
Loan, 5.075%, (3 mo. USD LIBOR + 3.50%), 2/25/27 |
|
5
|
5,125
|
| |
|
|
$ 14,101,914
|
| Semiconductors
& Semiconductor Equipment — 1.1% |
| Altar
Bidco, Inc.: |
|
|
|
| Term
Loan, 4.116%, (SOFR + 3.35%), 2/1/29 |
|
1,100
|
$
1,059,438 |
| Term
Loan - Second Lien, 6.342%, (1 mo. USD LIBOR + 5.60%), 2/1/30 |
|
475
|
450,458
|
| Bright
Bidco B.V., Term Loan, 4.774%, (6 mo. USD LIBOR + 3.50%), 6/30/24 |
|
1,621
|
730,364
|
| Cohu,
Inc., Term Loan, 3.519%, (6 mo. USD LIBOR + 3.00%), 10/1/25 |
|
249
|
245,091
|
| MKS
Instruments, Inc., Term Loan, 4/11/29(11) |
EUR
|
350
|
370,106
|
| Ultra
Clean Holdings, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 8/27/25 |
|
1,243
|
1,228,434
|
| |
|
|
$ 4,083,891
|
| Software
— 27.8% |
| Applied
Systems, Inc., Term Loan - Second Lien, 6.506%, (3 mo. USD LIBOR + 5.50%), 9/19/25 |
|
2,634
|
$
2,592,526 |
| AppLovin
Corporation: |
|
|
|
| Term
Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 10/25/28 |
|
1,297
|
1,267,573
|
| Term
Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 8/15/25 |
|
2,183
|
2,141,463
|
| Aptean,
Inc., Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 4/23/26 |
|
2,089
|
2,057,892
|
| AQA
Acquisition Holding, Inc., Term Loan, 5.256%, (3 mo. USD LIBOR + 4.25%), 3/3/28 |
|
968
|
950,753
|
| Astra
Acquisition Corp.: |
|
|
|
| Term
Loan, 6.31%, (1 mo. USD LIBOR + 5.25%), 10/25/28 |
|
1,571
|
1,461,088
|
| Term
Loan - Second Lien, 9.935%, (1 mo. USD LIBOR + 8.875%), 10/22/29 |
|
1,450
|
1,392,000
|
| Avaya,
Inc., Term Loan, 4.875%, (1 mo. USD LIBOR + 4.00%), 12/15/27 |
|
225
|
171,141
|
| Banff
Merger Sub, Inc.: |
|
|
|
| Term
Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/2/25 |
EUR
|
291
|
299,287
|
| Term
Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/2/25 |
|
3,726
|
3,585,315 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Software
(continued) |
| Banff
Merger Sub, Inc.: (continued) |
|
|
|
| Term
Loan - Second Lien, 6.56%, (1 mo. USD LIBOR + 5.50%), 2/27/26 |
|
775
|
$ 748,521
|
| Barracuda
Networks, Inc., Term Loan - Second Lien, 7.989%, (3 mo. USD LIBOR + 6.75%), 10/30/28 |
|
370
|
371,481
|
| CentralSquare
Technologies, LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 8/29/25 |
|
895
|
820,786
|
| Ceridian
HCM Holding, Inc., Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 4/30/25 |
|
1,031
|
1,005,099
|
| Cloudera,
Inc.: |
|
|
|
| Term
Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/8/28 |
|
2,394
|
2,272,804
|
| Term
Loan - Second Lien, 7.06%, (1 mo. USD LIBOR + 6.00%), 10/8/29 |
|
650
|
607,750
|
| ConnectWise,
LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 9/29/28 |
|
1,995
|
1,914,203
|
| Constant
Contact, Inc., Term Loan, 5.011%, (3 mo. USD LIBOR + 4.00%), 2/10/28 |
|
2,038
|
1,950,421
|
| Cornerstone
OnDemand, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/16/28 |
|
1,175
|
1,119,188
|
| Delta
TopCo, Inc.: |
|
|
|
| Term
Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/1/27 |
|
1,551
|
1,463,522
|
| Term
Loan - Second Lien, 8.00%, (6 mo. USD LIBOR + 7.25%, Floor 0.75%), 12/1/28 |
|
2,250
|
2,145,937
|
| E2open,
LLC, Term Loan, 4.835%, (3 mo. USD LIBOR + 3.50%), 2/4/28 |
|
965
|
937,748
|
| ECI
Macola Max Holding, LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 11/9/27 |
|
1,408
|
1,366,815
|
| Epicor
Software Corporation: |
|
|
|
| Term
Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 7/30/27 |
|
2,500
|
2,442,172
|
| Term
Loan - Second Lien, 8.81%, (1 mo. USD LIBOR + 7.75%), 7/31/28 |
|
925
|
921,300
|
| Finastra
USA, Inc., Term Loan, 4.739%, (3 mo. USD LIBOR + 3.50%), 6/13/24 |
|
4,939
|
4,677,539
|
| GoTo
Group, Inc., Term Loan, 5.678%, (1 mo. USD LIBOR + 4.75%), 8/31/27 |
|
2,024
|
1,755,301
|
| Greeneden
U.S. Holdings II, LLC, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 12/1/27 |
|
2,402
|
2,345,681
|
| Hyland
Software, Inc., Term Loan - Second Lien, 7.31%, (1 mo. USD LIBOR + 6.25%), 7/7/25 |
|
3,806
|
3,782,212
|
| Imperva,
Inc., Term Loan, 5.399%, (3 mo. USD LIBOR + 4.00%), 1/12/26 |
|
2,377
|
2,248,390
|
| Ivanti
Software, Inc.: |
|
|
|
| Term
Loan, 4.845%, (1 mo. USD LIBOR + 4.00%), 12/1/27 |
|
792
|
720,060
|
| Term
Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), 12/1/27 |
|
2,886
|
2,638,879 |
23
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Software
(continued) |
| MA
FinanceCo., LLC: |
|
|
|
| Term
Loan, 4.50%, (3 mo. EURIBOR + 4.50%), 6/5/25 |
EUR
|
664
|
$ 695,864
|
| Term
Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), 6/5/25 |
|
1,683
|
1,594,409
|
| Magenta
Buyer, LLC: |
|
|
|
| Term
Loan, 6.23%, (3 mo. USD LIBOR + 5.00%), 7/27/28 |
|
4,627
|
4,273,960
|
| Term
Loan - Second Lien, 9.48%, (3 mo. USD LIBOR + 8.25%), 7/27/29 |
|
1,250
|
1,168,750
|
| Marcel
LUX IV S.a.r.l., Term Loan, 4.894%, (SOFR + 4.00%), 12/31/27 |
|
112
|
109,979
|
| Mavenir
Systems, Inc., Term Loan, 6.205%, (3 mo. USD LIBOR + 4.75%), 8/18/28 |
|
324
|
318,514
|
| McAfee,
LLC, Term Loan, 4.842%, (SOFR + 4.00%), 3/1/29 |
|
2,500
|
2,378,750
|
| Mediaocean,
LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 12/15/28 |
|
550
|
528,000
|
| MH
Sub I, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 9/13/24 |
|
348
|
338,434
|
| Mitnick
Corporate Purchaser, Inc., Term Loan, 5/2/29(11) |
|
400
|
390,500
|
| Panther
Commercial Holdings L.P., Term Loan, 5.739%, (3 mo. USD LIBOR + 4.50%), 1/7/28 |
|
993
|
959,664
|
| Polaris
Newco, LLC, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 6/2/28 |
|
2,886
|
2,768,533
|
| Proofpoint,
Inc., Term Loan, 4.825%, (3 mo. USD LIBOR + 3.25%), 8/31/28 |
|
2,993
|
2,877,788
|
| RealPage,
Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/24/28 |
|
4,652
|
4,474,603
|
| Redstone
Holdco 2 L.P., Term Loan, 5.934%, (3 mo. USD LIBOR + 4.75%), 4/27/28 |
|
2,438
|
2,267,107
|
| Sabre
GLBL, Inc.: |
|
|
|
| Term
Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 12/17/27 |
|
1,525
|
1,436,589
|
| Term
Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 12/17/27 |
|
957
|
901,215
|
| Term
Loan, 5.384%, (SOFR + 4.25%), 6/30/28 |
|
1,008
|
983,197
|
| Seattle
Spinco, Inc., Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 6/21/24 |
|
1,730
|
1,647,406
|
| Sophia
L.P., Term Loan, 4.256%, (3 mo. USD LIBOR + 3.25%), 10/7/27 |
|
4,216
|
4,077,117
|
| Sovos
Compliance, LLC: |
|
|
|
| Term
Loan, 4.50%, 8/11/28(10) |
|
92
|
89,507
|
| Term
Loan, 5.56%, (1 mo. USD LIBOR + 4.50%), 8/11/28 |
|
532
|
517,010
|
| Sportradar
Capital S.a r.l., Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 11/22/27 |
EUR
|
550
|
575,691
|
| SurveyMonkey,
Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/10/25 |
|
905
|
882,651 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Software
(continued) |
| Tibco
Software, Inc.: |
|
|
|
| Term
Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 6/30/26 |
|
2,606
|
$
2,569,936 |
| Term
Loan - Second Lien, 8.31%, (1 mo. USD LIBOR + 7.25%), 3/3/28 |
|
1,350
|
1,334,813
|
| Turing
Midco, LLC, Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 3/23/28 |
|
337
|
330,635
|
| Ultimate
Software Group, Inc. (The): |
|
|
|
| Term
Loan, 4.212%, (3 mo. USD LIBOR + 3.25%), 5/4/26 |
|
4,568
|
4,401,706
|
| Term
Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 5/4/26 |
|
1,717
|
1,669,275
|
| Veritas
US, Inc.: |
|
|
|
| Term
Loan, 5.75%, (3 mo. EURIBOR + 4.75%, Floor 1.00%), 9/1/25 |
EUR
|
367
|
362,662
|
| Term
Loan, 6.006%, (3 mo. USD LIBOR + 5.00%), 9/1/25 |
|
2,709
|
2,352,172
|
| Vision
Solutions, Inc., Term Loan, 5.184%, (3 mo. USD LIBOR + 4.00%), 4/24/28 |
|
2,488
|
2,375,562
|
| VS
Buyer, LLC, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 2/28/27 |
|
1,225
|
1,197,438
|
| |
|
|
$ 107,024,284
|
| Specialty
Retail — 4.3% |
| Belron
Finance US LLC, Term Loan, 3.875%, (3 mo. USD LIBOR + 2.50%), 4/13/28 |
|
990
|
$
970,819 |
| Boels
Topholding B.V., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/6/27 |
EUR
|
600
|
609,642
|
| Great
Outdoors Group, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 3/6/28 |
|
2,913
|
2,771,580
|
| Harbor
Freight Tools USA, Inc., Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 10/19/27 |
|
2,729
|
2,536,809
|
| L1R
HB Finance Limited: |
|
|
|
| Term
Loan, 4.25%, (6 mo. EURIBOR + 4.25%), 9/2/24 |
EUR
|
450
|
313,914
|
| Term
Loan, 6.217%, (SONIA + 5.25%), 9/2/24 |
GBP
|
450
|
362,320
|
| Les
Schwab Tire Centers, Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 11/2/27 |
|
4,677
|
4,522,192
|
| LIDS
Holdings, Inc., Term Loan, 6.50%, (SOFR + 5.50%, Floor 1.00%), 12/14/26 |
|
436
|
410,174
|
| Mattress
Firm, Inc., Term Loan, 5.64%, (6 mo. USD LIBOR + 4.25%), 9/25/28 |
|
1,070
|
915,420
|
| PetSmart,
Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/11/28 |
|
3,250
|
3,064,551
|
| |
|
|
$ 16,477,421
|
| Trading
Companies & Distributors — 3.2% |
| DXP
Enterprises, Inc., Term Loan, 5.81%, (1 mo. USD LIBOR + 4.75%), 12/16/27 |
|
667
|
$
654,619 |
24
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Trading
Companies & Distributors (continued) |
| Electro
Rent Corporation, Term Loan, 6.098%, (3 mo. USD LIBOR + 5.00%), 1/31/24 |
|
1,718
|
$
1,696,480 |
| Fly
Funding II S.a.r.l., Term Loan, 7.012%, (3 mo. USD LIBOR + 6.00%), 10/8/25 |
|
482
|
483,800
|
| Hillman
Group, Inc. (The): |
|
|
|
| Term
Loan, 2.827%, (1 mo. USD LIBOR + 2.75%), 7/14/28(10) |
|
84
|
80,600
|
| Term
Loan, 3.711%, (1 mo. USD LIBOR + 2.75%), 7/14/28 |
|
351
|
334,959
|
| Park
River Holdings, Inc., Term Loan, 4.217%, (3 mo. USD LIBOR + 3.25%), 12/28/27 |
|
718
|
661,609
|
| Patagonia
Bidco Limited: |
|
|
|
| Term
Loan, 5.94%, (SONIA + 5.00%), 11/1/28 |
GBP
|
1,142
|
1,376,447
|
| Term
Loan, 5.94%, (SONIA + 5.00%), 11/1/28 |
GBP
|
208
|
250,263
|
| Spin
Holdco, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 3/4/28 |
|
4,628
|
4,441,190
|
| SRS
Distribution, Inc.: |
|
|
|
| Term
Loan, 4.00%, (SOFR + 3.50%, Floor 0.50%), 6/2/28 |
|
349
|
331,887
|
| Term
Loan, 4.25%, (6 mo. USD LIBOR + 3.50%), 6/2/28 |
|
1,166
|
1,111,280
|
| TricorBraun
Holdings, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 3/3/28 |
|
795
|
755,168
|
| |
|
|
$ 12,178,302
|
| Transportation
Infrastructure — 0.4% |
| KKR
Apple Bidco, LLC, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 9/23/28 |
|
1,646
|
$
1,581,411 |
| |
|
|
$ 1,581,411
|
| Wireless
Telecommunication Services — 0.5% |
| CCI
Buyer, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 12/17/27 |
|
374
|
$
359,187 |
| Digicel
International Finance Limited, Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 5/28/24 |
|
1,743
|
1,558,438
|
| |
|
|
$ 1,917,625
|
Total
Senior Floating-Rate Loans
(identified cost $579,564,770) |
|
|
$ 550,033,120
|
| Security
|
Shares
|
Value
|
| Leisure
Goods/Activities/Movies — 0.0% |
| Cineworld
Group PLC, Exp. 11/23/25(4)(5) |
|
154,246
|
$
0 |
| |
|
|
$ 0
|
| Security
|
Shares
|
Value
|
| Retailers
(Except Food and Drug) — 0.0% |
| David’s
Bridal, LLC, Exp. 11/26/22(3)(4)(5) |
|
4,543
|
$
0 |
| |
|
|
$ 0
|
Total
Warrants
(identified cost $0) |
|
|
$ 0
|
| Short-Term
Investments — 1.1% |
| Security
|
Shares
|
Value
|
| Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.71%(13) |
|
4,301,950
|
$
4,301,950 |
Total
Short-Term Investments
(identified cost $4,301,950) |
|
|
$ 4,301,950
|
Total
Investments — 158.6%
(identified cost $648,165,805) |
|
|
$ 610,890,351
|
| Less
Unfunded Loan Commitments — (0.3)% |
|
|
$
(967,606) |
Net
Investments — 158.3%
(identified cost $647,198,199) |
|
|
$ 609,922,745
|
| Notes
Payable — (38.2)% |
|
|
$
(147,000,000) |
Variable
Rate Term Preferred Shares, at Liquidation Value
(net of unamortized deferred debt issuance costs) — (20.7)% |
|
$
(79,946,199) |
| Other
Assets, Less Liabilities — 0.6% |
|
|
$ 2,318,935
|
| Net
Assets Applicable to Common Shares — 100.0% |
|
|
$ 385,295,481
|
| 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) |
Security
exempt from registration under Rule 144A of 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 May 31, 2022,
the aggregate value of these securities is $42,956,683 or 11.1% of the Trust's net assets applicable to common shares. |
|
(2) |
Variable
rate security. The stated interest rate represents the rate in effect at May 31, 2022. |
|
(3) |
For fair
value measurement disclosure purposes, security is categorized as Level 3 (see Note 11). |
|
(4) |
Non-income
producing security. |
|
(5) |
Security
was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
|
(6) |
Restricted
security (see Note 7). |
|
(7) |
Amount
is less than 0.05%. |
25
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
|
(8) |
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 a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate ("LIBOR") or the Secured Overnight Financing Rate
("SOFR") 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. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to
a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
|
(9) |
The
stated interest rate represents the weighted average interest rate at May 31, 2022 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. |
|
(10) |
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. At May 31, 2022,
the total value of unfunded loan commitments is $926,835. See Note 1F for description. |
|
(11) |
This
Senior Loan will settle after May 31, 2022, at which time the interest rate will be determined. |
|
(12) |
Fixed-rate
loan. |
|
(13) |
May
be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of May 31, 2022. |
| Forward
Foreign Currency Exchange Contracts (OTC) |
| Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
| EUR
|
3,492,716
|
USD
|
3,661,513
|
Standard
Chartered Bank |
6/2/22
|
$ 88,093
|
$
— |
| EUR
|
12,457,607
|
USD
|
13,345,211
|
Standard
Chartered Bank |
6/2/22
|
28,652
|
—
|
| USD
|
826,841
|
EUR
|
774,576
|
Bank
of America, N.A. |
6/2/22
|
—
|
(4,705)
|
| USD
|
2,917,081
|
EUR
|
2,718,141
|
HSBC
Bank USA, N.A. |
6/2/22
|
—
|
(978)
|
| USD
|
13,158,568
|
EUR
|
12,457,607
|
Standard
Chartered Bank |
6/2/22
|
—
|
(215,296)
|
| EUR
|
4,862,857
|
USD
|
5,225,633
|
JPMorgan
Chase Bank, N.A. |
6/30/22
|
2,224
|
—
|
| GBP
|
103,313
|
USD
|
130,361
|
JPMorgan
Chase Bank, N.A. |
6/30/22
|
—
|
(162)
|
| USD
|
4,306,547
|
EUR
|
4,011,172
|
Bank
of America, N.A. |
6/30/22
|
—
|
(5,699)
|
| USD
|
2,100,076
|
EUR
|
1,887,045
|
Standard
Chartered Bank |
6/30/22
|
71,392
|
—
|
| USD
|
1,997,943
|
EUR
|
1,788,258
|
State
Street Bank and Trust Company |
6/30/22
|
75,462
|
—
|
| USD
|
1,854,249
|
EUR
|
1,660,600
|
State
Street Bank and Trust Company |
6/30/22
|
69,007
|
—
|
| USD
|
1,997,104
|
EUR
|
1,796,467
|
State
Street Bank and Trust Company |
6/30/22
|
65,796
|
—
|
| USD
|
1,682,981
|
EUR
|
1,509,636
|
State
Street Bank and Trust Company |
6/30/22
|
60,034
|
—
|
| USD
|
861,016
|
EUR
|
814,292
|
State
Street Bank and Trust Company |
6/30/22
|
—
|
(14,396)
|
| USD
|
81,647
|
GBP
|
64,919
|
Deutsche
Bank AG |
6/30/22
|
—
|
(166)
|
| USD
|
1,220,686
|
GBP
|
929,063
|
State
Street Bank and Trust Company |
6/30/22
|
49,842
|
—
|
| USD
|
1,263,603
|
GBP
|
966,003
|
State
Street Bank and Trust Company |
6/30/22
|
46,205
|
—
|
| USD
|
705,049
|
GBP
|
536,668
|
State
Street Bank and Trust Company |
6/30/22
|
28,718
|
—
|
| EUR
|
2,718,141
|
USD
|
2,921,966
|
HSBC
Bank USA, N.A. |
7/5/22
|
975
|
—
|
| USD
|
13,367,397
|
EUR
|
12,457,607
|
Standard
Chartered Bank |
7/5/22
|
—
|
(28,840)
|
| EUR
|
1,164,239
|
USD
|
1,224,246
|
Bank
of America, N.A. |
7/29/22
|
29,404
|
—
|
| EUR
|
4,862,857
|
USD
|
5,234,208
|
The
Toronto-Dominion Bank |
7/29/22
|
2,105
|
—
|
| USD
|
1,158,300
|
EUR
|
1,097,990
|
Deutsche
Bank AG |
7/29/22
|
—
|
(24,013)
|
| USD
|
4,313,060
|
EUR
|
4,011,172
|
HSBC
Bank USA, N.A. |
7/29/22
|
—
|
(6,161)
|
| USD
|
130,117
|
EUR
|
122,889
|
State
Street Bank and Trust Company |
7/29/22
|
—
|
(2,209)
|
| USD
|
829,396
|
EUR
|
774,576
|
State
Street Bank and Trust Company |
7/29/22
|
—
|
(4,666)
|
| USD
|
1,158,887
|
EUR
|
1,097,990
|
State
Street Bank and Trust Company |
7/29/22
|
—
|
(23,426)
|
| USD
|
2,153,572
|
EUR
|
2,029,439
|
State
Street Bank and Trust Company |
7/29/22
|
—
|
(31,723)
|
| USD
|
2,258,424
|
EUR
|
2,127,725
|
State
Street Bank and Trust Company |
7/29/22
|
—
|
(32,706)
|
26
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of
Investments — continued
| Forward
Foreign Currency Exchange Contracts (OTC) (continued) |
| Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
| USD
|
2,083,885
|
EUR
|
1,966,511
|
State
Street Bank and Trust Company |
7/29/22
|
$
— |
$
(33,649) |
| USD
|
2,252,923
|
EUR
|
2,123,947
|
State
Street Bank and Trust Company |
7/29/22
|
—
|
(34,139)
|
| |
|
|
|
|
|
$617,909
|
$(462,934)
|
| Abbreviations:
|
| EURIBOR
|
– Euro
Interbank Offered Rate |
| LIBOR
|
– London
Interbank Offered Rate |
| OTC
|
– Over-the-counter
|
| PIK
|
– Payment
In Kind |
| SOFR
|
– Secured
Overnight Financing Rate |
| SONIA
|
– Sterling
Overnight Interbank Average |
| Currency
Abbreviations: |
| EUR
|
– Euro
|
| GBP
|
– British
Pound Sterling |
| USD
|
– United
States Dollar |
27
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Statement of Assets
and Liabilities
| |
May 31,
2022 |
| Assets
|
|
| Unaffiliated
investments, at value (identified cost $642,896,249) |
$
605,620,795 |
| Affiliated
investment, at value (identified cost $4,301,950) |
4,301,950
|
| Cash
|
2,378,632
|
| Foreign
currency, at value (identified cost $1,946,257) |
1,961,697
|
| Interest
and dividends receivable |
2,871,593
|
| Dividends
receivable from affiliated investment |
3,523
|
| Receivable
for investments sold |
2,336,055
|
| Receivable
for open forward foreign currency exchange contracts |
617,909
|
| Prepaid
upfront fees on notes payable and variable rate term preferred shares |
270,933
|
| Prepaid
expenses |
9,235
|
| Total
assets |
$620,372,322
|
| Liabilities
|
|
| Notes
payable |
$
147,000,000 |
| Variable
rate term preferred shares, at liquidation value (net of unamortized deferred debt issuance costs of $53,801) |
79,946,199
|
| Payable
for investments purchased |
6,390,196
|
| Payable
for open forward foreign currency exchange contracts |
462,934
|
| Payable
to affiliates: |
|
| Investment
adviser fee |
396,068
|
| Trustees'
fees |
5,338
|
| Interest
expense and fees payable |
628,677
|
| Accrued
expenses |
247,429
|
| Total
liabilities |
$235,076,841
|
| Net
assets applicable to common shares |
$385,295,481
|
| Sources
of Net Assets |
|
| Common
shares, $0.01 par value, unlimited number of shares authorized |
$
290,904 |
| Additional
paid-in capital |
466,834,966
|
| Accumulated
loss |
(81,830,389)
|
| Net
assets applicable to common shares |
$385,295,481
|
| Common
Shares Issued and Outstanding |
29,090,415
|
| Net
Asset Value Per Common Share |
|
| Net
assets ÷ common shares issued and outstanding |
$
13.24 |
28
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
| |
Year
Ended |
| |
May
31, 2022 |
| Investment
Income |
|
| Dividend
income |
$
697,946 |
| Dividend
income from affiliated investments |
16,361
|
| Interest
and other income |
30,542,985
|
| Total
investment income |
$
31,257,292 |
| Expenses
|
|
| Investment
adviser fee |
$
4,902,662 |
| Trustees’
fees and expenses |
35,531
|
| Custodian
fee |
188,996
|
| Transfer
and dividend disbursing agent fees |
19,643
|
| Legal
and accounting services |
173,662
|
| Printing
and postage |
110,452
|
| Interest
expense and fees |
4,080,905
|
| Miscellaneous
|
80,388
|
| Total
expenses |
$
9,592,239 |
| Deduct:
|
|
| Waiver
and/or reimbursement of expenses by affiliate |
$
917 |
| Total
expense reductions |
$
917 |
| Net
expenses |
$
9,591,322 |
| Net
investment income |
$
21,665,970 |
| Realized
and Unrealized Gain (Loss) |
|
| Net
realized gain (loss): |
|
| Investment
transactions |
$
311,231 |
| Investment
transactions - affiliated investment |
(112)
|
| Foreign
currency transactions |
(1,106,937)
|
| Forward
foreign currency exchange contracts |
5,100,132
|
| Net
realized gain |
$
4,304,314 |
| Change
in unrealized appreciation (depreciation): |
|
| Investments
|
$
(40,732,328) |
| Foreign
currency |
130,613
|
| Forward
foreign currency exchange contracts |
1,791,883
|
| Net
change in unrealized appreciation (depreciation) |
$(38,809,832)
|
| Net
realized and unrealized loss |
$(34,505,518)
|
| Net
decrease in net assets from operations |
$(12,839,548)
|
29
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Statements of Changes
in Net Assets
| |
Year
Ended May 31, |
| |
2022
|
2021
|
| Increase
(Decrease) in Net Assets |
|
|
| From
operations: |
|
|
| Net
investment income |
$
21,665,970 |
$
28,607,220 |
| Net
realized gain (loss) |
4,304,314
|
(22,957,216)
|
| Net
change in unrealized appreciation (depreciation) |
(38,809,832)
|
84,695,789
|
| Net
increase (decrease) in net assets from operations |
$
(12,839,548) |
$
90,345,793 |
| Distributions
to common shareholders |
$
(24,895,091) |
$
(29,220,085) |
| Tax
return of capital to common shareholders |
$
(3,656,110) |
$
— |
| Capital
share transactions: |
|
|
| Proceeds
from shelf offering, net of offering costs (see Note 6) |
$
11,259,418 |
$
— |
| Reinvestment
of distributions to common shareholders |
590,888
|
—
|
| Cost
of shares repurchased in tender offer (see Note 6) |
(165,754,367)
|
—
|
| Net
decrease in net assets from capital share transactions |
$(153,904,061)
|
$
— |
| Net
increase (decrease) in net assets |
$(195,294,810)
|
$
61,125,708 |
| Net
Assets Applicable to Common Shares |
|
|
| At
beginning of year |
$
580,590,291 |
$
519,464,583 |
| At
end of year |
$
385,295,481 |
$580,590,291
|
30
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
| |
Year
Ended |
| |
May
31, 2022 |
| Cash
Flows From Operating Activities |
|
| Net
decrease in net assets from operations |
$
(12,839,548) |
| Adjustments
to reconcile net decrease in net assets from operations to net cash provided by operating activities: |
|
| Investments
purchased |
(361,420,955)
|
| Investments
sold and principal repayments |
613,750,624
|
| Decrease
in short-term investments, net |
1,972,486
|
| Net
amortization/accretion of premium (discount) |
(935,157)
|
| Amortization
of deferred debt issuance costs on variable rate term preferred shares |
32,120
|
| Amortization
of prepaid upfront fees on notes payable and variable rate term preferred shares |
427,996
|
| Decrease
in interest and dividends receivable |
728,219
|
| Increase
in dividends receivable from affiliated investments |
(2,990)
|
| Increase
in receivable for open forward foreign currency exchange contracts |
(512,498)
|
| Decrease
in prepaid expenses |
11,147
|
| Decrease
in payable for open forward foreign currency exchange contracts |
(1,279,385)
|
| Decrease
in payable to affiliate for investment adviser fee |
(1,325,469)
|
| Decrease
in payable to affiliate for Trustees' fees |
(2,154)
|
| Increase
in interest expense and fees payable |
141,886
|
| Decrease
in accrued expenses |
(53,342)
|
| Decrease
in unfunded loan commitments |
(834,500)
|
| Net
change in unrealized (appreciation) depreciation from investments |
40,732,328
|
| Net
realized gain from investments |
(311,119)
|
| Net
cash provided by operating activities |
$
278,279,689 |
| Cash
Flows From Financing Activities |
|
| Cash
distributions paid to common shareholders |
$
(27,960,313) |
| Proceeds
from shelf offering, net of offering costs |
11,259,418
|
| Repurchases
of common shares in tender offer |
(165,754,367)
|
| Proceeds
from notes payable |
182,000,000
|
| Repayments
of notes payable |
(285,000,000)
|
| Payment
of upfront fees on notes payable |
(315,000)
|
| Net
cash used in financing activities |
$(285,770,262)
|
| Net
decrease in cash* |
$
(7,490,573) |
| Cash
and restricted cash at beginning of year (including foreign currency) |
$
11,830,902 |
| Cash
at end of year (including foreign currency) |
$
4,340,329 |
| Supplemental
disclosure of cash flow information: |
|
| Noncash
financing activities not included herein consist of: |
|
| Reinvestment
of dividends and distributions |
$
590,888 |
| Cash
paid for interest and fees on borrowings and variable rate term preferred shares |
3,793,903
|
| *
|
Includes
net change in unrealized appreciation (depreciation) on foreign currency of $(8,368). |
31
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Selected data for a
common share outstanding during the periods stated
| |
Year
Ended May 31, |
| |
2022
|
2021
|
2020
|
2019
|
2018
|
| Net
asset value — Beginning of year (Common shares) |
$
14.560 |
$
13.030 |
$
15.210 |
$
15.610 |
$
15.570 |
| Income
(Loss) From Operations |
|
|
|
|
|
| Net
investment income(1) |
$
0.705 |
$
0.718 |
$
0.843 |
$
0.847 |
$
0.792 |
| Net
realized and unrealized gain (loss) |
(1.159)
|
1.545
|
(2.016)
|
(0.373)
|
0.076
|
| Total
income (loss) from operations |
$
(0.454) |
$
2.263 |
$
(1.173) |
$
0.474 |
$
0.868 |
| Less
Distributions to Common Shareholders |
|
|
|
|
|
| From
net investment income |
$
(0.804) |
$
(0.733) |
$
(1.007) |
$
(0.874) |
$
(0.828) |
| Tax
return of capital |
(0.126)
|
—
|
—
|
—
|
—
|
| Total
distributions to common shareholders |
$
(0.930) |
$
(0.733) |
$
(1.007) |
$
(0.874) |
$
(0.828) |
| Premium
from common shares sold through shelf offering (see Note 6)(1) |
$
0.009 |
$
— |
$
— |
$
— |
$
— |
| Discount
on tender offer (see Note 6)(1) |
$
0.055 |
$
— |
$
— |
$
— |
$
— |
| Net
asset value — End of year (Common shares) |
$13.240
|
$14.560
|
$13.030
|
$15.210
|
$15.610
|
| Market
value — End of year (Common shares) |
$12.280
|
$14.280
|
$11.240
|
$13.480
|
$14.850
|
| Total
Investment Return on Net Asset Value(2) |
(2.81)%
|
18.25%
|
(7.36)%
|
3.77%
|
6.03%
|
| Total
Investment Return on Market Value(2) |
(8.10)%
|
34.36%
|
(9.83)%
|
(3.32)%
|
3.67%
|
32
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Financial
Highlights — continued
Selected data for a
common share outstanding during the periods stated
| |
Year
Ended May 31, |
| |
2022
|
2021
|
2020
|
2019
|
2018
|
| Ratios/Supplemental
Data |
|
|
|
|
|
| Net
assets applicable to common shares, end of year (000’s omitted) |
$385,295
|
$580,590
|
$519,465
|
$606,408
|
$622,241
|
| Ratios
(as a percentage of average daily net assets applicable to common shares):† |
|
|
|
|
|
| Expenses
excluding interest and fees |
1.25%
|
1.33%
|
1.26%
|
1.28%
|
1.28%
|
| Interest
and fee expense(3) |
0.92%
|
0.91%
|
1.79%
|
2.00%
|
1.52%
|
| Total
expenses |
2.17%
|
2.24%
|
3.05%
|
3.28%
|
2.80%
|
| Net
investment income |
4.91%
|
5.08%
|
5.85%
|
5.49%
|
5.09%
|
| Portfolio
Turnover |
53%
|
32%
|
34%
|
24%
|
34%
|
| Senior
Securities: |
|
|
|
|
|
| Total
notes payable outstanding (in 000’s) |
$147,000
|
$250,000
|
$190,000
|
$248,000
|
$254,000
|
| Asset
coverage per $1,000 of notes payable(4) |
$
4,165 |
$
3,642 |
$
4,155 |
$
3,768 |
$
3,765 |
| Total
preferred shares outstanding |
800
|
800
|
800
|
800
|
800
|
| Asset
coverage per preferred share(5) |
$269,734
|
$275,936
|
$292,394
|
$284,880
|
$286,300
|
| Involuntary
liquidation preference per preferred share(6) |
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
| Approximate
market value per preferred share(6) |
$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.
|
|
(3) |
Interest
and fee expense relates to variable rate term preferred shares (see Note 2) and the notes payable (see Note 9). |
|
(4) |
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. |
|
(5) |
Calculated
by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred
shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 270%, 276%, 292%, 285% and 286% at May 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
|
(6) |
Plus
accumulated and unpaid dividends. |
|
† |
Ratios
based on net assets applicable to common shares plus preferred shares and borrowings are presented below. |
| |
Year
Ended May 31, |
| |
2022
|
2021
|
2020
|
2019
|
2018
|
| Expenses
excluding interest and fees |
0.84%
|
0.85%
|
0.81%
|
0.83%
|
0.83%
|
| Interest
and fee expense |
0.62%
|
0.58%
|
1.16%
|
1.31%
|
1.00%
|
| Total
expenses |
1.46%
|
1.43%
|
1.97%
|
2.14%
|
1.83%
|
| Net
investment income |
3.32%
|
3.25%
|
3.79%
|
3.58%
|
3.33%
|
33
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements
1 Significant Accounting Policies
Eaton Vance Floating-Rate Income Trust (the Trust) is a
Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The 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 ask 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 ask prices on the exchange where such
securities are principally traded. Equity securities listed on the NASDAQ National Market System 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 ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that 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 ask 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.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
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 most fairly reflects the
security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors,
which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
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 statements, and an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated
with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. 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 May 31, 2022, the Trust had no
uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue
Service for a period of three years from the date of filing.
E 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 May 31, 2022, 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 the By-laws provide that the Trust shall assume, upon request by the
shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss
or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
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.
2 Variable Rate Term 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.
On December 18, 2012, the Trust issued 800 shares of Series C-1
Variable Rate Term Preferred Shares (Series C-1 VRTP Shares) in a private offering to a commercial paper conduit sponsored by a large financial institution. 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.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
On
September 30, 2016, the Series C-1 VRTP Shares were transferred to another large financial institution (the Assignee) as permitted by the Trust’s By-laws. The transferred Series C-1 VRTP Shares were then exchanged for an equal number of Series
L-2 Variable Rate Term Preferred Shares (Series L-2 VRTP Shares), and the mandatory redemption date was extended to three years from the date of transfer. Effective January 24, 2019, the mandatory redemption date of the Series L-2 VRTP Shares was
extended to January 24, 2024. Dividends on the Series L-2 VRTP Shares are determined each day based on a spread of 1.75% to three-month LIBOR. Such spread is determined based on the current credit rating of the Series L-2 VRTP Shares, which is
provided by Moody’s Investors Service.
The Series
L-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 Series L-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 Series L-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 Series L-2 VRTP Shares' redemption price,
and over the six-month period execute a series of liquidation transactions to assure sufficient liquidity to redeem the Series L-2 VRTP Shares. The holders of the Series L-2 VRTP Shares, voting as a class, are entitled to elect two Trustees of the
Trust. If the dividends on the Series L-2 VRTP Shares remain unpaid in an amount equal to two full years’ dividends, the holders of the Series L-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
Series L-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 on Series 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 Series C-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. The Trust paid additional debt issuance costs of $52,580 in connection with the extension of the mandatory redemption date of the
Series L-2 VRTP Shares. These amounts are being amortized to interest expense and fees through January 24, 2024. The unamortized amount of the debt issuance costs as of May 31, 2022 is presented as a reduction of the liability for variable rate term
preferred shares on the Statement of Assets and Liabilities.
The carrying amount of the Series L-2 VRTP Shares at May 31,
2022 represents its liquidation value, which approximates fair value. If measured at fair value, the Series L-2 VRTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 11) at May 31, 2022. The average liquidation
preference of the Series L-2 VRTP Shares during the year ended May 31, 2022 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. Distributions to common shareholders are recorded on the ex-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 May
31, 2022 was 2.73%. The amount of dividends accrued and the average annual dividend rate of the Series L-2 VRTP Shares during the year ended May 31, 2022 were $1,673,525 and 2.09%, 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 to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared, including
distributions on variable rate term preferred shares that are treated as interest expense for financial reporting purposes, for the years ended May 31, 2022 and May 31, 2021 was as follows:
| |
Year
Ended May 31, |
| |
2022
|
2021
|
| Ordinary
income |
$26,568,616
|
$30,917,477
|
| Tax
return of capital |
$
3,656,110 |
$
— |
During the year ended May 31, 2022, accumulated loss was
decreased by $50,370 and paid-in capital was decreased by $50,370 due to differences between book and tax accounting, primarily for non-deductible expenses. These reclassifications had no effect on the net assets or net asset value per share of the
Trust.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
As of
May 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Deferred
capital losses |
$
(46,682,975) |
| Net
unrealized depreciation |
(34,767,365)
|
| Distributions
payable |
(380,049)
|
| Accumulated
loss |
$(81,830,389)
|
At May 31, 2022, the Trust, for
federal income tax purposes, had deferred capital losses of $46,682,975 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 deferred capital losses are treated as arising on the first day of the
Trust’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at May 31, 2022, $3,672,282 are short-term and $43,010,693 are long-term.
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts, of the Trust at May 31, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate
cost |
$
644,824,221 |
| Gross
unrealized appreciation |
$
2,040,635 |
| Gross
unrealized depreciation |
(36,942,111)
|
| Net
unrealized depreciation |
$
(34,901,476) |
4 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Trust. The investment adviser 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 defined in the Trust’s investment advisory agreement, means total assets of the Trust, including any form of investment leverage, minus all accrued expenses incurred in the normal
course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt
securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Trust’s investment objectives and policies, and/or (iv) any
other means. Accrued expenses includes other liabilities other than indebtedness attributable to leverage. For the year ended May 31, 2022, the Trust's investment adviser fee amounted to $4,902,662.
Effective April 26, 2022, the Trust may invest in a money
market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned
subsidiary of Morgan Stanley. The investment adviser fee paid by the Trust is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Trust due to its investment in the Liquidity Fund. For the year ended
May 31, 2022, the investment adviser fee paid was reduced by $917 relating to the Trust’s investment in the Liquidity Fund. Prior to April 26, 2022, the Trust may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves
Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.
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 year ended May 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
During the year ended May 31, 2022, EVM reimbursed the Trust
$3,991 for a net realized loss due to a trading error. The amount of the reimbursement had an impact on total return of less than 0.01%.
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 $343,948,617 and $608,558,100, respectively, for the year ended May 31, 2022.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
6 Common Shares of Beneficial Interest and Shelf
Offering
The Trust may issue common shares pursuant to
its dividend reinvestment plan. Common shares issued by the Trust pursuant to its dividend reinvestment plan for the year ended May 31, 2022 were 40,777. There were no common shares issued by the Trust for the year ended May 31, 2021.
As announced on March 16, 2021, and further updated on May 12,
2021, the Trust’s Board of Trustees authorized an initial conditional cash tender offer (the “Initial Tender Offer”) by the Trust for up to 50% of its outstanding common shares at a price per share equal to 99% of the Trust’s
net asset value (“NAV”) per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires. On June 29, 2021, the Trust commenced a cash tender offer for up to 19,931,845 of its outstanding
common shares. The tender offer expired at 5:00 P.M. Eastern Time on July 30, 2021. The number of shares properly tendered was 11,568,482. The purchase price of the properly tendered shares was equal to $14.3281 per share for an aggregate purchase
price of $165,754,367.
In addition to the Initial Tender
Offer, the Trust announced on May 12, 2021 that it will conduct cash tender offers in the fourth quarter of each of 2022, 2023 and 2024 (each, a “Conditional Tender Offer”) for up to 10% of the Trust’s then-outstanding common
shares if, from January to August of the relevant year, the Trust’s shares trade at an average daily discount to NAV of more than 10%, based upon the Trust’s volume-weighted average market price and NAV on each business day during the
period. If triggered, common shares tendered and accepted in a Conditional Tender Offer would be repurchased at a price per share equal to 98% of the Trust’s NAV as of the close of regular trading on the New York Stock Exchange on the date
such Conditional Tender Offer expires.
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 year ended May 31, 2022, the Trust sold 754,430
common shares and received proceeds (net of offering costs) of $11,259,418 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $277,162 for the year ended May 31, 2022. Offering costs (other than the
applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Trust’s shares and is entitled to receive a sales
commission from the Trust of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Trust was informed that the sales commissions retained by EVD during the year ended May 31, 2022 were $22,746. During the
year ended May 31, 2021, there were no shares sold by the Trust pursuant to its shelf offering.
In November 2013, the Board of Trustees initially approved a
share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of
the prior calendar year at market prices when shares are trading at a discount to net asset value. The share 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 years ended May 31, 2022 and May 31, 2021.
7 Restricted Securities
At May 31, 2022, the Trust owned the following securities 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(s)
of
Acquisition |
Shares
|
Cost
|
Value
|
| Common
Stocks |
|
|
|
|
| Nine
Point Energy Holdings, Inc. |
7/15/14,
10/21/14 |
758
|
$
34,724 |
$
0 |
| Total
Common Stocks |
|
|
$34,724
|
$0
|
| Convertible
Preferred Stocks |
|
|
|
|
| Nine
Point Energy Holdings, Inc., Series A, 12.00% |
5/26/17
|
14
|
$
14,000 |
$
0 |
| Total
Convertible Preferred Stocks |
|
|
$14,000
|
$0
|
| Total
Restricted Securities |
|
|
$48,724
|
$0
|
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
8 Financial Instruments
The Trust may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and 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 May 31, 2022 is included in the Portfolio of
Investments. At May 31, 2022, 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 May 31, 2022, the fair value of derivatives with credit-related contingent features in a net liability position was $462,934. At May 31, 2022, there were no
assets pledged by the Trust for such liability.
The
over-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 fair value of open derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at May 31, 2022 was as follows:
| |
Fair
Value |
| Derivative
|
Asset
Derivative(1) |
Liability
Derivative(2) |
| Forward
foreign currency exchange contracts |
$617,909
|
$(462,934)
|
|
(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. |
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
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 May 31, 2022.
| 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) |
| Bank
of America, N.A. |
$
29,404 |
$
(10,404) |
$
— |
$
— |
$
19,000 |
| HSBC
Bank USA, N.A. |
975
|
(975)
|
—
|
—
|
—
|
| JPMorgan
Chase Bank, N.A. |
2,224
|
(162)
|
—
|
—
|
2,062
|
| Standard
Chartered Bank |
188,137
|
(188,137)
|
—
|
—
|
—
|
| State
Street Bank and Trust Company |
395,064
|
(176,914)
|
(218,150)
|
—
|
—
|
| The
Toronto-Dominion Bank |
2,105
|
—
|
—
|
—
|
2,105
|
| |
$617,909
|
$(376,592)
|
$(218,150)
|
$ —
|
$23,167
|
| 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) |
| Bank
of America, N.A. |
$
(10,404) |
$
10,404 |
$
— |
$
— |
$
— |
| Deutsche
Bank AG |
(24,179)
|
—
|
—
|
—
|
(24,179)
|
| HSBC
Bank USA, N.A. |
(7,139)
|
975
|
—
|
—
|
(6,164)
|
| JPMorgan
Chase Bank, N.A. |
(162)
|
162
|
—
|
—
|
—
|
| Standard
Chartered Bank |
(244,136)
|
188,137
|
—
|
—
|
(55,999)
|
| State
Street Bank and Trust Company |
(176,914)
|
176,914
|
—
|
—
|
—
|
| |
$(462,934)
|
$376,592
|
$ —
|
$ —
|
$(86,342)
|
|
(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 year ended May 31, 2022 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 |
$5,100,132
|
$1,791,883
|
|
(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 year ended May 31, 2022, which is indicative of the volume of this derivative type, was approximately
$72,150,000.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — 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 $210 million ($290 million prior to September 29, 2021). 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 6, 2023, the Trust also pays a program fee of 0.90% 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 unused portion of the total commitment under the Agreement. Program and liquidity fees for the year
ended May 31, 2022 totaled $1,430,528 and are included in interest expense and fees on the Statement of Operations. In connection with the renewal of the Agreement on March 7, 2022, the Trust paid an upfront fee of $315,000, which is being amortized
to interest expense over a period of one year through March 6, 2023. The unamortized balance at May 31, 2022 is approximately $241,000 and is included in prepaid upfront fees on notes payable and variable rate term preferred shares on the Statement
of Assets and Liabilities. At May 31, 2022, the Trust had borrowings outstanding under the Agreement of $147,000,000 at an interest rate of 1.06%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate,
the carrying amount of the borrowings at May 31, 2022 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 11) at May 31, 2022. For the
year ended May 31, 2022, the average borrowings under the Agreement and the average interest rate (excluding fees) were $131,498,630 and 0.31%, respectively.
10 Investments in Affiliated Funds
At May 31, 2022, the value of the Trust's investment in
affiliated funds was $4,301,950, which represents 1.1% of the Trust's net assets applicable to common shares. Transactions in affiliated funds by the Trust for the year ended May 31, 2022 were as follows:
| Name
|
Value,
beginning
of period |
Purchases
|
Sales
proceeds |
Net
realized
gain (loss) |
Change
in
unrealized
appreciation
(depreciation) |
Value,
end
of period |
Dividend
income |
Units/Shares,
end of period |
| Short-Term
Investments |
| Cash
Reserves Fund |
$6,274,548
|
$465,416,000
|
$(471,690,436)
|
$
(112) |
$
— |
$
— |
$
12,416 |
—
|
| Liquidity
Fund |
—
|
26,212,964
|
(21,911,014)
|
—
|
—
|
4,301,950
|
3,945
|
4,301,950
|
| Total
|
|
|
|
$(112)
|
$ —
|
$4,301,950
|
$16,361
|
|
11 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.
At May 31, 2022, 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
|
| Asset-Backed
Securities |
$
— |
$
28,563,891 |
$
— |
$
28,563,891 |
| Closed-End
Funds |
7,554,985
|
—
|
—
|
7,554,985
|
| Common
Stocks |
1,412,655
|
1,354,601
|
957,985
|
3,725,241
|
| Convertible
Preferred Stocks |
—
|
919
|
0
|
919
|
| Corporate
Bonds |
—
|
16,710,245
|
—
|
16,710,245
|
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
| Asset
Description (continued) |
Level
1 |
Level
2 |
Level
3* |
Total
|
| Senior
Floating-Rate Loans (Less Unfunded Loan Commitments) |
$
— |
$
548,647,199 |
$
418,315 |
$
549,065,514 |
| Warrants
|
—
|
0
|
0
|
0
|
| Short-Term
Investments |
4,301,950
|
—
|
—
|
4,301,950
|
| Total
Investments |
$13,269,590
|
$
595,276,855 |
$1,376,300
|
$
609,922,745 |
| Forward
Foreign Currency Exchange Contracts |
$
— |
$
617,909 |
$
— |
$
617,909 |
| Total
|
$13,269,590
|
$
595,894,764 |
$1,376,300
|
$
610,540,654 |
| Liability
Description |
|
|
|
|
| Forward
Foreign Currency Exchange Contracts |
$
— |
$
(462,934) |
$
— |
$
(462,934) |
| Total
|
$
— |
$
(462,934) |
$
— |
$
(462,934) |
| *
|
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 year ended May 31, 2022 is not presented.
12 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to
reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets
typically involves higher expense than trading in the United States. The Trust may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar
may be adversely affected by fluctuations in currency exchange rates.
Credit Risk
The Trust invests primarily in below investment grade
floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and
interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt
obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or
become illiquid, which would adversely affect the loan’s value.
LIBOR Transition Risk
Certain instruments held by the Trust may pay an interest rate
based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial
industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain
LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR has become increasingly well-defined, the impact on certain debt securities,
derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of
such instruments.
Pandemic Risk
An outbreak of respiratory disease caused by a novel
coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines,
cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and
economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market
in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Trust's performance, or the performance of the securities in which the Trust
invests.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Notes to Financial
Statements — continued
13 Additional Information
On August 27, 2020, the Trust’s Board of Trustees (the
“Board”) received a shareholder demand letter from counsel to Saba Capital Master Fund, Ltd., a hedge fund (“Saba”). Saba also filed claims against the Trust in a lawsuit in Suffolk County Superior Court in Massachusetts
asserting breach of contract and fiduciary duty by the Trust and certain of its affiliates, the Trust’s adviser, and the Board, following the implementation by the Trust of by-law amendments that (i) require trustee nominees in contested
elections to obtain affirmative votes of a majority of eligible shares in order to be elected and (ii) establish certain requirements related to shares obtained in “control share” acquisitions. With respect to the Trust, Saba seeks
rescission of these bylaw provisions and certain related relief. On March 31, 2021, the court allowed in part and denied in part a motion to dismiss Saba’s claims. While management of the Trust is unable to predict the outcome of this matter,
it does not believe the outcome would result in the payment of any monetary damages by the Trust.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Report of Independent
Registered Public Accounting Firm
To the
Trustees and Shareholders of Eaton Vance Floating-Rate Income Trust:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying statement of
assets and liabilities of Eaton Vance Floating-Rate Income Trust (the “Trust”), including the portfolio of investments, as of May 31, 2022, the related statements of operations and cash flows for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present
fairly, in all material respects, the financial position of the Trust as of May 31, 2022, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud.
The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for
the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of May 31, 2022, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers
and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
July 18, 2022
We have served as the auditor of one or
more Eaton Vance investment companies since 1959.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Federal Tax
Information (Unaudited)
The
Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment
in the Trust. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.
Qualified Dividend Income. For
the fiscal year ended May 31, 2022, the Trust designates approximately $81,296, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of
15%.
163(j) Interest Dividends. For the fiscal year ended May 31, 2022, the Trust designates 94.67% of distributions from net investment income as a 163(j) interest dividend.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Annual Meeting of
Shareholders (Unaudited)
The
Trust held its Annual Meeting of Shareholders on March 17, 2022. The following action was taken by the shareholders:
Proposal 1: The election of
Mark R. Fetting, Valerie A. Mosley, Helen Frame Peters and Marcus L. Smith as Class III Trustees of the Trust for a three-year term expiring in 2025.
The following votes were cast by the Trust's common and VRTP
shareholders, voting together as a single class:
| |
|
|
Number
of Shares |
| Nominee
for Trustee |
|
|
For
|
Withheld
|
| Mark
R. Fetting |
|
|
23,221,548
|
200,637
|
| Helen
Frame Peters |
|
|
23,167,645
|
254,540
|
| Marcus
L. Smith |
|
|
23,208,670
|
213,515
|
The following votes were cast by the
Trust’s VRTP shareholders, voting separately as a single class:
| |
|
|
Number
of Shares |
| Nominee
for Trustee |
|
|
For
|
Withheld
|
| Valerie
A. Mosley |
|
|
800
|
0
|
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Dividend Reinvestment
Plan
The Trust offers a dividend reinvestment plan (Plan) pursuant
to which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of the Trust. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate,
you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV per Share is equal to or less than the
market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on
the open market by AST, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trust’s transfer agent re-register your Shares in your name or you will not be
able to participate.
The Agent’s service fee for
handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all
of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held
in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Application for
Participation in Dividend Reinvestment Plan
This form is for shareholders who hold
their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in
the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment
is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
| |
| Please
print exact name on account |
|
| |
| Shareholder
signature |
Date
|
| |
| Shareholder
signature |
Date
|
| Please
sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign. |
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO
RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should
be mailed to the following address:
Eaton Vance Floating-Rate Income Trust
c/o American Stock Transfer & Trust Company, LLC
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Management and
Organization
Fund
Management. The Board of Trustees of the Fund (the “Board”) is responsible for the overall management and supervision of the affairs of the Fund. The Board members and officers of the Fund are listed
below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her
successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on
the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the
Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the Securities and Exchange Commission, then such retirement and resignation will not become effective until such time as action has been taken for
the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Board
member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC,
“EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly-owned subsidiaries
of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 137 funds (with the exception of Ms. Wiser who oversees 136
funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustee
|
Thomas
E. Faust Jr.
1958 |
Class
I
Trustee |
Until
2023.
3 years.
since 2007. |
Chairman
of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is
an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Fund, and his former position with EVC, which was an affiliate of the Fund prior to March 1, 2021.
Other
Directorships. Formerly, Director of EVC (2012-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees
|
Mark
R. Fetting
1954 |
Class
III
Trustee |
Until
2025.
3 years.
Since 2016. |
Private investor.
Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President
(2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia
E. Frost
1961 |
Class
I
Trustee |
Until
2023.
3 years.
Since 2014. |
Private investor.
Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates
(investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987- 1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other
Directorships. None. |
George
J. Gorman(1)
1952 |
Chairperson
of the Board
and Class II
Trustee |
Until
2024.
3 years.
Chairperson of
the Board since
2021 and Trustee since
2014. |
Principal
at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Management and
Organization — continued
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees
(continued) |
Valerie
A. Mosley(1)
1960 |
Class
III
Trustee |
Until
2025.
3 years.
Since 2014. |
Chairwoman
and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at
Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet,
Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020). |
Keith
Quinton
1958 |
Class
II
Trustee |
Until
2024.
3 years.
Since 2018. |
Private investor,
researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)
(2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus
L. Smith
1966 |
Class
III
Trustee |
Until
2025.
3 years.
Since 2018. |
Private investor
and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management
(investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support
tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan
J. Sutherland
1957 |
Class
II
Trustee |
Until
2024.
3 years.
Since 2015. |
Private investor.
Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015).
Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition
company) (since 2021). |
Scott
E. Wennerholm
1959 |
Class
I
Trustee |
Until
2023.
3 years.
Since 2016. |
Private investor.
Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset
Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments
Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy
A. Wiser(2)
1967 |
Class
I
Trustee |
Until
2023.
Since 2022. |
Formerly,
Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s)
During Past Five Years |
| Principal
Officers who are not Trustees |
Eric
A. Stein
1980 |
President
|
Since
2020 |
Vice
President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
|
Deidre
E. Walsh
1971 |
Vice
President and Chief
Legal Officer |
Since
2009 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
James
F. Kirchner
1967 |
Treasurer
|
Since
2007 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Management and
Organization — continued
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s)
During Past Five Years |
| Principal
Officers who are not Trustees (continued) |
Jill
R. Damon
1984 |
Secretary
|
Since
2022 |
Vice
President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017). |
Richard
F. Froio
1968 |
Chief
Compliance
Officer |
Since
2017 |
Vice
President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012- 2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).
|
(1) Preferred shares Trustee.
(2) Ms. Wiser began serving as a Trustee effective April 4, 2022.
| Privacy
Notice |
April 2021
|
| FACTS
|
WHAT
DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
| Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
| |
|
| What?
|
The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■ investment
experience and risk tolerance
■ checking account number and wire transfer instructions |
| |
|
| How?
|
All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
Reasons
we can share your
personal information |
Does
Eaton Vance
share? |
Can
you limit
this sharing? |
| For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes
|
No
|
| For
our marketing purposes — to offer our products and services to you |
Yes
|
No
|
| For
joint marketing with other financial companies |
No
|
We
don’t share |
| For
our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness |
Yes
|
Yes
|
| For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No
|
| For
our affiliates’ everyday business purposes — information about your creditworthiness |
No
|
We
don’t share |
| For
our investment management affiliates to market to you |
Yes
|
Yes
|
| For
our affiliates to market to you |
No
|
We
don’t share |
| For
nonaffiliates to market to you |
No
|
We
don’t share |
To
limit our
sharing |
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer,
we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact
us at any time to limit our sharing. |
| Questions?
|
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| Privacy
Notice — continued |
April 2021
|
| Who
we are |
| Who
is providing this notice? |
Eaton
Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate
Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
|
| What
we do |
How
does Eaton Vance
protect my personal
information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance
collect my personal
information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information
to market to you
■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
|
| Definitions
|
Investment
Management
Affiliates |
Eaton
Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth
Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates
|
Companies
related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates
|
Companies
not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
| Joint
marketing |
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market.
|
| Other
important information |
| Vermont:
Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. |
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”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial
intermediary. 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 intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase
Program. The Fund's Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding
as of the last day of the prior calendar year 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 Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. 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 recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts”.
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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
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
